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EXHIBIT 2.5
DIVESTITURE AGREEMENT
DATE: January 2, 1995
PARTIES: 1. MRR Construction Services, Inc. ("MRR")
X.X. Xxx 0000
Xxxxx, XX 00000
2. Xxxxx X. Xxxxxxx ("Xxxxxxx")
X.X. Xxx 0000
Xxxxx, XX 00000
3. PAN Environmental Corporation ("PAN")
00000 XX 00xx Xxx
Xxxxxx, XX 00000
SUBJECT: Divestiture -- Resale of Subsidiary Company MRR by Parent Company
PAN to Xxxxxxx
RECITALS:
WHEREAS, on March 4, 1993 PAN acquired 3,000 shares, or one hundred
percent, of the issued and outstanding stock of MRR, and
WHEREAS, PAN wishes to divest itself of MRR as a subsidiary by
reconveying the 3,000 shares of MRR stock back to Xxxxxxx, and
WHEREAS, PAN desires to be forgiven from its obligation to repay a
$50,000 advance owed by PAN to MRR, and
WHEREAS, PAN will allow Xxxxxxx to keep the 112,889 shares of PAN held
by Xxxxxxx from the original acquisition of MRR by PAN,
NOW, THEREFORE, for the mutual considerations contained herein, the
parties agree as follows:
1. PAN agrees to reconvey the 3,000 shares of MRR back to Xxxxxxx.
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2. MRR agrees to forgive the repayment of the $50,000 advance from MRR to PAN.
3. PAN agrees to allow Xxxxxxx to keep his 112,889 shares of PAN.
EXECUTED this 2nd day of January, 1995.
MRR CONSTRUCTION SERVICES, INC. XXXXX X. XXXXXXX
By /s/ XXXXX X. XXXXXXX President
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Xxxxx X. Xxxxxxx, President
PAN ENVIRONMENTAL CORPORATION
By /s/ XXXXX XXXXXXXX
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Xxxxx Xxxxxxxx, President