TORONTO, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (the “Company” or “Avante”) (XX.V) announced today that Mr. Craig Campbell has been appointed as Chief Executive Officer (CEO) of the Company effective today. Mr. Campbell has also been appointed to the board of directors of the Company (the “Board”). The appointments are subject to regulatory approval.
The appointment of Mr. Campbell as CEO is the culmination of Avante’s review of strategic alternatives previously announced by the Company on October 3, 2017. The Board believes that the execution of the Company’s business plan under Mr. Campbell’s stewardship to be the best path forward for the Company to maximize value for shareholders.
Craig Campbell is the founder and CEO of Resilience Capital Inc., a Toronto-based investment company that invests in stable, profitable operating companies (with a focus on the security industry) that have high growth potential and a sustainable, competitive advantage. Previously, Mr. Campbell was the founder and CEO of Total Security Management (TSM), a provider of full-service security solutions to Canadian financial institutions. Under Mr. Campbell’s stewardship, TSM grew into Canada’s largest privately-held security firm, with almost 3,000 employees. In 2013, Mr. Campbell sold the TSM brand and its Canadian guard services unit to a global protection firm. Mr. Campbell received the Entrepreneur of the Year Award by Ernst & Young in 2004 and, in 2010, he was named one of Canada’s Top 40 Under 40™. Mr. Campbell is an alumnus of Harvard Business School’s Owner/President Management program and is a graduate of the Rotman School of Management’s Director’s Education Program.
The size of the Board has also been increased to seven and, subject to regulatory approval, Mr. Andrew (Drew) Coles has been appointed as an additional director of the Company.
Mr. Coles previously served as the CEO and a trustee of InnVest REIT, a real estate investment trust formerly listed on the Toronto Stock Exchange. As its former CEO, Mr. Coles led the $2.1 billion enterprise value privatization of InnVest REIT, generating a 37% premium between transaction announcement and closing. As part of his previous role with InnVest REIT, Mr. Coles also served as Chairman, Choice Hotels Canada, one of Canada’s largest hotel franchisors. Prior to his role at InnVest REIT, Mr. Coles led the hotel investment management program for Oxford Properties’ luxury hotel portfolio. This portfolio included The Fairmont Banff Springs, Park Hyatt Toronto and other luxury hotels in Canada. Mr. Coles brings strong fiduciary, governance, transactional and public company experience to the Board of Avante.
Mr. Campbell will replace Mr. Rodney Wechsler, who was serving as interim CEO of the Company in addition to his role as Chief Operating Officer (COO) of the Company and will continue with Avante in the capacity of COO. The Board thanks Mr. Wechsler for stepping into the interim CEO role at an important time for the Company.
The Company also wishes to announce that Mr. George Rossolatos has agreed to step down from the Board to make room for the incoming directors. Mr. Rossolatos previously served as the Company’s CEO and has recently commenced a new role with a new employer. The Company thanks Mr. Rossolatos for his significant contributions to Avante during his tenure and wishes him success in his future endeavours.
Mr. Campbell commented: “It is my belief that Avante is a premier physical security and technology company with significant potential for shareholder value, which belief drove my initial investment in the Company. I look forward to working with the board and management of the Company to continue to build upon Avante’s successes for the benefit of all shareholders.”
Leland Verner, Avante’s Chairman, commented: “On behalf of the Avante Logixx Board of Directors, I am very pleased to welcome both Craig Campbell and Drew Coles as our newest members. With his appointment today, Craig becomes our third CEO since Avante was founded in 1996. He is an experienced executive with a strong and diverse background in our industry and we are excited by his commitment to continue our business acquisition strategy.”
Grant of Options
Pursuant to his employment agreement, effective today, Mr. Campbell has been granted options to acquire up to 4,000,000 common shares of the Company subject to the terms and conditions of the Company’s 10% rolling stock option plan. Twenty-five percent of Mr. Campbell’s options will vest on the first anniversary of the date of the grant, at an exercise price of $0.33 per share. The remaining options vest as follows: (i) an additional 25% upon the second anniversary of the date of the grant at an exercise price of $0.38 per share, (ii) an additional 25% upon the third anniversary of the date of the grant at an exercise price of $0.44 per share, and (iii) an additional 25% upon the fourth anniversary of the date of the grant at an exercise price of $0.51 per share. All of Mr. Campbell’s options have a term of five years.
About Avante Logixx
Avante Logixx Inc. (XX.V) is a Toronto based security, monitoring, system integration and technology company. Its subsidiaries, Avante Security Inc. (www.avantesecurity.com), INTO Electronics Inc., (www.247into.com), City Wide Locksmiths Ltd. (www.citywidelocksmith.ca) and Architronics Limited (www.architronics.com) together provide best in class security systems and services for residential and commercial clients, and high-rise condominium applications, with industry leadership in designing and installing complex security systems, access control, intelligent video analytics, high-end lock services and smart home automation. Avante’s group of companies strives to be best in class in each of its verticals including an industry leading rapid alarm response offering combined with alarm system and live video analytics monitoring. Avante’s Executive Services team provides unparalleled end-to-end security solutions for high profile and high net worth families to ensure their safety in a comprehensive yet discrete manner, including an executive transportation option. Avante’s International Travel Security team helps corporations protect traveling employees working abroad in medium/high risk jurisdictions and has executed travel details in over 60 countries. Avante continuously develops innovative products and applications within its core competencies. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
FORWARD LOOKING STATEMENTS
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Avante within the meaning of applicable securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, and similar expressions, or describes a “goal”, or a variation of such words and phrases or state that certain actions, events or results “may”, “should”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, the list of risk factors identified in Avante’s Management Discussion & Analysis (MD&A), Annual Information Form (AIF) and other continuous disclosure, which list is not exhaustive of the factors that may affect any of Avante’s forward-looking information. In connection with the forward-looking statements contained in this and subsequent press releases, Avante has made certain assumptions about its business and the industry in which it operates and has also assumed that no significant events occur outside of Avante’s normal course of business. Although management believes that the assumptions inherent in the forward-looking statements are reasonable as of the date the statements are made, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. Avante’s forward-looking information is based on the beliefs, expectations and opinions of management on the date the statements are made, and Avante does not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation 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.