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(PR NEWSWIRE) DJ: NVID International Inc. and SEC Staff Agree on Proposed
DJ: NVID International Inc. and SEC Staff Agree on Proposed Terms to Settle
Litigation
CLEARWATER, Fla.--(BUSINESS WIRE)--April 16, 1998--NVID International Inc.
(OTC BB:NVID) announced Thursday that an agreement in principal has been
reached with the staff of the Securities and Exchange Commission concerning
the civil action pending against the company in the United States District
Court for the Middle District of Florida.
Staff counsel for the Commission's Midwest Regional Office will recommend
that the Commission approve the settlement. The review and approval process
by the Commission may take up to two months, in which, the Commission may
accept, reject or seek modification of the agreement. Until the Commission
approves the settlement, the exact terms of the agreement cannot be
divulged.
In a motion filed in the United States District Court for the Middle
District of Florida, the Commission staff counsel stated they believed the
settlement would be approved, "because it is unusual for the Commission to
reject a recommended settlement offer. The staff is confident that, given
sufficient time, a settlement will be accepted."
The company's offer to settle this matter was made without admitting or
denying the allegations made by the Commission. If the offer is accepted,
NVID will consent to disgorgement of certain assets and a permanent
injunction that orders the company to comply with federal securities laws in
the future. Additionally, the Commission will waive further disgorgement and
penalties in light of the company's limited financial resources.
David Larson, president of NVID International Inc. stated, "This settlement
will allow NVID and Aqua Bio Technologies to focus on its products and
future instead of just day to day survival." The proposed settlement, as
agreed on between the company and the Commission staff, will allow the
company to continue its lawful business activities and function as a public
company.
NVID International and Aqua Bio Technologies Inc. can be reached by e-mail
at aquasave@aquabiotech.com
CONTACT: Corporate Office:
28870 U.S. 19 N. Suite 300
Clearwater, Fla. 33761
Phone: 813/669-5005
Fax: 813/669-4701
or
Sales Office:
3955 Shell Road
Sarasota, Fla. 34242
Phone: 941/312-9100
Fax: 941/312-9300
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