The Alberta Securities Commission has adopted a British Columbia cease-trade order with respect to a company with connections to Red Deer.
The British Columbia Securities Commission ordered in August 2010 that trade in securities of Digagogo Ventures Corp. be halted.
It said some of the company’s filings and a news release were not completed in accordance with securities laws.
The Alberta commission announced on Wednesday that it had also concluded that it would be in the public’s interest to prohibit trade in Digagogo securities until the B.C. order is revoked.
It referred to evidence that Digagogo is operating in Red Deer through a licensee and that at least one Albertan has invested in the company.
The Red Deer licensee, Carman Bessey, told the Advocate that the cease-trade order has “zero effect” on his business, Red Deer Dogo Net. He explained that the licence agreement has been completed.
Red Deer Dogo Net allows participating businesses and households to buy and sell goods and services online, using a regional advertising platform and search engine.
Bessey said it’s currently supplying services to more than 2,500 businesses and households a month in Red Deer County, and has submitted an app to iTunes operator Apple Inc. that would provide users with detailed information about local restaurants.
Digagogo Ventures is an American company that is an over-the-counter (OTC) or off-exchange issuer of securities.