AVANTE CORP RESPONDS TO DISSIDENT SHAREHOLDER; ENCOURAGES SHAREHOLDERS TO VOTE AT UPCOMING ANNUAL MEETING
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in the United States
Toronto, Ontario , Oct. 13, 2023 (GLOBE NEWSWIRE) —
Avante Corp. (TSX.V: XX) (“Avante” or the “Company”) would like to respond to the recent misleading statements made by George Christopoulos in his press release dated October 11, 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 by the Dissidents 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 Avante’s stakeholders. The Board is made up of five directors, all of whom (other than the CEO) are independent of the Company and all of whom (other than Mr. Bronfman who was appointed to replace Mr. Verner after his unfortunate passing) were elected by the shareholders at the last annual meeting of shareholders. As investors, each member of the Board is aligned with the interests of shareholders in ensuring the success of Avante.
The Board of Avante has only recently finalized the compensation package for senior management, which includes the long-term incentives disclosed in the Company’s most recent quarterly statements and the management information circular filed in connection with its upcoming annual meeting on October 24, 2023. Other than stock options, the compensation package for senior management does not involve the issuance or potential issuance of securities of the Company, does not result in dilution to shareholders and aligns management incentives with those of shareholders.
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. Avante recently announced its investment in North Star Support Group as well as the launch of the Avante Argus app, strengthening both its client base and its service offerings.
Avante’s strong balance sheet and improved net income year-over-year from a loss of 4.4M in 2022 to 32K profit in 2023 are a testament to the turnaround and the hard work and dedication of the Avante management team as it seeks to establish a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns.
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.
Shareholders are encouraged to review the disclosure in its management information circular filed on SEDAR+ with respect to the matters to be tabled at the upcoming annual meeting and encourages shareholders to vote at the meeting.
About Avante Corp.
Avante Corp. (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.avantecorp.ca and consider joining our investor email list.
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 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.
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