TORONTO, June 30 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company")
(TSX: LOX) would like to provide an update on the previously announced private
placement (the "Placement") of a minimum of $1.6 million and a maximum of $2
million principal amount secured subordinate series A convertible debentures
(the "Debentures"). Complete details of the Placement can be found in the
Company's press release dated June 24, 2009.
The closing of the Placement has been rescheduled from June 30, 2009 to
July 15, 2009 in order to allow the Company's current lender to review the
terms and conditions of the Debentures. The lender has also agreed to amend
the date by which the Company is required to raise a minimum of US$1 million
from June 30, 2009 to July 15, 2009.
In addition, the Company would like to clarify that upon the closing of
the Placement, the extension of the loan through May, 2012 will be subject to
the Company meeting all of the other terms and conditions of the lender
pertaining to the extension.
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 Levin, Director, LOREX Technology Inc.,
Phone: (216) 595-9828 ext 105, www.lorextechnology.com