Vancouver's Avigilon files preliminary prospectus for proposed IPO

Vancouver's Avigilon Corporation has filed a preliminary prospectus in connection with a proposed initial public offering (IPO) and secondary offering by British Columbia Discovery Fund (VCC) and Mustafa Evren Kutlubay.

Avigilon designs, makes and markets high definition, network-based video surveillance systems and equipment for the global security market. The Avigilon surveillance system has been designed to provide high quality video capture, transmission, recording and playback.

Avigilon intends to use the proceeds to expand sales and marketing in North America and Internationally, to expand product development, and for working capital and general corporate and administrative purposes.

Since the commercial launch of the Avigilon system in 2007, Avigilon has experienced significant growth in sales, reporting a compound annual growth rate of revenue of 148% since 2008, its first full year of sales, up to and including 2010.

For the year ended December 31, 2010, Avigilon reported revenues of $32.28 million. The company has been profitable since 2009, reporting net income of $1.55 million in 2010.

Avigilon’s principal shareholders include President & CEO and Chairman Alexander Fernandes, British Columbia Discovery Fund (VCC), and Mustafa Evren Kutlubay, who collectively control approximately 27.1% of the outstanding shares prior to IPO.