Halted by SEC September 2006
Southwestern Medical Solutions, Inc. Appoints Miami Based Law Firm
Southwestern Medical Solutions, Inc. (PINKSHEETS: SWNM). By order dated September 11, 2006, the Securities and Exchange Commission suspended trading in the Company's stock until September 22, 2006. It appeared to the SEC there was a lack of current and accurate information concerning the Company because of questions regarding the accuracy and adequacy of assertions by Southwestern, and by others, concerning, among other things: (1) the existence of applications for U.S. Food and Drug Administration approvals for its Labguard product, (2) the existence of a patent and trademark, and (3) the receipt of an order for the sale of several thousand units of Labguard.
The Company believes that, in addition to the matters listed in the Commission's suspension of the Company's stock, the SEC inquiry may have been prompted by a "spam" email campaign that the Company neither authorized, condoned or participated in.
The Company has received subpoenas from the Securities and Exchange Commission for records and testimony from the Company, its officers and directors.
Southwestern Medical Solutions has retained a law firm based in Miami whose forte is in SEC compliance issues. The Company has cooperated fully with the SEC through their counsel and will continue to work diligently with them to address the unresolved issues currently outstanding. We will also continue to rely on the law firm for guidance and direction in the Company's future growth and legal issues.
Investors should be careful not to rely on unauthorized "news" about the Company in emails or otherwise and should consult a registered investment professional in connection with any investment decisions concerning the Company.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, SWNM notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, SWNM wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future.
Source: Market Wire (October 11, 2006 - 12:05 PM EST)
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