TriNorth's Board is clearly stronger and more experienced than the Dissident slate



    Board reaffirms its ongoing commitment to superior corporate governance

    TORONTO, June 8 /CNW/ - The Board of Directors of TriNorth Capital Inc.
("TriNorth") (TSX: TRT) today released information to compare its experience
with that of the Dissident slate, and to confirm to shareholders that the
Board has demonstrated a record of superior corporate governance practices.
    John Crow, former Governor of the Bank of Canada, noted international
economist, corporate director, and Chairman of TriNorth, said: "I have been
privileged to serve on many public boards, including large multinational
corporations, and I can assure shareholders that the corporate governance
standards and practices at TriNorth are excellent by any measure."

    
    TriNorth's Board has strong experience and knowledge

    The facts are:

    -   TriNorth's Board consists of experienced, knowledgeable and active
        members.
    -   TriNorth's Board has 6,492,800 of directly owned shares in TriNorth.
    -   All of the Board members have experience serving on a public board.
        In fact, combined, the Board has served on 27 boards.

    Dissidents have limited experience and no stake in TriNorth's future
    success

    Mr. Tony Busseri ("Busseri") and his nominees (the "Dissidents") do not
have the financial or operational experience, or the track record to provide
TriNorth with leadership and strategic direction.

    The facts are:

    -   None of Busseri's nominees have direct share ownership in TriNorth.
    -   Only one of Busseri's nominees has relevant board membership
        experience.
    -   The Dissident Circular does not specify the role of Busseri once he
        seizes control of TriNorth.

    -------------------------------------------------------------------------
    Board Leadership Qualities        Management Slate        Busseri Slate
    -------------------------------------------------------------------------
    Financial Experience              5 of 5                  1 of 5
    -------------------------------------------------------------------------
    Direct Share Ownership            6,492,800               0
    -------------------------------------------------------------------------
    Company Knowledge                 Comprehensive           Limited
    -------------------------------------------------------------------------
    Public Company Director
     Experience                       5 of 5                  1 of 5
    -------------------------------------------------------------------------

    TriNorth's Board has strong corporate governance practices

    The facts are:

    -   In January 2008, the Board formed a Corporate Governance Committee
        chaired by John Crow, Chairman of TriNorth, with a majority of the
        members being independent directors;

    -   In March 2008, the Board engaged external counsel to review and
        revise the Corporate Governance Committee Charter, the Policy on
        Corporate Disclosure, Confidentiality and Restricted Trading
        Practices, the Audit Committee Charter, the Board Mandate and
        Governance Guidelines and the Code of Ethical Conduct and Business
        Practices;

    -   In the fourth quarter of 2008, the Board engaged external counsel to
        assist in its review of the independence of all directors to ensure
        that a majority of directors were independent as recommended by
        National Policy 58-201 Corporate Governance Guidelines and, following
        a detailed review, two directors resigned from the Board;

    -   In the first quarter of 2009, with the assistance of external
        counsel, the Board conducted a review of the terms of the Management
        Agreement and was successful in implementing certain changes to the
        termination provisions of the Agreement which are beneficial to
        TriNorth;

    -   In February 2009, the Board undertook to ensure that the governance
        policies, procedures and structures will not be diminished with the
        planned move to list TriNorth on the TSX Venture Exchange;

    -   The Board is confident that its disclosure practices are sound and
        consistent with the technical and legal requirements under which it
        operates, especially as they relate to the identification and
        disclosure of material events. The Board has sought independent legal
        counsel and advice on this matter and has confirmed that it is in
        compliance with regulatory requirements.
    

    Important shareholder voting instructions

    It is vital you fully understand what may happen to your investment if
the Dissidents seize control of your Company. For this reason, the board urges
you to carefully read the management information circular and execute the 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 your BLUE proxy to ensure your
position is recognized. Please disregard any proxy you may have received from
the Dissidents and ONLY vote the 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 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

Organization Profile

TriNorth Capital Inc.

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