AGM also announced for February 29, 2008
TORONTO, Jan. 16 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the
"Company" or "Luxell") is pleased to announce that it is now in receipt of a
"Certificate of Full Performance of Proposal" as defined under section 65.3 of
the Canadian Bankruptcy and Insolvency Act (the "Act"). The certificate was
issued by BDO Dunwoody Limited, trustee in bankruptcy, through a letter dated
January 14, 2008. The certificate was issued because Luxell has complied with
all of the terms of its Proposal filed originally on September 27, 2006.
The letter also states that although the Certificate has been issued, the
stay of proceedings under section 69.1(1) of the Act will remain in effect
until the Trustee has issued all payments and promissory notes described in
the Amended Proposal dated October 18, 2006. After all of the final
distributions are admitted, the Trustee will request the court to formally
discharge Luxell. The process is expected to take approximately two months.
Additional details will be released as they are received by the Company.
"This represents yet another significant step toward our complete and
successful turnaround," stated Luxell CEO Jean Louis Larmor. "All of the
parties surrounding Luxell have worked extremely hard, and at considerable
financial risk, to reach this monumental achievement. Luxell has an excellent
team of management and employees, a very active and involved group of
Directors, and an excellent product base. As we move forward to further
strengthening our financial basis, we believe Luxell will continue to grow and
be well poised for an extended period of high performance."
Luxell would also like to inform its shareholders that it has secured the
date of February 29, 2008 for its next Annual General and Special Meeting of
Shareholders. Details will be forthcoming in the near future.
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, Director,
Government & Corporate Relations, (905) 363-0325 ext 235, firstname.lastname@example.org