News Release
Commission settles with chief executive who issued misleading news releases
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Date:
2002-11-12 -
Number:
2002/67
Vancouver – The B.C. Securities Commission has settled with an Aldergrove, B.C. company chief executive who issued misleading news releases.
Under the agreement, Gordon Tremain is not allowed to serve as a director or officer of a public company for at least three years. He is restricted in his trading for three years and he has paid the commission $30,000.
Tremain was the chair of the board of directors and chief executive officer of Technovision Systems Inc., an Aldergrove-based company listed on the TSX Venture Exchange. Until his resignation on Mar. 28, 2002, Tremain had been in charge of the overall development of Technovision since its incorporation in 1988.
In a settlement, Tremain acknowledged that he issued incorrect and misleading news releases that announced option agreements had been exercised when only letters of intent had been signed.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.