Ernst & Young Inc., court-appointed Monitor of Ivaco Inc. and certain of its affiliates announced that all of the directors have advised the Monitor of their resignation.

Ivaco filed for protection pursuant to the CCAA on September 16, 2003, and substantially all of their operating businesses were sold (with the exception of Docap (1985) Corp.) in a court-approved sale that was completed in December 2004. Pursuant to the sale agreements, Ivaco will also be required to take steps to change its name to avoid any confusion with the continuing business being operated by the purchaser.

Sale proceeds were not sufficient to pay the claims of creditors in full and there can be no expectation of any distribution to Ivaco shareholders.

The Monitor will apply to the Court for directions regarding the administration of the estates pending final distributions to creditors.