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Blackline GPS Corp.
reports third 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 July 31,
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
Third Quarter
Highlights
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On May 14, 2009, the Company entered into an
agreement with Reliance Protectrron Inc. (“Reliance Protectron”).
Under the agreement, Reliance Protectron will monitor and
recover stolen vehicles and watercraft installed with
Blackline’s security, monitoring and recovery products. Reliance
Protectron is the fifth largest security monitored account base
in North America with four ULC Certified monitoring centers
located across Canada, and is a member of the North American
CSAA (Central Stations Alarm Association).
-
On May 25, 2009, the Company completed a
financing of 17,563,000 units at a price of $0.20 per unit for
gross proceeds of $3,512,600. Each unit was comprised of one
common share and one half of one purchase warrant exercisable
for a period of two years at an exercise price of $0.40 per
warrant.
-
On June 22, 2009, the Company completed a
financing of 2,974,500 units at a price of $0.20 per unit for
gross proceeds of $594,900. Each unit was comprised of one
common share and one half of one purchase warrant exercisable
for a period of two years at an exercise price of $0.40 per
warrant.
-
On July 8, 2009 the Company obtained Industry
Canada, Federal Communications Commission and PTCRB approval for
its newest product, the Escort Entourage CIS.
-
On July 21, 2009, the Company announced the
appointment of Martin Thall to its board of directors. As the
Vice President and General Manager of Microsoft’s Automotive
division (2004 to 2008), Mr. Thall drove their success in
automotive by advancing the industry's efforts to enhance
consumers' driving experience through embedded solutions
resulting in safer integration of mobile devices into the
automobile via the Company's dedicated software platform. Under
Mr. Thall's leadership, Microsoft Auto was developed and is now
shipping in all major worldwide automotive markets through Fiat,
Ford, Hyundai-Kia, and others.
“Blackline GPS achieved a number of very
important milestones during this past quarter” said Clark
Swanson, President and CEO of Blackline GPS. “Raising over $4
million in cash has provided us with the necessary capital to
execute our business plan for the near term which has included
the completion and certification of our new Escort Entourage CIS
product. With the Escort Entourage CIS and Escort Entourage PS
products now hitting shelves across Canada and the United States
the coming months will be very exciting for Blackline GPS.
Further, the appointment of Martin Thall to the board of
directors has created tremendous value for the Company and
unveiled some significant opportunities. It is a real complement
to Blackline GPS for someone of his caliber to have joined our
organization.”
About Blackline GPS,
Corp.
Blackline GPS Corp. is a communication technology manufacturer
of security, tracking & monitoring devices for automotive,
commercial and industry safety and family use. Blackline GPS
sells its products under its own brand name and through a
mutually exclusive licensing arrangement with Escort Inc., the
world’s leading technology company in automotive radar and laser
detection instruments (www.escortinc.com). Blackline GPS also
provides monitoring services for their manufactured products
under partnership with Reliance Protectron, the 5th largest
security company in North America. (www.blacklinegps.com)
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.
For further information please contact:
Clark Swanson, President & CEO
Phone: (403)870-3059 or (323)899-2518
Fax: (403)451-9981
cswanson@blacklinegps.com
Website:
www.blacklinegps.com
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