TORONTO, March 4 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the
"Corporation") announced that it has decided to exercise Luxell's option to
convert promissory notes issued to creditors. In accordance with the terms of
the notes, the aggregate principal amount of $1,381,947 will be converted to
approximately 3,454,868 common shares of the Corporation at a price of
CDN$0.40 per common share, subject to regulatory approval. The shares will be
subject to a hold period of 4 months plus 1 day.
In addition, Luxell has written down to $263,364 a government loan note
in the principal amount of $957,761, in accordance with the terms of this
note. The write down of this note will produce a gain on restructuring of
$694,377 in the second quarter. The Company's Board of Directors has
authorized management to meet with government officials to resolve the
outstanding amount of $263,364.
Jean Louis Larmor, CEO of Luxell commented, "Luxell has made substantial
headway in advancing our ruggedized display business and in executing our
strategic initiatives, particularly over the last 5 months. While tangible
progress is being made, we have not yet fully realized the substantial
benefits we expect to see from our actions and the substantial range of new
business proposals to existing and prospective customers over the last
90 days. We expect that this improvement in our balance sheet will also assist
the company in growing its market position and achieving our objectives."
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