Alberta Securities Commission (ASC) has concluded a settlement with Gary Michaels, vp of communications CV Technologies Inc., regarding allegations of illegal insider trading of CV Technologies securities in December 2006.

Michaels paid the ASC $30,000 to settle the allegations and $20,000 towards costs.

Michaels agreed to cease trading in or purchasing securities (with some exceptions) and refrain from using Alberta securities laws exemptions for three years. He has also agreed to refrain from becoming a director of any reporting issuer for one year.

In the settlement agreement, Michaels admitted he had knowledge of undisclosed material information when he sold 91,900 shares of CV Technologies between Dec. 13 and 19, 2006. Michaels’ trades were part of a financial plan previously disclosed to senior management of CV Technologies. Michaels’ gross proceeds from the sale were $20,000 greater than if he had sold into the market the week following disclosure of the material information in a February 8, 2007 CV Technologies news release.

A copy of the Settlement Agreement is available on the ASC website.

IE