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April 13, 2012 /PRNewswire/ - Frontline Technologies Inc. ("
Frontline" or the "
TSX-V: FLC) is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("
NP 12-203"). On
March 30, 2012, the Company announced (the "
Default Notice") that, for the reasons disclosed in the Default Notice, there would be 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") beyond the 90 day period prescribed for the filing of such documents.
As a result of this delay in filing, the Ontario Securities Commission (the "
OSC"), the principal regulator of the Company, today issued a Temporary Management Cease Trade Order (the "
Temporary MCTO"), which imposed restrictions on all trading in and all acquisitions of securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company for a period of 15 days. All other parties are permitted to freely trade the Company's securities. The OSC has given notice of a hearing to be held on
April 25, 2012 for the purposes of making the Temporary MCTO permanent if the Company has not remedied the default in filing the Required Disclosure.
Frontline's auditors are completing the audit of the Company's financial statements for the year ended
December 31, 2011 and the Company continues to expect to file the Required Disclosure on or before
April 30, 2012. Until the Required Filings are filed, Frontline intends to continue to satisfy the provisions of the Alternative Information Guidelines (the "
AIG") specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a news release. Frontline intends to file, if required, its next Default Status Report by
April 27, 2012.
Pursuant to the requirements of the AIG, the Company reports that since the issuance of the Default Notice, there has not been any material change to the information provided therein, nor has there been any failure by the Company in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Company under NP 12-203 other than the delay in filing the Required Filings, and there is no other material information concerning the affairs of the Company that has not been generally disclosed.