LX Ventures Inc.
TSX VENTURE : LXV

LX Ventures Inc.

December 05, 2013 08:00 ET

LX Ventures Announces Former Co-CEO of Virgin Group to Join the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 5, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") is pleased to announce that David Baxby has joined the Board of Directors, effective December 5, 2013.

After 10 years with Goldman Sachs as a Partner and Executive Director, Mr. Baxby joined Richard Branson's holding company in 2004 to establish the Sydney office as the CEO of the Asia Pacific region. Since then he has served as a Director of Virgin Mobile, Virgin Active, Virgin Money and Virgin Australia with responsibility for the Group's investments in these businesses. Mr. Baxby moved to Shanghai in 2006 to establish a number of startup businesses in the Asia Pacific region and in 2008 moved to Geneva to assume responsibilities for the Virgin Group's investments in tourism and aviation. In 2008, he joined the Board of Virgin Atlantic, Virgin America and Air Asia X and became Chairman of Virgin Unite in Australia, the Virgin Group's charitable foundation. In 2011, he was named the Co-CEO of Virgin Group with responsibility for all of Virgin Group's global investments. In July 2012, he moved to Singapore to focus on opportunities in the Asia Pacific region. He left Virgin in July 2013 to focus on his own investments and select board roles.

Jeff Durno, Chairman of LXV commented, "We are delighted to have a person of David's caliber and experience join LX Ventures. David joins our Board at a critical time as we continue to accelerate the growth of our subsidiary businesses, in addition to moving forward with targeted acquisitions in strategic vertical markets. His global investment banking and company building experience will be invaluable as we continue to build out on our platform".

Mr. Baxby noted, "I am excited to be joining the LX team and believe that their market strategy of identifying, acquiring and accelerating the growth of key technology assets is perfectly timed with what the capital markets are looking for. I look forward to working with the Board and management of LXV to continue unlocking value for our shareholders through the timely and strategic exits of our portfolio assets".

Additionally, the company announces the resignation of Ray Walia from the board of directors. Mr. Walia, a co-founder of LX Ventures, will remain in his role of Chief Operating Officer. The Board thanks Ray for his ongoing contributions.

About LX Ventures

LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit: www.lxventures.com.

ON BEHALF OF THE BOARD

LX VENTURES INC., Mike Edwards, CEO

CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.

Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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