Dissidents misrepresenting the firm
TORONTO, June 11 /CNW/ - Lawrence Asset Management Inc. ("LAMI") today
corrected misinformation being made by dissident Tony Busseri ("Busseri") and
his proposed slate of directors ("Dissidents") in their campaign against
TriNorth Capital Inc. ("TriNorth").
The facts are:
- A dismissal of LAMI as Manager of TriNorth, which is what we believe
the Dissidents intend to do, will have profoundly negative effects on
the value of TriNorth's portfolio and shareholder value.
- Dissident Busseri's insinuations in press releases and the Dissident
Circular that LAMI has been involved in transferring value out of
TriNorth in the Russian Oil Concessions are false and defamatory to
LAMI and, therefore, libel notices have been served against dissident
Busseri and other dissident nominees.
- LAMI and two sets of external valuators have valued, and continue to
value, any equity ownership in Russian Oil Concessions at zero,
contrary to the indications by dissident Busseri.
- All debt against the Russian Oil Concessions has been and continues
to be non-recourse to TriNorth.
- LAMI was compelled to sell shares in TriNorth due to the
restructuring of a fund that occurred on Feb 2, 2009 and this action
had no reflection on our long-term commitment to the company.
LAMI is committed to the long-term development of TriNorth with its
strong board and management team.
Lawrence Asset Management is a specialized global asset management firm
with interests and investments in Canada and around the world.
For further information:
For further information: Catherine Stretch, (416) 362-6283,