TORONTO, May 13 /CNW/ - 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. ("Crescendo") announced today that it will
be proposing two new directors for election to the board of The Forzani Group
Ltd. ("Forzani" or the "Company") at the upcoming annual meeting of Forzani
shareholders to be held on June 10, 2009 (the "Meeting"). Crescendo is one of
the largest shareholders of Forzani, owning approximately 1,560,300 or 5.1% of
the Class A shares of Forzani entitled to be voted at the Meeting.
Crescendo's two new nominees for election as directors are:
- Barry Erdos, Chief Executive Officer, FAO Schwarz
- David D. Sgro, CFA, Managing Director, Crescendo Partners, L.P.
Crescendo also will be recommending shareholders vote for six of the
incumbent directors nominated by Forzani management.
The reasons for supporting the Crescendo nominees, including details of
their background and experience, are set forth in a proxy circular of
Crescendo dated May 13, 2009 (the "Crescendo Circular"). The Crescendo
Circular and accompanying YELLOW form of proxy have 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. These
materials also will be mailed shortly to holders of Forzani Class A shares.
Crescendo has requested a shareholders list from Forzani, which has not yet
been received, to facilitate the mailing of its proxy circular and form of
proxy to all shareholders. The delivery of materials to shareholders will be
effected immediately after the list is received.
Mr. Eric S. Rosenfeld, the Managing Member of Crescendo, stated: "Our
sole intention in taking this action is to improve the quality of the Board
for the benefit of all Forzani shareholders. Over the past two months we made
an effort to avoid a proxy contest and to reach an amicable resolution with
the Company to have nominees added to the Board. Forzani rejected the concept
of any Crescendo nominees even though the Company had an open board position
to fill. As our circular details, our nominees have the relevant experience
and expertise in public companies, corporate development, corporate
governance, capital markets and other matters that is critical in ensuring
that Forzani realize its full potential. Our nominees also possess the vision
and commitment to enhance value for the benefit of all shareholders of
This announcement is not a solicitation of proxies, which will only be
done pursuant to applicable law.
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, firstname.lastname@example.org,