updated 11/8/2010 9:16:55 AM ET 2010-11-08T14:16:55

VANCOUVER, British Columbia, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (Pink Sheets:LXRRF) (TSX-V:LRL) wishes to provide an update on corporate activities. While the North American housing market has been distressed for the past 3 years, Luxor has maintained sales levels by developing new wood product lines.

The Company recently extended its lease for 5 years with the city of Abbotsford for its 20,000 square feet manufacturing facility located on Abbotsford airport land. Luxor has leased an additional 20,000 square feet of paved storage land to handle the increase in wood processing and to build steel racks to store engineered wood products up to 60 feet in length. The city has built a roundabout road on airport land to allow for ease of unloading and loading lumber products.

In June, the Company advised that it had received orders to provide value added services for 18 truckloads of specialty wood products used in the natural resource sector. This has become an ongoing business and Luxor is working with the customer on other product lines. In addition to increasing sales, the processing will reduce costs through manufacturing efficiencies.

Luxor has shipped its second order of FastFrame™ building components treated with EcoBlu wood coating. The components will be used to frame an auto lubricating garage in Saskatchewan by Base Construction Management, who have contracts for six garages in British Columbia and Saskatchewan. The Company is also working closely with its supplier, EcoBlu Products Inc. (OTCBB:ECOB), to take advantage of the changes in Canadian building codes regarding the use of fire resistant building materials in wood frame construction.

The Company has received an initial order to provide engineered products for custom buildings in a large project. The customer has advised that it intends to purchase products from Luxor for all additional units, which would provide a steady order file into 2011.

Luxor expects to receive approval by the end of the year from the Canadian Construction Materials Centre (CCMC) for its IBS3000™, its second generation engineered bridging that complements its patented IBS 2000®. The US patent application for IBS3000™ has been filed. The Company expects to launch product sales in January, 2011. Racking stiffness values for IBS3000™ are slightly lower than IBS 2000® but IBS3000™ is substantially less expensive, which will provide significant potential for expanded sales. Additionally, the advantages of IBS3000™ will also facilitate sales by replacement of conventional forms of bridging including cross bridging, blocking, wood strapping and metal strapping.

Luxor anticipates significant sales growth in 2011 based on progress made with new product lines during 2010. The Company will keep shareholders advised of further developments.

About Luxor Industrial Corporation

Luxor manufactures and markets its patented IBS 2000® and patent pending IBS3000™ engineered bridging that enables the floor to act as a system with unparalleled scale of gain in stiffness and rigidity. Luxor has spent many years analyzing wood-frame floor construction and has established itself as a leading authority in wood floor performance engineering in North America.

Luxor also manufactures other building components, architectural and utility wood products including specialty products for the natural resource sector. It distributes laminated beams and offers various custom wood cutting services. Luxor coats certain of its products with EcoBlu and offers EcoBlu wood products which protect wood against mold, decay and insects and provide fire protection.

 The TSX Venture Exchange has neither approved nor disapproved this announcement

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.44%
$30K home equity loan FICO 5.78%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com