==========================================START OF PAGE 1====== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. Litigation Release No. 15382 / June 10, 1997 SECURITIES AND EXCHANGE COMMISSION v. TECHNOLOGY INTERNATIONAL, LTD., ET AL., United States District Court for the District of Columbia, Civil Action No. 1:96CV00025 (D.D.C., January 11, 1996)(JR) The Securities and Exchange Commission today issued an administrative order (the "Order") barring Kyle Weston (the "Respondent") from association with any broker, dealer, investment adviser, investment company or municipal securities dealer. In its Order, the Commission found that the Respondent, a former securities salesman with Technology International, Ltd. ("TIL"), was permanently enjoined from violating the antifraud provisions of the federal securities laws. The Commission's order also found that Respondent sold unregistered securities to investors while acting as an unregistered broker-dealer and, consequently, willfully violated Section 15(a) of the Exchange Act. Weston consented to the entry of the Order without admitting or denying the Commission's findings, but admitting to the entry against him of a Final Judgment by the United States District Court for the District of Columbia, on February 25, 1997, permanently enjoining the Respondent from committing future violations of the antifraud provisions of the federal securities laws and the provisions barring sales of securities by unregistered broker-dealers. Final Judgments permanently enjoining David Rockwell and Albert Weston, also former TIL salesmen, from violating these provisions were also entered by the Court on the same date. In addition to the Judgments described above, Final Judgments were entered against TIL (February 28, 1997), enjoining the company from violating the same provisions of the federal securities laws, as well as the registration provisions of the Securities Act of 1933 and the Exchange Act's periodic reporting requirements; TIL Chairman Neil Garfield (September 5, 1996), enjoining him from future violations of the registration, antifraud and broker-dealer provisions; and TIL's former Chief Financial Officer B.J. Thomas (March 11, 1997), who was enjoined from violating the antifraud provisions. The defendants consented to the entry of the Final Judgments without admitting or denying the allegations contained in the Commission's complaint in SEC v. Technology International, Ltd., et al., Civil Action No. 1:96CV00025 (D.D.C., January 11, 1996)(JR). ==========================================START OF PAGE 2====== - 2 - The Commissions's complaint in Technology International, Ltd. alleged that the defendants raised at least $826,000 from investors through sales of unregistered TIL securities, sales that involved the use of high-pressure, boiler-room tactics and sales presentations which materially misrepresented TIL's business activities, prospects, and financial condition. TIL, the complaint alleges, was a Florida-based shell company that, between 1992 and 1994, acquired a number of mostly worthless companies ostensibly involved in the health care field. The complaint further alleged that TIL's financial statements for the third quarter of fiscal year 1993 were materially misstated because TIL improperly included assets it did not own and improperly deferred general and administrative expenses. For more information, see Litigation Release No. 14784 (January 17, 1996).