Solucorp Industries, Ltd. Responds to SEC ``Spamalot'' Trading Halt
16 March 2007 - 5:34AM
Business Wire
Solucorp Industries, Ltd. (OTC:SLUP) responds to the March 8, 2007
action taken by the Securities and Exchange Commission in which the
SEC suspended trading in the securirties of 35 companies, including
Solucorp, for a period of 10 trading days. Solucorp was identified
as one of the 35 companies. Solucorp denies any Company initiated
participation in spam e-mail campaigns. Richard A. Runco, President
of Solucorp Industries, Ltd., stated, �The Company does not solicit
or condone spamming activities. The Company�s own research
disclosed that on the web site www.spamnation.info.com only one
spam is listed for Solucorp during the three-year period 2004 -
2007. Solucorp has no knowledge as to the origin or content of that
activity mentioning Solucorp, which is listed to have taken place
on March 29, 2006." Management clearly recognizes and supports the
need for providing adequate and accurate financial and other
pertinent corporate data in order to thwart spam misinformation. To
this end the Company had, prior to the suspension of the trading of
its stock, prepared audited financial statements for 2002, 2003,
and 2004. The 2004 financal statements, released February 26, 2007,
includes an in-depth discussion of subsequent material events
through February 26, 2007. The Company�s 2005 unaudited financial
statements have been completed and currently are being audited.
Financials for 2006 are currently being prepared. In light of the
SEC�s highlighting the enormous spam activity, the need for visible
and audited financial data is apparent. As stated in its December
2006 Letter to Shareholders, Solucorp has been actively taking the
steps necessary to bring its financials current and to once again
become a fully reporting company. Upon completion of the 2005 audit
and commencement of the 2006 audit, the Company intends to take all
steps necessary to become a fully reporting company - including
ultimately filing a Form 10 with the SEC. The SEC news release
stated that its action was �part of a stepped-up SEC effort - code
named �Operation Spamalot� - to protect investors from potentially
fraudulent spam e-mail hyping small company stocks with phrases
like �Ready to Explode,� �Ride the Bull,� and �Fast Money.�� SEC
Chairman Christopher Cox said, �10 million spam messages are sent
every week causing dramatic shifts in share price and volume with
investors often losing money as a result.� Friday, March 16, 2007,
the Company�s financial statements, business plan, patents and
supporting data, and a due diligence information book will be sent
to members of the Brokerage community previously interested in
accepting unsolicited orders on the Company�s stock. Additionally,
the Company will post its financials on the company web site
(www.solucorpltd.com) and will provide the information to Pink
Sheets.com for inclusion in their network. Runco added, �The
Company supports the SEC and its decision to minimize the negative
impact of spam and is cooperating fully to provide business
information upon which investors can rely. Investors will be kept
informed on the Company�s progress in this important matter.� The
Company�s core patented technology Molecular Bonding System
received Environmental Protection Agency (�EPA�) Superfund �SITE�
(Superfund Innovative Technology Evaluation) approval in 1997
(www.EPA.gov) and has since successfully undergone other EPA,
Department of Energy (�DOE�) testing and independent tests on many
environmental projects both in United States and abroad. In
addition, The Company has recently completed a remediation project
in Ravenna, Italy. The Company has completed projects in the United
States in the past and continues to actively market its
technologies in the United States and Europe. The Company also
holds five patents, one Notice of Allowance and has five patents
pending. About Solucorp Industries Ltd. Solucorp Industries, Ltd.,
is a provider and developer of cost effective and permanent
technologies for the remediation and prevention of hazardous heavy
metal (including lead, mercury, arsenic, chromium, copper, zinc,
nickel, selenium and cadmium) contamination. Solucorp is the owner
of several patents and numerous additional patents that are
pending. Solucorp Industries, Ltd., has three wholly owned
subsidiaries: Solucorp Industries, Integrated Fixation System
Company, Inc., and WITS, Inc. The foregoing discussion contains
forward-looking statements, which are based on current
expectations. Actual results, including the timing and amount of
revenues recognized, contracts awarded and performed and net income
may differ due to such factors as: delays in payment on contracts
due to dealings with governmental and foreign entities;
fluctuations in operating costs associated with changes in project
specifications; economic and other conditions affecting the ability
of prospective clients to finance projects; and other risks
generally affecting the financing of projects. Investors are
cautioned to perform a proper due diligence and consult licensed
professionals prior to making an investment decision.
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