Avante Logixx Announces Appointment of Chief Executive Officer and Change to Board of Directors

2018-01-10T12:17:39+00:00

Avante Logixx Announces Appointment of Chief Executive Officer and Change to Board of Directors

TORONTO, Jan. 10, 2018 (GLOBE NEWSWIRE) — Avante Logixx Inc. (the “Company” or “Avante”) (TSX-V:XX) announced today that Mr. Craig Campbell has been appointed as Chief Executive Officer (CEO) of the Company effective today. Mr. Campbell has also been appointed to the board of directors of the Company (the “Board”). The appointments are subject to regulatory approval.

The appointment of Mr. Campbell as CEO is the culmination of Avante’s review of strategic alternatives previously announced by the Company on October 3, 2017. The Board believes that the execution of the Company’s business plan under Mr. Campbell’s stewardship to be the best path forward for the Company to maximize value for shareholders.

Craig Campbell is the founder and CEO of Resilience Capital Inc., a Toronto-based investment company that invests in stable, profitable operating companies (with a focus on the security industry) that have high growth potential and a sustainable, competitive advantage. Previously, Mr. Campbell was the founder and CEO of Total Security Management (TSM), a provider of full-service security solutions to Canadian financial institutions. Under Mr. Campbell’s stewardship, TSM grew into Canada’s largest privately-held security firm, with almost 3,000 employees. In 2013, Mr. Campbell sold the TSM brand and its Canadian guard services unit to a global protection firm. Mr. Campbell received the Entrepreneur of the Year Award by Ernst & Young in 2004 and, in 2010, he was named one of Canada’s Top 40 Under 40™. Mr. Campbell is an alumnus of Harvard Business School’s Owner/President Management program and is a graduate of the Rotman School of Management’s Director’s Education Program.

The size of the Board has also been increased to seven and, subject to regulatory approval, Mr. Andrew (Drew) Coles has been appointed as an additional director of the Company.

Mr. Coles previously served as the CEO and a trustee of InnVest REIT, a real estate investment trust formerly listed on the Toronto Stock Exchange. As its former CEO, Mr. Coles led the $2.1 billion enterprise value privatization of InnVest REIT, generating a 37% premium between transaction announcement and closing. As part of his previous role with InnVest REIT, Mr. Coles also served as Chairman, Choice Hotels Canada, one of Canada’s largest hotel franchisors. Prior to his role at InnVest REIT, Mr. Coles led the hotel investment management program for Oxford Properties’ luxury hotel portfolio. This portfolio included The Fairmont Banff Springs, Park Hyatt Toronto and other luxury hotels in Canada. Mr. Coles brings strong fiduciary, governance, transactional and public company experience to the Board of Avante.

Mr. Campbell will replace Mr. Rodney Wechsler, who was serving as interim CEO of the Company in addition to his role as Chief Operating Officer (COO) of the Company and will continue with Avante in the capacity of COO. The Board thanks Mr. Wechsler for stepping into the interim CEO role at an important time for the Company.

The Company also wishes to announce that Mr. George Rossolatos has agreed to step down from the Board to make room for the incoming directors. Mr. Rossolatos previously served as the Company’s CEO and has recently commenced a new role with a new employer. The Company thanks Mr. Rossolatos for his significant contributions to Avante during his tenure and wishes him success in his future endeavours.

Mr. Campbell commented: “It is my belief that Avante is a premier physical security and technology company with significant potential for shareholder value, which belief drove my initial investment in the Company. I look forward to working with the board and management of the Company to continue to build upon Avante’s successes for the benefit of all shareholders.”

Leland Verner, Avante’s Chairman, commented: “On behalf of the Avante Logixx Board of Directors, I am very pleased to welcome both Craig Campbell and Drew Coles as our newest members. With his appointment today, Craig becomes our third CEO since Avante was founded in 1996. He is an experienced executive with a strong and diverse background in our industry and we are excited by his commitment to continue our business acquisition strategy.”