Proceedings

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

- AND -

IN THE MATTER OF
LOCATE TECHNOLOGIES INC., TUBTRON CONTROLS CORP., BRADLEY
CORPORATE SERVICES LTD., 706166 ALBERTA LTD., LORNE DREVER,
HARRY NILES, MICHAEL CODY AND DONALD NASON

ORDER
(Section 127(1) and 127(10) of the Act)



    WHEREAS on August 16, 2010, the Ontario Securities Commission (the “Commission”) commenced this proceeding by issuing a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), accompanied by Staff of the Commission’s (“Staff”) Statement of Allegations in this matter;

    AND WHEREAS on November 30, 2010, the Commission held a hearing to consider whether it is in the public interest to make an order against Locate Technologies Inc. (“Locate”), Tubtron Controls Corp. (“Tubtron”), Bradley Corporate Services Ltd. (“Bradley”), 706166 Alberta Ltd. (“706166”), Lorne Drever (“Drever”), Harry Niles (“Niles”), Michael Cody (“Cody”) and Donald Nason (“Nason”) (collectively, the “Respondents”);

    AND WHEREAS Staff and counsel for Locate, Tubtron, 706166 and Drever attended the hearing and made written and oral submissions;

    ND WHEREAS Bradley, Niles, Cody and Nason did not participate in the hearing, although properly served;

    AND WHEREAS the Commission finds that the Respondents are subject to orders made by the New Brunswick Securities Commission imposing sanctions, conditions, restrictions or requirements on them;

    AND WHEREAS the Commission finds that it is in the public interest to exercise its inter-jurisdictional enforcement authority pursuant to subsections 127(10) and 127(1) of the Act to apply sanctions to the Respondents;

    IT IS ORDERED THAT:

  1. pursuant to subsection 127(1)2, trading in securities by Locate, Tubtron, 706166 and Bradley shall cease permanently;
  2. pursuant to subsections 127(1)2 and 127(1)2.1, trading in and acquisition of securities by Drever, Niles, Cody and Nason shall cease permanently, with the exception that Niles, Cody and Nason shall be permitted to trade in and acquire securities within a single account for a registered retirement savings plan (as defined in the Income Tax Act (Canada)) in which they have sole legal and beneficial ownership and interest, provided that:
    1. the securities are listed and posted for trading on the Toronto Stock Exchange, the New York Stock Exchange or NASDAQ (or their successor exchanges) or are issued by a mutual fund which is a reporting issuer;
    2. they do not own legally or beneficially more than one percent of the outstanding securities of the class or series of the class in question; and
    3. they must carry out any permitted trading through a registered dealer and through one account opened in their name only and must close any other accounts;
  3. pursuant to subsection 127(1)3, any exemptions in Ontario securities law do not apply to the Respondents permanently;
  4. pursuant to subsections 127(1)8, 127(1)8.2 and 127(1)8.4, each of Drever, Niles, Cody and Nason shall be prohibited from becoming or acting as a director or officer of any issuer, registrant or investment fund manager permanently; and
  5. pursuant to subsection 127(1)8.5, each of Drever, Niles, Cody and Nason shall be prohibited from becoming or acting as a promoter permanently.

 

    DATED at Toronto this 21st day of December, 2010

 


James D. Carnwath

James D. Carnwath
Sinan Akdeniz

Sinan Akdeniz