Under state law, all securities must be registered with the Department to be sold to Pennsylvania residents unless the security or the transaction is exempt or is a federally covered security.
Registration of securities by the Department of Banking and Securities does not constitute a finding by the Department that the information filed is true, complete or not misleading. These securities have not been approved or disapproved by the Department nor has it passed upon the accuracy or adequacy of the prospectus. Representations made by persons to the contrary constitute an offense under the securities laws.