Proceedings

Notice from the Office
of the Secretary

Ontario

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

July 8, 2004

OSC Adjourns Proceedings Against Gouveia, Peters, Perryman, and Vickery

TORONTO - The Ontario Securities Commission today adjourned, on the consent of all parties, the hearing against former officers of Atlas Cold Storage Income Trust: Patrick Gouveia, Andrew Peters, Ronald Perryman, and Paul Vickery. The matter had been scheduled for a first appearance before the Commission on Friday, July 9, 2004.

The hearing was adjourned to allow the quasi-criminal prosecution in the Ontario Court of Justice to conclude as both proceedings relate to similar allegations. There is no fixed date for the return of the hearing. The hearing can be brought back on by any party on seven days notice.

On July 7, 2004, the charges against Gouveia, Perryman and Vickery were adjourned to August 11, 2004, at 9:00 a.m. in Court Room 111, at Old City Hall, to be spoken to at that time. The charges against Andrew Peters were stayed as it was determined that it was no longer in the public interest to proceed against Peters because of his serious medical condition.

- 30 -  

For Media Inquiries:
Eric Pelletier
Manager, Media Relations
416-595-8913
For Investor Inquiries: Call the OSC Contact Centre
(416) 593-8314
1-877-785-1555 (Toll Free)