Court of Québec orders Hervé Rolland to pay fine of $11,250 and costs

Decisions and Freeze and cease trade orders Securities

Montréal – Judge Danielle Michaud of the Court of Québec (Criminal and Penal Division) handed down his judgment on May 17, 2006 in respect of the penalty against Hervé Rolland. Mr. Rolland was ordered to pay a fine of $9,000, or $1,000 on each charge, plus costs in the amount of $250 on each charge.

On May 5, 2006, Judge Danielle Michaud found Mr. Rolland guilty of failing to disclose, within 10 days of the event, the changes in his control over the securities of Rolland Virtual Business Systems Ltd., where he is an insider. He faced nine charges for violating section 97 of the Securities Act, with reference to section 174 of the Securities Regulation. The Autorité des marchés financiers (AMF) accused him of failing to disclose, within the required time period, the sale of 61,500 shares of Rolland Virtual Business Systems Ltd. between September 30, 2004 and December 17, 2004.

Insiders are required to report, within ten days of the event, any change in their control of the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI) at This link will open in a new window, thereby giving all investors access to the information within a reasonable time period.

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

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