LS Lakeside Steel Inc.

WELLAND, ON, Aug. 18, 2011 /CNW/ -- WELLAND, ON, Aug. 18, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside" or the "Company") today announced that the Company has been advised that Vic Alboini, Chairman and Chief Executive Officer of the Company, and Northern Securities Inc. (an investment dealer registered with IIROC and of which Mr. Alboini is Chairman and Chief Executive Officer), and certain other executives of Northern Securities (together, the "Respondents") were issued a Notice of Hearing from the Investment Industry Regulatory Organization of Canada ("IIROC") dated July 29, 2011 (the "Notice").  The Notice sets out six matters alleging failures by the Respondents to comply with the provision of margin in Northern Securities' client accumulation account; supervision of trading activities; findings from earlier business conduct compliance and trade conduct reviews; best price obligation; and financial reporting. For additional details regarding the Notice, please refer to the press release and memorandum of Northern Financial Corporation (Northern Securities' publicly traded parent company), each filed by Northern Financial on SEDAR on July 29, 2011, and the Notice which is available on the IIROC website. A hearing into the allegations contained in the Notice has been scheduled to commence on May 7, 2012. None of the allegations relate to or otherwise involve Lakeside or its subsidiaries, none of which are regulated by IIROC, or are related to Northern Financial Corporation or Northern Securities. None of the allegations described in the Notice have been proven. Mr. Alboini has advised the Board that he refutes all the allegations and intends to vigorously defend all allegations brought by IIROC. About Lakeside Steel Inc. Lakeside is a 2011 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corporation, Lakeside Steel Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating facilities located in Welland, Ontario, and Corpus Christi, Texas, and three facilities currently being constructed in Thomasville, Alabama. Lakeside is a diversified steel pipe and tubing manufacturer with a focus on manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list of customers includes large oil and gas end users as well as distributors across North America. Lakeside Steel Alabama will be a diversified steel pipe manufacturer with end-finishing and heat treat capabilities strategically situated in the southern United States on successful completion of construction of the new facilities in Thomasville, Alabama. Construction of the Alabama facilities is currently underway. This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion, and Analysis, Annual Information Form and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Lakeside was recognized as a TSX Venture 50® company in 2010 and 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.   To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/18/c4587.html p /p table tr valign="top" td valign="top" align="left" bRon Bedard /bbr/ President and Chief Operating Officerbr/ Lakeside Steel Inc.br/ FAX:  (905)735-9069br/ e-mail: a href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a /td td   /td td   /td td valign="top" align="left" bKen Hunter /bbr/ Chief Financial Officerbr/ Lakeside Steel Incbr/ FAX:  (905)735-9069br/ e-mail: a href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a /td /tr /table p   /p

Copyright