Proceedings

Media Release

Ontario Securities
Commission


20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario
FOR IMMEDIATE RELEASE

December 12, 2011


Court Dismisses Appeals of Ronald Crowe and Vernon Smith regarding
Ontario Securities Commission rulings in XI Biofuels Inc. matter


TORONTO – On December 5, 2011, the Superior Court of Justice (Divisional Court) dismissed an appeal by Ronald Crowe and Vernon Smith in respect of Commission decisions on the merits and on sanctions in the matter of XI Biofuels Inc. et al.

In ruling on the appeal, the Court upheld the Commission’s finding that it had jurisdiction over the appellants’ conduct and found the Commission’s order as to costs to be reasonable.

Copies of the Reasons for Judgment can be obtained through the Court.


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