Route1 Founder and CEO to Nominate Directors to Replace the Current
Board>
Route1 Founder and CEO to Nominate Directors to Replace the Current Board
(Thomson Reuters ONE) - TORONTO, ONTARIO--(Marketwire - July 20, 2009) - K. Andrew White,Founder, President and CEO, Director of the Board, and an owner of8.5% of the common stock of Route1 Inc. ("Route1" or the "Company")(TSX VENTURE: ROI) announced today that he intends to nominate aslate of Directors to replace the existing Board of Directors at theCompany's Annual General and Special Meeting, scheduled for August19, 2009. Mr. White intends to file and distribute a circular toRoute1 shareholders shortly.Mr. White will be nominating for election at the Company's AnnualGeneral and Special Meeting a slate of Directors to be headed byMichael D. Harris to help position the Company for growth.Mike Harris was Premier of Ontario from 1995 to 2002 and was firstelected to the Ontario Legislature in 1981 representing the northernOntario riding of Nipissing. Currently President of his ownconsulting firm, Mr. Harris serves as an advisor to a leadingCanadian law firm, Goodmans LLP, and several Canadian companies. Mr.Harris also serves on the boards of several public companiesincluding Magna International Inc. (Lead Director and Chairman of theCorporate Governance and Compensation Committee), Chartwell SeniorsHousing REIT (Chairman of the Board of Trustees and member of theCompensation, Governance and Nominating Committee), Canaccord CapitalInc. (Chairman of the Corporate Governance and CompensationCommittee), EnGlobe Corporation (Chairman of the Board), AugenCapital Corp. (Chairman of the Board), FirstService Corporation, andENMAX Corporation.Mr. Harris is also a Director of the Tim Horton Children's Foundationand the Mount Royal College Foundation. He is a Senior Fellow withthe Fraser Institute, a leading Canadian economic, social researchand education organization."I believe Route1 has turned a major corner and is now poised forsignificant growth," stated Michael Harris. "I am excited to serve ona Board that works with a management team led by Andrew White. He hasbuilt a business in an area of world leading technology, this isexactly the kind of company that Ontario and Canada need."Mr. White added, "I am delighted to have Mr. Harris lead Route1'sboard of directors. His experience in board stewardship, corporategovernance, management of capital markets and growing businesses willbe a valuable asset as the Company pursues its objective oftransformational growth. Route1 was founded on ground breakingtechnology and it is this technology that has allowed us to become aleader in security and identity management network solutions. Withour recently announced results, we now talk about our business modelnot on a basis of if and when it will translate into economic returnsfor our shareholders, rather how big the returns will be."BackgroundMr. White approached Ian Currie, the current Chair of the Board ofthe Company, in May 2009 about making significant changes to thecurrent Board of Directors to better reflect the needs of the Companyas it moves into 2010 and beyond. Specifically, Mr. White is of thestrong belief that the current Board is not engaged in supportingmanagement in the furtherance of Route1's business objectives. Todate, the Board has resisted making any changes to its composition.Based on their most recent SEDI filings, the current Board ofDirectors owns less than 1,977,240 common shares in the Company,which amounts to less than 1% of the common stock issued andoutstanding."Route1 is currently handicapped by a disinterested Board ofDirectors that has provided minimal support to the initiatives ofmanagement. I am disappointed that the reaction of the board to myproposed changes is to seek to entrench themselves at the expense ofthe company," Mr. White said. "As shareholders we expect and deserveto have a Board of Directors comprised of engaged business leaderswho have personally delivered transformative value to shareholdersand stakeholders. We want individuals to join our board who want towork with management to deliver on the exceptional shareholder valuecreation opportunity that is real and present."NoteThis press release is not, and is not to be construed to be, asolicitation of proxies. Solicitation of proxies will only be made byinformation circular to be sent to Route1's shareholders, Route1 andRoute1's auditors. The information circular will contain importantdetailed information about the solicitation of proxies, the upcomingshareholder meeting, the proposed slate of directors, Mr. White andRoute1. Route1's shareholders should read Mr. White's informationcircular before making any voting decision.Forward Looking StatementsExcept for historical information provided herein, this press releasemay contain information and statements of a forward-looking natureconcerning the future performance of Route1. These statements arebased on suppositions and uncertainties as well as on the bestpossible evaluation of future events. As a result, readers areadvised that actual results may differ from expected results.Contacts:Route1 Inc.K. Andrew Whiteandrew.route1(at)gmail.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 20.07.2009 - 18:46 Uhr
Sprache: Deutsch
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