U.S. SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
ACCOUNTING AND AUDITING ENFORCEMENT
COMMISSION INSTITUTES ADMINISTRATIVE PROCEEDING AGAINST COUNTRYLAND WELLNESS RESORTS, INC. SEEKING TO REVOKE REGISTRATION OF ITS COMMON STOCK
The Securities and Exchange Commission ("Commission") announced today the institution of an administrative proceeding against Countryland Wellness Resorts, Inc. ("Countryland") seeking to revoke registration of Countryland's common stock. The Order Instituting Proceeding alleges that Countryland failed to comply with the federal securities laws by falsely reporting assets in periodic filings and a registration statement made with the Commission from February 1997 to the present.
Countryland Wellness Resorts, Inc., is a Delaware corporation. Countryland maintains its offices in Las Vegas, Nevada. Countryland claims to be in the mining and electrical contracting business and purports to plan to operate a longevity center at a wellness resort and casino in Las Vegas. Countryland stock is not listed on any national securities exchange.
The Division of Enforcement alleges that Countryland lied to investors about the following assets reported in various annual reports (Form 10-K) and quarterly reports (Form 10-Q) and in a registration statement:
A public hearing will be held to determine whether the allegations included in the Order Instituting Proceeding are true, to offer Countryland an opportunity to establish any defenses to the allegations, and to determine what sanctions, if any, are appropriate.
In a related but separate enforcement action, on September 27, 2000, the Commission filed a civil complaint against Countryland and others in federal district court in Nevada. Simultaneous with the filing of the Commission's complaint, Countryland consented to the issuance of a permanent injunction, without admitting or denying the allegations contained in the Commission's complaint. See Litigation Release No. 16732 (Sept. 27, 2000).