Exhibit 10.18 - Asset Purchase Agreement between us and J&S Overseas Holdings
AGREEMENT TO SELL URL (Universal Resource Locator)
Agreement made this 10th day of July, 1999 by and between J&S Overseas
Holdings, of Grand Cayman, Cayman Islands (hereinafter referred to as "Seller")
and Power Direct, Inc. of Delaware, USA (hereinafter referred to as the
"Buyer").
Whereas the Seller desires to sell and the buyer desires to buy the
three (3) assets known as the URL (Universal Resource Locator) registered as
"XxxxxXxxxxx.xxx", "XxxxxXxxxXxxxxx.xxx" and "XxxxxXxxxxx.xxx", the parties
hereto agree and covenant as follows:
The total purchase price for the URL is two hundred thousand
(US$200,000.00) dollars in US currency and seven hundred fifty thousand
(750,000) shares of Power Direct, Inc.'s restricted (rule 144) common stock.
The shares are to be delivered at the time of the passing ownership
papers of the URL's to the Buyer by the Seller.
The property to be sold hereunder shall be conveyed by a standard Xxxx
of Sale, duly executed by the Seller.
The Seller promises and agrees to convey good, clear, and marketable
title to all the property to be sold hereunder, the same to be free and clear of
all liens and encumbrances.
Consummation of the sale, with payment by the Buyer of total purchase
price and the delivery by the Seller of a Xxxx of Sale, will take place on or
before November 10th, 1999.
All of the terms, representations and warranties shall survive the
closing. This Agreement shall bind and inure to the benefit of the Seller and
Buyer and their respective heirs, executors, administrators, successors and
assigns.
If this Agreement shall contain any term or provision which shall be
invalid or against public policy or if the application of same is invalid or
against public policy, then, the remainder of this Agreement shall not be
affected thereby and shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed in duplicate on July 10th, 1999.
/s/ Xxxxx Xxxxxxx /s/ Xxxx Sha
___________________________________ ______________________________
SELLER BUYER
Xxxxx Limited Xxxx Sha
for J&S Overseas Holdings President
Power Direct, Inc.
