SYS-CON MEDIA Authors: Adine Deford, Cynthia Dunlop, Harry Trott, Xenia von Wedel, Peter Silva

News Feed Item

The Streetwear Corporation Announces Full Revocation of Cease Trade Order

TORONTO, ONTARIO -- (Marketwire) -- 11/23/12 -- The Streetwear Corporation (the "Corporation") is pleased to announce today that the Ontario Securities Commission (the "OSC") has granted an order fully revoking the cease trade order issued by the OSC on June 24, 2005 (the "Order").

The cease trade order had been imposed by the OSC due to the failure of Corporation to file, its audited financial statements for the year ended January 31, 2005 within the time required by Ontario securities laws.

Pursuant to the Order, the Corporation was granted permission for the early adoption of International Financial Reporting Standards for periods beginning on, and after, February 1, 2009.

The current directors and officers of the Corporation are as follows:


Saul Rajsky, Richmond Hill, Ontario   Director, Chief Executive Officer,    
                                      Chief Financial Officer and Corporate 
                                      Secretary                             
                                                                            
Martin Selvin, Montreal, Quebec       Director                              
                                                                            
Friedrich Pindt, Vienna, Austria      Director                              

Mr. Saul Rajsky, 52, was appointed as a director on January 21, 1999 and is the CEO, CFO and Secretary of the Corporation. His term in office as a director will expire at the next annual meeting of shareholders. Mr. Rajsky has been employed on a full time basis since his appointment and received a bachelor degree from York University.

Mr. Selvin, 63, was appointed as a director on March 25, 2003. His term of office will expire at the next annual meeting of shareholders. Mr. Selvin is a self-employed businessmen operating within the clothing industry since 1997. Mr. Selvin will devote the necessary time to the Corporation that is required to discharge his fiduciary duties.

Mr. Pindt, 35, was appointed a director of the Corporation on February 28, 2012. His term of office will expire at the next annual meeting of shareholders. Mr. Pindt is the founding partner of Pindt & Slovakia, k.s. as consulting company. Previously, he held various positions within banking as group auditor, asset management, treasury and risk management. Mr. Pindt will devote the necessary time to the Corporation that is required to discharge his fiduciary duties.

All directors are members of the board sub-committees, being: (i) Audit Committee, (ii) Corporate Governance and Nominating Committee, and (iii) Compensation Committee.

No director or officer has any indebtedness to the Corporation, nor have they entered in to a non-competition or non-disclosure agreement with the Corporation or employment agreement.

Other than the Order, no director or executive officer is, as at the date of this press release, or was within 10 years before the date of this press release, a director, chief executive officer or chief financial officer of any company, that:


a.  was subject to an order that was issued while the director or executive
    officer was acting in the capacity as director, chief executive officer
    or chief financial officer, or 
    
b.  was subject to an order that was issued after the director or executive
    officer ceased to be a director, chief executive officer or chief
    financial officer and which resulted from an event that occurred while
    that person was acting in the capacity as director, chief executive
    officer or chief financial officer. 

No director or executive officer of the Corporation, or a shareholder holding a sufficient number of securities of the Corporation to affect materially the control of the Corporation:


a.  is, as at the date of this press release, or has been within the 10
    years before the date of this press release, a director or executive
    officer of any company that, while that person was acting in that
    capacity, or within a year of that person ceasing to act in that
    capacity, became bankrupt, made a proposal under any legislation
    relating to bankruptcy or insolvency or was subject to or instituted any
    proceedings, arrangement or compromise with creditors or had a receiver,
    receiver manager or trustee appointed to hold its assets, state the
    fact; or 
    
b.  has, within the 10 years before the date of this press release, become
    bankrupt, made a proposal under any legislation relating to bankruptcy
    or insolvency, or become subject to or instituted any proceedings,
    arrangement or compromise with creditors, or had a receiver, receiver
    manager or trustee appointed to hold the assets of the director,
    executive officer or shareholder, state the fact. 

The Principle Shareholder of the Corporation is Mr. Rajsky, who currently holds directly or indirectly, or exercises control or direction over 18,000,000 common shares of the Corporation representing 67.9% of the outstanding common shares. Neither Mr. Selvin nor Mr. Pindt either directly or indirectly have any ownership interest in the Corporation.

Save for certain historical continuous disclosure materials the Corporation has been exempted from filing pursuant to the Revocation Order, the Corporation has filed all continuous disclosure materials required to be filed pursuant to National Instrument 51-102. These materials are available under the Corporation's SEDAR profile at www.sedar.com.

The Corporation does not have any definitive plans in place for the operation of the business going forward. However, it is the intention of management of the Corporation to investigate opportunities going forward.

The Corporation has filed the following documents on SEDAR:


--  Audited annual financial statements for the years ended January 31,
    2012, 2011 and 2010. 
    
--  CEO/CFO certificates under National Instrument 52-109 in respect of the
    above annual filings. 
    
--  Interim financial statements and CEO/CFO certificates for the periods
    ended April 30, 2012 and July 31, 2012. 
    
--  Managements' Discussion and Analysis for the years ended January 31,
    2012, 2011 and 2012 and the interim periods ended April 30, 2012 and
    July 31, 2012. 

The Corporation has provided an undertaking to the OSC that it will not complete any of the following transactions without first filing a prospectus with the OSC:


--  a restructuring transaction involving, directly or indirectly, an
    existing or proposed, material underlying business which is not located
    in Canada; 
    
--  a reverse takeover with a reverse takeover acquirer that has a direct or
    indirect, existing or proposed, material underlying business which is
    not located in Canada; or 
    
--  a significant acquisition involving, directly or indirectly, an existing
    or proposed, material underlying business which is not located in
    Canada. 

The Corporation has provided an undertaking to the OSC that it will hold an annual general meeting of shareholders within the next three months.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!