TriNorth has the right plan and the superior team



    
           Dissidents' team lacks depth and plans lack credibility
         Shareholders urged to ONLY vote WHITE or BLUE proxies today
    

    TORONTO, June 15 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSX: TRT)
today reasserted that its team, plan and record are the superior choice for
shareholders.

    
    TriNorth's team has a track record of success and the right plan to
    create shareholder value

    The facts are:

    -   TriNorth's business plan is focused on creating investment
        opportunities with private early stage companies.
    -   TriNorth's management team has a history of wealth creation and a
        vast global network of relationships that will benefit shareholders
        now and in the future.
    -   TriNorth has significant latent value in the portfolio that will be
        unlocked in the coming quarters.
    -   TriNorth's board is comprised of experienced and knowledgeable
        members - the majority of whom are independent.
    -   TriNorth's board is experienced and internationally connected to
        support TriNorth's global mandate.
    -   TriNorth's board is committed to the highest standards of corporate
        governance.

    Dissident plans would destroy shareholder value

    In a press release dated June 12, 2009, Tony Busseri ("Busseri") and his
slate of nominees ("Dissidents") set out plans to advance the imprudent sales
of TriNorth's assets and a non-workable plan to monetize tax losses.

    The facts are:

    -   A third-party auditor has rejected the assertion that a tax loss
        monetization could be achieved.
    -   No one on the dissident slate, or Dissident Busseri himself, has
        pointed to a single example in their careers where they created
        shareholder value.
    -   Of the five board nominees presented by the Dissident, only one has
        public company director experience.
    -   The dissidents intend to maintain a listing on the TSX, yet the
        dissident slate's composition does not meet the TSX's minimum listing
        requirements.
    

    TriNorth's Chairman, John Crow said: "Like any responsible board,
TriNorth's Board regularly reviews opportunities to maximize shareholder
value, including the monetization of tax losses. The Board has previously
received expert advice from a third-party auditor that such a plan was
unworkable and would produce no value for shareholders."
    Mr. Crow added: "It is evident that the dissident nominees did not
evaluate the credibility of a tax loss proposal before signing off on
something that would undermine shareholder value. These actions demonstrate
that the dissident slate lacks the rigour and experience needed to act on
behalf of shareholders."
    Mr. Crow concluded: "It is critical that shareholders choose the board of
directors and management team that is best positioned to maximize shareholder
value in their company. The TriNorth team has the plan, resources and
capabilities to make it happen."
    Time is running out for shareholders to exercise their voting rights. To
be valid, WHITE or BLUE proxies must be deposited with the Corporation's
transfer agent, Computershare Trust Company of Canada, 100 University Avenue,
Toronto, Ontario, M5J 2Y1 not later than 5:00 p.m. (Toronto time) on Thursday,
June 18, 2009. Vote today to ensure that the right team is leading your
Company.
    The inevitability of the result of the shareholder vote result has become
clear - the dissidents and their misrepresentations have not convinced
shareholders. Management and the board have been overwhelmed by the
significant support expressed by a clear majority of shareholders.

    Important shareholder voting instructions

    The board urges you to carefully read the management information circular
and execute ONLY the WHITE or BLUE proxy by voting as recommended by the board
of TriNorth.
    Voting is a very quick and easy process that empowers you to state your
position and protect your investment, but you must act and vote ONLY your
WHITE or BLUE proxy to ensure your position is recognized. Please discard any
proxy you may have received from the Dissidents and ONLY vote the WHITE or
BLUE proxy.
    We believe that the depth of experience and strategic vision of the
TriNorth nominees are essential to the Company's success and makes us best
suited to lead your Company.
    If you have any questions regarding voting your WHITE or BLUE proxy,
please contact Kingsdale Shareholder Services Inc., at 1-800-775-4067 (toll
free) or 416-867-2272 (outside of North America).

    About TriNorth

    TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.

    Cautionary Notes

    Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.

    %SEDAR: 00003606E




For further information:

For further information: Investor or Media Contact: Janet Craig,
Kingsdale Communications Inc., (416) 669-6792,
jac@kingsdalecommunications.com

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TriNorth Capital Inc.

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