March 30, 2005 Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) ordered Jacques Gagné, on March 24, 2005, to cease any activity in respect of a transaction in securities and to cease carrying on business as an adviser. The orders were issued pursuant to sections 265 and 266 of the Québec Securities Act.

Further to ads published in a daily newspaper starting in March 2003, Mr. Gagné contacted interested parties and invested funds from at least one investor without being registered as an adviser with the AMF as required under section 148 of the Act.

Created under An Act respecting the Autorité des marchés financiers, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal which exercises certain powers prescribed by the Securities Act. The BDRVM is independent of the AMF.

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

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