TORONTO, May 17 /CNW/ - Lorex Technology Inc. ("LOREX" of the "Company") would like to congratulate Reuben Klein, Adam Levin and Beverly Lyons on their re-election as directors and Michael Uhr and Nathan Retek for their election to the board of directors at the recent Annual and Special Shareholders' Meeting held on May 13, 2010 (the "Meeting"). Mr. Uhr and Retek were nominated from the floor during the Meeting and replaced Mr. Larry Klein and Sheldon Potter. The Company would like to thank Mr. Larry Klein and Sheldon Potter for their contribution to the Company and wishes them success in their future endeavours.
In addition, the shareholders, among other things, approved the Company's rolling 10% stock option plan and the amendment of By-law 1A.
Commenting on the results of the Meeting, Chairman and CEO Reuben Klein stated, "We are excited and motivated to work with our board of directors to continue to put LOREX on the right path. In 2009 LOREX was marginally profitable and the Company's current objectives are to further develop our team, focus management and control expenses. There is a good opportunity in video security today, and LOREX is one of the leaders selling to small business and home consumers, who we believe represent a major market opportunity. We need to continue to improve our retail offerings and develop our more direct channels. Marketing, particularly using the internet, will continue to be a critical factor in our future success."
As over 24,600,000 million common shares (or approximately 56% of all the shares eligible to vote at the Meeting) were voted at the Meeting, management would like to thank the shareholders for participating in the Meeting and supporting the efforts of management as they continue in their efforts to increase shareholder value.
About LOREX Technology Inc.:
LOREX (NEX: LOX.H) provides businesses and consumers with leading edge video surveillance security solutions and sells its products under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in thousands of retail locations across North America and in the UK. The Digimerge division distributes its products through major distributors in North America. Both brands 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., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". LOREX is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. LOREX cannot assure investors that actual results will be consistent with these forward looking statements and LOREX assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
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SOURCE LOREX Technology Inc.
For further information: For further information: Jordan Schwartz, Chief Financial Officer, LOREX Technology Inc., Phone: (905) 946-8589 ext 168, firstname.lastname@example.org, www.lorextechnology.com