TORONTO, Jan. 7 /CNW/ - LOREX Technology Inc. ("LOREX") (TSX: LOX)
announces the TSX is reviewing the common shares of the Company with respect
to meeting the continued listing requirements of the TSX. The Company has been
granted 210 days in which to regain compliance with these requirements,
pursuant to the Remedial Review Process. As a result of the market price of
the Company's shares, the price and market value of the Company's shares do
not meet the continued listing requirements of the TSX.
The Company continues to operate in a normal course. We are currently
exhibiting at the Consumer Electronic Show, where we are showcasing our newest
security and surveillance solutions. The TSX listing requirements are beyond
the Company's control, and subject to market conditions.
Business conditions have created a challenging environment for a growth
company such as ours, as we are expanding our consumer presence, and
developing innovative products. We believe the Company's direction meets the
core requirements of today's business and consumer needs, and as confidence
returns to the marketplace, we are positioned to benefit from anticipated
growth in demand for security solutions.
The TSX requires a market capitalization of three million dollars and the
Company has been given 210 days to comply with the requirements for continued
listing.
As noted in prior communication, the Company is considering financing
options to improve the Company's working capital position as Management
believes that the Company's capital base could be insufficient to take
advantage of potential opportunities or in the event of a continual market
downturn, meet the working capital requirements of the business.
About LOREX Technology Inc.:
LOREX Technology Inc. ('LOREX') (TSX:LOX) provides businesses and
consumers with leading edge video surveillance security solutions and sells
its products through two distinct market channels under the LOREX and
Digimerge brands. The LOREX brand, which caters to both small business and
consumer markets, is available in over 9,000 retail locations across North
America and has an established market presence in the UK. The Digimerge
division distributes its products through major distributors in both North
America and Europe. Both groups concentrate on the sale of wired, wireless and
IP security surveillance equipment including cameras, digital video recorders
and all-in-one systems.
LOREX subsidiaries include; LOREX Canada Inc., Digimerge Technologies
Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain information included in this news release contains statements
that are forward-looking, such as statements relating to anticipated future
revenues of the Company and the success of product offerings. Such
forward-looking information involves important risks and uncertainties that
could significantly affect anticipated results in the future, and,
accordingly, such results may differ materially from those expressed in any
forward-looking statements made by or on behalf of the Company.
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