TORONTO, April 03, 2018 (GLOBE NEWSWIRE) --
Avante Logixx Inc. (TSXV:XX) (“Avante” or the “Company”) today announced plans to implement a new enterprise structure that will align the organization of the Company’s business operations with its core growth strategies. Under the new design, Avante’s businesses will be organized and managed by strategic business units structured principally by operating categories rather than by brand groups. It is intended that each division will have meaningful scale, a clearly defined portfolio role and targets for growth that are tied to its role in the enterprise and the scope of its marketplace opportunities. The Company’s management structure will be simplified and streamlined.
“The adoption of our new enterprise structure will be an important step for Avante,” said Craig Campbell, Chief Executive Officer. Mr. Campbell continued, “this reorganization will help unlock the value and growth potential of our businesses. It will drive focused investment on our largest growth opportunities. It is the logical next step in our effort to shift our company’s center of gravity, accelerate our growth trajectory and maximize value for our shareholders.”
The Company will soon announce appointments of the executives who will lead the new divisions, each of whom will report directly to Mr. Campbell. In the coming months, Mr. Campbell and other members of his leadership team will develop specific plans for organizing the new divisions and for appointments to key leadership roles. In coordination with this process, work will also proceed on a reorganization of corporate functions to deliver agile and effective support to the business divisions, and redesign the Company’s cost structure.
In line with the foregoing, the Company announced today the amalgamation of two of its wholly-owned subsidiaries, Avante Security Inc. and INTO-Electronics Inc., into one wholly-owned subsidiary known as ‘Avante Security Inc.’ effective April 1, 2018, thereby integrating those two businesses and allowing Avante to take advantage of cost synergies. In conjunction with the corporate reorganization, the Company also announced that effective today Rodney Wechsler has decided to leave the Company to pursue other opportunities and therefore no longer acts as the Chief Operating Officer of the Company. Mr. Wechsler however will be available to management over the next thirty days to ensure a seamless transition. By virtue of the amalgamation noted above, Mr. Wechsler also no longer serves as director or officer of INTO-Electronics Inc.
About Avante Logixx
Avante Logixx Inc. (TSXV:XX) is a Toronto based provider of high end security services. We acquire, manage and build industry leading businesses which provide specialized, mission-critical solutions that address the needs of our customers. Our businesses continuously develop innovative solutions that enable our customers to achieve their objectives. With an experienced team and a proven track record of solid growth, we are taking steps to establish a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
|Craig Campbell |
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 Avante’s 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 Avante’s 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 Avante’s 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. Avante’s 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.
Source:Avante Logixx Inc.