SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON D.C.

Litigation Release No. 14856 / March 29, 1996

SECURITIES AND EXCHANGE COMMISSION v. DONALD B. SPENCER AND IVT
SYSTEMS, INC., Civ. Action No. 96 CIV-1800 (DHC) U.S.D.C.,
N.D.ILL.

     The Securities and Exchange Commission today charged the
founder and president of a Chicago-based Illinois corporation and
his company with violations of the antifraud provisions of the
federal securities laws for falsely promising enormous returns on
investments, as well as for making other material
misrepresentations and omissions to investors, by means of the
InterNet, and for misappropriating investors' funds.

Named in the Complaint filed today in the United States District
Court for the Northern District of Illinois is:

     Donald B. Spencer ("Spencer"), a resident of Chicago,
Illinois.

     IVT Systems, Inc. ("IVT"), an Illinois corporation based in
Chicago, Illinois.  Spencer is the founder, president and
majority shareholder of IVT.

     The Complaint alleges that Spencer and IVT have used the
InterNet, as well as other means of communication and
publication, to engage in fraudulent securities offerings
involving IVT.  Since at least July 1995, Spencer and IVT have
solicited investments on the InterNet and represented that the
investments would be utilized to finance the construction by IVT
of a proposed ethanol plant in the Dominican Republic.  The
defendants' InterNet solicitations promised a potential 50% and
greater return on investment when there was no reasonable basis
for this prediction.  Spencer and IVT also disseminated
information packets to interested potential investors which
contained additional misrepresentations and omissions, such as
that IVT had entered into contracts with well-known companies and
consultants in the energy field for purposes of facilitating
IVT's ethanol plant project.  In fact, no such contracts existed.

Since 1990, Spencer and IVT have also sought to obtain
investments from the public through other means, e.g.,
advertisements in newspapers and in person solicitations.  All of
the defendants' solicitation materials contained material
misrepresentations and omissions.  Spencer and IVT have raised at