Decisions and Freeze and cease trade orders Securities

Montréal – On December 14, 2004, Stevens Demers, an officer and shareholder of Enviromondial inc., was found guilty on 25 counts by Judge Claude Millette of the Court of Québec, Criminal and Penal Division. He was ordered to pay $89,000, plus costs.

However, because of the serious nature of the facts in this case, the Autorité des marchés financiers (AMF) intends to appeal the sentence and continue to call for a prison term against Mr. Demers.

Mr. Demers had been found guilty of assisting Enviromondial with distributing its shares without a prospectus approved by the Commission des valeurs mobilières du Québec (Commission) and assisting Enviromondial with violating a decision rendered by the Commission that prohibited the company from carrying on any activity for the purpose of distributing its shares.

To read the press releases already published in this matter, please consult the AMF website, under Media Centre/Press Releases.

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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