Luxell Announces Completes Private Placement Shares for Debt Conversion

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 12 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the\n"Corporation") announced that as a result of its continued effort to improve\nits balance sheet, the Corporation has settled an aggregate of $300,317.58 in\noutstanding debt through the issuance of common shares.\n\n\nThe debt results from a combination of debts and interest that were not\nwrapped into the $3.75 million Series A Notes, which closed on May 2, 2007.\nThis conversion settles all amounts advanced since August 28, 2006 to assist\nin the restructuring of the company. The residual debt, amounting to\n$300,317.58 in the aggregate, is owed to a corporation controlled by a\ndirector of the Corporation. In an effort to improve the Corporation's balance\nsheet, it was agreed that this debt would be settled through the issuance of\n2,145,126 common shares of the Corporation at a deemed price of CDN$0.14 per\ncommon share, being well above the market price on the date of the agreement\nfor settlement and on the date hereof. The transaction remains subject to\nreceipt of final acceptance from the TSX.\n\n\nAbout Luxell\n\n\n------------\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand product solutions for the aerospace and defense sectors. Luxell is an ISO\ncertified company. More information can be found at www.luxell.com. (C)Luxell\nTechnologies Inc., Luxell and Black Layer are trademarks of Luxell\nTechnologies Inc. All other company and/or product names are trademarks and/or\nregistered trademarks of their respective manufacturers.\n\n\n%SEDAR: 00008266E\n\n\n","length":1655,"tagName":"div"}]

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