SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16932 / March 14, 2001

   SECURITIES AND EXCHANGE COMMISSION V. SIMON M. ROSENFELD, TERRY D.
   KOCHANOWSKI, AND JOHN F. YAKIMCZYK, 97 Civ. 1467 (S.D.N.Y.) (WHP)

   The Securities and Exchange Commission ("Commission") announced today
   that on March 12, 2001, the Honorable William H. Pauley III, United
   States District Judge for the Southern District of New York, entered a
   final judgment against defendant Simon M. Rosenfeld ("Rosenfeld").
   Rosenfeld, a lawyer, resides in Toronto, Canada and formerly served as
   the president, treasurer and director of the publicly traded
   corporation Synpro Environmental Services, Inc. (f/k/a Sherwood
   Corporation) ("Synpro"). In connection with his activities with
   Synpro, Rosenfeld violated the antifraud, registration and other
   provisions of the federal securities laws, and the Court previously
   enjoined Rosenfeld from violating these provisions of the securities
   laws. Based on Rosenfeld's violations of the securities laws, the
   Court's final judgment required Rosenfeld to pay $1,093,189 in
   disgorgement, $630,386.63 in prejudgment interest, and $1,093,189 in
   civil penalties, for a total award of $2,816,764.63.

   On April 21, 2000, the Court entered a partial default judgment
   against Rosenfeld. The Court found that from 1991 through 1994,
   Rosenfeld orchestrated a "pump and dump" scheme involving Synpro
   common stock. Rosenfeld furthered this scheme by disseminating
   materially false and misleading information, and failing to disclose
   material information, in a number of Synpro's annual, quarterly and
   other reports. For instance, Rosenfeld directed Synpro to overstate
   the value of the company's assets by falsely reporting, among other
   things, that Synpro owned a $15 million, 17-acre property on the Isle
   of Rhodes, Greece. Rosenfeld also failed to disclose the related party
   nature of numerous transactions to which Synpro was a party. Rosenfeld
   made these misrepresentations to make Synpro appear to have
   significant value, and "pump up" the value of its stock, and thereby
   permit Rosenfeld to sell (or "dump") millions of unregistered shares
   of his personal holdings in Synpro stock through a complex network of
   offshore corporations and brokerage accounts to unsuspecting
   investors. The Court also found that Rosenfeld took a number of
   actions to condition the market for Synpro stock. Rosenfeld was able
   to sell his Synpro stock by, among other things, making undisclosed
   stock and/or cash kickbacks to defendant John Yakimczyk, a broker, and
   other stock promoters, for inducing investors to purchase the Synpro
   shares in the market.

   The partial final judgment entered against Rosenfeld permanently
   enjoined him from violating Sections 5(a), 5(c) and 17(a) of the