NEW YORK, Dec. 10, 2010 /PRNewswire/ -- Crescendo Partners announced that ISS Proxy Advisory Services in its report on the Special Meeting of 20-20 Technologies Inc. (TSX :TWT ) has recommended shareholders vote FOR the removal of incumbent directors Philippe Freniere, Yves Archambault and Pierre L. Lambert and FOR the election of Eric Rosenfeld, Andre Nadeau and Mark Burton. The Special Meeting is scheduled to be held on Tuesday, December 21, 2010.
In its report ISS states, "Given the poor share price performance, the length of time current directors and management team have been in place and the minority board representation sought by the dissidents, the resolution warrants support." The report goes on to further state, "In our view, the dissident nominees may be able to add value by considering issues from a different perspective than the current board."
Eric Rosenfeld, CEO of Crescendo Partners commented, "We are gratified to have ISS, the world's leading proxy advisory service, support our Proposal to remove the three-incumbent directors and elect our highly-qualified nominees. ISS's recommendation provides further confirmation of the need for change on the Board. By supporting the Proposal, shareholders will finally have the opportunity to reverse the unacceptable destruction of share value and correct the unacceptable misalignment of interest between management and the Company's shareholders."
Shareholders are encouraged to vote FOR the Proposal on the BLUE form of proxy today. Shareholders will be receiving the BLUE proxy in the mail within the next few days. A copy of the Crescendo information circular is available on SEDAR at http://www.sedar.com/CheckCode.do;jsessionid=0000xLG98vczrOdcHCjfLgCD1aD:-1. If you have questions or need assistance voting your shares please contact MacKenzie Partners, the proxy solicitor assisting Crescendo Partners, toll-free at 1-800-322-2885.
SOURCE Crescendo Partners