April 23, 2007 19:37 ET

Printlux Provides Update on Proposed Change of Business

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) -


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 provided an update on the status of the proposed Transaction in press releases dated January 16, 2007 and February 16, 2007 and March 20, 2007.

As previously announced, the Company called an annual and special meeting (the "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 was mailed by the Company to its shareholders of record on December 27, 2006. At the Meeting, the Company's shareholders approved the proposed Transaction and related matters. For further information, reference should be made to the management information circular, a copy of which has been filed by the Company on SEDAR and is available under the Company's profile at

The Company 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 and execution by the Company and the Vendors of the Definitive Agreement and (if the Company is required to hold another special meeting of shareholders in connection with the proposed Transaction) approval of the Company'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 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

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