TORONTO, Jan. 4 /CNW/ - Luxell Technologies Inc. (TSX:LUX) today announced results for fiscal 2007. The Company reported that revenues for the year ending August 31, 2007 were $3,736,933, as compared with $3,328,352 for the prior fiscal year. The total net loss for 2007 was $4,294,533 or $0.09 per share compared to a net loss of $8,775,586 or $0.20 per share for 2006.
Revenues for the fourth quarter ended August 31, 2007 were $1,315,000 compared to $838,000 for the same period in 2006. The net operating loss for the fourth quarter ended August 31, 2007 was $1,473,000 versus a loss of $3,237,000 for the fourth quarter of 2006.
On October 18, 2006, the majority of the Company's creditors voted in favour of a proposal (submitted as a Notice of Intent to make a proposal under the Bankruptcy and Insolvency Act (Canada) on August 28, 2006, (the "Proposal")) to its creditors and this was subsequently approved by the Superior Court of Justice on November 7, 2006.
Anthony DeCristofaro, Luxell's Chairman said, "While this has been a very challenging year with numerous changes, shareholders can look at the results and see they are trending in the right direction. The Board of Directors is extremely pleased to see what our new management team, under Jean-Louis Larmor's leadership is achieving as the Company continues its restructuring and movement towards profitability."
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