ASC reaches $95,000 settlement with Olds resident Richard Wayne Sayler

CALGARY, Dec. 16 /CNW/ - The Alberta Securities Commission (ASC) has reached a $90,000 settlement with former Reveal.ca Inc. CEO Richard Wayne Sayler regarding allegations of illegally distributing Reveal.ca securities and making prohibited representations.

Under the Settlement Agreement, Sayler also agreed to pay $5,000 towards the costs of the ASC's investigation, cease trading in or purchasing securities or exchange contracts, not to act acting as a director or officer of any issuer, registrant or investment fund manager, and not to act in a management or consultative capacity in connection with securities market activities, all for a period of 10 years.

In the Settlement Agreement, Sayler admitted to trading in and distributing securities without registering, filing a prospectus or using an applicable exemption.  Sayler also acknowledged that he made prohibited representations to investors when he stated that Reveal.ca securities would be listed on an exchange.

A copy of the Settlement Agreement is posted 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