VANCOUVER, British Columbia, March 21, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (TSX.V:LRL) (OTC:LXRRF) today announced it has increased its ownership from 60% to 100% in both Mill Frame LLC and Mill Frame Inc. The initial agreement was to increase ownership to 100% based on certain sales milestones achieved by these 2 entities. These changes, however, became necessary in order for Luxor to continue its turnkey framing business in the United States. The US Department of Immigration required Luxor to own 100% of Mill Frame LLC in order to issue work visas for Luxor’s employees to travel and work in the US. Export Development Corporation (EDC) required Luxor to own 100% of Mill Frame Inc. in order to provide insurance coverage for its turnkey framing contracts. All parties have agreed to this increase in ownership and it has been finalized. Consideration is being discussed.
Luxor has finalized its export insurance with EDC. This insurance covers 90% of receivables for the turnkey framing contracts in the US. To date the Company has finalized 4 contracts exceeding US $ 11 million. Even though these contracts are with top established builders, Luxor’s management made a decision to insure all such contracts. EDC insurance is also required for the Company to secure credit facilities with any major Canadian bank. The Company is currently working to finalize these credit facilities.
Luxor will keep shareholders informed on progress on the above matters as well as any other developments.
About Luxor Industrial Corporation
Luxor has vertically integrated through the recent acquisitions of turnkey framing companies in Canada and the United States. The Company now distributes Pre- Fabricated Wall Panels and a complete line of Multi-Family Engineered Lumber. http://www.millframe.com/#!products/sqp1c
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor’s website at www.luxorcorp.com.
This news release contains forward looking statements. Although Luxor believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com
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.com
Source:Luxor Industrial Corporation