SEC Petitioned to Warn Companies Against Making False and Misleading Claims on Global...

SEC Petitioned to Warn Companies Against Making False and Misleading Claims on
Global Warming; Misinformation Puts Investors at Risk, Says Free Enterprise
Action Fund (Ticker: FEAOX)

WASHINGTON, July 23 /PRNewswire-USNewswire/ -- The Free Enterprise Action Fund
(Ticker: FEAOX) submitted a letter (linked here:
http://freeenterpriseactionfund.com/release072308.htm) to the U.S. Securities
and Exchange Commission (SEC) requesting the SEC to warn publicly-owned
companies against making false and misleading statements pertaining to global
warming and other environmental issues.

The FEAOX cited several examples of such false and misleading statements,
including the following:

1. Exelon Corp. issued a media release and placed full-page advertisements in
major newspapers on July 15, 2008 stating, "The science is overwhelming --
climate change is happening now and human activity is the primary cause."

2. Lehman Brothers issued a report on climate change featuring the so-called
"hockey stick" graph to support the notion that humans are causing global
warming.

3. The General Electric Company issued a "Call for Action" to "slow, stop and
even reverse the damage of greenhouse gasses."

4. Toyota Motor Corp states in a report, "When we drive a vehicle, it consumes
fossil fuels and emits CO2, a major contributor to climate change."

5. Goldman Sachs states in a 2007 report, "By now, the dynamics of global
warming are widely known, and we find no reason to dispute the scientific
assumptions..."

6. Caterpillar said in a public statement that, "We must take action now [to
reduce carbon dioxide emissions] or risk serious harm to our planet."

The FEAOX believe the SEC should take action immediately to protect investors,
because numerous recent developments (linked here:
http://freeenterpriseactionfund.com/release072308.htm) have tended to expose
the above-mentioned registrant statements (and probably many others) as false
and/or misleading. In conclusion, the FEAOX requests that the SEC immediately
inform and remind registrants that:

1. False and/or misleading statements on material matters may violate the
anti-fraud provision of the federal securities laws.

2. Statements by registrants on global warming and other environmental issues
could be considered material.

3. There is considerable ongoing debate about the science of global warming
and its impacts and;

4. Statements to the effect that "the science is conclusive," "the debate is
over," and that "human activities are definitely causing harmful global
warming" should be avoided.

FEAOX is a shareholder in Exelon (605 shares), Lehman Brothers (487 shares),
General Electric (9606 shares), Goldman Sachs (402 shares) and Caterpillar
(887 shares). FEAOX does not own shares in Toyota Motor Corp.

By investing in the FEAOX (http://www.FEAOX.com), individuals can participate
in the global warming debate while having an opportunity to earn a financial
return through ownership of a large-cap mutual fund. With a minimum investment
of $2,500, individuals can join FEAOX's effort to make CEOs justify their
positions on global warming. FEAOX is available exclusively through Northern
Lights Distributors LLC, (applications may be obtained at
http://www.FEAOX.com/how.html), and through E*Trade Financial, Scottrade, TD
Ameritrade and HSBC.

An investor should consider the Fund's investment objective, risks, charges,
and expenses carefully before investing. This and other information about the
Funds is contained in the fund's prospectus, which can be obtained by calling
1-800-766-3960. Please read the prospectus carefully before investing.
Distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.

SOURCE Free Enterprise Action Fund

Audrey Mullen, +1-703-548-1160, for the Free Enterprise Action Fund