Mr. Tim Charman reports

LUXOR ANNOUNCES APPOINTMENT OF BANK RECEIVER AND BOARD RESIGNATION

Luxor Industrial Corp.'s senior secured lender, HSBC, has appointed a receiver to realize upon the collateral (security interest) of Luxor Industrial and its subsidiary Mill Frame Inc.

Luxor has been unsuccessful in its attempt to restructure its finances as its current debt and working capital deficiency exceed the combined realizable value of its assets and expected profit margins from its existing contracts. The working capital deficiency was primarily caused by unrecoverable cost overruns on one major contract that accounted for over 40 percent of sales in 2016.

Luxor also announces that Terry Lashman has resigned as a director and chief executive officer of the company. Tim Charman remains as the only director of the company.

The board will provide updates as events unfold.