TORONTO, March 02, 2017 (GLOBE NEWSWIRE) -- Trading symbols: (TSXV:XX), (OTC:ALXXF)
Avante Logixx Inc. (“Avante”) is pleased to announce that it has indirectly acquired certain business assets of Architronics Inc. (www.architronics.com).
Architronics Inc. was founded in 1994, to provide high-end integrated solutions in the home and commercial automation and custom electronic integration industry, including security, lighting, audio & video, blind and temperature control. Since then, Architronics Inc. has established itself as a leading company in this field, designing and completing many successful automation projects throughout Canada, the US and the Caribbean.
The transaction was structured by way of Avante’s formation of a subsidiary entity, now named Architronics Limited (“Architronics”), which acquired, effective March 1, 2017, certain business assets from Architronics Inc. As consideration for the sale of these assets, the vendor received a 49% equity interest in Architronics. As a condition to the acquisition, Avante provided cash funding to Architronics in the amount of $255,000 along with access to its clients with regard to automation services and in exchange therefor Avante retains a controlling 51% equity interest. In conjunction with the acquisition, Architronics entered into key employment agreements with Matthew Grossman, President, Ron Cheung, COO and Kevin Belvett, VP Sales along with several other key team members.
“Avante Logixx is very excited to collaborate with one of the pre-eminent automation teams in Canada,” said CEO George Rossolatos, “We believe that this transaction will be beneficial as Avante customers are significant buyers of automation offerings and will provide a materially increased flow of automation opportunities for Architronics, which already has a very strong brand presence. With our new capability in home and commercial automation, we add another pillar to our strategy, which already caters to residential and commercial security, locks and hardware. Avante expects Architronics to generate more than $2.5 million of revenue in the first year.”
Architronics President Matthew Grossman added: “We are very excited to team up with Avante. This acquisition will provide access to a larger number of new potential customers for our offerings as well as help us to provide better customer service and 24/7 support. We are also excited to be a part of the Avante group’s bespoke showroom catering to designers and architects along with Avante Security, Into Electronics and Citywide / ADH. We believe that owning a smaller piece of the much bigger opportunity that this transaction makes possible, will ultimately help us to expand our business to new levels.”
There were no finders’ fees payable in connection with the transaction, the transaction was negotiated on an arm’s length basis and does not result in a change of control for Avante. Avante’s acquired equity interest in Architronics represents less than 2% of Avante’s assets, post-acquisition.
About Avante Logixx (www.avantelogixx.com)
Avante Logixx Inc. (TSXV:XX) 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), and the recently acquired City Wide Locksmiths Ltd., (www.citywidelocksmith.ca), 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.
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.
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