SEC ALJ Rules Out Sanction Against e-Smart
February 07 2005 - 5:00AM
PR Newswire (US)
SEC ALJ Rules Out Sanction Against e-Smart WASHINGTON, Feb. 7
/PRNewswire-FirstCall/ -- e-Smart Technologies, Inc. (OTC Pink
Sheets: ESMT)("e-SMART" or the "Company") announced today that, in
a regulatory action initiated in December 2002 by the Division of
Enforcement of the Securities & Exchange Commission, the
administrative law judge has denied the Division's request for the
imposition of a sanction against e-Smart. In a decision issued on
February 3, 2005, the administrative law judge stated that the
Company has "hired staff that has undertaken extensive compliance
efforts to cure past reporting deficiencies and keep current with
ongoing reporting requirements." The law judge further concluded
that "based on the company's recent infusion of working capital,
signed business contracts, and diligent and expensive efforts to
file past due reports, ... I find the likelihood of future
violations absent ... " and denied the Division's request for the
imposition of a sanction. The Division had proposed revoking the
registration of e-Smart's common stock. Both parties have
twenty-one days to appeal this order. The full text of this
decision is available on the Company's website at
http://www.e-smarttechnologies.com/ About e-Smart e-Smart is the
exclusive licensee in the USA and Asia of the Super Smart Card(TM),
the Super Smart Passport(TM) and the Biometric Verification
Security System(TM) (also known as the "BVS2"(TM)). The Company
seeks to be a leading provider of high technology security systems
that can be used to combat fraud and terrorism throughout its
licensed territories. e-Smart's systems and products enable
government agencies and commercial enterprises to continuously and
securely verify the identity of citizens, personnel, customers and
any other persons seeking physical or logical access. e-Smart
Technologies offers what it believes to be the highest form of
identity based and credential based security available with no
profiling or erosion of civil rights. SAFE HARBOR STATEMENT
Statements in this news release that relate to future plans,
financial results or projections, events or performance are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. While these statements
are made to convey to the public the Company's progress, business
opportunities and growth prospects, readers are cautioned that such
forward-looking statements represent the management's opinion.
While management believes such representations to be true and
accurate based on information available to the Company at this
time, actual results may differ materially from those described.
DATASOURCE: e-Smart Technologies, Inc. CONTACT: e-Smart Media
Relations, +1-703-768-7477, or Kirk Brewer, +1-214-213-5495 Web
site: http://www.e-smarttechnologies.com/
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