- Continues to Urge Forzani Shareholders to Support Crescendo Nominees -
NEW YORK, May 20 /CNW/ - Crescendo Partners announced today that it has
filed an investor presentation in connection with its proposal for two new
directors to be elected to the board of The Forzani Group Ltd. ("Forzani").
The presentation has been filed today with Canadian securities regulators and
will be accessible on the System for Electronic Document Analysis and
Retrieval ("SEDAR") at www.sedar.com.
In its presentation, Crescendo Partners explains its rationale for
seeking the support of shareholders for adding its two nominees to the Forzani
board. The presentation also highlights why Crescendo Partners believes that
the current board of directors of Forzani has failed to effectively oversee
the Company, as evidenced by its:
- inability to meet long-term revenue and EBITDA margin targets.
- low return on equity invested in the business.
- subpar performance of company-owned stores.
- accumulation of too many banners.
- failure to crystallize value through a sale in 2007.
The complete reasons for supporting the Crescendo Partners nominees,
including details of their background and experience, are set forth in a proxy
circular of Crescendo Partners dated May 13, 2009 (the "Crescendo Circular").
The Crescendo Circular and accompanying YELLOW form of proxy have been mailed
to all shareholders and also are available on SEDAR.
For assistance in voting your YELLOW proxy, please contact Laurel Hill
Advisory Group Toll Free at 1-888-726-9085 or collect 416-637-4661.
For further information:
For further information: Eric S. Rosenfeld, Managing Member, Crescendo
Investments II, LLC and Crescendo Investments III, LLC, General Partners of
Crescendo Partners II, L.P., Series H and Crescendo Partners III, L.P.,
respectively, Contact info: Eric Rosenfeld, erosenfeld "at"
crescendopartners.com, (212) 319-7676