CALGARY, ALBERTA--(Marketwire - Feb. 15, 2013) - In response to the press release issued earlier today by Ithaca Energy Inc. ("Ithaca" or the "Company"), JEC Capital Partners reaffirms its view that the Company is significantly undervalued and should immediately put itself up for sale.
JEC Capital Partners Managing Director Michael Torok said:
"We are disappointed that the Board of Ithaca has chosen to attack our potential director nominees rather than address any substantive issues related to our proposal. To date, we have not publicly announced our nominees. In the coming weeks, we intend to present shareholders with the full backgrounds and expertise of our nominees and let shareholders decide their qualification.
Recent announcements by other North Sea operators reinforced our view that the Company's strategy of using debt to acquire underappreciated assets is not in the best interest of shareholders. The financial and operational risks associated with having a highly levered balance sheet in a tough operating region have led several companies into financial distress.
We urge the Board of Ithaca not to employ any stall tactics and rather proceed with a shareholders' meeting as quickly as possible.
We look forward to addressing our concerns with the Company at the meeting on or before April 8, 2013."
Detailed information on the nominees of JEC Capital, and the purpose and history leading up to the Requisition will be provided in the information circular of the Concerned Shareholders, which will be filed on SEDAR prior to the requisitioned shareholders' meeting.