FOR IMMEDIATE RELEASE
Friday, March 03, 2006
Contact: Stacie Temple, (573) 526-5076
Contact: Mike Seitz, (573) 526-0949
Carnahan Orders St. Louis Company to Repay $100,000 to Investors
Company claimed it could produce water-powered car
Jefferson City, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities Matt Kitzi issued a consent order last week concerning a St. Louis business that claimed it could produce a car that runs on water.
The order alleges that William P. Alexander and his company, Emerging Technologies Development Company, offered and sold unregistered investments in Emerging Technologies Investment Group LLC. In a July 2004 news release, the company claimed it would create several thousand jobs in St. Louis to produce a water-powered car that would likely make the need for gasoline obsolete in 100 days.
However, the company admits that to date, no water-powered car has been produced, no jobs have been created and no funds remain in Emerging Technologies Development Co. Alexander and his group received $100,000 from 12 investors.
The order requires Alexander and the investment group to pay $100,000 plus interest back to the investors and a $10,000 fine to the state. In addition, Alexander and his companies are prohibited from offering or selling unregistered securities and from making untrue statements regarding the offer or sale of a security.
"Unregistered sellers and unregistered investment products are real threats to investors," Carnahan said. "I encourage Missourians to contact our toll-free investor hotline to get information regarding a company or investment, especially when it sounds too good to be true," she added.
For more information regarding investments and fraud protection, or for information regarding a company or representative, please call the toll free investor hotline at 1-800-721-7996 or visit the Secretary of State's Web site at http://www.sos.mo.gov/securities.
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