CALGARY, Nov. 27 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Nevada-based Progressive Energy Partners, LLC, Progressive Energy Partners, LLC 3 and Progressive Energy Partners, LLC 4 based on allegations that the companies illegally sold securities to Alberta investors.
The Interim Cease Trade Order is in effect for 15 days and prohibits the Progressive Energy companies from trading in any securities or using any Alberta securities laws exemptions. An ASC panel issued the Interim Cease Trade Order after hearing evidence from ASC staff that the Progressive Energy companies distributed securities without registration, a prospectus or use of an applicable exemption, and made materially misleading or untrue statements to potential investors.
The next appearance has been scheduled for 9 a.m., December 11, 2009 in the ASC Hearing Room on the 6th Floor, 300 - 5th Avenue, Calgary, Alberta. At that time an ASC panel will consider whether to extend the interim order.
A copy of the Interim Cease Trade Order and Notice of Hearing outlining the allegations 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 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