==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON D.C.

Litigation Release No. 15042 / September 12, 1996

SECURITIES AND EXCHANGE COMMISSION v. DONALD B. SPENCER AND IVT
SYSTEMS, INC., 96 Civ. 1800 (DHC), U.S.D.C., N.D.ILL.

     The Securities and Exchange Commission announced that the
Honorable Judge David H. Coar, United States Judge for the
Northern District of Illinois, entered, on April 17, 1996, Final
Judgments of Permanent Injunction and other Equitable Relief By
Consent against defendants Donald B. Spencer ("Spencer") and IVT
Systems, Inc. ("IVT").  The Final Judgments enjoin Spencer and
IVT from future violations of the antifraud provisions of the
federal securities laws, and order disgorgement in the amount of
$113,500, plus interest, but waive the payment of the
disgorgement amount and do not impose civil penalties based on
the demonstrated inability of Spencer and IVT to pay. The
defendants consented to the entry of the Final Judgments without
admitting or denying the allegations of the Commission's
complaint.  

     The Complaint alleges that Spencer and IVT used the
InterNet, as well as other means of communication and
publication, to engage in fraudulent securities offerings
involving IVT.  Spencer is a resident of Chicago, Illinois. IVT
is an Illinois corporation based in Chicago, Illinois. Spencer is
the founder, president and majority shareholder of IVT. Since at
least July 1995 through December 1995, Spencer and IVT solicited
investments on the InterNet and represented that the investments
would be utilized to finance the construction by IVT of a
proposed ethanol plant in the Dominican Republic.  The
defendants' InterNet solicitations promised a potential 50% and
greater return on investment when there was no reasonable basis
for this prediction.  Spencer and IVT also disseminated
information packets to interested potential investors which
contained additional misrepresentations and omissions, such as
that IVT had entered into contracts with well-known companies and
consultants in the energy field for purposes of facilitating
IVT's ethanol plant project.  In fact, no such contracts existed.

Since 1990, Spencer and IVT had also sought to obtain investments
from the public through other means, e.g., advertisements in
newspapers and in person solicitations.  All of the defendants'
solicitation materials contained material misrepresentations and
omissions.  Spencer and IVT raised at least $113,500 from twelve
investors.  For further information, see Lit. Rel. No. 14856.