In a Form 8-K filed on October 20, 2009, PCS Edventures!.com, Inc. disclosed that it has received a Wells Notice from the SEC’s Salt Lake Regional Office staff. The company stated that in addition, its Chairman and Chief Executive Officer; Executive Vice President and Chief Technology Officer; a former Officer; and one Director also received Wells Notices.
The Wells Notices relate to the SEC’s investigation into
disclosures made by the Company in its 8-K Current Report dated March 27, 2007, and in a related press release that announced a License Agreement with Global Techniques dba PCS Middle East (“PCS ME”), subsequent sales of PCS stock by certain officers and directors, book and record-keeping procedures and internal controls relating to revenue recognition from the License Agreement, and later disclosures concerning the License Agreement.
