LX Ventures Inc.

LX Ventures Inc.

June 04, 2013 08:00 ET

LX Ventures Wholly Owned Subsidiary, Fodio Technologies Inc., Hires Gary Boddington As CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") and wholly owned subsidiary, Fodio Technologies Inc. ("Fodio"), are pleased to announce that Fodio has hired Gary Boddington as CEO, effective immediately.

Fodio is a managed back office providing financial, transactional and technology services to the small enterprise. Fodio exists to remove the burden of administration from SMB owners and businesses so they can focus on building their businesses. Mr. Boddington comes to Fodio with deep expertise in business intelligence solutions having founded and built Alchemex into a global leader before its acquisition by Sage in 2011. Under Gary's guidance, Alchemex became a leading developer, enabler and support provider of affordable Excel-based Business Intelligence software for small to mid-market enterprises with a global footprint. Gary will be instrumental in developing Fodio into a global player in the back office management industry.

"We are very excited to welcome Gary to Fodio and the LX family. His experience and success in growing Alchemex from founding through to the Sage acquisition will be a huge asset to our team," said Mike Edwards, CEO of LX Ventures.

Gary Boddington, CEO of Fodio, said, "I am thrilled by the opportunity to join the Fodio team. The small enterprise space is ripe for a technology-first back office solution designed to thrive in the mobile space. Fodio is that solution, and I look forward to leading this impressive team to meet the market need."

About LX Ventures

LX Ventures is a publicly traded incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit: www.lxventures.com.

About Fodio Technologies Inc.

Fodio is a managed back office, web and mobile enabled, providing financial, transactional and technology services to the small enterprise. We take the burden off of your shoulders so you can focus on what you do best - building great products. The company is headquartered in Vancouver, British Columbia. To learn more, please visit www.fodio.co.



Mike Edwards, President & 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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