ASC alleges Kenneth Healing, Sholina Somji-Healing and Nizar Somji engaged in illegal insider trading

CALGARY, March 20, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Kenneth Barry Healing, Sholina Somji-Healing and Nizar Jaffer Somji breached Alberta securities laws by engaging in illegal insider trading in shares of former Edmonton-based company Matrikon Inc.

ASC staff allege that in December 2009, Somji, Matrikon's President and CEO, told Healing and Somji-Healing of a new Matrikon contract and the company's first quarter financial results, and that Healing and Somji-Healing then bought shares of Matrikon before this material information was publicly disclosed. ASC staff also allege that in May 2010, Somji told Healing and Somji-Healing of the imminent sale of Matrikon and that Healing and Somji-Healing bought shares in Matrikon before the sale was made public.

In addition, ASC staff allege that Somji-Healing made misleading or untrue statements to ASC investigators.

An appearance to set a date for hearing in Calgary will be held on April 11, 2012 at 3 p.m. in the ASC Hearing Room, 5th floor, 250 - 5th Street SW, Calgary, Alberta.

A copy of the Notice of Hearing is available on the ASC website at www.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.

For Media Inquiries: 
Mark Dickey
Senior Communications Advisor
403-297-4481

For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1-877-355-4488