CALGARY, AB, Nov. 21, 2023 /CNW/ – The Alberta Securities Commission (ASC) extended an Interim Order dated December 16, 2022 against GRS Hydrogen Solutions Inc. (GRS) and its President, Albert Cerenzie (collectively, the Respondents).
The Interim Order requires that:
- All trading in or purchasing of GRS securities must cease, with the exception of repurchases or redemptions by GRS of GRS securities held by existing GRS investors.
- GRS and Cerenzie must cease trading in GRS securities.
- GRS and Cerenzie are prohibited from using any prospectus exemptions contained in Alberta securities laws.
- GRS and Cerenzie are prohibited from engaging in investor relations activities.
- Public access to the GRS website must remain disabled.
An ASC panel noted in its reasons for extending the Interim Order that a Notice of Hearing was issued on August 25, 2023 alleging that GRS breached Alberta securities law by engaging in illegal distributions and making prohibited representations and misrepresentations, and that Cerenzie authorized, permitted or acquiesced in its contraventions. These allegations have not yet been proven in a hearing.
The Interim Order has been extended and will remain in effect until the allegations in the Notice of Hearing have been determined by a hearing panel or otherwise concluded.
The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.
SOURCE Alberta Securities Commission