Released on April 27, 2007
The Saskatchewan Financial Services Commission (SFSC) had issued a temporary cease trade order on April 11, 2007, against University Lab Technologies Inc. (ULT), which also included certain individual representatives - George Theodore, Dan Iwanski, Steve Axelrod, Sy Schaiken, Bill Ross, and Richard L. Green. That cease trade order has now been extended until the SFSC is provided with satisfactory information with respect to this matter.
The SFSC is working closely in this investigation with several other provincial Securities Commissions who have an identified interest in ULT and are also being assisted by the Office of Financial Regulation in Florida.
University Lab Technologies Inc., based in Boca Raton, Florida, holds itself out as manufacturing and selling natural products that address common complaints among specific groups of people.
Since the Temporary Order was issued, a seventh individual, David Sewell, has been identified as a salesperson for ULT. Sewell made contact with residents of Saskatchewan by telephone, email and mail, and offered to sell them common shares of ULT. As a result, some Saskatchewan residents have purchased shares in ULT.
None of the individuals mentioned, nor ULT, have been or are registered to trade in securities in Saskatchewan. The SFSC has also not issued a prospectus receipt to ULT. Therefore, they have contravened both the registration and prospectus requirements of Saskatchewan securities laws.
If anyone has been contacted by a person acting on behalf of ULT, please call the SFSC at 306-787-5936.
The complete decision is available at the Commission web site at www.sfsc.gov.sk.ca.
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For more information, contact:
Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850
Email: erodonets@justice.gov.sk.ca