SOURCE: Sulja Brothers Building Supplies, Ltd.

April 02, 2007 17:29 ET

SLJB Announces US CPA Firm

-- (MARKET WIRE) -- April 2, 2007 -- Sulja Bros. Building Supplies, Ltd. (Nevada) (PINKSHEETS: SLJB) today announced that The Ontario Securities Commission (OSC) has commenced an enforcement proceed against the Company, the Company's affiliate Sulja Bros. Building Supplies Ltd. (Ontario), the Company's former Chief Executive Officer Peter Vucicevich, Kore International Management Inc. (a company affiliated with Mr. Vucicevich) and Andrew DeVries (an associate of Mr. Vucicevich), who was formerly associated with the Company. The OSC alleges, among other things, that Messrs. Vucicevich and DeVries engaged in manipulative trading in the Company's stock and that the Company made representations in certain press releases that were not true. A copy of the Statement of Allegations issued by the OSC can be found at http://www.osc.gov.on.ca/Enforcement/Proceedings/SOA/soa_20061227_suljabros.pdf. On December 22, 2006, the OSC ordered the cessation of trading in the Company's securities for 15 days and, on January 8, 2007, that order was extended until March 23, 2007. The Company did not oppose the continuation of this order and is cooperating with the OSC, but cannot at this time comment on the substance of the OSC's allegations or on the impact of the OSC's order on the trading of the Company's common stock in the United States.

The OSC has now requested that the order be extended until July 5, 2007; the company has agreed to the extension and will continue cooperating with the OSC to arrive at speedy conclusion of the matter.

At this time the Company would like to announce the appointment of Turner Stone & Company L.L.P., a U.S.A. CPA Firm located at 12700 Park Central Drive, Suite 1400, Dallas, TX. 75251.

The company is in the process of appointing an Investment Relations Firm, and their name will be announced as soon as the arrangements have been concluded.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. When used in this press release, the words: believes, intends, anticipates, expects, predicts and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied by, the forward-looking statements based on a number of factors, including, but not limited to, costs, risks and effects of the on-going review by the Company, including the impact on the Company's ability to provide timely information as to the Company's business, operating results and financial condition; costs, risks and effects on the Company's business and the trading of its stock of legal proceedings and investigations, including the enforcement proceeding commenced by the OSC and the inquiry being conducted by the SEC; and the impact of the OSC order that trading in the Company's securities cease. Except as expressly required by the securities laws, the Company undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances, or for any other reason.