News Release

Vancouver – The B.C. Securities Commission warns it is cracking down on insiders who fail to file their disclosure reports within 10 days after a transaction.

“Insider reports that detail the trading activity of the officers and directors of public companies are an important public disclosure document for the securities industry,” said BCSC Executive Director Steve Wilson. “Investors and the financial press use insider trading information to assess individual companies and market trends generally.”

The B.C. Securities Act and Rules require insiders to report any acquisition or disposition of their companies’ securities within 10 days after the transaction. There is a $50 late filing fee for each insider report not filed within the 10 days. The BCSC warns that it is strictly enforcing this deadline.

On June 9, 2003 the System for Electronic Disclosure by Insiders (SEDI) started accepting insider reports online -- allowing insiders to promptly and more easily file their reports.

The requirements for insider reporting using SEDI are in National Instrument 55-102 System for Electronic Disclosure by Insiders. The following resources are available to help insiders file using SEDI:
· SEDI user guide available online (www.bcsc.bc.ca)
· BCSC inquiries line available to answer filing questions (604-899-6500 or 1-800-373-6393, toll-free in B.C. and Alberta)
· SEDI help desk to resolve technical problems (including password and key resets) at 1-800-219-5381

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.