TORONTO, June 5 /CNW/ - Eugene Hretzay and Sharad Mistry, both Concerned
Shareholders of International Sovereign Energy Corp., have mailed a Proxy
Circular today to ISR shareholders seeking shareholder support to oust the
present board at the Annual Meeting on June 23, 2008. ISR has demonstrated
dismal financial performance during an unprecedented boom in oil prices and
the Concerned Shareholders have concluded that the status quo is unacceptable.
Mr. Hretzay, until recently, was also an ISR director.
The Concerned Shareholder's Proxy Circular notes that while the value of
ISR shares dropped by 65% between 2004 - 2007, the salary of the CEO more than
In their letter to ISR shareholders, Messrs. Hretzay and Mistry state:
"International Sovereign Energy Corp. is a company that has, for many years,
performed substantially below its true potential. The current ISR Board and
management have delivered consistently poor operating performance, have
consistently missed publicly stated goals and targets and have caused a
substantial decline in cash flow from operations. In our view, the status quo
is unacceptable. The Concerned Shareholders believe that a change of
leadership is necessary in order for ISR to realize on its potential and
deliver appropriate returns to all shareholders."
The Concerned Shareholders urge ISR shareholders to vote their YELLOW
form of proxy to change the status quo. If you have questions in connection
with your YELLOW proxy, please call Kingsdale Shareholder Services Inc. at
1-800-775-5159 or 1-416-867-2272 (collect calls accepted) and they will assist
The Concerned Shareholder Proxy Circular, letter to shareholders and
YELLOW form of proxy are available online at www.sedar.com under filings for
International Sovereign Energy Corp.
For further information:
For further information: Eugene Hretzay, (416) 508-3472 or Sharad
Mistry, (416) 844-7955