Norshield Asset Management (Canada) Ltd. has appointed RSM Richter Inc. to monitor its ongoing business and financial affairs.

Norshield is the manager and adviser of a variety of hedge funds and alternative investment products offered across Canada by Olympus. These products are sold as shares in the Olympus United Funds Corp. (“Olympus Funds”). At present, Olympus Funds has approximately 2,000 shareholders, the majority of whom are resident in Ontario.

Olympus had suspended redemptions from some, but not all, of the funds offered by Olympus, on May 2, 2005.

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

This was done because Norshield and Olympus United Group Inc. have been unable or unwilling to adequately explain the investment structure and flow and location of client funds during the joint review by OSC staff, the securities regulator in Quebec and the Mutual Fund Dealers Association.

The OSC has adjourned to July 8, 2005 hearings that had been scheduled to take place on June 3, to consider the extension of temporary orders issued with respect to Olympus and Norshield. The adjournment was made with the consent of both firms.

The OSC’s new orderds impose the continued retainer of Richter as a term and condition of Norshield’s registration and extend until July 8, 2005 the suspension of Olympus’ and Norshield’s registration and the prohibition on redemptions by Olympus.