TORONTO, July 9, 2012 /CNW/ - Frontline Technologies Inc. (TSXV - FLC), a provider of technology-based equity and options trading services, IT infrastructure support and managed network services, announced today the sale of Electronic Brokerage Systems (EBS) - Frontline's US broker/dealer - to Dash Financial Holdings, LLC (DFH). Frontline also announced a strategic partnership with DFH whereby it will continue to offer US equities and options execution to Canadian and US customers. Through this strategic partnership, DFH will provide Frontline exclusive Canadian reseller rights to its full suite of advanced trading products, services and infrastructure. Frontline will offer this next-generation suite to current and prospective customers in Canada.
Terms of the transaction were not disclosed; however, the deal is expected to finalize in the coming weeks. Sale of EBS is subject to the approval of the Financial Industry Regulatory Authority (FINRA), the US governing regulatory body of EBS.
"We are very excited about the two agreements we've forged with DFH", said Hoss Astaraki, Chairman and CEO of Frontline. "EBS customers will continue to enjoy full trade execution capabilities without any interruption to existing order flow. DFH ownership and management of EBS will make available to clients and the broader marketplace a unique, cutting-edge product and services suite. Our new partnership puts us firmly on the path to enhanced profitability," said Mr. Astaraki.
About Frontline Technologies
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 is listed on the Toronto Venture Exchange (Ticker FLC) - Additional information is available at www.frontline.ca.
Frontline forward looking statement disclaimer
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.
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