Reduced CFO and CEO Certification for Venture Issuers

Under the enhanced certification chief executive officers ("CEOs") and chief financial officers ("CFOs") of companies with year ends as early as June 30, 2008 would have been required to certify, in addition to designing and evaluating the effectiveness of disclosure controls and procedures, that they had designed such internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements.

The new rules no longer require the CEO and the CFO of a venture issuer to certify that they have designed and evaluated the effectiveness of disclosure controls and procedures and internal controls over financial reporting. However, the resulting certificate is to be accompanied by an explanation for investors on how it differs from the full certificate required to be filed by reporting issuers other than venture issuers. Attached is a sample of the new certification required for annual filings by