TORONTO, Jan. 6 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced results for the first quarter of fiscal 2009. The Company reported that revenues for the quarter ending November 30, 2008 decreased by 78% to $318,316, as compared with $1,457,506 for the quarter ending November 30, 2007. The total net operating loss for the first quarter of fiscal 2009 was $868,637 or $0.01 per share compared to a net operating loss of $889,523 or $0.02 per share the first quarter of fiscal 2008. The reduction in activities for this first quarter after an improving 2008 fiscal year is mostly attributed to a slow down in the activities, when customers which are major air and defense system integrators are postponing new orders and commitments and revising their procurement planning.
Luxell incurred total expenses of $1,186,953 in the first quarter of 2009 compared with $2,346,929 in the first quarter of 2008. Cash flow from operations was negative $69,231. The Company incurred an EBITA loss for the quarter of $833,445. This is an increase of 96% and $407,395 compared to the same period last year.
The Company also reported, as a subsequent event, that on December 18, 2008 it received an expression of intent from Lux Acquisition Corporation to purchase the issued and outstanding shares of the Company at $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.
The Luxell Board of Directors has requested an independent valuation of the shares and the promissory note, and has appointed an Independent committee to consider the results of the valuation, to review the bid, and prepare a recommendation for shareholders to consider.
As of January 2, 2009, the Committee of Independent Directors has received a valuation report from the valuation consultants and is reviewing the report with the intention of submitting a recommendation to the Board of Directors at the earliest possible date.
For more details please see the complete filings posted on the Sedar web site.
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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