TSX Venture Exchange today announced that it intends to apply to the BC Court of Appeal for leave to appeal from the decision of the BC Securities Commission regarding the suitability of William John Nichols. In late 2005, TSX Venture Exchange found Mr. Nichols unsuitable to provide investor relations services to TSX Venture listed issuers. The decision was based upon: (a) Mr. Nichols' failure to disclose 19 of 20 of his prior criminal convictions on his Personal Information Form filed with the Exchange (Mr. Nichols disclosed only his first degree murder conviction on that form), (b) Mr. Nichols' demonstrated history of dishonesty as a result of prior convictions for extortion, robbery, theft and breaking and entering, and (c) the fact that Mr. Nichols' involvement with TSX Venture issuers would negatively impact on the Exchange's reputation. Mr. Nichols appealed the Exchange's decision to the BC Securities Commission. On June 7, 2007, the BC Securities Commission overturned the Exchange’s decision.
Kevan Cowan, President of TSX Venture Exchange said, "We have the greatest respect for the British Columbia Securities Commission and the work it does to maintain healthy and vibrant capital markets in British Columbia. However, following our careful review of this decision we believe it to be critically important that we seek leave to have the decision reviewed with the objective of reinstating our original decision regarding suitability for participation in the TSX Venture marketplace."
