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Microcap & Penny Stocks : SHOPSS.com Access Tel Inc No Computer Delivered web dn #dis
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To: SEC-ond-chance who wrote (40)6/9/2002 5:49:35 PM
From: SEC-ond-chance  Read Replies (3) of 53
 
Accesstel Inc/UT · 10QSB · For 10/30/0 filed 11/28/00

On May 12, 2000, the Company signed an agreement with OSCM to cancel
$923,549 of indebtedness owed by OSCM to the Company for the return and
cancellation of 11,000,000 shares of common stock and the issuance of a
warrant to OSCM to purchase 3,000,000 shares of common stock of the
Company. This new agreement also made clarifications as to certain terms
of the original Asset Purchase Agreement between OSCM and the Company. The
Company accounted for this agreement by increasing shareholders' deficiency
by $923,549.

The warrant to purchase 3,000,000 shares is exercisable for a period of two
years at $5.00 per share. As a result of the fact that the fair market
value of the Company's common stock on May 12, 2000 was $0.375 per share,
as well as certain other factors, the Company has determined that this
warrant had no intrinsic value.
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