Coventree Announces Update Regarding OSC Proceeding
January 03 2012 - 2:01AM
PR Newswire (Canada)
NEX Symbol: COF.H TORONTO, Jan. 3, 2012 /CNW/ - Coventree
Inc. (NEX: COF.H) ("Coventree" or the "Company") announced today
that it will not appeal the recent decision of the Ontario
Securities Commission. The OSC decision was issued on
September 28, 2011, and its order regarding sanctions was issued on
November 9, 2011 with the reasons for that order issued on December
23, 2011. The decision not to appeal was made by Coventree's
Special Committee. The Special Committee decided that, in
light of Coventree's impending winding up and the amount of the
monetary sanctions, it would not be in Coventree's best interest to
appeal. Geoffrey Cornish and Dean Tai, who were also parties to the
OSC proceeding, have until January 23, 2012 to decide whether
they personally intend to appeal the OSC's ruling. Mr. Wes
Voorheis, a member of Coventree's Special Committee, said "Both
Peter Dey and I believe it is time for Coventree to move on.
The decision to not appeal also allows Coventree to get on with its
liquidation and avoid the complexity and inevitable delays that
would have resulted from going forward with an appeal in the
context of the liquidation." 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 ArmitageThe Equicom Group Inc.Tel: (416) 815-0700 x278Email:
carmitage@equicomgroup.com-or-Ani Hotoyan-JolyCoventree Inc.Tel:
(416) 572-2721Email: ani@coventree.ca
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