Sedona Software Solutions, Inc:The Securities and Exchange Commission suspended trading in the securities of Sedona Software Solutions, Inc. (OTCBB: SSSI) from January 29, 2003 until 11:59 p.m. on February 11, 2003. In taking this action, the SEC cited questions about the accuracy and completeness of information about Sedona’s planned merger with Renaissance Mining Corp. ("Renaissance"), a privately-held company; the assets and business operations of Renaissance; and trading in Sedona common stock in connection with the announced merger. According to the SEC, that information had been disseminated on Internet websites, in press releases, and through other sources publicly available to investors.
On January 21, 2003, Sedona issued a press release stating that it had entered into a Letter of Intent to merge with Renaissance. The press release claimed that Renaissance had “experienced rapid growth during the past 3 months,” and had signed a letter of intent to acquire gold producing properties in Central America that would make Renaissance “a significant intermediate gold producer.” The press release did not provide audited financial information indicating the financial condition of Renaissance.
Sedona also claimed that LOM Capital Ltd., which it identified as a Bermuda-based investment banker, had agreed to arrange for a $6 million private placement in connection with the merger.
As of September 30, 2002, Sedona’s assets consisted of $15 in cash. The Company had no revenues.
At the time trading was halted, Sedona stock was priced at $6.60 a share.
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