TORONTO, April 12 /CNW/ - Goodwood Inc. ("Goodwood") has entered into an agreement with WebTech Wireless Inc. ("WebTech" or the "Company") pursuant to which the Company supported a change in the board of
directors of the Company. Effective immediately, the Company's new
board of directors is composed of Scott Edmonds, John Gildner, Andrew
Gutman, Robert Kittel and Leonard Metcalfe. Andrew Gutman will be the
Chair of the new board of directors.
The agreement was the result of good-faith negotiations between Goodwood
and the Company following Goodwood's requisition on March 14, on behalf
of four of its managed funds, for a meeting of the Company's
shareholders to replace the Company's board of directors or to elect
Goodwood's Chairman and Chief Investment Officer, Peter Puccetti,
stated: "Goodwood believes that the negotiated settlement is in the
best interests of all WebTech shareholders. We look forward to working
with the Company's new board of directors to maximize shareholder
The new board of directors has also reconstituted its standing special
committee of independent directors to consist of John Gildner, Andrew
Gutman and Robert Kittel.
About Goodwood Inc.
Goodwood Inc. (www.goodwoodfunds.com) manages the Goodwood Funds, a series of value-focused, long-oriented
and Canadian-centered funds that employ an activist approach to surface
value. The Goodwood Funds focus on purchasing securities well below
Goodwood's estimate of their long term intrinsic value.
SOURCE Goodwood Inc.
For further information:
please contact Peter H. Puccetti, Chairman and Chief Investment Officer, or Kumail Gangjee, Investment Analyst, Goodwood Inc. (416) 203-2022.