NEW YORK, June 10 /CNW/ - Crescendo Partners LP expressed its gratitude
to fellow shareholders of The Forzani Group Ltd. for the level of support
received in its campaign to nominate representatives to the board that would
bring about positive change at Forzani.
Although its representatives were not elected to the board, Crescendo
Partners received positive support for its efforts from approximately 38% of
the Forzani shareholders represented at the annual meeting. Excluding votes
received from members of the board and management and the company's largest
shareholder, Letko, Brosseau & Associates Inc., which expressed its support
for management early in the process, Crescendo received support from
approximately 48% of the voting shareholders.
Eric Rosenfeld, managing member of Crescendo Partners stated, "We have
received a tremendous endorsement of our campaign as evidenced by the
substantial support we've received from shareholders. Our objective is to make
sure that Forzani effectively executes the strategies necessary to surface the
full value of its business. As a result of our past and future actions, we
expect that there will be positive change at Forzani."
For further information:
For further information: Eric S. Rosenfeld, Managing Member, Crescendo
Partners LP, Contact info: Eric Rosenfeld, erosenfeld "at"
crescendopartners.com, (212) 319-7676