LUXXFOLIO Announces Strategic Review
VANCOUVER, BC – December 4, 2019 – LUXXFOLIO Holdings Inc. (“LUXXFOLIO” or the “Company”) (CSE:LUXX) today announced that it is reviewing strategic alternatives.
The Company has commenced a review of strategic alternatives available to enhance shareholder value. The strategic alternatives to be considered may include, but are not limited to, changes to the capital structure, sale or merger of the Company, disposition of the business or assets of the Company, or further development and expansion of LUXXFOLIO Network Inc.’s (“LNI”), the Company’s wholly owned subsidiary, technology to broaden market opportunities.
“The Board continues to support the Company’s strategic priorities. However, the Board believes that a broad review of strategic alternatives is in the best interest of the Company and its shareholders,” said Dean Linden, CEO of LUXXFOLIO.
There can be no assurance that this process will result in the approval or completion of any particular strategic alternative or transaction in the future.
The Company is proceeding expeditiously but has not set a timetable for completion of this review. The Company will provide updates on the review at such time as it determines that further disclosure is appropriate or required.
LUXXFOLIO is a forward-thinking financial technology company that, through LNI, is developing a blockchain based platform, powered by proprietary technology, to enable users to record the authenticity and provenance of luxury items, collectibles, and other non-traditional assets allowing them access to personal financial products that may not otherwise be available to them.
For more information, please contact:
Dean Linden, Chief Executive Officer
Tel: (604) 398-3837
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “proposes, “intends to”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the issuance of securities, the Acquisition, and the business of the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.