Trading Suspension: Verdisys, Inc.
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 49385 / March 10, 2004
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 trading of the securities of Verdisys, Inc. ("Verdisys"), of Houston, Texas at 9:30 a.m. on March 10, 2004, and terminating at 11:59 p.m. on March 23, 2004.
The Commission temporarily suspended trading in the securities of Verdisys because of questions that have been raised about the accuracy and adequacy of publicly disseminated information, including assertions made in Commission filings, concerning, among other things, the company's business operations related to its lateral drilling services and the company's anticipated and actual revenues.
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 Verdisys'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 that 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 that may relate to this matter, they should immediately communicate it to Harold F. Degenhardt, District Administrator (817/978-6469), Spencer C. Barasch, Associate District Administrator (817/978-6425), or Alan M. Buie, Assistant District Administrator (817/978-0581), at the Fort Worth District Office of the Securities and Exchange Commission.