ASC Settles with Lucid over Improper Advertising

    CALGARY, April 30 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Lucid St. Petersburg Holdings L.P. and Alberta
resident Adam Drybrough regarding allegations of making prohibited
representations in real estate marketing materials. Lucid and Drybrough
jointly agreed to pay $25,000 to settle the allegations and $5,000 towards the
costs of the ASC investigation.
    In May 2008, Lucid marketed an investment in Florida condominium units to
Alberta residents through brochures, as well as advertisements in both the
Calgary Herald and the Edmonton Journal. The marketing materials described the
investment's revenue stream as "guaranteed".
    In the Settlement Agreement, Lucid and Drybrough admitted that the
investment revenues were not guaranteed, but subject to risks and that they
failed to state the extent and nature of those risks in the marketing
materials. The risks were identified in the offering memorandum associated
with the investment. The word "guaranteed" was promptly removed from the
marketing materials after the ASC contacted Drybrough about the issue in June
    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

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