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Technology Stocks : USAT Long Distance Telecommunications -- Ignore unavailable to you. Want to Upgrade?

To: TIMBO who wrote (173)	1/29/1999 5:54:00 PM
From: StockDung	Respond to of 397

SEC hands down six trading suspensions in one day By Peter Ramjug WASHINGTON, Jan 29 (Reuters) - Federal securities regulators Friday suspended trading in six public companies, believed to be the largest number of suspensions handed down in a single day in recent memory. The Securities and Exchange Commission said questions had been raised about the accuracy of public information released by the six, which were all traded on the National Association of Securities Dealers' Over-the-Counter Bulletin Board. They were Invest Holdings Group Inc. <IVHD.OB>, Polus Inc. <POLU.OB>, Electronic Transfer Associates Inc. <ECTS.OB>, Smartek Inc. <SMEK.OB>, Citron Inc. <CTRN.OB> and USA Talks.com Inc. <USAT.OB>. All of the trading suspensions were scheduled to last through Feb. 11, the SEC said. SEC spokesman John Heine said the total was believed to be the largest number the Wall Street regulatory agency had ruled on in one day in recent times. As is the commission's custom, he declined comment on whether the SEC was investigating any of them. The regulator said it suspended trading in Invest, which claims to develop and sell health care products, because of information concerning the efficacy of its products and its business relationship with Internet marketing company Citron. Invest did not immediately return a telephone call seeking comment. A Citron spokesman, William Hazelton, said the company was meeting with its attorneys and would issue a formal statement later. When asked why Citron's press releases carried the same phone number as three other suspended companies -- Smartek, Electronic Transfer Associates and Polus -- Hazelton said the number was "for information on the release but it's not the phone number for the company." Meanwhile, Smartek, a home rebuilder and wholesale clothier, allegedly lacked "meaningful," publicly available financial information, the SEC said. There had also been questions about information regarding a merger, it added. USA Talks.com, a La Jolla, Calif., company offering a flat rate "all you can talk" long distance service, was suspended because of claims it had made about the status and extent of the company's business operations. Telephone calls to Smartek and USA Talks.com were not immediately returned. As Bulletin Board companies, the six were not required to file official documents with the SEC, which regulates the securities markets. But the commission recently approved a rule that would offer investors better information about stocks traded on the Bulletin Board. The rule, proposed by NASD, a self-regulatory group, permits only those companies that report their current financial information to the SEC to be quoted on the board. NASD's electronic OTC Bulletin Board is a quotation service that displays real-time quotes, last-sale prices and volume information on about 6,600 OTC securities which are not listed or traded on a national securities exchange. About half of them do not file financial statements with their regulators, NASD said. Under the new rule, market makers who deal in the OTC market would not be allowed to quote securities traded on the Bulletin Board unless the company filed periodic reports with the SEC or its exchange regulator. The new rule was to be phased in over a 12-month period starting in July. By June 2000 the rule was to apply to all companies on the Bulletin Board. 17:36 01-29-99

To: TIMBO who wrote (173)	1/29/1999 6:04:00 PM
From: STK1	Read Replies (1) \| Respond to of 397

USAT transcript courtesy of Dr+Vegetable DR+VEG: portnoy talking DR+VEG: "all things we have said are totally provable DR+VEG: we will go thru agony of having ot prove we are real and proper DR+VEG: I have received 150 calls today DR+VEG: WE will prove we ar4e not a scam DR+VEG: we will be stronger DR+VEG: Now warner talking DR+VEG: warner talking DR+VEG: we a re still looking at Miami, ny, chicago, houston super pops in the n ext week or 2 DR+VEG: I am gonna start em and debug before we have traffic on em DR+VEG: we do not have capcity on west caost to ahndle everyone that was signed up DR+VEG: in the east that wanted to use the network MAunger: here I am DR+VEG: we will have have the capacity as we ramp up MAunger: veg... can you save this log and post to Rbull? DR+VEG: q: re SEC halt--when will it be fixed? DR+VEG: "I am intouch with a\tty's DR+VEG: I have faxed info to SEC DR+VEG: Dunno how fast SEC will work to get off our basck, I dunno DR+VEG: WE KNOW WE ARE FOR REAL DR+VEG: they will eventually know we are for real DR+VEG: they are not here to stop business but to stop scams DR+VEG: In the long run we will persevere DR+VEG: WE are real DR+VEG: Warner: we have riled some people...they will get even more riled as we ramp up DR+VEG: PORTNOY-we HAVE MAJOR SHORTS IN THE STOCK WHO DO NOT WANT TO LOSE THEIR SHIRTS< AND THEY ARE DR+VEG: they have tried 4 times to kill this xstock DR+VEG: they have not been successful, and they will not be DR+VEG: They are going to take a beating DR+VEG: The co that filed a class action has filed probably 1000 of them DR+VEG: that will "go away automatically" when the SEC clears us DR+VEG: We are gonna prove to the SEC and the rest pof the world that we are for real DR+VEG: SHORTS ARE GONNA TAKE A BBEATING; they have a lot of mnoney DR+VEG: riding on our demise DR+VEG: Q: Is there any proactive action the distributoers (tendmarks) can do? DR+VEG: Portnoy: anything you do along the lines of inundating the SEC in LA, that is positive, you DR+VEG: your congressman, SEC, etc., would be apreciated. DR+VEG: Warner now soliciting a call to action DR+VEG: Everyone upset with us beecause we are first to market DR+VEG: He is giving pep talk noe DR+VEG: now continued DR+VEG: This is more than a shot across the bow, I';; admit that DR+VEG: We don't look at the SEC as a foe, they are here to keep the friffraff out, but we are not r DR+VEG: riffraff DR+VEG: WE HAVE DONE THE 8000 calls/day DR+VEG: it is not fraud DR+VEG: the problem was that the CA pop was overwhelmed DR+VEG: when we went live DR+VEG: It was not meant to handle all the traffic from the east that hit it DR+VEG: (sounds like the CA system crashed under the weight of east coast access) DR+VEG: WE HAVE A REAL CONSUMER NEEDS PRODUC@T DR+VEG: (more pep talk) DR+VEG: We need to dfo bus as usual DR+VEG: (more pep talk---solike a revivial rally : good old MLM!!! DR+VEG: exactly! DR+VEG: Call just about over DR+VEG: Summarizing now