The Forzani Group Ltd./Le Groupe Forzani Ltee

The Forzani Group Ltd./Le Groupe Forzani Ltee

June 10, 2009 13:00 ET

Forzani Group Shareholders Elect All FGL Board Nominees

CALGARY, ALBERTA--(Marketwire - June 10, 2009) - The Forzani Group Ltd. (TSX:FGL) ("FGL" or the "Company") today announced that its shareholders have elected all eight FGL nominees for the Board of Directors despite a proxy contest initiated by dissident New York hedge fund Crescendo Partners.

"We thank our shareholders for their support in this vote and throughout the proxy contest," said John Forzani, FGL's Chairman. "The vote today demonstrates the confidence that FGL shareholders have in our Board, our governance, our strategy and our performance."

"Looking ahead, FGL's Board and management will continue to focus on executing on the plan outlined at the Company's Investor Day presentation in April, in order to create value for all shareholders through profitable growth."

"We welcome Don Gass to the Board as a new independent director," said Mr. Forzani. "Mr. Gass will be a member of the Audit Committee where he will replace Bill Grace, who has retired."

"We would also like to thank Bill Grace for his very valuable contributions over 15 years of service to FGL and its Board," said Mr. Forzani.

As at the May 4, 2009 record date, FGL had 30.5 million shares eligible to vote. Based on preliminary information, approximately 28.0 million shares were voted, representing 92% of the eligible shares. Following is the preliminary vote count for individual nominees, as compiled by scrutineer Computershare Trust Company of Canada:

Name Votes % of votes cast Outcome
John Forzani (FGL) 27.8 99% elected
Al Bellstedt (FGL) 27.8 99% elected
Bob Sartor (FGL) 27.8 99% elected
Jay Peters (FGL) 27.8 99% elected
Paul Walters (FGL) 27.8 99% elected
Roman Doroniuk (FGL) 27.8 99% elected
Henri Drouin (FGL) 17.2 61% elected
Donald Gass (FGL) 17.1 61% elected
Barry Erdos (dissident) 10.7 38% not elected
David Sgro (dissident) 4.0 14% not elected

After confirmation by Computershare, FGL will file on SEDAR the final results on votes cast for each nominee.

About The Forzani Group

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop/Pegasus, Nevada Bob's Golf, Hockey Experts, S3 and Fitness Source. The Company also has websites for several of its corporate and franchise banners, which can be accessed through its main website at

Corporate Website:

This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such information. Such information involves the use of such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information including, but not limited to, the factors discussed in the Company's Management Discussion and Analysis and Annual Information Form filed with the securities regulatory authorities in Canada, available at Although the forward-looking information in this news release is based upon what management believes are reasonable assumptions, the Company cannot assure that actual results will be consistent with this forward-looking information and, therefore, you should not place undue importance on this information. While the Company may elect to do so, unless required by applicable securities laws, it does not undertake to update this forward looking information to reflect new information or circumstances at any particular time.

Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, CA
    Chief Executive Officer
    (403) 717-1342
    The Forzani Group Ltd.
    Michael Lambert, CA
    Chief Financial Officer
    (403) 717-1666
    Longview Communications
    Alan Bayless
    Cell: (604) 417-9645 or Office: (604) 694-6035