LOREX announces TSX decision regarding private placement

    TORONTO, June 11 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company")
(TSX: LOX) announced today that, in connection with the previously announced
private placement agreement for a subscription of common shares of the Company
valued at CDN$1.6 million, LOREX did not obtain the necessary Toronto Stock
Exchange ("TSX") approval for the financial hardship exemption from the TSX
requirement for shareholder approval.
    Accordingly, as the private placement was conditional on TSX approval
being obtained, LOREX is currently evaluating financing and other
    As previously announced, LOREX is required as a condition of its amended
loan agreement to increase the Company's capital by a minimum of USD$1 million
by June 30, 2009. There can be no assurance that LOREX will be able to arrange
a financing alternative, including one that would enable the Company to meet
such condition.

    About LOREX Technology Inc.:

    LOREX Technology Inc. ('LOREX') (TSX:LOX) provides businesses and
consumers with leading edge video surveillance security solutions and sells
its products through distinct market channels under the LOREX and Digimerge
brands. The LOREX brand, which caters to both small business and consumer
markets, is available in over 9,000 retail locations across North America and
the U.K. and has an established market presence online selling through major
e-tailers and through its in-house webstore. The Digimerge division
distributes its products through major distributors in both North America and
Europe. Both groups concentrate on the sale of wired, wireless and IP security
surveillance equipment including cameras, digital video recorders and
all-in-one systems.
    LOREX subsidiaries include; LOREX Canada Inc., Digimerge Technologies
Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.

    Certain information included in this news release contains statements
that are forward-looking, such as the statements about financing alternatives.
Such forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future, and,
accordingly, such results may differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company. Full financial
statements along with Management's Discussion an Analysis can be obtained from
SEDAR at www.sedar.com

For further information:

For further information: Jordan Schwartz, Chief Financial Officer, LOREX
Technology Inc., Phone: (905) 946-8589 ext 168, jordan.schwartz@lorexcorp.com,

Organization Profile

LOREX Technology Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890