CLTI and On-Trak are currently developing a business and marketing plan to optimize the Calgary network.
For further information about CLTI and the ongoing technology business or about LSSI, please see below contacts:
This shows that the issuance of import permits by Administrator Aquino in favor of CLTI
was highly irregular, illegal,' Lacson asserted.
The debenture carries interest at 10% per annum and is convertible, at the Lender's discretion, into common shares of CLTI based on the market price of CLTI's shares at the time of any conversion.
This strategic manufacturing relationship and the economies of scale provided by the deployment of Sao Paulo will allow CLTI to produce a substantially lower cost Beacon for the project and any existing or subsequent network deployment.
Subsequent to the end of the period, on November 24, 2004, CLTI announced that Ansen Corporation, the holder of a US$2.
As more fully described in Note 1 to the interim consolidated financial statements, CLTI commenced operations as a result of the transfer to it of substantially all of the assets and liabilities related to its business from its former parent, Cell-Loc Inc.
Under the terms of the Note, Ansen will convert outstanding amounts to CLTI
common shares at a price of US$0.
The Business Structure - CLTI has created a business structure that establishes several key components:
Brazilian Joint Venture - CLTI has entered into a joint venture with Brazilian partners that establishes the operating company X3 Tecnologia Ltda.
Cash Flow to CLTI - In addition to its 74% equity ownership in X3, CLTI will also receive a top line royalty equal to 5% of X3 revenues, a US$3 million license fee and payment for approximately US$1 million worth of network equipment (currently held in inventory by CLTI) sold to X3 for use in the deployment of the network.
Brazilian Manufacturer - X3 and CLTI have entered into an agreement with a Brazilian manufacturer to produce the Beacon devices.