TORONTO, Dec. 3 /CNW/ - Luxell Technologies Inc. (TSX:LUX) advises it has
been delayed in filing its 4th quarter and annual financial statements, as
well as the annual Management Discussion & Analysis for the year ended
August 31, 2007 by the required filing date of November 29, 2007.
The delay is due to the Company's 2006 restructuring, a filing of a
proposal to creditors under the Bankruptcy and Insolvency Act, creditor
acceptance, court approval processes, and on-going reorganization of the
business which continued through 2007 and intended to move the Company to
profitability. The Company reports that it is taking all possible measures to
have the audit completed.
Jean-Louis Larmor, Luxell's recently appointed CEO, said the Company
"expects the delay caused by the complexity in accounting for the
restructuring and financings of 2007 will not delay our annual meeting, which
we look forward to and where we anticipate the plans for 2008 fiscal and
beyond will be discussed. The date for the Company's annual general meeting is
being scheduled and we expect to announce that date shortly."
Luxell is actively working with the auditors to resolve the current delay
and anticipates being able to file the annual financial statements on or
before December 17th, 2007.
The Company is in contact with both the TSX and Ontario Securities
Commission and confirms that its news release complies with CSA Notice 57-301
- Failing to File Financial Statements on Time - Management Cease Trade Orders
and OSC Policy 57-603 - Defaults by Reporting Issuers in Complying with
Financial Statement Filing Requirements. In addition, the Company will
continue filing Bi-weekly updates to comply with these requirements.
Luxell designs, manufactures and licenses flat panel display technologies
and solutions for defence and avionics industries. 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
For further information:
For further information: Luxell Technologies Inc., Simon Dann, (905)
363-0325 ext 235, firstname.lastname@example.org