The Ontario Securities Commission today issued an order adjourning the hearing to consider whether the temporary order issued on May 20, 2005 suspending the registration of Norshield Asset Management (Canada) Ltd. should be extended, until Dec. 12, 2005. On consent, the Commission continued the temporary order pending the hearing on Dec. 12, 2005.

In addition, the OSC issued an order adjourning the hearing to consider whether the temporary orders issued on May 13, 2005 and May 20, 2005 suspending Olympus’ registration and precluding redemptions should be extended, until Dec. 12, 2005. On consent, the OSC continued the temporary orders pending the hearing on Dec. 12, 2005.

As a result of the orders issued today, the protections put in place by the temporary orders will remain in effect.

in addition, RSM Richter Inc. remains in place as receiver over the assets, undertakings and property of Norshield, Olympus and other related entities.

Richter’s mandate is to locate and secure assets in the best interests of investors and other creditors.

On May 16, personnel of the Autorité des marchés financiers, the OSC and the Mutual Fund Dealers Association began a coordinated review of the operations of Norshield and Olympus in Quebec and Ontario. During that review, Norshield and Olympus were unable or unwilling to adequately explain the investment structure offered to clients and the flow and the location of client funds.

On May 20, the OSC suspended Norshield’s registration and it was made a term and condition of Norshield’s registration that a monitor be appointed to oversee Norshield’s business and financial affairs in Ontario.

On June 2, at the request of the AMF, the Bureau de décision et de révision en valeurs mobilières imposed a similar restriction on the registration of Norshield in Quebec. Norshield retained Richter as monitor.

Following receipt of the monitor’s first report, the OSC and AMF acted jointly to seek the appointment of Richter as receiver.