U.S. SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 46286 / July 31, 2002
ADMINISTRATIVE PROCEEDING FILE NO. 3-10855
SEC INSTITUTES PROCEEDINGS TO DETERMINE IF
REGISTRATION OF NETAIR.COM, INC.'S COMMON STOCK
SHOULD BE SUSPENDED OR REVOKED
The Securities and Exchange Commission ("Commission") today announced the institution of an administrative proceeding against NetAir.com, Inc. ("NetAir.com") pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Exchange Act"). NetAir.com is a company purportedly engaged in aircraft appraisal and wholesaling, headquartered in Salt Lake City, Utah. The purpose of the proceeding is to determine whether the registration of NetAir.com's common stock should be suspended or revoked. The Division of Enforcement ("Division") alleges that NetAir.com failed to comply with Section 10(b) of the Exchange Act and Exchange Act Rule 10b-5 by making false and misleading statements about its operations and the qualification of its officers in press releases and Commission filings. The Division also alleges that NetAir.com failed to comply with Section 13(a) of the Exchange Act and Exchange Act Rule 13a-11, (i) by not filing a Form 8-K disclosing that its only two officers and directors resigned from the corporation and that NetAir.com has no officers or directors; and (ii) by not filing its first quarter Form 10-QSB. Finally, NetAir.com failed to respond to a Section 21(a)(1) of the Exchange Act order issued by the Commission on May 1, 2002.
A hearing will be scheduled to take evidence on the Division's allegations, to afford NetAir.com the opportunity to establish defenses to the allegations, and to determine whether the registration of NetAir.com's common stock should be suspended or revoked.