U.S. Securities and Exchange Commission
     Litigation Release No. 15448/ August 18, 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 that, in connection
     with her clients' consents to permanent injunctions, Laurie J. Butler,
     Esq., counsel to Defendants Growth Capital Resources and Capital Growth
     Fund, issued the following statement on her clients' behalf:

          I represent Growth Capital Resources Corp., Capital Growth Fund I, LP,
          and Hugo Cianciulli in the above-captioned action.  I am authorized to
          make the following statement on their behalf:

               We each have agreed to settle this case without admitting or
               denying the allegations of the Complaint.  To comply with our
               agreed settlements with the Securities and Exchange Commission,
               we hereby withdraw all statements made on our behalf that are
               inconsistent with the terms of our settlements.  We further
               withdraw all statements made on our behalf that are inconsistent
               with the facts contained in the SEC's Complaint.  We are pleased
               that these settlements resolve certain issues relating to the
               SEC's lawsuit against us.  We will have no further comment other
               than any sworn testimony given in this or any other matter.  We
               also understand that the Commission will issue a litigation
               release that will include the above statement.
      





















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