FloNetwork Postpones IPO

E-mail service provider FloNetwork Inc., Toronto, Friday announced it is postponing its initial public offering.

“We believe that the current market does not reflect the growth prospects within the Internet direct marketing sector,” FloNetwork CEO Eric Goodwin said in a statement. “We remain positive on our business outlook and see this postponement until markets are more favorable being in the best interests of our shareholders.”

On March 15, FloNetwork filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of about 4.3 million common shares, including 562,500 shares to cover any over-allotments.

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