Save the World Suspended by SEC, Citing Questions About Claims
New York, July 20 (Bloomberg) - Trading in the shares of Save The World Air Inc., whose shares soared as much as 140-fold since December, was suspended by the Securities and Exchange Commission for ten days because of concerns about the accuracy of the company's claims for its its anti-pollution device.
Save the World Air claims its ``Zero Emission Fuel Saver'' improves fuel mileage while eliminating most of the pollution generated by internal combustion engines. The Australian company, which operates offices in New York and San Diego, has been actively marketing licenses to sell its product, although the device itself isn't yet on the market. It plans to sell 100 licenses for $10 million each.
``We had concerns about the accuracy of the company's statements about the results of its tests of the product,'' said Wayne Carlin, senior associate regional director of the SEC's New York office.
Save the World wasn't immediately available to comment.
Carlin said SEC was also concerned about Save the World's claim to be in talks with Ford Motor Co. about having the auto maker test the Zero Emission Fuel Saver.
On July 7, Bloomberg News reported that a spokesman Ford was unaware of such talks.
``The way they characterized the relationship was totally misleading,'' said Brendon Prebo, a Ford spokesman, in a July 7 interview. ``We get thousands of ideas from people who have a way to improve our industry.'' He said Ford wasn't consulted about the press release.
-- David Evans in Los Angeles (310) 910-8811 or at davidevans@bloomberg.net or through the New York newsroom (212) 318-2300/tm
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