Exhibit 99.1
NASD Regulation Letter
<PAGE>
NASD
REGULATION
An NABD Company
TELECOPIER
April 7, 2000
Mr. Brian McDonald
Equitrade Securities Corporation
23736 Birtcher Drive
Lake Forest, CA 92630
RE: Avalon-Borden Co., Inc. Common Stock (MRD 199917149)
Dear Mr. McDonald:
The staff has reviewed the information submitted by Equitrade Securities
Corporation ("EQUI") pursuant to NASD Rule 6740 and Rule 15c2-11 under the
Securities Exchange Act of 1934 in connection with the above-referenced
security(ies).
This letter will confirm that on April 7, 2000, acting in reliance upon the
information contained in the filing, we have cleared EQUI's request for an
unpriced quotation on the NQB Pink Sheets for Avalon-Borden Co., Inc. Common
Stock. If EQUI decides to enter a priced quotation (bid or offer) in this
security in an quotation medium. EQUI must supplement its filing with the Form
211. This supplemental filing must include the basis and factors for EQUI's
priced quotation and be received by the NASD three days before the priced entry
appears in a quotations medium (See Notice to Members 90-40).
Please be advised that in clearing EQUI's filing it should not be assumed that
any federal, state, or self-regulatory requirements other than Rule 6740 and
Rule 15c2-11 have been considered. Furthermore, this clearance should not be
construed as indicating that the NASD has passed upon the accuracy or adequacy
of the documents contained in your Rule 15c2-11 submission. For members who
receive clearance to enter quotations on the OTC Bulletin Board, the Market
Operations Unit will contact EQUI within 24 hours of receipt of this letter. If
you have any questions regarding this matter, please contact the undersigned at
(301) 978-5229.
Very truly yours,
/s/ David W. McClarin
-------------------------------
David W. McClarin
Senior Compliance Examiner
OTC Compliance Unit
cc: National Quotations Bureau
NASD Regulation, Inc. 9513 Key West Avenue, Rockville, MD 20660
