The Ontario Securities Commission has granted a full revocation of a cease trade order (CTO) against Advantex Marketing International Inc. The CTO was initially issued due to the company’s failure to file its required annual financial documents for the year ended June 30, 2019. Since then, Advantex has remedied its filing deficiencies by submitting all overdue documents, including audited financial statements, management discussion and analysis (MD&A), and certifications. The company is now up to date with its continuous disclosure obligations and has not been in default of any securities legislation requirements, except for the CTO itself.
The decision to revoke the CTO was made under Section 144 of the Securities Act (Ontario) and was based on several key representations by Advantex. These include the company being current with its filings, having no other cease trade orders issued by other Canadian jurisdictions, and not undergoing any undisclosed material changes in its business affairs. Additionally, Advantex has settled all outstanding fees and has updated its profiles on SEDAR and SEDI.
The revocation order was contingent upon Advantex’s commitment to issue a news release announcing the revocation and to file this release on SEDAR. The revocation signifies that the company has met the conditions set by the securities legislation for the lifting of the CTO, and trading in Advantex’s securities can resume without the restrictions imposed by the original CTO.