Business
Luxell Adjourns its Annual Meeting to June 4, 2007
Luxell Adjourns its Annual Meeting to June 4, 2007.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, May 22 /CNW/ - Luxell Technologies Inc. (TSX:LUX) announced that\nits Annual Meeting held on May 17, 2007 has been adjourned to Monday June 4,\n2007, to be held at 5 pm at the offices of WeirFoulds LLP, 15th Floor,\nExchange Tower, 130 King Street West, Toronto.\n\n\nThe Board of Directors of Luxell Technologies Inc. ("Luxell") decided to\nadjourn the Annual Meeting in order to address potential perceived conflict\nissues in a proposed transaction that essentially unwinds an ongoing\narrangement involving LUX Operating Limited Partnership ("LUX OLP"), being a\nstructured transaction which was closed and originally announced on\nNovember 5, 2005. In particular, the Board wanted to consider whether Mr. John\nMacDonald, the Chair of the Board of Directors of Luxell, had a conflict of\ninterest in any proposed transaction involving LUX OLP and whether the Board\nwould be better served in considering any transaction with LUX OLP to have\nMr. MacDonald voluntarily step aside as Chairman, at least for the remainder\nof the period that LUX OLP is negotiating terms with Luxell. The Board felt\nthe adjournment provided an opportunity for all involved in Luxell's\nmanagement and operations to fully address the issues.\n\n\nThe unwinding of the transaction between LUX OLP and Luxell is being\nconsidered because, if completed, it would remove any uncertainty about\npotential future liability of Luxell to LUX OLP. Once this is completed, it\ncould make Luxell more attractive for raising new equity capital during a\nperiod of growth and increased working capital requirements.\n\n\nMr. MacDonald stated, "The decision to adjourn was not an easy one but at\nthe very time when we are seeing very promising operating results within our\ncompany, we do not want to take any step that could potentially hinder our\nrecent growth or that could slow down our ability to raise new funds for\nworking capital to support that growth. The adjournment of the meeting\nresulted in only a brief delay and will allow Luxell to proceed in the most\nresponsible manner possible."\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for defence and avionics industries. More information can be\nfound at www.luxell.com.\n\n\n(C) Luxell Technologies Inc., Luxell and Bla...