TORONTO, Dec. 3 /CNW/ - Luxell Technologies Inc. (TSX:LUX) advises it has been delayed in filing its 4th quarter and annual financial statements, as well as the annual Management Discussion & Analysis for the year ended August 31, 2007 by the required filing date of November 29, 2007.
The delay is due to the Company's 2006 restructuring, a filing of a proposal to creditors under the Bankruptcy and Insolvency Act, creditor acceptance, court approval processes, and on-going reorganization of the business which continued through 2007 and intended to move the Company to profitability. The Company reports that it is taking all possible measures to have the audit completed.
Jean-Louis Larmor, Luxell's recently appointed CEO, said the Company "expects the delay caused by the complexity in accounting for the restructuring and financings of 2007 will not delay our annual meeting, which we look forward to and where we anticipate the plans for 2008 fiscal and beyond will be discussed. The date for the Company's annual general meeting is being scheduled and we expect to announce that date shortly."
Luxell is actively working with the auditors to resolve the current delay and anticipates being able to file the annual financial statements on or before December 17th, 2007.
The Company is in contact with both the TSX and Ontario Securities Commission and confirms that its news release complies with CSA Notice 57-301 - Failing to File Financial Statements on Time - Management Cease Trade Orders and OSC Policy 57-603 - Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements. In addition, the Company will continue filing Bi-weekly updates to comply with these requirements.
About Luxell
Luxell designs, manufactures and licenses flat panel display technologies and solutions for defence and avionics industries. 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.
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