This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stonehouse Announces Nominees For Election To Board Of Directors Of Intrinsyc Software International, Inc. And Provides Update Regarding Requisitioned Meeting

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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs