MONTREAL, June 27,
2022 /CNW/ - VOTI Detection Inc. ("VOTI" or "the
Company") (TSXV: VOTI), a leading-edge Canadian technology company
that develops the latest-generation X-ray security systems based on
3D Perspective™ technology, today announced that, further to the
Company's previous news releases in which it was announced that the
Company would be reviewing its available strategic alternatives,
the Company's Board of Directors has formally initiated a
process to identify, examine and pursue strategic alternatives and
has re-engaged Stifel GMP to oversee the initiative with an eye
towards maximizing operational efficiencies and charting the most
accretive path forward to maximize shareholder value.
Today's announcement formalizes VOTI's ongoing decision to
review all available alternatives as more specifically disclosed in
the Company's press release dated May 24,
2022. There is no guarantee as to the results of this
endeavour.
About VOTI Detection
VOTI Detection, headquartered in
Montreal, Quebec, and listed on
the TSX Venture Exchange, is a leading-edge Canadian technology
company that develops latest-generation X-ray security systems
based on 3D Perspective™ technology. VOTI's technology produces
remarkably sharp and more revealing X-ray images that are
competitively superior while delivering enhanced threat detection
capabilities and an improved user experience. Since its inception,
VOTI has installed scanners in more than 50 countries and has
consulted heavily with government agencies and security specialists
worldwide to develop feature-rich and easy-to-use scanners that
meet the sophisticated needs of modern security screening
operations. www.votidetection.com
Notice regarding forward-looking statements:
This release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") which the meaning of applicable securities laws.
Forward-looking statements may relate to VOTI's financial outlook
and anticipated events or results and may include information
regarding VOTI's financial position, business strategy, growth
strategies, addressable markets, budgets, operations, financial
results, taxes, plans and objectives. Particularly, information
regarding VOTI's plan to review strategic alternatives and its
expectations of future results, performance, achievements,
prospects or opportunities or the markets in which it operates as a
result therefrom and the impact thereon of the ongoing COVID-19
pandemic declared by the World Health Organization on March 11, 2020 ("COVID-19"), as well as
statements relating to expectations regarding industry trends,
growth rates, expectations regarding revenue and the revenue
generation potential, business plans and strategies, including the
results of its review of strategic alternatives, VOTI's ability to
continue to operate as a going concern, VOTI's competitive position
in its industry, VOTI's expectations relating to its rollout of its
next generation MATRIX Series line of X-Ray scanners and the
results associated therewith and its projections and forecasts
relating to its expectations that it will return to or exceed
pre-pandemic sales and gross margins constitute forward-looking
statements.
In some cases, when used in this release, the words ''may'',
''would'', ''could'', ''will'', ''intend'', ''plan'',
''anticipate'', "does not anticipate", ''believe'', ''seek'',
''propose'', ''estimate'', ''project'', ''expect",
"does not expect", "forecasts", "projection", "prospects",
"outlook", "targets", or similar expressions, variations of such
terms or the negative of such terms are intended to identify
forward- looking statements. Such forward-looking statements
reflect VOTI's then current views with respect to future events
based on certain material facts, assumptions, opinions and
estimates in light of management's experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors VOTI currently believes are
appropriate and reasonable in the circumstances and as of the date
such forward-looking statements are made. Despite a careful process
to prepare and review the forward-looking statements, there can be
no assurance that the underlying opinions, estimates and
assumptions will prove to be correct. The forward- looking
statements are based on certain key expectations and assumptions
made by VOTI, including expectations and assumptions concerning
availability of capital resources and ability to finance, business
performance, market conditions, and customer demand. Although VOTI
believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since no
assurance can be given that they will prove to be correct.
Forward-looking statements are necessarily based on a number
of opinions, estimates and assumptions that VOTI considered
appropriate and reasonable as of the date such statements are made,
are subject to certain known and unknown risks and uncertainties
that may cause the actual results or events to differ materially
from anticipated in such forward-looking statements, including
without limitation, risks regarding the threat detection technology
industry, failure to obtain regulatory approvals, or changes in
regulatory environment, economic factors, management's ability to
manage and to operate the business of VOTI, the equity markets
generally and risks associated with growth and competition, in
addition to other risks identified in VOTI's most recently filed
management's discussion and analysis and in other publicly filed
documents under VOTI's profile at www.sedar.com as well as other
unknown risks.
Many factors could cause VOTI's actual results, performance
or achievements to vary from those described in this
release, including without limitation those listed above, as well
as the assumptions upon which they are based proving
incorrect. These factors should not be construed as
exhaustive. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying forward-looking
statements prove incorrect, actual results may vary materially from
those described as intended, planned, anticipated, believed,
sought, proposed, estimated or expected, and such forward-looking
statements should not be unduly relied upon.
VOTI does not intend, and does not assume any obligation, to
update these forward-looking statements except as required by law.
The forward-looking statements contained in this release are
expressly qualified by these cautionary statements. Forward-looking
statements contained in this release about prospective results of
operations, financial position or cash flows are based on
assumptions about future events, including economic conditions and
proposed courses of action, based on management's assessment of the
relevant information currently available. Readers are cautioned
that outlook information contained in this release should not be
used for the purposes other than for which it is disclosed herein
or therein, as the case may be. In addition, the current situation
and future developments with respect to COVID-19 could cause
certain of the assumptions and information set forth herein or the
fact that on which such assumptions are based to differ materially
from previous expectations including in respect of demand for
VOTI's products, supply chain and availability of materials,
mobility and shipping of materials and or products, access to debt
and equity capital and other factors.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE VOTI Detection Inc.
