Avante Logixx Inc. Announces Non-Cash Write-down of Certain Capitalized Costs

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[{"type":"text","content":"\n\n\n Apr. 29, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSXV TRADING SYMBOL: XX\n\n\nTORONTO, April 29 /CNW/ - After receiving feedback from the previously\n announced Utility pilot projects in the remote energy metering and\n demand response market, Avante Logixx Inc. has determined that\n enhancements to the company's existing technology will be necessary in\n order to roll out its solution effectively in scale.  The Company\n believes it can develop such technology in a cost-effective manner to\n pursue these and other opportunities.\n\n\nThe aforementioned feedback has caused Management to reassess the fair\n value of the related capitalized development costs which relate\n specifically to this Energy application, presently carried at $2.6\n million on the Consolidated Balance Sheet. Accordingly, after a\n detailed evaluation by the Management and approval of the Board, Avante\n Logixx Inc. has decided to take a one-time impairment charge for the\n entire amount of these development costs, incurred over the past two\n years. While this is a non-cash item, this charge will have the\n corresponding effect of reducing earnings for the year just ended March\n 31, 2011.\n\n\nAvante's existing technology, deployed in applications other than the\n Utility market, continues to show growth in applications including\n security, home automation, personal home energy conservation and\n management, flood detection and virtual monitoring. The Company is also\n currently eval...

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