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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 48170 / July 14, 2003

Administrative Proceeding
File No. 3-11177


In the Matter of

CARNEGIE INTERNATIONAL CORPORATION,

Respondent.


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ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS, MAKING FINDINGS AND REVOKING REGISTRATION OF COMMON AND PREFERRED STOCK PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934

I.

The Securities and Exchange Commission ("Commission") deems it appropriate for the protection of investors that a public administrative proceeding be, and hereby is, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Exchange Act") against Carnegie International Corporation ("Carnegie" or "Respondent").

II.

In anticipation of the institution of this proceeding, Respondent has submitted an Offer of Settlement (the "Offer") which the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over it and the subject matter of this proceeding, and the findings contained in Section III below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings, Making Findings and Revoking Registration of Common and Preferred Stock Pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Order"), as set forth below.

III.

On the basis of this Order and Respondent's Offer, the Commission finds that:

A. The common and preferred stock of Carnegie is registered pursuant to Section 12(g) of the Exchange Act and has been registered since December 28, 1998.

B. At all relevant times, Carnegie was required pursuant to Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder to file, timely and in proper form, its annual reports on Forms 10-K and its quarterly reports on Forms 10-Q. Carnegie has not filed such required reports for any period subsequent to the fiscal quarter ended September 30, 2001. As a result of the foregoing, Respondent failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder.

C. Respondent's common stock is still traded in the over-the-counter market and quoted through the "Pink Sheets" published by Pink Sheets LLC. As of June 3, 2003, Respondent's common stock was quoted at under $0.03 per share.

IV.

In view of the foregoing, the Commission deems it appropriate for the protection of investors to impose the sanction specified in Respondent's Offer.

ACCORDINGLY, IT IS HEREBY ORDERED that the registration of the common and preferred stock of Carnegie be, and hereby is, revoked pursuant to Section 12(j) of the Exchange Act.

By the Commission:

Jonathan G. Katz
Secretary

 

http://www.sec.gov/litigation/admin/34-48170.htm


Modified: 07/14/2003