Securities Law & Instruments

Headnote

Cease-trade order revoked where the issuer hasremedied its default in respect of disclosure requirements underthe Act.

Statutes Cited

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,

CHAPTER S.5 AS AMENDED

(THE "ACT")

AND

IN THE MATTER OF

INTELLIGENT WEB TECHNOLOGIESINC.

 

ORDER

(Section 144)

WHEREAS the securities of IntelligentWeb Technologies Inc. (the "Company") are subjectto a Temporary Order (the "Temporary Order") of theDirector dated July 11, 2002 under paragraph 2 subsection 127(1)and subsection 127(5) of the Act directing that trading in thesecurities of the Company cease, as extended by further order(the "Extension Order" and collectively, the "CeaseTrade Order") of the Director, made on July 23, 2002, onbehalf of the Commission pursuant to subsection 127(8) of theAct, that trading in the securities of the Company cease untilthe Temporary Order, as extended by the Extension Order, isrevoked by a further Order of Revocation;

AND UPON the Company having 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 Canada and is a reporting issuer under theAct;

2. The authorized capital of the Company consistsof an unlimited number of common shares of which 6,899,362are issued and outstanding as at the date hereof;

3. The Temporary Order was issued as a resultof the Company's failure to file with the Commission auditedannual statements for the year ended December 31, 2001 (the"Financial Statements") and interim statements (the"Interim Statements") for the three-month periodended March 31, 2002, as required by the Act;

4. The Financial Statements and the InterimStatements were not filed because the Company was inactive;

5. The Financial Statements and the InterimStatements for both the three-month period ended March 31,2002 and the six-month period ended June 30, 2002 have beenprepared and filed with the Commission on September 9, 2002;

6. The Financial Statements and the InterimStatements were mailed to the shareholders of the Companyon September 12, 2002; and

7. Except for the Cease Trade Order, the Companyis not otherwise in default of any of the requirements ofthe Act or the Regulation.

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.

September 20, 2002.

"John Hughes"