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News | 12/02/2004 5:00 am EST

Cell-Loc lands major contract for Beacon technology
Calgary-based Cell-Loc Technologies Inc. (CLTI) has secured a contract valued at a minimum of US$18 million with a subsidiary of Brazil’s largest bank Banco ITAU for its Beacon Location Network technology. ITAU Seguros S.A., an insurance company, plans to use the Beacon technology to enable rapid stolen vehicle location, remote disabling and recovery in the city of Sao Paulo. Deployment of the network is scheduled to begin immediately and is scheduled for completion and to be fully operational by the third quarter of 2005"Different technologies have been competing for some time to position themselves in this market. The technology that can profitably offer the lowest price points, while routinely providing both accuracy and reliability, will ultimately emerge as the frontrunner. For numerous reasons we believe that Sao Paulo, Brazil is the ideal location to deploy CLTI’s proprietary technology, and it presents the greatest opportunity to confirm the company’s leadership in this emerging market," Cell-Loc president and CEO Sheldon Reid said in a news release.

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