Polar Star's precipitous actions reversed in settlement before Ontario Court



    TORONTO, Feb. 5 /CNW/ - T. Douglas Willock today released the following
statement:
    "I am very pleased to report to you that, today, the Ontario Superior
Court of Justice endorsed a resolution in connection with my Application
against Stephen G. Roman and Polar Star. The settlement contains four
paragraphs, each of which represent important victories for the current
shareholders of Polar Star, including shareholders representing at least 53.8%
of the shares of Polar Star, who have already provided me with express written
support.
    First, Polar Star is prohibited from closing the financing it announced
on February 4, 2009 until February 13, 2009. As you are aware, the Company had
tried to quick close the financing tomorrow. In addition, Polar Star is
required to provide GMP Securities LP with 50% participation rights in the
proposed financing. The support of GMP for Polar Star shareholders has been
outstanding. I intend to work with GMP to ensure that its allocation is filled
by new investors with a vision consistent to that of a majority of the current
shareholders of Polar Star. As for the new investors being solicited by Mr.
Roman, I intend on earning your trust and presenting my vision of Polar Star
to you.
    Second, Polar Star has agreed that it will not interfere with the rights
of the shareholders to hold a shareholders' meeting and that it will not take
any action to prejudice my rights or interests as a shareholder or director
continuing to work on your behalf. This provision is an important victory for
the shareholders of Polar Star and we expect will serve as a reminder to the
directors that any action taken on their part to thwart the legitimate process
undertaken by the shareholders is now prohibited by the Superior Court. We
intend on monitoring all decisions of the Board as they relate to the
shareholders meeting and have reserved our option to return to Court if the
Company deviates from this provision.
    Third, Polar Star has agreed that they shall abide by the recommendation
of the Special Committee as to the date of the Special Shareholders' Meeting
for the removal of the existing board of directors. We have asserted to the
Company and the Special Committee that, in light of the inevitable result
based on the majority written support we have already received, a
shareholders' meeting should be held expeditiously and on the shortest
possible timeline. I have reserved, on your behalf, the right to challenge the
decision on any such date, however, I am confident that the Special Committee
will recommend an expeditious end to this unfortunate saga. We will carefully
review with our shareholder supporters and counsel the date proposed by the
Special Committee and will return to the Superior Court if the date does not
bring a quick end to the current uncertainty.
    Finally, in light of my termination as President and CEO, a direct result
of my requisition of a special meeting of shareholders, the order provides
that I will have reasonable access to operational information of Polar Star
until that meeting takes place. In good faith, I have agreed not to interfere
with the day to day operations of Polar Star, which I have not done and do not
intend to do.
    I am pleased to report to the shareholders of Polar Star that I am
continuing in my fight to restore shareholder and stakeholder confidence in
Polar Star. In over 25 years of mining and mining finance experience, this
process has been both gruelling and unfortunate. I continue to be sincerely
humbled by the daily and overwhelming support I am receiving from shareholders
and stakeholders. I continue to seek your input, advice and help through this
process to give you back your Company. I look forward to keeping you informed
of my progress on your behalf."





For further information:

For further information: Wes Hall, CEO, Kingsdale Shareholder Services
Inc. at (416) 867-2342

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DOUGLAS WILLOCK

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