News Release

Vancouver – The British Columbia Securities Commission banned a Richmond, B.C. man from the securities markets, after he admitted to manipulating the stock market and trading for others without registration.

On Oct. 25, 2004, Hung Chi (Patrick) Woo entered into a settlement with the BCSC in which Woo agreed to pay $40,000. The BCSC ordered Woo for 10 years not to trade, act as a director or officer of any issuer (except an issuer owned by Woo or his family) or engage in investor relations.

On Nov. 10, 1999, Yeh & Woo General Partner Inc. created Ascent Investment Capital Limited Partnership. Woo was the chief executive officer and a director of Yeh & Woo. In December 1999, Ascent raised US$870,000 from eight investors for investment. Until December 2001, Yeh & Woo managed the assets. Woo directed the trading without registration in contravention of the Securities Act. The investors lost between US$600,000 and US$700,000 while Woo received a management fee of US$71,800.

In November and December 2001, Woo manipulated the stock market in violation of the Securities Act. He conducted 40 “match trades” in which he coordinated sell and buy orders for securities between his personal trading account and the Ascent account. By pairing the sell and buy orders, Woo caused the Ascent account to buy securities at a higher price than the market price. In doing so, Woo pocketed US$14,000 at the expense of Ascent and its investors.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You can view the settlement on our website www.bcsc.bc.ca. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.