The final death knell of Infotopia, Inc. offers little solace to those investors who purchased more than 500 million of the Company's common shares several years ago. From 2000 to 2002, Infotopia was a blazing presence in the over-the-counter market, issuing dozens of press releases projecting instant success and impressive revenues. The Company's brazen predictions were supported by a website that featured bold, but unsupported, reports from its Chairman, Daniel Hoyng. Unaudited financial statements initially suggested a measure of success - but soon were supplanted by a series of amendments that diminished that promise.
And then Infotopia disappeared - falling silent, ceasing to file reports, and descending into the abyss that consumes all too many overblown, overheated, underachieving over-the-counter companies.
Infotopia's final epitaph was written this week by an Administrative Law Judge who entered an Order revoking Infotopia's registration by default. The Order found that Infotopia failed to file required quarterly and annual financial reports with the Securities and Exchange Commission.
And so ends Infotopia - administratively. For shareholders, the losses are far more tangible, but just as permanent.
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