News Release

Released: May 14, 1992  Contact: Ron Messent  660-4800

The British Columbia Securities Commission today released a decision in the matter of Growth Capital Securities, Inc., Gary George Anderson, Elizabeth Anne Morgan and Michael McLoughlin.

The Commission ordered the removal of Growth's and Anderson's trading rights and prohibited Anderson from becoming or acting as a director or officer of a reporting issuer for 25 years. Similar orders were made against Morgan and McLoughlin for 15 years.

Growth is a Panamanian company that operated a boiler room in Costa Rica promoting shares of three Canadian issuers, two of which were listed on the Vancouver Stock Exchange, through a newsletter and high pressure telephone solicitations. Growth raised at least $3.5 million from U.S. investors.

Anderson controlled Growth, Morgan was his executive assistant, actively assisting him in all aspects of Growth's operations, and McLoughlin was Growth's sales manager. All three currently reside in British Columbia.

In March 1990, the U.S. Securities and Exchange Commission filed a complaint in the U.S. District Court for Western Washington for a permanent injunction and ancillary relief against Growth, Anderson, Morgan and McLoughlin in connection with securities transactions conducted between June 1987 and November 1988. Based on findings of fact and conclusions of law by the U.S. Court, it issued permanent injunctions by default against Anderson and Growth on October 30, 1991, and against Morgan and McLaughlin on February 5, 1992.

Copies of the Commission's decision (10 pages) may be obtained in person at 1100 - 865 Hornby St., Vancouver.