Securities Decisions and Freeze and cease trade orders
Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM), in a decision dated September 11, 2006, has extended until December 8, 2006 the initial freeze order issued against Enviromondial on December 9, 2003 by the former Commission des valeurs mobilières du Québec (the “Commission”).
It should be noted that two creditors (Hyacinthe Auger and the Québec Deputy Minister of Revenue) filed motions to lift the freeze. The Québec Deputy Minister of Revenue maintains he holds a claim against Enviromondial in the amount of $170,443, while Ms. Auger is claiming $31,315. The motions will be heard by the BDRVM; a pro forma hearing is scheduled for October 6, 2006.
These conservatory measures are intended to ensure that investors are protected while the AMF pursues its investigation. At the latest court hearings, the AMF stressed that numerous lawsuits had been launched against Enviromondial.
On December 9, 2003, the Commission issued a freeze order on an amount totalling $69,500. The BDRVM renewed the order on March 4, 2004, May 26, 2004, August 31, 2004, November 23, 2004, February 11, 2005, May 3, 2005, July 27, 2005, October 14, 2005, January 9, 2006, April 3, 2006 and June 21, 2006.
The balance will remain frozen in the trust account of the firm’s former lawyer, Me Alain Houle. He may not dispose of the funds without the BDRVM’s consent.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Philippe Roy (514) 940-2176
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