I. ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS AND NOTICE OF HEARING PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934
The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against Respondents Speedlane.com, Inc., Spintek Gaming Technologies, Inc., Standard Brands Paint Co., Star Casinos International, Inc., Stardrive Solutions, Inc., Sterling Media Capital Group, Inc. (n/k/a Crystal Properties Holdings, Inc.), Stormedia, Inc. (f/k/a Sym-Tek Systems, Inc.), Strategic Partners, Inc., STS Liquidating Corp., and Symplex Communications Corp.
II. After an investigation, the Division of Enforcement alleges that:
A. RESPONDENTS
1. Speedlane.com, Inc. (CIK No. 1091563) is a revoked Nevada corporation located in Sanibel, Florida with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Speedlane.com is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB for the period ended September 30, 2000, which reported a net loss of over $1.4 million for the prior nine months.
2. Spintek Gaming Technologies, Inc. (CIK No. 1003479) is a permanently revoked Nevada corporation located in Las Vegas, Nevada with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Spintek is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB for the period ended March 31, 2000, which reported a net loss of over $2.8 million for the prior nine months. On November 13, 2000, the company filed a Chapter 7 petition in the U.S. Bankruptcy Court for the District of Nevada, which was terminated on August 15, 2005. As of October 14, 2010, the company’s stock (symbol “SPTK”) was traded on the over-the-counter markets.
3. Standard Brands Paint Co. (CIK No. 93308) is a Delaware corporation located in El Segundo, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Standard Brands is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended October 25, 1995, which reported a net loss of over $14.2 million for the prior nine months. On December 27, 1995, the company filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Central District of California, which was terminated on March 24, 2005.
4. Star Casinos International, Inc. (CIK No. 831674) is an expired Colorado corporation located in Tucson, Arizona with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Star Casinos is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB for the period ended June 30, 1995, which reported a net loss of $294,458 for the prior three months. On May 3, 1996, the company filed a Chapter 7 petition in the U.S. Bankruptcy Court for the District of Colorado, which was terminated on December 22, 1997.
5. Stardrive Solutions, Inc. (CIK No. 1088116) is an inactive Washington corporation located in Agoura Hills, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Stardrive is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB/A for the period ended June 30, 2001, which reported a net loss of over $9.7 million for the prior nine months.
6. Sterling Media Capital Group, Inc. (n/k/a Crystal Properties Holdings, Inc.) (CIK No. 723616) is a Nevada corporation located in Las Vegas, Nevada with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Sterling Media is delinquent in its periodic filings with the Commission, having not filed
any periodic reports since it filed a Form 10-QSB for the period ended September 30, 2000, which reported a net loss of $406,821 for the prior three months.
7. Stormedia, Inc. (CIK No. 942787) is a delinquent Delaware corporation located in Santa Clara, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Stormedia is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q/A for the period ended June 26, 1998, which reported a net loss of over $48.7 million for the prior six months. On October 11, 1998, the company filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Northern District of California, which was terminated on January 28, 2003. As of October 14, 2010, the company’s stock (symbol “STMDQ”) was traded on the over-the-counter markets.
8. Strategic Partners, Inc. (CIK No. 1100313) is a delinquent Wyoming corporation located in Oxnard, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Strategic Partners is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-KSB for the period ended December 31, 2002, which failed to include any financial statements as required. The company’s Form 10-QSB for the period ended September 30, 2002 reported a net loss of $161,556 for the prior nine months.
9. STS Liquidating Corp. (f/k/a Sym-Tek Systems, Inc.) (CIK No. 350615) is a dissolved California corporation located in San Diego, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). STS is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended December 31, 1994, which reported a net loss of $308,000 for the prior nine months.
10. Symplex Communications Corp. (CIK No. 1039920) is a void Delaware corporation located in Whitmore Lake, Michigan with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). Symplex is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-QSB for the period ended September 30, 2000, which reported a net loss of $209,917 for the prior three months.
B. DELINQUENT PERIODIC FILINGS
11. As discussed in more detail above, all of the Respondents are delinquent in their periodic filings with the Commission, have repeatedly failed to meet their obligations to file timely periodic reports, and failed to heed delinquency letters sent to them by the Division of Corporation Finance requesting compliance with their periodic filing obligations or, through their failure to maintain a valid address on file with the Commission as required by Commission rules, did not receive such letters.
12. Exchange Act Section 13(a) and the rules promulgated thereunder require issuers of securities registered pursuant to Exchange Act Section 12 to file with the Commission current and accurate information in periodic reports, even if the registration is voluntary under Section 12(g). Specifically, Rule 13a-1 requires issuers to file annual reports, and Rule 13a-13 requires issuers to file quarterly reports.
13. As a result of the foregoing, Respondents failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder.
III. In view of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted to determine:
A. Whether the allegations contained in Section II hereof are true and, in connection therewith, to afford the Respondents an opportunity to establish any defenses to such allegations; and,
B. Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceeding twelve months, or revoke the registration of each class of securities registered pursuant to Section 12 of the Exchange Act of the Respondents identified in Section II hereof, and any successor under Exchange Act Rules 12b-2 or 12g-3, and any new corporate names of any Respondents.