Toronto, Ontario, April 26, 2023 (GLOBE NEWSWIRE) --
Not for distribution to U.S. news wire services or for dissemination in the United States
Avante Logixx Inc. (TSX.V: XX) (“Avante” or the “Company”) would like to respond to the recent misleading claims made by George Christopoulos in his press releases dated March 29, 2023 and April 25, 2023.
Mr. Christopoulos and his joint actors (the “Dissidents”) are known to the Company and have a history of failed dissident attempts with numerous other issuers, based on self-interested and short-term opportunistic tactics. The misleading attacks against Avante are a further inappropriate attempt to further their self-interested agenda.
The Avante board of directors (the “Board”) is committed to representing the interests of all of its shareholders. The Board and management of Avante are aligned with the interests of shareholders and in fact hold in excess of 38% of the issued and outstanding shares of Avante.
Avante would like to remind the Dissidents that as part of the strategic review process announced by the Company in 2021, the Company has already engaged in a fulsome sales process which culminated in a change in the management of the Company, renewal of the board of directors and ultimately the sale of Logixx Security Inc. on June 1, 2022.
Since the sale of Logixx Security Inc., Avante has returned to focussing on its core business and developing collateral opportunities in accordance with its business plan. The Company does not respond to rumours or speculation, and though it is open to discussions with its shareholders, it does not provide selective disclosure to any particular shareholder. The Dissidents’ attempts to crowd out the voices of our other shareholders through an aggressive and opportunistic agenda is not conducive to the open dialogue the Board encourages.
Finally, the Board wishes to thank its shareholders for their continued confidence. While each member of the Board, received the approval of over 93% of the votes cast at the last shareholder meeting just a few months ago (other than Mr. Bronfman who was appointed to replace the former Chair after his unfortunate passing), the Board is nonetheless grateful for the numerous, unsolicited expressions of support it has received from shareholders in response to the Dissidents.
Advisors
Norton Rose Fulbright Canada LLP is acting as legal counsel to the Company.
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.
Forward-Looking Information
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. The forward-looking statements in this news release are based on certain assumptions. 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, the Company’s ability to achieve the benefits expected as a result of the sale of Logixx Security Inc., anticipated growth and expansion of the Company’s core services, 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.
Avante Logixx Inc.
Emmanuel Mounouchos
CEO
416 923 6984
manny@avantesecurity.com
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
