Ialta Industries Ltd. - s. 144

Headnote

Section 144 -- full revocation of cease trade order upon remedying of defaults.

Statutes Cited

Securities Act, R.S.O., c. S.5, as am., ss. 127, 144.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, c. S.5, AS AMENDED (THE "ACT")

AND

IN THE MATTER OF

IALTA INDUSTRIES LTD.

ORDER

(Section 144)

WHEREAS the securities of Ialta Industries Ltd. ("Ialta") have been subject to a cease trade order (the "Ontario CTO") of the Ontario Securities Commission (the "Commission") pursuant to paragraph 2 of subsection 127(1) of the Act, issued on January 12, 2006 and extended January 24, 2006, directing that trading in securities of Ialta cease until the Ontario CTO is revoked by the Director;

AND WHEREAS Ialta has applied to the Commission pursuant to section 144 of the Act (the "Application") for a revocation of the Ontario CTO;

AND WHEREAS Ialta has represented to the Commission that:

1. The Issuer is a corporation incorporated under the laws of the Province of British Columbia on April 7, 1981. The Issuer's principal executive offices are located in Maple Ridge, British Columbia with sub-offices located in Vancouver, BC and Kelowna, BC.

2. The authorized capital of the Issuer consists of 100,000,000 Common shares of which 15,737,299 are currently issued and outstanding.

3. The Issuer became a reporting issuer under the Act on April 7, 1981.

4. The Cease Trade Order was issued due to the failure of the issuer to file annual audited financial statements for the fiscal year ended August 31, 2005.

5. The failure to file financial statements was due to a misunderstanding of the new timely disclosure requirements as well as a late start to the audit process with Davidson & Company LLP.

6. The audited annual financial statements for the fiscal year ended August 31, 2005 were filed with the Commission on SEDAR on January 20, 2006 and were mailed to shareholders of the issuer on February 17, 2006.

7. Except for the Cease Trade Order, the issuer has not been subject to any previous cease trade orders issued by the Commission.

8. Except for the Cease Trade Order, the issuer is not otherwise in default of any requirements of the Act or any regulations made thereunder.

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 Ontario CTO be revoked.

DATED at Toronto this 23^rd day of March, 2006.