iTokk, Inc. (IKTO)

[PNKBULLSHT]

British Columbia Securities Commission: Vancouver Man Agrees to Sanctions for Contravening Cease Trade Orders

MENAFN - - 6/26/2013 2:33:57 PM

British Columbia Securities Commission: Vancouver Man Agrees toSanctions for Contravening Cease Trade Orders

VANCOUVER, BRITISH COLUMBIA, Jun 26, 2013 (Menafn - Marketwired via COMTEX) --In a settlement agreement with the British Columbia SecuritiesCommission, Kevin Penstock has admitted that he repeatedly breachedcease trade orders (CTO) issued by the executive director against hiscompany, iTokk Inc. Penstock is a Vancouver resident and is thepresident, chief executive officer, chief financial officer,secretary, treasurer, director and majority shareholder of iTokk.

The agreement states that on June 11, 2010, the executive directorcease-traded the securities of iTokk, an OTC reporting issuer withits head office in Vancouver, for failure to file documents. In spiteof this, iTokk and Penstock issued 134,398 shares of iTokk byentering into subscription agreements between June 11 and June 25,2010, raising approximately 336,000. iTokk and Penstock acknowledgedthat this action constituted a breach of the CTO. The CTO was revokedin September 2010 after iTokk filed the required documents.

However, in October 2010, the executive director again cease-tradedthe securities of iTokk for failure to file documents. BetweenJanuary 13 and March 28, 2011, iTokk and Penstock issued 19,609shares of iTokk by entering into subscription agreements, raisingapproximately 50,000. iTokk and Penstock have acknowledged that thisaction constituted a breach of the CTO issued in October 2010. Thecompany remains cease-traded.

For his misconduct, Penstock has agreed to pay 55,000 to the BCSC,and to take the officers and directors course within one year of thedate of the agreement and provide proof of the completion of thecourse to the executive director. Additionally, Penstock must provideproof satisfactory to the BCSC that he has engaged current members ingood standing of the Institute of Chartered Accountants of BritishColumbia and the Law Society of British Columbia as advisors toiTokk, and that he has disclosed any order made against him or iTokkto those advisors.

Penstock is also prohibited from becoming or acting as a director orofficer of any issuer or registrant for a period of five years,except for iTokk.

The agreement notes that Penstock cooperated with BCSC staff'sinvestigation.

The B.C. Securities Commission is the independent provincialgovernment agency responsible for regulating trading in securitieswithin the province. You may view the settlement agreement on ourwebsite www.bcsc.bc.ca by typing Kevin Penstock, iTokk Inc. or 2013BCSECCOM 87 in the search box. Information regarding disciplinaryproceedings can be found in the Enforcement section of the BCSCwebsite.

Please visit the Canadian Securities Administrators' DisciplinedPersons List for information relating to persons disciplined byprovincial securities regulators, the Investment Industry RegulatoryOrganization of Canada (IIROC) and the Mutual Fund DealersAssociation (MFDA).

For media inquiries, contact Richard Gilhooley, media relations,604-899-6713. For public inquiries, call 604-899-6854 or1-800-373-6393 (toll free).

Learn how to protect yourself and become a more informed investor atwww.investright.org.


Contacts:
British Columbia Securities Commission
Richard Gilhooley
Media Relations
604-899-6713 or (Canada) 1-800-373-6393
www.bcsc.bc.ca





SOURCE: British Columbia Securities Commission

http://www.bcsc.bc.ca



(C) 2013 Marketwire L.P. All rights reserved.