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Share Name | Share Symbol | Market | Type |
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Cell Loc Location Technologies Com Npv | TSXV:LTI | TSX Venture | Common Stock |
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0.00 | 0.00% | 0 | - |
Cell-Loc Location Technologies Inc. (TSX VENTURE:LTI) (new symbol XCT) ("CLTI" or the "Company"), a leading developer of network-based wireless location technology that enables location-based services, is pleased to announce the election at its Annual General Meeting of John P.A. Budreski and Mr. Brian Kapusianyk, QC to its Board of Directors. In addition, Messrs. Bohdan Romaniuk, Sheldon Reid, Michael Lisogurski and Charles Hotzel were re-elected to the Board. John Budreski is an Advisor - Special Projects with Tricor Pacific Capital, Inc., a leading private equity firm based in Vancouver, British Columbia. Prior to this year, John was the Chief Executive Officer of Orion Securities Inc. and Orion Financial Inc. (Orion), one of Canada's leading independent investment dealers. As CEO, John worked with Orion from March 1, 2005 until the successful sale of Orion to the Australia-based Macquarie Group on November 30, 2007. Prior to joining Orion, John spent nine years at Scotia Capital Inc. At Scotia Capital, John held various positions including Head of the Institutional Equity Sales and Trading Division for the United States, and more recently, Managing Director of the Canadian Capital Structuring Group. Prior to joining Scotia Capital, John held similar roles at RBC Dominion Securities Corp.'s New York office. Prior to joining RBC, John was a Petroleum Engineer for five years with Dome Petroleum Ltd., an oil and gas company. John obtained a Bachelor of Engineering degree from the Technical University of Nova Scotia and a Masters of Business Administration degree from the University of Calgary. Brian Kapusianyk has been appointed as Queens Counsel and is a partner in the Calgary office of Gowling Lafleur Henderson LLP. He has significant experience in insurance and commercial law. He has been with Gowlings (and its predecessor firm) since obtaining his LLB and B.Comm. from the University of Saskatchewan in 1982. With the election of these new directors, the Company also announces the end of the terms as directors for Dr. Michel Fattouche and Mr. Keith Bohn. "Both Michel and Keith have made significant contributions on behalf of the Company during their years of service to the Board of Directors," stated Sheldon Reid, President and CEO of CLTI. "As we move to strengthen our governance model, we have sought to develop a more independent Board. Both Michel and Keith will continue to serve the Company in their non-directorship roles." "John's election significantly strengthens our Board of Directors through his wealth of experience in the financial markets," stated Mr. Reid. "John has extensive experience in mergers and acquisitions which will be very valuable in guiding the Company's strategy through the opportunities on which we are currently focused." "Brian's election also strengthens the Board through his commercial and legal experience," indicated Mr. Reid. "Gowlings is also an international leader in Technology and Patent law, which Cell-Loc intends to draw on as it moves ahead to additional markets." The Company also announces that its proposed share consolidation was approved at the annual general meeting. As a result of this consolidation, five pre-consolidation shares will be exchanged for one post-consolidation share. The post-consolidation shares will begin trading on the TSX Venture exchange on or about May 21, 2008 under the symbol XCT. As a result of this consolidation, the Company's capital will be comprised of 28,309,915 shares. The Corporate presentation that was made during the AGM has been posted on the Company's website. 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: "XCT." 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. To receive Cell-Loc Location Technologies news, please subscribe to Marketwire's free news service (www.marketwire.com).
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