NVID NEWS TODAY! THIS IS WHAT WE HAVE BEEN WAITING FOR....
Date: Tue, 28 Jul 1998 17:16:00 -0400 (EDT)
SEC Approves Settlement With NVID International Inc.
Business Wire - July 28, 1998 15:34
%NVID-INTERNATIONAL NVID %FLORIDA %ENMED %ENVIRONMENT %CHEMICALS %PLASTICS V%BW P%BW
CLEARWATER, Fla.--(BUSINESS WIRE)--July 28, 1998--NVID International Inc. (OTC BB:NVID) announced Tuesday that the Securities and Exchange Commission has approved the settlement terms recommended by the staff counsel from the Commission's Midwest Regional Office in the SEC enforcement action pending in Tampa, Fla.
The Commission in the final review process made no changes to the agreement. The consent order and proposed final judgment order encompassing the terms of the settlement are currently before Judge Henry Lee Adams Jr. for the Court's approval. Generally, matters of this nature are approved as submitted.
The company's offer to settle this matter was made without admitting or denying the allegations made by the Commission. Under the terms of the agreement, NVID has agreed to a permanent injunction enjoining NVID from violating federal security laws. NVID has also agreed to waive any and all claims to the assets of certain former officers of the company, as well as assign to a court-appointed receiver three notes receivable currently held by NVID. NVID has also agreed to pay a $25,000 fine. In addition,
David Larson, president of NVID International Inc. stated: "The settlement with the Commission will now allow the company to move forward unencumbered, and removes the black cloud associated with any SEC legal proceedings that has prevented the company from accomplishing its business goals and objectives. Our main focus is now on our new corporate relationship with Environmental Health and Pollution Control Ltd., London, England to introduce and distribute a new generation of ionization equipment in th
This press release contains certain forward-looking statements with respect to the future activities of the company. These forward-looking statements by their very nature involve risks and uncertainties. As indicated in prior releases, NVID has limited financial resources. NVID International Inc. and Aqua Bio Technologies, Inc. can be reached by email at: aquasave@aquabiotech.com.
CONTACT: NVID International Inc.
Corporate Office
813/669-5005, (Fax) 813/669-4701
or
Sales Office
941/312-9100, (Fax) 941/312-9300
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