K. Andrew White

September 14, 2009 08:12 ET

Michael F. Doolan Comments on Inaccuracies in Route1's Management Information Circular

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2009) -

Route1 Concerned Shareholders

Michael F. Doolan, a Director since 2005 and the current Chair of the Audit Committee of Route1 Inc. ("Route1" or the "Company"), today responded to specific content in the Company's Management Information Circular ("MIC") as filed August 31, 2009 on SEDAR.

Michael F. Doolan stated today that he had expressed concerns to the current Board of Directors over inaccuracies included in the Company's MIC. Despite his effort and formal request for revisions prior to approval, the current Board of Directors printed and mailed the MIC containing inaccuracies.

The inaccuracies involve statements regarding K. Andrew White's dismissal, performance and an investigation by the TSX Venture Exchange (the "Exchange"):

- Mr. Doolan was not present at the July 20, 2009 Board of Directors meeting, when a decision and vote was reached to dismiss K. Andrew White;

- The Board of Directors had not been in discussions nor had it documented any lack of performance during the past 24 months relating to K. Andrew White's dismissal; and

- The Concerned Shareholder's Nominees, including Michael F. Doolan, confirm that counsel to K. Andrew White received in writing on August 19, 2009 correspondence from the TSX Venture Exchange confirming that the Exchange has not initiated a review into the suitability of K. Andrew White to act as a director or officer of an Exchange issuer.

Vote Now

Time is short. Route1 shareholders should use the GREEN proxy to vote for the election of a new Board of Directors that can create shareholder value. Discard the Yellow Proxies. In order to be voted at the Annual Shareholder Meeting, proxies must be received by no later than 2:00 pm (Toronto time) on September 21, 2009. Remember, your vote is completely private. For more information, call the Route1 Concerned Shareholders at (416) 962-3300.

Forward Looking Statements

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Route1. These statements are based on suppositions and uncertainties as well as on the best possible evaluation of future events. As a result, readers are advised that actual results may differ from expected results.

Contact Information

  • Route1 Concerned Shareholders
    K. Andrew White
    (647) 990-8921
    or
    Spinnaker Capital Markets Inc.
    Ali Mahdavi
    (416) 962-3300 ext.225
    am@spinnakercmi.com