Consolidated Envirowaste Industries Inc. - s. 144
Headnote
Section 144 -- full revocation of cease trade order upon remedying of defaults.
Statutes Cited:
Securities Act, R.S.O. 1990, 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
CONSOLIDATED ENVIROWASTE INDUSTRIES INC.
ORDER
(Section 144)
WHEREAS the securities of Consolidated Envirowaste Industries Inc. (the "Applicant") are subject to a cease trade order made by the Director dated February 19, 2007 pursuant to subsection 127(1) of the Securities Act (Ontario) (the "Act"), which order was made following a temporary cease trade order made by the Director dated February 7, 2007 pursuant to paragraph 2.1 of subsection 127(1) and subsection 127(5) of the Act (collectively, the "Cease Trade Order") directing that trading in the securities of the Applicant cease until the Cease Trade Order is revoked by a further order of revocation;
AND WHEREAS the Applicant has applied to the Ontario Securities Commission (the "Commission") pursuant to section 144 of the Act for a revocation of the Cease Trade Order (the "Application");
AND UPON the Applicant having represented to the Commission that:
1. The Applicant was incorporated under the Company Act (British Columbia) (now the Business Corporations Act (British Columbia)) on September 1, 1983 and is a reporting issuer in British Columbia, Alberta and Ontario.
2. The Applicant is authorized to issue 100,000,000 common shares (the "Common Shares") without par value, of which 10,414,699 Common Shares are issued and outstanding.
3. The Common Shares of the Applicant are listed for trading on the TSX Venture Exchange but are currently suspended from trading as a result of the Cease Trade Order and a cease trade order issued against the Applicant by the British Columbia Securities Commission.
4. The Cease Trade Order was issued due to the failure by the Applicant to file with the Commission audited annual financial statements for the year ended September 30, 2006 and management's discussion and analysis relating to the audited annual financial statements for the year ended September 30, 2006 (the "Annual Financial Statement Documents") as required by the Act.
5. The Applicant was subject to a cease trade order issued by the British Columbia Securities Commission dated February 6, 2007 for failure to file the Annual Financial Statement Documents.
6. Subsequent to the Cease Trade Order being imposed, the Applicant failed to file with the Commission its interim financial statements for the period ended December 31, 2006 and management's discussion and analysis relating to the interim financial statements for the period ended December 31, 2006 (the "Interim Financial Statement Documents") as required by the Act;
7. The Applicant filed the Annual Financial Statement Documents and the Interim Financial Statement Documents on SEDAR with the Commission on April 3 and April 13, 2007, respectively.
8. The Applicant was granted a full revocation of the British Columbia Securities Commission's cease trade order on April 16, 2007.
9. The Applicant is up to date in its continuous disclosure filings with the Commission and has paid all outstanding filing fees associated therewith and, except for the Cease Trade Order, is no longer in default of any requirement of the Act or the regulations made thereunder.
AND UPON considering the application and the recommendation of the staff of the Commission;
AND WHEREAS the undersigned being 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 this 24th day of April, 2007.