Feb. 25, 2011 (Canada NewsWire Group) --
TSXV TRADING SYMBOL: XX
TORONTO, Feb. 25 /CNW/ - Avante Logixx Inc. (TSXV: XX) (the "Corporation") is pleased to announce its results for the quarter and nine month period ended 31 December 2010.
Revenues for the quarter grew by 31% over the same period last year,
while gross margin grew by over 139%. The Company recorded its highest
quarterly revenues since it went public in 2008. The improved results
were largely attributable to the significant traction gained in the
Security Services business over the past two quarters as a result of
various initiatives to maximize revenues, reduce costs and drive
efficiencies in the divisions.
SmartBoxx, which the Company has been developing for the past two years,
and can be used in monitoring, control and energy management, is being
deployed in two pilot projects, with the potential of commercial
deployment in the near future. This division is in its early stages and
is not yet profitable; however, the potential exists in several target
markets for material growth in this division and losses in this
division are narrowing due to cost efficiency initiatives.
Gross profit as a percentage of sales increased to 25.3% for the quarter
from 13.9% for the same period last year.
About the Corporation
Avante manufactures and markets the innovative SmartboxxTM which
provides "anytime, anywhere" true two-way communication. The company is
focused on the expanded commercialization of its energy management,
security and automation interactive cellular based technology for
applications in the utility, property management and telecommunications
markets. Customizable through a variety of plug-an-play modules,
including Zigbee, the SmartBoxxTM is a next-generation technology for
information monitoring and control services. Avante also provides
premium executive security services using its innovative technologies.
| For the three month period ended | For the three month period ended | |||||
|
Dec 31, 2010 |
Dec 31, 2009 |
+/(-) |
Dec 31, 2010 |
Dec 31, 2009 |
+/(-) | |
| Revenues | 1,601,192 | 1,218,578 | 31.4% | 4,310,795 | 3,952,791 | 9.1% |
| Gross profit | 404,624 | 169,254 | 139.1% | 915,561 | 882,055 | 3.8% |
| Gross profit (%) | 25.3% | 13.9% | 21.2% | 22.3% | ||
The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
FORWARD LOOKING STATEMENTS
Certain statements in this release may constitute forward-looking
statements. Such forwardlooking statements involve risks, uncertainties
and other factors, which may cause actual results, performance or
achievements of The Corporation to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements.
Leland Verner, Chairman, (416) 923-6984, lelandv@avantesecurity.com
George Rossolatos, Co-CEO, (416) 923-6984, george@avantelogixx.com