-By Securities Commission
Monday 14th May 2007
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NearZero is incorporated in the State of Nevada, USA. The Commission believes its offer does not comply with the law.
Brochures titled "Investment Opportunity Faster than Fiber Optic" promoting NearZero's offer do not refer to an investment statement. No prospectus appears to have been registered with the Companies Office either.
"Most offers of investment in New Zealand must have a registered prospectus and an investment statement", the Commission's Director of Primary Markets, Kathryn Rogers says. "These documents give important information about the investment."
The Commission understands that presentations promoting the offer have been made in Nelson, Wellington, Auckland and Christchurch in conjunction with a New Zealand company called Syntiro Limited.
NearZero, through its lawyers, says that any offer to the public was inadvertent. This however does not alter the requirements under securities law for offers of investment to have a registered prospectus and an investment statement. The Commission is continuing to investigate the matter.
Anyone who has already subscribed may be entitled under New Zealand law to have their money refunded. People who have subscribed should contact the company or its New Zealand director, Philip J Whitley and ask for their money back.
The Commission warns people about buying securities that do not have the required offer documents. This is especially important where money is being sent outside New Zealand. Once money goes offshore, it is very hard (if not impossible) to recover.
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