June 8, 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 Réal Forest and Réal Ouellette before the Court of Québec (Criminal and Penal Division), in the judicial districts of Longueuil and Richelieu.

Mr. Forest faces eight counts of having contravened the Québec Securities Act (the “Act”):

• By assisting, through an act or omission, in the distribution by 9059-6073 Québec inc. (hereafter, “Logi-Tech”) 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”). In this regard, he faces four counts that each carry a minimum fine of $5,000;
• By carrying on business as a securities dealer without being registered as such with the Commission. In this regard, he faces four counts that each carry a minimum fine of $1,000.

If Mr. Forest is convicted on all these counts, he will be ordered to pay a minimum fine of $24,000.

Mr. Ouellette faces 17 counts of having contravened the Act:

• By assisting, through an act or omission, in the distribution by Logi-Tech of a form of investment subject to the application of the Act without having a prospectus approved by the Commission. Each count carries a minimum fine of $5,000.

If Mr. Ouellette is convicted on all these counts, he will be ordered to pay a minimum fine of $85,000.

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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For More Information:

Journalists only:
Barbara Timmins (514) 940-2176
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