The president and CEO of Clearly Canadian Beverage Corp. has settled proceedings with the British Columbia Securities Commission.

Douglas Mason will subsequently be permitted to continue in his role with the beverage company.

The Commission issued a Notice of hearing against Mason in October 2000, relating to his connection with a trust established and administered under the laws of the Island of Jersey. Mason stated at the time that his conduct had not contravened Canadian law, and specifically, any provision of the British Columbia Securities Act. Mason further denied categorically that he had in any way acted in a manner that would have had any improper effect on the market.