Mill Frame signs first contract in excess of $1 Million
November 20, 2015 - Luxor Industrial Corporation (Luxor) announced that its Canadian framing division, Mill Frame Inc. (MF Inc.) has signed its first contract with Quantum Place Developments Ltd. of Alberta. (http://quantumplace.ca/) The contract for the Raven Rock project located in Canmore, Alta. is in excess of $1 million. MF Inc. is the exclusive framer for Quantum Place Development Ltd. In addition to providing framing, MF Inc. will be supplying pre-fabricated wall panels and precision cut engineered wood floor systems for the project commencing in November, 2015.
In the forward period, MF Inc. has several million dollars in letters of intent and signed off quotation sheets. The company will advise details as contracts are signed.
On November 5, 2015, Luxor announced that it had entered into two non-binding letters of intent to acquire the wood framing businesses of Colt Builders Inc. in Canada and Mill Frame LLC (www.Millframe.com) of the United States. Such businesses are involved in the turnkey framing of housing projects in Canada and the United States.
Terry Lashman, CEO of Luxor advises, "All parties are fast tracking the closing of the acquisitions as well as expansion to the western United States. We anticipate significant growth for Luxor from these acquisitions and we are extremely pleased with the working relationship with the new members of the management team."
About Luxor Industrial Corporation
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products and operates in three sectors. In the industrial sector, it manufacturers wood mat products for various applications including transmission lines, pipelines, wind farms, staging areas, boardwalks and pathways and oil and gas and mining operations.
In residential construction, it manufactures and markets its patented IBS 2000® and patent pending IBS3000 engineered floor bridging. Luxor has spent years analyzing wood-frame flo construction, establishing itself as a leading authority in wood floor performance engineering. Luxor also manufactures and markets other building components, architectural wood products and offers various custom wood cutting services. In the commercial sector it distributes and designs engineered wood products (laminated beams) for use in large wood structures.
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Luxor, such as statements that the company may enter into and close the definitive agreements as contemplated and that the company may raise financing to fund the development of the acquired businesses. There are numerous risks and uncertainties that could cause actual results and Luxor's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) the inability of Luxor to raise funds to execute on its business plan with respect to the recently acquired wood framing businesses; (iii) the Exchange not approving the transactions; or (iv) the inability to close the transactions for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Luxor does not intend to update these forward-looking statements.
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.
November 20, 2015 By GlobeNewswire
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