Luxell Announces Delay in Filing of 4th Quarter and Annual Reports

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 3 /CNW/ - Luxell Technologies Inc. (TSX:LUX) advises it has\nbeen delayed in filing its 4th quarter and annual financial statements, as\nwell as the annual Management Discussion & Analysis for the year ended\nAugust 31, 2007 by the required filing date of November 29, 2007.\n\n\nThe delay is due to the Company's 2006 restructuring, a filing of a\nproposal to creditors under the Bankruptcy and Insolvency Act, creditor\nacceptance, court approval processes, and on-going reorganization of the\nbusiness which continued through 2007 and intended to move the Company to\nprofitability. The Company reports that it is taking all possible measures to\nhave the audit completed.\n\n\nJean-Louis Larmor, Luxell's recently appointed CEO, said the Company\n"expects the delay caused by the complexity in accounting for the\nrestructuring and financings of 2007 will not delay our annual meeting, which\nwe look forward to and where we anticipate the plans for 2008 fiscal and\nbeyond will be discussed. The date for the Company's annual general meeting is\nbeing scheduled and we expect to announce that date shortly."\n\n\nLuxell is actively working with the auditors to resolve the current delay\nand anticipates being able to file the annual financial statements on or\nbefore December 17th, 2007.\n\n\nThe Company is in contact with both the TSX and Ontario Securities\nCommission and confirms that its news release complies with CSA Notice 57-301\n- Failing to File Financial Statements on Time - Management Cease Trade Orders\nand OSC Policy 57-603 - Defaults by Reporting Issuers in Complying with\nFinancial Statement Filing Requirements. In addition, the Company will\ncontinue filing Bi-weekly updates to comply with these requirements.\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. (C) Luxell Technologies Inc., Luxell and Black Layer\nare trademarks of Luxell Technologies Inc. All other company and/or product\nnames are trademarks and/or registered trademarks of their respective\nmanufacturers.\n\n\n%SEDAR: 00008266E\n\n\n","length":2267,"tagName":"div"}]

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