Cell-Loc Location Technologies Inc. Announces Termination of Acquisition Agreement and Resignation of Directors
02 November 2011 - 12:00AM
Marketwired
Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT)
("Cell-Loc") announces today that it will not be proceeding with
the acquisition of CLTI as described in its press release dated
October 18, 2011 and that Cell-Loc has advised the shareholders of
CLTI that it has terminated the previously announced acquisition
agreement in relation to Cell-Loc's proposed acquisition of CLTI.
As a result, Cell-Loc will not be seeking shareholder approval for
such acquisition at its upcoming annual general and special meeting
of Cell-Loc shareholders currently scheduled for November 30,
2011.
Notwithstanding the termination of the acquisition agreement,
Cell-Loc continues to work closely with CLTI's wholly owned
subsidiary, X3 Telecomunicacoes e Equipamentos Ltda, ("X3"), which
currently has an active Cellocate Network which covers over 1,500
square kilometers in Sao Paulo, Brazil. The parties remain
committed to their current license agreement providing X3 the right
to use certain of Cell-Loc's proprietary wireless location
technology and intend to continue to work with one another in the
pursuit of future business opportunities in Brazil and
elsewhere.
In addition, Alvaro Schocair and Roberto Junqueira have advised
the Company that they have resigned from the Board of Directors and
that they will not be seeking re-election at the upcoming annual
general and special meeting of the shareholders. The Company thanks
Mr. Schocair and Mr. Junqueira for their contributions during the
past year and a half.
About Cell-Loc Location Technologies Inc.
Cell-Loc is an intellectual property company that designs,
develops and deploys proprietary technology that enables wireless
location and data transmission services. Cell-Loc's core
competencies include digital hardware, and software design, signal
processing, firmware development and project management of wireless
datacom installations.
Cell-Loc's Cellocate Network is designed as a low-cost,
low-bandwidth, two-way data communications network for cost
sensitive applications. By operating in the 2.4 GHz unlicensed ISM
band, the Cellocate Network has inherently lower operating costs
that its cellular competitors. Therefore, once a critical mass of
subscribers has been achieved on a deployed Cellocate Network,
Cell-Loc can reduce end user costs on its Network by eliminating
cellular data charges and system access fees.
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Cell-Loc Location Technologies Inc. Keith Bohn Interim
CEO 403.569.5700
Cell-Loc Location Technologies Inc. (TSXV:XCT)
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