TORONTO, ONTARIO--(Marketwire - Jan. 7, 2013) - Frontline Technologies Inc. (TSX VENTURE:FLC), a provider of technology-based equity and options trading services, announces that, after consideration of all viable alternatives and management's determination that there is no reasonable prospect for a viable proposal to Frontline Technologies Inc.'s creditors, it is in the best interests of Frontline Technologies Inc. and its stakeholders for Frontline Technologies Inc. to make an assignment into bankruptcy under the Bankruptcy and Insolvency Act (the "BIA").
Accordingly, on Thursday, January 3, 2013, Frontline Technologies Inc. filed an assignment into bankruptcy with the Official Receiver of all of Frontline Technologies Inc.'s property for the general benefit of its creditors pursuant to the BIA (the "Assignment"), which Assignment became effective Friday, January 4th, 2013.
Frontline Technologies Inc. made this decision with the unanimous approval of its Board of Directors after thorough consultation with its advisors and extensive consideration of all other alternatives.
In connection with the Assignment, Keith Harris, Hoss Astaraki and Ian Camacho announced their resignation as Directors of Frontline Technologies Inc. The remaining Directors of Frontline Technologies Inc. are expected to resign.
Frontline Technologies Inc.'s wholly-owned subsidiary, Frontline Technologies Corporation (the "Subsidiary"), which offers IT infrastructure support and managed services, continues to work diligently to formulate a proposal to its creditors. The Subsidiary's normal day-to-day IT infrastructure operations are expected to continue without interruption.
Pursuant to the Assignment, Duff & Phelps Canada Restructuring Inc. has been appointed as trustee in bankruptcy of Frontline Technologies Inc.'s estate (in such capacity, the "Trustee"). All inquiries regarding the BIA proceedings should be directed to the Trustee (Noah Goldstein - 416-932-6207). Information about the BIA proceeding will be available on the Trustee's website at www.duffandphelps.com/restructuringcases.
About Frontline Technologies Inc.
Frontline Technologies Inc. is a provider of trading technology services for equities and options and also offers IT infrastructure support and managed services. Frontline Technologies Inc. is listed on the Toronto Venture Exchange (Ticker FLC) - Additional information is available at www.frontline.ca.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Trustee in Bankruptcy
(416) 932-6207