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Re: None

Wednesday, 03/23/2011 8:38:21 AM

Wednesday, March 23, 2011 8:38:21 AM

Post# of 2662
this is from the most recent 10-Q


a) SEC investigation


The SEC commenced an investigation concerning the Company, certain Officers and Directors of the Company, and certain other unrelated entities for violations of Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Sections 5 and 17(a) of the Securities Act of 1933. The activity that is subject of the alleged violations occurred in 2005. The SEC issued a Wells Notice on September 14, 2010 stating that it was its intention to recommend to the SEC that it bring a civil injunctive action against the Company. In connection with the contemplated civil action, the SEC may seek a permanent injunction, disgorgement plus pre judgment interest and civil penalties. In addition, the SEC indicated that it intends to recommend that the SEC institute an administrative proceeding pursuant to Section 12(j) of the Exchange Act against the Company to determine whether it is appropriate to suspend or revoke the registration of the Company’s securities. The SEC has not brought a formal action against the Company, accordingly, the Company cannot predict the outcome of the matter.

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