AVANTE LOGIXX INC. ANNOUNCES DATE OF SPECIAL MEETING OF SHAREHOLDERS
April 29 2022 - 4:05PM
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 CEO416 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.
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