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222 Pizza Express told to cease trading

February 7, 2006

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VANCOUVER, B.C. — A cease trade order was issued by the British Columbia Securities Commission on Feb. 8 against 222 Pizza (trading symbol PIZ.H) for failing to file comparative financial statements since last September.

According to a regulatory filing, trade of the chain's shares will remain suspended until it meets TSX Venture Exchange requirements.

The low-volume stock most recently traded at CAN 1 cent per share. In 2002 the company had 10 units and relied on a fleet of trucks to deliver its pizzas. Chief executive Sarbjeet Mandair told investors at the time that the company was deeply in debt and working with creditors to become solvent.