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, CHAPTER S.5, AS AMENDED (the "Act")
IN THE MATTER OF
FUNTIME HOSPITALITY CORP.
WHEREAS the securities of Funtime Hospitality Corp. (the "Corporation") are subject to a Temporary Order of the Director dated November 21, 2003 under paragraph 127(1)2 and subsection 127(5) of the Act, as extended by an Order of the Director dated December 3, 2003 under subsection 127(8) of the Act (together, the "Cease Trade Order") directing that trading in the securities of the Corporation cease;
AND WHEREAS the Corporation has applied to the Ontario Securities Commission (the "Commission") for revocation of the Cease Trade Order pursuant to section 144 of the Act;
AND UPON the Corporation having represented to the Commission that:
1. The Corporation was formed by Articles of Amalgamation under the laws of the Province of Ontario on December 6, 1995;
2. The Corporation is a reporting issuer in the Provinces of Alberta, British Columbia and Ontario;
3. The Cease Trade Order was issued as a result of the failure of the Corporation to file its audited annual financial statements for the year ended June 30, 2003 (the "Annual Financial Statements") as required by the Act;
4. Subsequently, the Corporation failed to file unaudited interim financial statements for the three-month periods ended September 30, 2003, December 31, 2003 and March 31, 2004 (collectively, the "Interim Financial Statements");
5. The Annual Financial Statements and the Interim Financial Statements were filed with the Commission on June 1, 2004; and
6. Except for the Cease Trade Order, the Corporation is not otherwise in default of any requirement of the Act or the regulations made under the Act;
AND UPON considering the application and the recommendation of staff of the Commission;
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to section 144 of the Act that the Cease Trade Order be revoked.
August 9, 2004.