WARWICK – The U.S. Securities and Exchange Commission suspended trading for Clean Energy and Power Inc. as of 9:30 a.m. Thursday.
Clean Energy and Power, quoted on the Pink Sheets operated by OTC Markets Group Inc. under the ticker symbol KEPI, has not filed periodic reports with the SEC since Sept. 30, 2007.
“There is a lack of current and accurate information concerning the securities of Clean Energy,” said Elizabeth M. Murphy, secretary for the SEC, in an order of suspension of trading filed Jan. 27.
The suspension is in effect until 11:59 p.m. on Feb. 9. Clean Energy had previously been suspended from Over The Counter Bulletin Board, operated by the NASDAQ, on April 25, 2008.
Clean Energy and Power did not immediately respond to a phone call from Providence Business News seeking comment.
On the Warwick-based company’s website, the last statement available – on June 28 – says it was planning on providing an update concerning the status of its audit and SEC filings “in response to numerous inquiries.”
Clean Energy said it expected to have its first and second quarter filings for 2010 completed no later than Aug. 15, and it was in the “final stage” of completing the audits for 2008 and 2009 with the work to be completed by July 9. It had been hoping to return to the OTCBB.
In an order instituting proceedings from the SEC, the entity says Clean Energy and Power has not filed any periodic reports since its predecessor 5G Wireless Communications Inc. filed a Form 10-QSB for the period ended Sept. 30, 2007, when it reported a net loss of $1.93 million for the prior three months.
The SEC has ordered a public hearing and that Clean Energy file an answer to the allegations in the order within 10 days.
If the company fails to file the answer, or appear at the hearing, it may be deemed in default and further proceedings may be taken, the entity said.
