CellPoint Contracts with Swiss Group for Long-Term Funding.

Business Editors

ZURICH, Switzerland--(BUSINESS WIRE)--March 18, 2002

CellPoint Inc. (Nasdaq: CLPT), a global provider of mobile location software technology and platforms, has entered into an agreement with a Swiss group, Cofima Finanz AG, to arrange institutional financing for long-term funding.

This contract is subject to the successful completion of the financial restructuring outlined last week. Once this is done, and their due diligence on CellPoint is completed, the institutional brokers advise that the first tranche of funding should be closed in a very short time.

The Company has been in discussions with Cofima for six months, but only with the current financial restructuring and the subsequent improvement to the balance sheet in process could an agreement be struck in February and the formal due diligence process launched. "The preparations for this contract were made prior to the recent agreements with Castle Creek and other debt holders, and once executed, should put an end to the Company's financing needs," said Peter Henricsson, Chairman and CEO. "The contract is not an underwritten offering but rather an agreement to secure institutional funding done on a `best-efforts' basis. Cofima has an excellent track record, including prior financing work with CellPoint's corporate legal counsel, and since they have long-term knowledge of CellPoint, we are optimistic that together we will secure the working capital for the Company for at least the next year."

CellPoint's technical advantage and leading market position has never been in question, but the improved balance sheet resulting from a financial restructuring has been a prerequisite for any institutional investments. With a much-improved balance sheet that returns focus to the commercial business opportunities in the emerging mobile location services market, CellPoint is now in a position to attract institutional investors.

In addition to the contract with the Swiss institutional brokers, the Company is continuing to work very closely with its investment bankers, Gerard Klauer Mattison, on strategic alliances and is in discussions with several established companies for potential partnership in the US wireless marketplace.

CellPoint Inc. (Nasdaq and Stockholmsborsen: CLPT) is a leading global provider of location determination technology, carrier-class middleware and applications enabling mobile network operators rapid deployment of revenue generating location-based services for consumer and business users and to address mobile E911/E112 security requirements.

CellPoint's two core products, Mobile Location System (MLS) and Mobile Location Broker (MLB), provide an open standard platform adapted for multi-vendor networks with secure integration of third-party applications and content. CellPoint's entry-level location platform handles over 500,000 location requests per hour and has a seamless migration path to GPRS and 3G.

CellPoint's early entry and experience with European mobile operators has allowed the development of products and features that address key requirements such as active and idle mode positioning, international roaming, multiple location determination technologies and consumer privacy.

CellPoint is a global company headquartered in Kista, Sweden. For more information, please visit www.cellpoint.com.

CellPoint(TM) and CellPoint Systems(TM) are trademarks of CellPoint Inc. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties which may cause actual results to differ from those described.

Copyright(c)CellPoint Inc. 2002