PHILADELPHIA, Sept. 13, 2007 (PRIME NEWSWIRE) -- Today, Sure Trace Security Corporation (Other OTC:SSTY) announced that the Securities and Exchange Commission has finalized its long-standing investigation of Sure Trace with the bringing of a complaint in U.S. District Court for the District of Columbia. The matter was settled by the entry of consents by the Company and two individuals to statutory injunctions, in which the defendants neither admitted nor denied the allegations in the complaint.
Much of the Commission's Complaint relates to alleged violations that occurred prior to 2005. The press releases that the SEC alleged were false and misleading were all issued in 2004, before current management joined the Company, and under whom, as the Commission's complaint acknowledges, the Company has changed the procedures by which press releases are prepared and reviewed.
Michal M. Cimino, Sure Trace's Chairman and President, stated: "We are very happy to have this matter behind us. We have instituted procedures designed to provide reasonable assurance that our future activities will be fully compliant with all securities laws and rules. I am very glad for Sure Trace's stockholders that Sure Trace is now poised to start to develop its existing business opportunities without the 'overhang' of an impending SEC investigation."
To see a copy of the SEC complaint in this matter go to: http://sec.gov/litigation/complaints/2007/comp20277.pdf ; To see the SEC's Litigation Release go to: http://sec.gov/litigation/litreleases/2007/lr20277.htm
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and Sure Trace undertakes no obligation to update such statements.