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IQ2 Communications Exercises Option with Cell-Loc
Cell-Loc/IQ2 Communications agree to purchase of joint venture interest
CALGARY, Dec. 12 /CNW/ - Cell-Loc Inc. (TSE: CLQ - news), a leading developer of network-based wireless location
technology, today announced that IQ2 Communications Corp. has exercised its option to acquire from Cell-Loc additional
interests in the joint venture between the parties, which has been established to deliver location-based services in the
Calgary region.
The transaction provides Cell-Loc with an up front payment of $1.5 million (Cdn) as consideration for the increased
ownership in the joint venture. As a result of the transaction, IQ2 now holds a 70% working interest in the joint venture and
Cell-Loc will maintain a 30% working interest in addition to its 10% royalty interest.
The previously announced joint venture holds the sole rights to Cell-Loc's intellectual property, including its Cellocate
Beacon(TM) technology, for the Calgary location-based network. The joint venture operates under the TimesThree Calgary
name.
"IQ2 obviously recognizes the immense potential market for our wireless location technology and we are particularly
encouraged by their commitment to be a much larger part of our commercial program," said Dr. Michel Fattouche, president
& CEO, Cell-Loc Inc.
"IQ2 Communications Corp. is committed to the development of the Calgary location-based network services market.
Exercising this option provides us with the valuable opportunity to increase our share in this venture." said Tom Dechert,
president, IQ2 Communications Corp. "We are extremely excited by the ongoing progress that is being achieved in the
commercial development of the Cellocate Beacon and CDMA technology and the roll-out of our business plan."
About Cell-Loc Inc.
Cell-Loc Inc. (www.cell-loc.com), a leader in the emerging wireless location industry, is the developer of Cellocate(TM), a
family of 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 American countries with a
view to expanding globally. Cell-Loc is listed on the Toronto Stock Exchange under the trading symbol: "CLQ."
About IQ2 Communications Corp.
IQ2 Communications Corp has extensive experience in the area of billing and administration services, software
development, marketing management and is a wholly-owned subsidiary of IQ2 POWER Corp (www.iq2power.com), a
registered independent power retailer in the newly deregulated Alberta power market, focused on providing the commercial
and industrial clients with tailored power solution packages. IQ2 Power Corp. is a subsidiary of a major international
energy corporation.
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