Frontline Receives Audited Provo Financials.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)--June 23, 2003 Independent auditors BDO International have audited and confirmed $100 million in 2002 revenues and $800,000 in operating profits of Proyecciones y Ventas Organizadas, S.A. de C.V. (Provo) and affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. which were acquired by 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 ). On April 6, 2003, Frontline Communications Corp. closed on the acquisition of Provo, a seven-year old company, based in Mexico City, Mexico, with operations in Dallas, Texas. "The Provo addition to Frontline creates a strong, new entity. We can now go forward by leveraging our existing product lines which we expect will propel us to even greater profitability and value for our shareholders," commented Stephen J. Cole-Hatchard, Frontline CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . BDO BDO Big Day Out (Australian music festival) BDO Banco de Oro (Philippines) BDO 1,4-Butanediol BDO British Darts Organisation BDO Block Development Officer BDO Big Dumb Object audited financial statements for the years ending December 31, 2002 and 2001. To obtain a copy of the of the audited report please contact The Investor Relations Investor relations The process by which the corporation communicates with its investors. Group, Inc. at 212-825-3210. About Provo Provo (www.provo.com.mx), a Mexican corporation, maintains a dominant position within the prepaid calling card and cellular phone airtime markets in Mexico. Provo is currently anticipating expanding its existing 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 transfers in the near future. About Frontline Frontline Communications Corporation, founded in 1995, is a technology company currently focused on the sale of prepaid phone cards and cellular phone airtime, as well as Internet access, Website design, hosting, long distance voice services, and related products. Frontline will soon begin marketing cash cards, payroll cards, and other forms of payroll and money transfer transactions tailored to Latin American communities in the United States. Recently, Frontline closed on the acquisition of Proyecciones y Ventas Organizadas, S.A. de C.V. (Provo), a Mexican corporation established in 1995, that maintains a dominant position within the prepaid calling card and cellular phone airtime markets in Mexico. The Company is the largest reseller for Telmex, the largest telecommunications carrier in Mexico. In addition, Frontline has entered into an agreement to acquire InterMR S.A. de C.V. (InterMR), a company focused on ATM and Electronic Money Transfer equipment and transactions. This acquisition fulfills the hardware, distribution, and service components of the Company's soon-to-be-launched cash and payroll products and services. Internet users can visit the Frontline web site at http://www.fcc.net. 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 of 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. |
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