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TORONTO, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (XX.V) (“Avante” or the “Company”) is pleased to announce that it has closed its previously reported acquisition of all of the issued and outstanding shares of A.S.A.P. Secured Inc. (“ASAP”) effective December 1, 2019 pursuant to the terms of the share purchase agreement dated November 13, 2019 (the “Agreement”) and as previously announced by Avante on November 14, 2019. As announced, Avante purchased ASAP for $10.5 million using the proceeds from the private placement offering of unsecured convertible debentures issued to Fairfax Financial Holdings Limited to fund the acquisition. The $10.5 million purchase price is subject to certain adjustments as set forth in the Agreement.
“It is with great pleasure that I welcome the ASAP team to Logixx Security Inc. (“Logixx”), a platform company of Avante Logixx,” said Craig Campbell, CEO of Avante. “Now that the acquisition is complete we look forward to Han Koren joining as President of Logixx, and integrating ASAP into the Logixx brand over the coming months. This combined entity provides us scale and a national platform to target large, national accounts where we can offer a one-stop shop security solution. Welcome Han and team!”
As a result of the closing of the transaction, ASAP has become a wholly-owned subsidiary of Avante Logixx Inc.
On November 29, 2019 the Company granted 185,000 stock options to certain non-executive members of management of the Company at an exercise price of $1.55, such options expire five years from the date of grant. Options granted vest in three equal instalments over 24 months beginning 24 months from the date of grant.
About Avante Logixx Inc.
Avante Logixx Inc. (XX.V) is a Toronto headquartered provider of security solutions. We acquire, manage, and build industry-leading businesses that provide specialized, mission-critical solutions that address the needs of our customers. Our businesses continuously develop innovative solutions that enable our customers to achieve their objectives. With an experienced team and a proven track record of solid growth, we are taking steps to establish a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
|Craig Campbell |
All statements in this press release, other than statements of historical fact, may constitute “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. This forward-looking information includes statements with respect to, among other things, discussions of future plans and forecasts and statements as to management’s expectations and intentions with respect to the company’s acquisition of ASAP and the expected impact of this acquisition.
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 company realizing on the anticipated value of the acquisition of ASAP, the company maintaining its projected growth, the company’s ability to execute on its strategic vision, the ability of the company to identify revenue and cost synergies, general economic conditions or conditions in the financial markets and the risks identified in Avante’s Management Discussion & Analysis, Annual Information Form and other continuous disclosure. This 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, including that no significant events occur outside of Avante’s normal course of business, assumptions about trends in manpower and technology costs, assumptions made about the business of ASAP, and assumptions about the company’s ability to leverage Avante’s and ASAP’s collective customer bases and networks. 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 guaranteeing future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty of the statements. 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.
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