NearZero Inc. - Interim Liquidators Appointed

News release

23 May 2007

NearZero Inc. - Interim Liquidators Appointed

Interim liquidators have been appointed for the New Zealand assets of NearZero Inc., a company incorporated in the State of Nevada, USA. The New Zealand operation is based in Nelson where NearZero’s sole director, Philip James Whitley resides.

The interim liquidators appointed by the High Court are John Waller and Vivian Fatupaito of PricewaterhouseCoopers.

“On 9 May 2007 the Commission formed the view that shares were offered in breach of the Securities Act 1978 and banned all advertisements for the offer,” Securities Commission Director of Primary Markets, Kathryn Rogers says.

“There was no registered prospectus or investment statement about the shares.”

Investigations are continuing and other enforcement action may follow.

Investors in NearZero should write to the interim liquidators at PricewaterhouseCoopers New Zealand, Private Bag 92 162, Auckland.

“The Commission warns people about buying securities without the required offer documents. Under New Zealand law offers of securities to the public must have a registered prospectus and an investment statement. These documents provide important information for investors considering whether to purchase securities. Investors must be provided with an investment statement and can request a copy of the registered prospectus” Kathryn Rogers says.

ENDS

© Scoop Media