News Release - February 3, 2011
TEMPORARY CEASE TRADE ORDERS ISSUED
Saskatchewan Financial Services Commission issued a Temporary Cease Trade Order on January 31, 2011, against three Belize based companies, I.W.F. Incorporated also known as I.W.F. Inc., Keystone Explorations and Horizon Explorations, as well as Jack Shore, Investor Relations Manager for Keystone Explorations. The order expires on February 10, 2011, and may be extended.
The order directs I.W.F. Incorporated, Keystone Explorations and Horizon Explorations of Belize to cease trading, acquiring and advising in securities and exchange contracts and removes the ability to use any exemptions in Saskatchewan.
The Securities Division has information that Jack Shore on behalf of I.W.F. Incorporated and Keystone Explorations of Belize has contacted a Saskatchewan resident by telephone, and promoted and traded securities relating to I.W.F. Incorporated. Horizon Explorations appears to be either another name or a previous name for Keystone Explorations. Jack Shore, I.W.F. Incorporated, Keystone Explorations and Horizon Explorations of Belize are not registered in Saskatchewan to trade or give advice about securities.
The order also indicates that a prospectus receipt was not issued to the company and that representatives made representations that the company would trade on an exchange in the future, which are both violations of The Securities Act.
"These companies appear to be operating illegally in Saskatchewan and investors in other provinces may have been solicited as well," Securities Division Investigator Ken Foster said.
Anyone contacted by I.W.F. Incorporated, Keystone Explorations, Horizon Explorations of Belize, Jack Shore, or any other representative of any of the named companies, should contact the Saskatchewan Financial Services Commission, Securities Division at 306-787-5645.
The Securities Division of the Financial Services Commission protects investors by regulating trading in securities in Saskatchewan. Securities are forms of investment such as stocks, bonds and units in mutual funds.
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