For Immediate Release                                                             April 28^th, 2009

(Queen’s Park) – After two days of questioning, the Consumer Services Minister refused to answer why he ignored repeated calls by the travel industry for a public inquiry into the 2006 collapse of One Step Travel that could have prevented the collapse of Conquest Vacations.

MPP Lisa MacLeod, the PC Critic for Consumer Services, uncovered what appears to be a systemic breakdown of disclosure at TICO on working capital at another Ontario vacation company dated as far back as 2006, during the Liberal government's first term in office.

“The Minister’s failure to adequately oversee TICO is at question here,” stated MacLeod.  “Why did he ignore a meeting request by the Association of Retail Travel Agents when they wrote to him, a month before Conquest Vacation collapsed, about the serious and prevailing consequences of TICO’s failure on One Step and the safeguards a public inquiry could have put in place in the industry.”

In June 2008, An Ontario Court of Justice, criticized TICO for not doing its job and said 'should TICO have sanctioned (One Step) much earlier, that perhaps the offences would not have resulted.'

“The Minister’s mandate is to protect Ontario consumers, yet his lack of oversight and accountability on TICO has been pitiful,” stated MacLeod.  “Had he acted on TICO’s failures in One Step, he could have prevented the collapse of Conquest Vacations.”

-30-

For more information, contact Jad Haffar at (416) 325-6351

TIMELINE - Travel Industry Council of Ontario (TICO)

November 28, 2006: One Step Travel (1091873 Ontario Inc) voluntarily terminated its registration to operate as a travel retailer under the Travel Industry Act, 2002 (TICO Board of Directors Commissions Third Party Review of One Step Travel Closure, TICO website, February 25, 2009).

March 28, 2007: Mr. Mazdak Anvari and 1091873 Ontario Inc. operating as One Step Travel, Student Escape Tours and Parsia Travel were each charged with one count of transferring funds from the Travel Industry Act Trust account for payments not related to the travel services for which the money was entrusted, one count of failing to file with the Registrar within five days a copy of the financial institution trust agreement and one count of maintaining more than one Travel Industry Trust Account without the Registrar’s written consent.

June 23 - 25, 2008: TICO testifies in court that it knew that One Step Travel had insufficient working capital in seven of its ten years including three years in which it had negative working capital. TICO also testifies that One Step Travel was late in each of its 10 years in filing its annual financial statements with TICO, some times being three to four month late in filing.

Ontario Court of Justice makes its decision with respect to One Step Travel and Mr. Mazdak Anvari. “In my opinion, should TICO have sanctioned Mr. Anvari much earlier, that perhaps the offences would not have resulted” (Ontario Court of Justice, Reasons for Sentence - Justice Sculthorpe, June 23 – 25, 2008).

June 24, 2008: Annual General Meeting of TICO where members approved a motion for a public inquiry into the demise of One Step Travel. TICO objected to such an inquiry stating that it had no authority to convene such an inquiry and that it would not be bound by one in any event.  TICO refuses any cooperation with the duly constituted Task Force (Association of Retail Travel Agents, Letter to the Minister of Small Business and Consumer Services, February 3, 2009).

January 6, 2009: ARTA submits Task Force Interim Report to the travel industry community in Ontario and advises what was uncovered in the court transcripts. The Task force reports on TICO’s lack of cooperation (Association of Retail Travel Agents, Interim Report of the Independent TICO Public Inquiry Task Force, January 6, 2009).

February 3, 2009: Association of Retail Travel Agents (ARTA) writes to the Minister of Small Business and Consumer Services – Harinder Takhar – with respect to One Step Travel asking for a public inquiry for further investigation surrounding the 2006 demise and asks to meet with the Minister to share critical information about the One Step Travel matter (Association of Retail Travel Agents, Letter to the Minister of Small Business and Consumer Services, February 3, 2009).

February 25, 2009: TICO indicates that it will commission a third party review of One Step Travel (TICO Board of Directors Commissions Third Party Review of One Step Travel Closure, TICO website, February 25, 2009).

March 5, 2009: Minister of Small Business and Consumer Services replies back to ARTA with respect to their request for a public inquiry of One Step Travel and states that “his schedule does not permit” a meeting with the Task Force (Ministry of Small Business and Consumer Services, Response letter to ARTA, March 5, 2009).

March 18, 2009: ARTA writes to the Minister of Small Business and Consumer Services on its disappointment for the Ministry’s failure to act and to meet the Task Force (ARTA, Letter to the Minister of Small Business and Consumer Services with, March 18, 2009).

April 15, 2009: Conquest Vacations Inc. shuts down

April 16, 2009: Deputy Minister, Ministry of Small Business and Consumer Services responds to ARTA informing that this matter has been referred to the Ministry of Finance and that a review will be conducted by the Ontario Internal Audit Division (Ministry of Small Business and Consumer Services, Response letter to ARTA, April 16, 2009).