VANCOUVER, British Columbia, Oct. 27, 2015 (GLOBE NEWSWIRE) — Luxor Industrial Corporation (PINK Sheets:LXRRF) (TSX-V:LRL) provides an update on corporate activities and reports year to date 2015 sales of approximately $ 2,900,000 have exceeded 2014 sales of $ 2,801,000. Sales have increased in the residential sector where it manufactures and markets building components and architectural wood products. While Luxor continues to enjoy significant sales growth in Canada, it is now targeting the fast growing United States market for sales of FastFrame™ wall components and architectural wood products. The Company’s manufacturing facility in Abbotsford is ideally located close to the USA border and has significant room for expansion. For the past several months, Luxor has been working closely with associates in the United States to implement plans for expansion of Luxor’s sales to the USA for 2016.
The USA market offers potential for substantial sales growth. Annual housing starts have increased to over 1,000,000 units per year after falling from over 2,000,000 per year to 500,000 after the sub-prime crisis of 2007/2008. Housing starts are expected to grow for the rest of the decade. The Canadian dollar at .75 to the US dollar provides for a considerable advantage in manufacturing products in Canada for sales to the USA.
Luxor’s sales have also increased in the industrial sector where it manufacturers wood mat products for Hampton Lumber Sales – Canada, the Canadian Division of one of the largest North American privately held forest products companies – Hampton Affiliates. Hampton, in conjunction with the engineering design team at Luxor have introduced additional industrial timber based products to serve the various markets for wood mats.
Luxor will keep shareholders advised on progress in all activities as well as on new products where it continues to invest in research and development.
As at the date of this news release, Luxor has 33,486,779 shares issued and outstanding.
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 floor 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.
Forward Looking Statements
This news release contains forward looking statements. Although Luxor believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved this announcement
CONTACT: Luxor Industrial Corporation Terry Lashman (800) 665-2454 (604) 684-7929 John Taylor (877) 496-4355 (604) 864-9601 www.luxorcorp.com