Third Judicial District Court of Salt Lake County, State of Utah, Issues Temporary Restraining Order in Civil No. 010903821.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--May 16, 2001 Droz, Reed & Wangsgard, LC today announced that its request for a Temporary Restraining Order temporary restraining order: see injunction. restraining the transfer of any shares of stock issued by AccessTel, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ATELE) and/or Shopss.com, which shares of stock are issued in the name of any defendant (other than the transfer agent) in Civil No. 010903821 or held for the benefit of any such defendant, was presented to the Third Judicial District Court of Salt Lake County, State of Utah, in Civil No. 010903821 and was granted on May 16, 2001. About Civil No. 010903821 On May 1, 2001, Droz, 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 Shopps.com, Inc., a Utah corporation, against AccessTel, Inc. and the original shareholders of 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. . The Complaint demands 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 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 Droz, Reed and Wangsgard, LC at 801/578-3510. |
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