Montréal – Michel Galipeau pleaded guilty on September 17, 2007 before Judge Céline Lacerte-Lamontagne of the Court of Québec (Criminal and Penal Division), district of Montréal, to ten charges brought against him by the Autorité des marchés financiers (AMF).

Mr. Galipeau was accused of:

• pursuing activities as a securities adviser, within the meaning of section 5 of the Securities Act, R.S.Q., c. v-1.1 (the “Act”), without being registered as such with the Commission des valeurs mobilières, now part of the AMF, by managing, under mandates, securities portfolios, thereby violating section 148 of the Act.

He was ordered to pay a fine totalling $50,000.

Mr. Galipeau, who lives in Pierrefonds, is the president of Groupe Albatros International inc.

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

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