email from Stasi at NLAI
Subject:RE: Trading Suspension
Date:Wednesday, August 20, 2008 8:42:33 AM
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Mr. xxxx –
I have found out some more – as I understand it, trading has been temporarily halted as a result of routine SEC review of delinquent filers. As you know, NLAI is on the pinksheets and, as with many other pinksheet companies, has no recent filings. In the SEC statement regarding the temporary trading suspension (see below), four additional companies (Pacific Gateway Exchange, Inc., Pallet Management Systems, Inc., Panco, Inc., and Patriot Motorcycle Corp.) were also listed and all were selected alphabetically, indicating their continuing, systematic action against trading but delinquent filers. NLAI was previously named Paragon Financial, so was reviewed along with other “Pa” companies. This SEC procedure focuses on companies delinquent in their SEC filings of 10Qs and 10ks.
Separately, former management of Paragon Financial has been in communication with the SEC in order to resolve outstanding issues for Paragon’s past filings. These communications have been with a different department at the SEC than is responsible for the routine review of delinquent filer companies. Regardless, per the suspension statement, the Company will be eligible for trading again after August 29th. NLAI current management intends to move the company back into reporting compliance and the trading suspension does not alter management’s intent to do so as soon as possible.
SEC Statement:
The U.S. Securities and Exchange Commission announced the temporary suspension of trading in the securities of the following five issuers, commencing at 9:30 a.m. EDT on August 18, 2008 and terminating at 11:59 p.m. EDT on August 29, 2008:
Pacific Gateway Exchange, Inc. (PGEXQ)
Pallet Management Systems, Inc. (PALTQ)
Panaco, Inc. (PNOIQ)
Paragon Financial Corp. (n/k/a NewMarket Latin America, Inc.) (NLAI)
Patriot Motorcycle Corp. (PMCY)
The Commission temporarily suspended trading in the securities of these issuers due to a lack of current and accurate information about the companies because they have failed to file certain periodic reports with the Commission. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
Thank you –
Stasi
