TORONTO, March 31 /CNW/ - Avante Security Corp. (TSXV: ASY) ("Avante") and Conundrum Property Services LP ("CPS") today announced they have finalized an agreement to form a joint venture company to be named Avante Property Services LP ("APS").
APS will market Avante's analytic video technology and monitoring systems using the Avante smartboxx family of technologies, announced on March 25, 2009, to the multi-tenanted residential and commercial marketplace across North America. The Avante smartboxx is the latest advance in true, two-way, interactive wireless automation. The Avante smartboxx platform is a significant technology upgrade to its patent-pending 724Smart WIP(TM). This latest release includes expanded functionality with a full range of extended automation and energy management features. Once installed, the Avante smartboxx can be enhanced to provide suite temperature monitoring and sub-metering service.
Under the terms of the agreement, CPS will provide general management services, including marketing, sales, and leasing, and will provide all operating support necessary to implement the commercialization of the Avante smartboxx technology in North America. Through Conundrum, the joint venture will have sales channel access to a large group of institutional real estate assets including Conundrum's multi residential and commercial portfolios.
"This joint venture is a game changer for Avante," said Emmanuel Mounouchos, President and CEO of Avante Security Corporation. "The partnership provides Avante access to a much greater marketplace utilizing our state-of-the-art video monitoring facility and smartboxx transmission speeds."
"This joint venture is another example of CPS's commitment to partner with the best in breed companies to deliver essential services, with an enhanced value proposition, to the commercial marketplace," added Chris Asimakis, President of CPS. "Using Avante's smartboxx family of technologies, we can deliver superior security services at a competitive pricepoint."
About Avante Security Corp. ---------------------------
Over the past thirteen years, Avante has built its reputation as Toronto's preeminent security company by providing premium security services through the use of advanced technology and a focus on client service. Trademarked 724Smart WIP(TM), the Company's proprietary technologies provide "Anytime; Anyplace" two-way wireless communication to any electronic device. Originally developed for wireless security applications, the technology's open architecture provides a platform for expanded functionality, and the Company is now positioned to exploit the growing opportunities in energy management and metering applications, home automation and remote video monitoring, among others.
Additional information relating to Avante is available on SEDAR at www.sedar.com and on the Company's website at www.avantesecurity.com.
About Conundrum Property Services LP ------------------------------------
The Conundrum Group was established in the year 2000 and recently created Conundrum Property Services. Conundrum Property Services is focused on creating innovative products and services that provide property and asset managers with services that provide greater operating efficiencies and green technologies that reduce cost, mitigate risk and as a result, increase asset value. Additional information about Conundrum can be attained at www.conudrumcapital.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
%SEDAR: 00024271E