Luxell Technologies Inc. and Lux Acquisition Corporation jointly announced that 103,760,581 common shares of Luxell were validly deposited pursuant to LAC's offer dated Jan. 15, 2009 to acquire all of the outstanding common shares of Luxell as of 5:00 p.m. (Toronto time) on Feb. 20, 2009, the expiry time for the offer. The shares deposited pursuant to the offer represent approximately 76.83% of the outstanding shares of Luxell not already owned by LAC.
 
As the minimum deposit condition under the offer has been met, LAC has taken up and accepted for payment all of the shares validly deposited. LAC and its affiliates now own 104,281,414 shares of Luxell or approximately 77.22% of the outstanding shares of Luxell. Payment will be  made to Luxell shareholders who have validly deposited their shares under the offer by Equity  Transfer & Trust Company, the depository, on or before March 3, 2009 through the issuance of notes of LAC as described in the offer.
 
LAC also announced that it plans to requisition a shareholders' meeting of Luxell as soon as practicable to approve a subsequent acquisition transaction as described in the take-over  bid circular dated Jan. 15, 2009 to enable LAC to acquire the remainder of the shares not tendered pursuant to the offer.