FOR IMMEDIATE RELEASE
Mar 3 2006
Contact: Stacie Temple;Mike Seitz, (573) 526-5076;(573) 526-0949
Carnahan Orders St. Louis Company to Repay $100,000 to Investors
Company claimed it could produce water-powered car
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.