TORONTO, ONTARIO--(Marketwired - April 11, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES R FOR DISSEMINATION IN THE UNITED STATES
Sherritt International Corporation ("Sherritt") (TSX:S) provided the following in response to yesterday's press release by dissident shareholder George Armoyan and his continuing attempts to confuse and mislead shareholders in regards to the shareholder meeting requisition and dissident nomination process.
"Mr. Armoyan appears to be making every effort to confuse the issues," said Harold (Hap) Stephen, Chairman of Sherritt. "There are a few very simple facts at play. The first is that Sherritt has made repeated attempts to avoid the cost and distraction of an unnecessary proxy contest, including by offering to add a new director acceptable to both Sherritt and Mr. Armoyan. Mr. Armoyan has consistently rejected these efforts."
Mr. Stephen continued, "The second is that Sherritt has positive momentum in its business. This includes the recent coal transaction, the progress at Ambatovy, our ongoing cost reduction efforts and plans to expand our oil & gas and power generation businesses in Cuba. Sherritt's progress owes no credit whatsoever to Mr. Armoyan, whose erratic behavior, misleading statements and lack of relevant experience makes it abundantly clear that he is not a suitable candidate for Sherritt's Board."
The facts regarding what has transpired are as follows:
Proxy Voting Instructions
Regardless of how many Sherritt shares you own, it is important you vote your BLUE proxy. Even if you have already voted using the Green Dissident form of proxy, you can still change your vote by voting the BLUE proxy, as only the latest dated proxy will be counted at the meeting.
We encourage shareholders to vote the control number found on your BLUE proxy FOR Sherritt's nominees, no later than 5:00 p.m. (Toronto time) on Friday, May 2, 2014.
For more information or assistance in voting your BLUE proxy, please contact Kingsdale Shareholder Services at 1-800-749-9197 (toll-free), 416-867-2272 (outside North America), or by email at contactus@kingsdaleshareholder.com or go to www.sherritt.com.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel from lateritic ores with operations in Canada, Cuba and Madagascar. The Corporation is the largest independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The Corporation's common shares are listed on the Toronto Stock Exchange under the symbol "S".
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as "believe", "expect", "anticipate", "intend", "plan", "forecast", "likely", "may", "will", "could", "should", "suspect", "outlook", "projected", "continue" or other similar words or phrases. Forward-looking statements in this document include, but are not limited to, statements regarding operating performance, production, commodity prices, priorities and plans, anticipated financial performance, business prospects, and certain corporate objectives, goals and plans. Forward-looking statements are not based on historic facts, but rather on current expectations, assumptions and projections about future events. They are based on information available to management and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements are based on what management believes to be reasonable assumptions, Sherritt cannot assure investors that actual results will be consistent with such forward-looking statements and such forward-looking statements should not be unduly relied upon. All forward-looking statements in this press release are made as of the date of this press release. Except as required by applicable securities laws, Sherritt does not intend and does not assume any obligations to update or revise the forward-looking statements. The Corporation's risk factors are discussed in disclosure documents filed by Sherritt with Canadian securities regulators. Reference should be made to the management discussion and analysis in Sherritt's annual and interim financial statements and its annual information form for the year ended December 31, 2013 and dated March 26, 2014, all of which are available on SEDAR at www.sedar.com.
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