Americom Networks Rescinds Agreement with TypeReader, Ltd.Business Editors NEW YORK--(BUSINESS WIRE)--Jan 31, 2000 Americom Networks, Americom is announcing that it has rescinded its exchange agreement with Typereader, Ltd., an Israeli corporation. Americom entered into the exchange agreement with Typereader on July July: see month. 2, 1999, for the exchange of all the issued and common stock of Typereader for an undisclosed amount of Americom common stock and cash. (the &uot;Exchange Agreement&uot;). Americom executed a rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement agreement between it and Typereader in connection with the July 2, 1999, agreement rescinding its relationship with Typereader (&uot;Rescission Agreement&uot;). As a result, the Exchange Agreement between Typereader and Americom has no further force or effect, with the exception of the obligations of both parties to return the shares exchange under the Exchange Agreement and the obligation by Typereader to return certain cash consideration paid by Americom for the Typereader shares. About Americom Americom commenced our business in 1998, and produced limited revenue in 1999. Americom have not engaged in any business operation since May of 1999. Currently we are not engaged in any business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . In November November: see month. 1999, we sold substantially all of our assets and we do not have any revenue. Amerciom intends to seek out the acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. , property or a business that may be beneficial to us or our stockholders; however, we have not as yet identified any business or product for possible acquisition. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements made in this news release may contain forward-looking statements concerning the business and products of the company. Actual results may differ materially depending on a number of risk factors including, but not limited to, the following: possible acquisitions, the Rescission and Exchange Agreement, development, and competition from existing and new competitors which will impact our future customers. Other risks inherent in the business of the company are described in Securities and Exchange Commission filing, on the company's prospectus on Form SB-2. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. |
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