Montréal - The Autorité des marchés financiers (the "AMF") has launched a penal proceeding in the judicial district of Montréal against Jacques Larré and Icare Films inc. ("Icare") related to distributions of Icare shares made without a prospectus. The defendants are liable to minimum fines totalling $48,000 and $40,000, respectively, if found guilty on all charges.

More specifically, Jacques Larré faces eight charges of distributions without a prospectus and eight charges of illegal practice as a dealer. Icare faces eight charges of distributions without a prospectus.

The AMF's investigation shows that Jacques Larré encouraged investors to withdraw funds from their registered accounts to purchase shares of Icare, of which he is the sole shareholder, director and officer.

Jacques Larré and Icare were never registered in any capacity whatsoever under the Securities Act and were never granted a receipt for a prospectus or an exemption from the prospectus requirement.

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

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