NW Tech Capital, Inc. Announces Settlement Agreement With the Securities and Exchange Commission Over Prior Management Activitie
August 12 2008 - 9:45AM
Marketwired
On August 5, 2008, NW Tech Capital, Inc. (OTCBB: NWTT) entered into
a settlement with the U.S. Securities and Exchange Commission
relating to certain actions of the Company prior to the acquisition
of a controlling interest by the current Company's management which
occurred in March 2006. The action relates to activities of NW Tech
Capital, Inc.'s prior management between 2002 and 2005. The SEC
made a determination that the company's previous management had
engaged in the use of multiple registration statements on Form S-8
for financing purposes during the period from 2002 to 2005. There
were no allegations made against any of the Company's current
management or any allegation that any of the activities had
occurred subsequent to the acquisition of the controlling interest
by the Company's current management. Current management of the
Company cooperated fully with the SEC in the investigation of the
matter.
Based on the Company's cooperation, and the SEC's
acknowledgement that the Company's current management had not
engaged in any wrongful behavior and the fact that the current
Company had not benefited from the actions and was not in a
position to pay any amounts to settle the action, a settlement was
reached by the Company and the SEC. The settlement provides for a
consent decree permanently restraining the Company from violating
Section 5 of the Securities Act of 1933. In connection with the
settlement, the Company made certain representations as to their
financial condition as of October 25, 2007. Although the settlement
provides for disgorgement in the amount of $5,330,198, plus
prejudgment interest thereon in the amount of $1,502,535 for a
total amount of $6,832,733, it specifically states that the Court
is not ordering the Company to pay a civil penalty and the payment
of all disgorgement and pre-judgment interest thereon is waived.
The only reason that the SEC would seek to collect such amount was
if the SEC determined that the Company's representations as to its
financial condition were fraudulent or misleading at the time such
representations were made. The Company is comfortable that its
financial representations accurately reflected the Company's
financial position as of October 25, 2007 and accordingly does not
believe that there is any possibility that the Company would be
required to pay the settlement amount.
James Wheeler, CEO of NW Tech Capital, Inc., stated: "We are
very pleased with the outcome of this settlement, it now means that
NWTT can move on with its future business plans without the concern
of paying for the activities of the company prior to the change of
control in March 2006." Wheeler continues: "We will now move full
speed ahead on all of our future plans with Teledigit, Inc. and our
possibilities in China."
About NW TECH CAPITAL, INC.
NW Tech trades on the OTC Bulletin Board under the ticker symbol
"NWTT." For more information on NW Tech Capital contact
investor@nwtechcapital.com or visit web site at
www.nwtechcapital.com
Certain Information
Investors are cautioned that certain statements contained in
this document as well as some statements in periodic press releases
and some oral statements of NWTT officials are "Forward-Looking
Statements": within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "Act"). Certain statements in
this news release may contain forward-looking information and are
based on Management's current expectations, estimates and
projections subject to change. Words such as "anticipates,"
"expects," "intends," "plans," "targets," "projects," "believes,"
"seeks," "estimates" and similar expressions are intended to
identify such forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our
control and are difficult to predict. Therefore, actual outcomes
and results may differ materially from what is expressed or
forecasted in such forward-looking statements. You should not place
undue reliance on these forward-looking statements. Unless legally
required, the Company undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. The Company disclaims any
information that is created or distributed by any outside party and
endorses only information that is communicated by its official
Press Releases.
Contact Information: NW Tech Capital, Inc. Vancouver, WA James
Wheeler Chairman & CEO E-mail: Email Contact
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