Cell-Loc Reports Third Quarter Results
30 11월 2011 - 7:22AM
Marketwired
Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) reports a net
loss of $286,000 for the three months ended September 30, 2011.
During the quarter, the Company continued its development activity
related to its wireless location and communication technology and
negotiated an arrangement agreement as discussed below.
The Company has announced that it has entered into an
arrangement agreement with an arm's length private company pursuant
to which Cell-Loc will complete a reorganization transaction that
is anticipated to net Cell-Loc approximately $900,000 in
non-dilutive financing. Completion of this agreement is subject to
shareholder approval at a meeting scheduled for November 30,
2011.
Upon completion of the transaction, the Company will have the
following attributes;
-- Cell-Loc Location Technologies Inc. will all of its assets and
liabilities to a new entity, Times Three Wireless Inc. ("Times Three")
("TTW" on the TSX Venture Exchange);
-- Times Three will own all proprietary technology previously held by Cell-
Loc;
-- Times Three will continue to hold the contractual rights with X3 Brazil;
-- Times Three will have approximately $ 1 MM in liabilities;
-- Times Three will have approximately 36 MM shares outstanding;
-- Times Three will have a commercial showcase data communication network
in Sao Paulo Brazil;
-- Times Three will be directly involved in the commercial business and
telemetry data development with a major Brazilian utility.
The complete financial statements along with management's
discussion and analysis can be found on the Company's website
(www.cell-loc.com) and on SEDAR (www.sedar.com).
About Cell-Loc Location Technologies Inc.
Cell-Loc is an intellectual property company that has a
proprietary technology designed for deployment of wireless data
transmission and location based services. The Company has installed
a commercial network in Sao Paulo, Brazil where its technology is
being deployed for stolen vehicle recovery services within that
network. Cell-Loc is currently in the engineering design and
development phase whereby its technology will be deployed for
telemetry markets that can be serviced by an existing network or
customized as a stand- alone low cost line of sight network
application.
The TSX Venture Exchange has neither approved nor disapproved of
the contents of this news release.
Contacts: Cell-Loc Location Technologies Inc. Keith Bohn
President and CEO 403.569.5700 Cell-Loc Location Technologies Inc.
Dave Guebert Vice President Finance & CFO
403.569.5700www.cell-loc.com
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