Yep, from their website:
In Canada, Regional 1 operates both Charter and Scheduled flight, with scheduled flights into Red Deer, Lethbridge, Kelowna, Kamloops, Vancouver and Victoria. The Board of Directors of Regional 1 have decided to terminate it's scheduled flights as of September 11, 2005, and concentrate on charter and leasing operations.
I never saw their business plan (if they had one), but couldn't see how the low-traffic routes they chose ever had a hope of being profitable. Maybe with a KingAir or such, but 3 x DHC8 ??