The sale of MSE Technology Inc., which was supposed to be finalized Sept. 14, remains in limbo after the prospective buyer fell under a SEC-mandated trading suspension.
Yet Jim Fallacaro, chief executive of Global Technologies Group Inc., said in a public letter to shareholders that the Securities and Exchange Commission’s action has "zero effect on the business of the company, the acquisition."
"They are all aware of it and have no problem continuing on with Global or me," said Fallacaro.
Calls to MSE, current owner MERDI, and MERDI lawyer Bill Kebe have not been returned all week.
Fallacaro did not return calls as well, but addressed shareholders through the release. In it, he said that SEC investigators told him the suspension was levied because they were searching for "financial information needed…to comply with the reporting company regulations, stemming from errors made in 2007 and to the present 10Q ."
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Fallacaro said in the release that he understands the "frustration, anger and fear that all of the shareholders feel." He noted he is “president of this company and I take full responsibility for this event.”