Frontline Announces Sale of its US Broker/Dealer and the Signing of a New Strategic Partnership with Dash Financial Holdings, LLC
TORONTO, July 9, 2012 /PRNewswire/ – 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
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.
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.
SOURCE Frontline Technologies Inc.