British Columbia Securities Commission

British Columbia Securities Commission

November 21, 2005 09:30 ET

British Columbia Securities Commission: Advertising Firm Head Admits to Misrepresentations

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2005) - A Vancouver-based advertising company and its principal have admitted to publicly misrepresenting the company's financial information and business transactions in a settlement reached with the British Columbia Securities Commission.

Raymond Christopher Dabney, a majority shareholder, and formerly the president, chief executive officer and a director, of XRAYMEDIA, Inc., is banned for at least five years from being a director or officer of any issuer, trading in any securities and from engaging in any investor relations activities. He must also pay the BCSC $30,000 as part of the settlement.

Dabney, a B.C. resident, directed the operations of XRAYMEDIA, a Minnesota, U.S.-incorporated firm that trades its securities on the National Association of Securities Dealers Over the Counter Bulletin Board. The company's employees, operations and computer servers are located in Vancouver. XRAYMEDIA purports to be a traditional, full-service advertising agency that hosts an internet-based marketplace for buying and selling advertising that it lists as "media inventory".

In the settlement, Dabney admitted that between March and September 2003, on behalf of XRAYMEDIA, he issued 22 news releases that contained misrepresentations about the company's revenue, commissions earned and the inventory being sold through its internet-based marketplace.

Dabney also admitted that on July 23, 2003, he issued a news release on behalf of XRAYMEDIA that said that the company's shares would yield a profit of $0.02 a share, contrary to section 50(1)(b) of the Securities Act.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, XRAYMEDIA, Inc., Raymond Christopher Dabney or 2005 BCSECCOM 673. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.

Contact Information

  • British Columbia Securities Commission
    Andrew Poon
    Media Relations
    (604) 899-6880 or (B.C. & Alberta) 1-800-373-6393
    www.bcsc.bc.ca