Bennett Environmental Inc.

Bennett Environmental Inc.

June 22, 2011 10:54 ET

Bennett Environmental and Second City Announce Agreement

OAKVILLE, ONTARIO--(Marketwire - June 22, 2011) - Bennett Environmental Inc. (TSX:BEV) (the "Company" or "BEI" or "Bennett") announced today that it has reached an agreement with its largest shareholder, Second City Capital Partners I, Limited Partnership ("Second City"), to end an ongoing proxy contest.

"We believe that it is in the best interests of Bennett and its shareholders that we set aside our differences with Second City," said Jack Shaw, President and CEO. "With that objective in mind, Bennett and Second City will prepare for a transition at the Board level."

Under the agreement, the slate of nominees proposed by Bennett in its Management Information Circular dated June 1, 2011 will not stand for election at the Annual General and Special Meeting ("AGM") on June 29, 2011. In addition, Bennett's President and CEO Jack Shaw will step down at the AGM, while continuing to provide assistance to the Company during the transition.

"Second City appreciates the contribution of Mr. Shaw and the other members of the Board in improving Bennett's performance and financial results since 2007," said Sam Belzberg, Chairman and President of Second City General Partner Inc., the general partner of Second City. "Looking to the future, I am confident that the Company will continue to progress under the governance of a new board."

Bennett said Lorie Haber has agreed to serve as CEO on an interim basis after the AGM. Mr. Haber will assume responsibility for operations and evaluating strategic options. Mr. Haber is not a member of the dissident slate and is independent of Second City. He had previously agreed to accept the appointed position of Chairman in the event the dissident slate was elected. Mr. Haber will defer assuming the Chairman role until his responsibilities as CEO are concluded. In the interim, the Bennett Board of Directors will elect an independent Lead Director.

Said Mr. Haber, "I look forward to working together with Mr. Shaw during the transition period. I also look forward to working with Second City's director nominees standing for election at the AGM, and Bennett's dedicated employees. I believe that Bennett is well-positioned to create value for shareholders as we move ahead with implementing our strategic plan."

One of the five nominees now standing for election at the AGM is Jamie Farrar, managing director of Second City and the sole Second City nominee currently on Bennett's Board. The other four nominees, all independent of Bennett and Second City, are Mitchell Gropper, Ian Kidson, Livia Mahler and John Reynolds.

Forward Looking Statements

Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. BEI believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. BEI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Bennett Environmental Inc.

Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the Bennett Environmental website at:

Contact Information

  • Bennett Environmental Inc.
    Jack Shaw
    (905) 339-1540