The Securities Commission has granted an application by ESI Energy Services Inc. for an order declaring that the company is no longer a reporting issuer under applicable securities laws. The decision was made based on several key facts:
1. ESI Energy Services Inc. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The company’s securities are not traded on any marketplace or facility where trading data is publicly reported in Canada or any other country.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The decision was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Alberta Securities Commission acted as the principal regulator for the application, and the order also reflects the decision of the securities regulatory authority in Ontario. The test set out in the legislation for ceasing to be a reporting issuer was met, leading to the granting of the requested order.