News Release

Vancouver -- Four investment dealers who admitted violating a B.C. Securities Commission cease trade order against the securities of Thermo Tech Technologies Inc. have agreed to pay $26,475.34 to the commission.

Under the settlement agreement made public today, the majority of the money will be used to develop an electronic system that will enable dealers to effectively implement cease trade orders for non-listed securities. The system is expected to be in place within 12 months of the agreement.

The commission reached a similar settlement with 13 other investment dealers on this matter in December 2001.

The four dealers -- all members of the Investment Dealers Association of Canada -- are: Global Securities Inc., IPO Capital Corp., National Bank Financial Inc., and Thomson Kernaghan & Co. Limited.

The commission imposed a cease trade order against Thermo Tech on July 14, 1999, after the company failed to issue a news release and a material change report about acquiring a 50 per cent interest in two Ontario transfer stations and waste management facilities.

Thermo Tech shares were traded on the Over-The-Counter Bulletin Board, an electronic quotation service provided by the National Association of Securities Dealers in the United States, until it was delisted on Dec. 5, 2001. Currently, the shares are quoted on the Pink Sheets Electronic Quotation Service but not traded or quoted on any Canadian exchange or market.

The investment dealers said in their settlement that because of deficiencies in their internal control systems, their brokers bought and sold shares of Thermo Tech on behalf of their clients in violation of the orders.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement agreement and related documents can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.