The British Columbia Securities Commission (BCSC) has issued a warning to the public about a British Virgin Islands-based company that purports to be developing aircraft propulsion technology.
The BCSC alleged that Hines Aircraft Ltd. engaged B.C. parties to sell company shares and warrants, with transactions mostly taking place in the Kelowna area.
Hines claimed it is not selling securities, instead claiming it is selling “Fractional Ownership Units” – shared ownership in an aircraft.
The BCSC stated, however, that Hines does not own any aircraft.
In addition, the BCSC said, even if the company did own aircraft, the units being sold would still be considered to be securities. This would mean the company would be required to register and file a prospectus, which the BCSC said it has not.
The BCSC is requesting that anybody being approached by Hines Aircraft or having any other information about the company call the BCSC inquiries line at 604-899-6854 or 1-800-373-6393.
