/C O R R E C T I O N from Source -- Coventree Inc./
24 Ottobre 2011 - 6:21PM
PR Newswire (Canada)
A correction from source is issued for the release c7021 dated
October 24, 2011 at 8:23 PM ET. The error occurred in the second
paragraph in the description of the cease trade order that OSC
staff is seeking. Staff is seeking an order to prevent trading in
securities by Coventree until it is wound up, not an order
preventing trading in Coventree securities. The complete and
corrected version follows. NEX Symbol: COF.H TORONTO, Oct.
24, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree" or the
"Company") today provided a further update regarding the previously
announced sanction hearing to be held on October 26 and 27, 2011 by
the Ontario Securities Commission ("OSC") in connection with the
proceedings commenced by OSC staff against Coventree and one
current officer, Geoffrey Cornish, and one former officer, Dean
Tai. Staff of the OSC has advised Coventree that, at the sanction
hearing, it will be seeking a number of sanctions against the
respondents including an order requiring that Coventree and Messrs.
Tai and Cornish each pay an administrative penalty of $5 million
and jointly pay $1.5 million in costs incurred during Staff's
investigation. Staff is also seeking an order that trading in
any securities by Coventree cease until such time as Coventree is
wound up, that Coventree be prohibited from becoming a registrant
under securities legislation until it is wound up and that
Coventree be prohibited from making use of any securities law
exemptions until such time as Coventree is wound up. Coventree will
oppose Staff's position on sanctions against Coventree, including
the monetary penalties described above. Staff has also advised that
they will be seeking an order that Messrs. Tai and Cornish may not
seek or accept any indemnification from Coventree in relation to
any administrative penalty ordered by the OSC against them.
Coventree understands that Messrs. Tai and Cornish intend to oppose
such an order. Coventree intends to provide a further update
following the completion of the sanction hearing. This press
release is intended for distribution in Canada only. Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Coventree Inc. CONTACT: Craig Armitage Ani Hotoyan-JolyThe
Equicom Group Inc. Coventree Inc.Tel: (416) 815-0700 x278 Tel:
(416) 572-2721Email: carmitage@equicomgroup.com Email:
ani@coventree.ca
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