American Consolidated Growth Corp. announces recision of MaxMusic purchase.ENGLEWOOD, Colo.--(BUSINESS WIRE)--Dec. 16, 1994--American Consolidated Growth Corp. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BB:AMGC) Friday announced that they have executed, effective Dec. 9, 1994, a mutual agreement with MaxMusic Inc. to rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. their Nov. 8, 1994, Letter of Understanding and Agreement. No reasons were given for the reversal other than it was in the best interests of the companies. As a result of this Agreement of Recision re·ci·sion n. The act of rescinding; annulment or cancellation. [Obsolete French, from Old French, annulment of a judgment, from Latin rec , AMGC is expected to return approximately 3.1 million shares of its common stock to its treasury and have them canceled. The agreement also calls for the Nov. 8, 1994, demand promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. given to AMGC by MaxMusic for the sum of $500,000 to remain in effect. In a separate matter, the company announced that Michael D. Writer is continuing in his capacity as president and chairman of the board. CONTACT: American Consolidated Growth Corp. Inc., Englewood Doug Johnson The name Doug Johnson may refer to the following people:
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