Proceedings

PDF Version
PDF Version




IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED

- and -

IN THE MATTER OF
TEODOSIO VINCENT PANGIA
and TRANSDERMAL CORP.


TEMPORARY ORDER
Section 127(1) & 127(5)



      WHEREAS it appears to the Ontario Securities Commission (the "Commission") that:

1. Transdermal Corp. ("Transdermal") is a corporation registered in the State of Nevada, U.S.A., with offices in Burlington, Ontario;

2. Teodosio Vincent Pangia (“Pangia”) is a resident of Burlington, Ontario;

3. That on December 16, 2003, the Commission ordered (the “sanction order”) that:
  1. Pangia cease trading in securities permanently,
  2. Any exemptions contained in Ontario securities law do not apply to Pangia,
  3. Pangia is permanently prohibited from becoming or acting as an officer and/or director of any issuer, and
  4. Pangia undertake never to apply for registration in any capacity under Ontario securities law.
4. Pangia may have committed acts in furtherance of trades in the securities of Transdermal after the date of the sanction order;

5. Pangia may have acted as a de facto officer or director of Transdermal after the date of the sanction order;

6. Transdermal may have permitted Pangia to commit acts in furtherance of trades in Transdermal’s securities;

7. Transdermal may have permitted Pangia to act as a de facto officer or director of Transdermal;

8. Transdermal may have made misleading or untrue statements about the identity of the officers and directors of Transdermal by omitting to state Pangia’s role in the company in its business plan and on its website;

9. Pangia is not registered to trade securities under the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act");

10. Staff of the Commission are conducting an ongoing investigation into the activities of the Respondents.

AND WHEREAS the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in s. 127(5) of the Act;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

IT IS ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities by Transdermal shall cease and that all trading in securities of Transdermal shall cease;

IT IS FURTHER ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities by Pangia shall cease;

IT IS FURTHER ORDERED that pursuant to subsection 127(6) of the Act this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.

      DATED at Toronto this “23rd” day of February, 2009.

 
 
“David Wilson”
David Wilson