| THE SECURITIES ACT | ) |
Order No. 4197 |
) |
||
| Section 148 and 19(5) | ) |
June 27, 2003 |
JOHN FRIESEN also known as
JOHN "THRASHER" FRIESEN
and FUTRONICS INC.
WHEREAS:
(A) By Order No. 4008 dated January 15, 2003, The Manitoba Securities Commission ("Commission") ordered that Order No. 3665 as extended by Orders No. 3677 and No. 3778 be further extended such that, pursuant to section 148 of The Securities Act ("Act"), the prohibition on trading in the securities of Futronics Inc. ("Futronics") be extended to and including June 25, 2003 and as to John Friesen also known as John "Thrasher" Friesen ("Friesen"), pursuant to subsection 19(5) of the Act, the denial of exemptions also be extended to and including June 25, 2003;
(B) By Order No. 4008, the Commission further ordered that the matter be next returnable on June 25, 2003 at 9:00 a.m.;
(C) On June 25, 2003, the Commission heard submissions of counsel for staff of the Commission and submissions of Friesen and of Futronics through Friesen;
(D) Upon hearing the submissions, the Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to section 148 of the Act, the prohibition on trading in the securities of Futronics imposed by Order No. 3665 and extended by Orders No. 3677, No. 3778 and No. 4008 be extended for an indefinite period commencing on June 25, 2003.
2. THAT, pursuant to subsection 19(5) of the Act, the provision that:
(a) subsections 19(1) and 19(3) of the Act do not, with respect to such of the trades referred to in those subsections, apply to Friesen; and
(b) subsection 19(2) of the Act does not, with respect to such of the securities referred to in that subsection, apply to Friesen,
as imposed by Order No. 3665 and extended by Orders No. 3677, No. 3778 and No. 4008 be extended for an indefinite period commencing on June 25, 2003.
3. THAT, this hearing is adjourned to a date to be determined.
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement