CNF Candy Corp.
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Date:
2010-04-30
Contact:
115 McCormack Street
Toronto, ON M6N 1X8
Telephone: (416) 962-5300
www.cnffoods.com (link no longer operational)
Background:
CNF Candy Corp. (CNF) distributed its securities to British Columbia residents in late 2009 and 2010. CNF has not filed a prospectus with the British Columbia Securities Commission (the BCSC). CNF contacted shareholders of TBS New Media Ltd. (TBS) residing in British Columbia and offered to repurchase their TBS shares. In exchange, the TBS shareholders had to purchase an equal number of shares in CNF, which were priced higher than the TBS shares. The TBS shareholders received a "credit" for selling their TBS shares, which was applied towards the purchase of the CNF shares.
On April 22, 2010, the Alberta Securities Commission (the ASC) issued an Interim Cease Trade Order and Notice of Hearing against CNF. On April 29, 2010, the BCSC issued a cease trade order under section 164 against CNF.
On June 29, 2010 and July 5, 2010, the Ontario Securities Commission issued a Temporary Order and Notice of Hearing, respectively, against CNF, TBS and other parties. On July 12, 2010, the OSC adjourned the hearing to September 8, 2010 and extended the Temporary Order to September 9, 2010.
