The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

May 25, 2009 23:59 ET

Crescendo Partners Dissident Proxy Fight for Seats on the Forzani Group Ltd. Board of Directors

LAVAL, QUEBEC--(Marketwire - May 25, 2009) - The Forzani Group Ltd. (TSX:FGL) ("FGL") Recently Crescendo Partners, a shareholder of The Forzani Group Ltd. ("FGL") launched a bid for seats on the FGL Board of Directors. As part of this bid, Crescendo has nominated an alternative slate of directors that excludes the Quebec representative on the Board, Mr. Henri Drouin.

Quebec represents almost one-third of FGL's retail sales. We believe that representation on the Board of FGL by Mr. Drouin, a Quebecer who has relevant retail and wholesale experience and who has himself been a franchisee, is essential. Mr. Drouin, who has run sporting goods, building supply and grocery stores, and who for 21 years was Chairman of the Board of RONA Inc., also acts as a voice on the FGL Board for the franchise business, and for Quebec. The Crescendo proxy proposes instead U.S.-based nominees who have inferior business experience and who appear to have no experience in Quebec.

As shareholders of FGL who also have a material stake in franchise retail operations of FGL, the removal of the Quebec voice on the Board is of serious concern to us. We urge you not to support the proposed Crescendo nominees.

FGL FRANCHISE COMMITTEE

Norman Beaulieu, Martin Boucher, Pierre Dore, Alain Goulet and Paul Andre Goulet

Contact Information

  • Forzani Franchise Committee
    Norman Beaulieu

    or

    Forzani Franchise Committee
    Martin Boucher

    or

    Forzani Franchise Committee
    Pierre Dore

    or

    Forzani Franchise Committee
    Alain Goulet

    or

    Forzani Franchise Committee
    Paul Andre Goulet