Securities Law & Instruments

Headnote

Section 144 -- revocation of cease trade orderupon remedying of default by filing annual and interim financialstatements with the Commission via SEDAR.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5 as am.,ss. 127(1), 127(5), 127(8) and 144.

IN THE MATTER OF

THE SECURITIES ACT

R.S.O. 1990, CHAPTER S. 5,AS AMENDED

(the "Act")

AND

IN THE MATTER OF

GENORAY ADVANCED TECHNOLOGIESLTD.

 

ORDER

(Section 144)

WHEREAS the securities of Genoray AdvancedTechnologies Ltd. (the Reporting Issuer) were subject to a temporaryorder of the Director dated January 14, 2003 issued on behalfof the Ontario Securities Commission (the Commission) pursuantto paragraph 2 of subsection 127(1) and subsection 127(5) ofthe Act, which was extended by an order of the Director datedJanuary 24, 2003 issued on behalf of the Commission pursuantto subsection 127(8) of the Act (the Cease Trade Order), directingthat trading in the securities of the Reporting Issuer cease;

AND WHEREAS the Reporting Issuer hasmade an application to the Director of the Commission pursuantto section 144 of the Act for an order revoking the Cease TradeOrder;

AND UPON considering the applicationand the recommendation of staff of the Commission;

AND UPON the Reporting Issuer havingrepresented to the Director that:

1. the Reporting Issuer was incorporated onMay 29, 1995 under the laws of the Province of Alberta;

2. the Reporting Issuer became a reportingissuer in Ontario on November 3, 1998;

3. the authorized share capital of the ReportingIssuer consists of an unlimited number of common shares andunlimited number of preferred shares of which 39,534,639 commonshares (the Common Shares) and 1,000,000 Series "A"preferred shares (the Preferred Shares) are currently issuedand outstanding;

4. the Common Shares and the Preferred Sharesare not traded on any exchange or quotation system;

5. the Cease Trade Order was issued due toa failure of the Reporting Issuer to file with the Commissionaudited annual financial statements for the year ended June30, 2002 and interim financial statements for the 3 monthsended September 30, 2002, as required by the Act;

6. the Reporting Issuer filed its auditedannual financial statements for the fiscal year ended June30, 2002 with the Commission on March 28, 2003, and its unauditedinterim financial statements for the 3 months ended September30, 2002 with the Commission on April 16, 2003;

7. in addition, the Reporting Issuer filedits unaudited financial statements for the second quarterended December 31, 2002 on April 16, 2003, and its unauditedfinancial statements for the third quarter ended March 31,2002 on May 29, 2003;

8. except for the Cease Trade Order, the ReportingIssuer has not been subject to any previous cease trade ordersissued by the Commission and is not currently subject to anycease trade orders in any other jurisdiction;

9. except for the Cease Trade Order, the ReportingIssuer is not in default of any requirement under Ontariosecurities law;

10. the reporting issuer is not considering,nor is it involved in any discussion relating to a reversetake-over or similar transaction;

AND UPON the Director being satisfiedthat the Reporting Issuer has now remedied its default in respectof the filing requirements of the Act;

AND UPON the Director being satisfiedthat to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 144of the Act, that the Cease Trade be revoked.

October 7, 2003.

"Charlie MacCready"