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PRESS RELEASES - Blackline GPS Corp.
reports second quarter, fiscal 2009 results
Calgary, AB - Blackline GPS Corp. (TSXV: BLN)
(“Blackline GPS” or the “Company”) today filed its unaudited
consolidated financial statements for the quarter ended April
30, 2009 along with the related management discussion and
analysis.
All of these filings along with additional information included
the annual audited financial statements can be accessed
electronically on SEDAR at
www.sedar.com
Second Quarter Highlights
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On February 25, 2009, Blackline GPS completed
its Qualifying Transaction resulting in the company becoming an
actively traded operational company on the TSXV under the symbol
BLN. Concurrent with the Qualifying Transaction, $2 million in
convertible debentures plus accrued interest of $120,000 were
converted into equity significantly improving the companies
working capital position and liquidity.
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On March 26, 2009, the Company entered into a
strategic alliance with Escort Inc. (www.escortinc.com). Under
the agreement, Blackline GPS and Escort will market and sell
portable and fixed installed GPS-based vehicle tracking products
under the Escort brand name. Escort is a leading developer,
manufacturer and seller of premium radar detectors. By signing a
licensing agreement with Escort, the Company is able to leverage
the brand power of the Escort name and rapidly accelerate the
introduction and adoption of Blackline GPS products in the US
marketplace
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On April 21, 2009, the Company announced it
was going to do a private placement offering to raise capital.
The private placement ultimately closed in two tranches. The
first tranche closed on May 28, 2009 and raised gross proceeds
of $3,512,600. The second tranche closed on June 22, 2009 and
raised an additional $594,900. With the funds provided by the
placement, management believes that successful execution of its
business plan will result in sufficient cash flow to fund
projected operational requirements. However, no assurances can
be given that the Company will be able to achieve all or part of
its objectives, or that sufficient financing from outside
sources, if needed, will be available.
“I am very excited about the progress that
Blackline GPS has made over the last several months” said Clark
Swanson, President and CEO of Blackline GPS Corp. “With the
Escort Inc. relationship, the recently announced Reliance
Protectron agreement and the solid financial foundation provided
by the recent private placement, Blackline is well positioned to
successfully launch its new suite of products in the coming
months providing a strong platform for growth in the current
year and into the future.”
About Blackline GPS, Corp.
Blackline GPS Corp. is a Calgary-based
technology manufacturer of security, tracking & monitoring
devices for automotive, commercial and industry safety and
family use. Blackline sells its products under its own brand
name and through a licensing arrangement with Escort Inc. (www.escortinc.com).
Management and the Board of Blackline includes several
individuals responsible for the success of BW Technologies Ltd.
(“BWT”) including but not limited to: Blackline’s Chairman, Cody
Slater, the founder and President of BWT; Kirk Wankel, Vice
President of Finance of BWT and Chief Financial Officer of
Blackline; and Kevin Meyers, Vice President of Operations of BWT
and Chief Operations Officer of Blackline.
A copy of this news release will be available
at www.sedar.com.
Certain statements included in this
presentation may be considered forward-looking. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements, and
therefore these statements should not be taken as guarantees of
future performance or results. Forward-looking statements are
subject to numerous risks and uncertainties, certain of which
are beyond Blackline’s control, including: the impact of general
economic conditions, industry conditions, increased competition,
the lack of availability of qualified personnel or management,
fluctuations in foreign exchange or interest rates and stock
market volatility. The forward-looking statements contained in
this news release are made as at the date of this news release
and Blackline does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable
securities laws.
Neither 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.
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