Litigation Release No. 16468 \ March 10, 2000

Securities and Exchange Commission v. Nevada Manhattan Group, Inc.,
Case No. 1:00-CV-00500 (D.D.C.) (filed March 9, 2000)

On March 9, 2000, the Commission filed a complaint in the United States District Court for the District of Columbia against Nevada Manhattan Group, Inc., an issuer whose securities are traded on the OTC Bulletin Board. The complaint alleges that Nevada Manhattan, which engages in gold mining in Nevada and the cutting and processing of timber in Brazil, failed to make available to the investing public current and accurate information about its financial condition and results of operations through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the complaint alleges that Nevada Manhattan has not filed its Annual Report on Form 10-K for the fiscal year ended May 31, 1999 and its Quarterly Reports for the fiscal quarters ended August 31 and November 30, 1999. Nevada Manhattan also failed to file two Notifications of Late Filing for its delinquent reports.

Simultaneously with the filing of the complaint, the Commission filed the Consent and Undertakings of Nevada Manhattan, in which it admitted that it was delinquent in the referenced filings and agreed to the entry of a Final Judgment of Permanent Injunction requiring it to file its delinquent reports on or before March 19, 2000, and enjoining Nevada Manhattan from further violations of Section 13(a) of the Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder.