K. Andrew White

September 14, 2009 16:05 ET

Route1 Concerned Shareholder Files Presentation and Strategic Plan

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2009) - The Concerned Shareholders of Route1 Inc. today filed, and made publicly available, the presentation made to RiskMetrics Group ("RiskMetrics"), a leading provider of comprehensive proxy research. The presentation was made today at the request of RiskMetrics after the current board also had an opportunity to make a similar presentation to RiskMetrics. The Concerned Shareholder's presentation outlines the case for replacing the current board, addresses the inaccuracies and false allegations made by the current board against K. Andrew White, and provides an overview of Concerned Shareholder's Nominees vision and strategic plan for Route 1.

"We feel that all information regarding the current situation facing Route1, as well as the plan for the Company's future is extremely important and should be available to all shareholders," stated Tony Busseri, a nominee director for the Concerned Shareholder's. "The execution of the plan requires the leadership of K. Andrew White and his knowledge of the technology and business opportunity, as well as an active engagement from a board of directors with experience and expertise in transforming corporations. Route1 shareholders deserve and expect the Company to deliver on the significant opportunity inherent in its business model and to create shareholder value immediately."

Key points of the Concerned Shareholder's Nominees business strategy include:

- First 90 Days - Execution of the Qwest contract before the end of the current calendar year including immediately raising the required CAD $2.5 to $3 million of short-term debt to fund the contract's working capital requirements.

- Calendar Year 2010 - Three pronged approach: (1) build strength in the executive management team, particularly in day-to-day operations and sales, (2) improve communications internally and externally, and (3) focus sales efforts on leveraging off of signed contracts with current large clients, and penetrating the European market through Route1's German partner G&D.

- Objective - Cash flow and EPS positive in calendar year 2010. Increase user base to in excess of 100,000 per month.

Mr. White has filed with securities regulators a Concerned Shareholder Proxy Circular that has been mailed to all Route1 shareholders along with a GREEN form of proxy to be used to vote to replace the management nominated board of directors. The Proxy Circular, as well as the presentation, is also available at www.sedar.com.

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 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