Forum intends, if necessary, to seek court order to obtain HSE Integrated shareholders list
VANCOUVER, July 31 /PRNewswire-FirstCall/ - Forum National Investments Ltd. (OTCBB: FMNLF), if necessary, intends to seek a court order to compel HSE Integrated Ltd. -- a publicly held company that FNI has previously announced its intention to acquire -- to provide FNI with HSE's shareholders list so that it may communicate its takeover offer directly to HSE shareholders. FNI's efforts to obtain the HSE shareholder list and to communicate with HSE management have proven fruitless to date despite the fact that FNI has acquired, via open market transactions, over approximately 5 per cent of HSE's issued and outstanding shares. As a greater-than-5-per-cent shareholder, and more importantly, as an activist HSE shareholder interested in enhancing HSE shareholder value, FNI is entitled to access to HSE's shareholder list.
"We simply want to obtain HSE's shareholders list so that we can make our case in support of FNI's acquisition of HSE directly to HSE shareholders," said Dan Clozza, president and chief executive officer, FNI. "For our part, we cannot see what harm would befall upon HSE shareholders if they received our formal takeover circular so that they may evaluate the offer for themselves."
Mr. Clozza added: "We have previously stated that we believe that our management can work with a number of existing HSE executives to restore that company to profitability and to create shareholder value for both HSE and Forum shareholders. We're mystified as to why HSE would want to deprive its shareholders of this opportunity."
This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of Forum or HSE. Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada and the United States.
About FNI:
Forum National Investments Ltd. (http://www.foruminvestments.com/) is a publicly held company currently trading on the OTCBB under the symbol FMNLF. Our primary business revolves around developing consumer driven organizations designed to enhance lifestyles. The company's Life Settlement operations in the United States are conducted through its wholly owned subsidiary, The American Life Settlements. (ALSS) http://www.thealss.com/.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although Forum believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from Forum's expectations.