To: Francois Goelo who wrote (1481 ) 10/29/1999 1:14:00 PM From: StockDung Respond to of 1591
"VERY BULLISH FOR SFLK: Softlink Engages High Profile Investor" Lets see who else SFLK's new PR firm represented AMERICAN ENERGY ANNOUNCES SETTLEMENT OF SEC LAWSUIT -------------------------------------------------------------------------------- IMMEDIATE RELEASE THE AMERICAN ENERGY GROUP, LTD. WWW.AMELOIL.COM OTC ("AMEL") -------------------------------------------------------------------------------- NEWS UPDATE.........HOUSTON, TX.......... January 18, 1999 -------------------------------------------------------------------------------- The American Energy Group, Ltd. (OTC:BB "AMEL") announced today that it has reached a settlement with the Securities and Exchange Commission (SEC) in a civil lawsuit filed by the SEC on April 24, 1997, against the company and its President, Bradley J. Simmons. In the lawsuit, the SEC sought civil penalties, injunctive relief and a bar against Mr. Simmons from serving as an officer and director of any publicly traded company based on allegations that specific press releases issued and filings made by the Company in 1995 contained misleading statements or omitted material information and thereby violated certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Company and Mr. Simmons agreed to the settlement without admitting or denying the allegations in the SEC's lawsuit in order to avoid further costs of protracted litigation and disruption to the Company. The terms of the settlement were incorporated in a final judgement entered by the Court on January 15, 1999. Under the terms of the final judgement, the Company and Mr. Simmons agreed to a permanent injunction prohibiting them from engaging in violations of certain specified anti-fraud and reporting provisions in the federal securities laws. Although Mr. Simmons agreed to pay a civil penalty in the amount of $60,000.00, the final judgement imposes no bar upon Mr. Simmons and he remains the President and Chairman of the Board of the Company. The final judgement imposes no civil penalty on the Company. Moreover, it adopts a remedy previously implemented by the Company on its own initiative to insure the accuracy and adequacy of its public disclosures, namely, the establishment of an independent Disclosure Committee to oversee all such public disclosures in the future. The function of the Disclosure Committee is to monitor and review the content of each proposed public disclosure in light of the nature and materiality of the information being published. The composition of the Disclosure Committee is subject to strict criteria and the Company is required to continue its existence for a minimum of four years. The parties agreed that this was an appropriate remedial effort to enhance the quality of the Company's public disclosures. The Company emphasized the importance of resolving this matter in order to continue to focus its efforts and resources on current exploration projects, including the further development of its Pakistan Concession. The American Energy Group, Ltd. is an independent oil and gas exploration, drilling, and production company based in Houston, Texas, involved with both domestic and international exploration projects. Press Contact: Libby M. Roberge, VP-Media Porter, LeVay & Rose, Inc. 212-564-4700 Securities Counsel: Daniel R. Kirshbaum, Esq. 713-961-2221 Shareholder Relations Contact: Leighton Foster Porter, Levay, & Rose, Inc. New York 212- 564-4700