Mar 19th 2008, 20:09 System Announcement
by Bogart Beck
Companies Halted for Non-Compliant Financials and Fines Levied - 03/19/2008Folks,
The time has come (and actually is WAY OVERDUE) for SL CapEx to Enforce its Reporting Requirements vigorously. We have been extremely lax and forgiving given the recent LL Banking Policy change and the JTF/SLW conversion.
Our Revised Financial Reporting and Enforcement Policy was Posted on August 13,2007, to be effective September 01,2007. Such policy can be found at the following URL http://www.slcapex.com/content/listing
Some six full months later we have listed companies that still don't complete or submit their Required Monthly Financials in a temely manner - or in some instances not at all. After reading some of the scathing comments this last week directed at both CEO's and the Exchange itself, and as an Investor myself in many SL CapEx companies, I find this wholly unacceptable.
CEO's were advised on January 05, 2008 (SLCapEx CEO Report) (please reference the following URL); http://www.slcapex.com/home/story/system/1233 AND AGAIN on January 22, 2008 http://www.slcapex.com/home/story/system/1360 that we would begin vigilantly enforcing our policies. That day has arrived. Effective immediately the following companies will be HALTED until such time as their Financial Reporting is in proper order pursuant to SL CapEx Policy and using conforming SL CapEX Formats;
(ie; GAAP Compliant Income Statements & Balance Sheets)
MECH - 70+ Days Delinquent
YEP - 70+ Days Delinquent
(POW) Remains halted and will granted 30 days grace to achieve Financial compliance when it resumes trading.
(RCP) & (HOT) are NEW Listings and will be required to submit conforming Financials for the March Reporting Period - due no later than April 10, 2008.
(SLW) is also non-compliant at this time but is being extended grace due to its unique circumstance related to the LL Bank Policy Change. SLW will be required to submit conforming Financials for the March Reporting Period as above.
The following companies are each being assessed FINES as outlined below for their February Reporting Delinquency (yes including my own)! Arrrgh! These fines are being assessed pursuant to our Listing Requirements and will be levied pursuant to the Terms and Conditions described at the following URL
Companies that posted late - incurring fines
BIG - 1 day late - L$ 1,000 Fine
BTR - 2 days late - L$ 2,000 Fine
KDC - 1 day late - L$ 1,000 Fine
LCA - 4 days late - L$ 4,000 Fine
LNL - 1 day late - L$ 1,000 Fine
VBL - 3 days late - L$ 3,000 Fine
WPM - 4 days late - L$ 4,000 Fine
ZEN - 1 day late - L$ 1,000 Fine
Companies PENDING Financials - Fines CONTINUING TO ACCRUE at L$1,000 per day!
MECH - Pending 70 days delinquent
YEP - Pending 70 days delinquent
SLW - Pending 9 days delinquent