VANCOUVER, British Columbia, Jan. 20, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (OTC:LXRRF) (TSX-V:LRL) a leading manufacturer and distributor of engineered commercial and residential wood building products, today announced that its subsidiary USA Mill Frame LLC signed a second framing contract with Seattle based Venture General Contracting LLC. The approximate US$ 550,000 contract with installation commencing in March, 2016 follows the initial contract of approximately US$ 1,800,000.
Luxor has purchased and is installing a Wall Panel Plant at its Abbotsford, BC manufacturing facility. The plant will be fully operational by the end of January to manufacture pre-fabricated walls and pre-cut and packaged engineered floor systems for US framing contracts. The turnkey contracts call for Luxor to provide all wood framing components as well as direct labour.
Luxor is able to pre-fabricate framing products off site to provide distinct advantages 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…”
http://www.sbcmag.info/news/2016/jan/top-10-construction-trends-include-offsite-compentization
Terry Lashman, CEO of Luxor, says “Luxor’s recent acquisitions allow our seasoned technical team to enter the US framing market. We are well positioned to diversity and grow due to the combined strengths of USA Mill Frame LLC sales, Canadian Mill Frame Inc.’s framing/pre-fabrication experience coupled with Luxor’s manufacturing facilities proximity to the US border.”
All parties have reached definitive agreements and Luxor is awaiting regulatory approval of the acquisition of Mill Frame LLC and agreement to buy the book business and certain assets of Colt Builders Inc. of Alberta by Mill Frame Inc.
Forward Looking Statements
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.