TORONTO, Dec. 18 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading provider of electronic displays to the defense and aerospace industries, announced today that its Board of Directors has received an expression of intent from Lux Acquisition Corporation to purchase the issued and outstanding shares of the Company for $0.10 a share, payable through a promissory note due on the third-year anniversary closing of the bid. Lux Acquisition Corporation is a federally-incorporated company controlled by Jean-Louis Larmor, Luxell's chief executive officer.
Upon receipt of the formal offer, Luxell's Board of Directors will request an independent valuation of both the shares and the promissory note. Luxell's Board has also appointed an Independent Committee to consider the results of the valuation, review the bid, and prepare a recommendation for shareholders to consider.
"Luxell's Board is committed to a thorough review of the insider bid," said Mr. Pierre J. Jeanniot, Chairman of Luxell's Board of Directors. "Our first obligation is to ensure that shareholders' interests are protected, while determining the best strategic path for the Company."
The Independent Committee, which is headed by Mr. Jeanniot, and includes Pep Fraser, is expected to make its recommendations by December 24, 2008.
It is the intent of Lux Acquisition Corporation to take Luxell private once the transaction is completed.
About Luxell
Luxell designs, manufactures and licenses flat panel display technologies and solutions for the defense and aerospace industries. More information can be found at www.luxell.com. 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.
Forward-Looking Statements
This news release contains certain "forward-looking statements" that reflect the current views and/or expectations of Luxell Technologies Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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