The Pacific District Council of the Investment Dealers Association of Canada has rejected a settlement agreement negotiated between John Brighten and the IDA.

Council considered the settlement agreement and provided the reasons for its decision on Sept. 22, 2004. Brighten has requested a hearing and review of this matter from the British Columbia Securities Commission.

Because all negotiations of a settlement agreement are made without prejudice, neither details of the settlement agreement nor the reasons for the decision will be made public.