The latest update saw our first revocation of a promoted stock. MCIO was revoked by the SEC.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 61412 / January 25, 2010
ADMINISTRATIVE PROCEEDING File No. 3-13672
: In the Matter of : ORDER MAKING FINDINGS AND
: REVOKING REGISTRATION OF MINECORE INTERNATIONAL, : SECURITIES PURSUANT TO SECTION INC., : 12(j) OF THE SECURITIES EXCHANGE
: ACT OF 1934
Respondent. :
:
I.
The Securities and Exchange Commission (“Commission”), having issued on November 4, 2009 an Order Instituting Administrative Proceedings Pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against Minecore International, Inc. (“Minecore” or “Respondent”), now deems it necessary and appropriate for the protection of investors that an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Order”) be issued against Respondent.
II.
In response to the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over it and the subject matter of these proceedings, which are admitted, Respondent consents to the entry of this Order, as set forth below.
III.
On the basis of this Order and Respondent’s Offer, the Commission finds that:
A. Minecore is a Delaware corporation headquartered in San Jose, California, with a class of equity securities registered with the Commission pursuant to Section 12(g) of the Exchange Act. Minecore’s stock was quoted on the “Pink Sheets” operated by Pink OTC Markets, Inc. until trading was temporarily suspended by the Commission on November 4, 2009. The stock currently trades on the over-the-counter market (grey market).
B. Minecore has failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder, while its common stock was registered with the Commission in that it has not filed an Annual Report on Form 10-K since the fiscal year ended December 31, 2001 or periodic or quarterly reports on Form 10-Q for any fiscal period subsequent to its fiscal quarter ended September 30, 2001.
IV.
Section 12(j) of the Exchange Act provides as follows:
The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence.
In view of the foregoing, the Commission finds that it is necessary and appropriate for the protection of investors to impose the sanction specified in Respondent’s Offer.
Accordingly, it is hereby ORDERED, pursuant to Section 12(j) of the Exchange Act, that registration of each class of Respondent’s securities registered pursuant to Section 12 of the Exchange Act be, and hereby is, revoked.
For the Commission, by its Secretary, pursuant to delegated authority.
Elizabeth M. Murphy Secretary
2
AI
