Business
Luxell Reports Results for Fiscal 2006
Luxell Reports Results for Fiscal 2006.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, March 9 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today\nannounced results for fiscal 2006. The Company reported that revenues for the\nyear ending August 31, 2006 were $3,328,352, as compared with $2,800,601 for\nthe prior fiscal year. The total net loss for 2006 was $8,775,586 or $0.20 per\nshare compared to a net loss of $7,169,442 or $0.17 per share for 2005.\n\n\nRevenues for the fourth quarter ended August 31, 2006 were $838,000\ncompared to $1,003,455 for the same period in 2005. The net loss for the\nfourth quarter ended August 31, 2006 was $3,237,000 versus a loss of\n$1,801,535 for the fourth quarter of 2005.\n\n\nOn August 28, 2006, just prior to the end of the 4th quarter and year\nend, Luxell filed a Notice of Intent to make a proposal (the "Proposal") to\nits creditors under the Bankruptcy and Insolvency Act (Canada). BDO Dunwoody\nwere appointed as Trustee. On October 18, 2006, the majority of the Company's\ncreditors voted in favour of a submitted proposal and this was subsequently\napproved by the Superior Court of Justice on November 7, 2006.\n\n\nJohn MacDonald, Chairman and Luxell's interim-CEO at the 2006 year-end\nsaid, "I'm confident that as the current year unfolds, shareholders will begin\nto see a completely new company emerge. The Board of Directors is extremely\npleased to see what our new management group is achieving as they continue to\nrestructure sales and operations and move Luxell towards profitability. I hope\nwe see a lot of shareholders come out for the AGM where they will be able to\nmeet the new management team and get more information on the positive changes\ntaking place."\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 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":2255,"tagName":"div"}]