Avante Logixx Enters Into Letter of Intent to Acquire C&B Alarms Ltd.
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Toronto, Ontario, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Avante Logixx Inc. ("Avante" or the "Company") (TSXV: XX) is pleased to announce that it has entered into a non-binding letter of intent (the “Letter of Intent”) to acquire certain of the business and assets of C&B Alarms Ltd. (“C&B Alarms”).
The parties currently intend to negotiate and enter into a definitive agreement for the Transaction (the “Agreement”), which will include customary terms and conditions for a transaction of this nature, including (i) completion of due diligence by the Company; and (ii) the receipt of all requisite corporate, shareholder and regulatory approvals. There can be no assurance that a definitive agreement will be negotiated or that the Transaction will be completed as proposed, if at all.
David Coon, founder of C&B has been operating in Muskoka for more than 40 years. They service over 800 properties throughout the region. In addition many of these property owners live in the Toronto area serviced by Avante.
“The proposed C&B acquisition complements our existing client footprint in the Muskoka region and confirms our commitment to expanding our residential security business”, said CEO Manny Mounouchos. “We look forward to serving the C&B clients as customers of Avante, offering them enhanced security services, including key holder alarm response, secured driving and video analytics”. Avante maintains a permanently staffed office in Port Carling, which would be a direct benefit to all of our clients in the area.
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 and consider joining our investor email list.
Avante Logixx Inc.
Emmanuel Mounouchos
CEO
416 923 6984
Cautionary Statements and Forward-Looking Statements
All 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 Transaction the expected financial impact of the Transaction.
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 signing of the Agreement on the same terms and conditions as the Letter of Intent, the timing and closing of the proposed transaction contemplated by the Letter of Intent, the Company realizing on the anticipated value of the Transaction, the Company maintaining its projected growth, 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, 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, including assumptions made about the business of C&B Alarms. 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.
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.
