Business
Avante Security Corporation Announces Acquisition of Innovative Technology Designer
TORONTO, Aug. 10 /CNW/ - Avante Security Corp. (TSXV: ASY) ("Avante" or the "Company") is pleased...
About this update from Avante Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 10 /CNW/ - Avante Security Corp. (TSXV: ASY) ("Avante" or\nthe "Company") is pleased to announce that it has entered into an agreement\n(the "Agreement") with Connectrix Automated Solutions Inc. ("Connectrix"). The\nAgreement provides for the sale of certain assets of Connectrix and the\nassumption of certain liabilities by the Company in consideration for the\nissuance by the Company to Connectrix of 1,000,000 common shares in the\ncapital of the Company (the "Consideration Shares"). The Consideration Shares\nshall be valued at $0.225, being the Discounted Market Price, as defined by\nthe policies of the TSX Venture Exchange ("TSXV"). 400,000 of the\nConsideration Shares shall be issued subject to a four-month hold period\nprescribed by the policies of the TSXV and 600,000 of the Consideration Shares\nshall be issued and deposited in escrow to be released in two equal\ninstalments on the first and second anniversaries of the closing date of the\ntransaction.\n\n\nClosing of the transaction contemplated by the Agreement is anticipated\nto occur on or about August 31, 2009. The Agreement and all transactions\ncontemplated therein are subject to the approval by the Toronto Stock\nExchange.\n\n\n"Connectrix will expand the traditional business service line and assist\nin launching our ground-breaking smartboxx automation interfaces," said\nEmmanuel Mounouchos, President and CEO. Following the closing of the\ntransaction, the name "Connectrix" will be changed to "Connectrixx" to be\nconsistent with Avante's smartboxx branding.\n\n\n"Our agreement with Avante Security Corp. will create a platform for\ngrowth for both Avante and Connectrix," added Adam Hepworth, President,\nConnectrix. "We are excited to expand Avante's traditional business line and\noffer our wireless iPhone programming expertise to the smartboxx engineering\nteam."\n\n\nAbout Connectrix Automated Solutions Inc.\n-----------------------------------------\n\n\nConnectrix is a leading technology designer, dedicated to incorporating\nnew technologies and products in residential and commercial properties,\nincluding structured wiring, custom lighting, multi-room audio, home theatres,\nCCTV/DVR systems, Audio Video Services and Phone Systems....