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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Daniel Chisholm who wrote (6093)	11/15/2000 11:15:06 PM
From: Q.	Read Replies (1) \| Respond to of 7056

they can't pay counsel to defend lawsuits, so they lose the lawsuits and thereby go an additional $0.6 M in the hole. sounds like the company is now hopelessly broke. notice also that the SEC is going to propose the usual settlement for the co., and fine Bradford. The staff of the Securities and Exchange Commission has informed the Company that it is prepared to recommend a settlement, subject to the approval of the Commission, wherein the Company would consent to the entry of a final judgement of permanent injunction, without admitting or denying the allegations of a civil complaint (the "Complaint"), except as to jurisdiction, filed against the Company, and Stephen J. Bradford, the former President of the Company, for alleged violations of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), and Rule 10b-5, promulgated thereunder, arising out of allegedly false and misleading press releases issued by the Company concerning the Life Foundation Trust. No disgorgement or civil money penalties will be recommended against the Company. With respect to Mr. Bradford, the staff of the Commission will recommend a settlement, subject to the approval of the Commission, wherein Mr. Bradford would consent, without admitting or denying the allegations of the Complaint except as to jurisdiction, to the entry of a final judgement of permanent injunction foe alleged violations of Section 10(b) of the Exchange Act, and Rule 10b-5, promulgated thereunder. A civil money penalty of $25,000 will be recommended against Mr. Bradford. The proposed settlement with the Company is currently under consideration by the Commission. Since the Commission has not approved the proposed settlement, and it may accept, reject, and/or modify the proposed settlement, the outcome of the proposed settlement is unknown. Dorian Reed, the Company's current President and Chairman of the Board, was not a named party to the complaint.