TORONTO, Feb. 26 /CNW/ - Luxell Technologies Inc. ("Luxell") (TSX:LUX)
and Lux Acquisition Corporation ("LAC") jointly announced today that
103,760,581 common shares of Luxell were validly deposited pursuant to LAC's
offer dated January 15, 2009 to acquire all of the outstanding common shares
of Luxell (the "Offer") as of 5:00 p.m. (Toronto time) on February 20, 2009,
the expiry time for the Offer. The shares deposited pursuant to the Offer
represent approximately 76.83% of the outstanding shares of Luxell not already
owned by LAC.
As the minimum deposit condition under the Offer has been met, LAC has
taken up and accepted for payment all of the shares validly deposited. LAC and
its affiliates now own 104,281,414 shares of Luxell or approximately 77.22% of
the outstanding shares of Luxell. Payment will be made to Luxell shareholders
who have validly deposited their shares under the Offer by Equity Transfer &
Trust Company, the depository, on or before March 3, 2009 through the issuance
of notes of LAC as described in the Offer.
LAC also announced today that it plans to requisition a shareholders'
meeting of Luxell as soon as practicable to approve a Subsequent Acquisition
Transaction as described in the Take-Over Bid Circular dated January 15, 2009
to enable LAC to acquire the remainder of the shares not tendered pursuant to
Both the insider bid circular and the directors circular are available
through SEDAR at www.sedar.com.
Luxell designs, manufactures and licenses flat panel display technologies
and solutions for the defense and aerospace industries. More information can
be found at www.luxell.com. Luxell Technologies Inc., Luxell and Black Layer
are trademarks of Luxell Technologies Inc. All other company and/or product
names are trademarks and/or registered trademarks of their respective
For further information:
For further information: Luxell Technologies Inc., Simon Dann, Director,
Government & Corporate Relations, Tel: (905) 363-0325 ext 235, Email:
firstname.lastname@example.org; Lux Acquisition Corporation, Jean Louis Larmor, President,
Tel: (514) 290 1919, Email: email@example.com