TORONTO, April 16 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced that revenues for the three months ended November 30, 2006 increased 147% to $726,932 as compared with $293,980 for the three months ended November 30, 2005. The net loss for the quarter was $2,091,368 (($0.05) per share) compared to a loss of $2,052,420 (($0.05) per share) for the three months ended November 30, 2005.
Through the first quarter of fiscal 2007, the Company continued to produce and ship display products in order to fulfill existing contracts. The Company also saw a new CEO appointed on September 8, 2006 who began the Company's restructuring process. In addition, and as part of the Company's filing of a Notice of Intent to make a proposal (the "Proposal") to its creditors under the Bankruptcy and Insolvency Act (Canada), a Proposal was submitted to Creditors. On October 18, 2006, the majority of the Company's creditors voted in favour of a submitted proposal and this was subsequently approved by the Superior Court of Justice on November 7, 2006.
Complete details of the Company's unaudited first quarter financial statements for fiscal 2007 will be found at www.sedar.com.
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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