SSC Security Services Corp. (TSXV:SECU) entered into a definitive agreement to acquire Logixx Security Inc. from Avante Logixx Inc. (TSXV:XX) for CAD 24 million on March 24, 2022. Under the terms of the transaction, CAD 0.75 million will be paid against arrangement Expense Reimbursement and balance CAD 23.2 million will be paid by way of wire transfer of immediately available funds. In a related transaction, Avante cancelled the acquisition of SSC in order to enter into an agreement to acquire Logixx. The transaction will be funded by SSC with cash on hand and without any dilution to SSC shareholders. The board of directors of SSC unanimously approved the transaction. The transaction is subject to receipt of all necessary regulatory approvals, including approval of the TSX venture exchange and approval of offer by target shareholders. Avante Logixx Inc. at a special meeting of shareholders held on May 30, 2022 shareholders approved the sale of all of the issued and outstanding common shares of the Company's wholly-owned subsidiary, Logixx Security Inc., to SSC Security Services Corp. Transaction is expected to close within the next 60 days. As on May 30, 2022, the transaction is anticipated to be completed in the coming days. Patricia J.F. Warsaba of McKercher LLP acted as legal advisor to SSC. Paul Fitzgerald of Norton Rose Fulbright Canada LLP acted as legal advisor to Avante Logixx Inc. RSM Canada acted as Accountant to Avante Logixx and KPMG LLP (Canada) acted as Accountant to SSC Security Services Corp. Upon completion of the sale of Logixx, SSC Security amended and restated the credit facilities with its bank to provide for a demand-based revolving credit facility of CAD 2 million plus arrangements for corporate visa and cash management requirements.

SSC Security Services Corp. (TSXV:SECU) completed the acquisition of Logixx Security Inc. from Avante Logixx Inc. (TSXV:XX) on June 1, 2022.