CSE NewsJul 25, 2003

CNQ Announces Successful Launch

First day of Trading Underway

TORONTO, Ontario ? The Canadian Trading and Quotation System Inc. (CNQ), Canada’s new stock market for emerging companies, today announced the successful launch of its trading operations. The new market opened for trading as scheduled and the company?s trading platform, provided by Computershare Markets Technology, performed well.

?This launch represents an important step forward for Canadian small cap markets,? according to the company?s President Robert Cook. ?Early stage companies now have a marketplace designed to maximize liquidity, while investors in these companies have a market with superior levels of disclosure and the highest possible standard of regulatory oversight.?

Today?s opening is the culmination of a process through which CNQ received recognition from the Ontario Securities Commission to operate a quotation and trade reporting system, and built this new market from scratch. Benefits to active early stage companies include lower costs of raising capital, a streamlined regulatory process and a unique market model that maximizes liquidity by offering the best features of both an auction market and a dealer market.

International Thunderbird Gaming Corporation (CNQ – ?ITGC.U?) was one of the first companies to recognize the benefits of CNQ. ?We chose CNQ on the basis of its market model and streamlined regulation program. We think that the visibility provided by the enhanced disclosure on www.cnq.ca will benefit our company and our investors,? said Mr. Jack Mitchell, President and CEO, International Thunderbird Gaming Corporation.

?This is a great day for everyone associated with CNQ,? said John Richardson, Chief Executive Officer of the B.E.S.T. Discoveries Fund, an important investor in CNQ. ?B.E.S.T. recognizes the need for this market in the Canadian equities landscape and is pleased to be able to participate in making it a reality for the benefit of both emerging companies and investors.?

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 early stage Canadian companies. Combined with comprehensive regulatory oversight, this provides an efficient new equity marketplace 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:

Stephen Hewitt

NATIONAL Public Relations


Robert Cook,

President and CEO, CNQ

416-572-2000 Ext. 2470

Natasha Blackburn,

Manager, Dealer Relations, CNQ

416-572-2000 Ext. 2478