Luxell Technologies Inc.
TSX : LUX

Luxell Technologies Inc.

October 19, 2006 16:13 ET

Luxell Proposal Accepted by Creditors

MISSISSAUGA, ONTARIO--(CCNMatthews - Oct. 19, 2006) - Luxell Technologies Inc. (TSX:LUX). The Company is pleased to report that the creditors have overwhelmingly voted to accept the proposal to creditors in support of the Company's restructuring plan.

The proposal was unanimously approved by those who voted and remains subject to the approval of the Court later this month. BDO Dunwoody Limited, which is acting as the trustee, was represented by Eugene Migus, CA, CIRP, Senior Vice President with BDO, who said he was pleased to see such an unusually high level of support for the Company's proposal and its future objectives.

John MacDonald, Chairman of Luxell Technologies said that he was also "...encouraged that our restructuring proposal has received the acceptance of our creditors and that the Company can look forward to building value for the benefit of all of our stakeholders as this is what our new Board has been focused on since November 2005 when the new Board was appointed."

Alec Couckuyt, CEO of Luxell said "...it was unfortunate that we have had to work with the uncertainty that was created by the proposal process during the last month and a half but now that we have secured the support of our creditors for our restructuring efforts, we can concentrate all of our efforts on the job at hand, building on the technology, the know-how and hi-value products which have been developed here over the years. I'm looking forward to our future.

"This vote of confidence by our Creditors is an important endorsement of our restructuring efforts and combined with the unwavering support of our Clients, Suppliers and Employees, this milestone forms a strong base to building a stronger new company."

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.

Contact Information