In the Matter of Plasticon International Inc., Respondent.
ADMINISTRATIVE PROCEEDING File No. 3-12820
sec.gov
In the Matter of Plasticon International Inc.,
Respondent.
ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934 AND NOTICE OF HEARING
I.
The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”).
II.
After an investigation, the Division of Enforcement alleges that:
Respondent
1. Plasticon International Inc. (“Plasticon”) was incorporated in Delaware in 1981 and re-domiciled in Wyoming in 2004. Its headquarters are in Lexington, Kentucky. Plasticon’s common stock is registered with the Commission pursuant to Section 12(g) of the Exchange Act and is quoted in the Pink Sheets.
Delinquent Filings
2. Plasticon is delinquent on most of its required filings since November 1997. Plasticon did not file any of its required periodic filings between November 1997 and May 2006. On May 4, 2006, Plasticon filed a Form 10-KSB for the year ended December 31, 2004. In July 2006, Plasticon filed three Forms 10-QSB for the quarters ended March 31, 2005, June 30, 2005, and September 30, 2005. On September 8, 2006, Plasticon filed a Form 10-KSB for the year ended December 31, 2005. Since September 2006, Plasticon filed three Forms 10-QSB (for the quarters ended March 31, 2006, June 30, 2006 and September 30, 2006), but has failed to file a Form 10-KSB for the year ended December 31, 2006 or Forms 10-QSB for the quarters ended March 31, 2007 and June 30, 2007. A chart detailing Plasticon’s filing history is attached as an Appendix.
Violations
3. As a result of the foregoing, Plasticon failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder while its common stock was registered with the Commission, which require issuers with classes of securities registered pursuant to Exchange Act Section 12 to file with the Commission current and accurate information in periodic reports. Specifically, Rule 13a-1 requires issuers to file annual reports (Forms 10-K or 10-KSB) and Rule 13a-13 requires issuers to file quarterly reports (Forms 10-Q or 10-QSB).
III.
In view of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate for the protection of investors to institute public administrative proceedings to determine:
A. Whether the allegations set forth in Section II are true and, in connection therewith, to afford Respondent an opportunity to establish any defenses to such allegations; and
B. Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding twelve months or revoke the registration of each class of securities of the Respondent registered pursuant to Section 12 of the Exchange Act.
IV.
IT IS ORDERED that a public hearing for the purpose of taking evidence on the questions set forth in Section III hereof shall be convened at a time and place to be fixed, and before an Administrative Law Judge to be designated by further order as provided by Rule 110 of the Commission’s Rules of Practice [17 C.F.R. § 201.110].
IT IS FURTHER ORDERED that Respondent shall file an Answer to the allegations contained in this Order within twenty (20) days after service of this Order, as provided by Rule 220(b) of the Commission’s Rules of Practice [17 C.F.R. § 201.220(b)].
If Respondent fails to file the directed Answer, or fails to appear at a hearing after being duly notified, the Respondent may be deemed in default and the proceedings may be determined against it upon consideration of this Order, the allegations of which may be deemed to be true as provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice [17 C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310].
This Order shall be served forthwith upon Respondent personally, or by certified, registered, or express mail, or any other means of verifiable delivery.
IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission’s Rules of Practice [17 C.F.R. § 201.360(a)[2)].
In the absence of an appropriate waiver, no officer or employee of the Commission engaged in the performance of investigative or prosecuting functions in this or any factually related proceeding will be permitted to participate or advise in the decision of this matter, except as witness or counsel in proceedings held pursuant to notice. Since this proceeding is not “rule making” within the meaning of Section 551 of the Administrative Procedure Act, it is not deemed subject to the provisions of Section 553 delaying the effective date of any final Commission action.
By the Commission.
Nancy M. Morris Secretary
Appendix
Chart of Delinquent Filings
Plasticon International Inc.
Form
Period Ended
Due Date
Date Received
Months Delinquent (Rounded Down)
10-QSB
6/30/2007
8/14/2007
Not Received
1
10-QSB
3/31/2007
5/15/2007
Not Received
4
10-KSB
12/31/2006
3/31/2007
Not Received
6
10-QSB
9/30/2006
11/14/2006
3/15/2007
4
10-QSB
6/30/2006
8/14/2006
3/6/2007
7
10-QSB
3/31/2006
5/15/2006
1/24/2007
8
10-KSB
12/31/2005
3/31/2006
9/8/2006
5
10-QSB
9/30/2005
11/14/2005
7/31/2006
9
10-QSB
6/30/2005
8/14/2005
7/27/2006
12
10-QSB
3/31/2005
5/15/2005
7/27/2006
15
10-KSB
12/31/2004
3/31/2005
5/4/2006
13
10-QSB
9/30/2004
11/14/2004
Not Received
35
10-QSB
6/30/2004
8/14/2004
Not Received
38
10-QSB
3/31/2004
5/15/2004
Not Received
41
10-KSB
12/31/2003
3/30/2004
Not Received
42
10-QSB
9/30/2003
11/14/2003
Not Received
47
10-QSB
6/30/2003
8/14/2003
Not Received
50
10-QSB
3/31/2003
5/15/2003
Not Received
53
10-KSB
12/31/2002
3/31/2003
Not Received
54
10-QSB
9/30/2002
11/14/2002
Not Received
59
10-QSB
6/30/2002
8/14/2002
Not Received
62
10-QSB
3/31/2002
5/15/2002
Not Received
65
10-KSB
12/31/2001
3/31/2002
Not Received
67
10-QSB
9/30/2001
11/14/2001
Not Received
71
10-QSB
6/30/2001
8/14/2001
Not Received
74
10-QSB
3/31/2001
5/15/2001
Not Received
77
10-KSB
12/31/2000
3/31/2001
Not Received
79
10-QSB
9/30/2000
11/14/2000
Not Received
83
10-QSB
6/30/2000
8/14/2000
Not Received
86
10-QSB
3/31/2000
5/15/2000
Not Received
89
10-KSB
12/31/1999
3/30/2000
Not Received
91
10-QSB
9/30/1999
11/14/1999
Not Received
96
10-QSB
6/30/1999
8/14/1999
Not Received
99
10-QSB
3/31/1999
5/15/1999
Not Received
102
10-KSB
12/31/1998
3/31/1999
Not Received
103
10-QSB
9/30/1998
11/14/1998
Not Received
108
10-QSB
6/30/1998
8/14/1998
Not Received
111
4
10-QSB
3/31/1998
5/15/1998
Not Received
114
10-KSB
12/31/1997
3/31/1998
Not Received
115
10-QSB
9/30/1997
11/14/1997
Not Received
120
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