Biovail CEO Refuses to Meet; Concerned Shareholders Believe It Reflects
Unwillingness To Confront Issues and to Reveal His Inexperience and Lack
of Industry Knowledge
June 17 Conference Call with Analysts Available on BetterBiovail.com
All Shareholders Urged to See New Video and Vote Their YELLOW Proxy
TORONTO, June 17 /CNW/ -- The Concerned Shareholders of Biovail
Corporation (NYSE: BVF)(TSX: BVF) said today that a refusal by Biovail CEO
William Wells to participate in a debate with Bruce Brydon, Concerned
Shareholders' proposed CEO, sends a chilling message to Biovail shareholders.
"To make an informed vote, shareholders need a chance to evaluate each
side," said a spokesman for The Concerned Shareholders. "Mr. Wells has limited
experience in the pharmaceutical industry, and we believe his refusal to
participate in a debate demonstrates is he is afraid to show -- one-on-one --
his lack of knowledge."
Mr. Wells's refusal to debate comes on the heels of an analysis by Glass
Lewis & Co. that sharply criticizes the company and recommends a no-vote for
all the company's nominees. The report also calls the appointment of Mr. Wells
as CEO "inappropriate from a corporate governance standpoint" and suggests
that there was an appearance of a conflict of interest in awarding lavish
compensation packages to Mr. Wells and his predecessor at a time when the
company is struggling financially.
"We believe Mr. Wells has limited knowledge of the industry and
inadequate experience to run the company," the spokesman said. "But
shareholders deserve to see his level of knowledge first hand -- face to face
with Bruce Brydon, who has 30 years experience."
The Concerned Shareholders ask the incumbent Biovail Board and Mr. Wells
to reconsider their stance and agree to the debate with Mr. Brydon.
"If they do not, we urge shareholders to take note of what this says,"
said the spokesman. "Do they want a Board and management team that is afraid
to show shareholders what they know and what they don't know? Or do they want
a Board and a leader who wants an open debate?"
All shareholders are urged to vote the YELLOW proxy in favour of the
Concerned Shareholders slate of nominees. Copies of the proxy circular
prepared by the Concerned Shareholders can be obtained via SEDAR
(www.sedar.com) and www.betterbiovail.com or by contacting in Canada,
Kingsdale Shareholder Services Inc. toll-free at 1-800-775-1986 or collect at
1-416-867-2272, or in the United States, Innisfree M&A Incorporated toll-free
Certain statements contained in this release constitute forward-looking
statements. The words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar expressions as they
relate to the Concerned Shareholders, the Concerned Shareholders' nominees,
the Company or its current or future management, are intended to identify
forward-looking statements. Such statements reflect the Concerned
Shareholders' or the Concerned Shareholders' nominees' current views with
respect to future events and are subject to certain risks, uncertainties and
assumptions. The Concerned Shareholders' nominees assume no responsibility for
any such statements. Many factors could cause the company's actual results,
performance or achievements that may be expressed or implied by such forward-
looking statements to vary from those described herein should one or more of
these risks or uncertainties materialize. Such factors include, but are not
limited to, economic, business, technological, competitive and regulatory
For further information:
For further information: Canadian Media: Duncan Fulton,
Fleishman-Hillard, +1-416-645-3655, firstname.lastname@example.org, or US Media:
Mike Sitrick, Sitrick And Company, +1-310-788-2850, email@example.com,
both for Bruce Brydon Web Site: http://www.betterbiovail.com