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
SOURCE Alberta Securities Commission
For further information:
| For Media Inquiries: |
| Mark Dickey |
Senior Communications Advisor
| || |
| For Investor Inquiries: |
| ASC Public Inquiries |
Toll Free 1.877.355.4488