MODIFICATION AND AMENDMENT AGREEMENT
This Modification and Amendment Agreement ("Agreement") dated as of May
___, 2005 is entered into by and among Bravo! Foods International Corp., a
Delaware corporation (the "Company") and the subscribers identified on the
signature page hereto (each a "Subscriber" and collectively "Subscribers").
WHEREAS, the Company and the Subscribers are parties to a Subscription
Agreement ("Subscription Agreement") dated January 28, 2005 relating to an
aggregate investment by Subscribers of $2,300,000 of principal amount of
promissory notes of the Company convertible into shares of the Company's $.001
par value common stock and Warrants for the amounts set forth on Schedule A
attached hereto; and
WHEREAS, on the Initial Closing Date $1,150,000 of the Purchase Price was
paid to the Company and up to $1,150,000 of the Purchase Price is payable within
five business days after the Actual Effective Date which is the Second Closing
Date.
NOW THEREFORE, in consideration of the mutual covenants and other
agreements contained in this Agreement, the Company and the Subscribers hereby
agree as follows:
1. All the capitalized terms employed herein shall have the meanings
attributed to them in the Subscription Agreement and the documents and
agreements delivered therewith.
2. Alpha Capital Aktiengesellschaft hereby assigns all of its rights to
participate in the Second Closing as follows:
40% to Xxxxx International Ltd.
60% to Osher Capital Corp.
3. The Company consents to the aforedescribed assignment. For the benefit
of the parties hereto, the Company hereby makes all the representations,
warranties, covenants undertakings and indemnifications contained in the
Transaction Documents, as if such representations were made by the Company as of
this date. Xxxxx International Ltd. and Osher Capital Corp. hereby make all of
the representations, warranties, covenants, indemnifications and undertakings
made by Alpha Capital Aktiengesellschaft in the Transaction Documents as if such
representations were made by them as of this date. Xxxxx International Ltd. and
Osher Capital Corp. shall be deemed to be Subscribers in place of Alpha Capital
Aktiengesellschaft in the Subscription Agreement and other documents related
thereto, but only in relation to the interests assigned to them as described
above.
4. Subscribers agree to accelerate a funding of an aggregate of $500,000
of the Second Closing Purchase Price in the amounts disclosed on the signature
page hereto ("Interim Funding"). The balance of the Second Closing Purchase
Price will be funded on the Second Closing Date pursuant to the Subscription
Agreement.
5. The Filing Date and Effective Date, only in connection with the Interim
Funding, as described in Section 11.1(iv) of the Subscription Agreement shall be
amended to June 23, 2005 and July 25, 2005, respectively.
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6. All of the terms and conditions described in Section 2 of the
Subscription Agreement in reference to the Second Closing shall apply to the
Interim Funding Closing, as if such representations and warranties were made and
given on all such dates except for the requirement that the Registration
Statement be declared effective as a condition to the Second Closing.
7. All other terms and conditions of the Transaction Documents, including
any damages or interest which have accrued shall remain in full force and effect
and payable.
8. Each of the undersigned states that he has read the foregoing Agreement
and understands and agrees to it.
9. The Due Diligence Fee as described in Section 8 of the Subscription
Agreement will be paid as described on Schedule B attached hereto.
10. A legal fee of $5,000 will be paid to Grushko & Xxxxxxx, P.C. in
connection with this Interim Funding.
BRAVO! FOODS INTERNATIONAL CORP.
the "Company"
By:________________________________
______________________________________ ___________________________________
ALPHA CAPITAL AKTIENGESELLSCHAFT WHALEHAVEN CAPITAL FUND LIMITED
($150,000)
______________________________________ ___________________________________
XXXXX INTERNATIONAL LTD. OSHER CAPITAL CORP.
($100,000) ($150,000)
______________________________________
THE LONGVIEW FUND, L.P.
($100,000)
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SCHEDULE A
--------------------------------------------------------------------------------
SUBSCRIBER INITIAL CLOSING NOTE SECOND CLOSING NOTE
(INITIAL CLOSING (SECOND CLOSING
PURCHASE PRICE) PURCHASE PRICE)
-------------------------------------- --------------------- -------------------
ALPHA CAPITAL AKTIENGESELLSCHAFT $250,000.00 $250,000.00
Xxxxxxxxx 0
0000 Xxxxxxxxxxx
Xxxxx, Xxxxxxxxxxxx
Fax: 000-00-00000000
-------------------------------------- --------------------- -------------------
LONGVIEW FUND, LP $250,000.00 $250,000.00
000 Xxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
-------------------------------------- --------------------- -------------------
LONGVIEW EQUITY FUND, LP $375,000.00 $375,000.00
000 Xxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
-------------------------------------- --------------------- -------------------
LONGVIEW INTRNATIONAL EQUITY FUND, LP $125,000.00 $125,000.00
000 Xxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
-------------------------------------- --------------------- -------------------
WHALEHAVEN CAPITAL FUND LIMITED $150,000.00 $150,000.00
0xx Xxxxx, 00 Xxx-Xxxxxxx Xxxx
Xxxxxxxx, Xxxxxxx XX00
Fax: (000) 000-0000
-------------------------------------- --------------------- -------------------
TOTALS $1,150,000.00 $1,150,000.00
-------------------------------------- --------------------- -------------------
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SCHEDULE B
DUE DILIGENCE FEE
--------------------------------------------------------------------------------
RECIPIENT OF DUE CASH DUE NUMBER OF
DILIGENCE FEE DILIGENCE FEES COMMON SHARES
------------------------------------- --------------------- --------------------
OSHER CAPITAL INC. (1) $7,500.00 60,000
0 Xxxxxxxxx Xxxx
Xxxxxx Xxxxxx, XX 00000
Fax:
------------------------------------- --------------------- --------------------
XXXXX INTERNATIONAL LTD. (2) $5,000.00 40,000
53rd Street Xxxxxxxxxxxx Xxxxxxx
Xxxxx Xxxxx, 00xx Xxxxx, Xxxxxx
Xxxxxxxx of Panama
Fax: (000) 000-0000
------------------------------------- --------------------- --------------------
GEM FUNDING LLC (3) $7,500.00 60,000
000 Xxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
Fax: 000-000-0000
------------------------------------- --------------------- --------------------
LONGVIEW FUND, LP $5,000.00 40,000
000 Xxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
------------------------------------- --------------------- --------------------
TOTALS $25,000.00 200,000
------------------------------------- --------------------- --------------------
(1) In relation to the investment by Osher Capital Inc.
(2) In relation to the investment by Xxxxx International Ltd.
(3) In relation to the investment by Whalehaven Capital Fund Limited.
(4) In relation to the investment by The Longview Fund, L.P.
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