Total Telcom (TSXV:TTZ)
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KELOWNA, BC and EDMONTON, March 26 /CNW/ --
KELOWNA, BC and EDMONTON, March 26 /CNW/ - TOTAL TELCOM INC. (TSXV: TTZ) Total Telcom Inc. ("Total Telcom" or the "Corporation") announced today
that ISS Canada, Canada's leading independent proxy firm and an
affiliate of Institutional Shareholder Services Inc. ("ISS"), has
recommended that Total Telcom shareholders vote FOR the slate of
management nominees in a proxy contest.
"We are very pleased that, after an independent and comprehensive
review, ISS has recommended that a vote FOR management's nominated
Directors is warranted" said Neil Magrath, CEO and Chairman of Total
Telcom.
ISS RECOMMENDS A VOTE FOR MANAGEMENT NOMINEES
ISS closely analyzed both management's and the dissident's slate of
nominees. The following were noted by ISS when making their independent
recommendation:
-- A vote FOR the slate of management nominees is warranted as it
is felt that shareholder interests would be better served by
the existing team than by entrusting the company to an untried
set of new nominees.
-- In regards to "the dissident slate, we recommend that
shareholders do not vote."
-- The dissidents are mostly not shareholders and it is not clear
whose interests they are representing.
-- In regards to the dissidents concern on the stock price of the
Corporation's shares, ISS notes that, "As with other technology
companies, the price seems to have boomed in 2000 and crashed
thereafter. Hence the erosion of shareholder value is something
that occurred quite some time ago. Similarly the payment of
commission dates back to 2006 and there is no immediate
relevance of this payout."
-- The dissidents have not provided any clue how they would set
about turning the situation.
A VOTE FOR THE MANAGEMENT NOMINATED DIRECTORS SUPPORTS
LONG-TERM SHAREHOLDER VALUE
-- The Corporation has been diligently building a solid foundation
and is recognized today by Governments, Industry and the
Military as a leader in Remote Control, Monitoring and Asset
Management.
-- Management has initiated strategies that will see the
utilization of its vast knowledge and experiences targeted to
larger commercial opportunities across North America with a
focus on Asset Management, Utilities & Environmental
Monitoring. New proprietary products are currently be being
tested by a major equipment rental company, HVAC supply &
distribution networks and the Department of Fisheries and
Oceans.
-- In addition to building growth from within, Total Telcom is
actively seeking complimentary businesses to acquire or
amalgamate with that have a high degree of economies of scale
such as other public entities.
The meeting of Shareholders of Total Telcom will be held at 540, 1632
Dickson Avenue, Kelowna, British Columbia V1Y 7T2 on Wednesday, March
30, 2011 at 10 a.m.(Local Time).
VOTING INSTRUCTIONS
Registered Shareholders
Vote management's WHITE proxy FOR all appointed nominees by signing,
dating and returning their proxies by fax to 1-403-452-8084.
Beneficial Shareholders
If you hold Total Telcom shares through a bank or other intermediary,
you should have received a voting instruction form ("VIF"). You may
vote online using the control number found on your VIF at www.proxyvote.com or by following other instructions found on the VIF.
The deadline for receiving proxies is March 29, 2011 at 4:00 PM Edmonton
Time. If you have already voted with the Dissident Group, you may submit a
later dated Management Proxy.
Total Telcom urges its shareholders to vote FOR Management's appointed
nominees. If you have any questions or need assistance in completing
Management's proxy, please call Laurel Hill Advisory Group at toll free
1-877-304-0211 or email at assistance@laurelhill.com.
Trading symbol: TTZ: TSX Venture
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this
release."
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/28/c6909.html
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