SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 41517 / June 11, 1999
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of over-the-counter trading of the securities of Net Command Tech, Inc. ("NCT"), of New York, New York, at 9:30 a.m. EDT, on June 11, 1999, and terminating at 11:59 p.m. EDT on June 24, 1999.
The Commission temporarily suspended trading in the securities of NCT because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the purported acquisition by NCT of certain companies' assets and stock and the value of those assets and stock, a $1.5 million line of credit purportedly secured by NCT from a European bank, the revenue generated by an American company purportedly acquired by NCT, and the business success and reputation of NCT's CEO and president.
The Commission cautions broker dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to NCT's securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker dealer or other person has any information which may be related to this matter, the Miami, Florida office of the Securities and Exchange Commission should be telephoned at (305) 982-6390.
SUMMARY FOR NEWS DIGEST
ORDER OF SUSPENSION OF TRADING ENTERED AGAINST NET COMMAND TECH, INC.
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act), of trading of the securities of Net Command Tech, Inc. (NCT) of Ft. Lauderdale, Florida at 9:30 a.m. EDT on June 11, 1999 and terminating at 11:59 p.m. EDT on June 24, 1999.
The Commission temporarily suspended trading in the securities of NCT because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the purported acquisition by NCT of certain companies' assets and stock and the value of those assets and stock, a $1.5 million line of credit purportedly secured by NCT from a European bank, the revenue generated by an American company purportedly acquired by NCT, and the business success and reputation of NCT's CEO and president.
Contact person: Glenn S. Gordon, SERO, (305) 982-6360
http://www.sec.gov/litigation/suspensions/34-41517.htm
