TORONTO, Sept. 25, 2017 (GLOBE NEWSWIRE) — Avante Logixx Inc. (“Avante”) (TSX:XX.V) (OTC:ALXXF) today announced that Chief Executive Officer, Mr. George Rossolatos, informed the Board of his decision to step down to pursue another business opportunity outside the security space. His new role accepted late Friday will only take effect after December 21, 2017, being Mr. Rossolatos’ final day as CEO after serving out the three month notice period set out in his employment agreement. During the notice period, Mr. Rossolatos will continue to serve as a director of Avante and he will assist in ensuring an orderly transition following his departure.
George Rossolatos said about his departure, “This was a very difficult decision for me as it has been a wonderful experience to be part of the Avante team for over seven years and I am proud of the growth of Avante since joining several years back. Revenues are up fourfold, EBITDA is positive and we have over $3 million in cash and continue looking at viable acquisition opportunities in our pipeline. In addition, Avante has developed a proper infrastructure that enables its group of companies to service and support its customers with a focus on maximizing operational efficiencies. I look forward to continuing to help Avante the best I can going forward.”
Leland Verner, Chairman of the Board, stated, “On behalf of the Board and the entire team at Avante, I would like to thank George for his significant contributions to Avante over the past seven years and wish him great success in his new role.”
The Board is taking immediate steps to search for, and evaluate, potential successor CEO candidates which may include certain of Avante’s current key executives. A replacement or interim CEO will be announced on or prior to December 21, 2017.
About Avante Logixx
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), City Wide Locksmiths Ltd. (www.citywidelocksmith.ca) and Architronics Limited (www.architronics.com) 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.
Avante Logixx Inc.
| Leland Verner
Chairman (416) 823-7474 [email protected] |
George Rossolatos CEO (416) 923-6984 [email protected] |
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.
NON-IFRS MEASURES
References to EBITDA are to net income before interest, taxes, depreciation and amortization. References to Adjusted EBITDA are to net income plus interest, taxes, depreciation and amortization and charges for share-based payments and integration and acquisition costs, expensing of CWL fair value adjustment in accordance with International Financial Reporting Standards (“IFRS”). Neither EBITDA nor Adjusted EBITDA is an earnings measure recognized by IFRS and do not have a standardized meaning prescribed by IFRS. Management believes that Adjusted EBITDA is an appropriate measure in evaluating Avante’s performance. Readers are cautioned that neither EBITDA nor Adjusted EBITDA should be construed as an alternative to net income (as determined under IFRS), as an indicator of financial performance or to cash flow from operating activities (as determined under IFRS) or as a measure of liquidity and cash flow. Avante’s method of calculating Adjusted EBITDA may differ from methods used by other issuers and, accordingly, Avante’s Adjusted EBITDA may not be comparable to similar measures used by other issuers.
Neither the 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.