TORONTO, June 15 /CNW/ - Luxell Technologies Inc. (TSX:LUX) reports that it continues to experience strong growth in its production and deliveries of its Flat Panel Displays into utility systems for Defense and Airborne applications.
In the past month, Luxell completed and delivered its 5th batch of maintenance displays for the Eurofighter program. This represents the highest monthly delivery for this unit in the past 12 months. These maintenance displays will be used on more than 340 aircraft in 5 European countries. The completion of this very important order with one of the leading defense system suppliers represents a significant milestone that forms an excellent base for substantially larger orders in the future.
In addition, the Company also reports that it has significantly improved its turn-around time while maintaining 100% Quality and Service Performance for the ongoing refurbishment of data entry panels used in the P3 Maritime Patrol Aircraft. This is a continuous product support program for the delivered base of 375 units used primarily by the U.S. and Norwegian navy.
Luxell is receiving follow-on orders to these programs, which entail deliveries destined for use by European and U.S. defense industry customers. The Company is also currently ramping up product support activities as part of its strategy to increase the display product lifetime maintenance and service support components of its business.
In addition to its increasing revenue stream, the company is also finalizing the Management and Director changes, designed to help accelerate the company's growth phase. As part of these changes, the Company also today announced that in place of cash compensation, it has granted stock options under its stock option plan to the Directors for fiscal 2007. The Directors will have the option to purchase a total of 800,000 common shares in the capital stock of the Company, exercisable until June 12, 2017 at a price of $0.14 per share. The granting of these stock options is subject to acceptance for filing by the TSX. The Company reports that the Directors received no cash compensation in fiscal 2006.
About Luxell:
Luxell designs, manufactures and licenses flat panel display technologies and solutions for Defense and Avionics industries. More information can be found at www.luxell.com. (C) Luxell Technologies Inc. All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.
%SEDAR: 00008266E