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Microcap & Penny Stocks : Stateside's Canadian Microcap Board

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From: ayeyou	3/21/2016 9:23:24 AM
	of 1728

Luxor Industrial acquires rest of Mill Frame companies 2016-03-21 07:17 MT - News Release Mr. Terry Lashman reports LUXOR INCREASES ITS INTEREST TO 100% IN MILL FRAME LLC AND MILL FRAME INC Luxor Industrial Corp. has increased its ownership from 60 per cent to 100 per cent in both Mill Frame LLC and Mill Frame Inc. The initial agreement was to increase ownership to 100 per cent based on certain sales milestones achieved by these two entities. These changes, however, became necessary in order for Luxor to continue its turnkey framing business in the United States. The U.S. Department of Immigration required Luxor to own 100 per cent of Mill Frame LLC in order to issue work visas for Luxor's employees to travel and work in the U.S. Export Development Corp. (EDC) required Luxor to own 100 per cent 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 per cent of receivables for the turnkey framing contracts in the U.S. To date the company has finalized four contracts exceeding $11-million (U.S.). 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. We seek Safe Harbor.

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