TORONTO, March 28, 2013 /CNW/ - Stonehouse Capital Management Inc. (" Stonehouse") announced that it today acquired control and direction over an additional 291,000 common shares of Intrinsyc Software International, Inc. ( "Intrinsyc"), representing approximately 0.18% of Intrinsyc's outstanding shares. Stonehouse now exercises control and direction over 13,756,000 common shares of Intrinsyc, representing approximately 8.4% of Intrinsyc's outstanding shares. All of these shares are owned by clients of Stonehouse (the "Stonehouse Accounts"). Stonehouse acts as investment manager for the Stonehouse Accounts and, pursuant to its client arrangements, exercises control and direction over all shares of Intrinsyc in the Stonehouse Accounts, including the power to vote and dispose of such shares. The 291,000 common shares of Intrinsyc were acquired by the Stonehouse Accounts on the Toronto Stock Exchange and Alpha Exchange at an average price of $0.095 per share.
As previously announced by Stonehouse, it will be seeking at the upcoming meeting of Intrinsyc's shareholders scheduled to be held on May 14, 2013 to replace Intrinsyc's current directors with seven new experienced nominees who will better serve the interests of all Intrinsyc shareholders. Stonehouse has previously filed on SEDAR an information circular dated January 24, 2013 containing information regarding its nominees. The information circular also details Stonehouse's objective of ensuring that Intrinsyc is governed by a board with the required experience and execution skills, that is supportive of Intrinsyc's management team and that will focus on creating long-term shareholder value from Intrinsyc's core business instead of wasting money in the endless pursuit of directionless strategic alternatives.
Stonehouse and the director nominees to be proposed by it for election at the May 14, 2013 shareholders' meeting collectively beneficially own, directly or indirectly, or exercise control and direction over, or otherwise indirectly have an interest in, 23,172,400 common shares of Intrinsyc, or approximately 14.2% of Intrinsyc's outstanding shares. This includes 20,457,400 common shares of Intrinsyc, representing approximately 12.5% of Intrinsyc's outstanding shares, that are beneficially owned, directly or indirectly, by Stonehouse and such director nominees or over which they exercise control and direction.
The common shares of Intrinsyc acquired by the Stonehouse Accounts were purchased and are being held for investment purposes. Depending on market and other conditions, Stonehouse and/or the director nominees to be proposed by it currently expect, from time to time, to increase their respective ownership, control and direction over securities of Intrinsyc. Depending on market and other conditions, Stonehouse and/or such director nominees may also, from time to time, decrease their respective ownership, control and direction over securities of Intrinsyc.