TORONTO, April 14 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today
announced results for the second quarter of fiscal 2009. The Company reported
that revenues for the quarter ending February 28, 2009 increased by 10.22% to
$994,179, as compared with $902,025 for the quarter ending February 29, 2008.
The total net operating loss for the second quarter of fiscal 2009 was
$241,124 compared to an operating loss of $867,310 in the second quarter of
Activities for this second quarter, while improved over the first
quarter, continued to be impacted by the global economic crisis and the
overall slow down in the aerospace and defense sectors. Major air and defense
system integrators have continued to postpone new orders and commitments as
well as revise their procurement planning.
Luxell incurred total expenses of $1,235,303 in the second quarter of
2009 compared with $1,769,335 in the second quarter of 2008. Cash flow from
operations was positive $116,344. The Company incurred an EBITA loss for the
quarter of $188,061. This reduced loss represents a decrease of 54% and
$215,884 compared to the same period last year.
As previously reported, the Company also reported that on December 18,
2008 it received an expression of intent from Lux Acquisition Corporation
("LAC") to purchase the issued and outstanding shares of the Company at $0.10
a share, payable through a promissory note due on the third-year anniversary
closing of the bid. Lux Acquisition Corporation is a federally incorporated
company controlled by Jean-Louis Larmor, Luxell's chief executive officer.
During the second quarter, the Company reported on its recommendation of
the Offer, and the reasons for its recommendation, as well as the outcome of
shareholder response. Subsequent to the end of the second quarter, LAC
requisitioned the Company to hold a special meeting for shareholders to vote
on the amalgamation of the Company with LAC. This meeting is scheduled to be
held on April 20, 2009, at Luxell's Mississauga offices, starting at 10:00
For more details and copies of news releases reporting on events through
the second quarter please see the complete filings posted on the Sedar web
site or www.luxell.com for all news releases.
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