News Release

Vancouver – The B.C. Securities Commission has extended temporary orders imposed against some of the companies and individuals suspected to be involved in an alleged boiler room operation.

In a decision made public today, a commission panel extended the temporary orders issued by the Executive Director on Nov. 13, 2002 against Fairtide Capital Corp., Bayshore Management Corp., and directors and officers Leigh Jeffs, John Da Costa and Anne McFadden and the communications representatives, including Travis Arnold, Rylie Ableman, Richard Cartledge, Raymond Dove, Aaron Evans, Peter Forward, Altaf Goolab, Andrew Greig, Adrian Lee, Matthew Phillips, Jeffrey Seabrook, Jon Stanbrough, David Strong, Daniel Warburton and Raymond Wong.

The commission determined that there was sufficient evidence to conclude that Fairtide’s and Bayshore’s investor relations business involved unregistered trading and advising contrary to section 34(1) of the Securities Act.

The orders bar Fairtide, Bayshore and their telephone representatives from engaging in any investor relations activities until a hearing is held and a decision rendered. These respondents have also been ordered to cease contravening the Act, prohibiting them from continuing with the unregistered trading and advising.

“Unregistered trading and advising are serious problems in our capital markets and pose a significant threat to investors, whether or not they reside in our province,” said the panel in extending the temporary orders. “To allow Fairtide and Bayshore to operate their investor relations business without restrictions, would pose a continuing threat to our capital markets.”

However the panel did not extend all parts of the temporary orders nor did it extend the temporary orders against all of the respondents.

“[W]e recognize that the power to intrude upon, and disrupt, persons’ lives and businesses by issuing section 161(1) enforcement orders before a hearing is held, is a significant one and must be justified,” said the panel.

The panel found that there was not sufficient evidence to conclude that it was necessary and in the public interest to prohibit the respondents from selling or purchasing securities or prohibit the individuals from acting as directors or officers of any company.

The panel did not find that there was sufficient evidence to justify extending the temporary orders against Gibraltor Consulting Corp., Pacific Capital Markets Inc., Wet Coast Capital Corp., Brek Energy Corporation, GlobeTrac Inc., Communicate.com Inc., Francis Biller, David Jeffs, Richard Jeffs, Gordon Wiltse, Stephen Diakow, William Friesen, Jason Lintunen and Johnny Pan.

However, these companies and individuals remain as respondents in this matter.

The hearing into this matter has been adjourned until Feb. 10, 2003.

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 decision 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.