TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Frontline Technologies Inc. (TSX VENTURE:FLC), a provider of technology-based equity and options trading services, IT infrastructure support and managed network services, announced today the close of the sale transaction of Electronic Brokerage Systems (EBS) - Frontline's US broker/dealer - to Dash Financial Holdings, LLC (DFH). Final approval of the transaction is pending from the TSX Venture Exchange (TSX-V).
The transaction was first announced July 9th as part of a broader strategic partnership between the two firms.
"We're very pleased to bring this transaction to fruition. Existing EBS clients can expect a seamless transition and can look forward to seeing new trading products and services offered by EBS that can provide value to their businesses."
The sale of EBS was a cash transaction with Frontline receiving $550,000 USD plus the working capital of EBS at time of transaction close of $2,500,000USD.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.