/UCW/ VANCOUVER, CANADA – Luxor Industrial Corporation (“Luxor” or the “Company”) (TSX.V:LRL) (OTC:) wishes to provide a corporate update.
On February 7, 2017, the Company requested that the TSX Venture Exchange place a halt on the trading of its common shares. Luxor made the request so that it could update the market of developments impacting the Company.
The Company is experiencing significant financial distress and has retained a strategic consulting group to assist it in attempting to complete a financial restructuring. Notwithstanding the Company’s efforts, there is no guarantee that they will be successful in completing a restructuring.
The Company will keep shareholders advised of further developments.
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.
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.
For further information contact Terry Lashman, Chief Executive Officer, at 604-684-7929 or 800-665-2454 or visit Luxor’s website at www.luxorcorp.com.
Source: Luxor Industrial Corporation