The Securities Commission has granted an order for Redline Communications Group Inc. to cease being a reporting issuer in all Canadian jurisdictions where it was previously recognized as such. This decision is based on the application submitted by the company and is supported by several key facts:
1. Redline Communications Group Inc. is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 holders worldwide.
3. No securities of the company are traded on any public marketplace or facility in Canada or elsewhere that reports trading data.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it holds this 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), and is consistent with the test set out in the relevant legislation for such an order to be granted. The Ontario Securities Commission, acting as the principal regulator, has approved the application, relying on the Process for Cease to be a Reporting Issuer Applications and Multilateral Instrument 11-102 – Passport System for other Canadian jurisdictions.