==========================================START OF PAGE 1====== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 14798 / January 26, 1996 Securities and Exchange Commission v. ANW, Inc. et al., Civil Action No. 95-4990 ER (Mcx) (C.D. Cal.) The Securities and Exchange Commission announced that, on January 12, 1996, the United States District Court for the Central District of California signed a Final Judgment of Permanent Injunction and Other Equitable Relief against defaulted defendant ANW, Inc. ("ANW"). The Final Judgment enjoins ANW from future violations of Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1 and 13a-13 promulgated thereunder. The Court will determine, at a subsequent hearing, the amounts, if any, of disgorgement and/or civil penalties. The Complaint alleged that ANW failed to file periodic reports and filed false and misleading reports with the Securities and Exchange Commission. The Complaint also alleged that ANW violated the federal securities laws by failing, from June 30, 1990, through the present, to file fourteen of the nineteen required reports. In addition, the Complaint further alleged that ANW filed false and misleading reports with the Securities and Exchange Commission by falsely representing that ANW held title to entire parcels of land consisting of 650,000 or 5,000,000 acres of land in Riverside, Imperial and San Bernardino, Counties in California and that ANW owned $3.4 million of original artwork.