Temporary Order: In the Matter of Lyndz Pharmaceuticals Inc. et al.
R.S.O. 1990, c. S.5, AS AMENDED
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LYNDZ PHARMACEUTICALS INC.,
LYNDZ PHARMA LTD., JAMES MARKETING LTD.,
MICHAEL EATCH and RICKEY MCKENZIE
TEMPORARY ORDER
Section 127(1) & 127(5)
WHEREAS it appears to the Ontario Securities Commission (the “Commission”) that:
1. Lyndz Pharamceuticals Inc. (“Lyndz”) is an Ontario company registered under the Business Corporations Act;
2. Lyndz Pharma Ltd. (“Lyndz UK”) is a company registered in the United Kingdom;
3. James Marketing Ltd. (“James Marketing”) is a company registered in the United Kingdom;
4. Michael Eatch (“Eatch”) is the President of Lyndz and a director of Lyndz UK;
5. Rickey McKenzie (“McKenzie”) is the sole director and shareholder of James Marketing;
6. The Respondents may have made false or misleading statements to investors in marketing materials and correspondence;
7. The Respondents may have taken money raised from the sale of Lyndz shares to the public and diverted it to the personal benefit of Eatch and McKenzie;
8. The Respondents may have sold shares in Lyndz and represented that Lyndz was an operating company when they knew it was dissolved under the laws of Ontario;
9. The Respondents may have represented, with the intention of effecting trades in the securities of Lyndz, that a person or company will resell or repurchase securities of Lyndz;
10. The Respondents are not registered to trade securities under the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”);
11. The Respondents may have distributed shares in Ontario;
12. No prospectus for Lyndz has been filed with the Commission and no receipt has been issued by the Director;
13. No exemptions from the registration and prospectus requirements under the Act appear to apply to the Respondents; and,
14. Staff of the Commission are conducting an ongoing investigation into the activities of the Respondents.
AND WHEREAS the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in s. 127(5) of the Act;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities of Lyndz shall cease;
IT IS FURTHER ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in securities by the Respondents shall cease;
IT IS FURTHER ORDERED that pursuant to clause 3 of subsection 127(1) of the Act that the exemptions contained in Ontario securities law do not apply to the Respondents;
IT IS FURTHER ORDERED that pursuant to subsection 127(6) of the Act this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.
Dated at Toronto this “4th” day of December, 2008
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“David Wilson”
David Wilson |