Digital Processing Systems Inc. - MRRS Decision
Headnote
Mutual Reliance Review System for Exemptive Relief Applications - Issuer has only one security holder - issuer deemedto have ceased being a reporting issuer.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c.S.5, as am. s. 83.
IN THE MATTER OF THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, ONTARIO, QUEBEC, NOVA SCOTIA ANDNEWFOUNDLAND
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
DIGITAL PROCESSING SYSTEMS INC.
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in British Columbia,Alberta, Saskatchewan, Ontario, Québec, Nova Scotia and Newfoundland (the "Jurisdictions") has received anapplication from Digital Processing Systems Inc. (the "Filer") for a decision under the securities legislation of theJurisdictions (the "Legislation") that the Filer be deemed to have ceased to be a reporting issuer under the Legislation;
AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulator for this application;
AND WHEREAS the Filer has represented to the Decision Makers that:
1. the Filer was formed under the laws of the Province of Ontario, is a reporting issuer in each of the Jurisdictionsand is not in default of any of the requirements of the Legislation;
2. the Filer's head office is located in Markham, Ontario;
3. the Filer's issued and outstanding securities consist of 13,316,925 common shares (the "DPS Shares");
4. as a result of a take-over bid and the subsequent compulsory acquisition procedures, Leitch TechnologyCorporation became the sole holder of DPS Shares;
5. the Filer has no securities, including debt securities, outstanding other than the DPS Shares ;
6. the DPS Shares were delisted from The Toronto Stock Exchange following the close of trading on October 30,2000 and no securities of the Filer are listed or quoted on any exchange or market; and
7. the Filer does not intend to seek public financing by way of an offering of its securities.
AND WHEREAS pursuant to the System, this MRRS Decision Document evidences the decision of eachDecision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that providesthe Decision Maker with the jurisdiction to make the Decision has been met;
THE DECISION of the Decision Makers under the Legislation is that the Filer is deemed to have ceased to bea reporting issuer under the Legislation.
December 5, 2000.
John Hughes
Manager, Continuous Disclosure