The Ontario Securities Commission has approved a settlement agreement reached between commission enforcement staff and Edward Carl Blasiak.

The agreement follows an enforcement action initiated on Oct. 11, 2002, in which the OSC staff alleged that from May 1995 to May 1999, Blasiak assisted companies in making trades in securities in violation of the prospectus and registration requirements contained in Ontario securities law, and failed to deal fairly, honestly and in good faith with his clients. Blasiak has not been registered in any capacity under Ontario securities law since March 26, 2001.

The settlement agreement approved by the Commission includes several sanctions. Blasiak’s registration is terminated and he has undertaken never to apply for registration in any capacity under Ontario securities law. He must cease trading in securities for a period of 5 years, effective 30 days following the Commission’s Order made today;

Blasiak is required to resign his position as an officer or director of any reporting issuer, registrant or any issuer in Ontario which has an interest directly or indirectly in any registrant, and is prohibited from becoming or acting as an officer or director of any reporting issuer, registrant or any issuer in Ontario which has an interest directly or indirectly in any registrant for a period of five years.

Blasiak was also reprimanded by the Commission for his conduct in violation of the requirements of Ontario securities law and contrary to the public interest.