Avante Logixx Closes $4.75 million Acquisition of Intelligarde International Inc.
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TORONTO, Dec. 03, 2018 (GLOBE NEWSWIRE) — Avante Logixx Inc. (TSXV: XX) (“Avante” or the “Company”) is pleased to announce that it has closed its previously reported acquisition of all of the issued and outstanding shares of Intelligarde International Inc. (“Intelligarde”) effective November 30, 2018 pursuant to the terms of the agreement dated November 11, 2018 (the “Agreement”) and previously announced by Avante on November 12, 2018. As announced, Avante purchased Intelligarde for $4.75 million using a mix of cash on hand and its recently announced acquisition facility to fund the transaction. The $4.75 million purchase price is subject to certain adjustments as set forth in the Agreement.
“I am very pleased to close this transaction and officially welcome the Intelligarde team to the Avante platform,” said Craig Campbell, CEO of Avante. “With Intelligarde under the Avante platform we intend to execute on our strategic plan of accelerating our position as a leading technology-enabled security solutions provider to large national accounts.”
As a result of the closing of the Transaction, Intelligarde has become a wholly-owned subsidiary of Avante.
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 potentially exceptional returns. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
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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 realizing on the anticipated value of the acquisition of Intelligarde, the Company’s ability to execute on its strategic plan, 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. This 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, including that no significant events occur outside of Avante’s normal course of business, assumptions about trends in manpower and technology costs, assumptions made about the business of Intelligarde, and assumptions about the Company’s ability to leverage Avante’s and Intelligarde’s collective customer bases and networks. 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 of the statements. 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.
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