CALGARY, ALBERTA--(Marketwire - Oct. 17, 2012) -
NOT FOR DISEMINATION IN THE UNITED STATES OR FOR RELEASE TO THE US NEWS WIRE SERVICES
Frontier Acquisition Corp. (TSX VENTURE:FFF.P) (the "Corporation" or "Frontier") announces that it will not be proceeding with its proposed acquisition of Tuccaro Inc., Neegan Development Corporation Ltd., Tuc's Contracting Ltd., Neegan Technical Services Ltd. and Water Pure and Simple (Fort McMurray) Ltd. (collectively, the "Tuccaro Group") as previously announced on August 1, 2012 (the "Acquisition"). Based upon feedback received during the marketing of its concurrent offering of subscription receipts, the Tuccaro Group was unable to agree with Frontier on certain required modifications to the terms of the Acquisition. Management and the board of Frontier believe it to be in the best interests of the Corporation's shareholders to pursue an alternative qualifying transaction. The Corporation has sufficient capital to continue its efforts and remains committed to its strategy of creating a large resource maintenance/essential service business through a buy/build growth strategy. It is the board's intention to continue to work with Chris Yellowega and Monty Balderston as potential managers for an alternative qualifying transaction.
As a result of the termination of the proposed Acquisition, Frontier's long form prospectus offering of subscription receipts led by Raymond James Ltd. has also been terminated.
Frontier's common shares will resume trading at the market open within 48 hours of the TSX Venture Exchange's issuance of a Resume Trading Bulletin.
About the Corporation
The Corporation is a capital pool company (a "CPC") within the meaning of the policies of the TSXV Venture Exchange ( the "Exchange") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the CPC Policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed qualifying transaction.
Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
Forward Looking Information
This news release includes certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements.
Any forward-looking statements are only predictions and are based on current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon.
For more information on the Corporation, investors should review the Corporation's continuous disclosure filings that are available at www.sedar.com and the Corporation's website at www.frontieracquisition.com.
On behalf of the Board of Directors of Frontier Acquisition Corp.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.