Application by an issuer for a revocation of a cease trade order issued by the Commission -- cease trade order issued because the issuer had failed to file certain continuous disclosure materials in the form and with the content required by Ontario securities law -- defaults subsequently remedied -- cease trade order revoked.
Securities Act, R.S.O. 1990, c. S.5, as am., s. 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
CV TECHNOLOGIES INC.
WHEREAS a Director of the Ontario Securities Commission (the "Commission") on May 7, 2007 issued a cease trade order (the "Cease Trade Order") pursuant to paragraphs 2 and 2.1 of subsection 127(1) of the Act which provided that all trading in and all acquisitions of the securities of CV Technologies Inc. (the "Applicant"), whether direct or indirect, shall cease until further order by the Director;
AND WHEREAS the Applicant has applied to the Commission pursuant to section 144 of the Act for a revocation of the Cease Trade Order;
AND WHEREAS the Applicant has represented to the Commission that:
1. The Applicant was incorporated under the Business Corporations Act (Alberta) on June 29, 1992. The Applicant is a reporting issuer in the Province of Ontario.
2. The Applicant is authorized to issue an unlimited number of common shares of which 103,551,006 common shares are issued and outstanding.
3. The Applicant is listed on the Toronto Stock Exchange and is not listed or quoted on any other exchange or market in Canada or elsewhere.
4. The Cease Trade Order was issued as a result of the Applicant's failure to file the following continuous disclosure materials in the form and with the content required by Ontario securities law (collectively, the "Default"):
(a) audited annual financial statements for the year ended September 30, 2006; and
(b) interim financial statements for the three-month period ended December 31, 2006.
5. On June 14, 2007, the Applicant filed with the Commission the foregoing continuous disclosure materials in the form and with the content required by Ontario securities law, and as a result the Applicant has remedied the Default.
6. On June 14, 2007, the Applicant filed interim financial statements, Management's Discussion & Analysis and corresponding certificates of interim filings for the three-month period ended March 31, 2007, and as a result the Applicant has brought its continuous disclosure record up to date.
7. On June 22, 2007, the Alberta Securities Commission sent a letter to the Applicant confirming that the Alberta Securities Commission cease trade order issued on April 19, 2007, as amended, expired as of the close of business on June 22, 2007.
8. The Applicant has paid all outstanding participation fees and late fees owing to the Commission.
9. To the best of its knowledge, the Applicant is not in default of any requirement of Ontario securities law.
AND WHEREAS the Director is satisfied that it would not be prejudicial to the public interest to revoke the Cease Trade Order;
IT IS ORDERED under section 144 of the Act that the Cease Trade Order is revoked.
DATED at Toronto this 10th day of July, 2007