Cell-Loc Location Technologies Announces Closing of Private Placement
Calgary, AB, July 18, 2006 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, announced that it has closed the first tranche of a non-brokered
private placement offering for 1,075,000 units ("Units") in the
capital of the Company for gross proceeds of up to $215,000 at a price of $0.20
per Unit (the "Offering").
CLTI expects to complete a second tranche of this financing prior to the
end of July.
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 $0.30 per Common Share, subject to adjustment in certain events, at
any time on or before 4:30 p.m. (Calgary time) on the 24 month anniversary of
the closing of the Offering, subject to adjustment in certain events. The Company has the option to require
exercise of the Warrants in the event that the share price of its Common Share
trades at or above $0.75 for any twenty consecutive days.
Proceeds from this private placement will be used to fund business
development activities and for working capital purposes in Brazil, Canada and
other countries where the Company has prospective arrangements. The Company is currently reviewing
opportunities to roll out its technology through licensing additional
geographic territories or partnering with parties on a joint venture basis.
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."
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For further information about CLTI and the
ongoing technology business, please contact:
Dave Guebert
Vice President, Finance and CFO
Cell-Loc Location Technologies Inc.
Phone: 403.569.5796
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.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.
Not for distribution to U.S. news wire services or dissemination
in the United States.