MISSISSAUGA, ON, Nov. 15 /CNW/ - Luxell Technologies Inc. (TSX:LUX) is
pleased to report that the proposal to creditors, which was overwhelmingly
accepted by Luxell's creditors, has now been approved by the Ontario Superior
Court.
John MacDonald, Chairman of Luxell stated "We are pleased that the
restructuring of the company has been approved and that we can continue to
focus on building value for our shareholders."
Alec Coukuyt, Luxell's CEO, pointed out that "the challenges presented by
the proposal process actually gave an opportunity for a hi-speed renewal of
our relationships with all the companies Luxell does business with on both
supplier and customer sides. I'm especially encouraged by the support we've
heard from our customers who clearly want Luxell to continue its business and
are talking about more new order opportunities coming up."
Mr. Couckuyt added that the continued support of "our employees will be
the cornerstone of our future success. It is always exciting for a new CEO to
find how much employees want to contribute in the way of new ideas that can
improve our productivity and also show how costs can be further reduced. The
way our reorganization plans are moving forward, it simply strengthens our
view that the opportunities before us, and the products Luxell has developed,
are competitive and global in nature."
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.
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(C) Luxell Technologies Inc., Luxell and Black Layer are trademarks of
Luxell Technologies Inc. All other company and/or product names are
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