Cell-Loc Location Technologies Announces Closing of
Non-Brokered Private Placement
Calgary, AB, March 30, 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 that it has completed its previously reported equity issue of 5,126,297 units ("Units") in the capital of the Corporation for gross proceeds of approximately $948,365 at a price of $0.185 per Unit (the "Offering"). The first tranche of the Offering consisting of 3,568,189 Units closed on March 18, 2005, for gross proceeds of approximately $660,115. The second tranche consisting of 1,558,108 Units closed on March 30, 2005, for gross proceeds of approximately $288,250. Management and directors of the Company subscribed for 45% of the total Offering.
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. The Common Shares and Warrants issued pursuant to the Offering are subject to a four month hold with the first tranche hold period expiring on July 19, 2005 and the second tranche hold period expiring on July 31, 2005.
About Cell-Loc Location Technologies Inc.
Cell Loc Location Technologies Inc. (www.cell-loc.com) is the developer of Cellocate™, 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