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CNQ Receives OSC Recognition

CNQ RECEIVES OSC RECOGNITION TO OPERATE STOCK MARKET FOR EMERGING COMPANIES



Wednesday, March 5, 2003 (TORONTO) – The Canadian Trading and Quotation System Inc. (CNQ) announced that it has received recognition from the Ontario Securities Commission to operate a quotation and trade reporting system. The recognition order permits CNQ to operate a marketplace for trading the shares of emerging companies. This recognition of a new equity market is the first of its kind to be granted in Canada. Details of the recognition order will be published shortly in the OSC Bulletin and will also be available online at www.osc.gov.on.ca.



“This comprehensive regulatory process required a tremendous effort from both CNQ and Ontario Securities Commission staff and support from industry partners. CNQ very much appreciates and applauds all of the individuals involved in successfully completing the application process,” said Robert Cook, CEO, CNQ.



CNQ will provide a fully-automated, regulated and transparent auction marketplace structured to enhance liquidity through competitive market making. “CNQ is pleased to have passed another significant milestone as we build this important service for early stage companies, investors and the investment community. We know from our many discussions with investment dealers, public companies and their counsel that there is a great demand for this market,” added Mr. Cook.



Timothy Baikie, General Counsel, CNQ, notes, “We have focused our efforts on crafting effective and appropriate trading rules and issuer policies for this type of market. We believe that our rules will foster an efficient marketplace with a high degree of integrity.”



The Canadian Trading and Quotation System Inc. (www.cnq.ca) has created a new marketplace designed specifically to meet the needs and characteristics of emerging, Ontario reporting issuers and their investors. CNQ will provide a visible market for companies not listed on a Canadian stock exchange. CNQ has integrated the highest possible levels of efficiency and integrity to facilitate equity trading of these Issuers by Investment Dealers Association of Canada members.



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For Further Information Please Visit www.cnq.ca or Contact:



Natasha Blackburn, Communications 416-572-2478

Canadian Trading and Quotation System Inc. Natasha.Blackburn@cnq.ca

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