LC Luxuries Limited

August 24, 2010 16:06 ET

LC Luxuries Limited Settles Debt with Shares

NEWPORT BEACH, CALIFORNIA--(Marketwire - Aug. 24, 2010) - LC LUXURIES LIMITED (PINK SHEETS:LLUX) (the "Company") is pleased to announce that effective August 18, 2010, it settled in excess of $1.6 million of debt with its primary creditors. The Company and its creditor have agreed to settle the debt of $1,609,704.42 and, as consideration for the settlement of debt, the creditors have agreed to accept restricted common shares in the capital of the Company at a settlement price of $0.03 per share.

As a result of the debt settlement and after the issuance of the shares for debt, there will be a change in control in the voting shares of the Company. James Pakulis, the President of the Company, and Douglas Francis, the Chief Executive Officer of the Company, will each be the beneficial owner of 46.3% of the issued and outstanding common shares in the capital of the Company.

Effective August 19, 2010, James Pakulis was appointed as the President, Chairman, and Chief Operating Officer of the Company. Mr. Pakulis (47 years old) has been a director and an officer of the Company since August 2010. For the past five years, Mr. Pakulis has been involved in private financing and related services.

Effective August 19, 2010, Douglas Francis was appointed the Chief Executive Officer and Chief Technology Officer of the Company. Mr. Francis (32 years old) has been a director and an officer of the Company since August 2010. For the past five years, Mr. Francis has been COO of an internet and marketing firm, and CEO of a healthcare management corporation.


James Pakulis - President

About LC Luxuries Limited (PINK SHEETS:LLUX)

LC Luxuries Limited was in the business of selling beauty products such as; makeup and perfume on the internet through its website As a result of the sale of certain domain names, the Company is now developing a new website and seeking new business opportunities and, effective February 1, 2010, the Company is in the development stage. (PINK SHEETS:LLUX), a Nevada based company with headquarters in Newport Beach, California.

Safe Harbor Notice

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). LC Luxuries Limited cautions that statements made in this news release relating to the change of control and new business direction constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time the statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. LC Luxuries Limited undertakes no obligation to revise these statements following the date of this news release.

The Pink OTC Markets Inc. does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • LC Luxuries Limited
    James Pakulis