TORONTO, Dec. 12 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the "Corporation") announced that as a result of its continued effort to improve its balance sheet, the Corporation has settled an aggregate of $300,317.58 in outstanding debt through the issuance of common shares.
The debt results from a combination of debts and interest that were not wrapped into the $3.75 million Series A Notes, which closed on May 2, 2007. This conversion settles all amounts advanced since August 28, 2006 to assist in the restructuring of the company. The residual debt, amounting to $300,317.58 in the aggregate, is owed to a corporation controlled by a director of the Corporation. In an effort to improve the Corporation's balance sheet, it was agreed that this debt would be settled through the issuance of 2,145,126 common shares of the Corporation at a deemed price of CDN$0.14 per common share, being well above the market price on the date of the agreement for settlement and on the date hereof. The transaction remains subject to receipt of final acceptance from the TSX.
About Luxell
------------
Luxell designs, manufactures and licenses flat panel display technologies and product solutions for the aerospace and defense sectors. Luxell is an ISO certified company. More information can be found at www.luxell.com. (C)Luxell Technologies Inc., Luxell and Black Layer are trademarks of Luxell Technologies Inc. All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.
%SEDAR: 00008266E