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SEC Takes Action Against Delinquent Filers

by Glen Shapiro, LawAndTax-News.com, New York

17 February 2006

The US Securities and Exchange Commission on Wednesday issued orders revoking the securities registrations 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.

Alan L. Beller, Director of the Commission's Division of Corporation Finance, explained that:

"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 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.

The issuers affected by Wednesday's action were: AM Communications, Inc., Aries Holdings, Inc., AuctionDiner.Com, Inc., BIOMED Research Technologies, Inc., BMC Industries, Inc., Charm Capital Corp., Cumberland Technologies, Inc., Datatec Systems, Inc., Datec Group, Ltd., Brocker Technology Group, Ltd., Enviro-Recovery, Inc., Frontier Insurance Group, Inc., Globalstar Telecommunications Ltd., Host Funding, Inc., Leadville Corporation, Level Jump Financial Group, Inc., Maritek Corporation, Marketing Educational Corporation (MEDU), Mega-C Power Corp., Net Capital Ventures Corp., Model Capital Corp., Newstar Media, Inc., Olicom A.S., Parade Holdings, Inc., Pepper Capital Corp., Reliance Group Holdings, Inc., and Westergaard.com, Inc.

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