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May 1, 2008

Pa. targets Wiscasset business

The Pennsylvania Securities Commission has issued a cease-and-desist order against a Wiscasset businessman who had been seeking investor partners for his online tutoring business.

The commission ordered Powergate Applied Learning Systems Inc., which was doing business as tutorbug.com, to halt its offering and sale of unregistered securities in Pennsylvania after a Pennsylvania resident looked into buying shares from owner David Davies, according to a press release from the commission.

According to the release, Davies offered 10,000 shares of common stock in Powergate at $1 apiece, explaining that his company was in the middle of securing a tutoring contract with a large school district that would initially provide Powergate with at least 60,000, and as many as 1.4 million, students. The Pennsylvania resident did not purchase stock from Davies, the lawyer for the Pennsylvania Securities Commission told Mainebiz this morning.

Davies did not return a phone call seeking comment before press time.

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