BDRVM Extends Freeze Order Against Enviromondial

Securities Decisions and Freeze and cease trade orders

Montréal – At the request of the Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”), the Bureau de décision et de révision en valeurs mobilières (“BDRVM”) extended until February 18, 2005, in a decision dated November 23, 2004, the initial freeze order issued against Enviromondial on December 9, 2003 by the Commission des valeurs mobilières du Québec (la “Commission”).

These conservatory measures are intended to ensure that investors are protected while the AMF pursues its investigation.

On December 9, 2003, the Commission had issued a freeze order on an amount totalling $69,500. The BDRVM renewed the order on March 4, 2004, May 26, 2004 and August 31, 2004. The funds are frozen in the trust account of Alain Houle, the company’s lawyer. He may not dispose of the funds without BDRVM’s consent.

To read the BDRVM decision, please consult the appendix to the press release posted on the AMF website, under Media Centre/The Autorité’s Latest Press Releases.

Created under the Act respecting the Agence nationale d'encadrement du secteur financier, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal that exercises certain powers prescribed by the Securities Act. Chaired by Me Guy Lemoine, the BDRVM is independent of the AMF.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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