Proceedings

Notice from the
Office of the Secretary

Ontario

Ontario Securities
Commission


20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario

FOR IMMEDIATE RELEASE

May 10, 2006


IN THE MATTER OF THE SECURITIES ACT ,
R.S.O. 1990, c. S.5, as amended

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IN THE MATTER OF
PHILIP SERVICES CORP., ALLEN FRACASSI, PHILIP FRACASSI,
MARVIN BOUGHTON, GRAHAM HOEY, ROBERT WAXMAN
AND JOHN WOODCROFT

TORONTO - The Commission issued Reasons for its Order approving the Settlement Agreement reached between Staff of the Commission and Allen Fracassi, Philip Fracassi, Marvin Boughton, Graham Hoey and John Woodcroft.

A copy of the reasons is available at www.osc.gov.on.ca

OFFICE OF THE SECRETARY
JOHN P. STEVENSON
SECRETARY

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