TORONTO, Sept. 14 /CNW/ - LOREX Technology Inc. (the "Company") (TSX: LOX) is pleased to announce the receipt of $1.25 million CDN investment which represents the first portion of the total investment of Debentures and Receipts which was detailed in the Company's press release dated August 24, 2009.
The Company issued an aggregate of 12,500,000 Receipts to Lorex Investors LLC ("LILLC") and Lorex Group LLC ("LGLLC") for gross proceeds for $1,250,000. The Receipts are exercisable, at no additional cost to LILLC and LGLLC (collectively, the "Investors") into 12,500,000 preference shares (the "Preference Shares") in the capital of the Company. A special meeting of shareholders has been called for October 27, 2009 (the "Meeting") at which time the shareholders will be asked to approve the creation of the Preference Shares (the terms and conditions of the Preference Shares can be found in the Company's press release dated August 24, 2009).
The Company also announces that Henry Schnurbach has resigned as Chief Executive Officer. The Company would like to thank Mr. Schnurbach for his years of service and dedication to the Company and wishes him success in his future endeavors. Mr. Reuben Klein, Chairman of the Board, has been appointed the interim Chief Executive Officer until such time that the Company completes its search for a permanent Chief Executive Officer.
Mr. Reuben Klein was an original investor in the Company and is a respected industry veteran with more than 40 years of related experience, most recently as founder and President of Sonigem Inc. His leadership was instrumental in building Sonigem's consumer electronics manufacturing and distribution business into a successful operation with over $150 million in revenue before he sold it in August 2006.
The Company would also like to announce that Mr. Larry Klein has been appointed to the board of directors of the Company as one of the two nominees of the Investors. Mr. Klein is a 20-year veteran founder and CEO of several companies in which he has won industry awards, partnered with Fortune 50 companies, and raised extensive capital. Mr. Klein has counseled companies and funds on growth and divestment as an advisor and board member. He holds a B. Eng in Electronics and Computers, is the author of numerous patents, is a frequent public speaker, and has written articles and co-authored several books on various technical and business-related subjects.
Additionally, the Company also announces that Alan Bass has resigned as director due to professional reasons. It is anticipated that Mr. Bass will provide consulting services to the Company in the future on an 'as needed' basis.
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
SOURCE LOREX Technology Inc.
For further information: For further information: Adam Levin, Director, LOREX Technology Inc., Phone: (216) 595-9828 ext 105, www.lorextechnology.com