University Lab Technologies: Cease trading order issued
The Leader-Post

Published: Saturday, April 14, 2007

The Saskatchewan Financial Services Commission (SFSC) has issued a temporary cease-trade order against University Lab Technologies Inc. (ULT) and six of its sales representatives.

University Lab Technologies Inc. of Boca Raton, Fla., holds itself out as manufacturing and selling natural products that address common health complaints, the commission said in a press release Friday.

George Theodore, Dan Iwanski, Steve Axelrod, Sy Schaiken, Bill Ross, and Richard Green, who act as salespersons for ULT, have contacted residents of Saskatchewan by telephone, e-mail and mail, and offered to sell them common shares of ULT. Some Saskatchewan residents have purchased shares in ULT, the commission said.

Neither these men nor ULT have been registered to trade in securities in Saskatchewan, nor has the commission received a prospectus from ULT. As a result, they have contravened both the registration and prospectus requirements of Saskatchewan securities laws.

Ed Rodonets, deputy director of enforcement for the commission's securities division, said ULT and its sales reps are not abiding by the rules governing the sale of securities in Saskatchewan.

"They're not following the Saskatchewan rules and regulations,'' Rodonets said. "They're making some promises that we're concerned about.''
For example, one of the respondents reportedly told several Saskatchewan residents that ULT shares could increase from 50 cents a share to $8 or $10 in the space of a year.

"The biggest concern we have though is ... that the company is denying having any Saskatchewan investors in ULT. We know otherwise.''
Rodonets said 21 Saskatchewan residents have contacted the commission about receiving calls from ULT representatives, with five or six investing in the company. "They're asking $25,000 minimum. There are some $25,000 investments, we know that for sure.''

Rodonets said ULT sales reps have contacted anywhere from 250 to 2,000 individuals across Canada. "So it's big,'' Rodonets said, adding that "they're not registered to operate in any province or in the state of Florida."

If anyone has been contacted by a person acting on behalf of ULT, call the commission at 306-787-5936. The complete decision is available on the commission's Web site at www.sfsc.gov.sk.ca.

© The Leader-Post (Regina) 2007