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Gold/Mining/Energy : LUXELL (LUX): INTEL OF FLAT PANEL DISPLAYS -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (46)	2/18/2000
From: Savant	Read Replies (1) \| Respond to of 61

YEP, see below..cash and converted debt is..GOOD. Luxell's private placement completed Luxell Technologies Inc LUX Shares issued 21,682,853 Feb 17 close $4.40 Thu 17 Feb 2000 News Release Mr. Jeff Roach reports Luxell Technologies has completed a private placement financing with certain institutional and other investors of 1.61 million special warrants at $2.50 for $4.025-million. Canaccord Capital Corporation acted as agent for Luxell in this private placement. The financing reflects share values prevalent in December, 1999, the time at which negotiations and due diligence began. Proceeds will be directed to Luxell's organic electroluminescent research and development program, its marketing and sales efforts and working capital. In conjunction with the private placement, a major Canadian financial institution has converted its $5-million loan into four million shares of Luxell. The transactions strengthen significantly Luxell's equity base and balance sheet and reduce its yearly interest expense by approximately $1-million. "These transactions are very significant for us because they represent a new level of investor in the company," said Brian Kennedy, president and chief executive officer of Luxell. "They put the company in a strong position to pursue its long-term business strategy." Each special warrant is convertible, for no additional consideration, into one share and one warrant exercisable for one share at $3.30 for 18 months. Following closing, Luxell will file a preliminary prospectus in Ontario to qualify the common shares and warrants to be issued on the exercise of the special warrants. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com Best, Savant