ASC cease trades Calgary businessman Hugo Pittoors and Humanus Initiative

CALGARY, Aug. 11 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Calgary businessman Hugo Pittoors and Panamanian company Humanus Initiative Inc. based on allegations that Pittoors and Humanus Initiative are illegally selling securities to Alberta investors.

The interim order is in effect until August 24, 2010 and prohibits all trading in securities issued by Pittoors and Humanus Initiative. The order also prohibits the named parties from trading in all securities or using any Alberta securities laws exemptions. An ASC panel issued the Interim Cease Trade Order after hearing ASC staff evidence that Pittoors and Humanus Initiative traded in and distributed securities without the use of a prospectus or an applicable exemption.

ASC Staff are continuing their investigation into this matter. Anyone who has been contacted by someone from or on behalf of Hugo Pittoors or Humanus Initiative is asked to contact the ASC Public Inquiries Office at 403-355-4151 or 1-877-355-4488. Investors are cautioned against sending money for securities or investment purposes to the named parties while the Interim Cease Trade Order and any extended Interim Cease Trade Order is in place.

The next appearance has been scheduled for 9 a.m. on August 24, 2010 in the ASC hearing room on the 6th floor, 300 - 5th Ave. S.W., Calgary, Alberta. At that time, an ASC panel will consider whether to extend the interim order.

Copies of the Interim Cease Trade Order and the Notice of Hearing can be found 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 further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488