News Release

Released: 05/07/98  Contact: Linda Murray  899-6618 or (BC only) 1-800-373-6393

Vancouver - The British Columbia Securities Commission announces that Deloitte & Touche Inc., Receiver for Alexander DiCimbriani, has entered into a settlement with several parties which will resolve all outstanding proceedings relating to DiCimbriani, W.B. Investments Inc. and William David Bunt. The settlement concludes four years of administrative, criminal and receivership proceedings initiated by the Commission relating to unregistered investment activities carried out by DiCimbriani and W.B. Investments.

Under the terms of the settlement, the Receiver will pay to approved claimants approximately $530,000 from funds which had been frozen by the Commission in several brokerage accounts and from a winning lottery ticket. The approved claimants, who invested funds with DiCimbriani and W.B. Investments in an unregistered investment scheme, will recover 70% of their proven claims.

Members of the public are encouraged to contact the British Columbia Securities Commission to confirm the registration status of any individual or company who approaches them for purposes of investment. This tip is part of an Investor Protection Kit which is made available to the public, free of charge, by the Commission. The Kit can be obtained by calling the Commission at (604) 899-6500 or 1-800-373-6393.

The British Columbia Securities Commission is the independent provincial government agency responsible for regulation of securities and exchange contracts in the province.