TORONTO, Jan. 24, 2013 /CNW/ - Stonehouse Capital Management Inc. ("Stonehouse Capital") and its President Daniel S. Marks (collectively, "Stonehouse") today announced Stonehouse's slate of seven directors (the "Shareholder Nominees") who will be proposed for election at the next meeting of shareholders of Intrinsyc Software International, Inc. ("Intrinsyc") in replacement of Intrinsyc's current seven directors.
The Shareholder Nominees are: G. Randy Buchamer, K. Laurence L. Cooke, Daniel S. Marks, Robert Odendaal, Michael W. Bird, David M. Lewis and Peter H. Puccetti. The Shareholder Nominees will provide Intrinsyc with the board oversight and direction it urgently requires and will build sustainable long-term shareholder value at Intrinsyc. Collectively, the Shareholder Nominees beneficially own, directly or indirectly, or exercise control and direction over or otherwise indirectly have an interest in 19,838,400 common shares of Intrinsyc, or approximately 12.2% of Intrinsyc's outstanding shares.
On December 10 2012, Stonehouse caused a meeting requisition to be delivered to Intrinsyc duly requisitioning its current board to call a special meeting of Intrinsyc's shareholders for the purpose of removing all of the existing directors of Intrinsyc and electing the Shareholder Nominees in their place.
Stonehouse believes that the immediate reconstitution of Intrinsyc's board with the Shareholder Nominees is in the best interests of Intrinsyc and ALL its shareholders. As a fellow shareholder, Stonehouse believes that Intrinsyc's strategy, operating and financial performance and oversight under the current board has been flawed and inadequate. For almost three years, Intrinsyc's current board has pursued a costly, distracting and failed process of exploring strategic alternatives, a process which continues to this day. Intrinsyc's board has never properly disclosed to Intrinsyc's shareholders the full financial cost to Intrinsyc of this failed process. For more than four years, the current board has also failed to create any value for Intrinsyc's shareholders, with Intrinsyc's share price currently trading at approximately the same level as it did at the end of 2008.