TORONTO, Dec. 05, 2017 (GLOBE NEWSWIRE) -- At the request of the Investment Industry Regulatory Organization of Canada (IIROC) after observing unusual trading volume and prices yesterday, Avante Logixx Inc. (the “Company” or “Avante”) (XX.V) is today providing an update on recent trading activity in the Company’s common shares and its previously announced review of strategic alternatives.
The board of directors of the Company (the “Board”) has received an early warning report which discloses that Craig Campbell has acquired common shares of the Company representing 17% of the shares outstanding. The Board is reviewing the information in the early warning report and will make further announcements if and when warranted.
The Board reminds shareholders that on October 23, 2017, Avante announced that it had commenced a review of strategic alternatives with the objective of maximizing shareholder value. Although not initiated in response to any specific proposal, the Board determined to initiate the strategic review process after receiving various unsolicited inquiries. Strategic alternatives include but are not limited to a business combination, merger or sale. The Company engaged Crosbie & Company Inc. to assist it in conducting and implementing this strategic review.
To date, the Company has executed confidentiality agreements with 14 parties who have expressed an interest in receiving information about Avante and its business in connection with a possible transaction. These interested parties have been invited to review information about the Company in a data room. While there can be no certainty that any potential transaction will emerge from this review of strategic alternatives, based on the level of interest received to date, the Board believes that that there is significant interest in the Company.
The strategic review process may result in a variety of outcomes or no outcome and there can be no assurance that the Company will pursue or execute any specific action or transaction. Avante continues to operate in the normal course during this strategic review.
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.