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Luxell Announces Receipt of "Certificate of Full Performance of Proposal" - Formal Discharge to Take Additional 60 Days
AGM also announced for February 29, 2008 TORONTO, Jan. 16 /CNW/ - Luxell Technologies Inc. (TSX:L...
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nAGM also announced for February 29, 2008\n\n\nTORONTO, Jan. 16 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the\n"Company" or "Luxell") is pleased to announce that it is now in receipt of a\n"Certificate of Full Performance of Proposal" as defined under section 65.3 of\nthe Canadian Bankruptcy and Insolvency Act (the "Act"). The certificate was\nissued by BDO Dunwoody Limited, trustee in bankruptcy, through a letter dated\nJanuary 14, 2008. The certificate was issued because Luxell has complied with\nall of the terms of its Proposal filed originally on September 27, 2006.\n\n\nThe letter also states that although the Certificate has been issued, the\nstay of proceedings under section 69.1(1) of the Act will remain in effect\nuntil the Trustee has issued all payments and promissory notes described in\nthe Amended Proposal dated October 18, 2006. After all of the final\ndistributions are admitted, the Trustee will request the court to formally\ndischarge Luxell. The process is expected to take approximately two months.\nAdditional details will be released as they are received by the Company.\n\n\n"This represents yet another significant step toward our complete and\nsuccessful turnaround," stated Luxell CEO Jean Louis Larmor. "All of the\nparties surrounding Luxell have worked extremely hard, and at considerable\nfinancial risk, to reach this monumental achievement. Luxell has an excellent\nteam of management and employees, a very active and involved group of\nDirectors, and an excellent product base. As we move forward to further\nstrengthening our financial basis, we believe Luxell will continue to grow and\nbe well poised for an extended period of high performance."\n\n\nLuxell would also like to inform its shareholders that it has secured the\ndate of February 29, 2008 for its next Annual General and Special Meeting of\nShareholders. Details will be forthcoming in the near future.\n\n\nAbout Luxell\n\n\n------------\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 ...