News Release

Released: November 9, 1999 Contact: Michael Bernard
899-6500 or
(BC only) 1-800-373-6393

Vancouver - A cease trade order against Thermo Tech Technologies Inc. remains in effect while British Columbia Securities Commission staff seek more information from the company, the commission said today.

Commission staff issued the order July 14, 1999 against Thermo Tech, which trades on the Over The Counter Bulletin Board (OTCBB) in the United States, because the Langley, B.C.-based company failed to disclose material information about the acquisition of a 50% interest in Ontario Thermo Tech Inc.

"Our review of information provided by the company raised additional concerns about the lack of information available to investors," said Commission spokesman Michael Bernard. "The cease trade order remains in effect indefinitely while we review additional information we have asked the company to provide."

Commission staff are relying on section 186 of the Securities Rules, B.C. Reg. 194/97 to require Thermo Tech to file additional information. That section permits the Executive Director to require a company to file additional information and records if considered necessary to enable the Executive Director to determine whether revoking an outstanding cease trade order is prejudicial to the public interest. The information the Executive Director has required Thermo Tech to file includes:

· audited financial statements for the company for the year ended April 30, 1999;
· a business plan that includes a discussion of the current financial position of the company and measures proposed to resolve the insolvent condition of the company. The plan also must contain a discussion of all core operating and intellectual assets, risk factors, and all existing material conditions that affect the operations of the company; and
· information to satisfy staff that the business of the company will be conducted with integrity, in compliance with the law and in the best interests of the company’s security holders.

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