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Press release from Business Wire

Octavian Responds to EnerCare's Refusal to Appoint Independent Chair for Upcoming Shareholder Meeting

Thursday, March 01, 2012

Octavian Responds to EnerCare's Refusal to Appoint Independent Chair for Upcoming Shareholder Meeting09:18 EST Thursday, March 01, 2012 NEW YORK (Business Wire) -- Octavian Advisors, LP, the largest shareholder of EnerCare Inc. (TSX: ECI), which exercises control or direction over approximately 13% of EnerCare's outstanding common shares, today responded to EnerCare's rejection of Octavian's request to appoint an independent chair for the shareholder meeting on April 30, 2012. “Octavian requested that EnerCare's Board appoint an independent chair to establish a fair and transparent process for the upcoming shareholder vote. We continue to be extremely disappointed with the Board's conduct, and its refusal to appoint an independent chair is yet another example of its anti-shareholder attitude,” said Richard Hurowitz, Chairman and Chief Executive Officer of Octavian. “We have serious concerns about Mr. Pantelidis' ability to conduct this important meeting impartially and do not understand why the Board is refusing to implement a simple measure that would enhance the overall fairness of the meeting. EnerCare's shareholders deserve a transparent voting process overseen by an independent chair to ensure their voices are heard.” Octavian looks forward to the support of its fellow shareholders in electing the four highly qualified and independent nominees that it has proposed to EnerCare's Board. These nominees are committed to ensuring that the true owners of EnerCare – the company's shareholders – are appropriately represented and that EnerCare gets back on the right path. Octavian is proposing the following nominees for election to EnerCare's Board on April 30, 2012: Beth S. Horowitz is a highly respected executive with vast senior management and board experience. Ms. Horowitz spent over 20 years at American Express, holding a number of senior positions of increasing responsibility, including Chair, President, and CEO of Amex Bank of Canada, and President and General Manager of Amex Canada, Inc. At one point, Ms. Horowitz was the highest ranking officer of American Express in Canada. Following her roles at American Express, Ms. Horowitz acted as a Senior Advisor at the McEwen Centre for Regenerative Medicine in Toronto. She currently serves on the Boards of HSBC Bank Canada, Harvard Business School Club of Toronto, and Art Gallery of Ontario, and she also serves on the Advisory Boards of the Schulich School of Business and Catalyst Canada. Ms. Horowitz received an MBA from Harvard University's Graduate School of Business Administration and a BA from Cornell University where she was elected to Phi Beta Kappa. Graham Senst is a member of the Advisory Board at Kingsett Capital Canadian Real Estate Income Fund. Mr. Senst previously served as a Managing Director of Kingsett Capital. Prior to joining Kingsett Capital, he held executive positions at Bentall Capital and Ontario Municipal Employees Retirement System Pension Fund. Mr. Senst is the president of the Institute of Canadian Real Estate Investment Managers. Mr. Senst has worked in the Canadian finance and real estate fields for over 25 years, with significant experience in direct property transactions. He has served on the boards of several public companies, including Residential Equities REIT and Oxford Properties Group, and he also served on the Advisory Boards at Soros Real Estate Fund, Morgan Stanley Real Estate Fund IV, PenRetail I and II, and Europa Capital Partners. Mr. Senst received an MBA and HBA from Ivey School of Business. T. Richard Turner has, since 1995, served as the President and Chief Executive Officer of TitanStar Investment Group Inc., a private company engaged in the provision of private equity capital to midmarket businesses and capital for real estate developments and acquisitions. His current public company board positions include Board Chair, President and CEO of TitanStar Properties Inc.; Board Chair and Trustee of Pure Industrial Real Estate Investment Trust; Trustee of WesternOne Equity Income Fund; Board Chair of WesternOne Equity GP Inc; and Director of TG Residential Value Properties Ltd. He also serves as a Director of Vancouver Fraser Port Authority and Chair of the Audit Committee; Director of Paragon Gaming BC; and Director of Sora Group Wealth Advisors Inc. Mr. Turner is also a Director of the Organizing Committee of the Vancouver 2010 Olympic and Paralympic Winter Games (VANOC) and serves as Chair of the Audit Committee; he is a past Governor of the B.C. Business Council and a past Chair and Governor of the Vancouver Board of Trade. From 1988 to 2005, Mr. Turner served as a Director, President and Chief Executive Officer of the operating subsidiary of IAT Air Cargo Facilities Income Fund. Mr. Turner also served as Board Chair and Director of the British Columbia Lottery Corporation from 2001 to 2005 and Board Chair and Director of the Insurance Corporation of BC from 2003 to 2010; from 2002 until 2009, Mr. Turner served as Trustee of Sun Gro Horticultural Income Fund and from 2004 –2007 as Trustee of Sunrise Senior Living REIT. He also serves as the Honorary Consul for the Hashemite Kingdom of Jordan. As a highly respected member of the Vancouver community, he has received a number of prestigious awards, including the HRH Queen Elizabeth's Golden Jubilee Award for Public Service in Canada, the Vancouver Board of Trade's Leaders of Tomorrow Visionary Award, and the Richmond Chamber of Commerce Executive of the Year Award. He received a BCom in Finance from the University of British Columbia and a Diploma from the Canadian Securities Institute. Richard A. Hurowitz is the Chairman and Chief Executive Officer of Octavian, a global investment firm with offices in New York and London which manages approximately $1 billion. Mr. Hurowitz has invested in over 50 countries around the world, and has made numerous investments in Canada. Prior to founding Octavian, Mr. Hurowitz was a Partner and Managing Principal at Halcyon Asset Management LLC, a multi-strategy investment firm. He currently serves on the Board of Directors of EI Towers SpA and previously served on the Supervisory Board of Head NV. Mr. Hurowitz received a JD from Columbia University Law School, where he was a Harlan Fiske Stone Scholar, and a BA in History from Yale University, where he graduated magna cum laude and was elected to Phi Beta Kappa. About Octavian Advisors, LP Octavian Advisors, LP is a global investment firm with offices in New York and London. The firm focuses on special situations and distressed investments in international markets, and has successfully invested in over 40 countries on six continents. Octavian currently manages approximately $1 billion for leading endowments, foundations, pension funds, family offices and institutions. Investors:Mackenzie Partners, Inc.Larry Dennedy, 212-929-5239ldennedy@mackenziepartners.comorCharlie Koons, 212-929-5708ckoons@mackenziepartners.comorMedia:Sard Verbinnen & CoJonathan Doorley, 212-687-8080jdoorley@sardverb.com