ASC Issues Market Bans Against Sulja Bros. And Associates

    CALGARY, Aug. 20 /CNW/ - The Alberta Securities Commission (ASC) has
ordered that securities of Sulja Bros. Building Supplies, Ltd. (a Nevada
corporation) and Sulja Bros. Building Supplies Ltd. (an Ontario corporation)
cease trading immediately. In addition, both Sulja Bros. companies, Kore
International Management Inc. (an Ontario corporation), Petar Vucicevich (an
Ontario resident), and Andrew DeVries (a Texas resident) have been ordered to
cease trading in and purchasing any securities, and have also been prohibited
from relying upon exemptions contained in the Alberta securities laws.
    The ASC order was based on an Ontario Securities Commission (OSC) order
that indicated the parties had allegedly violated securities laws in Ontario
when they traded in and distributed securities of Sulja Bros. Building
Supplies, Ltd. without being registered to do so and without filing a
prospectus. In addition, the parties face allegations that they engaged in
manipulative trading of those securities and made misleading statements in
press releases.
    Earlier this year, the Sulja Bros. companies announced that its head
office in Harrow, Ontario was being shut down and relocated to Calgary. In its
decision, the ASC panel indicated that it was persuaded by evidence presented
by ASC Staff that there is "a risk of a repetition or continuation of the same
or similar conduct in Alberta. This risk is heightened with the apparent
planned move of Sulja Ontario's head office to this province."
    A copy of the decision in its entirety is available on the ASC website at

    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: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, (403) 297-4296, Toll Free 1-877-355-4488

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890