News Release

Released: April 27, 1998  Contact: Michael J. Watson  899-6500 or (BC only) 1-800-373-6393

VANCOUVER - The Executive Director of the British Columbia Securities Commission has issued a temporary order suspending the registration of Vantage Securities Inc. (VSI), a Vancouver-based brokerage firm placed in receivership last week (April 23, 1998), and has ordered a public hearing to consider cancellation of the registration.

Commission Staff took these steps to protect the public against the possibility of further sales being made in the VSI name while VSI's future is being clarified.

The public hearing before a Commission panel is scheduled at the 7th Floor Hearing Room, 865 Hornby Street at 10:00 a.m., Monday May 11, and, unless there is a transfer of VSI ownership to a person or persons satisfactory to Commission Staff or other acceptable developments in place by that time, cancellation of VSI's registration will be sought.

The assets and accounts of Vantage Securities were frozen Friday under a British Columbia Supreme Court order that appointed KPMG Inc. as VSI receiver. That action followed Commission Staff concern that VSI's financial situation was deteriorating and VSI's subsequent failure to comply with minimum capital requirements. At April 17, 1998, VSI reported a capital deficiency of $139,000.

The Executive Director's order notes that Director and President Ron Shimoda resigned from VSI April 17 and that the Chief Financial Officer, Keith Randall, and the Chief Operating Officer and only other director, Jon Morris, resigned April 23.

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