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AVT secures USD1.1m equity from Ironridge Global

AVT, a specialist in automated retailing systems, customised kiosks and self service stores, has settled trade payables of approximately USD1.1m in exchange for the issuance of shares of its common stock to Ironridge Consumer Co, a division of Ironridge Global IV.

 
The capital will be used to build company-owned automated retailing systems, which will be rapidly deployed and will create recurring revenue streams for AVT.
 
One of AVT’s business goals for 2013 was to produce more company-owned systems, and derive ongoing revenues from these systems. While AVT’s core business continues to be the design and manufacturing of self-service stores and automated retailing systems, the company’s management determined that diversifying into other areas would create growth and shareholder value. Those new business units include financing, technology licensing, system management, and company-owned systems.
 
"We know the management at Ironridge Global and recognised that their association with other public companies had a positive impact on share values," says Shannon Illingworth, founder and chairman of AVT. "We are pleased to work with Ironridge and to subsequently accelerate our business growth plan, and expand on the success we have enjoyed for the past seven years."
 
"A recent report by Global Industry Analysts stated that the world market for interactive kiosks is projected to exceed USD1.2bn by the year 2015 as consumers prefer to serve themselves rather than waiting for the service to come," says Richard H Kreger, managing director of Ironridge Global Partners. "We are impressed by what Shannon and his team have accomplished at AVT. As we learned about AVT’s business strategy and plans for growth, we became comfortable offering equity financing to help execute on their plans."

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