After lots of testing and reading, following changes to LCDd.conf config did the trick for me:
Driver=imonlcd
Hello=""
GoodBye=""
#GoodBye="Thanks for using"
#GoodBye=" LCDproc!"
ServerScreen=no
#Backlight=open
## Soundgraph iMON LCD ##
[imonlcd]
# Specify which iMon protocol should be used [legal: 0=15c2:ffdc device,
# 1=15c2:0038 device; default: 0]
Protocol=1
# Set the exit behavior [legal: 0=leave shutdown message, 1=show the big clock,
# 2=blank device; default: 1]
OnExit=2
# Select the output device to use [default: /dev/lcd0]
Device=/dev/lcd0
# Select the displays contrast [default: 200; legal: 0-1000]
Contrast=200
# Specify the size of the display in pixels [default: 96x16]
#Size=96x16
# Set the backlight state [default: on; legal: on, off]
#Backlight=on
# Set the disc mode [legal: 0=spin the "slim" disc - two disc segments,
# 1=their complement spinning; default: 0]
#DiscMode=0
tip: when you're using openelec, changes to these files should be done under /storage/.config/. If the file doesn't exist, you should copy or create it from /etc.