Reed & Wangsgard Announce AccessTel, Inc., Parties to Civil No. 010903821 Currently Pending in Third District Court in and for Salt Lake County, Agree to Settle Certain Claims
SALT LAKE CITY--(BUSINESS WIRE)--Jan. 17, 2002--Reed & Wangsgard, LC today received written confirmation from an agent of the Board of Directors of AccessTel, Inc. (OTCBB:ATEL), a Utah corporation that said Board of Directors have come to a unanimous decision to rescind the December 18, 2000, share exchange agreement (the "Share Exchange Agreement") by and between Shopss.com, Inc. a Utah corporation, on the one hand, and AccessTel, Inc. a Delaware corporation and the shareholders of AccessTel, Inc., a Delaware corporation, on the other hand. An agreement effectively rescinding the Share Exchange Agreement is to be negotiated between the parties immediately. The anticipated rescission agreement shall not be deemed to be negotiated in the State of Utah. Civil No. 010903821, currently pending in the Third District Court in and for Salt Lake County, State of Utah will be in no way affected by this rescission except for the mootness of the rescission issue in this litigation.
About Civil No. 010903821
On May 1, 2001, Reed & Wangsgard, LC filed suit in the Third Judicial District Court of Salt Lake County, State of Utah, Civil No. 010903821, to assert claims, on behalf of its clients, prior management of Shopss.com, Inc., a Utah corporation, against AccessTel, Inc. and the original shareholders of AccessTel, Inc., a Delaware corporation. The Complaint demands rescission of the December 18, 2000, Share Exchange Agreement (the "Exchange Agreement") by and between Shopss.com, Inc. a Utah corporation, on the one hand, and AccessTel, Inc. a Delaware corporation and the shareholders of AccessTel, Inc., a Delaware corporation, on the other hand. The Complaint alleges that Shopss.com, Inc. was induced to enter into the Share Exchange Agreement through a series of false representations made by AccessTel, Inc., a Delaware corporation and the shareholders of AccessTel, Inc., a Delaware corporation. The Complaint also includes alternative causes of action for fraud, conversion, injunctive relief, and the issuance of a Writ of Replevin.
More information about this matter can be obtained by contacting Larry G. Reed, Esq. of Reed & Wangsgard, LC at (801) 578-3510.
CONTACT:
Reed & Wangsgard, LC
Larry G. Reed, Esq., 801/578-3510
KEYWORD: UTAH DELAWARE
BW0396 JAN 17,2002
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