Siskinds, LLP

Siskinds, LLP

July 17, 2009 05:00 ET

Class Members Can File for Compensation From $2.1 Million Settlement in TVI Pacific Inc. Securities Class Action

TORONTO, ONTARIO--(Marketwire - July 17, 2009) - In 2008, class actions were commenced in Ontario and Quebec against TVI Pacific Inc. and certain of its current and former officers and directors (the "Defendants"). By Orders issued by the Ontario Superior Court of Justice and the Quebec Superior Court (the "Courts") dated June 17, 2009 and June 29, 2009, respectively, the Courts certified and approved of the Settlement Agreement reached between the parties to the class actions. Class Members are defined as all persons, and entities (other than Excluded Persons, as defined below), who acquired securities of TVI Pacific Inc. ("TVI") during the period from and including March 30, 2006, to and including August 9, 2007 ("Class Period"), and held some or all of those securities on August 9, 2007.

The settlement is a compromise of disputed claims and is not an admission of liability, wrongdoing or fault on the part of any of the Defendants, all of whom have denied, and continue to deny, the allegations against them.

The Settlement Agreement provides for the settlement of the claims of all Class Members for the sum of $2.1 million (the "Settlement Amount"). The amount of each Class Member's compensation will be calculated by application of the formulae outlined in the Distribution Protocol. TVI's past or present subsidiaries, officers, directors, affiliates, legal representatives, heirs, successors and assigns, and all members of the individual Defendants' families, and any entity in which any of the individual Defendants has or had a controlling interest are Excluded Persons and as such are precluded from receiving compensation pursuant to the Settlement Agreement.

ADMINISTRATION OF THE SETTLEMENT AGREEMENT

The Courts have appointed NPT Administration Inc. ("NPT") as the Administrator of this Settlement Agreement. NPT will oversee the claims and opt-out processes (described below) and will distribute the Settlement Amount.

Those Class Members who wish to receive compensation from the Settlement Amount must complete an online Proof of Claim and Release Form ("Claim Form") at www.nptca.com, or print a copy and mail the completed Claim Form, and any supporting documentation to the Administrator, no later than January 18, 2010, at the following address:



TVI Pacific Securities Litigation
Claims Administrator
c/o NPT Administration Inc.
P.O. Box 3355
London, ON N6A 4K3


All Class Members will be bound by the terms of the Settlement Agreement unless they "opt out". This means that Class Members will not be able to bring or maintain any other claim or legal proceeding against the Defendants, or any other person released by the Settlement Agreement, in relation to the matters alleged in the class actions unless they opt out. If you do not want to be bound by the Settlement Agreement you must opt out. Please note however, that by opting out you will also be barred from making a claim and receiving compensation from the Settlement Amount.

If you wish to opt out you must submit a completed Opt-Out Form, and any supporting documentation, to the Administrator, no later than September 15, 2009 (the "Opt-Out Deadline").

If you are a resident of Quebec and wish to opt out, in addition to submitting your Opt-Out Form to the Administrator, you must also send a complete copy of your completed Opt-Out Form to the Clerk of the Quebec Court, at the following address: The Quebec Superior Court, Quebec City Court House, 300, boul. Jean-Lesage, Quebec City, Quebec, G1K 8K6 (Court File No. 200-06-000106-081) by the Opt-Out Deadline.

For further information regarding the terms of the Settlement Agreement, the Distribution Protocol, filing a claim and/or opting out, or to obtain a Claim or Opt-Out Form visit the Administrator's website: www.nptca.com or contact the Administrator by calling 1-866-432-5534 (within Canada) or via email at claims@nptca.com. Full details of the settlement is available on Class Counsel's website: www.classaction.ca, or the Administrator's website: www.nptca.com.

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