|By Marketwired .||
|December 31, 2012 11:42 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/01/13 -- LX Ventures Inc. (TSX VENTURE:LXV) ("LX" or the "Company") is pleased to announce its financial results for the three month period ended October 31, 2012.
First Quarter (fiscal 2013) Highlights:
On October 12, 2012 the Company closed the first tranche of a non-brokered private placement originally announced on September 20, 2012, and issued 19,715,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of $1,971,500 (the "First Closing"). Each Unit consisted of one common share and one half of a common share purchase warrant of the Company, with each whole warrant entitling the holder to purchase one additional common share of the Company at price of $0.30 per share for a period of 18 months from the date of issue (the "Warrants"). If at any time after the date of issue the closing price of the common shares of LXV on the TSX Venture Exchange is greater than $0.50 per share for 10 consecutive trading days, the Company may give written notice to warrant holders that the Warrants will expire 30 calendar days after the date of such notice. On October 26, 2012 the Company closed the second tranche of the non-brokered private placement originally announced on September 20, 2012, and issued 2,450,000 Units at a price of $0.10 per Unit for gross proceeds of $245,000 (the "Second Closing").
-------------------------------------------------------------------------- Oct. 31, Oct. 31, 2012 2011 -------------------------------------------------------------------------- Revenue $ - $ 19,609 Cost of sales - 7,954 Expenses 91,745 57,765 Net earnings (loss) (91,745) (46,120) Earnings (loss) per share, basic and fully (0.01) (0.01) diluted Cash 1,791,941 11,745 Working capiital (deficiency) 1,683,804 (284,872) Total assets 1,829,055 37,453 Shareholders' equity 1,708,804 (283,399) --------------------------------------------------------------------------
A complete financial reporting package for the quarter ended October 31, 2012 is available on SEDAR http://www.sedar.com or by contacting the Company.
Subsequent to the quarter end, the Company changed its name from Intensity Company Inc. to LX Ventures Inc. and completed a series of other transformational changes that mark the beginning of the Company's transition from a hardware and software distributor into a vertically integrated high-growth technology company. Significant management changes has been made and LX is now focused on incubating, accelerating and acquiring technologies that can benefit from our growth platforms. These changes are further detailed in the Company's press releases dated November 15, 2012, December 6, 2012, and December 10, 2012.
ON BEHALF OF THE BOARD
LX VENTURES INC., Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
LX Ventures Inc.
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