Avante Logixx Inc.

June 24, 2013 15:07 ET

Avante Logixx Inc. Announces Results for the Year Ended March 31, 2013-Revenues Up 22%, Gross Profit Up 38%

TORONTO, ONTARIO--(Marketwired - June 24, 2013) - Avante Logixx Inc., ("the Company") (TSX VENTURE:XX) through its wholly owned subsidiary, Avante Security Inc., provides best in class residential and commercial security services including system design and installation, rapid alarm response, alarm monitoring and secure transport through the use of advanced technology and a focus on client service. The Company is pleased to announce its results for the year ended March 31, 2013:

Year ended
March 31-13 March 31-12 Variance (%)
Total revenues $ 6,746,439 $ 5,537,616 21.8 %
Revenues - Recurring Monitoring and Response (1) 2,831,277 2,626,642 7.8 %
Revenues from other security services and transport 3,915,162 2,910,974 34.5 %
Total gross profit 2,341,929 1,703,153 37.5 %
Adjusted EBITDA(2) 452,344 (454,404 )
Net income (loss) before discontinued operations 370,818 (634,179 )
Net income (loss) for the period 370,818 (630,689 )
Basic and diluted income (loss) per share 0.007 (0.011 )
Total common shares outstanding 55,908,843 55,908,843
Total assets 2,225,357 1,712,309
Total liabilities 2,043,742 1,935,140
Total liabilities (excluding deferred revenue) 638,801 708,441
Deferred revenue 1,404,941 1,226,699
Bank and other debt -nil- -nil-
Shareholders' equity 181,615 (222,831 )

Co-CEOs George Rossolatos and Emmanuel Mounouchos announced Avante Logixx Inc.'s results for the year ended March 31, 2013. The Company completed a significant turnaround in fiscal year 2013 with growth in revenues of 21.8% and gross profit of 37.5%. Revenue growth was primarily attributable to increased sales of rapid alarm response and other security services.

Net income for the year was $370,818 as compared to a loss of $630,689 for fiscal year 2012 - a positive change of over $1,000,000. Adjusted EBITDA for the year was $452,344 (FY 2012: ($454,344)). The Company continues its focus on organic growth, while targeting cost and process efficiencies.

While growing the Alarm Response, Security Monitoring and Installations segments, the Company constantly tries to develop new security solutions to residential and corporate customers.

International Security Travel Advisory Services, a new line of business, has shown strong growth. Avante is working with several multinational companies in ensuring that travelling employees have appropriate protection, transportation services and logistics while travelling to higher risk environments. To date, Avante has conducted security details in over 40 countries. This includes customized services such as provision of current travel risk reports to ensure that necessary security is provided, proactive notifications of employees' whereabouts during their travel in the event of emergency, holding of crisis management policies and procedures and the activation of these plans, and evacuation plan and design.

Avante Intelligent Perimeter Protection ("AIPP"), also a new offering, is showing excellent growth. AIPP comprises both Intrusion Detection and Intelligent Video Analytics using sophisticated software algorithms to study the environment the camera is focused on. The moment there is an intrusion by an individual into the camera's view, the Avante Control Centre is instantly notified. Avante's response team acts on these alerts immediately, typically arriving at the scene at an average of six minutes. Avante is using this offering to create a perimeter 'bubble' around homes and businesses and apprehending intruders before a break-in attempt occurs.

Avante's prospects for fiscal 2014 continue to be positive. The company is building its cash balance and is debt free. Management believes that there are significant opportunities for the Company to consolidate and further improve its market share, which would result in further profitability.

Avante Logixx Inc. (TSX VENTURE:XX) is a Toronto based security and technology company. Its primary operating division, Avante Security Inc. (www.avantesecurity.com), provides best in class security response and other security services for residential and commercial applications as well as being an industry leader in designing and installing complex security systems, access control, and video analytics. The company continuously develops innovative products and applications within its core competencies. Please visit www.avantelogixx.com.

Forward-looking information: The information set forth in the Company's MD&A and this press release to readers may contain statements concerning Avante's future results, future performance, intentions, objectives, plans and expectations that are, or may be deemed to be, forward-looking statements or information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance.

These forward-looking statements are based on current expectations that involve numerous risks and uncertainties, including, but not limited to, those identified in the Risks Factors section of the Filing Statement the Company filed with regulatory authorities on February 28, 2008. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Avante's control. Although Avante believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. These factors should be considered carefully, and readers should not place undue reliance on forward-looking statements. Avante has no intention and undertakes no obligation to update or revise any forward-looking statements, whether written or oral that may be made by or on the Company's behalf.

(1) Revenues - Recurring Monitoring and Response includes Alarm Response along with Digital, Wireless and Video Monitoring services

(2) Adjusted EBITDA = Net income (loss) + Income tax + Depreciation / amortization + Share based payments expense

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