TORONTO, Aug. 10 /CNW/ - Avante Security Corp. (TSXV: ASY) ("Avante" or
the "Company") is pleased to announce that it has entered into an agreement
(the "Agreement") with Connectrix Automated Solutions Inc. ("Connectrix"). The
Agreement provides for the sale of certain assets of Connectrix and the
assumption of certain liabilities by the Company in consideration for the
issuance by the Company to Connectrix of 1,000,000 common shares in the
capital of the Company (the "Consideration Shares"). The Consideration Shares
shall be valued at $0.225, being the Discounted Market Price, as defined by
the policies of the TSX Venture Exchange ("TSXV"). 400,000 of the
Consideration Shares shall be issued subject to a four-month hold period
prescribed by the policies of the TSXV and 600,000 of the Consideration Shares
shall be issued and deposited in escrow to be released in two equal
instalments on the first and second anniversaries of the closing date of the
Closing of the transaction contemplated by the Agreement is anticipated
to occur on or about August 31, 2009. The Agreement and all transactions
contemplated therein are subject to the approval by the Toronto Stock
"Connectrix will expand the traditional business service line and assist
in launching our ground-breaking smartboxx automation interfaces," said
Emmanuel Mounouchos, President and CEO. Following the closing of the
transaction, the name "Connectrix" will be changed to "Connectrixx" to be
consistent with Avante's smartboxx branding.
"Our agreement with Avante Security Corp. will create a platform for
growth for both Avante and Connectrix," added Adam Hepworth, President,
Connectrix. "We are excited to expand Avante's traditional business line and
offer our wireless iPhone programming expertise to the smartboxx engineering
About Connectrix Automated Solutions Inc.
Connectrix is a leading technology designer, dedicated to incorporating
new technologies and products in residential and commercial properties,
including structured wiring, custom lighting, multi-room audio, home theatres,
CCTV/DVR systems, Audio Video Services and Phone Systems. Please visit
www.connectrix.ca for additional information on Connectrix.
About Avante Security Corporation
Over the past thirteen years, Avante 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.
Trademarked 724Smart WIP(TM), the Company's proprietary technologies provide
"Anytime; Anyplace" two-way wireless communication to any electronic device.
Originally developed for wireless security applications, the technology's open
architecture provides a platform for expanded functionality, and the Company
is now positioned to participate in the growing opportunities in energy
management and metering applications, home automation and remote video
monitoring among others.
Additional information relating to Avante is available on SEDAR at
www.sedar.com and on the Company's website at www.avantesecurity.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The TSX
Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this release.
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 Company to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements.
For further information:
For further information: Leland Verner, Chairman, (416) 823-7474,
email@example.com; Emmanuel Mounouchos, President & CEO, (416)
923-6984 x224, firstname.lastname@example.org