==========================================START OF PAGE 1====== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 RELEASE NO. 38653 / May 19, 1997 The Securities and Exchange Commission today ordered the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 ("Exchange Act"), of trading in the securities of Combined Companies International Corp. ("CCIC"), beginning at 9:00 a.m. EDT on May 19, 1997 and concluding at 11:59 p.m. EDT on June 2, 1997. CCIC is located in Las Vegas, Nevada. The Commission ordered this trading suspension because of questions raised as to the adequacy and accuracy of publicly- disseminated information concerning, among other things: (1) assets reported on CCIC's financial statements, which were included in a registration statement and periodic reports filed with the Commission; (2) the lack of audited financial statements included in a registration statement and periodic filings of CCIC; (3) the failure by CCIC to make required periodic and other filings with the Commission; and (4) the market for the securities of CCIC. The Commission determined that the public interest and the protection of investors requires a suspension of trading in CCIC securities. The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to CCIC's securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. On March 12, 1997, the Commission filed a Complaint in the United States District Court for the District of Columbia against Merle S. Finkel, who was engaged as the independent auditor for ==========================================START OF PAGE 2====== CCIC. The Complaint alleges that Finkel issued materially false and inaccurate audit reports on the financial statements of CCIC and two other publicly-traded companies, Systems of Excellence, Inc. and Twenty First Century Health, Inc. Finkel withdrew all of the audit reports he issued for these three companies, including reports on the financial statements of CCIC and its predecessor for the years ending December 31, 1990 through December 31, 1995. Finkel, without admitting or denying the allegations of the Complaint, consented to the entry of a permanent injunction and a Commission order pursuant to Rule 102(e) of the Commission's Rules of Practice denying him the privilege of appearing or practicing before the Commission as an accountant. Finkel also pleaded guilty to a one-count criminal information charging him with conspiracy to commit securities fraud and bank fraud in connection with a scheme involving the creation of false financial reports on behalf of CCIC, TFCH and EMS Products International Corporation. See SEC v. Merle S. Finkel, Lit Rel. 15286 (March 12, 1997). ==========================================START OF PAGE 3====== NEWS DIGEST SUMMARY The Commission announced the ten day suspension of trading in the securities of Combined Companies International Corp. ("CCIC") for the period beginning at 9:00 a.m. EDT on May 19, 1997 and concluding at 11:59 p.m. EDT on June 2, 1997. The Commission suspended trading in the securities of CCIC in view of questions that have been raised about the adequacy and accuracy of publicly-disseminated information concerning, among other things: (1) assets reported on CCIC's financial statements, which were included in a registration statement and periodic reports filed with the Commission; (2) the lack of audited financial statements included in a registration statement and periodic filings of CCIC; (3) the failure by CCIC to make required periodic and other filings with the Commission; and (4) the market for the securities of CCIC. Attorneys: Erich T. Schwartz Kenneth R. Lench Paula L. Kashtan (202) 942-4553