Coventree Provides Update on OSC Sanctions

    




  NEX Symbol:  COF.H 

 TORONTO, Nov. 9, 2011 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"  or the "Company") announced today that the Ontario Securities  Commission ("OSC") has issued its sanctions order in connection with  the proceeding commenced by OSC staff against Coventree and one current  officer, Geoffrey Cornish, and one former officer, Dean Tai. 

 The OSC ordered Coventree to pay an administrative penalty of $1 million  and to pay $250,000 of the costs incurred by OSC staff in connection  with the hearing.  The OSC also ordered that trading in any securities  by Coventree cease and that any Ontario securities law exemptions not  apply to Coventree until its winding up is completed, provided that  these orders will not prevent the winding up of Coventree or trades in  securities reasonably related to that winding up. 

 The OSC ordered that each of Messrs. Cornish and Tai pay an  administrative penalty of $500,000. The OSC also ordered that they be  reprimanded, resign any positions as a director or officer of a  reporting issuer other than Coventree, and not be permitted to act as a  director or officer of a reporting issuer other than Coventree for a  period of one year.  The OSC did not prevent Messrs. Cornish and Tai  from seeking indemnification from Coventree with respect to the  administrative penalty payable by them. 

 The OSC did not issue reasons for its order at this time and indicated  that reasons would be issued in due course.  The board of directors of  Coventree is considering the order and will issue further announcements  when appropriate. 

 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 Armitage                    Ani Hotoyan-JolyThe Equicom Group Inc.            Coventree Inc.Tel: [phone] x278          Tel: [phone]Email: [e-mail] Email:  [e-mail] 


    

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