EX-10.4
EX-10.4
AGREEMENT: GARBALIZER MACHINERY CORP AND COMPANY
This agreement entered into the date below shown between Garbalizer Machinery Corporation, a Utah corporation [Garbalizer] and Garb-Oil & Power Corporation, a Utah corporation [Garb-Oil]
Whereas Garbalizer, on February 25, 1999 entered into a stock exchange agreement with RecycleNet Corporation of Ontario, Canada [RecycleNet], and
Whereas Garbalizer and RecycleNet agreed that Garbalizer would have, prior to the closing of said agreement, the right to sell and convey all its existing assets (including the “Garbalizer” name and logo, patents, machinery designs, and contract rights) to Garb-Oil in exchange for Garb-Oil’s assumption of existing indebtedness of Garbalizer in the approximate amount of $500,000.00 (U.S.), and
Whereas Garb-Oil is desirous of obtaining said existing assets, the “Garbalizer” name and logo, patents, machinery designs, and contract rights and further, is desirous of assuming the existing indebtedness of Garbalizer in the approximate amount of $500,000.00 (U.S.), and
Whereas the board of directors of both Garbalizer and Garb-Oil have by resolution authorized their respective corporation to enter into this transaction and have authorized the officers of their respective corporations to perform all acts necessary and to execute all documents necessary to effect this transaction, therefore
Garbalizer, by these presents, hereby convoys all existing assets including all right, title, and interest in and to the Garbalizer name and logo, patents [as identified in the attached exhibit], machinery designs, and contract rights by it possessed.
Garb-Oil, by these presents, and as consideration for the assets above referenced, hereby assumes all existing indebtedness of Garbalizer in the approximate amount of $500,000.00 (U.S.).
Dated the 19th day of March, 1999.
GARBALIZER MACHINERY CORPORATION |
ATTEST: |
By /s/ Xxxx X. Xxxxxx |
/s/ Xxxxxxx X. Xxxxx |
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|
President |
Secretary |
GARB-OIL & POWER CORPORATION |
ATTEST: |
By /s/ Xxxx X. Xxxxxx |
/s/ Xxxxxxx X. Xxxxx |
----------------------------- |
---------------------------- |
|
President |
Secretary |
EXHIBIT TO
GARBALIZER/GARB-OIL
GARBALIZER SHREDDER PATENTS
U.S. PATENTS
|
patent #3578252 |
|
patent #3708127 |
|
patent #3762655 |
|
patent #3840187 |
|
patent #3893635 |
|
patent #3951346 |
|
patent #4059236 |
|
patent #4082232 |
|
patent #4099678 |
|
patent #4125228 |
|
patent #4176800 |
|
patent #4205799 |
|
patent #4350308 |
|
patent #4927088 |
INTERNATIONAL PATENTS
|
Canada |
patent #1018958 |
|
Canada |
patent #1137949 |
|
Switzerland |
patent #555195 |
|
Japan |
patent #924581 |
|
England |
patent #1441783 |
|
France |
patent #74-02442 |
Garbalizer Machinery Corporation has the following machinery patents which it intends to develop and market as funds become available:
|
Mechanical Waste Receiver |
patent #3660038 |
|
Waste Remover Vehicle [packer truck] |
patent #3831789 |
|
Air Classification |
patent #3856217 |
|
Refuse Processing Equipment [mangler] |
patent #3966129 |
|
Waste Mangler System and Structure |
patent #3993256 |