TORONTO, March 30, 2012 /PRNewswire/ - Frontline Technologies Inc. (" Frontline" or the " Company") ( TSXV: FLC) announced today 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") which were due to be filed on or before today's date (the " Filing Deadline") pursuant to applicable securities laws.
Frontline, currently listed on the TSX Venture Exchange (" TSX-V"), was previously listed on the Toronto Stock Exchange (the " TSX"). Given its current TSX-V listing Frontline was proceeding under the assumption that the filing deadline was April 30, 2012 applicable to "venture issuers". Frontline has been advised by counsel that given it was TSX listed as at December 31, 2011, it is subject to the deadline of March 30, 2012 applicable to non-venture issuers. Frontline's assumption, given the different filing dates, has resulted in the filing delay.
Pursuant to Frontline's Disclosure Controls Policy, employees and insiders of the Corporation are prohibited from trading until the second day following the issuance of a news release disclosing the Corporation's annual results for the year ended December 31, 2011. As an added measure, the Company has applied for a Management Cease Trade Order under National Policy 12-203 (the " Policy") pending the filing of the Required Disclosure via SEDAR. The Company is confident that the Required Filings will be filed by no later than April 30, 2012.
The Company intends to comply with the provisions of the Alternative Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.