TORONTO, March 02, 2017 (GLOBE NEWSWIRE) -- Trading symbols: (XX.V), (ALXXF)
Avante Logixx Inc. (Avante) is pleased to announce that it has indirectly acquired certain business assets of Architronics Inc. (www.architronics.com).
Architronics Inc. was founded in 1994, to provide high-end integrated solutions in the home and commercial automation and custom electronic integration industry, including security, lighting, audio & video, blind and temperature control. Since then, Architronics Inc. has established itself asa leading company in thisfield, designing and completing manysuccessful automation projects throughout Canada, the US and the Caribbean.
The transaction was structured by way of Avantes formation of a subsidiary entity, now named Architronics Limited (Architronics), which acquired, effective March 1, 2017, certain business assets from Architronics Inc. As consideration for the sale of these assets, the vendor received a 49% equity interest in Architronics. As a condition to the acquisition, Avante provided cash funding to Architronics in the amount of $255,000 along with access to its clients with regard to automation services and in exchange therefor Avante retains a controlling 51% equity interest. In conjunction with the acquisition, Architronics entered into key employment agreements with Matthew Grossman, President, Ron Cheung, COO and Kevin Belvett, VP Sales along with several other key team members.
Avante Logixx is very excited to collaborate with one of the pre-eminent automation teams in Canada, said CEO George Rossolatos, We believe that this transaction will be beneficial as Avante customers are significant buyers of automation offerings and will provide a materially increased flow of automation opportunities for Architronics, which already has a very strong brand presence. With our new capability in home and commercial automation, we add another pillar to our strategy, which already caters to residential and commercial security, locks and hardware. Avante expects Architronics to generate more than $2.5 million of revenue in the first year.
Architronics President Matthew Grossman added: We are very excited to team up with Avante. This acquisition will provide access to a larger number of new potential customers for our offerings as well as help us to provide better customer service and 24/7 support. We are also excited to be a part of the Avante groups bespoke showroom catering to designers and architects along with Avante Security, Into Electronics and Citywide / ADH. We believe that owning a smaller piece of the much bigger opportunity that this transaction makes possible, will ultimately help us to expand our business to new levels.
There were no finders fees payable in connection with the transaction, the transaction was negotiated on an arms length basis and does not result in a change of control for Avante. Avantes acquired equity interest in Architronics represents less than 2% of Avantes assets, post-acquisition.
About Avante Logixx (www.avantelogixx.com)
Avante Logixx Inc. (XX.V)is a Toronto-based security, monitoring, system integration and technology company. Its subsidiaries, Avante Security Inc., (www.avantesecurity.com), INTO Electronics Inc., (www.247into.com), and the recently acquired City Wide Locksmiths Ltd., (www.citywidelocksmith.ca), together provide best in class security systems and services for residential and commercial clients, and high-rise condominium applications, with industry leadership in designing and installing complex security systems, access control, intelligent video analytics, high-end lock services and smart home automation.Avantes group of companies strives to be best in class in each of its verticals including an industry leading rapid alarm response offering combined with alarm system and live video analytics monitoring. Avantes Executive Services team provides unparalleled end-to-end security solutions for high profile and high net worth families to ensure their safety in a comprehensive yet discrete manner, including an executive transportation option. Avantes International Travel Security team helps corporations protect traveling employees working abroad in medium/high risk jurisdictions and has executed travel details in over 60 countries. Avante continuously develops innovative products and applications within its core competencies. Please visit our website at http://www.avantelogixx.comand consider joining our investor email list.
Read More
FORWARD-LOOKING STATEMENTS
All statements in this press release, other than statements of historical fact, are forward-looking information with respect to Avante within the meaning of applicable securities laws. Forward-looking information is often, but not always, identified by the use of words such as seek, anticipate, plan, continue, planned, expect, project, predict, potential, targeting, intends, believe, potential, and similar expressions, or describes a goal, or a variation of such words and phrases or state that certain actions, events or results may, should, could, would, might or will be taken, occur or be achieved.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, the list of risk factors identified in Avantes Management Discussion & Analysis (MD&A), Annual Information Form (AIF) and other continuous disclosure, which list is not exhaustive of the factors that may affect any of Avantes forward-looking information. In connection with the forward-looking statements contained in this and subsequent press releases, Avante has made certain assumptions about its business and the industry in which it operates and has also assumed that no significant events occur outside of Avantes normal course of business. Although management believes that the assumptions inherent in the forward-looking statements are reasonable as of the date the statements are made, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. Avantes forward-looking information is based on the beliefs, expectations and opinions of management on the date the statements are made, and Avante does not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Here is the original post:
Avante Logixx Inc. Announces Acquisition of Automation Company Assets - Yahoo Finance
- The Automation Conference - December 9th, 2016 [December 9th, 2016]
- The Best Home Automation Systems of 2016 | Top Ten Reviews - December 24th, 2016 [December 24th, 2016]
- Compact Automation - Actuators, Hydraulic Cylinders, Linear ... - December 24th, 2016 [December 24th, 2016]
- What is Home Automation? | Home Automation Systems - December 24th, 2016 [December 24th, 2016]
- Job Seekers - Automation Personnel Services - December 24th, 2016 [December 24th, 2016]
- iAutomation - December 25th, 2016 [December 25th, 2016]
- Beyond Automation - hbr.org - December 25th, 2016 [December 25th, 2016]
- Automation The Car Company Tycoon Game on Steam - December 25th, 2016 [December 25th, 2016]
- Automation - Wikipedia - December 25th, 2016 [December 25th, 2016]
- Build automation - Wikipedia - December 26th, 2016 [December 26th, 2016]
- Home - Enerwave Home Automation - December 27th, 2016 [December 27th, 2016]
- Automation | Technologies | Systems | Integrator ... - December 27th, 2016 [December 27th, 2016]
- Automation - DESHAZO - December 27th, 2016 [December 27th, 2016]
- Custom Automation & Machine Design | Automation GT - December 27th, 2016 [December 27th, 2016]
- IT Automation - BMC - December 27th, 2016 [December 27th, 2016]
- Werner Electric | Automation - January 28th, 2017 [January 28th, 2017]
- Automationtechies | Automation Engineering Recruiting - January 28th, 2017 [January 28th, 2017]
- Automation - Mazak Corporation - January 28th, 2017 [January 28th, 2017]
- Automation | Food Engineering - January 28th, 2017 [January 28th, 2017]
- Test Automation Services for Development of Regression ... - January 28th, 2017 [January 28th, 2017]
- UI Automation Overview - msdn.microsoft.com - February 5th, 2017 [February 5th, 2017]
- The Evolution of Automation and What It Means for the Integration Industry - Commercial Integrator - February 7th, 2017 [February 7th, 2017]
- Automation, robots could replace 250000 public sector workers in the next 15 years - Computer Business Review - February 7th, 2017 [February 7th, 2017]
- New telecom transformation goals require service automation - TechTarget - February 7th, 2017 [February 7th, 2017]
- Automation expected to displace insurance underwriters, real estate brokers - CIO Dive - February 7th, 2017 [February 7th, 2017]
- The Perks Of Automation And The Risks: Why To Think Twice About Getting Into That Driverless Uber - Forbes - February 7th, 2017 [February 7th, 2017]
- Voices Reinventing enterprise finance by overhauling AP automation - Accounting Today - February 7th, 2017 [February 7th, 2017]
- DFLabs Launches the First Security Automation and Orchestration Platform based Upon Supervised Active Intelligence - Business Wire (press release) - February 7th, 2017 [February 7th, 2017]
- VIDEO: Going Big on Automation in a Small Footprint Facility - ENGINEERING.com - February 7th, 2017 [February 7th, 2017]
- Building a better model of human-automation interaction - Phys.org - Phys.Org - February 7th, 2017 [February 7th, 2017]
- Cruise Automation Is Testing an App For Hailing Self-Driving Cars - Fortune - February 8th, 2017 [February 8th, 2017]
- AlixPartners examines automation in manufacturing and logistics management - Logistics Management - February 8th, 2017 [February 8th, 2017]
- Women need to look out for each other in automated workplaces - The Guardian - February 8th, 2017 [February 8th, 2017]
- Automation vs. the H-1B visa program: Which matters to employees? - TechTarget - February 8th, 2017 [February 8th, 2017]
- Automation is the unavoidable future of the economy - The Daily Cougar - February 8th, 2017 [February 8th, 2017]
- Speeders beware: Legislation would allow automation crackdown ... - SFGate - February 9th, 2017 [February 9th, 2017]
- Robots versus bureaucrats: Why public sector work is ripe for automation - Financial Post - February 9th, 2017 [February 9th, 2017]
- Rockwell Automation Surged 10% in January as Growth Picked Up Steam - Motley Fool - February 9th, 2017 [February 9th, 2017]
- Global Medical Automation Market to Reach Approximately $75.6 Billion by 2025 - By End User, Application ... - PR Newswire (press release) - February 10th, 2017 [February 10th, 2017]
- Automation 'key' to advancing Thai production - The Nation - February 10th, 2017 [February 10th, 2017]
- WorkWave Releases New Lead Management And Marketing ... - PR Newswire (press release) - February 10th, 2017 [February 10th, 2017]
- 'We employ insane levels of automation' Kris Canekeratne - Times of India - February 10th, 2017 [February 10th, 2017]
- Most people are optimistic about workplace automation, social data suggests - ZDNet - February 10th, 2017 [February 10th, 2017]
- Yes, there's a job creation argument for automation and technology ... - The Hill (blog) - February 10th, 2017 [February 10th, 2017]
- Technobabble: Automation and the modern worker - CIO Dive - February 10th, 2017 [February 10th, 2017]
- Improving Behavior Through Automation of Vehicle Systems - School Transportation News (blog) - February 11th, 2017 [February 11th, 2017]
- Automation Nightmare: Philosopher Warns We Are Creating a World Without Consciousness - Big Think - February 11th, 2017 [February 11th, 2017]
- Why Don't We See More Automation in Federal Networks? - Nextgov - February 11th, 2017 [February 11th, 2017]
- Automation can revitalize the US workforce - Fox News - February 11th, 2017 [February 11th, 2017]
- Readers Write (Feb. 12): The moose population; jobs, start-ups and automation; diversity in the funny pages - Minneapolis Star Tribune - February 12th, 2017 [February 12th, 2017]
- Automation can replace bureaucrats and save taxpayers money - Hot Air - February 12th, 2017 [February 12th, 2017]
- TigerStop hopes to ride automation to new heights - The Columbian - February 12th, 2017 [February 12th, 2017]
- Your Most Valuable Resource is Time Get More of it through Automation - CMS Critic (press release) (blog) - February 13th, 2017 [February 13th, 2017]
- What Does Device Automation Mean for Users? - Medical Device and Diagnostics Industry (blog) - February 13th, 2017 [February 13th, 2017]
- How To Beat Automation And Not Lose Your Job - Forbes - February 13th, 2017 [February 13th, 2017]
- Logistics firm gets automation boost - The Straits Times - February 14th, 2017 [February 14th, 2017]
- PP Control & Automation launch new video to kick-start exciting plans for 2017 - Manufacturer.com - February 14th, 2017 [February 14th, 2017]
- Automation's Impace on Data Center Monitoring Alerts - The Data Center Journal - February 14th, 2017 [February 14th, 2017]
- Hollysys Automation Technologies Reports Unaudited Financial Results for the First Half Year and the Second Quarter ... - PR Newswire (press release) - February 15th, 2017 [February 15th, 2017]
- 4 Automation Hacks to Save You Money and Manpower - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Istuary Innovation Group and Bluewrist Partner to Bring Robotics and Automation into China's Manufacturing Sector - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Redwood Software Named a Strong Performer in Independent Robotic Process Automation (RPA) Report - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Boeing ramps up automation, innovation as it readies 737MAX | The ... - The Seattle Times - February 15th, 2017 [February 15th, 2017]
- Robots and AI are coming for our jobs, but can augmentation save us from automation? - Digital Trends - February 15th, 2017 [February 15th, 2017]
- The Impact of Bad Data in Automation: Why Quality Management is Critical - R & D Magazine - February 16th, 2017 [February 16th, 2017]
- Automation: Are We Empowering Human Interaction Or Displacing It? - Business 2 Community - February 16th, 2017 [February 16th, 2017]
- Life in the Fast LaneAutomation with Software-Defined Intelligence - InfoWorld - February 16th, 2017 [February 16th, 2017]
- Luddite Lefty Journalists Apparently Think Workplace Automation is Conservatives' Fault [VIDEO] - Daily Caller - February 16th, 2017 [February 16th, 2017]
- Will automation define the future of network technology? - TechTarget - February 16th, 2017 [February 16th, 2017]
- Editorial: Improving automation - The Motorship - February 17th, 2017 [February 17th, 2017]
- TigerText Unveils Role-based Scheduling Automation, Amazon Alexa integration - HIT Consultant - February 17th, 2017 [February 17th, 2017]
- 89% people want automation at workplace: Adobe - Economic Times - February 18th, 2017 [February 18th, 2017]
- Delta veers to EV parts, automation - Bangkok Post - February 18th, 2017 [February 18th, 2017]
- Robotic process automation makes nearshore outsourcing more ... - CIO - February 18th, 2017 [February 18th, 2017]
- The working-class job that Trump could save from automation - Washington Post - February 18th, 2017 [February 18th, 2017]
- China must be ready for automation - Basic Income News - February 18th, 2017 [February 18th, 2017]
- Bill Gates Says Robots Should Be Taxed Like Workers - Fortune - February 18th, 2017 [February 18th, 2017]
- Trump and automation challenge India's IT industry - VentureBeat - February 18th, 2017 [February 18th, 2017]
- Both Trump and Automation Are Challenging India's IT Industry - Fortune - February 20th, 2017 [February 20th, 2017]
- 89% people want automation at workplace: Adobe - ETCIO.com - February 20th, 2017 [February 20th, 2017]