Luxell Reports First Quarter 2009 Financial Results

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[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 6 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today\nannounced results for the first quarter of fiscal 2009. The Company reported\nthat revenues for the quarter ending November 30, 2008 decreased by 78% to\n$318,316, as compared with $1,457,506 for the quarter ending November 30,\n2007. The total net operating loss for the first quarter of fiscal 2009 was\n$868,637 or $0.01 per share compared to a net operating loss of $889,523 or\n$0.02 per share the first quarter of fiscal 2008. The reduction in activities\nfor this first quarter after an improving 2008 fiscal year is mostly\nattributed to a slow down in the activities, when customers which are major\nair and defense system integrators are postponing new orders and commitments\nand revising their procurement planning.\n\n\nLuxell incurred total expenses of $1,186,953 in the first quarter of 2009\ncompared with $2,346,929 in the first quarter of 2008. Cash flow from\noperations was negative $69,231. The Company incurred an EBITA loss for the\nquarter of $833,445. This is an increase of 96% and $407,395 compared to the\nsame period last year.\n\n\nThe Company also reported, as a subsequent event, that on December 18,\n2008 it received an expression of intent from Lux Acquisition Corporation to\npurchase the issued and outstanding shares of the Company at $0.10 a share,\npayable through a promissory note due on the third-year anniversary closing of\nthe bid. Lux Acquisition Corporation is a federally-incorporated company\ncontrolled by Jean-Louis Larmor, Luxell's chief executive officer.\n\n\nThe Luxell Board of Directors has requested an independent valuation of\nthe shares and the promissory note, and has appointed an Independent committee\nto consider the results of the valuation, to review the bid, and prepare a\nrecommendation for shareholders to consider.\n\n\nAs of January 2, 2009, the Committee of Independent Directors has\nreceived a valuation report from the valuation consultants and is reviewing\nthe report with the intention of submitting a recommendation to the Board of\nDirectors at the earliest possible date.\n\n\nFor more details please see the complete filings posted on the Sedar web\nsite.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for defence and avionics industries. More ...

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