SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.

     Litigation Release No. 15457/ August 21, 1997

     SECURITIES AND EXCHANGE COMMISSION v. AMERICAN GROWTH CAPITAL CORP.,
     AMERICAN GROWTH FUND I, LP, GROWTH CAPITAL RESOURCES CORP., CAPITAL GROWTH
     FUND I, LP, DONNA L. SNYDER, CHARLES E. DUQUETTE, ROBERT K. KELLY, HUGO V.
     CIANCIULLI, WILLIAM M. MCNARY, EMANUEL B. NEDWICK, JEROME L. GLAZOV, AND
     CHRISTOPHER A. PAULICK, Civil Action No. 97-5993 RAP (JGx) (C.D. Cal.).


          The Securities and Exchange Commission announced, on August 21, 1997,
     that the Honorable Richard A. Paez, U.S. District Judge in the Central
     District of California, issued an Order appointing a permanent receiver
     over American Growth Capital Corp. and American Growth Fund I, LP. 
     American Growth Capital is an investment adviser based in Las Vegas,
     Nevada.  American Growth Fund is an investment fund, managed by American
     Growth Capital, that purports to invest in emerging growth companies.  The
     Fund has approximately $7.3 million under management, with over 300
     investors.

          Judge Paez issued this Order after holding a hearing regarding
     appointment of a permanent receiver.  The Court found, over the Defendants'
     Opposition, that the Commission had demonstrated that it was likely to
     prevail on the merits, and thus that a permanent receiver was both
     necessary and appropriate.  The Commission showed that Defendants Snyder
     and Duquette fraudulently managed American Growth Capital and American
     Growth Fund, including misuse and misappropriation of at least $1,778,000
     in investor funds by investing in shell companies, and by paying
     undisclosed commissions and other selling expenses, undisclosed
     compensation to themselves, and undisclosed management fees to American
     Growth Capital.




















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