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SEC Revokes Securities Registrations Of Twenty-Five Delinquent Issuers

Date 15/02/2006

The Securities and Exchange Commission today issued orders revoking the registrations of the securities of twenty-five separate issuers that failed to comply with their obligation to file periodic reports with the Commission. The sweep was part of the ongoing efforts of the Delinquent Filings Program of the SEC's Divisions of Enforcement and Corporation Finance, and represents the largest number of revocation orders issued by the Commission in a single day.

In connection with today's actions, Linda Chatman Thomsen, Director of the Commission's Division of Enforcement, said, "Today's action is another indication of our commitment to proactive enforcement of the federal securities laws, including the requirements that public companies file timely periodic reports with the Commission so that investors have access to up-to-date financial and other information about the issuers of securities."

Alan L. Beller, Director of the Commission's Division of Corporation Finance, said, "With Exchange Act registration come certain obligations for public companies to keep their periodic reports current so that investors will have accurate financial and other information upon which they can make investment decisions. Keeping investors informed is fundamental under the federal securities laws."

The Commission instituted the Delinquent Filings Program to encourage publicly traded companies that are delinquent in the filing of their required periodic reports (Forms 10-K, 10-KSB, 10-Q, and 10-QSB) under the Securities Exchange Act of 1934 to provide investors with accurate financial information upon which to make informed investment decisions. The securities registrations of issuers that fail to make their required periodic filings are subject to suspension or revocation by the Commission.

Today the Commission instituted separate settled proceedings pursuant to Exchange Act Section 12(j) revoking the registration of each class of securities of the following issuers for failure to make required periodic filings with the Commission (ticker symbols shown where available):

  • AM Communications, Inc. (AMCM)
  • Aries Holdings, Inc.
  • AuctionDiner.Com, Inc.
  • BIOMED Research Technologies, Inc.
  • BMC Industries, Inc. (BMMI)
  • Charm Capital Corp.
  • Cumberland Technologies, Inc. (CUMB)
  • Datatec Systems, Inc. (DATC)
  • Datec Group, Ltd., f/k/a Brocker Technology Group, Ltd. (DTGLF)
  • Enviro-Recovery, Inc. (EVRE)
  • Frontier Insurance Group, Inc. (FTER)
  • Globalstar Telecommunications Ltd. (GSTRF)
  • Host Funding, Inc. (HFDI)
  • Leadville Corporation (LDVL)
  • Level Jump Financial Group, Inc. (LJMP)
  • Maritek Corporation (MRTK)
  • Marketing Educational Corporation (MEDU)
  • Mega-C Power Corp., n/k/a Net Capital Ventures Corp.
  • Model Capital Corp.
  • Newstar Media, Inc. (NWST)
  • Olicom A.S. (OLCMF)
  • Parade Holdings, Inc.
  • Pepper Capital Corp.
  • Reliance Group Holdings, Inc. (RELHQ)
  • Westergaard.com, Inc. (WSYS)

Without admitting or denying the findings of the order pertaining to each issuer, except as to jurisdiction, which each admitted, each of the foregoing issuers separately consented to the entry of an order pertaining to that issuer finding that it had failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of the issuer's securities pursuant to Exchange Act Section 12(j).

Under the Delinquent Filings Program, the Division of Corporation Finance issues delinquency notice letters to delinquent issuers requesting that such issuers promptly come into compliance with their reporting obligations. The letters warn that if an issuer fails to comply with those obligations, or otherwise fails to respond appropriately to the delinquency notice letter, then it risks suspension or revocation of the registration of its securities, and possibly a trading suspension of up to ten business days. The Commission would only take such actions if the Commission determines that such actions are authorized and appropriate under the law.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

    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 . . . .

If any broker dealer or other person has any information which may relate to this matter, the Delinquent Filings Branch of the Division of Enforcement of the Commission should be telephoned at (202) 551-5466, or e-mailed at DelinquentFilings@sec.gov.

For further information contact:

  • Walter G. Ricciardi, Deputy Director, Division of Enforcement - (202) 551-4899
  • Gregory G. Faragasso, Assistant Director, Division of Enforcement - (202) 551-4734
  • Neil J. Welch, Jr., Branch Chief, Division of Enforcement - (202) 551-4821
  • Mary J. Kosterlitz, Chief, Office of Enforcement Liaison, Division of Corporation Finance - (202) 551-3425
  • Patti J. Dennis, Special Counsel, Division of Corporation Finance - (202) 551-3251

Additional Materials Available at www.sec.gov

  See the Division of Enforcement, Delinquent Filings Program Spotlight at www.sec.gov

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of AM Communications, Inc., Administrative Proceeding File No. 3-2181, Exchange Act Release No. 53289.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Aries Holdings, Inc., Administrative Proceeding File No. 3-12182, Exchange Act Release No. 53290.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of AuctionDiner.Com, Inc., Administrative Proceeding File No. 3-12183, Exchange Act Release No. 53291.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Biomed Research Technologies, Inc., Administrative Proceeding File No. 3-12184, Exchange Act Release No. 53292.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of BMC Industries, Inc., Administrative Proceeding File No. 3-12185, Exchange Act Release No. 53293.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Charm Capital Corp., Administrative Proceeding File No. 3-12186, Exchange Act Release No. 53294.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Cumberland Technologies, Inc., Administrative Proceeding File No. 3-12187, Exchange Act Release No. 53295.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Datatec Systems, Inc., Administrative Proceeding File No. 3-12188, Exchange Act Release No. 53296.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Datec Group, Ltd. (f/k/a Brocker Technology Group, Ltd.), Administrative Proceeding File No. 3-12189, Exchange Act Release No. 53297.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Enviro-Recovery, Inc., Administrative Proceeding File No. 3-12190, Exchange Act Release No. 53298.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Frontier Insurance Group, Inc., Administrative Proceeding File No. 3-12191, Exchange Act Release No. 53299.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Globalstar Telecommunications Ltd., Administrative Proceeding File No. 3-12192, Exchange Act Release No. 53300.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Host Funding, Inc., Administrative Proceeding File No. 3-12193, Exchange Act Release No. 53301.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Leadville Corporation, Administrative Proceeding File No. 3-12194, Exchange Act Release No. 53302.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Level Jump Financial Group, Inc., Administrative Proceeding File No. 3-12195, Exchange Act Release No. 53303.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Maritek Corporation, Administrative Proceeding File No. 3-12196, Exchange Act Release No. 53304.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Marketing Educational Corporation, Administrative Proceeding File No. 3-12197, Exchange Act Release No. 53305.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Mega-C Power Corp., n/k/a Net Capital Ventures Corp., Administrative Proceeding File No. 3-12198, Exchange Act Release No. 53306.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Model Capital Corp., Administrative Proceeding File No. 3-12199, Exchange Act Release No. 53307.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Newstar Media, Inc., Administrative Proceeding File No. 3-12200, Exchange Act Release No. 53308.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Olicom A.S., Administrative Proceeding File No. 3-12201, Exchange Act Release No. 53309.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Parade Holdings, Inc., Administrative Proceeding File No. 3-12202, Exchange Act Release No. 53310.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Pepper Capital Corp., Administrative Proceeding File No. 3-12203, Exchange Act Release No. 53311.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Reliance Group Holdings, Inc., Administrative Proceeding File No. 3-12204, Exchange Act Release No. 53312.

  Order Instituting Proceedings, Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Westergaard.com, Inc., Administrative Proceeding File No. 3-12205, Exchange Act Release No. 53313.