CORONA, Calif., Jan. 14, 2016 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a leading manufacturer of automated retailing centers and custom vending machines, released a status update on the company.
Wayne Salvino, President of AVT, Inc., said that 2015 was a year of challenges, and that groundwork has been laid to capitalize on new opportunities in 2016.
"First and foremost, we are working diligently to bring the company out of Chapter 11," Salvino said. "I'm pleased to report that we made great strides negotiating potential settlements with our creditors, and negotiating a payment plan with our banks. These were vital steps toward emerging as a healthy and vital company."
Salvino also discussed developments within the company's operations. "We looked at our structure and made significant cuts to our staff, payroll, and operational costs," he said. "We are now lean and efficient, and operate with precision and forethought."
The AVT President also discussed the year ahead and said that the company is well positioned to capitalize on several key opportunities.
The FDA has passed new regulations that require vending machines to display nutritional and caloric information for each product sold. Accordingly, AVT has developed new systems that meet the FDA requirements; deliver a wide range of innovative features; and significantly out-perform the competition.
"We want to be the vending manufacturer of choice as millions of machines need to be replaced this year," he added.
Salvino also reported that the company is working with a leading electronic payment company, and can now offer machines that not only accept credit cards, cash, and mobile payments, but can also be configured to be used with payroll deductions or monthly billings based on usage.
"2016 presents some unique opportunities for AVT, and we look forward to meeting them head on."
For information, call (877) 424-3663, or visit: www.autoretail.com
Forward Looking Statements:
This announcement includes "forward-looking statements" within the meaning of US securities laws. These statements are based upon current beliefs and expectations, and can be identified by terminology such as "believes," "predicts," or similar expressions. These statements involve risks that may cause actual results to be different, and speak only as to the date they are made. The Company is not obligated to update forward-looking statements.
SOURCE AVT, Inc.