News Release

Vancouver – In a settlement with the B.C. Securities Commission, a Vancouver-based employee venture capital corporation has agreed to pay $20,000 for issuing a press release that inappropriately represented that the commission had endorsed its securities offering.

In February 2003, ALTURA Growth Fund (EVCC) Inc. asked the commission to accept its amended prospectus to eliminate the $10-million minimum for the offering. The amendment also stated that Altura did not expect to achieve sales of $10-million. The commission issued a receipt for the amended prospectus.

Altura then issued a press release that said the commission had “recognized” its offering of securities “is viable for shareholders.” This was a breach of the Securities Act, which prohibits any representation that the commission has passed on the merits of any securities or issuer.

The commission accepted as a mitigating factor that the press release was released precipitously and was not subject to Altura’s normal review procedures, which require review of public disclosures by two senior members of management and external legal counsel. Altura Management Inc., which caused the release to be issued, will pay the $20,000 (one half of which represents the commission’s investigative costs), so that it does not reduce returns to the shareholders of Altura Growth Fund.

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 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.