TORONTO, ONTARIO — (Marketwired) — 12/22/15 — The Intertain Group Limited (“Intertain” or the “Company”) (TSX: IT) (OTCQX: ITTNF) announced today that its previously-formed independent committee (the “Committee”) has initiated its review of the information that was shared with the marketplace by a self-described short seller on December 17, 2015 regarding the Company.
The Committee, which consists of non-management directors David Danziger, Stan Dunford and Mark Redmond, in conjunction with the Committee–s independent advisors, will take deliberate steps to evaluate the information that the short seller disseminated after it, and its affiliates, had established a short position in the Company–s common shares, which provided them with a significant financial self-interest in precipitating a decline in the Company–s share price.
While Intertain considers the report to be self-serving, the Board of Directors, consistent with its responsibilities, has requested a thorough review of the report in order to ensure that the marketplace has the most accurate information possible and that the Company responds appropriately to the report. Irrespective of the source of the information, the Committee will exercise its authority to fully review the matter.
The Committee wishes to inform shareholders that, even at this initial stage of its review, it has become clear that the short seller–s report contains numerous factual inaccuracies and mischaracterizations of data. Noted below are several immediate examples of such inaccuracies and mischaracterizations. These examples are not an exhaustive summary of those which are apparent to the Committee on the face of the report, but serve to highlight its unreliability.
Once the Committee–s work is complete, Intertain will publicly disclose the outcome of the Committee–s review, and the Company will take all actions necessary and appropriate to protect its interests and those of its shareholders. Intertain does not intend to comment further on these matters until the Committee–s review has concluded.
During this review period, Intertain–s management will remain diligently focused on the continued execution of its business. “I have the utmost confidence in the process the Board has undertaken,” said John Kennedy FitzGerald, President and CEO of Intertain. “Management will not let the recently published report distract us from operating our business and letting the results speak for themselves,” he said.
“I continue to work closely alongside our management team to assist the Company to expand the business globally and enhance shareholder value,” said Noel Hayden, Executive Chairman of Gamesys Group. “As a director and significant shareholder of Intertain, I remain excited about the growth prospects for the business,” he said.
The Company advises investors not to rely on the short seller–s report pending the completion of the Committee–s review. Examples of inaccuracies and mischaracterizations of data in the report include:
About The Intertain Group Limited
Intertain is an online gaming company that provides entertainment to a global consumer base. Intertain currently offers bingo and casino to its customers using the InterCasino , Costa , Vera&John , Jackpotjoy , and Botemania brands. For more information about Intertain, please visit .
Contacts:
Investor Contact
Jacques Cornet
+1 646-277-1285
Media Contact
Phil Denning or Michael Robinson
+1 646-277-1258
+1 646-277-1288
You must be logged in to post a comment Login