Sulja Bros. Building Supplies, Ltd (SLJB)

[foryourinfo]

Sulja trade ban extended to July 5

Gary Rennie
Windsor Star


Saturday, March 24, 2007


The Ontario Securities Commission (OSC) on Friday extended a province-wide trading halt on shares of Sulja Brothers Building Supplies Ltd. until July 5 when a hearing on violations of securities regulations will resume.

Allegations of manipulating stock prices, issuing false and misleading press releases, and selling stock without issuing a prospectus were made last December against a Nevada-incorporated company with the Sulja name and its former CEO Petar Vucicevich.

Also charged were the Harrow-based Sulja company, another company of Vucicevich's called Kore International Management, and a San Antonio, Tex., resident, Andrew DeVries.

Six months ago, Vucicevich announced a $20-million land-assembly and commercial development in Colchester Village under the Kore name. Essex administrator Wayne Miller said Vucicevich has never presented plans to the town or even checked to see if zoning would permit what he has in mind.

In its last news release on Jan. 10, the company acknowledged it was also under scrutiny from the U.S. Securities and Exchange Commission. The company then cautioned investors not to rely upon any of its previous news releases or other public statements.

A class-action lawsuit has been launched in the U.S. by one investor who said buying the stock wiped out US$67,000 in retirement savings. A separate lawsuit is nearing completion in Detroit against Loftwerks Inc., the publicly traded company that Sulja Bros. claimed to have merged with last year.

© The Windsor Star 2007