VANCOUVER, July 18, 2013 /CNW/ - The British Columbia Securities Commission is warning the public to be
aware of Hines Aircraft Ltd., a British Virgin Islands company that
claims to be developing aircraft propulsion technology.
Hines Aircraft has engaged individuals in B.C. to sell shares and
warrants (to purchase additional shares) of Hines Aircraft, with much
of the activity taking place in the Kelowna area. Hines Aircraft claims
it is not selling securities but rather "Fractional Ownership Units",
which are a shared ownership in an aircraft. However, Hines Aircraft
does not own any aircraft and, even if it did, the Units would still be
considered a security.
The BCSC wishes to remind the public that any company or person selling
securities, irrespective of what terms are used to describe those
securities, must comply with the Securities Act requirements to be registered and file a prospectus, unless they
properly fit within an allowable exemption from those requirements.
The BCSC urges investors, selling agents, or members of the public who
have been approached or have information about Hines Aircraft to
contact the BCSC inquiries line at 604-899-6854 or 1-800-373-6393 (toll
The BCSC is the independent government agency responsible for regulating
trading in securities within the province. Learn how to avoid
investment fraud at the BCSC's investor education website: www.investright.org.
SOURCE: British Columbia Securities Commission
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