Litigation Release No. 20868A / January 26, 2009

SEC v. University Lab Technologies, Inc., et al., 07 CV 80838-Johnson (D. Florida.)

Final Judgments Entered Against Defendants University Lab Technologies, Inc., and George Theodoropoulos, a/k/a George Theodore in South Florida Offering Fraud

The United States District Court for the Southern District of Florida on January 13, 2009, entered final judgments, by consent, against Defendants University Lab Technologies, Inc. ("ULT") and George Theodoropoulos, a/k/a George Theodore. The final judgments, under which Theodore and ULT neither admitted nor denied the allegations of the Commission's complaint, contain permanent injunctions enjoining both defendants from future violations of Sections 5(a) and (c) and 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The final judgment against Theodore further orders: a 10-year officer-and-director bar; a penny stock bar; disgorgement of $422,577.93; prejudgment interest on disgorgement of $36,407.71; and a civil penalty of $60,000.

The Commission dismissed its claims for disgorgement and a civil penalty against ULT, which is now in receivership, has ceased business operations, and has no assets.

The Commission's complaint filed on September 14, 2007, alleged that ULT and Theodore were violating the federal securities laws by engaging in the unregistered offer and sale of securities and misrepresenting the use of sales proceeds. From December 2006 through May 2007, the complaint allged ULT and Theodore raised more than $1 million from approximately 46 investors nationwide and in Canada by offering and selling unregistered units of ULT stock. On September 12, 2007 the Court entered an Order freezing ULT's and Theodore's assets and approving a Receiver over ULT.

[SEC v. University Lab Technologies, Inc., and George Theodoropoulos, a/k/a George Theodore. LR-20288]