listing and, ultimately, a
resumption of trading in Net Command Tech shares,"
Response to Trading Halt --
Ernst & Young is now in the process of auditing Net Command Tech's
financial statements in regard to certain recent acquisitions in preparation
for a Form 10SB filing that the company plans to submit to the Securities and
Exchange Commission in the current quarter.
"The Form 10SB filing should provide information sufficient to a
restoration of Net Command Tech's stock exchange
said Robert Chalnick, Net
Command Tech's executive vice president, finance.
The SEC halted trading in Net Command Tech shares by an Order of
Suspension of Trading issued June 11 and effective through June 24.
In its Order, the SEC cited a lack of current and accurate publicly
available information and was specific to four points:
* The purported acquisition by Net Command Tech of certain companies'
assets and stock and the valuation of those assets and stock
* A $1.5 million line of credit purportedly secured by Net Command Tech
from a European Bank
* The revenue generated by an American company purportedly acquired by Net
Command Tech, and
* The business success and reputation of Net Command Tech's (then) CEO and
president.
As previously announced by the Company, William R. Dunavant, Net Command
Tech's president and CEO at the time the SEC's Order was issued, resigned his
positions as an officer and director of the Company, effective June 18.
On June 25, Net Command Tech common stock was delisted from the OTC
Bulletin Board and Pink Sheet listings, as is typical following an SEC ordered
suspension of trading, the Company said.
Management Addresses Shareholder Concerns
news.com.
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