Printer Friendly
The Free Library
19,573,952 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

AMEX Agrees Not to Delist Preferred Stock Pending Frontline Shareholder Meeting.


Business Editors

PEARL RIVER Pearl River, uninc. village (1990 pop. 15,314), Rockland co., SE N.Y., near the N.J. line. It is a residential suburb of New York City, and a computer and telecommunications research and development center.
Pearl River

River, central Mississippi, U.
, N.Y.--(BUSINESS WIRE)--Oct. 22, 2003

Frontline Communications Corp. (AMEX AMEX

See: American Stock Exchange
: FNT FNT Font (File Name Extension)
FNT Front
FNT Fontana (postal locality, Malta)
FNT Fascinating New Thing (song)
FNT Flint, MI, USA - Bishop Int'l Airport
), www.fcc.net, announced today that the American Stock Exchange American Stock Exchange (AMEX)

Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921.
 agreed to stay any delisting proceedings with respect to Frontline's Series B Convertible Redeemable Stock (the "Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.

Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate.
") until December 29, 2003, in order to allow the Company time to hold its annual meeting of shareholders. According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 the preliminary proxy statement Proxy Statement

A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting.
 filed by the Company with the Securities and Exchange Commission, the Company plans to request that the Series B Preferred shareholders approve a proposal which would effectuate a mandatory conversion of all outstanding shares of Series B Preferred Stock at a conversion ratio of six shares of common stock for each share of Series B Preferred Stock. This conversion ratio provides for the payment in full of all accrued and unpaid dividends on the Series B Stock in shares of common stock. The Company has not yet announced a date for its annual meeting of shareholders, but anticipates that the meeting will be held in November 2003.

About Frontline Communications Corp.

Founded in 1995 and traded on the American Stock Exchange under the symbol FNT, Frontline Communications Corp. has two operating divisions, Provo and Frontline.

The Provo division (www.provo.com.mx), acquired by Frontline Communications Corp. in April, 2003, is a Mexican corporation which maintains a dominant position within the prepaid calling card and cellular phone airtime markets in Mexico. Provo and its affiliates have been in operation for over seven years, and had combined reported (unaudited) revenue in 2002 of approximately $100 million, with operating profits of over $800,000. The company currently anticipates expanding existing Provo services to the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. , and intends to begin marketing cash cards, payroll cards and other forms of payroll and money transfer services, through both the Frontline and Provo divisions, in the near future.

The Frontline division provides high-quality Internet access and Web hosting services to homes and businesses nationwide, and offers Ecommerce, programming, and Web development services through its PlanetMedia group, www.pnetmedia.com. With the assistance of its newly acquired Provo division, Frontline plans on expanding its current services and offerings beyond the traditional internet sector in the near future. The Frontline division had revenue of approximately $5 million in 2002.

The statements which are not historical facts contained in this press release are forward looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, the ability to successfully integrate the acquired companies' businesses into Frontline, changes in the market for Internet or distribution services, regulatory and technological changes, economic factors, increased competition, foreign currency devaluation Currency devaluation

A deliberate downward adjustment in the official exchange rates established, or pegged, by a government against a specified standard, such as another currency or gold.
, foreign market risk, and the nature of supplier or customer arrangements which become available to the Company in the future. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
. The words "intend," "expect," "should," "project," and "anticipate," and similar expressions identify forward looking statements. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date they were made.
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Oct 22, 2003
Words:520
Previous Article:Silgan Holdings Reports Record Third Quarter Sales and Strong Earnings; Affirms Full Year 2003 Outlook.
Next Article:Cyclades Introduces Network Monitoring Probe for More Affordable Traffic Analysis; Cyclades-nQuirer Helps Minimize Downtime, Control Infrastructure...
Topics:



Related Articles
Frontline Communications Announces Second Quarter Results; Company Reports Positive EBITDA for the Quarter and Year to Date.
Frontline Series B Preferred Stock Plan of Compliance Accepted by the American Stock Exchange; Common Stock Listing Not Affected.
Frontline Communications Announces 2002 Results; Net Loss Declines by 95.5%.
Frontline Communications Restates Second Quarter 2003 Results; Quarterly losses decline from $942,000 to $266,000.
Frontline Communications Announces Third Quarter 2003 Results.
Frontline Communications Sets Shareholder's Meeting Date; Proxy Statement Filed and Mailed to Shareholders.
Frontline Communications Corp. Common Stock Shareholders Approve Reverse Stock Split and Name Change.
Interactive Brand Development, Inc. Reports Recent Material Developments.
GreenMan posts $15 mil. loss.
Considering going dark? A company choosing to delist and deregister its securities from a national securities exchange may face a host of legal and...

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles