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TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) — Avante Logixx (“Avante” or the “Company”) (TSXV: XX) announces that, further to its news release of September 20, 2018, Avante will consolidate its common shares (the “Common Shares”) on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares. The Company will file articles of amendment in respect of the consolidation on Monday, October 29, 2018. The Common Shares will begin trading on a post-consolidation basis on the TSX Venture Exchange two to three business days following the filing of the articles of amendment.
As a result of the consolidation, the Company’s currently outstanding 105,578,361 Common Shares will be reduced to approximately 21,115,672 Common Shares, assuming no other changes to the issued capital of the Company. No fractional Common Shares will be issued. Any fractions of a Common Share will be rounded down to the nearest whole number of Common Shares without further compensation. The Company’s name and trading symbol will remain unchanged. The exercise price and number of Common Shares issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the consolidation. The consolidation was approved by the shareholders of the Company at the Company’s annual and special meeting on September 19, 2018 and has been conditionally approved by the TSX Venture Exchange.
Registered shareholders will be required to exchange their share certificates representing pre-consolidation Common Shares for new share certificates representing post-consolidation Common Shares. Registered shareholders have been sent a letter of transmittal which contains instructions on how they can surrender their share certificates representing pre-consolidation Common Shares to the Company’s transfer agent, TSX Trust Company. The transfer agent will forward to each registered shareholder who has provided the required documents a new share certificate representing the number of post-consolidation Common Shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-consolidation Common Shares will be deemed for all purposes to represent the number of whole post-consolidation Common Shares to which the shareholder is entitled as a result of the consolidation.
Further details with respect to the consolidation are contained in the Company’s management information circular dated August 7, 2018, a copy of which is available on SEDAR at www.sedar.com.
About Avante Logixx Inc.
Avante Logixx Inc. (TSXV: XX) is a Toronto based provider of technology enabled security solutions. 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.
Avante Logixx Inc.
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All statements in this news 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 frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. This forward-looking information includes statements with respect to, among other things, the effective date of the consolidation of the Common Shares.
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 Company being unable to complete the steps necessary to cause the consolidation to occur on the timelines stated in this news release 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. 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 as there can be no assurance that the credit agreement will be entered into or on the terms described in this news release or at all.
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 news release.