Avigilon Announces Leadership Changes in Connection with Proposed Transaction

VANCOUVER, CANADA, February 7, 2018 /CNW/ - Avigilon Corporation ("Avigilon") (TSX: AVO), provider of trusted security solutions, today announced changes to its executive team in connection with the recent agreement to be acquired by Motorola Solutions, Inc. ("Motorola Solutions").

Upon completion of the acquisition by Motorola Solutions, Alexander Fernandes will retire as Avigilon's Chief Executive Officer and Chairman of the Board.

"I'm very proud of what we've accomplished at Avigilon, growing from a start-up to become an industry leader," said Mr. Fernandes. "Avigilon has a strong and proven leadership team, and I'm confident about the company's future."

In contemplation of the acquisition, Ric Leong has resigned as Avigilon's Chief Financial Officer, effective immediately. Samuel Cochrane, Avigilon's Senior Vice President of Finance, has been promoted to Chief Financial Officer and will stay on with Avigilon after closing.

"Being Avigilon's CFO has been a tremendous experience, and I've greatly enjoyed working with Alex and the leadership team over the past several years," said Mr. Leong. "I'm in full support of the acquisition and look forward to Avigilon's success with Motorola Solutions."

About Avigilon
Avigilon Corporation provides trusted security solutions to the global market. Avigilon designs, develops, and manufactures video analytics, network video management software and hardware, surveillance cameras, and access control solutions. To learn more about Avigilon, visit avigilon.com.

© 2018, Avigilon Corporation. All rights reserved. AVIGILON, the AVIGILON logo, and TRUSTED SECURITY SOLUTIONS, are trademarks of Avigilon Corporation. Other names or logos mentioned herein may be the trademarks of their respective owners.

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For further information:

Investor Enquiries: 
Avigilon Investor Relations 
T: (604) 629-5182 
investors@avigilon.com

Media Enquiries: 
Amy Day
Senior Manager, Global Communications
T: (604) 629-5182 x2625
media@avigilon.com

Forward-Looking Statements
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements normally contain words like 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing' and similar expressions, and within this news release include, without limitation, statements (express or implied) respecting the closing of the Motorola Solutions acquisition and expected actions to follow therefrom.

Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that Avigilon's management currently believes are relevant, reasonable, and appropriate in the circumstances, including, without limitation, assumptions that: the acquisition will complete under the terms, structure, and timeline currently contemplated; the Avigilon shareholders meeting will occur and on the timeline currently contemplated; the Avigilon shareholders will provide the requisite approval for the acquisition; all other requisite third party approvals (including, without limitation, from applicable regulatory authorities, stock exchanges, and courts) in connection with the acquisition will be obtained in a timely manner and on satisfactory terms; Motorola Solutions will have sufficient capital resources to complete the acquisition; the parties will be able to satisfy the other conditions to the closing of the acquisition and on the timeline(s) currently contemplated; Motorola Solutions' vision and strategy will remain aligned with those of Avigilon; no significant events will occur outside of Avigilon's normal course of business; and the continuation of the business and operations of Avigilon, and the integration thereof with Motorola Solutions, following completion of the transaction will occur as currently contemplated.

Although Avigilon's management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Avigilon's business, as more particularly described in the "Risk Factors" section of Avigilon's Annual Information Form dated February 28, 2017, which is available under Avigilon's profile on SEDAR at www.sedar.com. Material risks and uncertainties applicable to the forward-looking statements set out herein include, but are not limited to: the acquisition is not completed in a timely fashion or at all; the Avigilon shareholders meeting to approve the acquisition is delayed due, for instance, to a delay in the preparation and/or mailing of the information circular and other meeting materials; the Avigilon shareholders do not approve the acquisition on the current terms or at all; any requisite third party approval is not obtained in a timely fashion (or at all) or on satisfactory terms; Motorola Solutions does not have or obtain sufficient capital resources to complete the transaction; the announcement of the transaction and the dedication of substantial resources of Avigilon to the completion of transaction has a negative impact on Avigilon's ongoing business operations and future financial condition and prospects; a third party makes a bid to acquire Avigilon prior to the completion of this acquisition; the respective strategies and vision of Avigilon and Motorola Solutions become incongruous leading to, for instance, delays in product development and availability; unforeseen challenges in integrating Avigilon's business and operations with Motorola Solutions; a loss of key Avigilon personnel, customers, and/or suppliers; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Although Avigilon has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Avigilon. Accordingly, readers should not place undue reliance on forward-looking statements.

Avigilon undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.

SOURCE Avigilon Corporation