Securities

Montréal - On November 3, 2014, the Honourable Robert Marchi of the Court of Québec for the district of Montréal confirmed an agreement pursuant to which John Dracontaidis, Dimitrios Kavathas and Andreas Bougadis were fined a total of $623,000 after pleading guilty to a total of 51 charges for activities related in particular to illegal distributions.

More specifically, John Dracontaidis, president, director and majority shareholder of 9095-0049 Québec Inc., also known as ICC Capital Management, was fined a total of $454,500. Mr. Dracontaidis pleaded guilty to a total of 29 charges, namely, 12 counts for pursuing activities as a securities dealer without being registered and 17 counts for aiding Axia Consultant Inc., 9095-0049 Québec Inc. and IND Capital Management Inc. in making distributions without a prospectus.

Dimitrios Kavathas, who was fined a total of $142,500, pleaded guilty to a total of 18 charges, namely, 10 counts for pursuing activities as a securities dealer without being registered and eight counts for aiding IND Capital Management Inc. and 9095-0049 Québec Inc. in making distributions without a prospectus.

As for Andreas Bougadis, he was fined a total of $26,000. Mr. Bougadis pleaded guilty to a total of four charges, namely, two counts for pursuing activities as a securities dealer without being registered and two counts for aiding 9095-0049 Québec Inc. in making distributions without a prospectus.

In 2009, at the request of the AMF, the Bureau de décision et de révision issued freeze and cease trade orders in this matter and that a receiver was appointed by the Superior Court.

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

- 30 -

Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
www.lautorite.qc.ca
Twitter: @lautorite This link will open in a new window