Cell-Loc Location Technologies Announces Revised Terms of Previously Announced Non-Brokered Private Placement
Calgary, AB, March 18, 2005 – Cell-Loc Location Technologies Inc. (TSX-V: LTI) ("CLTI" or the "Company"), a leading developer of network-based wireless location technology that enables location-based services, is pleased to announce a revision to the terms of it's previously announced a non-brokered private placement now consisting of up to 5,500,000 units ("Units") in the capital of the Company for gross proceeds of approximately $1,017,000 at a price of $0.185 per Unit (the "Offering"). This increase in the private placement is due to an oversubscription on the original $800,000 amount.
Each Unit consists of one common share of ("Common Share") and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.25 per Common Share, subject to adjustment in certain events, at any time on or before 4:30 p.m. (Calgary time) on the 18 month anniversary of the closing of the Offering, subject to adjustment in certain events.
Subject to receipt of approval for the Offering from the TSX Venture Exchange, the securities will be offered for sale in the Provinces of Alberta, British Columbia and Ontario and such other jurisdictions as the Corporation may decide, pursuant to certain exemptions from the registration and prospectus requirements of applicable securities laws. The first tranche of the private placement consisting of approximately 3,568,000 Units previously announced is expected to close on March 18, 2005.
About Cell-Loc Location Technologies Inc.
Cell Loc Location Technologies Inc. (www.cell-loc.com) is the developer of a family of network-based wireless location products that enable location-based services. Located in Calgary, Alberta, Cell-Loc currently develops, markets and supports its patented wireless location technology in North and South America and Asia, with a view to expanding globally. Cell-Loc is listed on the TSX Venture Exchange under the trading symbol: "LTI."
Forward Looking Statements:
This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.
TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
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For further information about CLTI and the ongoing technology business, please contact:
Dave Guebert
Chief Financial Officer
Cell-Loc Location Technologies Inc.
Phone: 403.569.5796
investor@cell-loc.com