The Ontario Securities Commission today approved a settlement agreement reached with Robert Emerson.

The agreement follows an enforcement action initiated on February 11, 2002 in which the OSC Staff alleged that from May 1995 to December 1996 Emerson traded in securities contrary to prospectus requirements, and failed to deal fairly, honestly and in good faith with clients, while Emerson was the president and sole trading officer of IPO Capital Corp.

As part of the settlement, Emerson is prohibited from becoming or acting as an officer or director of a reporting issuer in Ontario for a period of five years.

Emerson may continue in his position as sole officer and director of Erinlee Holdings Inc., a closely held company.

Emerson is also prohibited from trading in securities for a period of five years, with the exception of his current shares in an Ontario company, which Emerson will make efforts to sell,

Emerson also received a reprimand from Ontario Securities Commission.