SECURITIES EXCHANGE ACT OF 1934
Release No. 49361 / March 3, 2004
File No. 3-11420
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST RHINO ECOSYSTEMS, INC.
On March 3, 2004, the Commission entered an Order Instituting Public Administrative Proceedings Pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Order") against Rhino Ecosystems, Inc., ("Rhino") to determine whether the Commission should suspend or revoke the registration of all securities of Rhino registered under Section 12 of the Securities Exchange Act of 1934.
The Order alleges that Rhino, a Florida corporation with a principal executive office in Woodbridge, Ontario Canada, has failed to file its Form 10-KSB annual report for the years ended July 31, 2002 and July 31, 2003 and its Forms 10-QSB for the quarters ended October 31, 2002, January 31, 2003, April 30, 2003 and October 31, 2003. The Order further alleges that, as a result of the foregoing, Rhino has failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Rhino an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to suspend or revoke the registration of Rhino's securities.
The Order requires the Administrative Law Judge to issue an initial decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.