CALGARY, March 18 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing to seek a reciprocal order similar to a New
Brunswick temporary order against an Alberta businessman and three Alberta
businesses. The hearing involves Locate Technologies Inc., Tubtron Controls
Corp., 706166 Alberta Ltd., and Lorne Drever and will be conducted under the
reciprocal enforcement provisions of the Alberta Securities Act. Drever is the
sole director and president of Locate and Tubtron and the sole director and
shareholder of 706166.
ASC Staff believe the above parties, currently the subjects of a
temporary order in New Brunswick, pose a risk of future misconduct that would
harm Alberta investors and its capital market.
On October 15, 2007, the New Brunswick Securities Commission (NBSC)
issued a temporary Consent Order, which includes bans on trading and the use
of exemptions. The NBSC alleges the parties:
- engaged in trading contrary to a Court Order and contrary to
undertakings provided to the NBSC;
- made misrepresentations to the NBSC;
- accepted subscription agreements and subscription funds from
investors without issuing share certificates; and,
- in the case of 706166, received money from subscribers of Locate and
spent those funds on apparently unrelated expenses.
Since the NBSC issued its temporary order, ASC staff allege that Locate
has conducted a private placement with Alberta investors.
A hearing date of April 11, 2008 has been set for this matter. A copy of
the Notice of Hearing outlining the allegations in their entirety is available
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.
For further information:
For further information: For Media Inquiries: Tamera Van Brunt,
Director, Communications & Investor Education, (403) 297-2664,
email@example.com; For Investor Inquiries: ASC Public Inquiries, Toll Free