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To: dbmedia who wrote (289)	11/4/2000 10:00:41 AM
From: StockDung	Respond to of 526

Loch Harris Faces SEC Fraud Investigation; Likely Delisting Washington, Nov. 3 (Bloomberg) -- Loch Harris Inc. said it faces a Securities and Exchange Commission fraud investigation and expects to lose its listing on Nasdaq's Over-the-Counter Bulletin Board, according to a statement distributed by Business Wire. The statement by Austin, Texas-based Loch Harris, which owns a land-mine detection division and other businesses, said the SEC investigation is focused on ``whether or not the company and others may have violated the registration, antifraud and periodic reporting requirements of the federal securities laws.'' The company statement also said Loch Harris is working to complete a delinquent annual report filing to the SEC, yet ``does not currently anticipate'' the report will be filed by a Nov. 17 deadline that, if missed, will result in delisting of its shares from the OTC Bulletin Board. The company also said it does not expect to meet a Nov. 15 deadline for the filing of a quarterly report. The company's spokesman couldn't be reached for comment. The SEC's policy is to neither confirm nor deny the existence of investigations involving specific companies. Loch Harris, which buys companies and technologies it plans to develop as stand-alone businesses, had disclosed the existence of an SEC investigation last month, without giving any details. Today's statement said the investigation ``is not routine.'' The company said it made that distinction in response to a ``publicly issued'' statement indicating the probe was routine. Today's press release didn't way where that statement was made. Loch Harris shares, which traded for as much as $5.95 on Feb. 8, have fallen 95 percent from that level. The shares rose 1 cent today to 28 cents. Among Loch Harris's businesses is Chemical Detection Technology Inc., which is developing a portable landmine detector. Loch Harris's statement said the company is cooperating with the SEC investigation, yet could face conflict with the agency because it ``plans to protect the confidentiality of what it considers to be its trade secrets and other proprietary information.'' The company demonstrated its landmine detector for members of Congress and foreign dignitaries on the grounds of the U.S. Capital in mid-September, according to a company press release. Nov/03/2000 20:16 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.

To: dbmedia who wrote (289)	11/7/2000 3:29:05 PM
From: StockDung	Respond to of 526

Loch Harris Walking Through the SEC Minefield By Giando Argentina Published by OTCNN.com 11/07/2000 09:50 AM EST Investors of Loch Harris Inc. (OTCBB: LOCHE) were caught by surprise after the close of trading on Friday, November 3, 2000, when Loch Harris released a PR stating that the routine SEC investigation the announced in an October 19, 2000 PR was not so routine after all. The PR issued November 3 states, “The investigation the SEC is conducting is not routine. The Company understands that the focus of the SEC investigation is to determine whether or not the Company and others may have violated the registration, antifraud and periodic reporting requirements of the federal securities laws.” The share price acted accordingly, closing at 28 cents the previous Friday and opening yesterday morning at 8 cents, with a nice rebound to the 19 cent level, which some fearless traders exploited for some quick, although risky gains, and closing at 13 cents. Earlier in September, Loch Harris managed to touch the one-dollar level on news of their mine detection product, the ELF. According to Loch Harris, “The Company continues to anticipate it will cooperate (with the SEC); however, it also plans to protect the confidentiality of what it considers to be its trade secrets and other proprietary information which could put it in conflict with the SEC.” Along with the SEC investigation, Loch Harris must also deal with the matter of being delinquent in their periodic filings with the SEC, which appended the dreaded ‘E’ for non-compliance last month to their trading symbol. On this issue the company press release states, “If the Company does not remedy the delinquency prior to Nov. 17, 2000 its shares of common stock will no longer be eligible for trading on the NASDAQ-OTCBB and will be delisted at the close of trading on Nov. 17, 2000. The company does not currently anticipate that it will have the delinquency remedied by that date. In addition, the company has a Form 10-Q filing that will be due Nov. 15, 2000. It does not currently anticipate that it will meet that filing deadline either.” Another problem lies in the fact that in order to protect trade secrets, Loch Harris states in their press release that, “also plans to protect the confidentiality of what it considers to be its trade secrets and other proprietary information which could put it in conflict with the SEC.” Conflict with the SEC is not usually in agreement with building shareholder value. In any case, according to the company press release, they expect to not be eligible for quotation on the OTCBB on November 17, 2000 and shareholders should consider that fact in their decision making process. Until Loch Harris can solve their problems, shareholders or prospective shareholders should walk very cautiously in the minefield that has been laid out in front of them. Disclaimer OTC News Network is an unbiased, objective news source focusing exclusively on OTC Bulletin Board companies. We do NOT publish any paid editorial content. In addition, OTC News Network does NOT own any stock in any OTC Bulletin Board companies. None of the shareholders, officers and affiliated entities owns any stock in the companies mentioned in this article. This ensures that OTCNN can make its editorial decisions objectively. Companies included in the news stories have NOT paid a fee or any other form of compensation for their appearance.