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SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
DEZWIREK PHILLIP
(Last) (First) (Middle)
505 UNIVERSITY AVENUE
SUITE 1400
(Street)
TORONTO A6 M5G 1X3
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CECO ENVIRONMENTAL CORP [ CECE ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
05/17/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/17/2007 M 250,000 A $2.75 560,697 D
Common Stock 05/17/2007 M 500,000 A $3 1,060,697 D
Common Stock 05/17/2007 M 500,000 A $2.0625 1,560,697 D
Common Stock 05/17/2007 S 1,250,000 D $10.631 310,697 D
Common Stock 1,334,360 I By Icarus Investment Corp.(1)
Common Stock 123,333 I Can-Med Technology, Inc. d/b/a Green Diamond Oil Corp.(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant (Right to Buy) $9.07 12/28/2006 12/28/2016 Common Stock 250,000 250,000 I See footnote(2)
Warrant (Right to Buy) $2.75 05/17/2007 M 250,000 06/14/1998 01/14/2008 Common Stock 250,000 (3) 1,000,000 D
Warrant (Right to Buy) $3 05/17/2007 M 500,000 07/22/1999 01/22/2009 Common Stock 500,000 (3) 500,000 D
Warrant (Right to Buy) $2.0625 05/17/2007 M 500,000 08/14/2001 08/14/2010 Common Stock 500,000 (3) 0 D
Explanation of Responses:
1. Icarus Investment Corp.is owned 50% by filer. Filer is an indirect beneficial owner of these reported securities.
2. These securities are owned by Can-Med Technology, Inc. d/b/a Green Diamond Oil Corp., which is controlled by Icarus Investment Corp., which is owned 50% by filer. Filer is an indirect beneficial owner of these reported securities.
3. Not applicable
Phillip DeZwirek 05/17/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.