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CNQ Receives Exemption Order from BCSC

CNQ Receives Exemption Order from BCSC; Demonstrates Commitment to Western Canadian Business with a Stock Exchange Offering a Platform for Growth

Toronto – July 7, 2005 – CNQ, Canada’s New Stock Exchange, today announced it has received an exemption order from the BC Securities Commission (BCSC). The exemption order enables CNQ to carry on business as a stock exchange in British Columbia without having to apply and be recognized as an exchange by the Commission. It is based on the Ontario Securities Commission (OSC) prior recognition of CNQ as a stock exchange in May 2004. This order finalizes the temporary exemption issued by the BCSC on March 26, 2005, which coincided with the opening of CNQ’s office in Vancouver, B.C. located at 400 Burrard Street, Suite 1610. CNQ was granted a similar exemption order from the Alberta Securities Commission (ASC) in January, 2005.

Robert Cook, CEO, commented, “Obtaining exemption orders from the BCSC and the ASC enables CNQ to serve western based issuers and investment dealers and meet their requests for local representation more expeditiously. The exchange has seen a steady stream of applications for listing from western based companies who have recognized the benefits of CNQ’s enhanced disclosure and streamlined regulation. We are pleased that the regulatory framework in British Columbia accommodates CNQ’s unique market model.”

To date, 47 companies have realized the significant cost and time savings associated with listing and subsequent financings undertaken on CNQ. These companies have met CNQ’s fundamental requirements for working capital, an active business, minimum public distribution and integrity of principals. They have also committed to providing the additional disclosure on that goes above and beyond what is mandated by the securities commissions in Canada.

The success of these CNQ listed companies is reflected in the growth in market capitalization and the size and number of financings over the past year. The average market capitalization of CNQ’s listed companies has grown to $7.7 million while the largest company boasts a market capitalization of $75 million.

The average financing on CNQ in 2005 to date is $1.25 million. These results indicate the wide spread acceptance of the marketplace and are a testament to the quality of applications CNQ is receiving. Complete information about CNQ listed companies is found in the Issuer Disclosure Hall on

CNQ commenced operations in July 2003 and became recognized by the Ontario Securities Commission as a stock exchange in May 2004. CNQ’s innovative market is designed to address the needs of emerging companies and their investors by providing a transparent, electronic trading system and enhanced company disclosure on To find out more about CNQ please visit

For Further Information Please Contact:

Robert Cook, President & CEO 416-572-2000 Ext. 2470

Natasha Blackburn, Manager, Market Development 604-331-1213 Ext. 119

Don Gordon, Senior Adviser 604-331-1213 Ext. 110



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