Luxor’s USA Mill Frame LLC Awarded Two Additional Turnkey Framing Contracts with a Value of US $5,700,000 from Seattle Based Venture General Contracting LLC
VANCOUVER, British Columbia, May 11, 2016 (GLOBE NEWSWIRE) — Luxor Industrial Corporation (TSX:V:LRL) (OTC:LXRRF) a leading manufacturer and distributor of engineered commercial and residential wood building products, is pleased to announce that its subsidiary USA Mill Frame LLC was awarded 2 additional turnkey framing contracts from Seattle based Venture General Contracting LLC. The approximate US $5,700,000 worth of contracts with installation commencing in the second half of 2016 follows 2 initial contracts of approximately US $2,400,000 awarded earlier this year by Venture. The Plateau 120 Apartments are located in Sammamish, WA while the Alexan Marymoor project is located in Redmond, WA.
US turnkey framing contracts for 6 projects now total approximately US $17 million. Luxor has commenced installation and pre-fabrication of products for the 4 contracts exceeding US $11 million secured earlier this year, with all jobs being on budget.
In addition to supplying skilled labor, Luxor will manufacture pre-fabricated walls and pre-cut and packaged engineered floor systems in its Chilliwack, BC factory for the US framing contracts. The ability of Luxor to pre-fabricate framing products off site provides a distinct advantage for a builder as highlighted in an SBC Magazine article titled “10 Construction Trends Include Offsite Componentization.” According to the experts the first two out of the top 10 trends to watch in 2016 are:
“1. Skilled labor shortage will continue to plague construction companies. …The labor crisis is not a new issue, and most experts predict it will continue well into 2016 and beyond, as the talent deficit will require multiple years to fill up again…
2. Prefab/offsite construction methods will become more popular. …Offsite — also known as modular or prefabricated — construction has been gaining ground as an alternative building method that offers the benefits of reduced construction time, less waste and possible cost savings…”
About Luxor Industrial Corporation
Luxor has vertically integrated through the recent acquisitions of turnkey framing companies in Canada and the United States. The Company now distributes Pre-Fabricated Wall Panels and a complete line of Multi-Family Engineered Lumber. http://www.millframe.com
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor’s website at www.luxorcorp.com.
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
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.
CONTACT: Contact: Luxor Industrial Corporation Terry Lashman (800) 665-2454 (604) 684-7929 John Taylor (877) 496-4355 (604) 864-9601 www.luxorcorp.com