TORONTO, Nov. 26 /CNW/ - LOREX Technology Inc. (the "Company") (NEX: LOX) is pleased to announce that Ms. Beverly Lyons FCA ICD.D, has been appointed to the board of directors of the Company. Ms. Lyons is an experienced financial professional who acts as a business advisor for a variety of companies providing accounting and auditing advise as well as general management consulting. From 1980 to 2008, Ms. Lyons was an audit partner with PricewaterhouseCoopers LLP and its predecessor firms. Ms. Lyons is currently a member of the Institute of Chartered Accountants of Ontario and Institute of Corporate Directors.
The Company would also like to announce that an aggregate of 12,500,000 preference shares (the "Preference Shares") of the Company were issued today to Lorex Investors LLC (as to 6,190,278 Preference Shares) and Lorex Group LLC (as to 6,309,722 Preference Shares), both of whom are arm's length parties to the Company and each other, at no additional consideration to the investors, upon the conversion of 12,500,000 subscription receipts previously issued on a private placement basis, the terms and conditions of which can be found in the Company's press release dated August 24, 2009. Lorex Investors LLC, a private company, currently owns and/or controls an aggregate of 1,520,000 common shares (or 5.16%) of the Company and Lorex Group LLC, a private company, does not own or control any common shares of the Company.
The Preference Shares are subject to a hold period which expires on January 1, 2010
The following is a summary of the rights and privileges attaching to the Preference Shares, the full details of which are contained in the Company's information circular dated October 2, 2009.
- Each Preference Share will be convertible by the holder into one (1)
common share of the Company on a one-to-one basis, without any
additional consideration, at any time following the date of issue at
the option of the holder.
- Each Preference Share shall be entitled to one (1) vote per share at
any meeting of the shareholders of the Company.
- The holders of the Preference Shares shall be entitled to receive
dividends if, as and when declared by the board of directors of the
Company out of the assets of the Company properly applicable to the
payment of dividends on an equal basis to the holders of common shares
of the Company;
- The Preference Shares will rank senior to the common shares of the
Company, the non-voting Class A Special Shares and the non-voting
Class B Special Shares in a distribution of the Company's assets upon
dissolution or wind-up of the Company.
- The holders of Preference Shares will be entitled to receive notice of
and to attend all meetings of the shareholders of the Company and to
vote on all matters submitted to a vote.
About LOREX Technology Inc.:
LOREX 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.
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 and Analysis can be obtained from SEDAR at www.sedar.com
SOURCE LOREX Technology Inc.
For further information: For further information: Adam Levin, Director, LOREX Technology Inc., Phone: (216) 595-9828 ext 105, www.lorextechnology.com