Settlements

ERSS EQUITY RETIREMENT SAVINGS SYSTEM CORP. [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1999-05-21
Effective Date:
1999-05-13
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF ERSS EQUITY RETIREMENT SAVINGS SYSTEM CORP.


Agreed Statement of Facts and Undertaking


1. The following agreement has been reached between ERSS Equity Retirement Savings System Corp. (“ERSS”) and the Executive Director.
      Statement of Agreed Facts

2. As the basis for the undertakings referred to in paragraph 3 of this agreement, ERSS acknowledges the following facts as correct:
      (a) ERSS was incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59, on December 13, 1990, under the name AERP Annuity Equity Retirement Plan Corp., and changed its name to ERSS on February 6, 1992;

      (b) ERSS is not a reporting issuer under the Securities Act, R.S.B.C. 1996, c. 418 (the “Act”);

      (c) Larry Madore has been the secretary of ERSS, and Dennis Paul has been a director and the president of ERSS, at all times relevant to this agreement;

      (d) During the period between January 1, 1991 and July 18, 1996, ERSS distributed 3,695,622 common shares to 17 British Columbia persons, for total gross proceeds of $2,965,000, in reliance upon the registration and prospectus exemptions in sections 45(2)(4) and 74(2)(4) of the Act, or the equivalent statutory exemptions in place at the time, such exemptions requiring that the aggregate acquisition cost to the purchaser is not less than $97,000 (the “Distributions”);

      (e) Pursuant to section 139(2) of the Securities Rules, B.C. Reg. 194/97 (the “Rules”), ERSS was required to file a Report of Exempt Distribution (Form 20) for each of the Distributions, on or before the 10th day after each of the distributions (the “Required Filing”);

      (f) For each of the Distributions, ERSS did not make the Required Filing on a timely basis, as required by section 139(2) of the Rules;

      (g) ERSS made the Required Filing for each of the Distributions in March 1999, after being requested to do so by the staff of the British Columbia Securities Commission (the “Commission”); and

      (h) ERSS has co-operated fully with the staff of the Commission in its investigation of the matters set out herein.

      Settlement and Undertaking
3. ERSS undertakes:
      (a) to ensure that all of its filings required under the Act and Rules are complete, accurate and timely; and

      (b) not to breach the Act, the Rules or any applicable regulations, policies and guidelines.
4. ERSS has paid the sum of $6,500 to the Commission, $1,000 of which represents the costs of the investigation and the remainder a penalty.

5. ERSS waives any right it may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement.

DATED at Vancouver, British Columbia, on May 12, 1999.

“Nicole Unger ” )
Witness Signature )
)
Nicole Unger )
Witness Name (Please Print) )
) “Dennis Paul”
502 W. 24th Street North Van, B.C. ) ERSS Equity Retirement Savings System Corp.
Address ) (Signing Authority)
)
Secretary )
Occupation )

DATED at Vancouver, British Columbia, on May 13, 1999.






Wayne Redwick, C.G.A.
A/Executive Director
©2025 British Columbia Securities Commission