The Concerned Shareholders of Alberta Oilsands Inc.

June 20, 2012 13:39 ET

Joe Francese of the Proposed New Board of Alberta Oilsands Inc. Appears on BNN

Shareholders Urged to Vote FOR Change by Voting the GREEN Proxy

TORONTO, ONTARIO--(Marketwire - June 20, 2012) - The concerned shareholders ("New Board") of Alberta Oilsands Inc. ("AOS" or the "Company") today announced that Joe Francese, a significant AOS shareholder and a director nominee of the New Board, appeared on the Business News Network (BNN) at 11:40 a.m. today to discuss the New Board's concerns with, and plan of action to re-build, AOS.

A video clip of Mr. Francese's interview can be found at the following website:

Joe Francese commented, "We are happy for the keen interest shown, and to have been able to take our message to Canada's national business network. We hope that AOS shareholders who share our concern will take the time to listen to our exchange."

Fellow AOS shareholders are urged to see the video clip and read the information circular prepared by the New Board, and to seize this opportunity and vote the GREEN proxy for the New Board nominees.

A comment on ISS and Glass Lewis

ISS and Glass Lewis are already on record as supporting the incumbents in the past, notably during their run of overseeing a 90% drop in shareholder value in the last several years and draining the treasury by 13 million in less than 6 months alone. Given that track record of analysis, the fact of ISS and Glass Lewis' independence from AOS does not in itself imply that their opinions have any merit, value, or particularly special insight. ISS and Glass Lewis also appear to devote limited resources to proxy contests of this size, making their recommendations based on extremely superficial analysis.

Glass Lewis for instance agreed with the arguments brought forward by the New Board but then sided with the incumbents on the basis that the New Board had not publicly described in sufficient detail the relationship between the original requisitioning shareholders, and the New Board (there isn't one). Glass Lewis, however, never felt the need to actually contact the New Board in any way.

ISS and Glass Lewis also have a flawed method of checking their various boxes in making recommendations. For instance, if a hypothetical board slate comprised of seven 75 year old engineers, ISS and Glass Lewis would conclude that the slate was worthy of garnering their vote on the basis that collectively, the slate has, 350 years of relevant experience (based on an average of 50 years of experience per person multiplied by seven nominees), with total neglect and disregard for the fact that, for example, their careers may have not been marked with any favourable distinction or real success.

Given the superficial nature of the reports, the flawed criteria employed, and the fact that these self-described "analysts" have little disclosed experience in running businesses of any kind themselves, the New Board finds the entire exercise to be lacking in weight and substance.

The New Board reminds their fellow shareholders to not be distracted from the only thing that can be measured objectively - all shareholders have lost a significant amount of their initial investment under the incumbents and this value destruction must not continue.

Time is of the essence, vote your GREEN proxy now

Shareholders who have voted the management proxy and wish to support the New Board have the right to change their vote by simply executing a GREEN proxy. A later-dated GREEN proxy replaces a previous recorded vote.

GREEN proxies should be returned no later than June 25, 2012 at 5:00 P.M. (Calgary Time).

For assistance and ease with voting your GREEN proxy, please contact Phoenix Advisory Partners (toll-free) at 1-800-294-4817 or visit where the GREEN proxy can be easily voted by clicking on the large green "Vote Now" button and simply inputting the Control number on your GREEN proxy.

Contact Information

  • Susy Monteiro
    Senior Vice President
    Phoenix Advisory Partners
    (647) 351-3085 ext. 222