Coventree Announces Update Regarding OSC Proceeding

    




 NEX Symbol:  COF.H 

 TORONTO, Jan. 3, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"  or the "Company") announced today that it will not appeal the recent  decision of the Ontario Securities Commission.  The OSC decision was  issued on September 28, 2011, and its order regarding sanctions was  issued on November 9, 2011 with the reasons for that order issued on  December 23, 2011.  The decision not to appeal was made by Coventree's  Special Committee.  The Special Committee decided that, in light of  Coventree's impending winding up and the amount of the monetary  sanctions, it would not be in Coventree's best interest to appeal. 

 Geoffrey Cornish and Dean Tai, who were also parties to the OSC  proceeding, have until January 23, 2012 to decide whether they  personally intend to appeal the OSC's ruling. 

 Mr. Wes Voorheis, a member of Coventree's Special Committee, said "Both  Peter Dey and I believe it is time for Coventree to move on.  The  decision to not appeal also allows Coventree to get on with its  liquidation and avoid the complexity and inevitable delays that would  have resulted from going forward with an appeal in the context of the  liquidation." 

 This press release is intended for distribution in Canada only. 

 Neither the TSX Venture Exchange nor its Regulation Services Provider  (as that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release. 

Coventree Inc.


CONTACT:  Craig ArmitageThe Equicom Group Inc.Tel: [phone] x278Email: [e-mail]-or-Ani Hotoyan-JolyCoventree Inc.Tel: [phone]Email:  [e-mail] 


    

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