Envoy Capital Group Inc.

Envoy Capital Group Inc.

September 30, 2010 16:01 ET

Envoy Capital Group Inc. Provides Update on Augen Gold Dissident Action

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2010) - Envoy Capital Group Inc. (TSX:ECG)(NASDAQ:ECGI) today attended the Annual and Special Meeting of shareholders of Augen Gold Corp. in order to represent its interests, as well as those of a significant group of concerned shareholders. 

In a proxy circular distributed earlier this month, the concerned shareholders proposed a strong slate of directors and put forth a value creation plan to benefit all shareholders. Despite strong support for the concerned shareholders' motions at today's meeting, the incumbent management was re-elected. As recently as several days ago, the concerned shareholder group seemed poised to win the vote, as proxy reports showed over 52% of the outstanding shares in their favour. However, the recent change in management at Augen Capital and the recasting of their vote was enough to swing the decision in favour of the current management. Despite the last minute vote change by Augen Capital, the concerned shareholders were still able to garner 42% of the votes cast at the meeting.

While Envoy is disappointed with the results of the meeting, it is hopeful that the actions of the concerned shareholders will lead to accelerated progress at Augen Gold. Envoy still strongly believes in the potential of the Augen Gold property. Recent drill results adjacent to those previously reported by Trelawney Mining have re-affirmed the potential of a significant gold deposit. It is now in the hands of incumbent management to translate the value of the property into value for the shareholders.

About Envoy Capital Group Inc.

Envoy Capital Group Inc. (TSX:ECG)(NASDAQ:ECGI) is a merchant banking organization that focuses on providing financial services as well as equity and debt capital, to small and mid-cap companies. For more information on Envoy Capital Group Inc., visit our website at www.envoy.to

Cautionary Statement

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Envoy Capital Group's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Envoy Capital Group's services, changes in competition, the ability of Envoy Capital Group to integrate acquisitions or complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Envoy Capital Group that Envoy Capital Group's plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.

Contact Information

  • Envoy Capital Group Inc.
    Andrew Patient
    (416) 593-1212
    Contact our investor relations department at: