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OSC Decision Advances CNQ’s Bid

OSC DECISION ADVANCES CNQ’s BID TO BECOME FIRST RECOGNIZED MARKET FOR EMERGING COMPANIES



Toronto, Ontario, July 24, 2002 – The Canadian Trading and Quotation System Inc. (CNQ) announces a major step toward being recognized as the first stock market designed specifically to serve the needs of emerging companies.



Today’s announcement stems from an Ontario Securities Commission (OSC) decision to invite the public to comment on CNQ’s application. The “Request for Comment”, expected to be published in the OSC Bulletin this Friday, July 26, follows a thorough review of CNQ’s application and represents one of the latter stages of the approval process.



“This development marks a major milestone for CNQ and validates our belief that there is a place for this market in Ontario,” said the company’s President, Robert Cook. “We appreciate the time and effort made by the OSC staff to review our application and advance the process for recognition of our marketplace, a first of its kind in Canada.”



The comment period will run for 30 days, following which CNQ will provide the OSC with a written response to the public’s input. Formal recognition is the last stage in the process, which company officials anticipate will be completed by early Fall 2002.



CNQ was launched last year in response to the concerns of many investors and early stage companies that want a recognized marketplace to trade their securities. Typically, these are securities that are not listed on an existing Canadian Stock Exchange or are newly formed public companies.



“CNQ offers an automated trading facility that maximizes available liquidity with a unique market model, providing a visible market for companies that are actively building their business,” said Mr. Cook. “As such, we will provide an important service to early stage companies and the investment community.”



The company has brought together a team of respected and experienced executives in capital markets and regulatory affairs, including the recent appointment of Timothy Baikie, an expert in market regulation, structure and policy, as General Counsel and Corporate Secretary.



The Canadian Trading and Quotation System Inc. (www.cnq.ca) has created a unique new marketplace designed specifically to meet the needs and characteristics of Ontario reporting issuers and their investors. CNQ will provide a fully-automated, regulated and transparent auction marketplace structured to enhance liquidity through competitive market making. CNQ will ensure the highest possible levels of efficiency and integrity to facilitate the trading of non-exchange listed equity securities by Investment Dealers Association of Canada members. In addition, CNQ’s enhanced disclosure model will facilitate increased visibility for emerging companies, providing better access to information for the investing public.



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For Further Information Please Contact:



Robert G. Cook, President & C.E.O. 416-572-2470

Canadian Trading and Quotation System Inc. Robert.Cook@cnq.ca

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