ASC seeking reciprocal order against Sulja Bros. and Associates
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 Securities Act.
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 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
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