TORONTO, March 9 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced results for fiscal 2006. The Company reported that revenues for the year ending August 31, 2006 were $3,328,352, as compared with $2,800,601 for the prior fiscal year. The total net loss for 2006 was $8,775,586 or $0.20 per share compared to a net loss of $7,169,442 or $0.17 per share for 2005.
Revenues for the fourth quarter ended August 31, 2006 were $838,000 compared to $1,003,455 for the same period in 2005. The net loss for the fourth quarter ended August 31, 2006 was $3,237,000 versus a loss of $1,801,535 for the fourth quarter of 2005.
On August 28, 2006, just prior to the end of the 4th quarter and year end, Luxell filed a Notice of Intent to make a proposal (the "Proposal") to its creditors under the Bankruptcy and Insolvency Act (Canada). BDO Dunwoody were appointed as Trustee. 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.
John MacDonald, Chairman and Luxell's interim-CEO at the 2006 year-end said, "I'm confident that as the current year unfolds, shareholders will begin to see a completely new company emerge. The Board of Directors is extremely pleased to see what our new management group is achieving as they continue to restructure sales and operations and move Luxell towards profitability. I hope we see a lot of shareholders come out for the AGM where they will be able to meet the new management team and get more information on the positive changes taking place."
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.
%SEDAR: 00008266E