BGI Advised of Possible SEC Enforcement Action.Business Editors & Gaming Writers AUSTIN, Texas--(BUSINESS WIRE)--Oct. 29, 2002 BGI BGI Barclays Global Investors BGI Bainbridge Graduate Institute BGI Bureau Gravimétrique International BGI Borland Graphic Interface (File Name Extension) BGI Bridgetown, Barbados - Grantley Adams International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BGII BGII Baldur's Gate II: Shadows of Amn (computer game) ) today announced that it has been advised by staff members of the Division of Enforcement of the Fort Worth District Office of the Securities and Exchange Commission that they intend to recommend to the Commission that a civil action alleging violations of the antifraud provisions of the Securities Exchange Act of 1934 be commenced against the Company. The Company intends to discuss with the staff the staff's intended recommendations before they are sent to the Commission. The Commission must approve any charges before they can be brought against the Company. BGI is a gaming company that designs, distributes and markets sweepstakes-driven gaming products. The Company's primary product -- the Charity Station -- combines entertaining, interactive games with various sweepstakes incentives, and are extensively used by non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. as a means of fund raising. These unique products are placed by the Company's charity customers in non-profit venues, social clubs and other non-casino venues. BGI Inc. was founded in 1994 and has offices in Austin, Texas. The Company currently trades on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol BGII. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: These statements made by BGI Inc. (BGII) may be forward-looking in nature, particularly as related to the business plans of the Company within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and are subject to the safe harbor created by these sections. Actual results may differ materially from projected statements. BGI Inc. believes that its primary risk factors include, but are not limited to the need for substantial financial requirements; the need to develop effective internal processes and system; changes in the overall economy; continued and future strategic alliances; changes in technology, the number and size of competitors and the mix of products and services offered in its markets; the uncertainty surrounding the outcome of regulatory actions that have been or may be brought against the Company and changes in the laws and regulatory policies governing the Company's operations and the enforcement of such laws and policies. |
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