AVANTE LOGIXX INC. SHAREHOLDER ANNOUNCES ACQUISITION OF SHARES, HOLDS 12.33%

INTENDS TO REQUEST BOARD CHANGES, CASH DISTRIBUTION, AND SALE OF AVANTE LOGIXX INC.

TORONTO, March 29, 2023 /CNW/ - George Christopoulos today announced that he beneficially owns, or exercises control and direction over, 3,266,400 common shares (the "Common Shares") of Avante Logixx Inc. ("Avante"), representing approximately 12.33% of Avante's Common Shares.

Mr. Christopoulos acquired beneficial ownership of, or control and direction over, 2,658,900 Common Shares or approximately 10.04% on or prior to December 21, 2022, and from January 3, 2023 to March 28, 2023 acquired through the Toronto Venture Exchange 607,500 Common Shares at an average price of approximately $0.92 per Common Share, for aggregate consideration of $561,163.

The Common Shares beneficially owned, or over which control and direction is exercised, by Mr. Christopoulos were acquired for investment purposes. Depending on market and other considerations, Mr. Christopoulos may increase or decrease his ownership, control and direction over Common Shares of Avante.

Mr. Christopoulos has growing concerns regarding Avante's management, governance, as well as the multiple changes to its business strategy since its listing as a public company. Recent discussions that may have taken place between management and some shareholders about possible expansion to Florida as well as Cybersecurity acquisitions are alarming. Mr. Christopoulos intends to continue to communicate his concerns to Avante's directors, with the ultimate objective being a sale of Avante through a controlled auction process.

As indicated in the related SEDAR filing:

Mr. Christopoulos has and or will be attempting to engage in discussions with Avante's directors concerning:

1. Avoiding business expansion strategies of any kind (including expansion to Florida and Cybersecurity acquisitions), and instead paying all or substantially all of the approximately $11m cash to shareholders as a return of capital.
   
   
2. Minimizing Avante's capital investments and any research and development activities.
   
   
3. Changes to Avante's board of directors, to provide for at least some representation of minority shareholders.
   
   
4. The sale of Avante through a controlled auction process.
   
   
5. Obtaining a refund, from two shareholders, the $600,000 fee paid by Avante on June 3, 2022, as described in Note 21 of Avante's 2022 audited financial statements:
   
   "During the fiscal year ended March 31, 2022, the Company incurred $0.6 million for services provided by a private company that is an affiliate of a director of the Company for proxy-advisory services provided to two large shareholders of the Company. One of the shareholders became an officer and director of the Company on March 30, 2022, and a representative of the other shareholder became a board member on July 18, 2022. The services were in relation to negotiating on behalf of those shareholders termination of the Company's February 2022 agreement with SSC Security Services Corp for the sale of the entire Company and the concurrent replacement of the Company's board of directors on March 30, 2022…"
   
   
6.  A potential formal requisition of a meeting of shareholders for the purposes of, but not limited to, making changes to Avante's board of directors.

Although the foregoing reflects activities presently contemplated with respect to Avante, it is subject to change at any time, and there can be no assurance that Mr. Christopoulos will take any of the actions referred to above.

This press release includes the personal views and opinions of George Christopoulos, and is not a solicitation of proxies.

Avante's head office is located at 1959 Leslie Street, Toronto, Ontario. For a copy of the report filed with SEDAR under National Instrument 62-103, contact George Christopoulos.

SOURCE George Christopoulos

George Christopoulos, 1075 Bay Street, Suite 505, Toronto, Ontario M5S 2B1, Telephone: [phone]