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TORONTO-Ontario, April 29, 2022 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (TSX.V: XX) (OTC: ALXXF) (“Avante” or the “Company”) announces today that it is calling a special meeting of shareholders of the Company to be held virtually on Monday, May 30, 2022 at 10:00 a.m. (Toronto time) (the “Meeting”).
The Meeting will be held to consider and, if thought advisable, to pass, with or without variation, in accordance with the requirements of Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture Exchange, an ordinary resolution concerning the sale of all of the issued and outstanding common shares of the Company’s wholly-owned subsidiary, Logixx Security Inc., to SSC Security Services Corp. (“SSC”) in consideration for payment by SSC to the Company of the aggregate amount of $23,950,000, subject to certain adjustments (the “Transaction”). The Transaction was announced by the Company on March 30, 2022.
The record date for determining shareholders of the Company who are entitled to receive notice of and to vote at the Meeting has been set at Tuesday, April 26, 2022.
In connection with the Transaction, the Company and SCC entered into support and voting agreements with each of the former directors of the Company who hold shares and certain key shareholders of the Company (together, the “Supporting Shareholders”), pursuant to which the Supporting Shareholders have agreed, among other things, to vote the shares held by them in favour of the Transaction. The Supporting Shareholders hold approximately 43.3% of the issued and outstanding shares of Avante.
A detailed management information circular setting forth the business at the Meeting and full details in respect of the Transaction is expected to be filed on SEDAR and mailed to shareholders in the next week. Shareholders are encouraged to review the circular in order to make a reasoned decision and vote in respect of the Transaction.
About Avante Logixx Inc.
Avante Logixx Inc. (TSXV: XX) is a Toronto based provider of high-end security services operating with two subsidiaries. Logixx Security supports enterprise customers across Canada, while Avante Security serves residential customers located in Toronto and Muskoka regions of Ontario, Canada. With experienced teams, a focus on customer service and development of innovative solutions, we remain committed to providing our shareholders with exceptional returns. Please visit our website at www.avantelogixx.com.
Avante Logixx Inc.
Emmanuel Mounouchos
CEO
416 923 6984
manny@avantesecurity.com
Forward-Looking Information and Cautionary Language
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro-forma” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the completion of the Transaction. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Transaction will be satisfied or waived. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, assumptions made with regard to the Company’s ability to complete the Transaction, the Company’s ability to secure the necessary approvals required to complete the Transaction, the Company’s ability to achieve the benefits expected as a result of the Transaction, and the list of risk factors identified in the Company’s Management Discussion & Analysis (MD&A), Annual Information Form (AIF) and other continuous disclosure documents available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.
Neither 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.
