Trading symbol - XX.V
TORONTO, July 2, 2013 /CNW/ - Avante Logixx Inc. (the "Corporation") announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to proceed with a normal course issuer bid (the "Bid") whereby the Corporation may purchase, from time to time, up to 5,107,495 of its common shares, being approximately 9.1% of the Corporation's issued and outstanding common shares and approximately 10% of the Corporation's Public Float (as that term is defined in the policies of the Exchange).
The Bid will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made through the facilities of the Exchange. Haywood Securities Inc. will conduct the Bid on behalf of the Corporation.
The price which the Corporation will pay for any shares purchased by it will be the prevailing market price of such common shares on the Exchange at the time of such purchase.
The Corporation has not purchased any common shares pursuant to a normal course issuer bid during the previous 12 months. The Bid will commence no earlier than three trading days following receipt of approval of the Exchange and will terminate on one year from such date, or such earlier time as the applicable Bid is completed or at the option of the Corporation.
The Corporation believes that the current and recent market prices for the Corporation's common shares do not give full effect to their underlying value and that, accordingly, the purchase of common shares under the Bid will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to current shareholders who would like to dispose of their shares and will serve to stabilize the market price for the Corporation's shares.
About Avante Logixx Inc.
Avante Logixx Inc. (TSXV: XX) is a Toronto based security and technology company. Its primary operating division, Avante Security Inc. (www.avantesecurity.com), provides best in class security response and other security services for residential and commercial applications as well as being an industry leader in designing and installing complex security systems, access control, and video analytics. The company continuously develops innovative products and applications within its core competencies. Please visit www.avantelogixx.com.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the conduct of the Bid and Exchange acceptance of the Bid. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.
Neither the Exchange nor its Regulation Services Provider (as the term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Avante Logixx Inc.
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