Frontier Acquisition Corp. Announces Proposed Management Changes

    




 CALGARY, Aug. 10, 2012 /CNW/ - Frontier Acquisition Corp.   (the "Corporation" or "Frontier") is pleased to announce, subject to regulatory approval, that Chris  Yellowega and Monty Balderston have agreed to join Frontier. Mr.  Yellowega will be appointed President and Chief Executive Officer of  Frontier and Mr. Balderston will be appointed Executive Vice President  and Chief Financial Officer of Frontier on closing of the Corporation's  qualifying transaction whereby Frontier will acquire all of the issued  and outstanding shares of the Tuccaro Group entities (the "Transaction") concurrent with a brokered prospectus offering of subscription  receipts on a "commercially reasonable efforts" basis for aggregate  gross proceeds of approximately $90 million (the "Offering")  as previously announced on August 1, 2012. 

 The Transaction is subject to the approval of the TSX Venture Exchange  (the "Exchange") and the policies of the Exchange relating to qualifying transactions,  as well as shareholder approval of the Tuccaro Group. The Transaction,  when completed, will constitute the qualifying transaction of the  Corporation pursuant to Policy 2.4 of the Exchange. The Corporation was  listed on the Exchange as a capital pool company on February 13, 2012  and its principal business is to identify and evaluate opportunities  for the acquisition of an interest in assets or businesses with a view  to completing a qualifying transaction. Trading in the common shares of  the Corporation will remain halted until such time as the Exchange has  received the documentation required by Policy 2.4 of the Exchange. 

 John Jacobs, Chief Executive Officer of the Corporation commented, "We  are very excited to have Chris and Monty join Frontier as it will  successfully complete another key milestone in our vision to build a  leading maintenance, repair and operations services organization for  plants, mines and energy infrastructure in western and northern  Canada". "Chris brings a wealth of experience in senior leadership  roles within parallel businesses to our strategic vision and Monty  comes to Frontier with a solid track record in numerous senior  financial leadership roles within publicly traded companies" added Brad  Creswell, President of the Corporation. 

 On completion of the Transaction, Mr. Jacobs, Mr. Creswell and Ms. Lisa  Mortell will resign as officers of the Corporation simultaneously with  Mr. Yellowega's and Mr. Balderston's appointments. Mr. Jacobs and Mr.  Creswell will continue to be Board members of Frontier providing  strategic direction and oversight to Frontier. The following are  backgrounds of the proposed officers of Frontier. 

 Chris Yellowega - Proposed President and Chief Executive Officer, Age 41 

 Mr. Yellowega is an experienced senior executive and Professional  Engineer. He has 20 years of varied experience in engineering,  operations, maintenance and senior management roles in the mining and  energy industries. Mr. Yellowega brings a depth of experience in  operating and service markets in the target business areas for Frontier  and has a strong business focus on strategy, execution and cost. From  2008 to 2012, Mr. Yellowega was Vice President, Construction and prior  thereto Vice President, Operations with North American Energy Partners  Inc. ("North American"), a provider of mining, heavy construction, industrial, piling and  pipeline services in western Canada. North American is listed on the  NYSE and TSX (NOA). From 2005 to 2008, he was Vice President, Upstream  with Synenco Energy Inc. ("Synenco"), a former TSX listed oil sand resource development company involved  in the Northern Lights upstream mining and bitumen extraction project.  Synenco was acquired by Total SA in 2008. From 2000 to 2005, Mr.  Yellowega was a senior manager with Shell Canada's oil sands group,  involved with the Muskeg River Mine development for Albian Sands Energy  Inc. 

 Mr. Yellowega graduated from the University of Alberta in 1993 with a  Bachelor of Science degree in Mining Engineering. 

 Monty R. Balderston - Proposed Executive Vice President and Chief  Financial Officer, Age 42 

 Mr. Balderston is a Chartered Accountant with over 16 years of  experience, including over 10 years in senior leadership roles with  publicly traded companies. From June 2011 to July 2012, he acted as  Chief Financial Officer of Silica North Resources Ltd., a privately  held start-up company focused on developing deposits and supplying  proppant (frac sand) to the oil and natural gas industry. From May 2003  to June 2011, Mr. Balderston held various senior financial roles  including Chief Financial Officer from March 2008 to June 2011 of Peak  Energy Services Ltd. ("Peak"), a diversified energy services company providing drilling and  production services to its customers in both the conventional and  unconventional oil and natural gas industry in western Canada and the  United States as well as the oil sands regions of western Canada. Peak  was listed on the TSX until it was purchased by Clean Harbors Inc. in  June 2011. From May 2000 to July 2002, he held senior financial roles  with International Properties Group Ltd., a real estate company, which  was listed on the TSX until late 2002. From September 1995 to April  2000, Mr. Balderston was with the accounting firm  PricewaterhouseCoopers LLP and held various progressing finance related  roles in both the audit and management consulting practices. 

 Mr. Balderston graduated from the Northern Alberta Institute of  Technology with a Finance Diploma (with Honors) in 1991 and graduated  from the University of Alberta with a Bachelor of Commerce degree (with  Distinction) in 1995. He earned his Chartered Accounting designation in  the Province of Alberta in 1998. 

 Craig Jenkins - Proposed Vice President, Operations, Age 39 

 Mr. Jenkins is currently the Corporate Manager for Tuccaro Inc., the  corporate services entity within the Tuccaro Group of companies. Mr  Jenkins is an 18 year employee of the Tuccaro Group in a variety of  leadership roles that has seen dramatic growth in the company. Mr.  Jenkins has been involved in the general stewardship of the Tuccaro  Group supporting all facets of the business including but not limited  to collective agreement negotiation, strategic planning, organizational  effectiveness, and bid & proposal support. 

 Mr. Jenkins graduated with a Bachelor of Laws degree (with Honors) from  the University of Glamorgan in 1994.  Prior to completing his law  degree, Mr. Jenkins was employed within the civil construction  industry. 

 About the Corporation  

 The Corporation is a capital pool company within the meaning of the  policies of the Exchange that has not commenced commercial operations  and has no assets other than cash. The board of directors of the  Corporation consists of John R. Jacobs, Bradford N. Creswell, Trevor  Haynes, Darin R. Coutu, Edward J. Redmond, Don Basnett, Rob Hunt and  Darrell R. Peterson. The officers of the Corporation are John R.  Jacobs, Bradford N. Creswell and Lisa M. Mortell. Except as  specifically contemplated in the Exchange 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. 

 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.  

 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.  In some cases, forward-looking statements can be  identified by terminology such as "may", "will", "should", "expect",  "plan", "anticipate", "believe", "estimate", "predict", "potential",  "continue", or the negative of these terms or other comparable  terminology. These statements are made as of the date of this news  release and the Corporation does not undertake to publicly update these  forward-looking statements except in accordance with applicable  securities laws. These forward-looking statements include, among other  things: 




        --  completion of the Transaction and the Offering;
        --  terms and conditions of the Transaction; and
        --  composition of management of the Corporation following
            completion of the Transaction.




 These 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. In making such forward-looking statements, assumptions  have been made regarding, among other things, industry activity,  marketability of the products of the Tuccaro Group, the state of  financial markets, business conditions, continued availability of  capital and financing, future oil and natural gas prices and the  ability of the Corporation to obtain necessary regulatory approvals.  Although the Corporation believes the expectations expressed in such  forward-looking statements are based on reasonable assumptions, such  statements are not guarantees of future performance and actual results  or developments may differ materially from those in the forward-looking  statements.   

 By its nature, forward-looking information involves numerous  assumptions, known and unknown risks and uncertainties, both general  and specific, that contribute to the possibility that the predictions,  forecasts, projections and other forward-looking statements will not  occur. These risks and uncertainties include: the possibility that the  parties will not proceed with the Transaction and the Offering, that  the ultimate terms of the Transaction and the Offering will differ from  those that are currently contemplated, that the Transaction and  Offering will not be successfully completed for any reason (including  the failure to obtain the required approvals from regulatory  authorities) and regulatory changes. Investors are cautioned that  forward-looking statements are not guarantees of future performance and  actual results or developments may differ materially from those  projected in the forward-looking statements. 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. 

 (signed) "Bradford Creswell" 

Frontier Acquisition Corp.


CONTACT:  For further information on Frontier Acquisition Corp., pleasecontact:Frontier Acquisition Corp.Bradford N. Creswell - President and DirectorPhone: [phone]Fax: [phone]www.frontieracquisition.com 


    

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