Net Command says cooperating with SEC
WASHINGTON, June 11 (Reuters) - Net Command Tech Inc., the video conferencing company, which saw trading in its stock temporarily suspended by the Securities and Exchange Commission, said Friday it was cooperating with the agency.
''The company is cooperating fully with the SEC, and they are preparing to sufficiently and quickly meet the SEC's information request,'' Net Command spokesman Dan Charnas said.
Trading in the stock of the Ft. Lauderdale, Fla.-based company was suspended through June 24 due to SEC concerns about Net Command's purported acquisitions of certain assets and stock, and the values of those assets and stock, the SEC said.
The SEC said it has also questioned a $1.5 million line of credit purportedly from a European bank, revenue generated by a U.S. company supposedly acquired by Net Command, and the business success and reputation of Net Command's chief executive officer and president.
Net Command, formerly known as Corsaire Inc., provides video, video conferencing and video electronic mail over standard phone lines, according to the company.
It also offers a line of remote surveillance products that permit the remote viewing and control of up to 16 cameras from anywhere in the world using a standard phone line.
The company's shares closed Thursday at 15-1/16 on the Bulletin Board. |
