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26 September 2000
News Release
WARNING
INERTIALESS DRIVE CORPORATION LIMITED & INERTIALESS DRIVE INCORPORATION USA
The Securities Commission has prohibited advertising for the offer of shares in Inertialess Drive Corporation Limited of Tauranga because the advertising does not comply with the law. In particular the company does not have a current registered prospectus.
The Commission has also banned advertising for shares in Inertialess Drive Incorporation USA because it has no investment statement or registered prospectus. The offer has been promoted in a document called a "prospectus". However it is not a registered prospectus and does not provide the information required to be in a registered prospectus.
Inertialess Drive Incorporation USA is a subsidiary of Inertialess Drive Corporation Limited. Michael Kenneth Pedlar of Tauranga is associated with both companies.
People are warned to think carefully before acquiring any shares in these companies.
Inertialess Drive Corporation Limited was first registered by Michael Kenneth Pedlar under the name Inertialess Drive Technologies (1995) Limited.
Advertising for shares in Inertialess Drive Technologies (1995) Limited was banned by the Commission in 1998 because there was no registered prospectus. A public warning was issued at the time.
Shares in Inertialess Drive Incorporation USA have been promoted on the New Zealand web site of Inertialess Drive Corporation Limited.
Searches by the United States Securities and Exchange Commission indicate that Inertialess Drive Incorporation USA has not filed a prospectus in the United States. The Commission has been unable to find any record of the company being incorporated in any state of the United States.
The share register of Inertialess Drive Corporation Limited records that 1200 people, most of whom are New Zealanders, paid more than $6.8 million to Michael Kenneth Pedlar for shares in the company between October 1998 and March 2000.
The Commission understands that there have been further subscriptions but the company's records about these subscriptions appear to be incomplete.
Norman F. Miller
Senior Executive (Operations)