NORTH STAR INTERNATIONAL, a Nevada Corporation, Plaintiff-Appellant, v. the ARIZONA CORPORATION COMMISSION, Et Al., Defendants-Appellees

North Star International (North Star) appeals from a district court order dismissing its action for failure to state a claim upo n which relief can be granted. We affirm.

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.. , _ „ ... . North Star alleges m its complaint that it is a Nevada corporation with its principal place of business in Tucson Arizona. North Star was formed by the shareholders of Polaris International Metals Inc. (Polans) to exploit development of the Redox process, a radically different method of producmg iron and steel. As part of an effort to raise capital, North Star successfully completed a Regulation A filing with the United States Securities and Exchange Commission. North Star next applied to the Arizona Corporations Commission (Arizona Commission) for a statutory exemption from applicable Arizona security regulations in offering its shares to Polaris shareholders residing in Arizona. After the Securities Division of the Arizona Corporations Commission denied North Star’s request for exemption, North Star applied for registration by qualification and requested a hearing in connection with its application. Before a hearing was set, North Star filed this action for injunctive and declaratory…