LOS ANGELES, May 4, 2015 /PRNewswire/ -- AVT, Inc., a leading manufacturer of automated retailing systems and custom vending machines, announced today that they have commenced a voluntary filing for restructuring and court protection under Chapter 11 of the United States Bankruptcy Code. AVT expects the court will authorize the company to conduct business as usual while it develops a reorganization plan.
AVT management states that the company's core vending and automated retailing business remains strong, and that the filing is related to past attempts at diversification into unrelated businesses.
AVT management believes that the filing will allow the company to not only continue operations, but to emerge on an even stronger footing, with a solid foundation for future success.
Wayne Salvino, the newly installed president of AVT, said that the company has a strong and fundamentally sound business, and that the filing does not mean that AVT is going out of business.
"We are convinced that the rehabilitative process of chapter 11 is the best way to protect our company and provide a path to future success," Salvino commented. "We remain committed to our roots in developing patentable and proprietary technologies, and plan to continue to operate as an innovative leader in the automated retailing industry."
The company indicated that it expects to provide additional details with respect to the filing as they become available.
