TSXV TRADING SYMBOL: ASY
TORONTO, March 19 /CNW/ - Avante Security Corp. (TSXV: ASY) (the "Corporation") further to its earlier press release issued today is pleased to announce that it has, subject to final approval from the TSX Venture Exchange (the "Exchange"), completed the sale of 3,750,000 units ("Units") of the Corporation to an "accredited investor" in the Province of Ontario for gross proceeds of $750,000 by way of a non-brokered private placement. The Units were sold at a price of $0.20 per unit. Each Unit consists of one common share ("Common Share") and one-half of one common purchase warrant ("Warrant") of the Corporation. Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.25 during the period commencing on March 18, 2010 until March 17, 2011, $0.30 during the period commencing March 18, 2011 until March 17, 2012 or $0.35 during the period commencing on March 18, 2012 until March 17, 2013. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable securities laws. The Corporation has, after giving effect to the private placement, 46,398,843 issued and outstanding common shares. The proceeds are intended to be used for building inventory and deployment of Smartboxx(TM) technology.
About the Corporation
The Corporation has built its reputation as Toronto's preeminent security company by providing premium security services through the use of advanced technology and a focus on client service. The smartboxx(TM) family of technologies is the latest advance in true, two-way, interactive wireless automation. The Avante Smartboxx(TM) platform is a significant technology upgrade to the Corporation's currently deployed patent-pending 724Smart WIP. This latest release includes expanded functionality with a full range of extended automation and energy management features. The Avante smartboxx(TM) "anywhere, anytime" remote monitoring and control technology hardware uses GSM, CDMA, SMS and GPRS networks to interact and communicate. Additional information relating to Avante Security Corp. is available on SEDAR at www.sedar.com and on the Corporation's website at www.avantesecurity.com.
This Press release is being issued to update and correct the information concerning the Corporation and the development of its products and technology.
The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
FORWARD LOOKING STATEMENTS
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of The Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE AVANTE SECURITY CORP.
For further information: For further information: Leland Verner, Chairman, Avante Security Corp., email@example.com, Tel: (416) 823-7474