PRINTLUX.COM INC.
TSX VENTURE : PLX

January 16, 2007 00:52 ET

Printlux Provides Update on Proposed Change of Business

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2007) -

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

PRINTLUX.COM INC. (TSX VENTURE:PLX) ("Printlux" or the "Company") is pleased to provide an update on its change of business transaction.

As previously announced (see the Company's press release dated December 15, 2006), the Company has entered into a letter agreement dated December 15, 2006 to complete a change of business transaction (the "Transaction") pursuant which the Company will, subject to regulatory and shareholder approval, enter into a definitive agreement (the "Definitive Agreement") to acquire certain mineral claims known as the Marble Mountain property located in the Parkin Township in the Sudbury Mining District within the province of Ontario (the "Property") from John and Marie Brady of Sudbury, Ontario and with 1311870 Ontario Inc. (collectively, the "Vendors"). The interest to be acquired pursuant to the Transaction specifically includes metallic minerals on the Property, but specifically excludes quarry stone.

The Company wishes to announce that Raffi Khorchidian, the President and Chief Executive Officer of the Company, Garo Deyrmenjian, a former director of the Company, and Hagop (Jack) Khorchidian, a former director and senior officer of the Company, have agreed to complete a debt settlement with the Company in connection with the completion of the Transaction. In particular, the Company will settle approximately $365,104 in debt owed to these parties. In consideration for the debt settlement, the Company will transfer out its current printing assets. This debt settlement is subject to regulatory and shareholder approval.

As previously announced, upon completion of the proposed Transaction, the Company intends to appoint Mr. Tony Wonnacott as President and Chief Executive Officer of the Company. Mr. Wonnacott, a corporate and securities lawyer in Ontario, currently serves as a director of the Company. He has been a member of the Law Society of Upper Canada as Barrister & Solicitor in Ontario since February 2001. Mr. Wonnacott serves as a director, senior officer or Corporate Secretary of several Canadian private and public mineral exploration and production companies and has consulted extensively with several TSX Venture Exchange-listed junior mining companies.

In addition, the Company wishes to announce that, upon completion of the proposed Transaction, Mr. David Gower will be appointed an independent director of the Company and Ms. Deborah Battiston will be appointed the Chief Financial Officer of the Company.

David Gower is currently the President and C.E.O. of Castillian Resources Corp., a TSXVE-listed mineral exploration and development Corporation. He has spent the past 20 years working for Falconbridge Limited and Noranda Inc. most recently as General Manager of Global Nickel and PGM Exploration for Falconbridge Limited and a member of the senior operating team for the nickel business. Falconbridge Limited and Noranda Inc. were both mining companies which merged in June 2005 under the name of Falconbridge Limited. In November 2006, Falconbridge Limited was acquired by Xstrata Canada Inc., a wholly-owned subsidiary of Xstrata plc ("Xstrata"), a global mining group. Prior to working in the nickel business, Mr. Gower was the General Manager of Copper and Zinc Exploration - Northern Hemisphere and Australasia for Noranda Inc., and was part of the discovery team of the Perseverance Deposit currently being developed by Xstrata in Matagami and the Duck Pond Deposit being developed by Aur Resources Inc. (a Canadian-based international mining company) in Newfoundland, Canada. Two of Mr. Gower's exploration teams have been awarded the prestigious "Prospector of the Year Award" by the Prospectors and Developers Association of Canada.

Ms. Deborah Battiston is a C.G.A. with over 20 years of accounting and financial management experience. She obtained her B.A. in Economics from the University of Guelph in 1981 and was Vice President Finance, C.F.O. for The Sun Blush Technologies Corporation, a TSXVE listed company in the technology company, from August 1998 to June 2003. Since June 2003, Ms. Battiston has served as the Chief Financial Officer of several TSXVE-listing mineral exploration and development companies, including Valencia Ventures Inc. and Largo Resources Ltd.

The Company anticipates that, upon completion of the Transaction, the Board of Directors of the Company will consist of Messrs. Tony Wonnacott, Jason Birmingham, Raffi Khorchidian and David Gower.

The Company has called an annual and special meeting of shareholders for January 31, 2007 to seek, among other things, shareholder approval of the Transaction and related matters. A management information circular in connection with the meeting has been mailed by the Corporation to its shareholders of record on December 27, 2006. For further information, reference should be made to the management information circular, a copy of which has been filed by the Corporation on SEDAR and is available under the Corporation's profile at www.sedar.com.

The Corporation is making application for conditional approval of the Transaction and related matters with the TSX Venture Exchange. At present, conditional approval has not yet been obtained.

The completion of the Transaction is subject to the approval of the TSX Venture Exchange and all other necessary regulatory approvals. The completion of the Transaction is also subject to additional conditions precedent, including the completion of the Financing, execution by the Corporation and the Vendors of the Definitive Agreement and approval of the Corporation's shareholders. The Company is seeking an exemption from the requirements to provide a sponsorship report to the Exchange, but there is no assurance that such exemption will be granted. Until the Exchange approves the sponsorship exemption, or a sponsor is approved, trading in the shares of the Company will remain halted.

Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in accordance with the transaction, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of Printlux.com Inc. should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • PRINTLUX.COM INC.
    Mr. Raffi Khorchidian
    President & Chief Executive Officer
    (604) 254-6929
    (604) 254-7644 (FAX)