TORONTO, April 13 /PRNewswire-FirstCall/ - Belzberg Technologies, Inc. (TSX: BLZ) and Frontline Technologies Corp. announced the closing of the acquisition of Frontline by Belzberg and the change in company name to Frontline Technologies Inc. The combined company will change its trading symbol to FLC which is expected to take place during the week of April 18, 2011.
Under the terms of the acquisition agreement, the key elements of which were approved by Belzberg shareholders at a Special Meeting held on April 11, 2011, on closing, Hoss Astaraki, President of Frontline was appointed CEO and Chairman of the combined entity and Judith Robertson resigned as President and CEO and from the board of directors of Belzberg.
Resignations were also accepted from board members Robert Forbes, William Gnam and Steve Scarff. New board members, Keith Harris, Richard Ness and Deborah Robinson were appointed. The Company would like to thank the resigning directors for their years of service and contributions to the Company.
"This transaction is an opportunity for two highly complementary businesses to come together to compete more effectively ," said Hoss Astaraki, President and CEO of Frontline Technologies Inc. "The combined entity will establish a larger, more diversified and competitive provider of services and technologies for the professional trading community."
About Frontline Technologies Inc.
- Frontline Technologies is an established, innovative technology service company serving the professional, financial and investment banking communities across Canada. Frontline Technologies provides IT infrastructure support, managed services, technical support, hosted environment including email and file servers, remote backup, VoIP services, ISP, disaster recovery and much more. In addition to infrastructure support, Frontline also offers the "Trade to Clear" application - a comprehensive platform for managing different aspects of trading such as OMS, Position Management, Post-trade Matching, Electronic Ticketing, etc. Customers are able to access an array of services through one reliable provider - Frontline Technologies Inc.
Additional information is available at www.frontline.ca.
Forward looking statements:
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
SOURCE Belzberg Technologies Inc.