In re USA Resources Corp.

June 30, 2008 SEC CRMD CASE NO. 08-06-0006 IN THE MATTER OF USA RESOURCES CORP. SEC REGISTRATION NO. AS95005514 SETTING ASIDE THE ORDER OF SUSPENSION OF THE CERTIFICATE OF REGISTRATION O R D E R Petitioner, USA Resources Corp., is a stock corporation registered with the Commission on June 8, 1995 under SEC Registration No. AS95005514, with principal office address at No. 86, Landsdale Towers cor. Timog Ave., Mo. Ignacia St., Quezon City. The primary purpose as stated in its Articles of Incorporation is to acquire by purchase, lease, donation or otherwise, and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease, develop and hold for investment or otherwise, real estate of all kinds, whether improve, manage or otherwise dispose of buildings, houses, apartments, and other structures of whatever kind, together with their appurtenances. aDACcH Its Certificate of Registration was suspended by virtue of SEC Order dated June 1, 2007 (Order) for failure to comply with the directive contained in the Final Notice dated April 25, 2007 (Final Notice) issued by the Company Registration and Monitoring Department (CRMD). Petitioner seeks reconsideration of the Order on the following grounds: 1. That petitioner intends to continue its real estate business; 2. That there are real properties registered under the name of the Petitioner; 3. That the filing of the Petition is authorized by the majority of the Board of Directors and by the majority of the outstanding capital stock as evidenced by a Director's Certificate dated June 6, 2008; 4. That it has no intention to violate the law and that it shall henceforth, comply with the Commission's rules and regulations on reportorial requirements; 5. That it intends to continue its registration with the Commission and operation of its business as evidenced by its submission of its 2008 General Information Sheet and 2007 Financial Statements; and 6. That it is submitting copies of the following in compliance with the directive contained in the Final Notice and Order: a. 2005 Audited Financial Statements; b. 2006 Audited Financial Statements; c. 2007 Audited Financial Statements; d. 2008 General Information Sheet; and e. Proof of registration of its Stock and Transfer Book. Per evaluation of the documents submitted, it appears that the same are substantially compliant with the Commission's rules and guidelines on reportorial requirements and with the directive contained in the Final Notice and Order. Further, on June 12, 2008, Petitioner paid the fines of P9,000.00 under Official Receipt No. 0176356 for non/late filing of the following: aTcSID NOTED DEFICIENCIES YEARS COVERED REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-1997; 2005 1998-2002 (ANHAM); 2006-2007 Financial Statements 2002 1996; 2003-2004 (ANO); 2005-2007 Stock and Transfer Book Registered Late WHEREFORE, premises considered, the Order of Suspension of the Certificate of Registration of USA RESOURCES CORP. dated June 1, 2007 is hereby SET ASIDE, with a warning that if a corporation commits similar violation in the future, the Commission shall be constrained to immediately commence the revocation proceedings against the corporation. Let a copy of this Order be furnished to the Corporate Filings and Records Division of the CRMD for attachment to the records of the Petitioner on file with the Commission and the Economic Research and Information Department of this Commission for its appropriate action. SO ORDERED. Mandaluyong City, Philippines, June 30, 2008. (SGD.) BENITO A. CATARAN Director