Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - issuer has only one security holder -issuer deemed to have ceased being a reporting issuer.

Ontario Statutes

Securities Act, R.S.O. 1990, c. S.5, as am.,s. 83.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ONTARIO AND ALBERTA

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

SIRIT TECHNOLOGIES INC.

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker")in each of Ontario and Alberta (the "Jurisdictions")has received an application from SIRIT Technologies Inc. ("SIRIT")for a decision under the securities legislation of the Jurisdictions(the "Legislation") that SIRIT be deemed tohave ceased to be a reporting issuer under the Legislation;

AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System")the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS SIRIT has represented tothe Decision Makers that:

1. SIRIT was formed on November 1, 2002 bythe amalgamation of SIRIT Technologies Inc. ("PredecessorSIRIT") and 6015409 Canada Inc. ("6015409"),a wholly-owned subsidiary of iTech Capital Corp. ("iTech"),pursuant to an amalgamation agreement dated September 10,2002 (the "Amalgamation").

2. The Amalgamation was approved by the holdersof Predecessor SIRIT's common shares on October 28, 2002.

3. Prior to the Amalgamation, PredecessorSIRIT was a reporting issuer in each of the Jurisdictionsand, as of the date of the Amalgamation, was not in defaultof any requirements under the Legislation.

4. SIRIT is a reporting issuer in the Jurisdictionsand became a reporting issuer in the Jurisdictions by virtueof the Amalgamation.

5. SIRIT is not in default of any of its obligationsas a reporting issuer under the Legislation.

6. The authorized capital of SIRIT consistsof an unlimited number of common shares (the "CommonShares").

7. As of November 11, 2002, 15,000,001 CommonShares were issued and outstanding.

8. As a result of the Amalgamation, iTechowns all of the issued and outstanding Common Shares.

9. There are no other securities, includingdebt securities, of SIRIT currently issued and outstandingother than the Common Shares.

10. Predecessor SIRIT's common shares werevoluntarily delisted from the TSX Venture Exchange on November1, 2002.

11. There are no securities of PredecessorSIRIT, 6015409 or SIRIT listed on any stock exchange or tradedover-the-counter in Canada or elsewhere.

12. SIRIT does not intend to seek public financingby way of an offering of its securities.

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the "Decision");

AND WHEREAS each of the Decision Makersare satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers underthe Legislation is that SIRIT is deemed to have ceased to bea reporting issuer under the Legislation.

December 13, 2002.

"John Hughes"