SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 16102 \ March 31, 1999
          Accounting and Auditing Enforcement Release No. 1119 \ March 31,
          1999

          Securities and Exchange Commission v. Guido Volante and Miriam
          Mercado, Case No. 97-9724-CIV-Graham

          The Securities and Exchange Commission (SEC) announced that on
          October 19, 1998 the Honorable Donald L. Graham, United States
          District Judge for the Southern District of Florida permanently
          enjoined Defendant Guido Volante by consent, from violating
          Sections 10(b), 13(a) and 13(b)(2)(A) and 13(b)(5) of the
          Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5,
          12b-20, 13a-1, 13a-13, 13b2-1 and 13b2-2, thereunder.   The Court
          also permanently barred Volante from acting as an officer or
          director of any issuer that has a class of securities registered
          with the Commission pursuant to Section 12 of the Exchange Act or
          that is required to file reports pursuant to Section 15(d) of the
          Exchange Act.  Based upon Defendant Volante’s sworn
          representations in his Statement of Financial Condition submitted
          to the Commission, the Court did not order him to pay a civil
          penalty pursuant to Section 21(d)(3) of the Exchange Act.

          On September 18, 1997 the Court permanently enjoined Defendant
          Miriam Mercado by consent, from violating Sections 10(b) and
          13(b)(5) of the Exchange Act and Rules 10b-5, 13b2-1 and 13b2-2,
          thereunder.  The Court also permanently barred Mercado from
          acting as an officer or director of any issuer that has a class
          of securities registered with the Commission pursuant to Section
          12 of the Exchange Act, or that is required to file reports
          pursuant to Section 15(d) of the Exchange Act.   The Court left
          the issue of civil money penalties open and on December 1, 1998,
          based upon Defendant Mercado’s sworn representations in her
          Statement of Financial Condition,  submitted to the Commission,
          entered an order that did not require her to pay a civil penalty
          pursuant to Section 21(d)(3) of the Exchange Act.

          The Complaint which had been filed on September 16, 1997 alleged
          that Volante and Mercado  were former principal officers of
          Century Technologies, Inc., a Section 12(g) reporting company,
          which had filed false and misleading periodic reports, press
          releases and other public communications.  The fraudulent
          representations related to Century’s purported ownership of
          certain feature films and feature film license rights and
          improper recording of feature films and license rights as assets
          on its balance sheet which resulted in the overstatement of the