CALGARY, June 27 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing seeking to reciprocate a British Columbia
Securities Commission (BCSC) order against Gregory William Rivers. ASC staff
allege that between November 2002 and April 2005 Rivers sold shares of NOF
Electrical Generation Inc. (NOF) to 43 Alberta investors and raised
approximately $1.8 million without registering with the ASC or filing a
prospectus as required under the Alberta Securities Act.
Rivers is currently subject to a February 21, 2008 BCSC order that
prohibits him from trading or acting as a director or officer of any issuer
for 12 years. The BCSC issued its order based on Rivers' admissions that:
- NOF was not registered to trade in securities;
- NOF distributed securities without a prospectus;
- Rivers, as director and CEO of NOF, acquiesced in NOF's illegal
trading and distribution of securities; and
- Rivers failed to inform NOF investors of material facts.
An ASC hearing into this matter is scheduled for Thursday, July 24, 2008.
A copy of the Notice of Hearing 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, Toll Free, 1-877-355-4488