LXRandCo Announces Upcoming Management Change

MONTREAL, Oct. 24, 2018 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today announced that, effective November 22, 2018, Audrey Lara will be leaving her position as Chief Financial Officer of the Company to pursue other opportunities. Until her departure, Ms. Lara will work with the senior management team to ensure a seamless transition.  Specifically, Ms. Lara's departure date will allow her to remain with the Company through the completion of its third quarter 2018 financial reporting process, at which time the Company expects to have also completed the previously announced restatement of its consolidated financial statements and corresponding management discussion and analyses as at and for the years ended December 31, 2017 and 2016, as well as for the three-month and six-month periods ended June 30, 2017.

"On behalf of LXRandCo's board of directors, I would like to thank Audrey for her many contributions to our Company, especially as we developed and launched our updated strategy focused on disciplined top-line growth, margin expansion and sustainable cash flow generation," said Steven Goldsmith, President and Chief Executive Officer, LXRandCo.  "We wish her well in her future pursuits."

The Company will commence a search for Ms. Lara's successor. Until such an appointment is made, Nadine Eap, CPA, CA, currently Corporate Controller at LXRandCo, will assume the role of interim Chief Financial Officer upon Ms. Lara's departure. Ms. Eap has more than 15 years of experience in corporate finance, accounting and operations roles.  Prior to joining LXRandCo, she was Finance Manager at TSX-listed Aimia Inc., where she was responsible for corporate planning and analysis of various departments, as well as providing finance business support to the office of the Chief Information Officer. Prior thereto, Ms. Eap was Director of Administration and Finance at Logibec, a software and consulting company in the healthcare industry.  Prior to joining Logibec, Ms. Eap spent seven years at Deloitte in Montreal and Sydney, Australia, where she held various roles with increasing responsibilities, serving both large public and private clients, primarily in Technology, Media and Telecommunications ("TMT") and Consumer sectors.  Ms. Eap earned a Bachelor of commerce degree and a Graduate Diploma in Accountancy from HEC Montreal. She is a member of the Ordre des comptables professionnels agrees du Québec.

Mr. Goldsmith added, "LXRandCo has an excellent finance and accounting team in place and I have the utmost confidence in their ability to support our business through the transition period to the appointment of a new CFO. I look forward to working with Nadine as interim CFO."

About LXRandCo

LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and other personal luxury products. LXRandCo sources and authenticates high-quality, pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, and sells them at attractive prices through: a retail network of stores located primarily in major department stores in the United States and Canada; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com.

Caution Regarding Forward-Looking Statements

Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms. Forward-looking statements in this news release include, but are not limited to, statements regarding the completion of the Company's previously announced restatement of its historical consolidated financial statements and corresponding management discussion and analyses.   Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the nature and magnitude of the restatement that needs to be made and other factors which management considers appropriate.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.


For further information: Steven Goldsmith, President and Chief Executive Officer, LXRandCo, Inc., steven.g@lxrco.com; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, +1 (416) 519-4196, lawrence.chamberlain@loderockadvisors.com