TORONTO, June 16 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company")
(TSX: LOX) announced today that the following individuals have been appointed
to the board of directors following the resignation of the current directors:
Reuben Klein - Mr. Klein, who through his wholly owned company, Reuben
Klein Holdings Inc., and through various agreements is the majority
shareholder, along with his brother, Eli Klein, of the Company, is an
independent consultant to various technology and real estate companies. In
1988, Mr. Klein founded and was the President of Sonigem Products Inc., a
private marketer and distributor of a full range of contemporary consumer
audio and video electronic products bearing well-known brand names such as
Sylvania, Koss, Emerson, and Magnasonic under exclusive licensing agreements.
Mr. Klein has several years of experience in the marketing and distribution of
consumer electronics. Mr. Klein was a director of the Company from January 26,
1998 to February 15, 2005
Adam Levin - Mr. Levin is the Chief Executive Officer of Levin
Consulting, a consulting firm in the consumer electronics and technology
industry. Mr. Levin started Levin Consulting in 1988, and oversaw initial
consulting projects helping national and regional retailers enter the PC
category. Mr. Levin has assisted computer hardware, peripheral, accessory,
software, and service vendors, as well as telecommunications clients on the
strategy necessary for profitable sell-through at retail today. Presently, Mr.
Levin focuses his efforts with clients on setting overall strategy, from a
channel and product perspective, covering the US, Canadian, European, and
Asia/Pacific markets. He is a popular speaker at many industry events and
seminars, and serves on several executive boards for technology firms. Mr.
Levin was a director of the Company from August 1, 2002 to September 11, 2006.
Sheldon Potter - Mr. Potter is currently a lawyer with Fogler Rubinoff,
LLP, a medium sized law firm located in Toronto, Ontario. Mr. Potter has over
25 years' experience in business development, deal making and strategic
implementation, with an in-depth understanding of laws affecting taxes and
corporate plans of businesses.
Alan Bass - Mr. Bass is the president of Korbitec Inc., a software
developer focused on the legal market, specifically, document automation in
the litigation process. Mr. Bass has been in the technology arena for over 20
years. Prior to joining Korbitec in February 2008, he was President of
Digimerge Technologies Inc., a subsidiary of the Company, until April 2008 and
Chief Operating Officer of the Company from December 2003 to January 2005.
While with the Company, Mr. Bass was responsible for domestic and
international growth in the consumer and professional markets. Mr. Bass' other
senior managerial positions include Chief Operating Officer of business to
business ecommerce solution providers EC-Gate and President and Chief
Operating Officer of Aztech New Media Corp., a software publisher of content
for the consumer and small business market.
The change of the board of directors was at the request of the Reuben
Klein. As a result of the appointment of the new directors, the previously
announced special meeting of shareholders requisitioned by Reuben Klein and
Eli Klein to be held on July 15, 2009 has been cancelled.
The directors are currently examining all available financing options in
order to satisfy the condition imposed by the Company's lender that the
Company is required to raise at least $1 million USD capital before June 30,
The Company would like to thank the former directors for their numerous
years of service and dedication to the Company and wishes them well in their
About LOREX Technology Inc.:
LOREX provides businesses and consumers with leading edge video
surveillance security solutions and sells its products through distinct market
channels under the LOREX and Digimerge brands. The LOREX brand, which caters
to both small business and consumer markets, is available in over 9,000 retail
locations across North America and the U.K. and has an established market
presence online selling through major e-tailers and through its in-house
webstore. The Digimerge division distributes its products through major
distributors in both North America and Europe. Both groups concentrate on the
sale of wired, wireless and IP security surveillance equipment including
cameras, digital video recorders and all-in-one systems.
LOREX subsidiaries include; LOREX Canada Inc., Digimerge Technologies
Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain information included in this news release contains statements
that are forward-looking, such as the statements about financing alternatives.
Such forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future, and,
accordingly, such results may differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company. Full financial
statements along with Management's Discussion and Analysis can be obtained
from SEDAR at www.sedar.com.
For further information:
For further information: Adam Levine, Director, LOREX Technology Inc.,
Phone: (216) 595-9828 ext 105, www.lorextechnology.com