AGM also announced for February 29, 2008
TORONTO, Jan. 16 /CNW/ - Luxell Technologies Inc. (TSX:LUX) (the "Company" or "Luxell") is pleased to announce that it is now in receipt of a "Certificate of Full Performance of Proposal" as defined under section 65.3 of the Canadian Bankruptcy and Insolvency Act (the "Act"). The certificate was issued by BDO Dunwoody Limited, trustee in bankruptcy, through a letter dated January 14, 2008. The certificate was issued because Luxell has complied with all of the terms of its Proposal filed originally on September 27, 2006.
The letter also states that although the Certificate has been issued, the stay of proceedings under section 69.1(1) of the Act will remain in effect until the Trustee has issued all payments and promissory notes described in the Amended Proposal dated October 18, 2006. After all of the final distributions are admitted, the Trustee will request the court to formally discharge Luxell. The process is expected to take approximately two months. Additional details will be released as they are received by the Company.
"This represents yet another significant step toward our complete and successful turnaround," stated Luxell CEO Jean Louis Larmor. "All of the parties surrounding Luxell have worked extremely hard, and at considerable financial risk, to reach this monumental achievement. Luxell has an excellent team of management and employees, a very active and involved group of Directors, and an excellent product base. As we move forward to further strengthening our financial basis, we believe Luxell will continue to grow and be well poised for an extended period of high performance."
Luxell would also like to inform its shareholders that it has secured the date of February 29, 2008 for its next Annual General and Special Meeting of Shareholders. Details will be forthcoming in the near future.
About Luxell
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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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