TORONTO, Jan. 4 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today
announced results for fiscal 2007. The Company reported that revenues for the
year ending August 31, 2007 were $3,736,933, as compared with $3,328,352 for
the prior fiscal year. The total net loss for 2007 was $4,294,533 or $0.09 per
share compared to a net loss of $8,775,586 or $0.20 per share for 2006.
Revenues for the fourth quarter ended August 31, 2007 were $1,315,000
compared to $838,000 for the same period in 2006. The net operating loss for
the fourth quarter ended August 31, 2007 was $1,473,000 versus a loss of
$3,237,000 for the fourth quarter of 2006.
On October 18, 2006, the majority of the Company's creditors voted in
favour of a proposal (submitted as a Notice of Intent to make a proposal under
the Bankruptcy and Insolvency Act (Canada) on August 28, 2006, (the
"Proposal")) to its creditors and this was subsequently approved by the
Superior Court of Justice on November 7, 2006.
Anthony DeCristofaro, Luxell's Chairman said, "While this has been a very
challenging year with numerous changes, shareholders can look at the results
and see they are trending in the right direction. The Board of Directors is
extremely pleased to see what our new management team, under Jean-Louis
Larmor's leadership is achieving as the Company continues its restructuring
and movement towards profitability."
For more details please see the complete filings posted on the Sedar web
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