ACQUISITION OF CLASS A RESTRICTED SHARES IN THE CAPITAL OF FRONTLINE TECHNOLOGIES INC. (FORMERLY BELZBERG TECHNOLOGIES INC.)

TORONTO, April 18 /CNW/ - Astaraki-Saleemi Family Trust (the "Trust") acquired 6,305,542 Class A restricted shares (the "Restricted Shares") in the capital of Frontline Technologies Inc. (formerly Belzberg Technologies Inc.) ("Frontline") on April 13, 2011 pursuant to a share purchase agreement among Frontline, the Trust, Hoss Astaraki and Sima Saleemi dated February 22, 2011 (the "Share Purchase Agreement"). As a result of this transaction, the Trust now owns and controls an aggregate of 6,305,542 Restricted Shares which shall be automatically converted into common shares in the capital of Frontline (the "Common Shares") on a one for one basis immediately upon the aggregate of any dividends or other distributions paid to the holders of the Common Shares on or after February 22, 2011 equalling or exceeding the amount of the USBD Sale Distribution (as such term is defined in the Share Purchase Agreement), representing 80% of the Restricted Shares being approximately 28% of the issued and outstanding Common Shares (assuming the automatic conversion of such Restricted Shares into Common Shares). Hoss Astaraki, a trustee of the Trust, owns and controls an aggregate 788,192 Restricted Shares, representing 10% of the Restricted Shares being 3.5% of the issued and outstanding Common Shares (assuming the automatic conversion of such Restricted Shares into Common Shares). Sima Saleemi, a trustee of the Trust, also controls an aggregate 788,192 Restricted Shares, representing 10% of the Restricted Shares being 3.5% of the issued and outstanding Common Shares (assuming the automatic conversion of such Restricted Shares into Common Shares). The Trust, Mr. Astaraki and Mrs. Saleemi (collectively, the "Astaraki Group") acquired their Restricted Shares in the same transaction pursuant to the Share Purchase Agreement. Together, the Astaraki Group controls an aggregate 7,881,926 Restricted Shares, representing 100% of the Restricted Shares being 35% of the issued and outstanding Common Shares (assuming the automatic conversion of such Restricted Shares into Common Shares). The Restricted Shares were acquired for investment purposes only. Depending on market indications, the Trust, Mr. Astaraki or Mrs. Saleemi may from time to time in the future increase or decrease its ownership, control or direction, or exercise its right to acquire, additional common shares or other securities of Frontline through market transactions, private agreements or otherwise.

For further information:

Astaraki-Saleemi Family Trust
Attention: Hoss Astaraki
25 Adelaide Street East, Suite 600
Toronto, Ontario
M5C 3A1
(416) 637-7500

Profil de l'entreprise

Frontline Technologies Inc.

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