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.Business Editors 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 OTCBB See OTC Bulletin Board (OTCBB). :ATEL), a Utah corporation that said Board of Directors have come to a unanimous decision A Unanimous Decision is a winning criterion in several full-contact combat sports, such as boxing, kickboxing, Muay Thai, mixed martial arts and others sports involving striking in which all 3 judges agree on which fighter won the match. 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 A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. 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 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 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. , and the issuance of a Writ of Replevin WRIT OF REPLEVIN, practice. The name of a process issued for the recovery of goods and chattels. Vide Replevin. . More information about this matter can be obtained by contacting Larry G. Reed, Esq. of Reed & Wangsgard, LC at (801) 578-3510. |
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