UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO 17194 / October 16, 2001

   On October 12, 2001, Judge Walter S. Smith, Jr., of the United States
   District Court for the Western District of Texas in Waco, found Alvis
   Colin Smith, Jr., of Waco, Texas, to be in contempt of court and
   ordered Mr. Smith jailed.

   This contempt proceeding arose from the Commission's civil lawsuit
   filed against Mr. Smith and his related corporation, Great White
   Marine and Recreation, Inc., in 1999. The Commission alleged that
   Great White and Mr. Smith had offered and sold unregistered shares of
   Great White's stock through false statements in press releases, in
   promotional brochures, in internet website postings and in a Form
   10-SB filed with the Commission. The Commission also alleged that
   Great White and Mr. Smith had raised at least $10.8 million through
   their fraudulent activities, that Smith diverted approximately
   $3 million for Great White's and his own uses and that Great White
   made a $1 million "dividend" payment as part of a "Ponzi" scheme.

   On June 19, 2001, Judge Smith entered a final judgment against
   Mr. Smith. In the judgment, Judge Smith found that Mr. Smith had
   engaged in fraud and had violated Section 17(a) of the Securities Act
   of 1933, Section 10(b) of the Securities and Exchange Act of 1934 and
   Commission Rule 10b-5. The final judgment enjoined Mr. Smith from
   future violations of those provisions of the antifraud provisions of
   the federal securities laws and required Mr. Smith to disgorge
   $3 million, $100,000 posted as an appearance bond, three lots on Lake
   Richland Chambers, assets in accounts with financial institutions,
   several vehicles and certain other assets. Although Mr. Smith did
   disgorge the $100,000 bond, the lake lots, the contents of accounts
   with financial institutions and some (but not all of the vehicles), he
   failed or refused to deliver the other assets.

   After a contempt hearing on October 11, 2001, Judge Smith determined
   that Mr. Smith had not complied with the final judgment and had "made
   no good faith effort to comply" as to disgorging $3 million and
   certain vehicles. Judge Smith ordered Mr. Smith incarcerated until he
   disgorges the vehicles and a residence.

   Judge Smith scheduled an October 24, 2001 hearing to determine what if
   any additional relief should be ordered.
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Modified 10/17/2001