Cease-trade order revoked where the issuer has remedied its default in respect of disclosure requirements under the 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, AS AMENDED
IN THE MATTER OF
BLUE POWER ENERGY CORPORATION
WHEREAS the securities of Blue Power Energy Corporation ("Blue Power") are subject to a Temporary Order (the "Temporary Order') made by a Director on behalf the Ontario Securities Commission (the "Commission"), pursuant to paragraph 2 of subsection 127(1) and subsection 127(5) of the Act, on October 22, 2003, as extended by a further order (the "Extension Order") of the Director, made on November 3, 2003 on behalf of the Commission pursuant to subsection 127(8) of the Act, that trading in securities of Blue Power cease until the Temporary Order, as extended by the Extension Order, is revoked by a further Order of Revocation.;
AND UPON Blue Power having applied to the Commission pursuant to section 144 of the Act for an order revoking the Temporary Order as extended by the Extension Order;
AND UPON Blue Power having represented to the Commission that:
1. Blue Power Energy Corporation ("Blue Power") was formed in the Province of Ontario on October 19, 1995, by the amalgamation of Twin Star Energy Corporation and Blue Gas Pipelines Inc. On April 1, 1996, Blue Power further amalgamated with 1155698 Ontario Inc. and 1155697 Ontario Inc. and continued under the name "Blue Power Energy Corporation".
2. Blue Power is a reporting issuer in Ontario, British Columbia and Alberta.
3. The Cease Trade Order was issued due to the failure of Blue Power to file with the Commission audited financial statements for the year ended May 31, 2003 (the "Financial Statements") as required by the Act;
4. The Financial Statements were not filed with the Commission due to a lack of funds to pay for the preparation and audit of such statements;
5. The Financial Statements were filed with the Commission, via SEDAR, on November 3, 2003;
6. Blue Power has brought up to date its outstanding financial filing obligations under the Act, including the filing of the interim unaudited financial statements for the period ended August 31, 2003, which were filed with the Commission, via SEDAR, on November 6, 2003.
AND UPON considering the application and the recommendation of the staff of the Commission;
AND UPON the undersigned Director is satisfied that Blue Power remedied its default in respect of filing requirements and is of the opinion that it would not be prejudicial to the public interest to revoke the Temporary Order as extended by the Extension Order.
IT IS ORDERED pursuant to section 144 of the Act that the Temporary Order and the Extension Order be and is hereby revoked.
February 20, 2004.