SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release. No. 45822 / April 25, 2002
PROCEEDINGS INSTITUTED AGAINST HIGHTEC, INC.
The Commission announced that it has instituted administrative proceedings against Hightec, Inc. ("Hightec"), now a defunct Delaware corporation, seeking revocation or suspension of the registration of its common stock. In the Order Instituting Proceedings And Notice of Hearing ("Order"), the Division of Enforcement ("Division") alleges, among other things, that Hightec has failed to file mandatory annual or quarterly reports for any fiscal period subsequent to its fiscal quarter ended September 30, 1996, has failed to file certain mandatory current reports, and has made false and misleading statements in a variety of media concerning the validity of its corporate status. The Order further alleges that Hightec thereby failed to comply with Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 13a-1, 13a-11 and 13a-13 thereunder. The proceedings were instituted under Section 12(j) of the Exchange Act.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Hightec an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to revoke or suspend the registration pursuant to Section 12(g) of the stock of Hightec.