LX Ventures Appoints Bernd Petak as President

Marketwire via COMTEX - Wed Oct 23, 08:02AM EDT

LX Ventures Inc. (TSX VENTURE: LXV) ("LXV" or the "Company") is pleased to announce that is has appointed Bernd Petak as president of LX Ventures effective immediately.
Bernd Petak is a Vancouver, B.C., based entrepreneur, mentor, technology executive and investment professional.

As a former strategy and operations consulting partner at Deloitte, his clients included global brand name technology-driven companies such as Vodafone, 3Com and AT&T. Bernd is also a founding and exited entrepreneur in the computer game space, multiple-time CEO and CFO, as well as a senior executive in a variety of technology enterprises. Bernd operated as an M&A professional representing major venture capital and strategic acquirers.

"This is a new era for LX Ventures, and we are evolving and refining our structure," said Mike Edwards, CEO of LX Ventures. "The appointment of Bernd as president capitalizes on our strengths and streamlines our operational decision making as we prepare for the integration of new assets and grow the LXV brand in Canada and internationally."
Bernd Petak, newly appointed president of LX Ventures, said, "While LX Ventures has made considerable progress, I believe the company is still in its infancy and I am convinced it has a high-value future in the growing tech sector. I consider the potential for our portfolio companies Mobio and Sosido to be unparalleled and I intend to focus on moving them ahead as quickly as capital allows us to do so. We will also continue to develop opportunities to add attractive revenue generating assets to our portfolio of disruptive technologies."

About LX Ventures
LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit: www.lxventures.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO

CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.

Contacts:
LX Ventures Inc.
Keir Reynolds
778-998-9242
keir@lxventures.com
www.lxventures.com

SOURCE: LX Ventures Inc.