Coventree Provides Update on OSC Sanctions
November 08 2011 - 8:42PM
PR Newswire (Canada)
NEX Symbol: COF.H TORONTO, Nov. 9, 2011 /CNW/ -
Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company")
announced today that the Ontario Securities Commission ("OSC") has
issued its sanctions order in connection with the proceeding
commenced by OSC staff against Coventree and one current officer,
Geoffrey Cornish, and one former officer, Dean Tai. The OSC ordered
Coventree to pay an administrative penalty of $1 million and to pay
$250,000 of the costs incurred by OSC staff in connection with the
hearing. The OSC also ordered that trading in any securities
by Coventree cease and that any Ontario securities law exemptions
not apply to Coventree until its winding up is completed, provided
that these orders will not prevent the winding up of Coventree or
trades in securities reasonably related to that winding up. The OSC
ordered that each of Messrs. Cornish and Tai pay an administrative
penalty of $500,000. The OSC also ordered that they be reprimanded,
resign any positions as a director or officer of a reporting issuer
other than Coventree, and not be permitted to act as a director or
officer of a reporting issuer other than Coventree for a period of
one year. The OSC did not prevent Messrs. Cornish and Tai
from seeking indemnification from Coventree with respect to the
administrative penalty payable by them. The OSC did not issue
reasons for its order at this time and indicated that reasons would
be issued in due course. The board of directors of Coventree
is considering the order and will issue further announcements when
appropriate. This press release is intended for distribution in
Canada only. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Coventree Inc. CONTACT: Craig Armitage
Ani Hotoyan-JolyThe Equicom Group Inc. Coventree Inc.Tel: (416)
815-0700 x278 Tel: (416) 572-2721Email: carmitage@equicomgroup.com
Email: ani@coventree.ca
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