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.
May 11, 2005
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the "Act")
IN THE MATTER OF
INFOLINK TECHNOLOGIES LTD.
WHEREAS the securities of Infolink Technologies Ltd. (the Corporation) are subject to a Temporary Order of the Director dated January 28, 2005 under paragraph 127(1)2 and subsection 127(5) of the Act, as extended by an Order of the Director dated February 9, 2005 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 incorporated under the Business Corporations Act (Ontario) on November 7, 1996.
2. The Corporation is a reporting issuer in the Provinces of Alberta, British Columbia and Ontario.
3. The Corporation's authorized capital consists of an unlimited number of common shares and an unlimited number of preference shares, issuable in series, of which 34,770,415 common shares and no preference shares are issued and outstanding.
4. The Corporation's shares are listed for trading on the TSX Venture Exchange under the symbol "IFL", but are currently halted for trading.
5. The Cease Trade Order was issued as a result of the Corporation's failure to file its annual financial statements for the year ended August 31, 2004 (the Annual Financial Statements), as required by the Act.
6. Subsequently, the Corporation failed to file its unaudited interim financial statements for the three-month period ended November 30, 2004 (the Interim Financial Statements), as required by the Act.
7. The Annual Financial Statements were filed with the Commission on March 23, 2005.
8. The Interim Financial Statements were filed with the Commission on March 24, 2005 and refiled with the Commission on April 27, 2005.
9. The Corporation has now brought its continuous disclosure filings up to date.
10. Except for the Cease Trade Order, the Corporation is not otherwise in default of any requirement of the Act or the regulations made thereunder.
AND UPON considering the application and the recommendation of staff of the Commission;
AND UPON the Commission being satisfied that it would not be prejudicial to the public interest to revoke the Cease Trading Order;
IT IS ORDERED pursuant to section 144 of the Act that the Cease Trade Order be revoked.