NEW YORK—At the request of the Securities and Exchange Commission, which is conducting an investigation into it, Los Angeles-based Platforms Wireless International Corp. said June 4 it had withdrawn its SEC filing to go public on a major stock exchange.
The company, whose stock is traded over the counter, did not provide further details about the nature of the investigation. However, in its announcement, Platforms Wireless said its Web site contains its audited financial statements for last fiscal year, which ended June 30, 2001, and unaudited financial statements for the first three quarters of this fiscal year.
A spokesman for the SEC’s Enforcement Division said the agency would not make public make any specifics about its inquiry and has removed Platforms Wireless’ initial public offering registration information from the Commission’s Web site.
Platforms Wireless has developed the Airborne Relay Communications (ARC) System for wireless voice and data communications.
The ARC System “provides a wide range of wireless telecom services from a platform suspended two-to-three miles above the earth’s surface” aboard an aerostat, which is a vehicle that is lighter than air, the company said. A single platform covers a footprint of about 38,000 square kilometers.
