February 01, 2002
For Immediate Release

Insider reporting system shut down due to technical problems

Vancouver - Canada's securities regulators have asked CDS INC. to suspend operation of the new insider reporting system due to technical difficulties. The Canadian Securities Administrators (CSA) announced that the System for Electronic Disclosure by Insiders (SEDI) is unavailable effective immediately.

SEDI has been accepting issuer registrations since October 29, 2001. Insider reporting began on January 21, 2002. Since that time, users have been experiencing unacceptable delays when using the system. Both the CSA and CDS INC. expressed their regret about the inconvenience for system users.

Securities regulators have determined that the best long-term solution is to take the system off-line for diagnostic and repair work until the problem can be completely remedied. The CSA and CDS INC., SEDI's developer and operator, will make every effort to remedy the situation as quickly as possible. It is not known at this time when the system will be back online. The CSA will continue to update issuers and insiders on this matter.

Insiders are still required to comply with their insider reporting obligations. Insiders can fulfil their reporting requirements by using Form 55-102F6, which can be obtained on the website of the regulator in each jurisdiction, or by contacting the regulator directly. Insiders can file the form by fax, by mail or in person. The CSA will issue a notice explaining interim reporting requirements shortly.

Media contacts:

Michael Bernard
Communications Manager
BC Securities Commission
604-899-6524
1-800-373-6393 (BC only)

Eric Pelletier
Manager, Corporate Communications
CDS INC.
416-365-8427


Patrice Bourgoin
Conseiller en communication
Commission des valeurs mobilières du Québec
514-940-2199, poste 4434
Ailleurs au Québec : 1 800 361-5072

 

For filing information:

Agnes Lau
Deputy Director, Capital Markets
Alberta Securities Commission
780-422-2191

Andrew Richardson
Manager, Financial and Insider Reporting
British Columbia Securities Commission
604-899-6730
1-800-373-6393 (in B.C. and Alberta)

Iva Vranic
Manager, Corporate Finance
Ontario Securities Commission
416-593-8115

Sylvie Lalonde
Conseillére en réglementation
Commission des valeurs mobiliéres du Québec
514-940-2199 ext. 4555