SEC Form 5

FORM 5		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL 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: 3235-0362 Estimated average burden hours per response: 1.0
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Form 3 Holdings Reported.
X	Form 4 Transactions Reported.

1. Name and Address of Reporting Person* Icarus Investment Corp. (Last) (First) (Middle) 2300 YONGE STREET, SUITE 1710 (Street) TORONTO A6 M4P 1E4 (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) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year) 12/31/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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 at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
				Amount	(A) or (D)	Price
Common Stock	10/09/2009		S4	113	D	$4.17(1)	1,754,860	D(19)
Common Stock	10/12/2009		S4	926	D	$4.19(1)	1,753,934	D(19)
Common Stock	10/14/2009		S4	5,786	D	$4.2(1)	1,748,148	D(19)
Common Stock	10/15/2009		S4	5,000	D	$4.19(1)(2)	1,743,148	D(19)
Common Stock	10/19/2009		S4	2,000	D	$4.23(1)	1,741,148	D(19)
Common Stock	10/20/2009		S4	2,000	D	$4.23(1)	1,739,148	D(19)
Common Stock	10/22/2009		S4	2,000	D	$4.05(1)	1,737,148	D(19)
Common Stock	11/04/2009		P4	25,390	A	$3.3(3)	1,762,538	D(19)
Common Stock	11/05/2009		P4	4,800	A	$3.56(4)	1,767,338	D(19)
Common Stock	11/06/2009		P4	8,050	A	$3.52(5)	1,775,388	D(19)
Common Stock	11/09/2009		P4	8,000	A	$3.76(6)	1,783,388	D(19)
Common Stock	11/16/2009		P4	3,000	A	$3.8(7)	1,786,388	D(19)
Common Stock	11/19/2009		P4	5,000	A	$3.77(8)	1,791,388	D(19)
Common Stock	11/20/2009		P4	500	A	$3.88(9)	1,791,888	D(19)
Common Stock	11/23/2009		P4	3,500	A	$3.75	1,795,388	D(19)
Common Stock	11/27/2009		P4	969	A	$4.1	1,796,357	D(19)
Common Stock	11/30/2009		P4	1,500	A	$4.18(10)	1,797,857	D(19)
Common Stock	12/03/2009		P4	3,500	A	$4.1(11)	1,801,357	D(19)
Common Stock	12/04/2009		P4	2,000	A	$4.09(12)	1,803,357	D(19)
Common Stock	12/08/2009		P4	1,429	A	$4.13(13)	1,804,786	D(19)
Common Stock	12/09/2009		S4	2,000	D	$4.2(1)	1,802,786	D(19)
Common Stock	12/11/2009		P4	500	A	$4.14	1,803,286	D(19)
Common Stock	12/15/2009		P4	1,000	A	$4(14)	1,804,286	D(19)
Common Stock	12/16/2009		P4	4,000	A	$4.13(15)	1,808,286	D(19)
Common Stock	12/17/2009		P4	100	A	$4.1	1,808,386	D(19)
Common Stock	12/18/2009		P4	1,600	A	$4.04(16)	1,809,986	D(19)
Common Stock	12/21/2009		P4	2,000	A	$4.03(17)	1,811,986	D(19)
Common Stock	12/22/2009		P4	200	A	$4	1,812,186	D(19)
Common Stock	12/23/2009		P4	1,050	A	$3.99(18)	1,813,236	D(19)
Common Stock	12/28/2009		P4	250	A	$3.95	1,813,486	D(19)

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)
					(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Icarus Investment Corp. (Last) (First) (Middle) 2300 YONGE STREET, SUITE 1710 (Street) TORONTO A6 M4P 1E4 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DEZWIREK JASON (Last) (First) (Middle) 2300 YONGE STREET, SUITE 1710 (Street) TORONTO A6 M4P 1E4 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) Secretary

Explanation of Responses:

1. In connection with this transaction, Incarus Investment Corp. has voluntarily remitted appropriate profits to CECO Environmental Corp., pursuant to Section 16(b) of the Securities Exchange Act of 1934.

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.18 to $4.21, inclusive. The reporting person undertakes to provide to CECO Environmental Corp., any security holder of CECO Environmental Corp., or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold or purchased, as applicable, at each separate price within the ranges set forth in footnotes 2 through 18 in this Form 5.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.15 to $3.48, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.45 to $3.64, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.43 to $3.59, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.73 to $4.05, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.71 to $3.90, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.76 to $3.77, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.88 to $3.90, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.10 to $4.25, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.07 to $4.20, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.08 to $4.09, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.05 to $4.16, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.99 to $4.00, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.10 to $4.15, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.01 to $4.05, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.99 to $4.11, inclusive.

18. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.95 to $4.01, inclusive.

19. These securities are owned directly by Icarus Investment Corp., a ten percent owner of the issuer, and indirectly by Jason DeZwirek as an officer of the corporation. Jason DeZwirek is a director, officer (secretary), and ten percent owner of the issuer.

Remarks:

4 of 6

	/s/ Phillip DeZwirek, President of Icarus Investment Corp.	05/31/2011
	/s/ Jason DeZwirek	05/31/2011
	** 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.