Luxell Announces New CEO Appointment
Toronto, Oct. 22, 2007 - The Board of Directors of Luxell Technologies Inc. is pleased to announce the appointment of Jean-Louis Larmor, as permanent Chief Executive Officer.
Toronto, Oct. 22, 2007 – The Board of Directors of Luxell Technologies Inc. (LUX-TSX) is
pleased to announce the appointment of Jean-Louis Larmor, as permanent Chief Executive
Officer, effective today. Anthony DeCristofaro, Luxell's Chairman of the Board, stated that "the
process of turning around a company that has experienced considerable financial strain is not an
easy one but Mr. Larmor, who initially joined the company as Senior Vice President Business
Development at the beginning of January 2007, has demonstrated a commitment and knowledge
of the business and sector which exceeded that of all the other very qualified candidates. His
contributions to building the sales and customer base have been extremely significant." Mr.
Larmor replaces David Pasieka who has acted as interim CEO for the past four months and who
led the search for the permanent CEO.
Mr. Larmor's experience includes over 25 years of progressive positions in business
development, strategic planning and senior management positions in the aerospace and defense
systems sector. He successfully held positions with major international corporations such as
Aerospatiale, Sextant Avionique, Thomson Csf and THALES. His involvement has always been
with international programs and he has held positions in various European locations as well as
Mr. Larmor's relocation to Canada occurred in 1997 when he was charged with establishing
THALES Avionics Canada. He has also held several senior management positions in Canada,
the U.S. and a CEO position in Europe.
Mr. Larmor stated that he looked forward "to the great challenge and opportunity this gives me
to add to the growth prospects I see for Luxell in the aerospace and defense industries. Ever since
achieving the status of being France's youngest registered pilot I have had a tremendous passion
for the aerospace industry and this position with Luxell creates new opportunities for growth and
strategic partnerships in our overall business category."
Mr. Larmor added that while he was with Luxell competitors, "… my observations of Luxell's
expertise and the company's work in the field of flat panel displays, and newer technologies such
as OLED has led me to believe that there are excellent opportunities and technology applications
to be pursued".
At the same time, the company announces that Mr. Bernard Kruyne has elected not to proceed
with his appointment as CFO to the company as reported in a previous press release. In addition,
the Board of Directors, in consultation with the company's new CEO, has concluded that a less
senior candidate with hands-on experience in the daily demands of a restructuring environment
would now be in the best interest of the company. Mr. Larmor, Luxell's new CEO, is overseeing
the recruitment search and intends to announce such an appointment in the very near term.
With respect to actions intended to strengthen Luxell's financial standing, the company has
negotiated an agreement with a group of capital lenders remaining from the past Debtor In
Possession financing which was instituted in December 2006. That group has now agreed to
convert the entire balance of the amount owed, being $300,317.58, including accrued interest,
into equity and forego a cash payment. The transaction is effective today though it remains
subject to receiving all necessary regulatory approvals.
"We believe that this is one more small and significant milestone toward the reestablishment of
the company's financial recovery," says Mr. Larmor. "The fact that serious cash investors are
prepared to take back shares at a 40% premium or $0.14 a share versus the company's recent
market trading price of $0.09 to $0.10 per share is a strong statement of confidence in the
company's prospects. We look forward to building on this latest restructuring and regaining the
company's full financial health and being able to concentrate all of our efforts on the company's
Luxell designs, manufactures and licenses flat panel display technologies and product solutions
for the aerospace and defense sectors. Luxell is an ISO certified company. More information can
be found at www.luxell.com. (C) Luxell Technologies Inc., Luxell and Black Layer are
trademarks of Luxell Technologies Inc. All other company and/or product names are trademarks
and/or registered trademarks of their respective manufacturers.