Jensen Shawa Solomon Duguid Hawkes LLP and Siskinds LLP Announce Filing of a Proposed Class Action Against Poseidon Concepts Corp. (TSX:PSN) in the Alberta Court of Queen's Bench

CALGARY, ALBERTA and TORONTO, ONTARIO--(Marketwire - Jan. 23, 2013) - The Calgary-based law firm of Jensen Shawa Solomon Duguid Hawkes LLP and the Ontario-based law firm of Siskinds LLP today announced the filing in the Alberta Court of Queen's Bench of a proposed class action against Poseidon Concepts Corp. (TSX:PSN), and certain of the company's officers and directors.

The proposed class includes persons who acquired securities of Poseidon Concepts on or prior to December 27, 2012, whether in a prospectus offering or in the secondary market.

The action alleges, among other things, that the defendants made statements that were materially false and misleading regarding Poseidon Concepts' financial position, financial performance and cash flows, overstated the company's incomes and reported inflated assets. Among other relief, the action claims $251 million in damages.

If you acquired common shares of Poseidon Concepts pursuant to the prospectus offering in late-January/early-February 2012, offering shares at $13.00, please contact Siskinds LLP (toll free) at (800) 461-6166 (ext. 2380) or by email at nicole.young@siskinds.com.

Persons who acquired securities of Poseidon Concepts on or prior to December 27, 2012 are encouraged to complete the online information form at: [online information form].

On November 27, 2012, Siskinds LLP announced the filing of a proposed class action arising out of similar facts and allegations in the Ontario Superior Court of Justice. On December 3, 2012, a similar action was commenced in the Quebec Superior Court in Montreal by Siskinds Desmeules.