CALGARY, April 28 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Gary Michaels, CV Technologies Inc. Vice-President
of Communications, regarding allegations of illegal insider trading of CV
Technologies securities in December 2006. Michaels paid the ASC $30,000 to
settle the allegations and $20,000 towards costs. Michaels agreed to cease
trading in or purchasing securities (with some exceptions) and refrain from
using Alberta securities laws exemptions for three years. He has also agreed
to refrain from becoming a director of any reporting issuer for one year.
In the Settlement Agreement, Michaels admitted he had knowledge of
undisclosed material information when he sold 91,900 shares of CV Technologies
between December 13 and 19, 2006. Michaels' trades were part of a financial
plan previously disclosed to senior management of CV Technologies. Michaels'
gross proceeds from the sale were $20,000 greater than if he had sold into the
market the week following disclosure of the material information in a February
8, 2007 CV Technologies news release.
A copy of the Settlement Agreement 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