The federal Securities and Exchange Commission today suspended trading and instituted a proceeding against Ridgefield-based Global Matrechs Inc. for falling nearly two years behind in filing its required public documents.
Global Matrechs claims to be involved in safety and storage solutions for the nuclear, environmental, and chemical industries
The most recent annual report the company filed Jan. 20 for the period ended Dec. 31, 2006 reported a net loss of about $1.7 million and an accumulated deficit exceeding $38 million, the SEC said.
The agency said a “going concern” opinion was included in the independent auditor’s report for the fiscal year ended Dec. 31, 2006, and management also disclosed “substantial doubt about the company’s ability to continue as a going concern.”
The SEC has ordered Global Matrechs to appear at a public hearing to answer the allegations and to determine whether trading in its stock should be permanently suspended.
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