News Release

Wells Asset Management System Inc. and Dale Wells consent to termination as registrants

Aug 26, 2019

CALGARY – August 26, 2019 – The Alberta Securities Commission (ASC) has terminated the registrations of Wells Asset Management System Inc. and its principal, Dale Richard Wells, after receiving their voluntary consents.

In July 2018, Mr. Wells and Wells Asset Management System Inc., which operated as an investment fund manager and portfolio manager based in Lloydminster, Alberta, agreed to terms and conditions on their registrations because of significant concerns with the firm’s compliance with securities laws. In early 2019, their registrations were suspended as the firm’s funds were placed under a new fund manager. Mr. Wells and the firm have now consented to the termination of their registrations.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

-30-

For further information please contact:

For Media Inquiries:

For Investor Inquiries:

Curt Boechler
Senior Communications Advisor
403-835-1263

ASC Public Inquiries
Toll Free: 1-877-355-4488