OSC issues Certificate of Direction and commences s. 128 Proceeding against Richard Ochnik and 1464210 Ontario Inc.

OSC issues Certificate of Direction and commences s. 128 Proceeding
against Richard Ochnik and 1464210 Ontario Inc.

TORONTO – On May 26, 2006 , the Ontario Securities Commission (“OSC”) issued a Certificate of Direction which was registered against the title to 9100 Road 164, North Perth , Ontario held in the name of Village Green Lifestyle Community Corporation (“Village Green”).

On May 30, 2006, the OSC commenced proceedings in the Ontario Superior Court of Justice under s. 128 of the Securities Act against Richard Ochnik (“Ochnik”) and 1464210 Ontario Inc. (“1464210”) for a declaration that they failed to comply with Ontario securities law, and an order that money raised by them in violation of Ontario securities law, and used in the development of Village Green, be recovered for restitution. The OSC issued the Certificate of Direction which was registered against the title of the real property to give notice of this claim. These proceedings arise from a previous hearing before the OSC.

Ontario securities law requires that the OSC apply for the Certificate of Direction to be continued before a Superior Court of Justice within seven days. On May 30, 2006 , the OSC applied to the Superior Court (Commercial List) for the Certificate of Direction to be continued. On June 2, 2006 , the Certificate of Direction was continued by Order of Justice Ground and subsequently continued on June 15, 2006 by Justice Cumming to August 1, 2006 . On June 15, 2006 , the s. 128 application was adjourned by Justice Cumming to August 1, 2006 .

Additional information regarding the proceedings against Richard Ochnik and 1464210 Ontario Inc. is available on the OSC website at www.osc.gov.on.ca.

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