VANCOUVER, British Columbia, Nov. 11, 2015 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (OTC:LXRRF) (TSX-V:LRL) ("Luxor") is pleased to announce that on November 6, 2015, construction commenced on the expansion plans for two buildings to manufacture wall panels and precision cut engineered wood floor systems. Construction has started with the grading and gravelling to house the two buildings as well as to allow for additional outside storage.
On November 5, 2015, Luxor announced that it had entered into two non-binding letters of intent to acquire the wood framing businesses of Colt Builders Inc. in Canada and Mill Frame LLC of the United States. Such businesses are involved in the turnkey framing of housing projects in Canada and the United States.
"After months of planning we have decided to fast track our expansion to meet the demand in the Western United States," stated Steve Conboy, president of Mill Frame LLC. "We are supporting our United States customers by building this extremely efficient facility in Abbotsford, BC located within three miles of the USA border. While part of our team handles the expansion another part of our team is planning the hiring of key people to help support the anticipated volumes of wall panel and engineered wood layouts and designs."
Builders in the USA are experiencing onsite shortage for storage as well as skilled labor shortages. This is ideal for Luxor's prefabricated wall systems which will alleviate skilled labor shortages and the proximity of the plant which will ease storage problems. The Company expects the USA market to offer substantial sales growth. Annual housing starts have increased to over 1,000,000 units per year after falling from over 2,000,000 per year to 500,000 after the sub-prime crisis of 2007/2008. Housing starts are expected to grow for the rest of the decade. The Canadian dollar at .75 to the US dollar provides for a considerable advantage in manufacturing products in Canada for sales to the USA. Due to the weaknesses of commodities, the Canadian Dollar is expected to remain at a discount to the US Dollar in the short and medium terms.
Luxor has secured an initial order for wall panels for 24 housing units in British Columbia.
About Luxor Industrial Corporation
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products and operates in three sectors.
In the industrial sector, it manufacturers wood mat products for various applications including transmission lines, pipelines, wind farms, staging areas, boardwalks and pathways and oil and gas and mining operations.
In residential construction, it manufactures and markets its patented IBS 2000® and patent pending IBS3000™ engineered floor bridging. Luxor has spent years analyzing wood-frame flo construction, establishing itself as a leading authority in wood floor performance engineering. Luxor also manufactures and markets other building components, architectural wood products and offers various custom wood cutting services.
In the commercial sector it distributes and designs engineered wood products (laminated beams) for use in large wood structures.
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Luxor, such as statements that the company may enter into and close the definitive agreements as contemplated and that the company may raise financing to fund the development of the acquired businesses. There are numerous risks and uncertainties that could cause actual results and Luxor's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) the inability of Luxor to raise funds to execute on its business plan with respect to the recently acquired wood framing businesses; (iii) the Exchange not approving the transactions; or (iv) the inability to close the transactions for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Luxor does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Luxor Industrial Corporation Terry Lashman (800) 665-2454 (604) 684-7929 John Taylor (877) 496-4355 (604) 864-9601 www.luxorcorp.comSource:Luxor Industrial Corporation