ASC Staff Allege Foundation Capital Illegally Promoted Spruce Ridge Estates and Spruce Ridge Capital Securites

    CALGARY, June 24 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing alleging that Foundation Capital Corporation,
Spruce Ridge Estates Inc., Spruce Ridge Capital Inc., Ronald James Aitkens,
Beyer Consulting Ltd. and Roy Juergen Beyer engaged in illegal trading and
distributions of the securities of Spruce Ridge Estates Inc. and Spruce Ridge
Capital Inc. to Alberta residents.
    In the Notice of Hearing, the named parties are alleged to have raised at
least $46 million from over 1,700 Alberta investors. ASC Staff also allege
that the named parties were responsible for misleading statements contained in
the Spruce Ridge Estates Inc. and Spruce Ridge Capital Inc. offering memoranda
and made at investor seminars held throughout Alberta.
    An appearance to set a date for a hearing will be held on July 9, 2009 at
9 a.m. in the ASC hearing room, 6th Floor, 300-5th Avenue SW, Calgary,
    A copy of the Notice of Hearing can be found at

    The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted with fostering a fair and
efficient capital market in Alberta and protecting 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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