TORONTO, ONTARIO--(Marketwire - July 3, 2012) - International Datacasting Corporation director and former Executive Chairman Adam Adamou announced today that he has filed a dissident proxy circular ("Circular for Positive Change") in connection with IDC's upcoming annual meeting of shareholders to be held on July 31st, 2012 in Kanata, Ontario.
The Circular for Positive Change proposes an alternative slate of directors for the Company consisting of:
Adamou is a current member of the IDC board. Hall was a member of the board between 2010-2012 and was, until recently, the Chairman of the Board and Chair of the Audit Committee. Mimeault and Apps are new and would replace Frank Ruffolo and Graham McBride. Hall, Apps and Mimeault are independent directors. Fred Godard, also proposed for the management slate, is the current chief executive officer of IDC.
An accompanying letter from Adam Adamou to fellow shareholders was also filed on SEDAR.
July, 3, 2012
Dear Fellow International Datacasting Corporation shareholders:
Your board of directors is dysfunctional.
Over the last three years we have moved from strategy to strategy without committing to a single long term vision. Our share price is at multi-year lows. Our trading volumes are at all-time lows. Our board is micro-managing the business instead of establishing and supervising the execution of strategy. We have more board committees than we have directors. Some board committees were established to engage in work that is clearly the responsibility of management - like executive searches - other committees meet monthly with the CEO to review cost-cutting and research and development spending. Key independent directors have resigned and the slate presented to you by the IDC board was identified through a process ultimately concluded only by Frank Ruffolo and Graham McBride.
I fear that our present course will not end well for IDC shareholders.
We need a change. This can only happen through a new governance structure implemented by a new board of directors that empowers the existing operational team to execute IDC's organic growth plans combined with a proactive growth plan managed through a business acquisitions strategy and appropriate board oversight.
-- Voting in favour of our Nominees for Positive Change may be the single most important vote that you ever make as a shareholder of International Datacasting Corporation --
We encourage all IDC shareholders who share our vision, and our disappointment to please vote your shares by completing, signing and returning the form of proxy or voting instruction form available on http://www.sedar.com. Only our "universal" BLUE proxy and voting instruction form includes the names of the entire director Nominees for Positive Change and other matters to be considered at the meeting.
WE URGE YOU TO IGNORE THE IDC BOARD PROXY OR VOTING INSTRUCTION FORM SENT TO YOU BY IDC AS IT WILL NOT ALLOW YOU TO VOTE FOR THE NOMINEES FOR POSITIVE CHANGE.
For up to date information, follow us on twitter @IDC_Positive or send your questions to IDCrising@gmail.com or call our IDC Positive Change Hotline at 1-647-261-7289. Full instructions on how to vote are set out in the enclosed proxy materials and can also be found at http://IDC-Positive-Change.tumblr.com.
Let's put IDC together again,
Adam E. Adamou,
Director, International Datacasting Corporation.