Dura Products International Inc. - s. 144

Order

Headnote

Cease trade order revoked where issuer has remediedits default in respect of disclosure requirements under theAct.

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

DURA PRODUCTS INTERNATIONALINC.

 

ORDER

(Section 144)

WHEREAS the securities of Dura ProductsInternational Inc. (the Corporation) are subject to a temporaryorder dated May 23, 2003 made by the Director on behalf of theOntario Securities Commission (the Commission) pursuant to paragraph2 of subsection 127(1) and subsection 127(5) of the Act, asextended by a further order dated June 4, 2003 by the Directoron behalf of the Commission pursuant to subsection 127(8) ofthe Act (collectively, the Cease Trade Order) directing thattrading in the securities of the Corporation cease until theCease Trade Order is revoked by a further order of revocation;

AND WHEREAS the Corporation has madeapplication to the Commission pursuant to section 144 of theAct for an order revoking the Cease Trade Order;

AND UPON considering the applicationand the recommendation of staff of the Commission;

AND UPON the Corporation having representedto the Commission that:

1. The Corporation was incorporated by certificateof incorporation issued pursuant to the provisions of theBusiness Corporations Act (Ontario) on August 19, 1983;

2. The Corporation is a reporting issuer inthe Provinces of Alberta, British Columbia and Ontario;

3. The Cease Trade Order was issued due tothe failure of the Corporation to file audited annual financialstatements for the year ended December 31, 2002 (the 2002Financial Statements) as required by the Act;

4. The 2002 Financial Statements were notfiled with the Commission due to the Corporation not havingsufficient funds to have such financial statements audited;

5. The 2002 Financial Statements, and theinterim financial statements for the period ended March 31,2003 (the Interim Financial Statements), which were requiredto be filed by May 30, 2003, were filed with the Commissionon or about July 18, 2003; and

6. Except for the Cease Trade Order and thefailure of the Corporation to file the Interim Financial Statementswhen due, the Corporation is not otherwise in default of anyrequirement of the Act or the regulations made thereunder;

AND UPON the Commission being satisfiedthat the Corporation has now complied with the continuous disclosurerequirements under Part XVIII of the Act and has remedied itsdefault in respect of such requirements;

AND UPON the Commission being of theopinion that to do so would not be prejudicial to the publicinterest;

IT IS ORDERED pursuant to Section 144of the Act that the Cease Trade Order be and is hereby revoked.

September 2, 2003.

"Erez Blumberger"