Proceedings

 

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED (the "Act")

AND

IN THE MATTER OF
GARY A. FITCHETT, LLOYD E. DOVE, LEON H. GOUZOULES, PAUL D. MACK AND EDWARD LAI

ORDER
(Section 127)

WHEREAS on June 8, 2000 the Ontario Securities Commission (the "Commission")made a temporary order pursuant to subsection 127(5) of the Act, that none of theRespondents shall trade in any securities of IBI Corporation ("IBI"), subject to the termsset out in the order, for a period of 15 days from the date of the order;

AND WHEREAS on June 8, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;

AND WHEREAS it appears to the Commission that:

1. IBI is incorporated under the laws of Canada and is a reporting issuer in theProvince of Ontario.

2. Each of Gary A. Fitchett, Lloyd E. Dove, Leon H. Gouzoules, Paul D. Mack andEdward Lai (the "Respondents") is, or was during the financial year of IBI endedDecember 31, 1999, a director, officer or significant shareholder (beneficialownership of 10% or more of the voting rights of IBI) or individual that has, or mayhave, access to material undisclosed information of IBI.

3. IBI failed to file annual financial statements for its financial year ended December31, 1999 (the "1999 Financial Statements") on or before May 19, 2000, contrary tosubsection 78(1) of the Act.

4. As of the date of this order, IBI has not filed its 1999 Financial Statements.

AND WHEREAS the Commission is of the opinion that it is in the public interest tomake this Order;

IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) of the Act that alltrading by the Respondents in the securities of IBI shall cease until:

(a) two full business days following the receipt by the Commission of all filings IBI isrequired to make pursuant to Ontario securities law; or

(b) further order of the Commission.

June 22nd, 2000.

"J. A. Geller"
"Morley P. Carscallen"
"R. Stephen Paddon"