| To: The Duke of URL© who wrote (55476) | 7/13/2005 10:05:56 PM | | From: Janice Shell | | | | Same Morgan? I can't quite summon up his first name...
VIANALE & VIANALE LLP FILES CLASS ACTION LAWSUIT AGAINST WORLD INFORMATION TECHNOLOGY INC.
BOCA RATON, FL (August 26, 2004) –– Vianale & Vianale LLP commenced a securities fraud class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of purchasers of the securities of World Information Technology, Inc. (“World Information” or the “Company”) (OTC: WRLT.PK) between January 3, 2003 and March 16, 2004, inclusive. View the complaint on Vianale & Vianale’s website: vianalelaw.com, or call toll-free 888-657-9960.
The complaint alleges that the Company, its officers, directors and outside auditor violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. World Information purported to be a leading “online, member-created, Internet community.” Throughout the class period, the Company reported artificially inflated sales, accounts receivable and net income. Despite these violations, the Company’s outside auditor, Beckstead & Watts, LLP (“B&W”), certified the Company’s 2002 financial statements. In September 2003, B&W wrote to CEO Gary D. Morgan, questioning the validity of the Company’s accounts receivable and noting problems with the Company’s internal financial controls, but did not withdraw its audit report. In January 2004, B&W resigned as the Company’s auditor, followed by CFO Steven D. Fellows who resigned in February 2004. On March 16, 2004, the Company announced that the Securities and Exchange Commission had temporarily suspended trading of the Company’s securities due to the inaccuracy and incompleteness of the Company’s financial statements. |
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| To: Janice Shell who wrote (55477) | 8/5/2005 3:18:58 PM | | From: Riley_G-NYC | | | | I just checked back in after all these years and still see many of the same old posters still here...
Janice is living in PA from what I heard the other day, Bill has legal troubles as well...
Well some of us have lives and have moved on from the scam called OVIS turned RMIL...
Yes, my RMIL stock is still in my account... Going nowhere fast... |
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| To: Janice Shell who wrote (55479) | 8/5/2005 6:24:41 PM | | From: Riley_G-NYC | | | | | Nor do I have any legal problems... Just playing professional poker and making films these days... No stock market activity... Just own a boat load of RMIL and wondering why the FBI and or SEC did not arrest those in RMIL for the fraud press releases and SEC filings... |
| | Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (2) |
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| To: The Duke of URL© who wrote (55481) | 8/6/2005 12:43:47 AM | | From: Riley_G-NYC | | | | LOL indeed, but what about the SEC testimony I gave in the RMIL matters....???
I know that many found it hard to believe that I am not, was not involved in any scams... I'm sure that Tonto, and Kuglar, and the SEC can verify this...
Next case... |
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| To: Riley_G-NYC who wrote (55480) | 8/6/2005 9:40:56 PM | | From: Janice Shell | | | | wondering why the FBI and or SEC did not arrest those in RMIL for the fraud press releases and SEC filings...
I wonder why as well. I was outraged that the Nasdaq let them start up another company. Which I imagine has gone under... |
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| To: Janice Shell who wrote (55483) | 8/6/2005 10:06:02 PM | | From: Tommy Hicks | | | | I haven't thought about Gary Morgan or Roland Breton in awhile, but remember they were involved in Dynamic Imaging Group (DYIG) (which Riley bashed BTW). I did a little checking and found that DYIG later became Greentech USA Inc. (GTEI.OB).
finance.yahoo.com
I guess it comes as no surprise that GTEI hasn't done well.
"GREENTECH USA: Losses & Deficit Raise Going Concern Doubt
---------------------------------------------------------
Greentech USA, Inc. (formerly Dynamic Imaging Group, Inc.) was
incorporated under the laws of the State of Florida in January
1999. Through its wholly-owned subsidiary, Dynamic Imaging Group,
Inc., a Colorado corporation, it is engaged in the sale and rental
of portable show displays, accessories and graphics, all of which
are used in the trade show and trade exhibition industry.
Greentech USA incurred net losses of $1,589,300 for the
year ended December 31, 2003 as compared to a net loss of
$1,205,749 for the year ended December 31, 2002. Since inception,
the Company has incurred losses of $7,133,573. Its operations
have been funded by the sale of common stock with gross
proceeds of approximately $1,000,000 since inception.
Additionally, Greentech signed convertible debentures and note
agreements and borrowed approximately $ 2,000,000 from third
parties and related parties. These funds were used for
working capital and capital expenditures.
Management believes that there is sufficient liquidity to meet all
of the Company's current cash requirements for the next
twelve months through cost reductions and increased marketing
efforts together with additional proceeds from common stock sales.
A key element of its strategy is to evaluate opportunities to
expand through acquisition of companies engaged in similar and
related complementary businesses. Any additional acquisitions
may require additional capital, although there can be no
assurances that any acquisitions will be completed. Also,
management believes that additional funding will be necessary to
expand market share.
During the year ended December 31, 2003, operating cash
requirement was $ 1,775,818, mainly attributable to the net loss
of $ 1,589,300 mitigated by non-cash charges for depreciation of
$29,065, beneficial interest on notes payable and Series A
Preferred stock of $181,647, compensation related to the issuance
of common stock for services rendered of $153,000, and other non
cash items totaling $403,008.
The independent auditors for the Company have stated that the
Company has experienced losses from operations totaling $7,133,573
since inception, has cash used in operations of $1,775,818 in
2003, and has a working capital deficiency of $814,143 at
December 31, 2003. These matters raise substantial doubt about
the Company's ability to continue as a going concern.
bankrupt.com
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| To: Tommy Hicks who wrote (55484) | 8/6/2005 10:30:22 PM | | From: Tommy Hicks | | | | This may be old stuff to many but new to me.
"PROCEEDINGS INSTITUTED AGAINST GREENTECH USA, INC., INFORMATION ARCHITECTS
CORPORATION AND TEKRON, INC. FOR FRAUDULENT FILINGS
On February 11, the Commission instituted separate administrative
proceedings pursuant to Section 12(j) of the Securities Exchange Act of
1934 (Exchange Act) against three issuers to determine whether it is
necessary and appropriate for the protection of investors to suspend or
revoke the registration of their securities. The proceedings are against
the following issuers:
* Greentech USA, Inc. of Fort Lauderdale, Florida
* Information Architects Corporation of Fort Lauderdale, Florida
sec.gov
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| To: Tommy Hicks who wrote (55485) | 8/6/2005 10:35:12 PM | | From: Tommy Hicks | | | | February 10 2005
The Securities and Exchange Commission has suspended trading in securities of Greentech USA, Inc. (OTCBB: GTEI), Information Architects Corporation (OTCBB: IACH) and Tekron, Inc. (OTCBB: TKRN), citing concerns about recent disclosures by the three companies. The trading suspensions, which became effective on February 10, 2005, will continue for ten days, ending at 11:59 p.m. EST on Feb. 24, 2005.
In issuing the suspensions, the SEC said that questions had been raised regarding (i) the authenticity of the Report of Independent Certified Public Accountants included in the most recent Forms 10-KSB filed by Greentech, Information Architects and Tekron, including whether the audit reports accompanying the financial statements were prepared and issued by the named auditors; and (ii) the accuracy of statements made by each of the companies in amended Forms 10-KSB/A for the year ended Dec. 31, 2003, including statements by Greentech and Information Architects that a second review of their financial statements was being performed by the auditors.
Each of the three companies has indicated that its financial statements were audited by the firm of Russell & Adkins of Oklahoma City, Oklahoma. That is not all Greentech and Information Architects have in common. Both of those companies list the same business address – 6500 NW 15th Avenue, Suite 300, Fort Lauderdale, Florida and the same telephone number, 954-545-8181. They also appear to share a director, Alfred Tracy III.
Now they have a common problem as well.
stockpatrol.com
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