NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
January 24, 2013
The Board of Lexicon Building Systems, Ltd. is pleased to announce that it has completed its Audited Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the year-ended May 31, 2009 and its Annual Information Form for the year ended May 31, 2009. The Reports have not yet been made public on the System for Electronic Document Analysis and Retrieval ("SEDAR") and are not available for distribution.
According to Steven Powell, Chairman of the Board, the audit, although significantly delinquent, represents a critical step in the Company's continued turn-around. Fiscal year 2009 was the last full year of normal operation prior to the imposition of a Cease Trade Order from the British Columbia Securities Commission ("BCSC") and the Company's bankruptcy proceedings. Lexicon Building Systems emerged from its voluntary reorganization in September 2011 and is in the process of complying with the terms of the October 2009 Cease Trade Order. Based on discussions with the BCSC, the Company is required to submit the recently completed 2009 audited financials along with audited financials for the most recent fiscal year ended May 31, 2012 and interim financial statements to date in requesting that the BCSC revoke its Cease Trade Order. The Company is currently working with BDO Canada to obtain its audited 2012 Financial Statements. Lexicon Building Systems must meet all of the BCSC requirements before it can publicly file any of the completed financials.
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About Lexicon Building Systems, Ltd.
Lexicon Building Systems, Ltd. is the developer and distributor of PolyBlock, a sustainable "green" construction material. PolyBlock is not a masonry material, and based on the exceptional characteristics and specifications of the product, the installation and utilization of PolyBlock significantly reduces the costs of purchase and construction; and substantially reduces the time required for installation. Use of PolyBlock contributes to "GREEN" rating systems; LEED scoring in Materials & Resource Credits, Environmental Quality Credits, Energy & Atmosphere Credits, USEPA Energy Star Qualified Homes, and Innovative Design Credits. (e.g., energy savings [R-38 insulation factor]; 66% for heating and 56% for cooling compared to typical construction products and Flammability Test: ASTM E84 Class-1 Category).
Lexicon, a Canada public limited company, is currently the subject of a Cease Trade Order by the British Columbia Securities Commission pending completion of audits required of public companies. Lexicon shares are currently delisted. Following full compliance with the requirements of the CTO, Lexicon intends to apply to the BCSC for the complete lifting of the Cease Trade Order and will move to relist the shares of the Company.
Forward Looking Statements
This document and other written reports and oral statements made by the Company may include forward-looking statements, all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as "expected," "anticipates", "intends" and other words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. All forward-looking statements in this document are qualified by these cautionary statements. Readers must carefully consider any such statements and should understand that such statements are based on management's current plans, estimates and assumptions and are subject to many factors, risks and uncertainties which could cause actual results and developments to differ materially from the Company's forward-looking statements. No forward-looking statement can be guaranteed and actual future results may vary materially. Therefore, we caution you not to place undue reliance on our forward-looking statements. The Company disclaims any responsibility to update these forward-looking statements. This release does not constitute an offer of any securities or the solicitation to buy any securities. There can be no assurance if or when the Company's securities will be listed on a nationally recognized stock exchange.