TORONTO, July 21 /CNW/ - Avante Security Corp. (TSXV: ASY) (the "Corporation") announced today that Avante Security Inc. ("Avante"), a wholly owned subsidiary of the Corporation, and Securitas Canada Limited ("Securitas") have entered into a definitive agreement whereby Securitas will assume substantially all of the uniformed guard operations of Avante in exchange for payments to Avante over the next three years. The transaction is expected to close on or about August 4, 2008.
In connection with this initiative, the Corporation will be in a position to further focus on the design and installation of high-end security systems, executive response and patrols and the commercialization of its 724Smart WIP technology.
"This transaction will allow Avante to focus its efforts on its core business. In addition, we look forward to exploring new business opportunities with Securitas going forward," stated Emmanuel Mounouchos, President and CEO of the Corporation.
"Securitas is pleased to begin this relationship with Avante and is excited by the prospects of utilizing Avante's 724Smart WIP technology in the future," stated Robert Pretto, President of Securitas.
About the Corporation
The Corporation has developed proprietary hardware and software for wireless security, which provides monitoring for data and video, home automation and remote monitoring, demand/response energy management and metering applications. The Corporation's Secure 724Smart WIP is a smart interactive portal module that uses proprietary hardware to convert wired information to a wireless format without the need of a personal computer or server. The Secure 724 transmits data in multiple formats to wireless mobile devices and/or PC's. The Corporation is headquartered in Toronto, Ontario. For more information, please visit www.avantesecurity.com.
About Securitas
Securitas is a wholly owned subsidiary of Securitas AB of Sweden, a knowledge leader in the security industry with over 250,000 employees operating in 30 countries.
These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Corporation and its subsidiaries, may ultimately prove to be incorrect. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Corporation's ongoing filings found on SEDAR at www.sedar.com.
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or accuracy of this release.
%SEDAR: 00024271E