VANCOUVER, British Columbia, Feb. 20, 2017 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (“Luxor” or the “Company”) (TSX.V:LRL) (OTC:LXRRF) announces that its senior secured lender has engaged a non-court appointed monitor to review the Company's finances and operations on its behalf. The Company has consented to the appointment.
Luxor also announces that Gary Liu and Amanda Mo have resigned as directors of the Company.
To date, Luxor has been unsuccessful in its attempt to restructure its finances as its current debt and working capital deficiency exceed the combined realizable value of its assets and expected profit margins from its existing contracts. The working capital deficiency was primarily caused by unrecoverable cost overruns on one major contract that accounted for over 40 percent of sales in 2016.
The Company is continuing operations in the short-term to deliver product under existing contracts.
The board will provide updates as events unfold.
On behalf of the Board:
Terry Lashman, Chief Executive Officer and Director
Luxor Industrial Corporation
Luxor’s operations are focused around a turnkey framing solution for multi-family complexes. With its manufacturing facility in Chilliwack, British Columbia, Luxor’s operations are focused on offering a complete service, including estimating, design, manufacturing and constructing, to General Contractors in the Western United States.
In addition, 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.
This news release contains forward looking statements. Although Management 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.
For further information contact Terry Lashman at 604-684-7929
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.
Source:Luxor Industrial Corporation