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CNQ Files to Become a Stock Exchange

Issuers to benefit from a more streamlined listing process



TORONTO, Ontario, September 11, 2003 ? The Canadian Trading and Quotation System Inc. (CNQ), Canada's new stock market for emerging companies, today announced it has made application to the Ontario Securities Commission (OSC) to be recognized as a stock exchange. Currently CNQ is recognized as a Quotation and Trade Reporting System or QTRS.



While CNQ?s market structure is already the same as an exchange, a formal change in status offers companies a simplified listing process and the same profile as listing on other Canadian exchanges, while retaining the benefits of CNQ?s streamlined regulation model. Currently, reporting issuers in regions outside Ontario that wish to be quoted on CNQ must first apply to the OSC to become reporting issuers in Ontario. By becoming an exchange issuers will automatically be deemed to be reporting issuers in Ontario, streamlining the regulatory process.



In the immediate period, while CNQ?s application is considered by the OSC, they have approved CNQ?s previously announced proposal, published in July 2003, to allow trading of reporting issuers from Alberta, British Columbia and Quebec. This development eliminates an additional hurdle for out of province issuers faced with time delays and the extra costs of having to first apply to become a reporting issuer in Ontario before making their application to CNQ.



?As an exchange, reporting issuers from other provinces will be able to trade on CNQ with less red tape and they will also benefit from the enhanced profile that comes with being listed on an exchange,? said the company?s President Robert Cook. ?Because we are the first and only QTRS in Canada, we have found many people have the impression we are some kind of over-the-counter market ? This should eliminate any confusion.?



CNQ?s market, with an electronic central limit order book, regulatory oversight of issuers, and comprehensive market surveillance by Market Regulation Services Inc. is the same as an exchange and formal recognition as one would reinforce this. The application by CNQ will be published for public comment in the OSC Bulletin shortly, following which the OSC will consider the application. A change in recognition will not require any material changes to CNQ?s current trading rules or issuer policies.



About CNQ



Canadian Trading and Quotation System Inc. (CNQ) has created an innovative stock market that matches enhanced disclosure and streamlined regulation with leading edge trading technology to meet the needs of small cap Canadian companies. Combined with comprehensive regulatory oversight, this provides an efficient new equity market that fosters integrity, transparency and liquidity for investors, issuers, and investment dealers.





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For more information please visit www.cnq.ca or contact:



Timothy Baikie, General Counsel

CNQ

416-572-2000 Ext. 2478

timothy.baikie@cnq.ca



Erica Belling

NATIONAL Public Relations

416-848-1404

ebelling@national.ca


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