TORONTO, ONTARIO–(Marketwire – Dec. 12, 2011) – EnerCare Inc. ("EnerCare") (TSX:ECI) announced today that it has received a request from one of its shareholders, Octavian Advisors, to hold a meeting of shareholders of EnerCare. The purpose of the meeting, as se t out in the notice received from Octavian, is to consider a resolution to increase the size of EnerCare's board from its current six to 10 members and to consider a resolution to add four nominees of Octavian to the board of EnerCare. Based on public filings made by Octavian, EnerCare believes that Octavian holds approximately 13% of the issued and outstanding common shares of EnerCare.
EnerCare will carefully consider Octavian's request with its advisors and provide a response to the market in due course.
EnerCare and EnerCare Solutions Inc. own a portfolio of approximately 1.2 million water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns Stratacon Inc. and EnerCare Connections Inc., leading Sub-metering companies, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada. Additional information regarding EnerCare and EnerCare Solutions Inc. is available on SEDAR at www.sedar.com.
Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding EnerCare's and EnerCare Solutions' growth, results of operations, performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information is based on what management believes to be reasonable assumptions, EnerCare and EnerCare Solutions Inc. cannot assure investors that actual results will be consistent with this forward-looking information. Except as required by applicable securities laws, neither EnerCare nor EnerCare Solutions Inc. intend and do not assume any obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.
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