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SASKATCHEWAN FINANCIAL SERVICES COMMISSION ISSUES ORDERS

Released on December 21, 2011

Saskatchewan Financial Services Commission (SFSC) has issued orders under The Securities Act, 1988, against Allan Peter Moen of Edmonton, AB, Louis Supera of Las Vegas, NV, West African Industries Inc., Life Systems Corporation, 101065273 Saskatchewan Ltd. and 101076568 Saskatchewan Ltd.

At a hearing in October 2011, SFSC heard evidence that both Moen and Supera sold securities to Saskatchewan investors without meeting registration and prospectus requirements, provided misleading statements to investors, engaged in fraudulent activities related to the sale of securities and failed to comply with a 2009 SFSC order to cease trading in securities.

Based on the evidence presented at the hearing, SFSC has ordered that neither Moen nor Supera is eligible for exemptions from Saskatchewan securities laws until December 31, 2016. In addition, both men must cease trading in all securities and exchange contracts and pay an administrative penalty of $25,000 and costs of $10,000 to the SFSC. Both Moen and Supera are also prohibited from becoming a director, officer or employee of an issuer, registrant or investment fund manager.

"Since 2005, Allan Moen deprived residents of Saskatoon, Turtleford, Melfort and Tisdale of more than $767,000," Enforcement in the SFSC's Securities Division Head Ed Rodonets said. "After two years of investigations and interviewing victims, it is good to see that these people will finally be getting some closure."

SFSC will be seeking an order that Moen, Supera and the related companies pay financial compensation to investors. Anyone who has invested through these individuals or companies should contact SFSC's Securities Division at 306-787-5645 for information about seeking a financial compensation order.

The Decision and Orders can be found in their entirety on SFSC's website at http://www.sfsc.gov.sk.ca/Securities-Order-in-the-Matter-of-West-African-Industries-Inc-et-al.

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For more information, contact:

Jennifer Anderson
Saskatchewan Financial Services Commission
Regina
Phone: 306-798-4160
Cell: 306-527-1164

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