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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: R KIEFHABER who wrote (11725)	7/13/2001 12:54:00 PM
From: Hawkmoon	Read Replies (3) \| Respond to of 13091

Charleston, S.C., Oil-Recycling Firm Settles SEC Lawsuit Jul 12, 2001 (The State - Knight Ridder/Tribune Business News via COMTEX) -- A Charleston oil-recycling company said Wednesday it has settled a lawsuit brought against it by the U.S. Securities and Exchange Commission in 1998. The lawsuit alleged Green Oasis Environmental Inc., its top executive and others issued false and misleading news releases about the company to boost its stock price. The complaint also asked Mary Ann Carraway, wife of Green Oasis chairman and president William Carraway, to surrender gains from her sale of company stock. The SEC asked for nearly $1.4 million from the Carraways, which they agreed to as long as the SEC agreed to waive payment as part of the negotiated settlement. As part of the settlement, William Carraway also was barred from serving as an executive or director of a public company, other than Green Oasis, for five years. "Green Oasis and the Carraways are happy to remove this cloud from the company's future, and the settlement reflects their desire to end this pointless litigation," said attorney Barton Sacher. Sacher is a partner in Sacher, Zelman and Van Sant, a Miami law firm that serves as the company's general counsel. Shares in Green Oasis closed unchanged Wednesday at 40 cents in over-the-counter trading. Green Oasis' stock soared as high as $9.75 a share in February 1997 after the company issued several news releases about deals to sell several of its oil processing units. Green Oasis uses a proprietary technology to convert waste oil into marketable fuel products. The SEC suspended trading of the company's stock in May 1997, citing concerns about publicity the company was getting on the Internet and about its news releases. By Sam Gresock To see more of The State, or to subscribe to the newspaper, go to thestate.com