Board Special Committee finds that dissident charges are without
Busseri has no track record in creating shareholder value
Busseri wants to charge $450,000 to shareholders for proxy campaign costs
TORONTO, June 5 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSX: TRT)
today released its response to concerns raised by Mr. Tony Busseri
In a letter to shareholders, TriNorth's Board of Directors sets the
record straight that Busseri has no record of creating shareholder value.
Furthermore, Busseri has a history of launching dissident actions against
public companies and is attempting to use the market downturn to seek control
of TriNorth and its assets.
Busseri has made claims that management and the Board have not properly
served the interests of TriNorth and its shareholders. These allegations are
serious and were carefully reviewed by a Special Committee of the Board to
assess their merit.
The Special Committee's conclusion is that Busseri has made inaccurate
and irresponsible allegations that were unfounded, tactical and designed to
inflame the proxy contest.
In addition, the dissident circular states Busseri's intention to seek
reimbursement of the entire cost of the campaign from TriNorth. If successful,
this $450,000 charge back would effectively force TriNorth shareholders to pay
for Busseri's takeover.
The evidence is clear that Busseri and his board nominees do not have the
financial and operating experience nor the track record to provide TriNorth
with leadership and strategic direction. Busseri has no plan, no team and no
direction. The attempt to seize control of TriNorth will ultimately harm the
company and its shareholders.
The letter to shareholders can be found on the TriNorth website
Important shareholder voting instructions
It is vital you fully understand what may happen to your investment if
the Dissidents seize control of your Company. For this reason, the board urges
you to carefully read the management information circular and execute the BLUE
proxy by voting as recommended by the board of TriNorth. Voting is a very
quick and easy process that empowers you to state your position and protect
your investment, but you must act and vote your BLUE proxy to ensure your
position is recognized. Please disregard any proxy you may have received from
the Dissidents and ONLY vote the BLUE proxy.
We believe that the depth of experience and strategic vision of the
TriNorth nominees are essential to the Company's success and makes us best
suited to lead your Company.
If you have any questions regarding voting your BLUE proxy, please
contact Kingsdale Shareholder Services Inc., at 1-800-775-4067 (toll free) or
416-867-2272 (outside of North America).
TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Investor or Media Contact: Janet Craig,
Kingsdale Communications Inc., (416) 669-6792,