Securities

Montréal - In accordance with an out-of-court agreement entered into with the Autorité des marchés financiers (the "AMF"), Gilbert Lasnier pleaded guilty to nine charges brought against him before the Honourable Justice Jean-Georges Laliberté of the Court of Québec for the judicial district of St-Jérôme.

The charges included four counts of making distributions without a prospectus, four counts of pursuing activities as a securities dealer without being registered with the AMF and one count of representing to an investor that the shares of Beluga Composites Corporation had a fixed redemption value without that value being guaranteed on the securities themselves.

Five investors lost a total of US$45,500.

In accordance with the parties' joint proposal, Judge Laliberté ordered Mr. Lasnier to pay $46,000, almost double the minimum fine.

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

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