CALGARY, Aug. 8 /CNW/ - The Alberta Securities Commission (ASC) has
announced that a hearing has been scheduled for Wednesday, August 15, 2007,
regarding the conduct of Sulja Bros. Building Supplies Ltd. (Nevada), Sulja
Bros. Building Supplies Ltd. (an Ontario corporation), Kore International
Management Inc. (an Ontario corporation), Petar Vucicevich (an Ontario
resident), and Andrew DeVries (a Texas resident). The hearing will be
conducted under the reciprocal enforcement provisions of the Alberta
The parties named above are the subjects of a Temporary Order made by the
Ontario Securities Commission (OSC) on December 22, 2006, which has been
extended numerous times. In the order, the OSC alleges the parties violated
securities laws in Ontario when they traded in and distributed securities of
Sulja Bros. Building Supplies Ltd. (Nevada) 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.
ASC Staff allege that after the OSC issued its Temporary Order, the Sulja
Bros. companies announced the head office in Harrow, Ontario was being shut
down and relocated to Calgary. ASC Staff believe the parties pose a risk of
future misconduct that could affect Alberta investors and its capital market.
As a result, ASC Staff have issued a Notice of Hearing to seek a reciprocal
order in Alberta similar to the Temporary Order made by the OSC.
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 and Investor Education, (403) 297-2664; For Investor
Inquiries: ASC Public Inquiries, (403) 297-4296, Toll Free 1-877-355-4488