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VANCOUVER STOCK EXCHANGE REQUIRES RESIGNATION OF DIMPLES GROUP INC. PRESIDENT

 VANCOUVER STOCK EXCHANGE REQUIRES RESIGNATION
 OF DIMPLES GROUP INC. PRESIDENT
 VANCOUVER, British Columbia, March 6 /PRNewswire/ -- Stating that the company is in default of its listing agreement, the Vancouver Stock Exchange today demanded certain actions from the Dimples Group Inc. as a condition for resumption of trading.
 Trading in the company's shares was halted March 2 at the request of the company. Despite a subsequent request from the company that trading resume today (March 6), the exchange maintained the halt.
 In a letter to the company's solicitors, the exchange calls for the suspension as a director or officer of the company of Dimples president J. Douglas Elliott "until the outstanding criminal charges brought against (him) in Ontario are resolved to the satisfaction of the exchange."
 Also asked for is information the exchange says the company "has failed to provide" which the exchange describes as "of importance relating to the company's business and affairs and its public disclosure of those affairs."
 This information -- previously requested and now required -- is:
 1. Purchase orders and product shipments for each of the months of January and February 1992 and finished goods inventory as of Feb. 29, 1992;
 2. A filing with respect to contracts, oral and written, relating to investor relations contracts as referred to in a letter of Jan. 23, 1992;
 3. A copy of a break-even analysis for the VSE public file, if same exists. If such analysis does not exist, the company is asked to advise when it will.
 The exchange states "It would be contrary to the interests of the company's shareholders and the investing public if trading in the company's shares is permitted to resume prior to these matters being dealt with to the satisfaction of the exchange."
 Concerning the demand for Elliott's resignation, the exchange says in its letter that, although it is not for the exchange to judge whether or not there is sufficient evidence to prove guilt beyond a reasonable doubt, "it is of considerable importance to the exchange that the chairman and chief executive officer of the company has been charged with an indictable offense, punishable on conviction to a maximum 10 years imprisonment, and which offense clearly raises questions of honesty, integrity and moral turpitude.
 "The charge is not a private prosecution, but rather a charge brought by the Crown pursuant to information sworn by a member of the York Regional Police. The offense of wilfully attempting to prevent the course of justice by giving false testimony under oath is a very serious criminal charge which the exchange must treat accordingly.
 "In view of the serious criminal charge against Elliott viewed by the exchange in the context of past representations to the exchange and to the public, Elliott is not acceptable to the exchange as a director and officer of the company."
 The VSE informs Dimples that it "is not opposed to the company contracting with Elliott to negotiate the specific agreements referred to in the resolution dated March 5, 1992 of the directors of the company while the criminal charge is pending or until further ruling by the exchange. Those specific agreements are as follows:
 -- Joint Venture Production Agreement with Finsa Grupo Arguelles
 -- Distribution Agreement with AIMS Corporation
 -- Joint Venture Agreement with Zoetics Inc.
 -- Joint Venture Agreement with Westar Linen Services and Baxter Medical
 -- Corporate spokesperson arrangements with Chris Evert."
 The company is given until 9:00 a.m., PST, Monday, March 9, 1992, to confirm that Elliott is no longer a director and officer of the company.
 -0- 03/06/92
 /CONTACT: David A. Laundy, VP public affairs, Vancouver Stock Exchange, 604-689-3334/ CO: Vancouver Stock Exchange ST: British Columbia IN: HOU SU:


EH -- LA024 -- 6108 03/06/92 21:00 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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