Echo Energy Canada Inc. Responds to Dissident Circular
Listing and Symbol: TSX Venture Exchange – “EEI”
Issued Common Shares: 60,208,086
LONDON, CANADA, April 14, 2008 – Echo Energy Canada Inc. today responded to the
dissident circular dated April 1, 2008 distributed by Salvatore Fuda and two companies over
which Salvatore Fuda exerts considerable influence or control (the “Dissident Group”), in
furtherance of Salvatore Fuda’s efforts to take control of the board of directors of Echo Energy.
The Company will be seeking to have certain of the issues raised in its Court Application against
Salvatore Fuda, Challenge Gas Holding AB and Exclusive Asset Management Inc. decided
before the shareholders meeting. For this purpose the Company will be seeking to have the
Court adjourn the shareholders meeting until after the hearing of a trial of the issues. Regardless
of whether the meeting is adjourned, your vote is important to the outcome of the meeting and
we want to help you ensure that your vote is counted. To be sure your vote is counted, please
return the YELLOW form of proxy by 5 p.m. Toronto time, on Friday April 18, 2008
The Dissident Group’s goal is to place Echo Energy firmly under the control of Salvatore Fuda
to the detriment of shareholders that are unrelated to Salvatore Fuda. However, shareholders
should be aware of the following critical facts in casting their votes:
•
There are serious questions about the legitimacy of the 11,016,618 common shares of
Echo Energy that were acquired by Challenge Gas Holding AB.
•
The deterioration in the value of Echo Energy’s common shares occurred while
Salvatore Fuda and his son served on the executive team of Echo Energy and for
most of such period, Salvatore Fuda’s nominees constituted a majority of the board
of directors.
•
Echo Energy has paid $1.5 million in connection with Salvatore Fuda and Joseph
Fuda serving on Echo Energy’s management team and board of directors since
2004.
•
Salvatore Fuda has an abysmal record creating s