May 18, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as “Autorité des marchés financiers“ or “AMF”) is instituting penal proceedings against Claude Lavigne, Claude Valade and Jean-Pierre Nadeau before the Court of Québec (Criminal and Penal Division), in the judicial district of Montréal.

Claude Lavigne faces thirty-one (31) counts of having contravened the Québec Securities Act (the “Act”):

• By assisting, through an act or omission, the distribution by Club d’investissement HT, Club d’investissement  101, Club d’investissement HT 102, Club d’investissement HT 103, Club d’investissement HT 105 and Club d’investissement HT 106 of a form of investment subject to the application of the Act, without having a prospectus approved by the Commission des valeurs mobilières du Québec (the “Commission”) (31 counts, with a minimum fine of $5,000 each);

If Mr. Lavigne is convicted on all these counts, he will be ordered to pay a minimum fine of $155,000.

Claude Valade faces ten (10) counts of having contravened the Act:

• By assisting, through an act or omission, the distribution by Club d’investissement HT, Club d’investissement HT 103 and Club d’investissement HT 105 of a form of investment subject to the application of the Act, without having a prospectus approved by the Commission (5 counts, with a minimum fine of $5,000 each);
• By carrying on business as a securities dealer within the meaning of section 5 of the Act, without being registered as such with the Commission, by distributing a form of investment subject to the application of the Act (5 counts, with a minimum fine of $1,000 each);

If Mr. Valade is convicted on all these counts, he will be ordered to pay a minimum fine of $30,000.

Jean-Pierre Nadeau faces three (3) counts of having contravened the Act:

• By assisting, through an act or omission, the distribution by Club d’investissement HT 103 and Club d’investissement HT 105 of a form of investment subject to the application of the Act, without having a prospectus approved by the Commission (2 counts, with a minimum fine of $5,000 each);
• By carrying on business as a securities dealer within the meaning of section 5 of the Act, without being registered as such with the Commission, by distributing a form of investment subject to the application of the Act (1 count, with a minimum fine of $1,000);

If Mr. Nadeau is convicted on all these counts, he will be ordered to pay a minimum fine of $11,000.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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Information:

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