CALGARY, AB, Dec. 5, 2025 /CNW/ - An Alberta Securities Commission (ASC) panel has found that GRS Hydrogen Solutions Inc. (GRS) contravened Alberta securities laws by illegally distributing GRS securities, and by making prohibited representations and misrepresentations to investors. The panel also made findings against Albert Eugene Cerenzie – GRS's founder, sole director, president, and chief executive officer.

In a decision dated December 1, 2025, an ASC panel found that GRS breached Alberta securities laws.

• Illegal distributions: Between December 2021 to May 2023, GRS raised $282,500 by selling GRS securities to approximately 17 investors without a prospectus. GRS failed to ensure that 12 of those investors (representing $143,500) met the criteria for an available exemption from the prospectus requirement and illegally distributed securities.
• Prohibited representations: GRS made prohibited representations to investors and the general public that its shares would be listed on the Toronto Stock Exchange (TSX) and that they had applied to be listed or would apply to be listed on the TSX.
• Misrepresentations: GRS made additional statements to investors that GRS had a contract with an established Alberta-based energy company. Those statements and the representations about listing on the TSX were materially misleading or untrue (or both).

The panel found that Cerenzie authorized, permitted or acquiesced in GRS's contraventions. He did not fulfill his responsibilities as the director and officer of GRS.

Alberta securities laws generally require that companies using a prospectus exemption to raise capital are responsible for ensuring investors meet certain criteria before they invest, and they will be expected to take reasonable steps to verify that investors meet the criteria.

The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against GRS and Cerenzie. The timing of the next steps will be set after hearing from the parties.

A copy of the decision is available on the ASC website at asc.ca.

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.

SOURCE Alberta Securities Commission