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TORONTO, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (TSXV: XX) (“Avante” or the “Company”) is pleased to announce that it has entered a memorandum of understanding (“MOU”) with 3|Sixty Secure Corp. (“3 Sixty”). Under the terms of the MOU, signed on September 26, 2018, 3 Sixty will refer business to Avante on a preferred basis for a number of services ancillary to the cannabis industry, including certain executive security and residential services, integrated security systems and risk management & due diligence services related to employees and contractors, such as employee background screening and duty of care compliance programs, and Avante will refer business to 3 Sixty on a preferred basis for a number of services relating to the cannabis industry, including supply chain transport and on-site guarding security of cannabis facilities.
Petro Vista Energy Corp. (“Petro Vista”) recently announced that it has entered into a letter of intent with 3 Sixty and Total Cannabis Security Solutions Inc. (“TCSS”) whereby it has agreed to complete a transaction (the “RTO Transaction”) that will result in the reverse takeover of Petro Vista by 3 Sixty and TCSS. For more information regarding the RTO Transaction, including information on 3 Sixty and TCSS, please refer to the press release issued by Petro Vista on September 20, 2018. In connection with the RTO Transaction, 3 Sixty intends to complete a subscription receipt private placement (the “Private Placement”) for no less than $15.0 million and up to $20.0 million. In connection with the MOU, Avante has agreed to subscribe for $1.0 million in the Private Placement on the same terms as the other investors.
“We are very pleased to enter into this partnership with 3 Sixty, a partnership that allows us a unique opportunity to partner with a market leader to provide services that are focused on each of our core competencies,” said Craig Campbell, CEO and Director of Avante. “3 Sixty, when combined with TCSS, will have a very strong customer base with more than 400 customers, including a number of Canadian licensed producers and license applicants, and we believe that partnering with 3 Sixty will allow them to deliver greater value to their core customer base by offering a holistic cannabis security solution. We look forward to a mutually rewarding partnership that is expected to create value for all stakeholders.”
Thomas Gerstenecker, Founder and CEO of 3|Sixty Secure Corp., said, “Entering into a strategic partnership with Avante will provide 3 Sixty with additional capabilities to deliver holistic security solutions, including systems integration for the cannabis sector and other vertical markets, particularly after the recent Avante acquisition of Veridin Systems Canada Inc., a leader in enterprise-level security systems, access control systems and CCTV security solutions also serving the cannabis sector.”
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 described herein 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 described herein 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 technology enabled security solutions. 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.
About 3|Sixty Secure Corp
3 Sixty is one of Canada's leading seed-to-sale, full-service security providers to the cannabis sector, currently providing guard and transport security services to approximately 40 licensed cannabis producers and other entities. 3 Sixty has recently entered into a definitive agreement to acquire TCSS, one of Canada’s leading strategic services consulting businesses to the cannabis sector. TCSS owns 100% of David Hyde and Associates, a security consulting firm which provides security consulting services to licensed producers and prospective producers currently applying for a license to operate in the Canadian cannabis industry. Since 2013, David Hyde and Associates has provided security advisory services to over 400 customers in the cannabis sector.
|Avante Logixx Inc.|
3|Sixty Secure Corp.
Founder and CEO
|For media inquiries, please contact:|
(647) 459 – 0423
All statements in this press release, other than statements of historical fact, may constitute “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.
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