Initial Decision of an SEC Administrative Law Judge

In the Matter of
Nano World Projects Corporation

INITIAL DECISION RELEASE NO. 228
ADMINISTRATIVE PROCEEDING
FILE NO. 3-11066

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

INTRODUCTION

The Securities and Exchange Commission (Commission) instituted this proceeding, pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act), on March 17, 2003, to determine whether the registration of the securities of Nano World Projects Corporation (Nano World or Respondent) should be suspended or revoked. The Order Instituting Proceedings (OIP) alleges that Respondent failed to comply with Sections 10(b) and 13(a) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13.

On April 18, 2003, the Division of Enforcement (Division) filed a Motion for Default because Nano World had failed to file an Answer. I issued an Order on April 29, 2003, for Nano World to show cause why it should not be held in default.

Nano World filed its Answer on May 8, 2003, and a Motion to Set Aside Order of Default and Stay of the Administrative Proceeding pending the outcome of a civil injunctive action brought against the company's chairman and chief executive officer, and former president. The Division filed its response to the motion and also requested that the case be resolved by summary disposition pursuant to Rule 250(b) of the Commission's Rules of Practice, 17 C.F.R. § 201.250(b). A telephonic hearing on these motions was held on May 16, 2003, with Respondent represented by its chairman and chief executive officer, Robert Papalia.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

I find that based on the fact that Nano World has now filed an Answer, the Division's Motion for Default will be denied. Nano World's Motion To Set Aside Order of Default is moot since no default had been entered at the time of its motion. Nano World's Motion To Stay Action will also be denied because Nano World is not named as a party in the pending civil injunctive action.

In the Division's Request For Summary Disposition, it seeks revocation of Nano World's common stock on two grounds: (1) that the company has issued false and misleading press releases and a false Form 8-K and (2) that the company has failed to file all periodic reports required of a public company by Section 13(a) of the Exchange Act and Rules 13a-1, 13a-11, and 13a-13. Without considering the allegation of fraud, which the parties dispute and the resolution of which would not provide any additional sanction, I consider this case appropriate for summary disposition on the allegation that Nano World failed to file the required periodic reports.

The certification of Nano World's public filings submitted by the Division, and the admission of the company's chairman and chief executive officer during the hearing on the motions, establish that there is no factual dispute that since December 15, 2000, Nano World has not filed any annual or quarterly reports as required pursuant to Section 13(a) of the Exchange Act and Rules 13a-1, 13a-11, and 13a-13 thereunder. As a result of the foregoing, Nano World failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1, 13a-11, and 13a-13 thereunder.

Accordingly, I find it necessary and appropriate for the protection of investors to order that the registration of the common stock of Nano World, pursuant to Section 12(j) of the Exchange Act, be revoked.

ORDER

Based upon the findings and conclusions set forth above, IT IS ORDERED that:

The Division's Motion For Entry of Default is DENIED.

Respondent's Motion To Set Aside Order of Default and Stay Action is DENIED.

The Division's Motion For Summary Disposition is GRANTED.

IT IS FURTHER ORDERED that, pursuant to Section 12(j) of the Securities Exchange Act of 1934, the registration of the common stock of Nano World Projects Corporation be, and it hereby is, REVOKED.

IT IS FURTHER ORDERED that this administrative proceeding, insofar as it alleges that Nano World Projects Corporation violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, IS DISMISSED.

This order shall become effective in accordance with and subject to the provisions of 17 C.F.R. § 201.360. Pursuant to that rule, a petition for review of this Initial Decision may be filed within twenty-one days after service of the Decision. It shall become the final decision of the Commission as to each party who has not filed a petition for review pursuant to 17 C.F.R. § 201.360(d)(1) within twenty-one days after service of the Initial Decision upon him, unless the Commission, pursuant to 17 C.F.R. § 201.360(b)(1), determines on its own initiative to review this Initial Decision as to any party. If a party timely files a petition for review, or the Commission acts to review as to a party, the Initial Decision shall not become final as to that party.

____________________________
Robert G. Mahony
Administrative Law Judge

http://www.sec.gov/litigation/aljdec/id228rgm.htm