OSC Seeking Order to Appoint Receiver Over Affairs of New Life Capital Corp.

News Release
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 November 18, 2008

TORONTO - On November 6, 2008, the Ontario Securities Commission (OSC) filed an application with the Superior Court of Justice seeking an order appointing a receiver and manager of all the property and assets of New Life Capital Corp. and its related entities (together, New Life). One New Life entity, New Life Capital Corp., is registered with the OSC as a Limited Market Dealer.

A preliminary motion in the matter will be heard before the Superior Court of Justice, 330 University Avenue, Toronto, on Tuesday, November 18, 2008 at 10:00 a.m. The application, seeking an order appointing a receiver, is scheduled to be heard before the Court on Wednesday, December 17, 2008 at 10:00 a.m. Under section 129 of the Securities Act, the OSC may apply to the Court for an order appointing a receiver and manager where it is in the best interests of, among others, security holders or subscribers of the company over which the receiver and manager is appointed, or where it is appropriate for the due administration of Ontario securities law.

On August 6, 2008, the OSC issued a Temporary Cease Trade Order against New Life, as well as its principals L. Jeffrey Pogachar, Paola Lombardi and Alan S. Price, and a Direction freezing New Life's bank accounts. The Temporary Cease Trade Order has been extended to December 6, 2008, following an appearance scheduled before the Commission on December 5, 2008. Staff of the OSC will be seeking to have the Temporary Cease Trade Order continued until the conclusion of the hearing on the merits. The Direction has been continued by the Superior Court of Justice, as varied or revoked by the Commission, until final resolution of this matter by the Commission or further order of the Court.

Copies of the Commission and Court Orders respecting New Life, L. Jeffrey Pogachar, Paola Lombardi and Alan S. Price are available on the OSC's website at www.osc.gov.on.ca.

For Media Inquiries:	Wendy Dey Director, Communications & Public Affairs 416-593-8120 Laurie Gillett Manager, Public Affairs 416-595-8913 Carolyn Shaw-Rimmington Assistant Manager, Public Affairs 416-593-2361
For Investor Inquiries:	OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)