Crescendo Partners

December 21, 2010 14:24 ET

20-20 Technologies: Crescendo Partners Comments on Vote and Confirms Continuing Need for Change

MONTREAL, QUEBEC--(Marketwire - Dec. 21, 2010) - Crescendo Partners today received very strong and broad-based support for its initiative to promote change in the composition of the board of directors of 20-20 Technologies Inc. and to create value for all shareholders.

Eric Rosenfeld, Chief Executive Officer of Crescendo Partners said, "Crescendo Partners' proposal today received the support of holders of approximately 30% of the shares voted, or over 45% of the shares excluding shares under the control or influence of the existing board. This is a clear and compelling endorsement of the need for change."

In his address to the shareholders of the Company, Mr. Rosenfeld noted, "ISS (Institutional Shareholder Services), the leading proxy advisory firm in the world, recognized the value of our efforts and recommended that shareholders vote for change. More importantly, the market recognized the need for change, as evidenced by the significant increase in the share price following the announcement of our initiative… Even the board of directors has realized the need for change and now says that two existing directors will be replaced with two new directors prior to the next annual general meeting of the Company in March 2011."

Mr. Rosenfeld further stated that: "The spotlight and pressure are now on the board of 20-20 Technologies. Almost half of the independent shareholders of this company have voted that they want change and accountability, and Crescendo Partners will continue to closely monitor the situation, including the Company's upcoming financial results."

Crescendo Partners has made it clear that it is willing to engage in constructive dialogue with the board of directors with a view to unlocking value in this Company for all shareholders.

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