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.