Lexon Technologies, Inc. Explains 10K Annual Report

LA MIRADA, Calif., April 19 /PRNewswire-FirstCall/ -- Lexon Technologies, Inc. (OTC Bulletin Board: LEXO) today said it filed a Form 10K on April 15, 2010 with the U.S. Securities and Exchange Commission for the year ended  December 31, 2009.  The report represents the first audited report since the completion of the reverse merger on October 22, 2010 with Paragon Toner Inc.  

James Park, CEO of Lexon Technologies, states:  "This report is significant as it provides a clear view of our financial situation with the merger.  On a combined basis, our net income was $472,090 with $101,378 operating profit and $418,090 from debt write-off.  The operating profit revenues would have been higher if not for the approximately $300,000 for costs involved with the reverse merger.  As to the liabilities write off, we have effectively eliminated almost of the liabilities held by the Lexon prior to the reverse merger.  This is important as any acquisition or merger candidate will inevitably look at the health of our balance sheet before proceeding to a transaction.

"Going forward for fiscal year 2010, we will focus on increasing revenues and profits for our existing business, increase the revenue ratio of our ecommerce operations, successfully roll out new product lines such as the Go Eco Life Toner and acquire suitable companies for scalable growth," Mr. Park said.

About Lexon Technologies, Inc.

Lexon Technologies is an environmentally "Green" company, a manufacturer of recycled toner for laser printers, fax and multifunction copiers. The Company primarily services large retailers and distributors but also has a growing Internet division. Lexon has over 350 product lines with product prices generally 30-60% less than original (OEM) toner cartridges. With a product defect percentage of less than 1%, Lexon also offers a 100% guarantee on all of its products.

The company, based in La Mirada, California, (www.ptoner.com), has a 35,000 square foot factory on the premises, 86 employees, and the capacity to manufacture 50,000 cartridges per month and recycles 350 different models of toner cartridges.

SOURCE Lexon Technologies, Inc.