ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (the "Agreement") is made and entered
into as of this 1st of April, 2002, by and between BUSINESS ADVANTAGE
NO.6, INC., a Nevada Corporation, hereinafter referred to as "Buyer" and
"XXXXX XXXXX", hereinafter referred to as "Seller".
RECITALS
WHEREAS, Seller has assets, patents, and or trademarks as reflected
in Exhibit A that the Buyer wishes to purchase.
WHEREAS, Seller desires to sell and Buyer desires to purchase the
assets, patents, and or trademarks, as described in Exhibit A, subject
to the terms and conditions set forth in this Agreement.
AGREEMENT
NOW THEREFORE, in consideration of the Recitals and the mutual
covenants, conditions, representation and warranties hereinafter set
forth, the parties agree as follows:
Purchase and Sales of Assets. On the terms and subject to the
conditions set forth in this Agreement. Seller agrees to sell, convey,
assign, transfer and deliver to Buyer and Buyer agrees to purchase from
Seller, at the Closing Date of April 01, 2002 the assets, patents, and
or trademarks (referred to as "Acquired Assets") as described in the
attached Exhibit A, on the Closing Date or then used by it in its
business, whether or not specifically referred to in this Agreement,
unless specifically excluded in this Agreement.
Purchase Price. As consideration for the sale, conveyance, assignment,
transfer and delivery of the Acquired Assets. Buyer agrees to deliver
to XXXXX XXXXX (The Seller) 10, 020,000 shares of Buyer's common stock
(restricted from resale Under Rule 144) along with 3,750,000 common
shares of Rule 144k common stock, to XXXXX XXXXX or Designees.
Closing. The closing shall take place on the Closing Date at the
office of BUSINESS ADVANTAGE NO.6, INC. Corporation on April 01, 2002,
or such other time and place as the parties may agree upon in writing.
Representations and Warranties of Seller. Seller hereby represents and
warrants to Buyer that:
Seller has the requisite power and authority to own and operate its
assets, properties, and business and to carry on its business as now
conducted.
The execution and deliver of this Agreement and the consummation of this
transaction is hereby authorized and executed by an authorized
representative of the Seller, and constitutes a legal, valid and binding
agreement of Seller.
Seller has good and marketable title to all the Acquired Assets and that
said Acquired Assets are free and clear from any liens, charges, and/or
encumbrances other than described in Schedule A as a part of this
Agreement.
To seller's knowledge, there is no suit, claim, action or proceeding now
pending or threatened before any court, administration or regulatory
agency or any basis for such a claim which may result in any judgment,
order, decree, liability or other determination which could have an
adverse effect, financial or otherwise, upon Seller or any of the
Acquired Assets. No such judgment, order or decree has been entered
which has or could have such effect.
Neither this Agreement nor any Exhibit hereto delivered by Seller
pursuant to this Agreement contains an untrue statement of a material
fact or omits to state a fact that is necessary in order to make the
statements contained herein and therein, in light of the circumstances
under which they are made not materially misleading.
Representations and Warranties of Buyer. Buyer hereby represents and
warrants to Seller that:
Buyer is a corporation duly organized and validly existing and in good
standing under the laws of the State of Nevada. Seller has the
requisite power and authority to own and operate its assets properties
and business and to carry on its obligations hereunder.
The execution and delivery of this Agreement and the consummation of the
transaction contemplated hereby have been duly authorized and approved
by the Board of Directors of Buyer, and, when executed by the authorized
representative of the Buyer, this Agreement will constitute legal, valid
and binding Agreement of Buyer.
The execution and delivery of this Agreement and the consummation of the
transaction contemplated hereby ill not violate the Certificate of
Incorporation or the Bylaws of Buyer or any agreement, contract or other
instrument to which Buyer is a party, or any statute, rules, regulation,
order, judgment, award or decree.
Neither this Agreement, nor any Exhibit to this Agreement, nor any
written statement or certificate or certificate furnished by Buyer in
connection with this Agreement, contains an untrue statement of a
material fact or omits to state a fact that is necessary in order to
which they are made, not materially misleading.
Conditions Precedent to the Obligation Buyer. All obligation of Buyer
under this Agreement are, at its option, subject to fulfillment of each
of the following conditions prior to or at the closing:
All representations and warranties of Seller made in this Agreement or
in any Exhibit hereto delivered by Seller shall be true and correct of
the Closing Date with the same force and effect as if made on and as of
that date.
Seller shall have performed and compiled with all Agreements, covenants
and conditions required by this Agreement to be performed or compiled
with by Seller prior to or at the Closing Date.
Conditions Precedent to the Obligations of Seller. All obligation of
Seller under this Agreement are, at its option, subject to fulfillment
of each of the following conditions prior to or at the closing.
All representation and warranties of Buyer made in this Agreement or in
any Exhibit hereto delivered by Buyer shall be true and correct on and
as of the Closing Date with the same force and effect as if made on and
as of that date.
Buyer shall have performed and complied with all agreements and
conditions required by this Agreement to be performed or complied with
by Buyer prior to or at the Closing Date.
Further Assurance. Following the closing. Seller agrees to take such
actions and execute, acknowledge and deliver to Buyer such further
instruments of assignment, conveyance and transfer and take any other
action as buyer may reasonably request in order to more effectively
convey, sell, transfer and assign to Buyer any of the Acquired Assets,
to confirm the title of Buyer thereto, and to assist Buyer in exercising
rights with respect to the Acquired Assets.
Survival of Representations and Warranties. All representation and
warranties made by each of the parties hereto shall survive the closing
for a period of three (3) years after the Closing Date.
Indemnification.
Seller agrees to indemnify, defend and hold harmless Buyer against any
and all claims, demands, losses, costs, expenses, obligations,
liabilities and damages, including interest, penalties, and reasonable
attorney's fees, incurred by Buyer arising, resulting from, or relating
to any patent infringement and reasonable attorney's fees incurred by
Buyer arising, resulting from or relating to any breach of, or failure
by Seller to perform, any of its representations, warranties, covenants
or agreements in this Agreement or in any Exhibit or other document
furnished or to be furnished by Seller under this Agreement.
Buyer agrees to indemnify, defend and hold harmless Seller against any
and all claims demands, losses, costs, expenses, obligation and damages,
penalties, and reasonable attorney's fees, incurred by Seller arising,
resulting from, or relating to any breach of, or failure by Buyer to
perform, any of its representations, warranties, covenants or agreements
in this Agreement or in any Exhibit or other document furnished or to be
furnished by Buyer under this Agreement, or by reason of any act or
omission of Buyer of any of its successors or assigns after the Closing
Date that constitutes a breach of default under, or a failure to
perform, any obligation, duty, or liability of Seller under any
contract, lease, license or other agreement to which it is a party or by
which it is bound at the Closing Date, but only to the extent to which
Buyer expressly assumes these obligations, duties and liabilities under
this Agreement.
General Provision.
Construction This Agreement shall be construed and enforced in
accordance with the laws of the State of Nevada.
Notices All notices, requests, demands and other communications
contemplated under this Agreement shall be in writing and shall be
deemed to have been duly given when personally delivered or when mailed
by United States express, certified or registered mail, postage prepaid,
addressed to the following parties, their successors in interest or
their permitted assignees at the following address, or such addresses as
the parties may designate by written notice in this manner aforesaid.
Seller XXXXX XXXXX
Buyer BUSINESS ADVANTAGE NO.6, INC.
Assignments This Agreement shall not be assignable by any party
without the prior written consent of the other parties. Nothing
contained in this Agreement, express or implied, is intended to confer
upon any person or entity other than the parties to this Agreement and
their successors and assigns, any rights or the parties to this
Agreement and their successors and assigns, any rights or remedies under
this Agreement unless expressly so stated to the contrary.
Remedies Except as otherwise expressly provided herein, none of the
remedies set forth in this Agreement in intended to be exclusive, and
each party shall have all other remedies now or hereafter existing at
law, in equity, by statute or otherwise. The election or any one or
more remedies shall not constitute a waiver of the right to pursue other
available remedies.
Entire Agreement This Agreement and the Exhibits and other documents
specifically referred to herein or required to be delivered pursuant to
the terms of this Agreement represent the entire agreement of the
parties hereto with respect to the subject matter hereof, and supersede
all prior Agreements, understandings, discussions, negotiations and
commitments of any kind. This Agreement may not be amended or
supplement, nor may any rights hereunder be waived, except in writing
signed by each of the parties affected thereby.
Section Headings The section headings in the Agreement are
conveniences only, are not a part of this Agreement and shall not be
used in construing it.
Severability In the event that any provision or any part of this
Agreement is held to be illegal, invalid or unenforceable, such
illegality, invalidity or enforceability of any other provision or part
of this Agreement.
Counterparts This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first above written.
Seller: XXXXX XXXXX Attest:
____________________________
XXXXX XXXXX
Sole Owner / Individual
Buyer: BUSINESS ADVANTAGE NO.6, INC. Attest:
____________________________
XXXXXX X. XXXXXX
President
