TORONTO, July 21 /CNW/ - Avante Security Corp. (TSXV: ASY) (the
"Corporation") announced today that Avante Security Inc. ("Avante"), a wholly
owned subsidiary of the Corporation, and Securitas Canada Limited
("Securitas") have entered into a definitive agreement whereby Securitas will
assume substantially all of the uniformed guard operations of Avante in
exchange for payments to Avante over the next three years. The transaction is
expected to close on or about August 4, 2008.
In connection with this initiative, the Corporation will be in a position
to further focus on the design and installation of high-end security systems,
executive response and patrols and the commercialization of its 724Smart WIP
"This transaction will allow Avante to focus its efforts on its core
business. In addition, we look forward to exploring new business opportunities
with Securitas going forward," stated Emmanuel Mounouchos, President and CEO
of the Corporation.
"Securitas is pleased to begin this relationship with Avante and is
excited by the prospects of utilizing Avante's 724Smart WIP technology in the
future," stated Robert Pretto, President of Securitas.
About the Corporation
The Corporation has developed proprietary hardware and software for
wireless security, which provides monitoring for data and video, home
automation and remote monitoring, demand/response energy management and
metering applications. The Corporation's Secure 724Smart WIP is a smart
interactive portal module that uses proprietary hardware to convert wired
information to a wireless format without the need of a personal computer or
server. The Secure 724 transmits data in multiple formats to wireless mobile
devices and/or PC's. The Corporation is headquartered in Toronto, Ontario. For
more information, please visit www.avantesecurity.com.
Securitas is a wholly owned subsidiary of Securitas AB of Sweden, a
knowledge leader in the security industry with over 250,000 employees
operating in 30 countries.
These forward-looking statements, by their nature, necessarily involve
risks and uncertainties that could cause actual results to differ materially
from those contemplated by the forward-looking statements. The Corporation
considers the assumptions on which these forward-looking statements are based
to be reasonable at the time they were prepared, but cautions that these
assumptions regarding the future events, many of which are beyond the control
of the Corporation and its subsidiaries, may ultimately prove to be incorrect.
The Corporation disclaims any intention or obligation to update or revise any
forward-looking statements whether a result of new information, future events,
or except as required by law. For additional information on risks and
uncertainties relating to these forward-looking statements, investors should
consult the Corporation's ongoing filings found on SEDAR at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Leland Verner, Chairman, Avante Security Corp.,
firstname.lastname@example.org, Tel: (416) 823-7474