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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)
GRNO 0.00Jan 28 4:00 PM EST
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To: Charles A. King who wrote (7259)9/25/1997 2:42:00 PM
From: David A. Collin   of 13091
 
Just in case anyone was waiting for a quick resolution from the SEC, not the time frame in the following news release:

Subj: Ferrofluidics Announces Settlement In SEC Investigation
Date: 97-09-25 12:55:11 EDT
From: AOL News

NASHUA, N.H.--(BUSINESS WIRE)--Sept. 25, 1997--Ferrofluidics
Corporation (NASDAQ:FERO) today announced that it has reached a
settlement with the Securities and Exchange Commission in connection
with the investigation of the Company initiated by the Commission in
August of 1993. Pursuant to the settlement, the Company has consented
to the entry of an injunction permanently restraining and enjoining
the Company from violating the federal securities laws. Since the
commencement of the Commission's investigation in 1993, the Company
has cooperated fully with the Commission.
As the Company has previously disclosed, in February of 1993 the
Company received notice of an informal inquiry by the Commission into
certain issues with respect to publicity relating to the Company and
in August of 1993 the commission issued an order directing a private
investigation to determine whether certain unnamed persons had
violated or caused the Company to violate the federal securities laws.
In connection with the Commission's inquiry, the Board of Directors of
the Company formed a special committee of outside directors to
investigate the matters raised by the Commission. The special
committee's investigation led to the departure in September of 1993 of
the Company's then Chief Executive Officer and Chief Financial
Officer.
Commented Ferrofluidics' Chief Executive Officer Salvatore J.
Vinciguerra: "The Company is very pleased to have put the SEC's
investigation behind it. The settlement closes another chapter in the
events of 1992 and 1993, which the Company believes were largely a
result of actions by members of senior management who left the Company
in the fall of 1993."
Ferrofluidics is the world leader in ferrofluid (magnetic fluid)
technology. The Company combines proprietary Ferrofluidic(r) technology
with broad applied engineering to commercialize applications enabling
customers' products to operate more effectively and efficiently. The
Company currently is the world leader in the sale of silicon crystal
growing systems for the semiconductor industry, Ferrofluidic(r) rotary
seals, sealing sub-systems, and ferrofluids for a variety of
applications.
--30--cd/bos* sb/bos

Dave Collins
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