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Message: Transparency Issue?

Transparency Issue?

posted on May 10, 2009 05:35AM

Court File No. CV-09-00372966

ONTARIO SUPERIOR COURT OF JUSTICE

B E T W E E N: 969625 ONTARIO LIMITED and GARY CONN

Plaintiffs (Defendants by Counterclaim) - and -

ECHO ENERGY CANADA INC.

Defendant (Plaintiff by Counterclaim) ----.

- pg. 8 – COUNTERCLAIM ----. Sale of Ontex Shares --. In December 2006 and January 2007 Conn caused Echo Energy to sell 2,267,058 Ontex shares to himself or to his family and friends at $0.17. In August 2007 Conn caused Echo Energy to sell 465,000 Ontex shares to himself at $0.20. Knowing that he was in a conflict of interest and that his authority to sell Echo Energy’s Ontex shares was limited to arm’s length transactions, Conn agreed with his friends and business associates William Tilson and Robert Paton that they would hold the shares in their names, beneficially for Conn. Between September 2007 and November 2007 Ontex shares rose, trading as high as $0.92. Conn profited on his Ontex shares, while causing Echo Energy to retain its remaining Ontex shares. Conn benefited unjustly from these transactions and Echo Energy claims an accounting, disgorgement of Conn’s profit and damages from Conn for deprivation of its opportunity to benefit from the appreciation in the value of the shares. ---.

QUESTION: Why don’t these registered shares on the Ontex shareholders list of record have an address, other than the Ontex Resources, 596 Hamilton Road address? (See below)

Is Robert Paton the beneficial owner of the shares, or are the shares owned by an Ontex insider; and in that event was the insider report filed?

Having checked SEDI, pursuant to the relative dates I do not see any insider filings that match these alleged transactions.

405,000 Ontex shares; 69,541 Ontex shares; 200,000 Ontex shares

ROBERT PATON

596 HAMILTON RD. LONDON On N5Z 1S6

1,000 Ontex shares /ROBERT PATON

c/o BRIGITTE BOWEN,

ONTEX RESOURCES LIMITED

596 HAMILTON ROAD, LONDON On N5Z 1S6

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