Business
Luxell receives expression of intent to acquire company
TORONTO, Dec. 18 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading provider of electronic dis...
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 18 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading\nprovider of electronic displays to the defense and aerospace industries,\nannounced today that its Board of Directors has received an expression of\nintent from Lux Acquisition Corporation to purchase the issued and outstanding\nshares of the Company for $0.10 a share, payable through a promissory note due\non the third-year anniversary closing of the bid. Lux Acquisition Corporation\nis a federally-incorporated company controlled by Jean-Louis Larmor, Luxell's\nchief executive officer.\n\n\nUpon receipt of the formal offer, Luxell's Board of Directors will\nrequest an independent valuation of both the shares and the promissory note.\nLuxell's Board has also appointed an Independent Committee to consider the\nresults of the valuation, review the bid, and prepare a recommendation for\nshareholders to consider.\n\n\n"Luxell's Board is committed to a thorough review of the insider bid,"\nsaid Mr. Pierre J. Jeanniot, Chairman of Luxell's Board of Directors. "Our\nfirst obligation is to ensure that shareholders' interests are protected,\nwhile determining the best strategic path for the Company."\n\n\nThe Independent Committee, which is headed by Mr. Jeanniot, and includes\nPep Fraser, is expected to make its recommendations by December 24, 2008.\n\n\nIt is the intent of Lux Acquisition Corporation to take Luxell private\nonce the transaction is completed.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for the defense and aerospace industries. More information can\nbe found at www.luxell.com. 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\nForward-Looking Statements\n\n\nThis news release contains certain "forward-looking statements" that\nreflect the current views and/or expectations of Luxell Technologies Inc. with\nrespect to its performance, business and future events. Such statements are\nsubject to a number of risks, uncertainties and assumptions. Actual results\nand events may vary significantly.\n\n\n%SEDAR: 00008266E\n\n\n","length":2359,"tagName":"div"}]