Business
Luxell sets up Aktelux as independent subsidiary, raises new working capital to fuel growth
Luxell sets up Aktelux as independent subsidiary, raises new working capital to fuel growth.
About this update from Newlox Gold Ventures Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 8 /CNW/ - Luxell Technologies Inc. (TSE:LUX) announced\ntoday that its Aktelux business unit has been fully incorporated as a wholly\nowned subsidiary of Luxell. To support this restructuring, a new Aktelux\nPresident has been named, and an Aktelux Board of Directors has been formed.\nLouis Joubert, Luxell's current COO, has been named President of Aktelux.\nThe new Aktelux Board of Directors will be comprised of Ken Kivenko, who\ncontinues to serve the Company in the capacity of Chairman of the Luxell Board\nof Directors, John Wright, President and CEO of Luxell, and Louis Joubert.\n\"Incorporation of Aktelux as its own business entity will provide greater\nfinancial visibility, market and brand recognition to our rapidly growing\nAktelux customized flat panel display systems product business. Our\nexperienced management team, broad range of technologies and expanding list of\nworld renowned strategic clients should allow us to outstrip the general\ngrowth rate projected for this industry sector\", said Aktelux President, Louis\nJoubert.\nJohn Wright added, \"The restructuring will afford Aktelux a higher degree\nof business autonomy and provide Company stakeholders with greater business\nperformance visibility, not only for Aktelux but also for Luxell Research, our\nother business unit, which is focused on the commercial exploitation of our\npatented Black Layer(TM) technology.\"\nTo maintain Luxell's current growth tempo, the Company is adding to its\nworking capital, and has recently secured $1.1M through shareholder/investor\nloans and advances as an initial stage in this process.\n\nAbout Luxell Technologies Inc.\nLuxell designs, manufactures and licenses high performance flat panel\ndisplay technologies and solutions for defence, avionics, and commercial\nindustries worldwide. Luxell is a publicly traded company on the Toronto Stock\nExchange, under the symbol LUX. More information can be found at\nwww.luxell.com, www.aktelux.com, and www.luxellresearch.com.\n\n%SEDAR: 00008266E\n\n\n","length":2083,"tagName":"div"}]