Lakeside Steel Inc. (TSXV:LS)
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WELLAND, ON, Aug. 18, 2011 /CNW/ --
WELLAND, ON, Aug. 18, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS)
("Lakeside" or the "Company") today announced that the Company has been
advised that Vic Alboini, Chairman and Chief Executive Officer of the
Company, and Northern Securities Inc. (an investment dealer registered
with IIROC and of which Mr. Alboini is Chairman and Chief Executive
Officer), and certain other executives of Northern Securities
(together, the "Respondents") were issued a Notice of Hearing from the
Investment Industry Regulatory Organization of Canada ("IIROC") dated
July 29, 2011 (the "Notice"). The Notice sets out six matters alleging
failures by the Respondents to comply with the provision of margin in
Northern Securities' client accumulation account; supervision of
trading activities; findings from earlier business conduct compliance
and trade conduct reviews; best price obligation; and financial
reporting.
For additional details regarding the Notice, please refer to the press
release and memorandum of Northern Financial Corporation (Northern
Securities' publicly traded parent company), each filed by Northern
Financial on SEDAR on July 29, 2011, and the Notice which is available
on the IIROC website. A hearing into the allegations contained in the
Notice has been scheduled to commence on May 7, 2012.
None of the allegations relate to or otherwise involve Lakeside or its
subsidiaries, none of which are regulated by IIROC, or are related to
Northern Financial Corporation or Northern Securities.
None of the allegations described in the Notice have been proven. Mr.
Alboini has advised the Board that he refutes all the allegations and
intends to vigorously defend all allegations brought by IIROC.
About Lakeside Steel Inc.
Lakeside is a 2011 TSX Venture Exchange 50 company and the parent
company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and
Lakeside Steel Texas Inc. Lakeside has operating facilities located in
Welland, Ontario, and Corpus Christi, Texas, and three facilities
currently being constructed in Thomasville, Alabama. Lakeside is a
diversified steel pipe and tubing manufacturer with a focus on
manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list
of customers includes large oil and gas end users as well as
distributors across North America.
Lakeside Steel Alabama will be a diversified steel pipe manufacturer
with end-finishing and heat treat capabilities strategically situated
in the southern United States on successful completion of construction
of the new facilities in Thomasville, Alabama. Construction of the
Alabama facilities is currently underway.
This press release may contain forward-looking statements with respect
to the Company, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as "may", "will", "expect", "estimate",
"anticipate", intends", "believe" or "continue" or the negative thereof
or similar variations. The actual results and performance of the
Company discussed herein could differ materially from those expressed
or implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion, and Analysis, Annual Information Form and
Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements
attributable to the Company and persons acting on their behalf. Unless
otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update
such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011.
TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/18/c4587.html
p /p table tr valign="top" td valign="top" align="left" bRon Bedard /bbr/ President and Chief Operating Officerbr/ Lakeside Steel Inc.br/ FAX: (905)735-9069br/ e-mail: a href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a /td td /td td /td td valign="top" align="left" bKen Hunter /bbr/ Chief Financial Officerbr/ Lakeside Steel Incbr/ FAX: (905)735-9069br/ e-mail: a href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a /td /tr /table p /p