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SSC Security Services Corp. to Acquire Logixx Security Inc. in All-Cash Deal to Become the Largest Publicly-Traded Security Company In Canada
SSC Security Services Corp. to Acquire Logixx Security Inc. in All-Cash Deal to Become th...
About this update from Ssc Security Services Corp.
[{"type":"text","content":"\n \n \n \n SSC Security Services Corp. to Acquire Logixx Security Inc. in All-Cash Deal to Become the Largest Publicly-Traded Security Company In Canada\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.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n REGINA, SK\n \n \n ,\n \n \n March 30, 2022\n \n \n /CNW/ - SSC Security Services Corp. (\"\n \n SSC\n \n \") (TSXV: SECU) (OTCQX: SECUF), is pleased to announce that it has entered into a definitive share purchase agreement (\"\n \n Share Purchase Agreement\n \n \") to acquire Logixx Security Inc. (\"\n \n Logixx\n \n \"), a\n \n Toronto\n \n -based provider of premium security protection for leading enterprise and commercial clients across\n \n Canada\n \n , from its corporate owner, Avante Logixx Inc. (\"\n \n Avante\n \n \") (TSXV: XX) (OTC: ALXXF).\n \n \n The arrangement agreement (the \"\n \n Arrangement\n \n \") between SSC and Avante previously announced on\n \n February 9, 2022\n \n has been terminated by mutual agreement (the \"\n \n Termination Agreement\n \n \") of both parties in order to enter into the Share Purchase Agreement. In lieu of the expense reimbursement fee payable to SSC on termination of the Arrangement, the parties have agreed to apply an amount equal to\n \n $750,000\n \n (the \"\n \n Arrangement Expense Reimbursement\n \n \") to payment of the purchase price under the Share Purchase Agreement.\n \n \n Pursuant to the terms of the Share Purchase Agreement, SSC has agreed to acquire all of the issued and outstanding common shares of Logixx (\"\n \n Logixx Shares\n \n \") by way of a share purchase agreement (\"\n \n Transaction\n \n \"). Under the terms of the Transaction, SSC will pay Avante\n \n $23.95 million\n \n in cash for the Logixx Shares, less the Arrangment Expense Reimbursement, and subject to standard working capital, debt and other closing adjustments standard for transactions of this nature. On closing, SSC will take ownership of Logixx on a debt-free basis and with\n \n $7.5 million\n \n of net working capital. Complet...