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.
November 3, 2005
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
FOCCINI INTERNATIONAL INC.
WHEREAS the securities of Foccini International Inc. (the "Corporation") currently are subject to an order (the "Temporary Order") made by the Director on behalf of the Ontario Securities Commission (the "Commission"), pursuant to paragraph 2 of subsections 127(1) and 127(5) of the Act on the 4th day of July, 2005 as extended by a further order (the "Permanent Order") of the Director, made on the 15th day of July, 2005 on behalf of the Commission pursuant to subsection 127(1) of the Act, that trading in the securities of the Corporation cease until the Permanent Order, is revoked by a further Order of Revocation;
AND WHEREAS the Issuer has applied to the Ontario Securities Commission (the Commission) for revocation of the Cease Trade Order pursuant to section 144 of the Act.
AND WHEREAS the Corporation has represented to the Director that:
1. The name of the Corporation is Foccini International Inc.
2. The Corporation was incorporated by certificate of incorporation issued pursuant to the provisions of the Business Corporations Act (Ontario) on March 4, 1983 and is a reporting issuer in the Provinces of Ontario, British Columbia, and Alberta.
3. The authorized capital of the Corporation consists of an unlimited number of common shares of which 47,588,602 common shares are issued and outstanding as fully paid and non-assessable.
4. The Cease Trade Order was issued as a result of the Corporation's failure to file its annual financial statements for the year ended December 31, 2004 (the"2004 Financial Statements") as required by the Act.
5. On October 3, 2005, the Corporation filed its December 31, 2004 annual financial statements and the interim financial statements for the three-month ended March 31, 2005 and the six-month period ended June 30, 2005. The Corporation has now brought its Continuous Disclosure filings up to date.
6. Except for the Cease Trade Order, the Corporation is not otherwise in default of any of the requirements of the Act or Regulation.
AND WHEREAS the undersigned is satisfied that the Corporation has remedied its default in respect of the 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 Permanent Order;
NOW THEREFORE IT IS ORDERED pursuant to section 144 of the Act that the Temporary Order and Permanent Order be and they are hereby revoked.