Cease-trade order revoked where the issuer hasremedied its default in respect of disclosure requirements underthe Act.
Securities Act, R.S.O. 1990, c. S.5, as am.,ss. 127(1)2, 127(5), 127(8), 144.
IN THE MATTER OF
THE SECURITIES ACT R.S.O.1990, C. S.5,
IN THE MATTER OF
WHEREAS the securities of CA-NetworkInc. (the "Company") are subject to a Temporary Orderof the Director dated April 3, 2002 under paragraph 127(1)2and subsection 127(5) of the Act extended by the Order of theDirector dated March 22, 2002 (collectively referred to as the"Cease Trade Order") directing that trading in thesecurities of the Company cease;
AND WHEREAS the Company has applied tothe Ontario Securities Commission (the "Commission")for revocation of the Cease Trade Order pursuant to section144 of the Act;
AND UPON the Company having representedto the Commission that:
1. The Company is a corporation incorporatedunder the laws of Ontario by letters patent given December12, 1967 and is a reporting issuer under the Act.
2. The Company is a reporting issuer in theProvince of Ontario since September 15, 1979, the date ofproclamation in force of a predecessor to the Act.
3. The authorized capital of the Company consistsof an unlimited number of common shares of which 20,766,275are issued and outstanding as at the date hereof;
4. The Cease Trade Order was issued as a resultof the Company's failure to comply with the financial disclosurerequirements of the Act;
5. Audited financial statements for the yearended October 31, 2001 (collectively, the "FinancialStatements") and interim financial statements for thethree month period ended January 31, 2002, (the "InterimStatements") were not filed in a timely manner with theCommission or sent to the shareholders of the Company becausethe Company was inactive.
6. The Financial Statements and Interim Statementshave been prepared and filed with the Commission on July 4,2002.
7. The Financial Statements and the InterimStatements were mailed to the shareholders of the Companyon July 16, 2002.
8. Except for the Cease Trade Order, the Companyis not otherwise in default of any of the requirements ofthe Act or the Regulation; and
9. The Company has been subject to previouscease trade orders issued by the Commission, in 1987, 1988,1991 and 2001;
AND UPON considering the applicationand the recommendation of the Staff of the Commission;
AND UPON the Commission being satisfiedthat to do so would not be prejudicial to the public interest;
IT IS ORDERED under section 144 of theAct that the Cease Trade Order be revoked.
July 17, 2002.