Concerned Shareholders Acknowledge First Victory For All TriNorth Shareholders

    Current Board's Concession Does Not Meet Shareholder Needs

    TORONTO, June 5 /CNW/ - The Concerned Shareholders of TriNorth Capital
Inc. today acknowledged the decision of the Company's current Board of
Directors to withdraw its ill-considered proposal to pursue a one-for-10
consolidation of TriNorth's shares.
    The Concerned Shareholders had called for cancellation of the
consolidation due to the potential destruction of shareholder value it could
cause. In its announcement today, TriNorth noted that it is withdrawing the
proposal because "the Board and management became aware of shareholder
    "It is clear that the Current Board recognizes the growing support for
the Concerned Shareholders," said Tony Busseri. "We are pleased to see the
Current Board concede on one issue, but there are others that are of even
greater significance that can only be achieved with a new independent Board
acting for the shareholders, not the Manager of the Company. Responding to
shareholder concerns on this one proposal will not co-opt the opposition to
the Current Board."
    Under the Current Board, TriNorth has a dismal record of investment and
share price performance - far worse than general market conditions. It also
has served shareholders poorly with outdated notions of proper corporate
governance and disclosure.

    Vote Now

    Time is short. TriNorth shareholders should use the YELLOW proxy to vote
for the election of a new Board and to block the destructive management
resolutions. Discard the Blue Proxy. In order to be voted at the Annual
Shareholder Meeting, proxies must be received by no later than noon (Toronto
time) on June 18, 2009. Remember, your vote is completely private. For more
information, call The Concerned TriNorth Shareholders at 905-334-5495 or go to
    The Concerned Shareholder Proxy Circular has been filed with securities
regulators and has been mailed to all TriNorth shareholders along with a
Yellow form of proxy to be used to vote to replace the Board and to oppose
management resolutions at the Annual Shareholders Meeting. The Proxy Circular
is available at and at

    %SEDAR: 00003606E

For further information:

For further information: TriNorth Concerned Shareholders, Tony Busseri,
(905) 334-5495,; Media, John Lute, Lute & Company, (416)

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890