Smoothwater continues fight for AOS shareholders and retains Kingsdale Shareholder Services for AGM

TORONTO, Nov. 15, 2016 /CNW/ - Smoothwater Capital Corporation ("Smoothwater") announced today its intention to continue to work on behalf of all AOS shareholders in connection with the proposed amalgamation between Alberta Oilsands Inc. ("AOS") and Marquee Energy Ltd. ("Marquee").

Further Legal Options

"We and many AOS shareholders were disappointed with the decision of the Alberta Court of Appeal to not require an AOS shareholder vote. We are reviewing our legal options, which include requesting leave to appeal the order of the Alberta Court of Appeal to the Supreme Court of Canada," said Stephen Griggs, CEO of Smoothwater. "We also intend to have our counsel appear at the expected final order application by Marquee and AOS to argue against the approval of their plan of arrangement."

Smoothwater Retains Kingsdale Shareholder Services

Smoothwater has retained Kingsdale Shareholder Services to assist in ensuring Smoothwater's director nominees are elected at the AOS 2016 Annual and Special Meeting scheduled for December 28, 2016.

"Smoothwater has received a large number of calls and emails from AOS shareholders strongly disapproving the conduct of the AOS board. Regardless of the result of the various legal rulings and appeals, Smoothwater will fight vigorously to change the AOS board to have qualified directors who follow prudent governance practices and protect the rights of all shareholders", continued Griggs. "Smoothwater is the largest shareholder of AOS and would be the second largest shareholder of New Marquee. We will fight to ensure that all shareholders are represented on the board of AOS."

"We have retained the top proxy solicitation firm in Canada to assist us in replacing the board of AOS at the next AGM. Shareholders will have their say one way or another and we believe we will have the necessary votes to change the AOS board and protect the investment of all shareholders".

For more information and updates, including a copy of this press release and other documents please visit www.smoothwatercapital.com.

About Smoothwater Capital:

Smoothwater Capital Corporation is a leading Canadian activist investor, focusing on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.

SOURCE Smoothwater Capital Corporation

or to obtain a copy of this press release, please contact: Smoothwater Capital Corporation, Suite 2500, 120 Adelaide Street West, Toronto, Ontario, M5H 1T1, Attention: Stephen J. Griggs, Chief Executive Officer, 416.644.6582, [email protected]