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U.S. Securities and Exchange Commission

Securities and Exchange Commission

Release. No. 47512 / March 17, 2003

Administrative Proceeding
File No. 3-11066

Proceedings Instituted against Nano World Projects Corporation

The Commission announced that it has instituted administrative proceedings against Nano World Projects Corporation ("Nano World"), now a defunct Delaware corporation, seeking revocation or suspension of the registration of its common stock. In the Order Instituting Proceedings ("Order"), the Division of Enforcement alleges, among other things, that Nano World has failed to file mandatory annual or quarterly reports since December 2000, and has made false and misleading statements concerning purported business relationships and financing commitments in several press releases and in a Form 8-K filed with the Commission on November 22, 2000. The Order further alleges that Nano World thereby failed to comply with Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 12b-20, 13a-1, 13a-11 and 13a-13 thereunder. The proceedings were instituted under Section 12(j) of the Exchange Act.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Nano World an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to revoke or suspend the registration pursuant to Section 12(g) of the stock of Nano World.



Modified: 04/09/2003