NEX Symbol: COF.H
TORONTO, Jan. 3, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") announced today that it will not appeal the recent decision of the Ontario Securities Commission. The OSC decision was issued on September 28, 2011, and its order regarding sanctions was issued on November 9, 2011 with the reasons for that order issued on December 23, 2011. The decision not to appeal was made by Coventree's Special Committee. The Special Committee decided that, in light of Coventree's impending winding up and the amount of the monetary sanctions, it would not be in Coventree's best interest to appeal.
Geoffrey Cornish and Dean Tai, who were also parties to the OSC proceeding, have until January 23, 2012 to decide whether they personally intend to appeal the OSC's ruling.
Mr. Wes Voorheis, a member of Coventree's Special Committee, said "Both Peter Dey and I believe it is time for Coventree to move on. The decision to not appeal also allows Coventree to get on with its liquidation and avoid the complexity and inevitable delays that would have resulted from going forward with an appeal in the context of the liquidation."
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.
For further information:
The Equicom Group Inc.
Tel: (416) 815-0700 x278
Tel: (416) 572-2721