Coventree Provides Update on OSC Sanctions

 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.

 

SOURCE Coventree Inc.

For further information:

Craig Armitage
The Equicom Group Inc.
Tel: (416) 815-0700 x278
Email: carmitage@equicomgroup.com
Ani Hotoyan-Joly
Coventree Inc.
Tel: (416) 572-2721
Email:  ani@coventree.ca

 

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Coventree Inc.

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