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Strategies & Market Trends : World Information (WRLT) -- Ignore unavailable to you. Want to Upgrade?

To: mikehunt2 who wrote (1)	3/18/2004 12:15:58 AM
From: scion	Read Replies (2) \| Respond to of 6

World Information Technology, Inc. Trading Suspension March 16, 2004 until March 29, 2004 REASON FOR ACTION: The Securities and Exchange Commission suspended trading in the securities of World Information Technology, Inc. (OTCBB: WRLT) from March 16, 2004 until 11:59 p.m. on March 29, 2004 . World Information Technology describes itself as “a leading Taiwanese-based consumer marketing company.” In taking this action, the SEC said that questions had been raised about (i) the accuracy and completeness of information in the Company’s public filings and press releases concerning, among other things, World Information’s financial condition and funding arrangements, and the resignations of its former auditor and Chairman; and (ii) transactions in the Company's securities by certain individuals associated with the Company. World Information’s most recent unaudited financial report, for the quarter ended September 30, 2003 , stated that the Company had current assets of approximately $6.1 million and net income for the first nine months of 2003 of more than $3.6 million. The Company became public early last year by merging with a public shell called EZ Travel, Inc. and has not yet filed audited financial statements for 2003. The Company’s auditors, Beckstead and Watts LLP, resigned in January 2004, citing “certain deficiencies in the internal control environment of World Information Technology,” including (i) the transfer of certain accounts to unidentified third-parties for collection purposes; (ii) loss of management override control over certain assets; and (iii) certain press releases issued by the Company which contain unproven and potentially misleading claims. The auditors also pointed out that the Company had aggressively restricted their access to certain individuals with “decision making authority over the Company books and records.” At the time trading was suspended, World Information Technology common stock was trading at $1.45 a share. stockpatrol.com