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SEC suspends companies touting Ebola products

2014-11-20 17:42 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-MYRY) Myriad Interactive Media Inc
Also Street Wire (U-OGNG) Bravo Enterprises Ltd

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by Mike Caswell

The U.S. Securities and Exchange Commission has halted four companies that claim to be developing products or services in response to the Ebola outbreak. The regulator cites questions about the accuracy and adequacy of publicly disseminated information. Of the four, one has an office in Toronto and the other has connections to Vancouver's May Joan Liu.

The suspensions are contained in an order the SEC released on Thursday, Nov. 20. The companies it lists are Myriad Interactive Media Inc. of Toronto, Bravo Enterprises Ltd. of New York, Immunotech Laboratories Inc. of California and Wholehealth Products Inc., also of California. According to the order, the suspensions are necessary for the protection of investors. Although the SEC has not accused the companies of anything specific, it warns that companies purportedly providing Ebola-related services could be exploiting the crisis to lure investors.

The SEC has not explained why it singled out the four companies, given that many others are promoting Ebola-related items. In the case of one, Vancouver-linked Bravo Enterprises, the company's Ebola connection comes from a single news release. Bravo, which makes devices that supposedly draw water from humidity in the air, reported on Aug. 27, 2014, that its devices could be used to provide water to those in an outbreak area. Citing the lack of running water in one of the worst-hit countries, Liberia, the company said its air-to-water machines "would be of great assistance in this desperate situation." Bravo said little else about Ebola and the stock barely reacted to the news, going to 1.34 cents from 1.3 cents. (All figures are in U.S. dollars.)

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