TORONTO, April 13, 2012 /PRNewswire/ - Frontline Technologies Inc. ("Frontline" or the "Company") (TSX-V: FLC) is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 30, 2012, the Company announced (the "Default Notice") that, for the reasons disclosed in the Default Notice, there would be a delay in the filing of its audited financial statements for the year ended December 31, 2011 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications, and its Annual Information Form for the year ended December 31, 2011 (collectively, the "Required Filings") beyond the 90 day period prescribed for the filing of such documents.
As a result of this delay in filing, the Ontario Securities Commission (the "OSC"), the principal regulator of the Company, today issued a Temporary Management Cease Trade Order (the "Temporary MCTO"), which imposed restrictions on all trading in and all acquisitions of securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company for a period of 15 days. All other parties are permitted to freely trade the Company's securities. The OSC has given notice of a hearing to be held on April 25, 2012 for the purposes of making the Temporary MCTO permanent if the Company has not remedied the default in filing the Required Disclosure.
Frontline's auditors are completing the audit of the Company's financial statements for the year ended December 31, 2011 and the Company continues to expect to file the Required Disclosure on or before April 30, 2012. Until the Required Filings are filed, Frontline intends to continue to satisfy the provisions of the Alternative Information Guidelines (the "AIG") specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a news release. Frontline intends to file, if required, its next Default Status Report by April 27, 2012.
Pursuant to the requirements of the AIG, the Company reports that since the issuance of the Default Notice, there has not been any material change to the information provided therein, nor has there been any failure by the Company in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Company under NP 12-203 other than the delay in filing the Required Filings, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Frontline Technologies Inc.
Frontline Technologies Inc. is a well-established, innovative technology services company serving the professional, financial and investment banking marketplaces across Canada. Frontline's two comprehensive offerings include hosted IT infrastructure services and trading technology. , Frontline's customers enjoy the benefits of Frontline's broad array of services from one reliable provider.
Forward looking statements:
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company, its subsidiaries or the industries in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties include, but are not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, prices and other factors as are detailed from time to time, including, without limitation, under the heading "Risk Factors", in documents filed by the Company with the Canadian securities regulatory authorities which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date of the press release. The Company does not undertake or assume any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE Frontline Technologies Inc.