This is the first of 2 news releases from Canada Stockwatch. Someone has been playing games with us shareholders
ADI cease traded for failure to file
ADI Technologies Inc ADH
Shares issued 25,055,605 Mar 12 close $0.41
Fri 12 Mar 99 Cease Trade Company
Mr. Gerry Halischuk reports
The quarterly reports filed by the issuer for the quarters ended Dec. 31,
1997, March 31, 1998, June 30, 1998 and Sept. 30, 1998 are not in the
required form, as the management discussion failed to provide the required
details of all significant events and transactions that occurred during the
applicable periods, including details concerning:
a) the large losses, material expenditures and working capital
deficiency;
b) financing sources, financing obtained and use of proceeds; and
c) investor relations activities.
The issuer has failed to issue news releases which adequately disclose the
nature and substance of material changes, and has failed to file news
releases and material change reports since November 1995, including the
following material changes:
a) the establishment in 1997 of a business relationship with Cadence
Design Systems;
b) the acquisition of technology from Perkins Engineering; and
c) the distribution in 1997 and 1998 of more than 6.3 million shares and
3.1 million warrants to insiders to settle debt or to obtain
financing.
The issuer has failed to file a copy of any news releases issued since
November.
The issuer has failed to file form 20s for the following distributions of
securities:
a) 305,000 stock options granted in 1995 and 471,000 stock options
granted in February 1998;
b) 2.8 million shares issued in 1995 and 3.9 million shares issued in
1996 for non-arm's length debt settlements; and
c) 2.2 million warrants issued in 1996.
Trading in the shares of the company has therefore been suspended,
effective March 12, 1999, until the issuer files the required records.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
