Wednesday, September 14, 2005

Probably Would Have Gone To $100

U.S. SEC Aims to Halt $3.6 Bln Offering by Apollo (Update5)

Sept. 13 (Bloomberg) -- The U.S. Securities and Exchange Commission is seeking to halt a $3.6 billion initial public offering by a Canadian publisher that claims ``Al Greenspan'' as an auditor and seeks to unite the world using one language, one currency and one postage stamp.

Apollo Publication Corp. said in its IPO filing that former U.S. Presidents George H.W. Bush and Jimmy Carter serve as directors, the SEC said in a statement today. Apollo falsely claimed that Canadian Imperial Bank of Commerce, the country's fourth-largest bank, was leading the stock sale along with eight other banks, the SEC said.

``When God created the Universe, her children have lived on the planets and stars like Earth all over the Universe,'' Apollo said in its company overview filed with the SEC.

The regulator will hold an administrative hearing Sept. 26, two days before the company's registration becomes effective. SEC spokesman John Nester declined to comment.

CIBC said Apollo used its name without permission.

``Neither CIBC World Markets nor any of its affiliates is any way connected with the registration statement, the offering or the issuer,'' spokesman Stephen Forbes said by e-mail.

The SEC's division of corporate finance flagged Apollo's registration after it was filed. The regulator can sue companies if they make material misstatements about their financial condition.


Apollo, based on a residential street in Windsor, Ontario, said in an e-mail to Bloomberg News, ``We are glad to receive your e-mail. We shall contact you if we think it is necessary.'' A voice message left on an answering machine at the company's telephone number wasn't returned.

In its 71-page filing, Apollo claimed it will use the money from the IPO to publish children's textbooks, so all the kids in the world born after 2000 will speak one language, known as Luobus. The world would also benefit from a single currency, called the Luobu, and a single stamp, the Poluo.

``The land of earth is overcrowded with all kinds of animals. They quarrel, fight and war,'' the filing said. ``Apollo is here to compose a symphony which has a role for all sounds, acts and minds in one harmony, tone and chapter.''

The company forecast revenue of $3.6 billion in fiscal 2005, rising to $14.5 billion in 2007, once the world's children begin using the textbooks. Shareholders include Italian Prime Minister Silvio Berlusconi, Canadian Prime Minister Paul Martin and U.K. Prime Minister Tony Blair, the filing said.

The company's Web site, which is in English and Chinese with grammatical errors and spelling mistakes, says Apollo sells books, postcards, birth and marriage certificates, and stamps through an online store.

The site says humanity's ancestry ``originated from the same creator, whom we call her -- the God Luo in our solo solar system.''

Apollo was incorporated as a company in Ontario on June 3, 2005, with headquarters at 1547 York St. in Windsor, according to the Ontario government. Apollo's chief executive is Xiaobo Lucy Luo, a Canadian, corporate filings said.


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