UNITED STATES SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 14973 / July 9, 1996 Accounting and Auditing Enforcement Release No. 800 / July 9, 1996 SEC v. INTERNATIONAL COMMUNICATIONS & TECHNOLOGIES, CORP., F/K/A MOBILE SERVICES INTERNATIONAL CORP., JAMES C. COBBAN, JAMES M. ROBINSON AND JONATHAN D. BENNETT, Civil Action No. 96-1840-CIV- UNGARO-BENAGES The Securities and Exchange Commission ("Commission") announced that on July 3, 1996, it sued Mobile Services International, Corp. (now known as International Communications & Technologies, Corp.,) ("Mobile Services"), James C. Cobban ("Cobban"), its former chairman and president, James M. Robinson ("Robinson"), its former chief executive officer, secretary and director, and Jonathan D. Bennett ("Bennett"), its former vice- president of marketing and director. The Commission alleges that Mobile Services made false filings with the Commission during fiscal years 1993 and 1994. Specifically, the Commission alleges that Mobile Services valued certain franchise rights as exceeding $4 million, when, in truth, these franchise rights were worthless; the allegedly overvalued assets represented over 80 percent of Mobile Services' assets. The Commission alleges that Cobban, Robinson and Bennett knew that the franchisor was defunct, with the result that the franchise rights were materially impaired when the filings were made. The Commission seeks injunctive relief against Mobile Services for violations of Sections 10(b), 13(a) and 13(b)(2)(A) of the Securities Exchange Act of 1934 ("Exchange Act") and Commission Rules 10b-5, 12b-20, 13a-1 and 13a-13. The Commission also seeks injunctive relief and civil penalties against Cobban and Robinson for violations of Section 10(b) of the Exchange Act and Rules 10b-5 and 13b2-2, and injunctive relief and civil penalties against Bennett for violations of Section 10(b) of the Exchange Act and Rule 10b-5.