NexCen Brands, Inc., the parent of The Athlete's Foot, announced that the Division of Enforcement of the Securities and Exchange Commission (SEC) has notified the company that it has completed its two year investigation of the company and does not intend to recommend any enforcement action by the Commission. The investigation, which was previously disclosed, related to the circumstances surrounding the Company's January 2008 financing of its acquisition of Great American Cookies and the Company's public disclosures about the terms of that financing.
“We are pleased that the SEC has concluded its investigation of the Company and is recommending that no action be taken by the Commission,” stated, Kenneth J. Hall, Chief Executive Officer of NexCen Brands. “This favorable outcome is a significant step towards putting this matter behind us.”
NexCen Brandsowns a portfolio of franchise brands that includes two retail franchise concepts: TAF(R) and Shoebox New York(R), as well as five quick service restaurant (QSR) franchise concepts: Great American Cookies(R), MaggieMoo's(R), Marble Slab Creamery(R), Pretzelmaker(R) and Pretzel Time(R).
