Business
Luxell Announces Improving Sales - Decreasing Costs
Luxell Announces Improving Sales - Decreasing Costs.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, May 24 /CNW/ - Pursuant to its recent filing of the fiscal 2006\nand first 6 months of fiscal 2007 financial statements, Luxell Technologies\nInc. (TSX:LUX) is pleased to announce that it is beginning to see a resurgence\nin monthly sales and that it has been successful in implementing a first phase\nof cost reductions.\n\n\nSince it's financial and debt restructuring was completed in August 2006,\nLuxell has made many changes that were designed to substantially increase the\nperformance of the company. First among these was the placement of its new\nPresident, Alec Couckuyt, who brought more than a decade of corporate\nturnaround experience to Luxell. Since joining the company, Alec has brought\nin a completely new business development, engineering, and operations\nmanagement team, as well as instilling a renewed sense of energy and\ncommitment to exceeding delivery dates and customer expectations in the\ncompany.\n\n\nAfter three separate rounds of important and innovative financings,\nculminating in the recently announced agreement to wind-up the Lux Operating\nLimited Partnership, Luxell is now ready to embark on a more conventional\nsystem of financing its growth and meeting its capital requirements, through a\ncombination of simple equity placements and the eventual placement of\ntraditional revolving credit facilities.\n\n\nThese more conventional financing structures are being enabled by the\nfact that, as a result of all of the efforts to turn the financial prospects\nof the company around and bring it into the black, the Company is now\nexperiencing significant growth in its sales orders. In the fiscal years\nending August 31, 2007 and 2008, the Company expects the growth in sales will\ncontinue at an even more impressive pace.\n\n\nAt the same time, the turnaround team has been successful in decreasing\nexpenses by over 20% and while a net loss is still anticipated in fiscal 2007,\nthe Company expects that with the current growth in sales and continuing cost\ncutting efforts, the Company believes it will result in the first ever net\nprofit in fiscal 2008.\n\n\nLuxell continues to maintain an excellent reputation in the industry by\nproducing a high quality, customizaeable product at competitive price and\ndelivery levels. Luxell's business development team continues to develop its\nworking relationsh...