The Caldwell Partners International Board of Directors Responds to Letter from DHR International

Toronto, Ontario– July 17, 2015 – Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) (“Caldwell Partners”) today announced that its Board of Directors, after consulting with its financial and legal advisors, has responded to the July 16 letter from DHR International.

The following is the text of the letter that was sent on July 17, 2015, to David Hoffmann, Chairman of the Board of DHR International, Inc.:


July 17, 2015

David H. Hoffmann
DHR International, Inc.
71 South Wacker Drive, Suite 2700
Chicago, IL 60606

Dear Mr. Hoffmann,

I am writing to you again on behalf of the Board of Directors of The Caldwell Partners International, Inc. (“Caldwell Partners”) in response to your most recent letter of July 16, 2015.

As fiduciaries, all of the actions of our Special Committee and Board of Directors are designed to preserve and enhance shareholder value. Indeed, over the last six years, Caldwell Partners’ share price has risen from the $0.50 range to the $1.50 range, our revenue from the $15 million range to the $50 million range, and our dividend payout from $0.00 to $0.08 per share. In my view we are well on our way to becoming a $100 million revenue firm and will do so without the intervention of DHR International, Inc. (“DHR”), so long as our assets remain intact and are not disrupted. Consequently, our Board determined that any encouragement of DHR’s interest in Caldwell Partners would be destabilizing to our most valuable assets – our people – and should they leave the firm, both our revenue and share value would be negatively impacted.

Our refusal to engage in further discussions with DHR was strongly validated by the events that were occurring prior to my July 14, 2015 letter. While you professed to me on our July 7, 2015 phone call that you would like to avoid a confrontation, we are aware of at least four attempts by DHR partners specifically stating they represented you to contact our partners in order to urge them to “jump ship” and join DHR prior to any transaction. We believe this was a clear attempt to undermine our business and depress our Company’s share price.

Simply put, and as they have expressed to you, our partners are not willing to be part of a firm controlled by DHR. 

Our Board of Directors has the responsibility to protect the investment of all our shareholders.  As such, we will vigorously defend any further attempts by DHR to disrupt or undermine our business.


G. Edmund King
Chairman, The Caldwell Partners Board of Directors


About Caldwell Partners

Caldwell Partners is a leading international provider of executive search and has been for more than 40 years. As one of the world’s most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts. With offices and partners across North America, Latin America and in London, the firm takes pride in delivering an unmatched level of service and expertise to its clients. Caldwell Partners’ Common shares are listed on The Toronto Stock Exchange (TSX: CWL). Please visit our website at for further information.


Forward-Looking Statements

Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company’s ability to retain key personnel. The Caldwell Partners assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

For further information, please contact:

Investors & Analysts:
Chris Beck, CPA, Chief Financial Officer
The Caldwell Partners International

Caroline Lomot, Director of Marketing
The Caldwell Partners International

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