Under state law, all securities must be registered with the Securities Commission for sale in Pennsylvania unless the security is exempt, the securities transaction is exempt or the security is a federally covered security. The Securities Commission registers only issuer transactions. These are transactions where the company is selling its securities directly to an investor as opposed to an investor buying securities of the company from a private individual or through a stock exchange. Registration of securities by the Securities Commission does not constitute a finding by the Securities Commission that the information filed is true, complete or not misleading. These securities have not been approved or disapproved by the Securities Commission nor has it passed upon the accuracy or adequacy of the prospectus.
Representations made by persons to the contrary constitutes an offense under the securities laws.