MARVIN MANDEL, Governor

2001

TITLE HAS BEEN WILLFULLY VIOLATED, IN CONNECTION WITH THE
OFFERING, BY:

(I)     THE PERSON FILING THE REGISTRATION
STATEMENT;

(II)   THE ISSUER, ANY PARTNER, OFFICER, OR
DIRECTOR OF THE ISSUER, ANY PERSON OCCUPYING A SIMILAR
STATUS OR PERFORMING SIMILAR FUNCTIONS, OR ANY PERSON
DIRECTLY OR INDIRECTLY CONTROLLING OR CONTROLLED BY THE
ISSUER, BUT ONLY IF THE PERSON FILING THE REGISTRATION
STATEMENT IS DIRECTLY OR INDIRECTLY CONTROLLED BY OR
ACTING FOR THE ISSUER; OR

(III)   ANY UNDERWRITER;

(3)   THE SECURITY REGISTERED OR SOUGHT TO BE
REGISTERED IS THE SUBJECT OF AN ADMINISTRATIVE STOP ORDER
OR SIMILAR ORDER OR A PERMANENT OR TEMPORARY INJUNCTION
OF ANY COURT OF COMPETENT JURISDICTION ENTERED UNDER ANY
OTHER FEDERAL OR STATE ACT APPLICABLE TO THE OFFERING,
BUT:

(I)   THE COMMISSIONER MAY NOT INSTITUTE A
PROCEEDING AGAINST AN EFFECTIVE REGISTRATION STATEMENT
UNDER THIS ITEM (3) MORE THAN ONE YEAR FROM THE DATE OF
THE ORDER OR INJUNCTION RELIED ON; AND

(II)    HE MAY NOT ENTER AN ORDER UNDER THIS
ITEM (3) ON THE BASIS OF AN ORDER OR INJUNCTION ENTERED
UNDER ANY OTHER STATE ACT UNLESS THAT ORDER OR INJUNCTION
WAS BASED ON FACTS WHICH WOULD CURRENTLY CONSTITUTE A
GROUND FOR A STOP ORDER UNDER THIS SECTION;

(4)   THE ENTERPRISE OR METHOD OF BUSINESS
OF THE ISSUER INCLUDES OR WOULD INCLUDE ACTIVITIES WHICH
ARE ILLEGAL WHERE PERFORMED;

(5)   THE OFFERING HAS WORKED OR TENDED TO
WORK A FRAUD ON PURCHASERS OR WOULD SO OPERATE;

(6)      IF A SECURITY IS SOUGHT TO BE
REGISTERED BY NOTIFICATION, IT IS NOT ELIGIBLE FOR THE
REGISTRATION;

(7)      IF A SECURITY IS SOUGHT TO     BE
REGISTERED BY COORDINATION, THERE HAS BEEN A FAILURE     TO
COMPLY WITH THE UNDERTAKING REQUIRED BY §11-503(B) (4)    OF
THIS SUBTITLE; OR

(8) THE APPLICANT OR REGISTRANT HAS FAILED
TO PAY THE PROPER FILING FEE, BUT THE COMMISSIONER MAY
ENTER ONLY A DENIAL ORDER UNDER THIS ITEM (8) AND HE
SHALL VACATE THE ORDER WHEN THE DEFICIENCY IS