Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued, on October 19, 2006, a freeze order against the assets of 9151-2632 Québec inc., of which the sole shareholder and director is Martine Gravel, and 9112-2192 Québec inc., of which the president is Jacques Gagné. As well, the BDRVM ordered the two companies, Ms. Gravel and Daniel Bélanger to cease trading in securities and acting as a securities adviser, including as a portfolio manager for a third party’s account.

Because of the urgency of the situation, the BDRVM was of the opinion that it was in the public interest to issue the orders without a prior hearing.

On May 11, 2006, the BDRVM confirmed its decision of March 24, 2005 prohibiting Mr. Gagné from trading in securities and from acting as a securities adviser, pursuant to sections 265 and 266 of the Securities Act.

Further to ads published in a daily newspaper starting in March 2003, Mr. Gagné contacted interested parties and, in at least one case, invested a person’s funds without being registered as a securities adviser with the AMF. Because of the urgency of the situation, the BDRVM decided, on March 24, 2005, that it was in the public interest to issue the orders referred to above, without a prior hearing. On July 6, 2005, Mr. Gagné exercised his right to a hearing within 15 days following the decision. Further to the hearing, the BDRVM confirmed its decision of March 24, 2005. On June 6, 2006, Mr. Gagné filed an appeal with the Court of Québec.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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