TORONTO, Oct. 9 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company") would like to announce that it has issued an aggregate of 4,336,235 common shares at a price of $0.10 per share for aggregate proceeds of $433,623.50. The shares were issued pursuant to a non-brokered private placement to three arm's length investors, one of which owned 322,037 common shares prior to the private placement. The issuance of the shares did not result in the creation of any new insiders or control block. Proceeds will be used for general working capital.
The Company would also like to announce that further to its press release dated January 7 and July 30, 2009 the Company has applied to the TSX Venture for the listing of its common shares after being delisted from the TSX. There is no assurance that the TSX Venture Exchange will approve the listing of the Company's shares.
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: Jordan Schwartz, Chief Financial Officer, LOREX Technology Inc., Phone: (905) 946-8589 ext 168, www.lorextechnology.com