TORONTO, Oct. 22 /CNW/ - The Board of Directors of Luxell Technologies
Inc. (LUX-TSX) is pleased to announce the appointment of Jean-Louis Larmor, as
permanent Chief Executive Officer, effective today. Anthony DeCristofaro,
Luxell's Chairman of the Board, stated that "the process of turning around a
company that has experienced considerable financial strain is not an easy one
but Mr. Larmor, who initially joined the company as Senior Vice President
Business Development at the beginning of January 2007, has demonstrated a
commitment and knowledge of the business and sector which exceeded that of all
the other very qualified candidates. His contributions to building the sales
and customer base have been extremely significant." Mr. Larmor replaces David
Pasieka who has acted as interim CEO for the past four months and who led the
search for the permanent CEO.
Mr. Larmor's experience includes over 25 years of progressive positions
in business development, strategic planning and senior management positions in
the aerospace and defense systems sector. He successfully held positions with
major international corporations such as Aerospatiale, Sextant Avionique,
Thomson Csf and THALES. His involvement has always been with international
programs and he has held positions in various European locations as well as
Mr. Larmor's relocation to Canada occurred in 1997 when he was charged
with establishing THALES Avionics Canada. He has also held several senior
management positions in Canada, the U.S. and a CEO position in Europe.
Mr. Larmor stated that he looked forward "to the great challenge and
opportunity this gives me to add to the growth prospects I see for Luxell in
the aerospace and defense industries. Ever since achieving the status of being
France's youngest registered pilot I have had a tremendous passion for the
aerospace industry and this position with Luxell creates new opportunities for
growth and strategic partnerships in our overall business category."
Mr. Larmor added that while he was with Luxell competitors, "... my
observations of Luxell's expertise and the company's work in the field of flat
panel displays, and newer technologies such as OLED has led me to believe that
there are excellent opportunities and technology applications to be pursued".
At the same time, the company announces that Mr. Bernard Kruyne has
elected not to proceed with his appointment as CFO to the company as reported
in a previous press release. In addition, the Board of Directors, in
consultation with the company's new CEO, has concluded that a less senior
candidate with hands-on experience in the daily demands of a restructuring
environment would now be in the best interest of the company. Mr. Larmor,
Luxell's new CEO, is overseeing the recruitment search and intends to announce
such an appointment in the very near term.
With respect to actions intended to strengthen Luxell's financial
standing, the company has negotiated an agreement with a group of capital
lenders remaining from the past Debtor In Possession financing which was
instituted in December 2006. That group has now agreed to convert the entire
balance of the amount owed, being $300,317.58, including accrued interest,
into equity and forego a cash payment. The transaction is effective today
though it remains subject to receiving all necessary regulatory approvals.
"We believe that this is one more small and significant milestone toward
the reestablishment of the company's financial recovery," says Mr. Larmor.
"The fact that serious cash investors are prepared to take back shares at a
40% premium or $0.14 a share versus the company's recent market trading price
of $0.09 to $0.10 per share is a strong statement of confidence in the
company's prospects. We look forward to building on this latest restructuring
and regaining the company's full financial health and being able to
concentrate all of our efforts on the company's growth."
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
Corporate Communications & Investor Relations, (905) 363-0325 ext 235,