Crescendo Partners

October 15, 2010 13:31 ET

Crescendo Partners Announces Requisition of Special Meeting of the Shareholders of 20-20 Technologies Inc. to Replace Three Current Directors

MONTREAL, QUEBEC--(Marketwire - Oct. 15, 2010) - Crescendo Partners announced today that it, along with Placements Montrusco Bolton Inc., Constellation Software Inc. and certain other registered shareholders of 20-20 Technologies Inc. (TSX:TWT) (the "Company"), holding in aggregate approximately 15.7% of the issued and outstanding shares of the Company, have submitted to the Company a requisition to convene a special meeting of the shareholders of the Company for the purpose of removing three of the ten current directors of the Company and electing Mr. Eric Rosenfeld, Mr. André Nadeau and Mr. Mark Burton as directors in their place. The signatories to the requisition also include parties who beneficially own, or exercise voting control over, shares of the Company, which, when taken together with the registered shareholdings referred to above, represent in excess of 23% of the issued and outstanding shares of the Company. In addition, beneficial holders of at least a further 11% of the Company's shares have expressed to Crescendo their support for the requisition.

Mr. Rosenfeld, Managing Member of Crescendo Partners stated, "We believe that 20-20 Technologies is a company with strong technology and prospects but would benefit at this critical time in its development from additional depth of knowledge and experience at the board level. Mr. Nadeau, Mr. Burton and I bring that knowledge and experience. Shareholders holding a substantial majority of the shares have indicated to us that they wish to see change at the board level. We are bringing this requisition to give shareholders the opportunity to implement that change." 

Copies of the requisition and accompanying letter to the Company can be viewed at this address: http://media3.marketwire.com/docs/cres1015.pdf.

Contact Information

  • Crescendo Partners
    Eric Rosenfeld
    Managing Member
    212-319-7676
    erosenfeld(at)crescendopartners.com