TORONTO, March 6, 2013 /CNW/ - Stonehouse Capital Management Inc.
("Stonehouse") announced today that it has acquired control and
direction over 68,000 common shares of Intrinsyc Software
International, Inc. ("Intrinsyc"), representing approximately 0.04% of Intrinsyc's outstanding shares.
Following this acquisition, Stonehouse exercises control and direction
over 10,490,000 common shares of Intrinsyc, representing approximately
6.4% of Intrinsyc's outstanding shares. All of these shares are owned
by clients of Stonehouse (the "Stonehouse Accounts"). Stonehouse acts as investment manager for the Stonehouse Accounts
and, pursuant to its client arrangements, exercises control and
direction over all shares of Intrinsyc in the Stonehouse Accounts,
including the power to vote and dispose of such shares. The 68,000
common shares of Intrinsyc were acquired by the Stonehouse Accounts on
the Toronto Stock Exchange at a price of $0.07 per share.
On December 10, 2012, Stonehouse caused a meeting requisition to be
delivered to Intrinsyc and its current board of directors duly
requesting and requisitioning the current board to call a special
meeting of Intrinsyc's shareholders for the purpose of allowing
Intrinsyc's shareholders to vote upon a resolution removing all of the
existing directors of Intrinsyc and to elect seven new nominees in
their place. In response, the current board of directors of Intrinsyc
announced on December 20, 2012 that Intrinsyc had called an annual and
special meeting of its shareholders, which will include the business
outlined in the meeting requisition, to be held on May 14, 2013 (the "May 2013 Meeting").
On January 24, 2013, Stonehouse publicly announced the names of the
individuals to be proposed by it for election as directors of Intrinsyc
at the May 2013 Meeting, and filed on SEDAR an information circular
dated January 24, 2013 containing information regarding those
nominees. The nominees to be proposed by Stonehouse include Michael W.
Bird, David M. Lewis and Robert Odendaal (collectively, the "Specified Nominees").
The Specified Nominees, collectively beneficially own, or exercise
control and direction over, a further 6,701,400 common shares of
Intrinsyc, representing approximately 4.1% of Intrinsyc's outstanding
shares. Collectively, Stonehouse and the Specified Nominees
beneficially own, or exercise control and direction over, 17,191,400
common shares of Intrinsyc, representing approximately 10.5% of
Intrinsyc's outstanding shares. In addition, a further 2,715,000
common shares of Intrinsyc are held by one or more trusts of which one
of the Specified Nominees and/or various members of his family are
beneficiaries, although the Specified Nominee is not a trustee and does
not exercise control or direction over these shares. Stonehouse and
the Specified Nominees therefore collectively beneficially own,
directly or indirectly, or exercise control and direction over, or
otherwise indirectly have an interest in, 19,906,400 common shares of
Intrinsyc, or approximately 12.2% of Intrinsyc's outstanding shares.
The common shares of Intrinsyc acquired by the Stonehouse Accounts are
being held for investment purposes. Depending on market and other
conditions, Stonehouse and/or the Specified Nominees currently expect,
from time to time, to increase their respective ownership, control and
direction over securities of Intrinsyc. Depending on market and other
conditions, Stonehouse and/or the Specified Nominees may also, from
time to time, decrease their respective ownership, control and
direction over securities of Intrinsyc.
The issuance of this news release is not an admission that any person or
entity named herein is a joint actor with any other person or entity so
SOURCE: Stonehouse Capital Management Inc.
For further information:
For further information or a copy of the report filed under National Instrument 62-103, please contact:
Daniel S. Marks, CFA
Stonehouse Capital Management Inc.
1003 College Street
Toronto, Ontario M6H 1A8