Court appoints counsel to represent investors in Poseidon Concepts Corp. CCAA proceedings

CALGARY, June 27, 2013 /CNW/ - On April 9, 2013, Poseidon Concepts Corp. and certain of its affiliates (collectively, "Poseidon") obtained creditor protection under the Companies' Creditors Arrangement Act ("CCAA") (the "Initial Order").

Prior to the Initial Order, three class proceedings had been commenced against Poseidon and certain of its directors and officers in Alberta, Ontario and Quebec, seeking to represent past and current shareholders of Poseidon (the "Class Members").

On May 31, 2013, the Alberta Court of Queen's Bench (the "Court") made an order appointing Franz Auer, Joanna Goldsmith and Marian Lewis (the "Representatives") to represent the Class Members in Poseidon's CCAA proceedings (the "Representation Order").  The Representation Order also appoints Jensen Shawa Solomon Duguid Hawkes LLP, Siskinds LLP, Siskinds, Demeules, S.E.N.C.R.L and Paliare Roland Rosenberg Rothstein LLP ("Representative Counsel") as counsel to the Representatives.  A copy of the Representation Order is available on the Monitor's website at: http://www.pwc.com/en_CA/CA/car/poseidon/assets/poseidon-110_060413.pdf.

The Representation Order applies to "Class Members," who are defined as all persons and entities, wherever they may reside, who acquired Poseidon's Securities on or before February 14, 2013 by distribution in Canada or on the Toronto Stock Exchange or other secondary market in Canada, which includes securities acquired over the counter, and all persons and entities who acquired Poseidon's Securities during such period who are resident of Canada or were resident of Canada at the time of the acquisition, except certain excluded persons.

Any Class Member who wishes to not be represented by the Representatives and Representative Counsel in Poseidon's CCAA proceedings may opt out of the representation by providing the Monitor, PricewaterhouseCoopers Canada, with written notice (the "Opt-Out Letter").  The Opt-Out Letter must be submitted by July 29, 2013.

A copy of the Opt-Out Letter, together with a copy of the Representation Order and all documents filed with the Court in the CCAA proceedings are available on the Monitor's website at: www.pwc.com/ca/en/car/poseidon.

Contact information for Representative Counsel can be found at: http://www.classaction.ca/classaction-ca/master-page/actions/securities/current-actions/poseidon-concepts-corp.aspx

SOURCE: Siskinds LLP

Contact:

Laura-Marie Paynter
Siskinds LLP
Tel: [phone] (ext. 228)
Email: [email protected]