Luxell Announces Decision to Exercise Option to Convert Debt to Equity in Final Restructuring Stage

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[{"type":"text","content":"\n\n\n\nTORONTO, March 4 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the\n"Corporation") announced that it has decided to exercise Luxell's option to\nconvert promissory notes issued to creditors. In accordance with the terms of\nthe notes, the aggregate principal amount of $1,381,947 will be converted to\napproximately 3,454,868 common shares of the Corporation at a price of\nCDN$0.40 per common share, subject to regulatory approval. The shares will be\nsubject to a hold period of 4 months plus 1 day.\n\n\nIn addition, Luxell has written down to $263,364 a government loan note\nin the principal amount of $957,761, in accordance with the terms of this\nnote. The write down of this note will produce a gain on restructuring of\n$694,377 in the second quarter. The Company's Board of Directors has\nauthorized management to meet with government officials to resolve the\noutstanding amount of $263,364.\n\n\nJean Louis Larmor, CEO of Luxell commented, "Luxell has made substantial\nheadway in advancing our ruggedized display business and in executing our\nstrategic initiatives, particularly over the last 5 months. While tangible\nprogress is being made, we have not yet fully realized the substantial\nbenefits we expect to see from our actions and the substantial range of new\nbusiness proposals to existing and prospective customers over the last\n90 days. We expect that this improvement in our balance sheet will also assist\nthe company in growing its market position and achieving our objectives."\n\n\nAbout Luxell\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":2065,"tagName":"div"}]

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