Ceelox Announces LOI for Asset Purchase

OVERLAND PARK, Kan., Dec. 19, 2011 /PRNewswire/ -- Ceelox Inc. (OTCBB Symbol: CELO), announces it has entered into a letter of interest ("LOI") to purchase the assets of a company ("Target") that provides wholesale and retail telecommunications services and products worldwide. The company's services include voice over IP; A-Z routing and switching; wholesale carrier services; reseller billing and reporting; Web-based reseller solutions; prepaid calling card solutions; international cellular calling; and retail point of sale solutions.  Target's assets being acquired currently represent $11.7M in Revenue with positive EBITDA over the trailing twelve months (ttm).  We expect that this type of asset purchase will be consistent with Ceelox's new business approach, as described in its Form 8-K filing dated November 30, 2011, and upon the completion of the acquisition of P2P Ceelox, Inc. will represent the start of their Trusted Agent Network (TAN) aimed at selling financial and banking services to mobile phone customers.

About the LOI

The Letter of Interest is non-binding and the acquisition is contingent on, among other things,  the completion of the P2P Ceelox, Inc. acquisition, the satisfactory completion of due diligence by both parties and Ceelox raising capital to complete both the acquisition of P2P Ceelox, Inc. as well as the acquisition of assets of Target.

About Ceelox, Inc.

Ceelox, Inc. is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and other organizations for whom information access are key concerns.  Its security and encryption tools are easy to deploy, simple to use, cost-effective and affordable for organizations of all sizes.  

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in our Form 8-K filed with the Securities and Exchange Commission on February 12, 2010 and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

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SOURCE Ceelox, Inc.