British Columbia Securities Commission

British Columbia Securities Commission

January 04, 2005 12:50 ET

British Columbia Securities Commission: Commission Panel Dismisses Allegations Against Firm


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BRITISH COLUMBIA SECURITIES COMMISSION

JANUARY 4, 2005 - 12:50 ET

British Columbia Securities Commission: Commission
Panel Dismisses Allegations Against Firm

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 4, 2005) - A British
Columbia Securities Commission panel has dismissed allegations that a
B.C.-headquartered company operating automated foreign exchange machines
breached securities laws or acted contrary to the public interest.

In a notice of hearing issued on Oct. 19, 2004, BCSC staff made a
temporary cease-trade order against the shares of QuickEx Inc. and
trading bans against the company's senior management - David J.
Rogerson, Gregory Yanke, Stephen Spink and Paul Trennum. The four were
also ordered to resign their positions as directors or officers of any
issuer and they were prohibited from engaging in any investor relations
activities. The notice alleged that the company and the four individuals
breached securities laws and acted contrary to the public interest by
misrepresenting the company's operations and making unsupported
financial projections.

QuickEx is not a reporting issuer in British Columbia but its shares are
quoted on the Pink Sheets in the United States.

On Nov. 16, following a hearing in early November during which BCSC
staff put forward all their evidence, a commission panel declined to
extend the temporary orders against QuickEx and the four individuals.

On Nov. 26, QuickEx, Rogerson, Spink and Trennum applied for dismissal
of the allegations against them in the BCSC notice of hearing. Yanke
later joined in the application for dismissal.

After considering written submissions from BCSC staff and the
respondents, the panel accepted the respondents' submissions that, in
the light of the ruling not to extend the temporary orders, there was
insufficient evidence to prove the allegations. Accordingly, the panel
decided not to make any orders under the Securities Act against the
respondents.

The B.C. Securities Commission is an independent provincial government
agency responsible for regulating trading in securities within the
province. The decision can be accessed through the commission's website
www.bcsc.bc.ca by typing in the search box QuickEx Inc., David J.
Rogerson, Gregory Yanke, Stephen Spink, Paul Trennum or 2005 BCSECCOM
735. If you have questions, contact Andrew Poon, Media Relations,
604-899-6880.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    British Columbia Securities Commission
    Andrew Poon
    (604) 899-6880 or Toll Free (B.C. & Alberta): 1-800-373-6393
    Website: www.bcsc.bc.ca