TORONTO, April 2, 2015 /CNW/ - Further to its Form 45-102F1 filing in respect of Avante Logixx Inc. (TSXV: XX) ("Avante") on March 26, 2015, Geoman I Partnership ("Geoman") is announcing that it has disposed of 3,000,000 common shares in the capital of Avante through the facilities of the TSX Venture Exchange in transactions brokered by Cormark Securities Inc. and Haywood Securities Inc. at a price of $0.38 per share. The settlement date for these transactions is April 8, 2015. The purpose of the disposition is in part to generate proceeds in order to satisfy the cash outlay including taxes that will be incurred in connection with the exercise, in full, of an outstanding stock option to purchase 2,300,000 common shares as further described below.
Geoman is a general partnership of two partners, being George Rossolatos and The Emmanuel Mounouchos Family Trust (Emmanuel Mounouchos is a trustee of the family trust.) Messrs. Mounouchos and Rossolatos each act as Co-CEOs and directors of Avante. Geoman's office address is located at 1959 Leslie Street, Toronto, Ontario M3B 2M3.
Immediately prior to the disposition, Geoman held 4,000,000 Avante common shares, representing 5.3% of the issued and outstanding Avante common shares. As at the settlement date of the disposition, it is intended that Geoman will be dissolved and its remaining asset, being 1,000,000 Avante common shares, will be distributed to its partners, each as to a 50% interest. At that time, net proceeds from the disposition (after deducting applicable sales commissions) will be distributed to the partners, each as to a 50% allocation of such proceeds. Mr. Rossolatos is announcing his intention to forthwith use the proceeds received on the settlement date to exercise, in full, an outstanding stock option to purchase 2,300,000 Avante common shares at a price of $0.10 per share and to pay taxes incurred thereon.
Immediately prior to the disposition, Mr. Mounouchos beneficially owns and exercises control and direction over, an aggregate of 17,204,455 Avante common shares (including 2,000,000 of Geoman's Avante common shares beneficially held prior to the disposition), representing 21.8% of all of the issued and outstanding Avante common shares. Immediately prior to the disposition, Mr. Rossolatos beneficially owns and exercises control and direction over, an aggregate of 6,000,343 Avante common shares (including 2,000,000 of Geoman's Avante common shares beneficially held prior to the disposition), representing 7.6% of all of the issued and outstanding Avante common shares.
Immediately following the disposition by Geoman of 3,000,000 Avante common shares and the exercise by Mr. Rossolatos of his stock option for 2,300,000 Avante common shares, Mr. Mounouchos beneficially owns and exercises control and direction over, an aggregate of 15,704,455 Avante common shares, representing 19.9% of all of the issued and outstanding Avante common shares, and Mr. Rossolatos beneficially owns and exercises control and direction over, an aggregate of 6,800,343 Avante common shares, representing 8.6% of all of the issued and outstanding Avante common shares.
At present, neither Mr. Mounouchos nor Mr. Rossolatos intend to further dispose of or acquire any Avante securities.
About Avante Logixx (www.avantelogixx.com )
Avante Logixx Inc. (TSX VENTURE: XX) is a Toronto based security and technology company. Its subsidiaries, Avante Security Inc. (www.avantesecurity.com ) and recently acquired INTO Electronics Inc. (www.intoelectronics.com and LVS Inc. www.lvssecurity.com), together provide best in class security response and other security services for residential and commercial clients, and high-rise condominium applications, and are industry leaders in designing and installing complex security systems, access control, intelligent video analytics and smart home automation. Its International Travel Security offering helps corporations protect traveling employees working abroad in medium/high risk jurisdictions and has executed travel details in over 60 countries. The company continuously develops innovative products and applications within its core competencies. Please visit our websites at www.avantelogixx.com and www.avantesecurity.com and consider joining our investor email list. Avante recently conducted a test comparing its rapid alarm response service with that of other alarm companies. For the result of this test please see www.6minuteresponse.com.
FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" These statements include, but are not limited to, statements with respect to the entering into of agreements, the closing of transactions and the use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of transactions, the ability to fulfill certain conditions and obtain regulatory approvals, and the ability to raise funds and use the proceeds as anticipated.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Avante Logixx Inc.
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