SHARE EXCHANGE AGREEMENT
Among:
And:
TECHMEDIA ADVERTISING
MAURITIUS
And:
THE SHAREHOLDERS
OF
TECHMEDIA ADVERTISING
MAURITIUS
__________
THIS
SHARE EXCHANGE AGREEMENT is dated and made for reference effective as
fully executed on this 27th day of
July, 2009.
BETWEEN:
TECHMEDIA
ADVERTISING, INC., a corporation organized under the laws of the State of
Nevada and having an address for notice and delivery located at x/x 00 Xxxxx
Xxxxx Xxxxxx, #00-00, Xxxxxxxxx 000000
(the
“Acquirer”);
OF THE FIRST
PART
AND:
TECHMEDIA
ADVERTISING MAURITIUS, a corporation organized under the laws of
Mauritius and having an address for notice and delivery located at c/x Xxxxxxx
Management (Mauritius) Ltd., 0xx Xxxxx, Xxxxxx Xxxx, Xx Chaussée Street, Port
Louis, Mauritius
(the
“Company”);
OF THE SECOND
PART
AND:
XXXXXX
CAPITAL LTD., a shareholder of TechMedia Advertising Mauritius, having an
address for notice and delivery located at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands
(“Xxxxxx”);
OF THE THIRD
PART
AND:
2
XXXXXX
XXXX XXXX XXXX, a shareholder of
TechMedia Advertising Mauritius, having an address for notice and delivery
located at Xxx 00 Xxxxx Xxxx #00-00 Xxxxx Xxxxxxx Xxxxxxxxx 000000
(“Xxxxxx”)
OF THE FOURTH
PART
AND:
ONEMEDIA
LIMITED, a
shareholder of TechMedia Advertising Mauritius, having an address for notice and
delivery located at 00X Xxxxxxx Xxxx, Xxxxxxxxx 000000
(“OneMedia”)
OF THE FIFTH
PART
(Xxxxxx,
Xxxxxx and OneMedia each being hereinafter singularly referred to as a “Vendor” and collectively
referred to as the “Vendors” as the context so
requires);
(the
Vendors, the Company and the Acquirer being hereinafter singularly also referred
to as a “Party” and
collectively referred to as the “Parties” as the context so
requires).
WHEREAS:
A. The
Company is a body corporate subsisting under and registered pursuant to the laws
of Mauritius;
B. The
Company is the sole beneficial shareholder of TechMedia Advertising (India)
Private Limited (“TM India”), a company organized under the laws of India, or is
in the process of acquiring the beneficial interest in all of the issued and
outstanding shares in the capital of TM India, which is engaged in selling
outdoor advertising on billboards and digital signs in India located in high
traffic locations, which locations range from transportation vehicles,
commercial buildings, supermarkets and restaurants, by partnering with media
space owners (the “Company’s
Business”);
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C. The
Vendors are, or will prior to Closing, become the legal and beneficial owner of
all of the issued and outstanding shares in the capital of the Company; the
particulars of the registered and beneficial ownership of such Company Stock
being set forth in Schedule “A” which is attached hereto and which forms a
material part hereof;
D. The
Parties hereto have agreed to enter into this Share Exchange Agreement (the
“Agreement”) which
formalizes, amends and replaces, in its entirety, the Letter of Intent, dated
March 13, 2009, and which clarifies their respective duties and obligations in
connection with the acquisition by the Acquirer from the Vendors of all of the
issued and outstanding shares in the capital of the Company (the “Company Stock”) together
with the further development of the Company’s Business as a consequence
thereof;
E. The
exchange of Company Stock for Acquirer Stock is intended to constitute a
tax-free reorganization under Section 368 of the Internal Revenue Code of 1986,
as amended (the “Code”), or such other tax
free reorganization exemptions that may be available under the Code;
and
F. The
exchange of Company Stock for Acquirer Stock will be conducted concurrently with
the cancellation of 24,000,000 shares of the Acquirer’s common stock with a par
value of US$0.001 per share, held by Xx. Xxxx Xxx, CEO of the
Acquirer.
NOW
THEREFORE THIS AGREEMENT WITNESSETH that in consideration of
the mutual promises, covenants and agreements herein contained, THE
PARTIES HERETO COVENANT AND AGREE WITH EACH OTHER as
follows:
Article
1
DEFINITIONS
1.1 Definitions. For
the purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires, the following words and phrases shall have the
following meanings:
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(a)
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“Action” has the meaning
ascribed to it in Article “4.1(q)”
hereinbelow;
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(b)
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“Acquirer” means
TechMedia Advertising, Inc., a corporation organized under the laws of the
State of Nevada, or any successor company, however formed, whether as a
result of merger, amalgamation or other
action;
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(c)
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“Acquirer Commission
Documents” has the meaning ascribed to it in Article “4.1(m)”
hereinbelow;
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(d)
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“Acquirer’s Financial
Statements” has the meaning ascribed to it in Article “4.1(n)”
hereinbelow;
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(e)
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“Acquirer’s
Ratification” has the meaning ascribed to it in Article “5.1(a)”
hereinbelow;
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(f)
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“Acquirer Stock” means
the 24,000,000 shares of common stock of the Acquirer to be issued and
delivered to the Vendors on a pro rata basis in
Consideration for the Company Stock, representing 53.4% of the total
issued and outstanding shares of common stock of the Acquirer post-Closing
and subsequent to the concurrent cancellation of 24,000,000 shares by the
Acquirer’s current officer and
director;
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(g)
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“Agreement” means this
“Share Exchange Agreement” as entered into among the Vendors, the Company
and the Acquirer herein, together with any amendments thereto and any
Schedules as attached thereto;
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(h)
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“Board of Directors”
means, as applicable, the respective Board of Directors of each of the
Parties hereto as duly constituted from time to
time;
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(i)
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“business day” means any
day that is not a Saturday, Sunday or other day on which commercial banks
in New York, New York, are authorized or required by law to remain
closed;
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(j)
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“Closing” has the
meaning ascribed to it in Article “6.1”
hereinbelow;
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(k)
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“Closing Date” has the
meaning ascribed to it in Article “6.1”
hereinbelow;
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(l)
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“Code” has the meaning
ascribed to it in recital “E.”
hereinabove;
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(m)
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“Commission” means the
United States Securities and Exchange
Commission;
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(n)
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“Company” means
TechMedia Advertising Mauritius, a corporation organized under the laws of
Mauritius, or any successor company, however formed, whether as a result
of merger, amalgamation or other
action;
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(o)
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“Company’s Business” has
the meaning ascribed to it in recital “B.”
hereinabove;
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(p)
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“Company Stock” has the
meaning ascribed to it in recital “D.” hereinabove; the particulars
of the registered and beneficial ownership of such Company Stock being set
forth in Schedule “A” which is attached
hereto;
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(q)
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“Consideration” has the
meaning ascribed to it in Article “2.2”
hereinbelow;
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(r)
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“Defaulting Party” and
“Non-Defaulting
Party” have the meanings ascribed to them in Article “12”
hereinbelow;
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(s)
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“Encumbrances” means
mortgages, liens, charges, security interests, encumbrances and third
party claims of any nature;
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(t)
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“Exchange Act” means the
Securities Exchange Act of 1934, as
amended;
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(u)
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“Execution Date” means
the actual date of the complete execution of this Agreement and any
amendment thereto by all Parties hereto as set forth on the front page
hereof;
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(v)
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“GAAP” means United
States generally accepted accounting principles applied on a consistent
basis during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto or (ii) in the
case of unaudited interim statements, to the extent they may not include
footnotes or may be condensed or summary
statements);
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(w)
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“Indemnified Party” and
“Indemnified
Parties” have the meanings ascribed to them in Article “7.1”
hereinbelow;
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(x)
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“Intellectual Property”
means all rights and interests to all patents, patents pending,
inventions, know-how, any operating or identifying name or registered or
unregistered trademarks and trade names, all computer programs, licensed
end-user software, source codes, products and applications (and related
documentation and materials) and other works of authorship (including
notes, reports, other documents and materials, magnetic, electronic, sound
or video recordings and any other work in which copyright or similar
rights may subsist) and all copyrights (registered or unregistered)
therein, industrial designs (registered or unregistered), franchises,
licenses, authorities, restrictive covenants or other industrial or
intellectual property;
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(y)
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“Material Adverse
Effect” shall mean any event, occurrence, change in facts,
conditions or other change or effect which has resulted or could
reasonably be expected to be materially adverse to the Acquirer. For the
purposes hereof, an event, occurrence, change in facts, conditions or
other change or effect which has resulted or could reasonably be expected
to result in a suit, action, charge, claim, demand, cost, damage, penalty,
fine, liability or other adverse consequence of at least US$250,000 shall
be deemed to constitute a “Material Adverse
Effect”;
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(z)
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“OTCBB” means the
Over-the-Counter Bulletin Board;
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(aa)
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“Parties” or “Party” means,
respectively, the Vendors, the Company and/or the Acquirer hereto, as the
case may be, together with their respective successors and permitted
assigns as the context so requires;
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(bb)
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“person” or “persons” means an
individual, corporation, partnership, party, trust, fund, association and
any other organized group of persons and the personal or other legal
representative of a person to whom the context can apply according to
law;
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(cc)
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“Regulatory Authorities”
means any public authority or governmental agency responsible for
exercising autonomous authority in enforcing statutes or regulations in
relation to matters relating to the transactions contemplated
herein;
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(dd)
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“Securities Act” means
the Securities Act of 1933, as
amended;
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(ee)
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“Takeover” means that
transaction or series of transactions pursuant to which the Acquirer will
acquire all of the Company Stock of the Company from the Vendors in
exchange for the issuance by the Acquirer of 24,000,000 shares of common
stock of the Acquirer and all matters necessarily ancillary
thereto;
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(ff)
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“Time of Closing” means
2:00 o’clock, p.m. (New York City Time) on the Closing Date;
and
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(gg)
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“Vendors” means the
shareholders of the Company who have executed this Agreement as a Party
hereto.
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1.2 Schedules. For the purposes of this
Agreement, except as otherwise expressly provided or unless the context
otherwise requires, the following shall represent the Schedules which are
attached to this Agreement and which form a material part hereof:
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Schedule | Description | |
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Schedule
“A”
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Company
Stock and Vendors;
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Schedule
“B”
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Financial
Statements;
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1.3 Interpretation. For the purposes of this
Agreement, except as otherwise expressly provided or unless the context
otherwise requires:
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(a)
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the
words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article,
section or other subdivision of this
Agreement;
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(b)
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any
reference to an entity shall include and shall be deemed to be a reference
to any entity that is a permitted successor to such entity;
and
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(c)
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words
in the singular include the plural and words in the masculine gender
include the feminine and neuter genders, and vice
versa.
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Article
2
EXCHANGE OF SHARES
2.1 Exchange
by Vendors. Subject to the terms and conditions hereof
and based upon the representations and warranties contained in Articles “3” and
“4” hereinbelow and prior satisfaction of the conditions precedent which are set
forth in Article “5” hereinbelow, the Vendors hereby agree to assign, sell and
transfer at the Closing Date (as hereinafter determined) all of their respective
rights, entitlements and interests in and to the Company Stock to the Acquirer
and the Acquirer hereby agrees to acquire all of the Company Stock from the
Vendors on the terms and subject to the conditions contained in this
Agreement.
2.2 Consideration. The
aggregate consideration (the “Consideration”) for all of
the Company Stock will be satisfied by way of the issuance and delivery by the
Acquirer to the Vendors at the Closing Date, in accordance with Article “2.3”
hereinbelow, of an aggregate of 24,000,000 shares of common stock in the capital
of the Acquirer (the “Acquirer
Stock”) on a pro
rata basis in accordance with each Vendors percentage ownership in the
Company.
2.3 Resale
Restrictions. The Vendors hereby acknowledge and agree
that the Acquirer makes no representations as to any resale or other restriction
affecting the Acquirer Stock and that it is presently contemplated that the
Acquirer Stock will be issued by the Acquirer to the Vendors in reliance upon
the registration and prospectus exemptions contained in the Securities Act, or
“Regulation S”
promulgated under the Securities Act which will impose a trading restriction in
the United States on the Acquirer Stock for a period of at least 6 months from
the Closing Date (as hereinafter determined).
8
Article
3
REPRESENTATIONS AND WARRANTIES BY THE
VENDORS
3.1 General
Representations and Warranties by the Vendors. In order
to induce the Acquirer to enter into and consummate this Agreement, the Vendors
severally represent and warrant to the Acquirer, with the intent that the
Acquirer will rely thereon in entering into this Agreement and in concluding the
transactions contemplated herein, that in respect of the Company, to the best of
the knowledge, information and belief of each of the Vendors, after having made
due inquiry:
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(a)
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it
is duly organized under the laws of its respective jurisdiction of
incorporation and is validly existing and in good standing with respect to
all statutory filings required by the applicable corporate
laws;
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(b)
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it
is qualified to do business in those jurisdictions where it is necessary
to fulfill its obligations under this Agreement and it has the full power
and authority to enter into this Agreement and any agreement or instrument
referred to or contemplated by this
Agreement;
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(c)
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it
has the requisite power, authority and capacity to own and use all of its
respective business assets and to carry on its respective business as
presently conducted by it and to fulfill its respective obligations under
this Agreement;
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(d)
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the
execution and delivery of this Agreement and the agreements contemplated
hereby have been duly authorized by all necessary action, corporate or
otherwise, on its respective part;
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(e)
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there
are no other consents, approvals or conditions precedent to the
performance of this Agreement which have not been
obtained;
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(f)
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this
Agreement constitutes a legal, valid and binding obligation of it
enforceable against it in accordance with its terms, except as enforcement
may be limited by laws of general application affecting the rights of
creditors;
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9
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(g)
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no
proceedings are pending for, and it is unaware of, any basis for the
institution of any proceedings leading to its respective dissolution or
winding up, or the placing of it in bankruptcy or subject to any other
laws governing the affairs of insolvent companies or
persons;
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(h)
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the
making of this Agreement and the completion of the transactions
contemplated hereby and the performance of and compliance with the terms
hereof does not and will not:
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(i)
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conflict
with or result in a breach of or violate any of the terms, conditions or
provisions of its respective organizational
documents;
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(ii)
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conflict
with or result in a breach of or violate any of the terms, conditions or
provisions of any law, judgment, order, injunction, decree, regulation or
ruling of any Court or governmental authority, domestic or foreign, to
which it is subject, or constitute or result in a default under any
agreement, contract, license, permit, or commitment to which it is a
party;
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(iii)
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give
to any party the right of termination, cancellation or acceleration in or
with respect to any agreement, contract, license or commitment to which it
is a party;
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(iv)
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give
to any government or governmental authority, or any municipality or any
subdivision thereof, including any governmental department, commission,
bureau, board or administration agency, any right of termination,
cancellation or suspension of, or constitute a breach of or result in a
default under, any permit, license, control or authority issued to it
which is necessary or desirable in connection with the conduct and
operations of its respective business and the ownership or leasing of its
respective business assets; or
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(v)
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constitute
a default by it, or any event which, with the giving of notice or lapse of
time or both, might constitute an event of default, under any agreement,
contract, indenture or other instrument relating to any indebtedness of it
which would give any party to that agreement, contract, indenture or other
instrument the right to accelerate the maturity for the payment of any
amount payable under that agreement, contract, indenture or other
instrument; and
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(i)
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neither
this Agreement nor any other document, certificate or written statement
furnished to the Acquirer by or on behalf of any of the Vendors or the
Company in connection with the transactions contemplated hereby knowingly
or negligently contains any untrue or incomplete statement of material
fact or omits to state a material fact necessary in order to make the
statements therein not misleading;
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10
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(j)
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this
Agreement has been duly authorized, executed and delivered by the Vendors
and the Company and is a legal, valid and binding obligation of each of
the Vendors and the Company, enforceable against each of the Vendors
and/or the Company, as the case may be, by the Acquirer in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency
and other laws affecting the rights of creditors generally and except that
equitable remedies may be granted only in the discretion of a court of
competent jurisdiction;
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(k)
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no
person other than the Acquirer has any written or oral agreement or option
or any right or privilege (whether by law, pre-emptive or contractual)
capable of becoming an agreement, or option for the purchase or
acquisition from the Vendors of any of the Company
Stock;
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(l)
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the
Company Stock is beneficially owned by the Vendors with good and
marketable title thereto free of all Encumbrances and is registered in the
books of the Company in the name of the Vendors and, without limitation
thereto, none of the Company Stock is subject to any voting trust,
unanimous shareholders agreement, other shareholders agreements, pooling
agreements or voting agreements;
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(m)
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upon
completion of the transactions contemplated by this Agreement, all of the
Company Stock will be owned by the Acquirer as the beneficial owner of
record, with good and marketable title thereto (except for such
Encumbrances as may have been granted by the Acquirer);
and
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(n)
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the
Company is, or is in the process of becoming, the sole beneficial
shareholder of TM India, a company organized under the laws of
India.
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3.2 Survival
of the Representations and Warranties by each of the
Vendors. To the extent they have not been fully
performed at or prior to the Time of Closing, each and every representation and
warranty of the Vendors contained in this Agreement and any agreement,
instrument, certificate or other document executed or delivered pursuant to this
Agreement shall:
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(a)
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be
materially true and correct on and as of the Closing Date with the same
force and effect as though made or given on the Closing
Date;
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11
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(b)
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remain
in full force and effect notwithstanding any investigations conducted by
or on behalf of the Acquirer; and
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(c)
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survive
the completion of the transactions contemplated by this Agreement until
the second anniversary of the Closing Date and shall continue in full
force and effect for the benefit of the Acquirer during that period,
except that a claim for any breach of any of the representations and
warranties contained in this Agreement or in any agreement, instrument,
certificate or other document executed or delivered pursuant hereto
involving fraud or fraudulent misrepresentation may be made at any time
following the Closing Date, subject only to applicable limitation periods
imposed by law.
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(d)
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to
the extent they have not been fully performed at or prior to the Time of
Closing, each and every representation and warranty of the Vendors
contained in this Agreement and any agreement, instrument, certificate or
other document executed or delivered pursuant to this Agreement shall
survive the completion of the transactions contemplated by this Agreement
and, notwithstanding such completion, shall continue in full force and
effect for the benefit of the
Acquirer.
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3.3 For
the avoidance of doubt and notwithstanding anything to the contrary contained in
this Agreement, all representations and warranties, unless expressly provided
otherwise in this Agreement, are in respect of matters and events on or before
the Closing and not after.
Article
4
WARRANTIES AND REPRESENTATIONS BY THE
ACQUIRER
4.1 Warranties
and Representations by the Acquirer. In order to induce the
Vendors and the Company to enter into and consummate this Agreement, the
Acquirer hereby warrants to and represents to each of the Vendors and the
Company, with the intent that each of the Vendors and the Company will rely
thereon in entering into this Agreement and in concluding the transactions
contemplated herein, that, to the best of the knowledge, information and belief
of the Acquirer, after having made due inquiry:
Corporate
Status of the Acquirer
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(a)
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the
Acquirer is a company with limited liability duly and properly
incorporated, organized and validly subsisting under the laws of the State
of Nevada being the only jurisdiction where it is required to be
registered for the purpose of enabling it to carry on its business and own
its property as presently carried on and
owned;
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12
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(b)
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the
Acquirer has good and sufficient power, authority and right to own or
lease its property, to enter into this Agreement and to perform its
obligations hereunder;
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Authorization
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(c)
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this
Agreement has been duly authorized, executed and delivered by the Acquirer
and is a legal, valid and binding obligation of the Acquirer, enforceable
against the Acquirer, as the case may be, by the Vendors and/or the
Company in accordance with its terms, except as enforcement may be limited
by bankruptcy, insolvency and other laws affecting the rights of creditors
generally and except that equitable remedies may be granted only in the
discretion of a court of competent
jurisdiction;
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Share
Capital
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(d)
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the
authorized capital of the Acquirer currently consists of 1,100,000,000
shares of common stock with a par value of US$0.001 per share of which
44,919,000 shares of common stock of the Acquirer have been duly issued
and are outstanding as fully paid and non-assessable. There are
no bonds, debentures, notes or other indebtedness of Acquirer which have
the right to vote (or convertible into, or exchangeable for, securities
having the right to vote) on any matters on which holders of the
Acquirer’s common stock may vote;
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(e)
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all
of the issued and outstanding shares of common stock of the Acquirer are
listed and posted for trading on the
OTCBB;
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(f)
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the
Acquirer will allot and issue the Acquirer Stock on the Closing Date in
accordance with Articles “2.2” and “2.3” hereinabove as duly authorized,
fully paid and non-assessable in the capital of the Acquirer, free and
clear of all actual or threatened liens, charges, security interests,
options, encumbrances, voting agreements, voting trusts, demands,
limitations and restrictions of any nature whatsoever, other than hold
periods or other restrictions imposed under applicable securities
legislation or by securities regulatory
authorities;
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Options
13
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(g)
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no
person has any agreement or option or any right or privilege (whether by
law, pre-emptive or contractual) capable of becoming an agreement,
including convertible securities, warrants or convertible obligations of
any nature, for the purchase, subscription, allotment or issuance of any
unissued shares or other securities of the
Acquirer;
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Directors
and Officers
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(h)
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the
present directors and officers of the Acquirer are as
follows:
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Name | Position | |
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Xxxx
Xxx
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President,
CEO, CFO, Secretary, Treasurer and
Director
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Taxes
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(i)
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All
tax returns, if any were filed, were correct and complete in all
respects. All taxes due and owing by Acquirer or any of its
subsidiaries have been fully and timely paid. Neither Acquirer
nor any of its subsidiaries currently is the beneficiary of any extension
of time within which to file any tax return. No claim has ever
been made by an authority in a jurisdiction where Acquirer does not file
tax returns that Acquirer is or may be subject to taxation by that
jurisdiction. There are no liens for taxes (other than taxes
not yet due and payable) upon any of the assets of Acquirer or any of its
subsidiaries;
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(j)
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no
foreign, federal, state, or local tax audits or administrative or judicial
tax proceedings are pending or being conducted with respect to
Acquirer. Acquirer has not received from any foreign, federal,
state, or local taxing authority (including jurisdictions where Acquirer
has not filed tax returns) any (i) notice indicating an intent to open an
audit or other review, (ii) request for information related to tax
matters, or (iii) notice of deficiency or proposed adjustment for any
amount of tax proposed, asserted, or assessed by any taxing authority
against Acquirer;
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No
Conflicts; Consents
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(k)
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the
making of this Agreement and the completion of the transactions
contemplated hereby and the performance of and compliance with the terms
hereof by the Acquirer does not and will
not:
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14
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(i)
|
conflict
with or result in a breach of or violate any of the terms, conditions or
provisions of its organizational documents, charter and its
Bylaws;
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(ii)
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conflict
with or result in a breach of or violate any of the terms, conditions or
provisions of any law, judgment, rule, order, injunction, decree,
regulation or ruling of any Court, Regulatory Authority or governmental
authority, domestic or foreign, to which it is subject, or constitute or
result in a default under any agreement, contract, license, permit, or
commitment to which the Acquirer is a
party;
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(iii)
|
give
to any party the right of termination, cancellation or acceleration in or
with respect to any agreement, contract, license or commitment to which
the Acquirer is a party;
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(iv)
|
give
to any government or governmental authority, or any municipality or any
subdivision thereof, including any governmental department, commission,
bureau, board or administration agency, any right of termination,
cancellation or suspension of, or constitute a breach of or result in a
default under, any permit, license, control or authority issued to it
which is necessary or desirable in connection with the conduct and
operations of its respective business and the ownership or leasing of its
respective business assets; or
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(v)
|
conflict
with, or result in any violation of or default (with or without notice or
lapse of time, or both) under, or give rise to a right of termination,
cancellation or acceleration of any obligation or to loss of a material
benefit under, or to increased, additional, accelerated or guaranteed
rights or entitlements of any person under, or result in the creation of
any lien upon any of the properties or assets of Acquirer under, any
provision of (i) the Acquirer Charter or Bylaws, (ii) any material
contract to which Acquirer is a party or by which any of its properties or
assets is bound or (iii) any material judgment or material law applicable
to Acquirer or its properties or assets;
and
|
|
(l)
|
save
for the approval of the directors of the Acquirer in respect of the
transactions contemplated by this Agreement including but not limited to
the issue and allotment of the Acquirer Stock and the Takeover; and the
filing of Articles of Exchange with the Nevada Secretary of State (if
required), no other consent or approval of, or registration, declaration
or filing with, or permit from, any governmental entity is required to be
obtained or made by or with respect to the Acquirer in connection with the
execution, delivery and performance of this Agreement or the consummation
of the Takeover;
|
15
Commission
Documents; Undisclosed Liabilities
|
(m)
|
Acquirer
has filed all reports, schedules, forms, statements and other documents
required to be filed by Acquirer with the Commission pursuant to the
reporting requirements of the Exchange Act, including material filed
pursuant to Section 13(a) or 15(d) of the Exchange Act (all of the
foregoing, including filings incorporated by reference therein, the
“Acquirer Commission Documents”) and all the information contained within
such Acquirer Commission Documents are true and accurate in all material
respects;
|
|
(n)
|
the
Acquirer’s audited Financial Statements for the period ended July 31, 2008
and unaudited Financial Statements for the nine months period ended March
31, 2009 (both as exhibited in Schedule “B”) have been prepared in
accordance with US GAAP, are correct and complete and present fairly the
assets, liabilities (whether accrued, absolute, contingent or otherwise)
and financial condition of the Acquirer as at the respective dates of and
for the respective periods covered by the Acquirer’s Financial
Statements;
|
|
(o)
|
As
of the date hereof and up to the Time of Closing the Acquirer will not
have any debts or liabilities whatsoever (whether accrued, absolute,
contingent or otherwise), including any liabilities for federal, state,
provincial, sales, excise, income, corporate or any other taxes of the
Acquirer except for;
|
|
(i)
|
the
debts and liabilities disclosed on, provided for or included in the
Acquirer’s Financial Statements;
|
|
(ii)
|
debts
or liabilities disclosed in this Agreement or any Schedule hereto;
and
|
|
(iii)
|
liabilities
incurred by the Acquirer in the ordinary course of business and in
relation to this Agreement subsequent to the date of the most recent
balance sheet referred to in the Acquirer’s Financial
Statements;
|
Books
and Records
16
|
(p)
|
the
books and records of the Acquirer fairly and correctly set out and
disclose, in all material respects, in accordance with US GAAP, the
financial condition of the Acquirer as of the date of this Agreement and
all material financial transactions of the Acquirer have been accurately
recorded in such books and records so as to give a true and fair view of
the state of affairs of the Acquirer and of the profit or loss for the
period concerned;
|
Litigation
|
(q)
|
there
is no action, suit, inquiry, notice of violation, proceeding (including
any partial proceeding such as a deposition) or investigation pending or
threatened in writing against or affecting the Acquirer, any subsidiary or
any of their respective properties before or by any court, arbitrator,
governmental or administrative agency, regulatory authority (federal,
state, county, local or foreign), stock market, stock exchange or trading
facility (“Action”) which (i) adversely affects or challenges the
legality, validity or enforceability of either this Agreement or the
Acquirer Stock or (ii) could, if there were an unfavorable decision,
individually or in the aggregate, have or reasonably be expected to result
in an Acquirer Material Adverse Effect. Neither the Acquirer nor any
director or officer thereof (in his capacity as such), is or has been the
subject of any Action involving a claim or violation of or liability under
federal or state securities laws or a claim of breach of fiduciary
duty;
|
Real,
Personal and Intellectual Property
|
(r)
|
Acquirer
does not own any real property. Acquirer has good title to, or
valid leasehold interests in all of its properties and assets used in the
conduct of its business;
|
|
(s)
|
there
are no claims pending or, to the knowledge of Acquirer threatened, that
Acquirer is infringing or otherwise adversely affecting the rights of any
person with regard to any Intellectual Property
right;
|
Labor
Matters
|
(t)
|
there
are no collective bargaining or other labor union agreements to which
Acquirer is a party or by which it is
bound;
|
Certain
Registration Matters
|
(u)
|
Acquirer
has not granted or agreed to grant to any person any rights (including
“piggy-back” registration rights) to have any securities of Acquirer
registered with the Commission or any other governmental
authority;
|
17
Full
Disclosure
|
(v)
|
the
Acquirer has no information or knowledge of any fact not communicated to
the Vendors and the Company and relating to the Acquirer or to the
Acquirer’s business or to its issued and outstanding securities which, if
known to the Vendors and/or the Company, might reasonably be expected to
deter the Vendors and/or the Company from entering into this Agreement or
from completing the transactions contemplated by this
Agreement.
|
Corporate
Records
|
(w)
|
the
Corporate records and minute books of the Acquirer contain complete and
accurate minutes, (duly signed by the chairman and/or secretary of the
appropriate meeting) of all meetings of the directors and shareholders of
the Acquirer since its date of
incorporation;
|
|
(x)
|
the
share certificate records, the securities register, the register of
disclosures, the register of directors and officers for the Acquirer are
contained in the corporate minute book and are complete and accurate in
all respects;
|
Accuracy
of Warranties
|
(y)
|
neither
this Agreement nor any document, schedule, list, certificate, declaration
under oath or written statement now or until the Time of Closing furnished
by the Acquirer to the Vendors or the Company in connection with the
transactions contemplated by this Agreement contains or will contain any
untrue statement or representation of a material fact on the part of the
Acquirer, or omits or will omit on behalf of the Acquirer to state a
material fact necessary to make any such statement or representation
therein or herein contained not
misleading.
|
4.2 Survival
of the Representations and Warranties by the Acquirer. To the extent
they have not been fully performed at or prior to the Time of Closing, each
representation and warranty of the Acquirer contained in this Agreement or in
any document, instrument, certificate or undertaking given pursuant hereto
shall:
|
(a)
|
be
materially true and correct on and as of the Closing Date with the same
force and effect as though made or given on the Closing
Date;
|
18
|
(b)
|
remain
in full force and effect notwithstanding any investigations conducted by
or on behalf of the Company and/or Vendors,
and
|
|
(c)
|
survive
the completion of the transactions contemplated by this Agreement until
the second anniversary of the Closing Date and shall continue in full
force and effect for the benefit of the Vendors and the Company during
that period, except that a claim for any breach of any of the
representations and warranties contained in this Agreement or in any
agreement, instrument, certificate or other document executed or delivered
pursuant hereto involving fraud or fraudulent misrepresentation may be
made at any time following the Closing Date, subject only to applicable
limitation periods imposed by law.
|
|
(d)
|
To
the extent they have not been fully performed at or prior to the Time of
Closing, each and every representation and warranty of the Acquirer
contained in this Agreement and any agreement, instrument, certificate or
other document executed or delivered pursuant to this Agreement shall
survive the completion of the transactions contemplated by this Agreement
and, notwithstanding such completion, shall continue in full force and
effect for the benefit of the Vendors and the
Company.
|
4.3 For
the avoidance of doubt and notwithstanding anything to the contrary contained in
this Agreement, all representations and warranties, unless expressly provided
otherwise in this Agreement, are in respect of matters and events on or before
the Closing and not after.
Article
5
CONDITIONS PRECEDENT TO CLOSING
5.1 Parties’
Conditions Precedent prior to the Closing Date. All of the
rights, duties and obligations of each of the Parties hereto under this
Agreement are subject to the following conditions precedent for the exclusive
benefit of each of the Parties to be fulfilled in all material aspects in the
reasonable opinion of each of the Parties or to be waived by each or any of the
Parties, as the case may be, as soon as possible after the Execution Date;
however, unless specifically indicated as otherwise, not later than the Time of
Closing: the specific ratification of the terms and conditions of this Agreement
by the Board of Directors of the Acquirer within five business days of the due
and complete execution of this Agreement by each of the Parties hereto (the
“Acquirer’s
Ratification”).
19
5.2 Parties’
Waiver of Conditions Precedent. The conditions precedent
set forth in Article “5.1” hereinabove are for the exclusive benefit of each of
the Parties hereto and may be waived by each of the Parties in writing either in
whole or in part at or prior to the Time of Closing.
5.3 The
Vendors’ and the Company’s Conditions Precedent. The
acquisition of the Company Stock is subject to the following terms and
conditions for the exclusive benefit of the Vendors and the Company, to be
fulfilled or performed at or prior to the Time of Closing:
|
(a)
|
the
representations and warranties of the Acquirer contained in this Agreement
shall be true and correct in all material respects at the Time of Closing,
with the same force and effect as if such representations and warranties
were made at and as of such time;
|
|
(b)
|
all
of the terms and conditions of this Agreement to be complied with or
performed by the Acquirer at or before the Time of Closing shall have been
complied with or performed in all material
respects;
|
|
(c)
|
there
shall have been obtained, from all appropriate federal, provincial,
municipal or other governmental or administrative bodies, such licenses,
permits, consents, approvals, certificates, registrations and
authorizations as are required by law, if any, to be obtained by the
Acquirer to permit the issuance and delivery of the Acquirer Stock to the
Vendors contemplated hereby;
|
|
(d)
|
no
legal or regulatory action or proceeding shall be pending or threatened by
any person to enjoin, restrict or prohibit the acquisition of the Company
Stock contemplated hereby;
|
|
(e)
|
the
Acquirer shall have delivered a letter of resignation from Xx. Xxxx Xxx
from the positions of Chief Executive Officer, President, Chief Financial
Officer and Treasurer of the Acquirer, effective upon the
Closing;
|
|
(f)
|
the
Acquirer shall have delivered evidence of the due appointment of Xxxxxx
Xxxx Xxxx Xxxx as the Chief Executive Officer and Chairman of the
Acquirer, effective upon the
Closing;
|
|
(g)
|
on
or prior to the Closing, the Acquirer shall take all action necessary to
(i) cause the number of directors that will comprise the full Board of
Directors of the Acquirer effective as of immediately following the
Closing to be fixed at five, (ii) cause the Board of Directors of the
Acquirer effective as of immediately following the Closing to consist of
(A) four members designated by the Company, and (B) Xxxx Xxx, and (iii)
cause the individuals identified or designated pursuant to subclause (A)
of the preceding clause (ii) to be appointed to the Board of Directors of
the Acquirer effective as of immediately following the Closing;
and
|
20
|
(h)
|
prior
to the Closing, the Acquirer shall take all action necessary to cause Xx.
Xxxx Xxx to execute an agreement with the Acquirer regarding the
cancellation of 24,000,000 shares of the Acquirer’s common stock with a
par value of US$0.001 per share, concurrently with issue and allotment of
the Acquirer Stock to the Vendors.
|
If any of
the conditions contained in this Article “5.3” shall not be performed or
fulfilled at or prior to the Time of Closing to the satisfaction of the Vendors
and the Company, acting reasonably, the Vendors and/or the Company may, by
notice to the Acquirer, terminate this Agreement and the obligations of the
Vendors, the Company and the Acquirer under this Agreement, other than the
obligations contained in Article “8” hereinbelow, shall be terminated, provided
that the Vendors and the Company may also bring an action pursuant to Article
“7” against the Acquirer for damages suffered by the Vendors and/or the Company
where the non-performance or non-fulfillment of the relevant condition is as a
result of a breach of representation or warranty by the Acquirer. Any
such condition may be waived in whole or in part by the Vendors and the Company
in writing without prejudice to any claims it may have for breach of
representation or warranty.
5.4 Acquirer’s
Conditions Precedent prior to the Closing Date. The
acquisition of the Company Stock is subject to the following terms and
conditions for the exclusive benefit of the Acquirer, to be fulfilled or
performed at or prior to the Time of Closing:
|
(a)
|
the
representations and warranties of the Vendors contained in this Agreement
shall be true and correct at the Time of Closing, with the same force and
effect as if such representations and warranties were made at and as of
such time;
|
|
(b)
|
all
of the terms and conditions of this Agreement to be complied with or
performed by the Vendors and the Company at or before the Time of Closing
shall have been complied with or performed in all material
respects;
|
|
(c)
|
there
shall have been obtained, from all appropriate federal, provincial,
municipal or other governmental or administrative bodies, such licenses,
permits, consents, approvals, certificates, registrations and
authorizations as are required to be obtained, if any, by the Vendors and
the Company to permit the change of ownership of the Company Stock
contemplated hereby; and
|
21
|
(e)
|
no
legal or regulatory action or proceeding shall be pending or threatened by
any person to enjoin, restrict or prohibit the acquisition of the Company
Stock contemplated hereby.
|
If any of
the conditions contained in this Article “5.4” shall not be performed or
fulfilled at or prior to the Time of Closing to the satisfaction of the
Acquirer, acting reasonably, the Acquirer may, by notice to the Vendors and the
Company, terminate this Agreement and the obligations of the Vendors, the
Company and the Acquirer under this Agreement, other than the obligations set
forth in Article “8”, shall be terminated, provided that the Acquirer may also
bring an action pursuant to Article “7” against the Vendors for damages suffered
by the Acquirer where the non-performance or non-fulfillment of the relevant
condition is as a result of a breach of representation or warranty by the
Vendors. Any such condition may be waived in whole or in part by the
Acquirer without prejudice to any claims it may have for breach of
representation or warranty.
Article
6
CLOSING AND EVENTS OF CLOSING
6.1 Closing
and Closing Date. The closing (the “Closing”) of the acquisition
of the Company Stock and the issuance and delivery of the Acquirer Stock, as
contemplated in the manner as set forth in Article “2” hereinabove, together
with all of the transactions contemplated by this Agreement shall occur on
[August 3, 2009] (the “Closing
Date”), or on such earlier or later Closing Date as may be agreed to in
advance and in writing by each of the Parties hereto, and will be closed at the
offices of counsel for the Acquirer, Xxxxxx Xxxxx XxxXxxxx Law Corporation
located at 000 X. Xxxxxxxx Xx., Xxxxx 0000, Xxxxxxxxx, XX, Xxxxxx X0X
0X0, at 2:00 p.m. (New York City time) (11:00 am Vancouver Time) on the Closing
Date.
6.2 Latest
Closing Date. If the Closing Date has not occurred by
[August 5, 2009] subject to an extension as may be mutually agreed to by the
Parties for a maximum of 15 days per extension, then the Acquirer and the
Vendors shall each have the option to terminate this Agreement by delivery of
written notice to the other Party. Upon delivery of such notice, this Agreement
shall cease to be of any force and effect except for Article “8” hereinbelow,
which shall remain in full force and effect notwithstanding the termination of
this Agreement.
22
6.3 Documents
to be delivered by the Company and the Vendors prior to the Closing
Date. Not later than the Closing Date, and in addition
to the documentation which is required by the agreements and conditions
precedent which are set forth hereinabove, the Company and the Vendors shall
also execute and deliver or cause to be delivered to Acquirer’s counsel all such
other documents, resolutions and instruments as may be necessary, in the opinion
of counsel for the Acquirer, acting reasonably, to complete all of the
transactions contemplated by this Agreement and including, without limitation,
the necessary transfer of all of the Company Stock to the Acquirer free and
clear of all liens, security interests, charges and encumbrances, and in
particular including, but not being limited to, the following
materials:
|
(a)
|
all
documentation as may be reasonably necessary to ensure that all of the
Company Stock has been transferred, assigned and are registerable in the
name of and for the benefit of the Acquirer under all applicable corporate
and securities laws;
|
|
(b)
|
certificates
representing the Company Stock registered in the name of the Vendors, duly
endorsed for transfer to the Acquirer and/or irrevocable stock powers
transferring the Company Stock to the
Acquirer;
|
|
(c)
|
certificates
representing the Company Stock registered in the name of the Acquirer;
and
|
|
(d)
|
a
certified copy of the resolutions of the directors (and of the
Vendors/shareholders, if necessary) of the Company authorizing the
transfer by the Vendors to the Acquirer of the Company
Stock.
|
6.4 Documents
to be delivered by the Acquirer prior to the Closing Date. Not
later than the Closing Date, and in addition to the documentation which is
required by the agreements and conditions precedent which are set forth
hereinabove, the Acquirer shall also execute and deliver or cause to be
delivered to the Company’s and the Vendors’ counsel, all such other documents,
resolutions and instruments that may be necessary, in the opinion of counsel for
the Company and the Vendors, acting reasonably, to complete all of the
transactions contemplated by this Agreement and including, without limitation,
the necessary acceptance of the transfer of all of the Acquirer Stock to the
Vendors free and clear of all liens, charges and encumbrances, and in particular
including, but not being limited to, the following materials:
|
(a)
|
a
copy of the resolutions of the directors of the Acquirer providing for the
approval and ratification of all of the transactions contemplated
hereby;
|
|
(b)
|
certificates
representing the Acquirer Stock issued to the Vendors in accordance with
Articles “2.2” and “2.3”
hereinabove;
|
23
|
(c)
|
a
copy of the audited Acquirer’s Financial Statements for the period ended
July 31, 2008, and unaudited Financial Statements for the nine months
period ended 31 March, 2009; and
|
|
(d)
|
all
such other documents and instruments as the Company’s and the Vendors’
respective counsel may reasonably
require.
|
Article
7
INDEMNIFICATION AND LEGAL
PROCEEDINGS
7.1 Indemnification. The
Parties hereto agree to indemnify and save harmless the other Parties hereto and
including, where applicable, their respective affiliates, directors, officers,
employees and agents (each such party being an “Indemnified Party”) from and
against and agree to be liable for any and all losses, claims, actions, suits,
proceedings, damages, liabilities or expenses of whatever nature or kind,
including any investigation expenses incurred by any Indemnified Party, to which
an Indemnified Party may become subject due to a breach or failure to comply
with an obligation by a Party under the terms and conditions of this
Agreement.
7.2 No
Indemnification. This indemnity will not apply in
respect of an Indemnified Party in the event and to the extent that a court of
competent jurisdiction in a final judgment shall determine that the Indemnified
Party was grossly negligent or guilty of willful misconduct.
7.3 Claim of
Indemnification. The Parties hereto agree to waive any
right they might have of first requiring the Indemnified Party to proceed
against or enforce any other right, power, remedy, security or claim payment
from any other person before claiming this indemnity.
7.4 Notice of
Claim. In case any action is brought against an
Indemnified Party in respect of which indemnity may be sought against any of the
Parties hereto, the Indemnified Party will give the relevant Party hereto prompt
written notice of any such action of which the Indemnified Party has knowledge
and such Party will undertake the investigation and defense thereof on behalf of
the Indemnified Party, including the prompt consulting of counsel acceptable to
the Indemnified Party affected and the payment of all
expenses. Failure by the Indemnified Party to so notify shall not
relieve any Party hereto of such Party’s obligation of indemnification hereunder
unless (and only to the extent that) such failure results in a forfeiture by any
Party hereto of substantive rights or defenses.
7.5 Settlement. No
admission of liability and no settlement of any action shall be made without the
consent of each of the Parties hereto and the consent of the Indemnified Party
affected, such consent not to be unreasonably withheld.
24
7.6 Legal
Proceedings. Notwithstanding that the relevant Party
hereto will undertake the investigation and defense of any action, an
Indemnified Party will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such
counsel will be at the expense of the Indemnified Party unless:
|
(a)
|
such
counsel has been authorized by the relevant Party
hereto;
|
|
(b)
|
the
relevant Party hereto has not assumed the defense of the action within a
reasonable period of time after receiving notice of the
action;
|
|
(c)
|
the
named parties to any such action include that any Party hereto and the
Indemnified Party shall have been advised by counsel that there may be a
conflict of interest between any Party hereto and the Indemnified Party;
or
|
|
(d)
|
there
are one or more legal defenses available to the Indemnified Party which
are different from or in addition to those available to any Party
hereto.
|
7.7 Limitation
of damages and Severability. No
liability shall in any event arise in respect of any claim for breach of any of
the representations and warranties given by any Party under the terms of this
Agreement or any misrepresentation by any Party under the terms of this
Agreement or any breach of any terms and conditions under this Agreement unless
the amount claimed (together with the aggregate amount of any previous claims)
shall exceed US$10,000 as at the date of the claim.
For the avoidance of doubt and
notwithstanding anything to the contrary contained in this Agreement, the
Parties agree and acknowledge that each of the Vendor’s liability under this
Agreement shall be several only and shall not be joint.
Article
8
NON-DISCLOSURE
8.1 Public
Announcements and Disclosure to Regulatory
Authorities. All information relating to the Agreement
and the transaction contemplated therein shall be treated as confidential and no
public disclosure shall be made by any Party without the prior approval of the
Company and the Acquirer. Notwithstanding the provisions of this
Article, the Parties hereto agree to make such public announcements and
disclosure to the Regulatory Authorities of this Agreement promptly upon its
execution in accordance with the requirements of applicable securities
legislation and regulations.
25
Article
9
ASSIGNMENT AND AMENDMENT
9.1 Assignment. Save
and except as provided herein, no Party hereto may sell, assign, pledge or
mortgage or otherwise encumber all or any part of its respective interests
herein without the prior written consent of all of the other Parties
hereto.
9.2 Amendment. This
Agreement and any provision thereof may only be amended in writing and only by
duly authorized signatories of each of the respective Parties
hereto.
Article
10
FORCE
MAJEURE
10.1 Events. If
any Party hereto is at any time prevented or delayed in complying with any
provisions of this Agreement by reason of strikes, walk-outs, labor shortages,
power shortages, fires, wars, acts of God, earthquakes, storms, floods,
explosions, accidents, protests or demonstrations by environmental lobbyists or
native rights groups, delays in transportation, breakdown of machinery,
inability to obtain necessary materials in the open market, unavailability of
equipment, governmental regulations restricting normal operations, shipping
delays or any other reason or reasons beyond the control of that Party, then the
time limited for the performance by that Party of its respective obligations
hereunder shall be extended by a period of time equal in length to the period of
each such prevention or delay.
10.2 Notice. A
Party shall, within seven calendar days, give notice to the other Parties of
each event of force
majeure under Article “10.1” hereinabove, and upon cessation of such
event shall furnish the other Parties with notice of that event together with
particulars of the number of days by which the obligations of that Party
hereunder have been extended by virtue of such event of force majeure and all
preceding events of force
majeure.
26
Article
11
ARBITRATION
11.1 Arbitration. Any
dispute arising out of or in connection with this contract, including any
question regarding its existence, validity or termination, shall be referred to
and finally resolved by arbitration in Singapore in accordance with the
Arbitration Rules of the Singapore International Arbitration Centre (“SIAC” )
for the time being in force, which rules are deemed to be incorporated by
reference in this clause. The Tribunal shall consist of one arbitrator to be
appointed by the Chairman of the SIAC. The language of the arbitration shall be
English.
Article
12
DEFAULT AND TERMINATION
12.1 Default. The
Parties hereto agree that if any Party hereto is in default with respect to any
of the provisions of this Agreement (herein called the “Defaulting Party”), the
non-defaulting Party (herein called the “Non-Defaulting Party”) shall
give notice to the Defaulting Party designating such default, and within 10
calendar days after its receipt of such notice, the Defaulting Party shall
either:
|
(a)
|
cure
such default, or commence proceedings to cure such default and prosecute
the same to completion without undue delay;
or
|
|
(b)
|
give
the Non-Defaulting Party notice that it denies that such default has
occurred and that it is submitting the question to arbitration as herein
provided.
|
12.2 Arbitration. If
arbitration is sought, a Party shall not be deemed in default until the matter
shall have been determined finally by appropriate arbitration under the
provisions of Article “11” hereinabove.
12.3 Curing
the Default. If:
|
(a)
|
the
default is not so cured or the Defaulting Party does not commence or
diligently proceed to cure the default;
or
|
|
(b)
|
arbitration
is not so sought; or
|
|
(c)
|
the
Defaulting Party is found in arbitration proceedings to be in default, and
fails to cure it within five calendar days after the rendering of the
arbitration award,
|
the
Non-Defaulting Party may, by written notice given to the Defaulting Party at any
time while the default continues, terminate the interest of the Defaulting Party
in and to this Agreement.
27
12.4 Termination. In
addition to the foregoing it is hereby acknowledged and agreed by the Parties
hereto that this Agreement will be terminated in the event that:
|
(a)
|
the
conditions specified in section “5.1” hereinabove have not been satisfied
at or prior to the Time of Closing;
|
|
(c)
|
either
of the Parties hereto has not either satisfied or waived each of their
respective conditions precedent at or prior to the Time of Closing in
accordance with the provisions of Article “5” hereinabove unless
extended;
|
|
(d)
|
either
of the Parties hereto has failed to deliver or caused to be delivered any
of their respective documents required to be delivered by Articles “5” and
“6” hereinabove at or prior to the Time of Closing in accordance with the
provisions of Articles “5” and “6” unless extended;
or
|
|
(e)
|
the
Closing has not occurred on or before [August 5, 2009], or such later
date, all in accordance with Article “6.2” hereinabove;
or
|
|
(f)
|
by
agreement in writing by each of the Parties
hereto;
|
and in
such event this Agreement will be terminated and be of no further force and
effect other than the obligations under Article “8” hereinabove.
12.5 For
the avoidance of doubt, it is agreed that any termination of this Agreement
(howsoever occasioned) shall not affect any accrued rights or liabilities of any
of the Parties to this Agreement nor shall it affect the coming into force or
the continuance in force of any provision hereof which is expressly or by
implication intended to come into or continue in force on or after such
termination.
Article
13
NOTICE
13.1 Notice. Each
notice, demand or other communication required or permitted to be given under
this Agreement shall be in writing and shall be sent by prepaid registered mail
deposited in a post office addressed to the Party entitled to receive the same,
or delivered to such Party, at the address for such Party specified
above. The date of receipt of such notice, demand or other
communication shall be the date of delivery thereof if delivered, or, if given
by registered mail as aforesaid, shall be deemed conclusively to be the third
calendar day after the same shall have been so mailed, except in the case of
interruption of postal services for any reason whatsoever, in which case the
date of receipt shall be the date on which the notice, demand or other
communication is actually received by the addressee.
28
13.2 Change of
Address. Either Party may at any time and from time to
time notify the other Party in writing of a change of address and the new
address to which notice shall be given to it thereafter until further
change.
Article
14
GENERAL PROVISIONS
14.1 Entire
Agreement. This Agreement constitutes the entire
agreement to date between the Parties hereto and supersedes every previous
agreement, communication, expectation, negotiation, representation or
understanding, whether oral or written, express or implied, statutory or
otherwise, between the Parties with respect to the subject matter of this
Agreement and including, without limitation, the agreement as between the
Acquirer, the Vendors and the Company.
14.2 Enurement. This
Agreement will enure to the benefit of and will be binding upon the Parties
hereto, their respective heirs, executors, administrators and
assigns.
14.3 Schedules. The
Schedules to this Agreement are hereby incorporated by reference into this
Agreement in its entirety.
14.4 Time of
the Essence. Time will be of the essence of this
Agreement.
14.5 Representation
and Costs. It is hereby acknowledged and agreed by the
Parties hereto that each Party to this Agreement will bear and pay its own
costs, legal and otherwise, in connection with its respective preparation,
review and execution of this Agreement, and, in particular, that the costs
involved in the preparation of this Agreement, and all documentation necessarily
involved thereto, by Xxxxxx Xxxxx XxxXxxxx Law Corporation shall be at the cost
of the Acquirer.
14.6 Applicable
Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Nevada, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws
thereof.
14.7 Further
Assurances. The Parties hereto hereby, jointly and
severally, covenant and agree to forthwith, upon request, execute and deliver,
or cause to be executed and delivered, such further and other deeds, documents,
assurances and instructions as may be required by the Parties hereto or their
respective counsel in order to carry out the true nature and intent of this
Agreement.
29
14.8 Severability
and Construction. Each Article, section, paragraph, term
and provision of this Agreement, and any portion thereof, shall be considered
severable, and if, for any reason, any portion of this Agreement is determined
to be invalid, contrary to or in conflict with any applicable present or future
law, rule or regulation in a final unappealable ruling issued by any court,
agency or tribunal with valid jurisdiction in a proceeding to any of the Parties
hereto is a party, that ruling shall not impair the operation of, or have any
other effect upon, such other portions of this Agreement as may remain otherwise
intelligible (all of which shall remain binding on the Parties and continue to
be given full force and agreement as of the date upon which the ruling becomes
final).
14.9 Captions. The
captions, section numbers, Article numbers and Schedule numbers appearing in
this Agreement are inserted for convenience of reference only and shall in no
way define, limit, construe or describe the scope or intent of this Agreement
nor in any way affect this Agreement.
14.10 Currency. Unless
otherwise stipulated, all references to money amounts herein shall be the lawful
currency of the United States of America.
14.11 Counterparts. This
Agreement may be signed by the Parties hereto in as many counterparts as may be
necessary, and via facsimile if necessary, each of which so signed being deemed
to be an original and such counterparts together constituting one and the same
instrument and, notwithstanding the date of execution, being deemed to bear the
effective Execution Date as set forth on the front page of this
Agreement.
14.12 No
Partnership or Agency. The Parties hereto have not
created a partnership and nothing contained in this Agreement shall in any
manner whatsoever constitute any Party the partner, agent or legal
representative of any other Party, nor create any fiduciary relationship between
them for any purpose whatsoever. No Party shall have any authority to
act for, or to assume any obligations or responsibility on behalf of, any other
party except as may be, from time to time, agreed upon in writing between the
Parties or as otherwise expressly provided.
14.13 Consents
and Waivers. No consent or waiver expressed or implied
by either Party hereto in respect of any breach or default by any other Party in
the performance by such other of its obligations hereunder shall:
|
(a)
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be
valid unless it is in writing and stated to be a consent or waiver
pursuant to this Article;
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30
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(b)
|
be
relied upon as a consent to or waiver of any other breach or default of
the same or any other obligation;
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|
(c)
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constitute
a general waiver under this Agreement;
or
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|
(d)
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eliminate
or modify the need for a specific consent or waiver pursuant to this
Article in any other or subsequent
instance.
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[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
31
IN
WITNESS WHEREOF each of the Parties hereto has hereunto executed this
Agreement as of the Execution Date as set forth on the front page of this
Agreement.
TECHMEDIA ADVERTISING
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)
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MAURITIUS
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)
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the
Company herein,
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)
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)
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)
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Per: /s/ Xxxxxx Vellu
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)
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Authorized
Signatory
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)
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)
|
|
Xxxxxx Vellu, Director
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)
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(print
name and title)
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|
)
|
|
the
Acquirer herein,
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)
|
)
|
|
)
|
|
Per: /s/ Xxxx Xxx
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)
|
Authorized
Signatory
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)
|
)
|
|
Xxxx Xxx, President and
director
|
)
|
(print
name and title)
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32
XXXXXX CAPITAL LTD.
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)
|
|
a
Vendor herein,
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)
|
|
)
|
||
)
|
||
Per: /s/ Xxxxxx Vellu
|
)
|
|
Authorized
Signatory
|
)
|
|
)
|
||
Xxxxxx Vellu, Director and
Shareholder
|
)
|
|
(print
name and title)
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||
SIGNED
and DELIVERED by
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)
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|
XXXXXX XXXX XXXX XXXX, a
Vendor
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)
|
|
herein,
in the presence of:
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)
|
|
)
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||
/s/ Xxxx Xxxxxxx
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)
|
|
Witness
Signature
|
)
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/s/ Xxxxxx Xxxx Xxxx
Xxxx
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00
Xxx Xxxx Xx., #00-00
|
)
|
XXXXXX
XXXX XXXX XXXX
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Xxxxxxxxx 000000
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)
|
|
Witness
Address
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)
|
|
)
|
||
Xxxx Xxxxxxx, Consultant
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)
|
|
Witness
Name and Occupation
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)
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|
ONEMEDIA LIMITED
|
)
|
|
a
Vendor herein,
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)
|
|
)
|
||
)
|
||
Per: /s/ Ma Xxx Xxx
|
)
|
|
Authorized
Signatory
|
)
|
|
)
|
||
Ma Xxx Xxx
|
)
|
|
(print
name and title)
|
33
Schedule A
This is
Schedule “A” to that certain Share Exchange Agreement among TechMedia
Advertising, Inc., TechMedia Advertising Mauritius and the vendor shareholders
of TechMedia Advertising Mauritius
Company Stock and
Vendors
|
||
Issued Capital:
|
|
10
ordinary shares
|
Vendors:
|
|
|
Xxxxxx Capital Ltd.:
|
3
ordinary shares
|
|
P.O.
Box 957
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|
|
Offshore
Incorporations Centre
|
||
Road
Town, Tortola
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||
British
Virgin Islands
|
||
Xxxxxx Xxxx Xxxx Xxxx:
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3
ordinary shares
|
|
Xxx
00 Xxxxx Xxxx
|
|
|
#00-00
Xxxxx Xxxxxxx
|
||
Xxxxxxxxx
000000
|
||
OneMedia Limited:
|
4
ordinary shares
|
|
X.X.
Xxx 0000
|
||
Xxxxxxxx
Xxxxxxxxxxxxxx Xxxxxx
|
||
Xxxxxxxx
Mahe, Seychelles
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||
34
Schedule B
This is Schedule “B” to that certain
Share Exchange Agreement among TechMedia Advertising, Inc., TechMedia
Advertising Mauritius and the vendor shareholders of TechMedia Advertising
Mauritius
Financial Statements of the
Acquirer
1.
|
Audited
Financial Statements for the period ended July 31, 2008;
and
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|
2.
|
Unaudited
Financial Statements for the nine months period ended March 31,
2009.
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35