AVT Inc (OTCMKTS:AVTC) a manufacturer of automated retailing offerings and custom vending machines, disclosed that it started a voluntary filing for court protection under Chapter 11 of the U.S. Bankruptcy Code. It expects the court to authorize the management and the company to perform business as usual. The company intends to work on a reorganization plan.
The management view
The management said that AVT core vending and automated retail segment is performing well and that the bankruptcy filing is linked to past initiatives of business diversification into unrelated segments. AVT management is confident that the filing will enable the company to continue operations. Also, it will emerge as a better and strong firm on a solid platform to attain success.
Wayne Salvino, the President said that AVT has fundamentally sound and strong business, and that the voluntarily filing does not indicate that AVT is closing its business. The management considers the rehabilitative process as an effective way to protect the company and get a path to success. The management remains committed to develop proprietary and patentable technologies, and intends to continue to function as a pioneering leader in the vast automated retailing industry. AVT said that it will provide additional details as they become available.
AVT is a firm that provided technology-based customized self-service applications. From custom vending systems and kiosks, to impressive automated product range, its patented and proprietary technologies reflect an impressive portfolio of services and products. AVT won several awards for developing creative vending designs. It is termed as one of the main innovator firms in the automated retailing and vending segment.
In last trading session, the stock price of AVT declined more than 63% to close the trading session at $0.250. The decline came on a share volume of 1.37 million compared to average share volume of 29,603.