Avante Logixx Inc.

Avante Logixx Inc.

July 09, 2015 17:43 ET

Avante Logixx Inc. Announces Annual General Meeting, Amends and Restates Stock Option Plan and Adopts Advance Notice By-Law

TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Avante Logixx Inc. (TSX VENTURE:XX) ("Avante" or the "Company") is pleased to announce that it will hold an annual general meeting of shareholders (the "AGM") on September 29, 2015. The record date for shareholders to vote at the AGM is August 14, 2015.

Adoption of Amended and Restated Stock Option Plan

The Company announced today the adoption of an amended and restated "rolling 10%" Stock Option Plan (the "New Plan"), which was approved by the Board of Directors on July 7, 2015, subject to TSXV approval. The New Plan replaces and supersedes the Company's previous fixed number stock option plan that was originally adopted on September 30, 2010. The New Plan is effective subject to TSXV approval and must be approved by the shareholders at the AGM and re-approved on an annual basis by the shareholders at each annual general meeting of the Company as required by the policies of the TSX Venture Exchange.

Adoption of Advance Notice By-Law

The Company also announced today that it has adopted an amendment to its by-laws, similar to by-law amendments and policies recently adopted by a number of other Canadian public companies, requiring advance notice to the Company for nominations of directors by shareholders other than through a requisitioned meeting or by way of a shareholder proposal pursuant to applicable corporate laws. The by-law amendment is not intended to discourage director nominations but rather to facilitate orderly and efficient meetings at which directors are to be elected and to permit shareholders to register an informed vote by allowing them to receive sufficient information with respect to all director nominees and reasonable time for appropriate deliberation. The by-law amendment provides shareholders, directors and management of the Company with a clear framework for nominating directors in an orderly and fair manner.

The by-law amendment fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form in order for any director nominee to be eligible for election at any annual or special meeting of shareholders. In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The by-law amendment is effective subject to TSXV approval and will be placed before shareholders at the AGM for confirmation. For purposes of the AGM, in accordance with the terms of the by-law amendment, notice of nominations of persons for election to the board at the AGM must be made by August 28, 2015. Such notice must be made in the form, and given in the manner prescribed by the by-law amendment, and the board has stipulated rsampath@avantesecurity.com as an email address for receipt of such notice.

A copy of the by-law amendment has been filed and is available under the Company's profile at www.sedar.com.

About Avante Logixx (www.avantelogixx.com)

Avante Logixx Inc. (TSX VENTURE:XX) is a Toronto based security and technology company. Its subsidiaries, Avante Security Inc. (www.avantesecurity.com) and recently acquired INTO Electronics Inc. (www.intoelectronics.com), and LVS Inc. (www.lvssecurity.com), together provide best in class security response and other security services for residential and commercial clients, and high-rise condominium applications, and are industry leaders in designing and installing complex security systems, access control, intelligent video analytics and smart home automation. Its International Travel Security offering helps corporations protect traveling employees working abroad in medium/high risk jurisdictions and has executed travel details in over 60 countries. The company continuously develops innovative products and applications within its core competencies. Please visit our websites at www.avantelogixx.com and www.avantesecurity.com and consider joining our investor email list. Avante recently conducted a test comparing its rapid alarm response service with that of other alarm companies. For the result of this test please see www.6minuteresponse.com.


Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" These statements include, but are not limited to, statements with respect to the entering into of agreements, the closing of transactions and the use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of transactions, the ability to fulfill certain conditions and obtain regulatory approvals, and the ability to raise funds and use the proceeds as anticipated.

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.

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