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AVANTE LOGIXX INC. SECOND LARGEST SHAREHOLDER CONTINUES TO ASK FOR GOVERNANCE IMPROVEMENTS, TRANSPARENCY AND SALE
AVANTE LOGIXX INC. SECOND LARGEST SHAREHOLDER CONTINUES TO ASK FOR GOVERNANCE IMPROVEMENTS, TRANS...
About this update from Avante Corp
[{"type":"text","content":"\n \n \n \n AVANTE LOGIXX INC. SECOND LARGEST SHAREHOLDER CONTINUES TO ASK FOR GOVERNANCE IMPROVEMENTS, TRANSPARENCY AND SALE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CHALLENGES FAIRFAX, AVANTE'S 19.99% SHAREHOLDER, TO DEMAND SAME\n \n \n \n \n ASKS WHY FAIRFAX BLOCKED\n \n MARCH 2022\n \n SALE VALUED AT\n \n $1.75\n \n /SHARE\n \n \n \n \n \n 1.1M\n \n OPTIONS GRANTED\n \n APRIL 2022\n \n AT\n \n $0.88\n \n MUST BE RE-PRICED TO\n \n $1.75\n \n \n \n \n \n \n $600,000\n \n FEE PAID TO KINGSDALE ON BEHALF OF FAIRFAX AND CEO MOUNOUCHOS MUST BE REIMBURSED\n \n \n \n \n COSTS FROM BLOCKING SALE ESTIMATED AT\n \n $4.1M\n \n OR\n \n $0.15\n \n /SHARE\n \n \n \n \n EXCESS CASH OF\n \n $11M\n \n (\n \n $0.42\n \n /SHARE) SHOULD BE DISTRIBUTED\n \n \n \n \n AVANTE SHOULD BE SOLD\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 25, 2023\n \n \n /CNW/ - George Christopoulos today announced the acquisition of additional Avante Logixx Inc. (\"Avante\") (TSXV: XX) shares and now controls 3,347,400, representing 12.64% of Avante's shares. Fairfax (TSX: FFH) controls 5,297,434 shares or 19.99%.\n \n \n Mr. Christopoulos also reiterates the disclosures made in the Early Warning Report and Press Release dated\n \n March 29, 2023\n \n filed on SEDAR.\n \n \n \n Mr. Christopoulos continues to challenge both Avante's board and Fairfax on:\n \n \n \n \n \n Sale valued at\n \n $1.75\n \n /share blocked by Mounouchos and Fairfax in\n \n March 2022\n \n \n \n \n Subsequently, a new four-person board was formed and Mounouchos was appointed CEO/Chairman. Avante's shares have since traded as low as\n \n $0.65\n \n .\n \n \n \n \n \n 1,100,000 options issued in\n \n April 2022\n \n priced as low as\n \n $0.88\n \n must be repriced at\n \n $1.75\n \n \n \n \n Less than 30 days after blocking the sale valued at\n \n $1.75\n \n share, the board issued 1,100,000 options (including 800,000 to Mounouchos at an average exercise price of\n \n $1.02\n \n ). These options must be repriced at\n \n $1.75\...