TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- In connection with the filing today by Avante Logixx Inc. (TSXV:XX) (“ Avante ” or the “ Company ”) of a preliminary short form prospectus in respect of the bought deal public offering previously announced on May 23, 2018, the Company has announced that it will re-file its unaudited interim consolidated financial statements for the three and nine month periods ended December 31, 2017, together with the notes thereto (the “ Fiscal 2018 Q3 Financial Statements ”) and the applicable management’s discussion and analysis of the financial condition and results of operations of the Company, as the previously filed Fiscal 2018 Q3 Financial Statements had not been reviewed by the auditors of the Company, as permitted by applicable securities law.
In connection with the review engagement with its auditors, the Company will be restating the Fiscal 2018 Q3 Financial Statements, including certain note disclosure to (i) reflect a revision to the allocation of the purchase price allocation from the acquisition of City Wide Locksmiths Ltd.; and (ii) recapture into net income the previously expensed stock options granted to the former chief executive officer that expired upon his resignation. The Company anticipates filing the restated Fiscal 2018 Q3 Financial Statements and the applicable management’s discussion and analysis as soon as possible. The Company does not consider these adjustments, individually or in the aggregate, to be material.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.
About Avante Logixx Inc.
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 CEO (416) 923-6984 craig@avantelogixx.com
Forward-Looking Information
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.
