News Release

Released: 07/26/00 Contact: Dean Pelkey
NR #00/32 (604) 899-6880 or
(BC only) 1-800-373-6393

Vancouver - The British Columbia Securities Commission has found Andrew Willman, president of Noram Capital Management Inc., responsible for the company's contravention of the Securities Act and Rules.

Willman is Noram’s president, primary director and sole shareholder. The commission found that Noram was incapable of taking any action except at Willman’s direction or on his authority. The commission found that Willman authorized, permitted or acquiesced in Noram’s conduct.

In a March decision, the commission found Noram failed to maintain minimum working capital of $35,000 as required by the rules, failed to file audited financial statements within the time periods required under the act, and filed financial statements that were false and misleading.

"It is clear from Noram's conduct that it is prepared to mislead the commission as necessary for its own purposes, and that it has no regard for its obligations as a registrant under the act and the rules. This conduct is inconsistent with the requirements and expectations the Commission has of registrants," the commission said at the time.

Noram was ordered to pay a $25,000 administrative penalty and its registration as a portfolio manager was cancelled.

The commission will consider if orders should be made against Willman after considering written submissions of counsel, which must be made by August 25.

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 decision can be viewed on the commission’s website www.bcsc.bc.ca or by contacting Media Relations Officer Dean Pelkey at 899-6880.