COMMISSION SUSPENDS TRADING IN SAFE TRANSPORTATION SYSTEMS, INC. FOR
FAILURE TO MAKE REQUIRED PERIODIC FILINGS
On January 19, the Securities and Exchange Commission announced the
temporary suspension of trading of the securities of Safe
Transportation Systems, Inc. (SFTS), commencing at 9:30 a.m. EDT on
January 19, and terminating at 11:59 p.m. EDT on Feb. 1, 2006.
The Commission cautions brokers, dealers, shareholders and prospective
purchasers that they should carefully consider the foregoing
information along with all other currently available information and
any information subsequently issued by the company.
Brokers and dealers should be alert to the fact that, pursuant to Rule
15c2-11 under the Exchange Act, at the termination of the trading
suspensions, no quotation may be entered relating to the securities of
the subject companies unless and until the broker or dealer has
strictly complied with all of the provisions of the rule. If any
broker or dealer is uncertain as to what is required by the rule, it
should refrain from entering quotations relating to the securities of
the companies that have been subject to trading suspensions until such
time as it has familiarized itself with the rule and is certain that
all of its provisions have been met. Any broker or dealer with
questions regarding the rule should contact the staff of the
Securities and Exchange Commission in Washington, D.C. at (202) 942-
0772. If any broker or dealer enters any quotation which is in
violation of the rule, the Commission will consider the need for
prompt enforcement action.
If any broker, dealer or other person has any information which may
relate to this matter, they should immediately communicate it to the
Delinquent Filings Branch of the Division of Enforcement at (202) 824-
5460, or by e-mail at DelinquentFilings@sec.gov. (Rel. 34-53140)
COMMISSION INSTITUTES PROCEEDINGS AGAINST SAFE TRANSPORTATION SYSTEMS,
INC.
On January 19, in conjunction with a related trading suspension, the
Commission instituted public administrative proceedings to determine
whether to revoke or suspend the registration of each class of the
securities of Safe Transportation Systems, Inc. (SFTS) for failure to
make required periodic filings with the Commission. The Division of
Enforcement alleges that SFTS is delinquent in their required periodic
filings with the Commission. The Division of Enforcement also alleges
that the common stock of SFTS is quoted on the Pink Sheets.
In this proceeding, instituted pursuant to Section 12(j) of the
Securities Exchange Act of 1934, a hearing will be scheduled before an
Administrative Law Judge. At the hearing, the judge will hear evidence
from the Division of Enforcement and the respondent to determine
whether the allegations of the Division of Enforcement contained in
the Order, which the Division alleges constitute violations of Section
13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder, are
true. The judge will then determine whether the registrations pursuant
to Exchange Act Section 12 of the securities of the respondent should
be revoked, or in the alternative, suspended for a period not
exceeding twelve months. The Commission ordered that the
Administrative Law Judge issue an initial decision in this proceeding
not later than 120 days from the date of service of the order
instituting proceedings.
For further information contact:
* Gregory G. Faragasso, Assistant Director, (202) 551-4734
* Neil J. Welch, Jr., Branch Chief, (202) 551-4731
* See also Order of Suspension of Trading, In the Matter of Safe
Transportation Systems, Inc., File No. 500-1.
(Rel. 34-53141; File No. 3-12149)
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