FRNT FINANCIAL PROVIDES UPDATE ON TREASURY HOLDINGS
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No Material Losses in Crypto Sell-Off Due to Non-Directional Arbitrage Investments
TORONTO, May 11, 2022 /CNW/ - FRNT Financial Inc. (TSXV: FRNT) (FSE: XZ3) ("FRNT" or the "Company"); a next generation institutional capital markets platform offering various trading and advisory services within cryptocurrency, provides an update on the Company's treasury holdings. The company is pleased to report that it currently holds no material directional exposure to cryptocurrency in its Treasury. As a result, the company's capital has suffered no material losses in the current cryptocurrency sell-off.
Stéphane Ouellete, CEO and Co-Founder of FRNT Financial stated, "While Bitcoin is down more than 50% from its high, we've used the volatility to our advantage, investing in arbitrage mandates that have historically been much more defensive and at time quite profitable, in similar crypto trading environments. To be perfectly clear, we do currently do not hold material long crypto exposure in our treasury, and our non-directional mandate has shielded us from losses in the recent downturn."
FRNT Financial is a next generation institutional capital markets platform offering various trading and advisory services within cryptocurrency and emerging asset classes. The Company intends to present a new set of opportunities targeted to permitted clients and institutional investors while maintaining a lean, technology-forward operation. FRNT is focused on delivering expertise and products to institutional clients that allow them to effectively access alternative cryptocurrency opportunities. The Company was founded in 2018 and is led by CEO Stéphane Ouellette, headquartered in Toronto, Ontario.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information.
Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the closing of the Offering, the ability of the Company to fulfil the requirements of the Exchange and receive final approval to list its Commom Shares, the general risks associated with the speculative nature of the Company's business, current global financial conditions, uncertainty of additional capital, price volatility, no history of earnings, government regulation in the industries in which the Company operates, political and economic risk, absence of public trading market, arbitrary offering price, dilution to Common Shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's final prospectus. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information.
The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes.
The Company does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE FRNT Financial Inc.
Investor Relations: Jackie Kelly [email protected] 416-301-294
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