ASC alleges breach of order and illegal distribution by Edmonton-based Locate Technologies, 706166 Alberta Co. and Lorne Drever

CALGARY, Sept. 8, 2011 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Edmonton-based Locate Technologies Inc., 706166 Alberta Co., and their sole director Lorne Drever violated an ASC order and engaged in illegal trading and distribution of securities.

In November 2008, the ASC reciprocated a New Brunswick Securities Commission order and issued permanent trading bans against Locate Technologies, 706166 Alberta Co. and Drever.

ASC staff allege that Locate Technologies and 706166 Alberta Co. breached the ASC Cease Trade Order by filing draft prospectuses with the United States Securities and Exchange Commission, which if approved would have qualified Locate Technologies and 706166 Alberta Co. to sell Locate Technology shares in the United States.  ASC staff also allege that Locate Technologies and 706166 Alberta Co. violated Alberta securities laws by taking steps to sell securities in the United States without filing a prospectus with the ASC.  ASC staff further allege that Drever authorized, permitted or caused Locate Technologies and 706166 Alberta Co. to violate the ASC Cease Trade Order and to engage in an illegal distribution.

An appearance to set a date for a hearing in will be held on September 20, 2011, at 12 p.m. in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.

The Notice of Hearing can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information:

For Media Inquiries: 

Mark Dickey
Senior Communications Advisor
403.297.4481
   
For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1.877.355.4488

 


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