Fire alarm maker invests in firms

SSN Staff  - 
Saturday, March 1, 2003

SYOSSET, N.Y. - A firm that has operations in fire alarm and security systems distribution and installation has made investments in two different technology companies.

Synergx Systems, traded under SYNX, in late January signed letters of intent to acquire interests in Avante Security, a Canadian design and installation firm and in Re:Port Business Solutions, a software provider to the international independent investment community. Both acquisitions will be done in partnership with Nafund, a Toronto-based private equity fund.

Joseph Vitale, Synergx’ president and chief operating officer, said that it was too early in the process for the company to give details about the investments.

According to a company-issued press release, Synergx plans to acquire 25 percent of Avante Tech’s equity from Nafund to secure exclusive licenses for the use of Secure 7-24, Avante’s product that uses the wireless technology of the BlackBerry handheld system. Secure 7-24 wirelessly transmits alarm and other data from a secured site to the Avante Command Centre as well as to pagers or cell phones.

Avante is currently active in guard response in Canada, Vitale said.