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Avante Logixx Inc. (ALXXF)

Other OTC - Other OTC Delayed Price. Currency in USD
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0.60000.0000 (0.00%)
As of 2:12PM EDT. Market open.
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Previous Close0.6000
Open0.6000
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.6000 - 0.6000
52 Week Range0.5980 - 1.0020
Volume325
Avg. Volume87
Market Cap13.286M
Beta (5Y Monthly)1.22
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Avante Logixx Announces Divestiture of Citywide Locksmiths Inc.

    Not for distribution to U.S. news wire services or for dissemination in the United StatesTORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (TSXV: XX) (“Avante” or the “Company”) is pleased to announce that it has entered into a binding agreement with the minority shareholders of CityWide Locksmiths Inc. (“Citywide”) to sell Avante’s 70% interest in Citywide.  The transaction is expected to close on or before September 30, 2020.The majority position of Citywide was originally acquired by Avante on April 1, 2016 under previous management’s strategy of “Own the Home.”  Since acquisition, Citywide has contributed to Avante’s top and bottom line, provided access to many tightly controlled product lines, and generated cross selling opportunities between divisions.  During the fourth quarter of fiscal 2020, Citywide represented 7.3% of Avante’s consolidated revenue.“We are pleased to announce the divestiture of our majority position of Citywide to members of the Shearer  family and wish them great success as they regain control of their family business,” said Craig Campbell, CEO and Director of Avante.  “We enjoyed being partners with the Shearer family and look forward to working with them in the future through referrals and mutual projects that benefit both companies. We chose to divest our interest in Citywide because it is no longer core to our strategy of building a one-stop shop security solutions provider for both residential and enterprise customers. By divesting Citywide, management will have greater focus on executing our stated strategy and the sale proceeds will provide additional capital for Avante’s general corporate purposes.”The sale price for the Company’s 70% interest will be approximately $2.3 million, of which $1.8 million will be paid on closing, $450,000 represents an interest-bearing vendor take back note payable over five years and $91,500 has already been received.No advisory fees are payable or are to be paid by the Company in connection with the transaction.About Avante Logixx Inc.Avante Logixx Inc. (TSXV: XX) 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 CEO (416) 923-6984 craig@avantelogixx.com Forward-Looking InformationAll 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 acquisitions and the expected impact of such acquisitions.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 completed acquisitions , 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 completed acquisitions, and assumptions about the company’s ability to leverage Avante’s and acquired company’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.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.

  • GlobeNewswire

    Avante Logixx Inc. Announces Financial Results for the Year Ended March 31, 2020 and Provides Business Update in Response to COVID-19

    Not for distribution to U.S. news wire services or for dissemination in the United StatesTORONTO, July 29, 2020 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (TSX.V: XX) (OTC: ALXXF) (“Avante” or the “Company”) is pleased to announce its results for the year ended March 31, 2020 (all amounts in Canadian dollars, unless otherwise indicated). RESULTS FOR THE THREE-MONTH PERIOD & YEAR ENDED MARCH 31, 2020 Year ended March 31, Quarter ended March 31, $ in thousands, unless otherwise noted 2020  2019  2018   2020 2019          Revenues 55,741  32,081  23,337   18,370 11,804  Gross profit 1 13,864  9,575  8,287   3,530 2,957  Gross profit margin 1 24.9% 29.8% 35.5%  19.2%25.0% Operating expenses2 13,935  10,396  5,912   3,765 3,535  EBITDA 1 (114) (1,804) 1,567   744 (1,174) Adjusted EBITDA 1 54  (220) 2,679   (458)(385) Net income (loss) attributable to Avante shareholders (2,649) (2,229) 176   (245)(549) Comprehensive income (loss) attributed to Avante shareholders (3,192) (2,642) 176   (256)(962) Basic and fully diluted income per share $(0.151) $(0.131) $0.011   $(0.012)(0.110)         Cash and cash equivalents 1,340  2,176  4,078     Total assets 49,095  34,174  21,075     Senior debt 9,110  3,828  766     Total debt 11,644  3,828  766     “During our fiscal year ended March 31, 2020, we continued to execute our strategy and strengthen Avante through both organic and acquisitive growth,” said Craig Campbell, CEO and Director of Avante. “Since joining Avante, we have transformed the business into a diversified multiplatform business with national capabilities through acquisitions, most recently the acquisition of A.S.A.P. Secured Inc (“ASAP”) in December 2019, which allows our subsidiary Logixx Security to target national, multisite clients and be the “one stop shop” security solutions provider for customers who rely on security as a mission critical aspect of their operations. After making four acquisitions during the past two years, and focusing intensely on organic growth activities, we now have three excellent platforms.  We now have the right teams in place to fully realize our identified strategy.”The Company benefited from a strong and growing recurring monthly revenue (“RMR”) stream, with 80.1% of our Q4 revenue in this category. Covid-19 is proving the resiliency of the security industry and the business. The Company experienced stable, growing revenue streams during the pandemic, and is now seeing volumes exceeding pre-pandemic levels.“We continue to progress toward fully integrating past acquisitions completed over the last two years and we expect to continue improving earnings as these acquisitions are further integrated,” said Steve Rotz, CFO. “With these transformational transactions behind us and the scale that we now have in place, our focus will be on execution and operational excellence.  While we are open to completing acquisitions that make sense from a value and strategic fit perspective, our focus for the remainder of this year will be on organic opportunities to win new customers, broaden services with existing customers, simplify our operations, upgrade and consolidate technologies and reduce costs.  In Q4 fiscal 2020, we worked hard to achieve and recognize many of the synergies identified during diligence, as evidenced by our Q4 restructuring charge. We will continue executing on our strategy of cross selling security services to our clients with a focus on converting these clients to technology enabled security solutions.  We will also focus on positioning ourselves to make strategic and accretive acquisitions when these opportunities arise.”FISCAL YEAR 2020 HIGHLIGHTS * Generated record revenues of $55.7 million for the year ended March 31, 2020 which represented 73.8% YoY growth. * In fiscal 2021 and beyond, the Company will be transitioning to providing financial information based on its divisions, rather than reporting based on service types.  See below for revenue breakdown by division: For the Year Ended  March 31, 2020   Revenue   % of Total  Logixx Security  $32,761  58.8% Avante Security  $17,093  30.7% City Wide  $5,887  10.5% Total $55,741  100% * Generated gross profit of $13.9 million for the year ended March 31, 2020, which represented 44.8% YoY growth. * Operating expenses (net of depreciation, amortization, and share based payments) declined to 20.5% of revenue during Q4 2020 from 29.9% in Q4 2019. * Generated Adjusted EBITDA during fiscal 2020 of $0.54 million or 0.1% of revenues. * Issuance of $8.3 million of convertible debentures in November 2019 and establishment of undrawn convertible debenture facility of approximately $9.7 million. * Completed the acquisition of ASAP on December 1, 2019, adding a national platform in which to cross sell security services to new and existing commercial clients.  This is now rebranded as Logixx Security, and fully integrated with two prior acquisitions completed during fiscal 2019. * At the end of Q4, the Company recorded a restructuring charge of $0.8 million, which was related primarily to a reduction of head count from realized synergies and is expected to yield ongoing savings of approximately $1.3 million per year.Covid-19 Update & Q1 F21 guidance“Given the unprecedented global impact of Covid-19 on so many companies, and the fact that many of our shareholders have been asking for preliminary information about how Avante is being impacted, we have decided to provide preliminary financial highlights for our first quarter of Fiscal 2021 ending June 30, 2020. This guidance will not set a precedent for future quarters,” said Craig Campbell. “We are extremely proud of our results, and especially our staff for continuing to provide exceptional service and driving the business forward during extremely challenging times. We want to extend a big thank you to all employees of Avante for doing what they do best and continuing to secure peace of mind for our customers.   Despite these uncertainties we believe that the Company is well positioned to weather the business challenges created by the Pandemic.”During the early days of the Pandemic, the Company’s management moved decisively, taking prudent action to minimize expenses while ensuring that all customer requirements were met and that staff were protected with appropriate equipment.We also ensured that our Company was well positioned financially during the Crisis: * Temporary salary reductions were implemented for employees in early April, with the highest cuts (20%) absorbed by the CEO, the Company’s executive team and Board of Directors.  Such cuts were made voluntarily to proactively insulate the Company as the outcome of the Pandemic at that time was unknown.  These cuts are expected to be unwound during the balance of fiscal 2021, beginning with our front-line staff; * Implemented a hiring freeze and moratorium on expenses; * Avante continues to operate in as close to a “business as normal” manner, as is possible under these conditions, as we were an “Essential Service” under applicable government rules; * Significant work by the operations teams ensured that were able to continue providing services to all of our customers; * Transitioned seamlessly to work-from-home for many of the non-frontline staff and ensured that constant communication with customers occurred.Given the resiliency of the business, management is able to provide guidance with respect to financial results of the Company’s first quarter ending June 30, 2020, which the Company will release in late August.  * Revenues during Q1 are expected to be between $19 to $20 million; * Gross profit margins are expected to be between 21% and 24% and; * Adjusted operating expenses are anticipated to be less than what is being reported today in respect of Q4 of fiscal 2020.CONFERENCE CALLAvante will be hosting a conference call to discuss the Fiscal 2020 financial results on Thursday, July 30, 2020, at 8:30 AM EST.Dial in details are as follows:   Local: (+1) 416-764-8658            Toll Free: (+1) 888-886-7786                   Conference ID: 47284588Playback details below, available until August 20, 2020: Local: (+1) 416-764-8692            Toll Free: (+1) 877-674-7070                   Playback Pin: 284588 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. The securities described herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.About Avante Logixx Inc.Avante Logixx Inc. (TSXV: XX) is a Toronto based provider of high-end security services. We acquire, manage and build industry leading businesses which 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 CEO (416) 923-6984 craig@avantelogixx.comForward-Looking InformationAll 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, the intention to create a platform capable of supporting a business with significantly greater scale, Avante’s strategic plan, Avante’s intentions to engage in mergers and acquisitions in the near term, Avante’s intentions to identify, acquire and integrate suitable targets for mergers and acquisitions, the ability to achieve operational efficiencies and provide a better overall customer experience, Avante’s run- rate, opportunities to grow Avante’s revenue and Adjusted EBITDA profile, investments in corporate infrastructure, Avante’s ability to execute and integrate larger acquisitions, and the expected trajectory of corporate costs as a percentage of revenue. 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 ability to identify, acquire and integrate suitable targets for mergers and acquisitions, the ability to control corporate costs, and 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.Non-IFRS Financial MeasuresThis press release includes certain measures which have not been prepared in accordance with IFRS such as EBITDA and Adjusted EBITDA. These non-IFRS measures are not recognized under IFRS and, accordingly, users are cautioned that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers. References to EBITDA are to net income before interest, taxes, depreciation and amortization. References to Adjusted EBITDA are to net income before interest, taxes, depreciation, amortization of intangibles & capitalized commissions, share-based payments, acquisition, integration and / or reorganization costs, deferred financing costs, loss (gain) in fair value of derivative liability, expensing of CWL fair value adjustment per IFRS less non-controlling interest’s share. Neither EBITDA nor Adjusted EBITDA is an earnings measure recognized by International Financial Reporting Standards (“IFRS”) and do not have a standardized meaning prescribed by IFRS. Management believes that Adjusted EBITDA is an appropriate measure in evaluating Avante’s performance. Readers are cautioned that neither EBITDA nor Adjusted EBITDA should be construed as an alternative to net income (as determined under IFRS), as an indicator of financial performance or to cash flow from operating activities (as determined under IFRS) or as a measure of liquidity and cash flow. Avante’s method of calculating Adjusted EBITDA may differ from methods used by other issuers and, accordingly, Avante’s Adjusted EBITDA may not be comparable to similar measures used by other issuers.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.________________________________ 1  Adjusted EBITDA, EBITDA. Gross Profit and Gross Profit Margin are non-IFRS measures.  See Description of Non-IFRS Measures 2 Operating expenses are net of depreciation, amortization, interest expense, accretion interest expense, and share based payments

  • GlobeNewswire

    Avante Logixx Inc. to Release Results for the Quarter & Year Ended March 31, 2020 After Market Close on Wednesday, July 29, 2020

    Not for distribution to U.S. news wire services or for dissemination in the United States TORONTO, July 21, 2020 -- Avante Logixx Inc. (TSX.V: XX) (OTC: ALXXF) (“Avante” or.