ASC sanctions two former directors of The Hear Now Incorporated for illegal
distribution of securities

CALGARY, June 21 /CNW/ - The Alberta Securities Commission (ASC) has imposed sanctions against Simon Wilby and Michael Sirman, former officers and directors of Calgary-based The Hear Now Incorporated, for taking part in an illegal distribution of The Hear Now securities. An ASC panel also found that Sirman breached Alberta securities laws by making misrepresentations to investors.

The ASC panel found that between 2006 and 2008, The Hear Now apparently raised over $7 million worth of The Hear Now securities through an illegal distribution to the public using a network of investment clubs. The panel determined: "The misconduct in this case was serious. (The Hear Now) securities were distributed in an illegal manner that deprived investors of fundamental protections mandated by Alberta securities laws" and that: "The denial of these protections exposed the investors to unforeseen risks and financial losses."

Under the decision:

    
    -   Wilby is banned from trading in or purchasing securities, prohibited
        from acting as a director or officer of any issuer and denied the use
        of Alberta securities laws exemptions until March 1, 2012;
    -   Wilby must pay an administrative penalty of $15,000 and costs of
        $5,000;
    -   Sirman is banned from trading in or purchasing securities, prohibited
        from acting as a director or officer of any issuer and denied the use
        of Alberta securities laws exemptions until June 16, 2020; and
    -   Sirman must pay an administrative penalty of $25,000 and costs of
        $6,500.
    

A copy of the decision is posted on the ASC website at www.albertasecurites.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 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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