The Securities Commission has revoked a cease trade order against Green Environmental Technologies Inc. (the issuer) initially issued due to the issuer’s failure to file required continuous disclosure materials as mandated by Ontario securities law. The issuer rectified the defaults by updating its continuous disclosure filings.
The decision was based on the issuer’s compliance with filing audited annual financial statements, management’s discussion and analysis (MD&A), and related certificates as per National Instrument 52-109 for certain years, along with other interim financial documents and disclosures. However, some filings from previous years remain outstanding.
The issuer has also settled all outstanding fees with the Commission and updated its profiles on SEDAR and SEDI. It has not undergone any material changes in business that have not been disclosed, nor is it involved in discussions for any major corporate restructuring.
The issuer provided an undertaking to hold a shareholder meeting within three months of the order’s revocation and to adhere to specific conditions for any future restructuring, reverse takeover, or significant acquisition involving non-Canadian businesses.
The revocation, under section 144 of the Securities Act, R.S.O. 1990, c. S.5, was deemed not to be prejudicial to the public interest. The issuer is expected to issue a news release and file a material change report on SEDAR regarding the revocation and its future plans.