News Release
ASC issues Notice of Hearing against Imagine Research and Technology, Douglas Alexander Whyte and Brian Michael Jones
May 29, 2019
CALGARY– May 29, 2019 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Imagine Research and Technology Inc. (Imagine), Douglas Alexander Whyte and Brian Michael Jones in connection with investments into Imagine between 2013 and 2018.
According to the Notice of Hearing, Imagine raised about $1.5 million from investors during this time for the development of a product to improve the functionality of electronic circuits. The Notice of Hearing alleges that Imagine and its principals Whyte and Jones misled investors about anticipated sales, profitability and share value. It further alleges that Imagine raised funds in reliance on particular prospectus exemptions, when in fact a number of investors were not qualified for such exemptions.
The ASC issued an Interim Cease Trade Order dated April 4, 2018 against Imagine, Whyte and Jones. The order remains in effect until the proceedings commenced by the Notice of Hearing are concluded.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on Thursday July 25, 2019 at 1:30 pm in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta.
A copy of the Notice of Hearing is available at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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For further information please contact:
For Media Inquiries:
For Investor Inquiries:
Hilary McMeekin
Communications Manager
403-592-8186
ASC Public Inquiries
Toll Free 1-877-355-4488
inquiries@asc.ca