Quintek settles with SEC. (Media & Technology).Camarillo-based Quintek Technologies Inc. has signed a settlement agreement with the Securities and Exchange Commission over alleged illegal trading in the company's stock. In its quarterly report filed May 16 with the SEC, the company said the proposed settlement would permanently prohibit the company from violating securities laws in the future. Quintek signed the agreement on March 25, but SEC commissioners have yet to approve the pact. Quintek makes aperture cards A punch card that holds a frame of microfilm. containing microfilm A continuous film strip that holds several thousand miniaturized document pages. See micrographics.  Microfilm and Microfiche to record digital images for storage. The SEC began the informal probe in May 2002 into press releases issued by the company in 2001, about its investments into PanaMed Corp., one of its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . The releases also dealt with that company's efforts to sell medical equipment in Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. where major orders were reported, only to be rescinded later. The probe also focused on the releases' impact on trading patterns Trading pattern Long-range direction of a security or commodity futures price, charted by drawing one line connecting the highest prices the security has reached and another line connecting the lowest prices at which the security has traded over the same period. of Quintek's stock. Andrew Haag, Quintek chief financial officer, said he believes once the SEC approves the agreement the issue will be closed. "We're eager to move on after this case is finalized," Haag said. The company has maintained it did nothing wrong. Business Journal Reporter Carlos Martinez may be reached at (818) 316-3126 or by e-mail at cmartinez@sfvbj.com |
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