Securities Decisions and Freeze and cease trade orders
Montréal – At the request of the Autorité des marchés financiers (“AMF”), the Bureau de décision et de révision en valeurs mobilières (“BDRVM”) extended until July 29, 2005, in a decision dated May 3, 2005, the initial freeze order issued against Enviromondial on December 9, 2003 by the Commission des valeurs mobilières du Québec (the “Commission”).
These conservatory measures are intended to ensure that investors are protected while the AMF pursues its investigation. At recent court hearings, the AMF stressed that all Enviromondial directors had resigned and the company was facing numerous civil lawsuits.
On December 9, 2003, the Commission had issued a freeze order on an amount totalling $69,500. he BDRVM renewed the order on March 4, 2004, May 26, 2004 and August 31, 2004, November 23, 2004 and February 11, 2005. 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 enclosure this communiqué.
The Bureau de décision et de révision en valeurs mobilières (BDRVM), which is independent of the AMF, is a tribunal that exercises certain powers prescribed by the Securities Act.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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