TSXV TRADING SYMBOL: ASY
TORONTO, June 17 /CNW/ - (TSXV: ASY) Avante Security Corp. ("Avante" or the "Corporation") is pleased to announce the appointment of George Rossolatos as Co-Chief Executive Officer and Director, effective June 17. Mr. Rossolatos will join Avante founder Manny Mounouchos to form a dynamic chief executive team to support Avante's continuing distribution of its Smartboxx(TM) technology globally. Additionally, Avante announces that Spiros Pantziris has resigned as a director of the Corporation. Avante thanks Mr. Pantziris for his contribution while on the board of directors.
Avante is a premier provider of executive security services and manufacturer of the Smartboxx, a leading technology addressing energy managment, security and automation.
George Rossolatos is the founder and President of Riverdale Capital Corporation, a private investment company he created in 2009 for the primary purpose of seeking a Canadian middle market company in which he could both invest capital and take a senior leadership role. Previously, Mr. Rossolatos was a partner and co-founder of TorQuest Partners Inc. where he had been since its inception in early 2002. TorQuest is a private equity fund manager with more than $700 million of capital under management. TorQuest invests in middle market companies to build value through opportune acquisitions, strategic leadership, operational excellence and the timely use of financial expertise. Prior to TorQuest, Mr. Rossolatos was an investment principal at Harrowston Inc., a publicly traded merchant bank. Prior to Harrowston, he worked with Ernst & Young LLP, managing a group focused on middle market companies. Mr. Rossolatos was recognized in 2007 as one of Canada's Top 40 under 40. He is a member of the Young Presidents' Organization while serving on the Advisory Board for the Queen's MBA program and as a director for the Association for Corporate Growth Toronto Chapter. He also serves as a director of the Toronto East General Hospital Foundation. Mr. Rossolatos is a Chartered Accountant and holds an MBA from the Kellogg School of Management at Northwestern University (Marketing) and a Bachelor of Commerce (Honours) from Queen's University.
"Today's announcement is a strong endorsement of Avante's business and its future vision," said Avante's Co-CEO and founder Manny Mounouchos. "Avante will greatly benefit from George's experience in driving value creation strategies along with his financial expertise, judgment and deep relationship base. His skill set and experience are a perfect complement to my twenty-four year background in security services and technology development. We will form a fantastic team to execute Avante's business plan."
"The opportunity to join Manny in leading Avante is very exciting," said Mr. Rossolatos. "Avante has created a leading brand in executive security and has developed leading edge technology with the Smartboxx solution. I believe that with our joint expertise and experience we can take Avante's business to the next level. I look forward to working with Manny, the Board and the team at Avante to help the company realize its potential."
"Our focus is now clear," said Leland Verner, Chairman of Avante. "Getting the Smartboxx suite of products to market will have a meaningful impact on the growth of the business and George will help accelerate this initiative."
In connection with his appointment, Mr. Rossolatos will acquire 1,250,000 units (the "Units") in Avante at a price of $0.20 per Unit. Each Unit will consist of one common share (a "Common Share") in the capital of the Corporation and one-half of one Common Share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at $0.25 during the first 12 months following closing, $0.30 during the second 12 months following closing and $0.35 during the third 12 months following closing and will expire thereafter. Mr. Rossolatos will also be granted options to purchase 2,300,000 Common Shares. The options will vest equally at the time of the grant and on the next two anniversary dates, are exercisable at a price of $0.25 per share and have an expiry date of five years. In addition, Mr. Mounouchos has granted options to Mr. Rossolatos to purchase 4,000,000 Common Shares. The options will vest on December 31, 2010, are exercisable at a price of $0.20 per share and have an expiry date of December 31, 2012.
Avante manufactures and markets the innovative Smartboxx(TM) which provides "anytime, anywhere" true two-way communication. The company is focused on the expanded commercialization of its energy management, security and automation interactive cellular based technology for applications in the utility, property management and telecommunications markets. Customizable through a variety of plug-an-play modules, including Zigbee, the SmartBoxx(TM) is a next-generation technology for information monitoring and control services. Avante also provides premium executive security services using its innovative technologies.
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 Corporation to be materially difference from future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE AVANTE SECURITY CORP.
For further information: For further information: Manny Mounouchos, Co-CEO, 416-923-6984 x224, firstname.lastname@example.org; George Rossolatos, Co-CEO, 416-923-6984 x221, email@example.com; Leland Verner, Chairman, 416-823-7474, firstname.lastname@example.org