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Microcap & Penny Stocks : Healthtech (GYMM)
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To: zonkie who wrote (679)10/27/1999 2:36:00 PM
From: Arcane Lore   of 687
 
From today's SEC Digest:

APPLICATION FOR REVIEW OF NASD'S DELISTING DETERMINATION DISMISSED

On October 25, the Commission dismissed an application for review of a decision of the National Association of Securities Dealers, Inc. (NASD) denying the request of HealthTech International Inc. (HealthTech) to continue listing its securities on the Nasdaq SmallCap Market.

The NASD denied HealthTech continued listing because of concerns regarding the accuracy of HealthTech's financial statements. The NASD found, among other things, that HealthTech: (1) substantially overvalued pre-paid advertising credits that it reported as assets; (2) reported forgiveness of debt as extraordinary income when the debt forgiveness was not the result of an arms-length transaction; and (3) included as revenue a promissory note from a company that was in bankruptcy proceedings, rendering collection on the note unlikely. The Commission concluded that HealthTech's financial statements contained material misstatements and that its press releases were inaccurate. Moreover, the Commission found that HealthTech was seriously delinquent in filing its periodic reports. The Commission therefore dismissed HealthTech's appeal of the NASD's delisting determination. (Rel. 34-42060; File No. 3-9667)

sec.gov
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