TORONTO, Dec. 12 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the
"Corporation") announced that as a result of its continued effort to improve
its balance sheet, the Corporation has settled an aggregate of $300,317.58 in
outstanding debt through the issuance of common shares.
The debt results from a combination of debts and interest that were not
wrapped into the $3.75 million Series A Notes, which closed on May 2, 2007.
This conversion settles all amounts advanced since August 28, 2006 to assist
in the restructuring of the company. The residual debt, amounting to
$300,317.58 in the aggregate, is owed to a corporation controlled by a
director of the Corporation. In an effort to improve the Corporation's balance
sheet, it was agreed that this debt would be settled through the issuance of
2,145,126 common shares of the Corporation at a deemed price of CDN$0.14 per
common share, being well above the market price on the date of the agreement
for settlement and on the date hereof. The transaction remains subject to
receipt of final acceptance from the TSX.
Luxell designs, manufactures and licenses flat panel display technologies
and product solutions for the aerospace and defense sectors. Luxell is an ISO
certified company. More information can be found at www.luxell.com. (C)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 manufacturers.
For further information:
For further information: Luxell Technologies Inc., Simon Dann, Director
Government & Corporate Relations, (905) 363-0325 ext 235, firstname.lastname@example.org