The operating line will be used to finance turnkey framing contracts that have been awarded to the Company’s subsidiary Mill Frame LLC. Turnkey contracts include Luxor supplying all materials and site labor which will be covered by the operating line as well as prefabrication of walls and floors by Luxor’s subsidiary, Mill Frame Inc. Contracts for 2016 exceed C$ 16 million ($12.2 million).
Previously Luxor completed insurance coverage with EDC (Export Development Corporation) for any payment defaults for 90% of all product exports sales and 90% of the value of turnkey framing contracts. EDC will approve foreign customers on each contract prior to the insurance taking effect.
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products.
