Decisions and Freeze and cease trade orders Securities

Montréal – In a decision issued on January 8, 2007, the Bureau de décision et de révision en valeurs mobilières (BDRVM) extended until April 16, 2007 the freeze order placed on all accounts held in the name of 9151-2632 Québec inc. at National Bank of Canada and on all accounts held in the name of 9112-2192 Québec inc. held at CIBC.

Jacques Gagné invested client funds without being registered as a securities adviser with the Autorité des marchés financiers (AMF). Because of the urgency of the situation, the BDRVM decided on March 24, 2005 that it was in the public interest to prohibit Mr. Gagné, without a prior hearing, from trading in securities and from acting as a securities adviser, pursuant to sections 265 and 266 of the Securities Act.

On July 6, 2005, Mr. Gagné exercised his right to a hearing within 15 days following the decision. Further to the hearing, the BDRVM upheld, on May 11, 2006, its decision of March 24, 2005.

On June 12, 2006, Mr. Gagné filed an appeal with the Court of Québec. He requested that the BDRVM suspend the execution of its decision of May 11, 2006. On December 13, 2006, the BDRVM dismissed the request pursuant to section 329 of the Securities Act.

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

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