ASSET PURCHASE AGREEMENT
AGREEMENT,
dated as of November 22, 2006 between G-3 Global Investments, Inc., a Texas
Corporation ("Seller"), and TXP Corporation, a Nevada corporation with offices
at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxxx, XX 00000 (the "Purchaser").
RECITALS
A.
Seller
is the owner of certain assets relating to the SMT JUKI line of
equipment, as set forth in Exhibit A to that certain Equipment Lease (the
"Lease") dated as of May 1, 2005 by and between G3 Global Investments Inc.,
and
Texas Prototypes, Inc. , a wholly owned subsidiary
of TXP Corporation. A copy of such Lease is annexed hereto as Exhibit
A.
B.
Purchaser desires to acquire the assets from Seller.
Seller
desires to sell the same to Purchaser.
D.
It is
intended that the sale of the Assets shall qualify for United States federal
income tax purposes as a tax free transfer of property within the meaning of
Section 351 of the Internal Revenue Code of 1986, as amended (the
“Code”).
NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants
and agreements herein set forth, the parties hereto hereby agree as
follows:
1.
Sale
of Assets. Subject to the terms and conditions of this Agreement, at the closing
under this Agreement (the "Closing"), Seller shall sell, convey, assign,
transfer and deliver to Purchaser, and Purchaser shall purchase, acquire and
accept from Seller all right, title, and interest in and to the following assets
(the "Assets"):
SMT production
line equipment
It
is
expressly understood that Purchaser shall not assume, pay or be liable for
any
liability or obligation of Seller of any kind or nature at any time existing
or
asserted, whether, known, unknown, fixed, contingent or otherwise, not
specifically assumed herein by Purchaser.
2.
Purchase Consideration. In consideration of the purchase and sale of the Assets,
Purchaser and Seller agree to terminate the Lease. In addition, TXP
Corporation agrees to pay to the Purchaser THREE HUNDRED THOUSAND DOLLARS
($300,000.00) at the Closing (the “Purchase Consideration”) for the
Assets.
3.
Closing.
3.1
Place
and Time. The Closing shall take place at the offices of Sichenzia Xxxx Xxxxxxxx
Xxxxxxx LLP, 1065 Avenue of the Xxxxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000,
on November 22, 2006, or at such other time or place as Purchaser and Seller
may
mutually agree as may be evidenced by their effecting the Closing (the "Closing
Date").
3.2
Deliveries by Seller. At the Closing, Seller shall deliver the following to
the
Purchaser:
(a)
All
of the tangible Assets including without limitation all books and records
related thereto and/or the rights to take possession thereof.
(b)
Such
deeds, bills of sale, assignments and other instruments of conveyance and
transfer, and such powers of attorney, as shall be effective to vest in
Purchaser title to or other interest in, and the right to full custody and
control of, the Assets, free and clear of all liens, charges, encumbrances
and
security interests whatsoever including, but not limited to, the Xxxx of Sale
form annexed hereto as Exhibit 3.2(b).
(c)
All
other documents, certificates, instruments or writings reasonably required
by
Purchaser to be delivered by Seller at or prior to the Closing pursuant to
this
Agreement.
3.3
Deliveries by Purchaser. At the Closing, Purchaser shall deliver the following
to the Seller:
(a)
the
Purchase Consideration in the form of a check in the amount of THREE
HUNDRED THOUSAND DOLLARS ($300,000).
3.4
Proceedings. All proceedings which shall be taken and all documents which shall
be executed and delivered by the parties on the Closing Date shall be deemed
to
have been taken and executed simultaneously, and no proceeding shall be deemed
taken nor any documents executed or delivered until all have been taken,
executed and delivered.
3.5
Conditions to Purchaser' Obligations. The obligations of Purchaser to effect
the
Closing shall be subject to the satisfaction at or prior to the Closing of
the
following conditions, any one or more of which may be waived by
Purchaser:
(a)
There
shall not be in effect any injunction, order or decree of a court of competent
jurisdiction that prohibits or delays consummation of any or all of the
transactions contemplated in this Agreement nor shall any proceeding seeking
any
of the foregoing have been commenced.
(b)
The
representations and warranties of Seller set forth in this Agreement shall
be
true and correct in all material respects as of the date of this Agreement
and
as of the Closing Date as though made at such time.
(c)
Seller shall have performed and complied in all material respects with the
agreements contained in this Agreement required to be performed and complied
with by it prior to or at the Closing.
3.6
Conditions to Seller's Obligations. The obligations of Seller to effect the
Closing shall be subject to the satisfaction at or prior to the Closing of
the
following conditions, any one or more of which may be waived by
Seller:
(a)
There
shall not be in effect any injunction, order or decree of a court of competent
jurisdiction that prohibits or delays the consummation of any or all of the
transactions contemplated herein nor shall any proceeding seeking any of the
foregoing have been commenced.
(b)
The
representations and warranties of the Purchaser set forth in this Agreement
shall be true and correct in all material respects as of the date of this
Agreement and as of the Closing Date as though made at such time.
(c)
The
Purchaser shall have performed and complied in all material respects with the
agreements contained in this Agreement required to be performed and complied
with by it prior to or at the Closing.
4.
Representations and Warranties of Seller. Seller hereby represents and warrants
to Purchaser as follows:
No
Conflicts.
(a)
Seller has the right, power, authority and capacity to execute and deliver
this
Agreement and to perform its obligations under this Agreement.
(b)
Neither the execution, delivery or performance of this Agreement by Seller
nor
the consummation by Seller of the transactions contemplated hereby will,
directly or indirectly (with or without notice or lapse of time or
both):
(i)
contravene, conflict with or result in a violation or breach of (A) any legal
requirement or any governmental order to which Seller or any of the properties
or assets owned or used by Seller may be subject, or (B) any authorization,
license or permit of any governmental authority, including any private
investigatory license or other similar license, which is held by Seller or
that
otherwise relates to the business of, or any of the assets owned or used by
Seller;
(ii)
result in a violation or breach of or constitute a default, give rise to a
right
of termination, cancellation or acceleration, create any entitlement to any
payment or benefit or require the consent or approval of or any notice to or
filing with any third party under any contract to which Seller is a party or
to
which his or his properties or assets may be bound, or require the consent
or
approval of or any notice to or filing with any governmental authority to which
the Seller or his properties or assets may be subject; or
(iii)
result in the imposition or creation of any encumbrance upon or with respect
to
any of the properties or assets owned or used by Seller.
4.2
No
Undisclosed Liabilities. Seller has no material liabilities or obligations
of
any nature (whether absolute, accrued, contingent, or otherwise) with respect
to
the Assets except for liabilities or obligations which have previously been
disclosed to Purchaser and current liabilities incurred in the ordinary course
of business, which current liabilities are consistent with the representations
and warranties contained in this Agreement and will not, individually or in
the
aggregate, have a material adverse change in the business, operations,
properties, prospects, liabilities, results of operations, assets or condition
(financial or otherwise) of Seller.
4.3
Taxes. With respect to the Assets, Seller has properly and timely filed all
federal, state and local Tax returns and has paid all Taxes, assessments and
penalties due and payable. All such Tax returns were complete and correct in
all
respects as filed, and no claims have been assessed with respect to such
returns. There are no present, pending, or threatened audit, investigations,
assessments or disputes as to Taxes of any nature payable by the Seller, nor
any
Tax liens whether existing or inchoate on any of the assets of the Seller,
except for current year Taxes not presently due and payable. The federal income
Tax returns of the Seller have never been audited. No IRS or foreign, state,
county or local Tax audit is currently in progress. The Seller has not waived
the expiration of the statute of limitations with respect to any Taxes. There
are no outstanding requests by the Seller for any extension of time within
which
to file any Tax return or to pay Taxes shown to be due on any Tax return. Other
than with respect to the Seller, the Seller is not liable for Taxes of any
other
person or entity or is currently under any contractual obligation to indemnify
any person or entity with respect to Taxes or is a party to any Tax sharing
agreement or any other agreement providing for payments by the Seller with
respect to Taxes.
For
purposes of this Agreement, the term “Tax” shall mean any United States federal,
national, state, provincial, local or other jurisdictional income, gross
receipts, property, sales, use, license, excise, franchise, employment, payroll,
estimated, alternative or add-on minimum, ad valorem, transfer or excise tax,
or
any other tax, custom, duty, governmental fee or other like assessment or charge
imposed by any governmental authority, together with any interest or penalty
imposed thereon.
4.4
Compliance with Law; Governmental Authorizations. To the best of Seller’s
knowledge, Seller is in compliance with all federal, state and local laws,
authorizations, licenses and permits of any governmental authority and all
governmental orders affecting the properties and assets of Seller, including
federal, state and local: (i) Occupational Safety and Health Laws; (ii) private
investigatory and other similar laws; (iii) the Fair Credit Reporting Act and
similar state and local laws; and (iv) laws regarding or relating to trespass
or
violation of privacy rights. Seller has not been charged with violating, nor
to
the knowledge of Seller, threatened with a charge of violating, nor, to the
knowledge of Seller, is Seller under investigation with respect to a possible
violation of any provision of any federal, state or local law relating to any
of, properties or assets.
4.7
Effect of Agreement. This Agreement has been duly executed and delivered by
Seller and constitutes, and such other agreements and instruments to be executed
by Seller pursuant hereto, when so duly executed and delivered, will constitute,
legal, valid and binding obligations of Seller, enforceable in accordance with
their respective terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other similar laws
relating to or affecting the rights of creditors generally and by general equity
principles (regardless of whether such enforcement is considered in a proceeding
in equity or at law).
4.8
Title
to Assets. After giving effect to the transactions contemplated by this
Agreement, Purchaser will have good and valid title to all of the Assets, free
and clear of all, liens, encumbrances, restrictions, security interests,
mortgages, and claims (including any related to duty or customs), except with
respect to any of the foregoing which may be incurred by Purchaser.
4.9
Broker's Fees. Seller has not employed any broker or finder or incurred any
liability for any broker's or finder's fees or commissions in connection with
this Agreement or the transactions contemplated herein.
4.10
Intentionally Left Blank.
4.11
Disclosure. No representation or warranty by Seller in this Agreement, nor
in
any certificate, schedule or exhibit delivered or to be delivered pursuant
to
this Agreement contains or will contain any untrue statement of material fact,
or omits or will omit to state a material fact necessary to make the statements
herein or therein, in light of the circumstances under which they were made,
not
misleading.
4.13
Legal Proceedings. There is no pending claim, action, investigation,
arbitration, litigation, suit or other proceeding (“Proceeding”):
(a)
that
has been commenced by or against the Seller or that otherwise relates to or
may
affect the business of, or any of the properties or assets owned, held or used
by, the Seller; or
(b)
that
challenges, or that may have the effect of preventing, delaying, making illegal,
or otherwise interfering with, any of the transactions contemplated hereby.
To
the
knowledge of the Seller, (A) no such Proceeding has been threatened, and (B)
no
event has occurred or circumstance exists that may give rise to or serve as
a
basis for the commencement of any such Proceeding.
5.
Representations and Warranties of Purchaser. Purchaser hereby represents and
warrants to Seller as follows:
5.1
Effect of Agreement. This Agreement has been duly executed and delivered by
Purchaser and constitutes, and each other agreement, document or instrument
to
be executed by Purchaser pursuant hereto, when so duly executed and delivered,
will constitute, legal, valid and binding obligations of Purchaser, enforceable
against Purchaser in accordance with their terms, except as such enforcement
may
be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
or other similar laws relating to or affecting the rights of creditors generally
and by general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
5.2
Knowledge. Purchaser have not relied on any representations or warranties of
any
Seller or any agent of any Seller, whether implied or otherwise, other than
those expressly made by Seller in this Agreement, in making its determination
to
enter into and consummate this Agreement.
5.3
Broker's Fees. Purchaser have not employed any broker or finder or incurred
any
liability for any broker's or finder's fees or commissions in connection with
this Agreement or the transactions contemplated herein.
6.
Pre-Closing Covenants.
6.1
Compliance with Conditions. The parties hereto shall use their best efforts
to
cause the Closing to be consummated and to cause the execution and delivery
of
the documents referred to in Section 3 hereof and to bring about the
satisfaction of the conditions to the obligations of the parties hereto set
forth in Section 3, herein.
6.2
Update of Exhibits. From and after the date hereof and up to the Closing Date,
the parties hereto shall update the exhibits to this Agreement to the extent
necessary to make such exhibits true and accurate as of the Closing Date and
shall deliver copies of such updated exhibits to Purchaser or Seller, as the
case may be, immediately upon their preparation.
6.3
Consents. From and after the date hereof, the parties hereto shall use their
best efforts to obtain all of the certificates, authorizations, consents or
approvals required as set forth in Section 3 hereof. Evidence of such
certificates, authorizations, consents or approvals shall be delivered to
Purchaser or Seller, as the case may be, on or prior to the Closing.
6.4
Business Practices. From and after the date hereof and up to the Closing Date,
Seller shall continue to run the business of Seller in a manner consistent
with
past business practices including the satisfaction of all of its then current
obligations.
7.
Indemnifications by Seller and Purchaser.
7.1
Indemnification by Seller. Seller shall indemnify and hold harmless Purchaser
and shall reimburse Purchaser for any loss, liability, claim, damage, expense
(including, without limitation, costs of investigation and defense and
reasonable attorney's fees) or diminution of value (collectively, "Damages")
arising from or in connection with:
(a)
any
inaccuracy in any of the representations and warranties of Seller in this
Agreement or in any certificate delivered by Seller pursuant to this Agreement,
or any actions, omissions or state of facts inconsistent with any such
representation or warranty (for purposes of this clause (a), each schedule
and
exhibit to this Agreement shall be deemed a representation and
warranty);
(b)
any
failure by Seller to perform or comply with any agreement made by it under
this
Agreement;
(c)
any
operations or business conducted, commitment made, service rendered or condition
existing or any action taken or omitted by or on behalf of Seller, except for
any claims for which Purchaser is required to indemnify Seller pursuant to
Section 7.2 herein;
(d)
any
claim by any person for brokerage or finder's fees or commissions or similar
payments based upon any agreement or understanding alleged to have been made
by
any such person with Seller (or any person acting on its behalf) in connection
with any of the transactions contemplated herein; and
(e)
Seller's failure to comply with the "Bulk Sales Laws" under the Uniform
Commercial Code;
provided,
however, that (i) Seller shall have no obligation to indemnify Purchaser for
Damages until the aggregate Damages exceed $20,000 and, in such event, for
the
full amount of such Damages, (ii) Seller' aggregate liability for Damages shall
in no event exceed the Purchase Consideration, and (iii) Seller shall have
no
obligation to indemnify Purchaser for any claims made by Purchaser under this
Section 7.1 after twenty four (24) months after the Closing Date.
7.2
Indemnification by Purchaser. Purchaser shall indemnify and hold harmless
Seller, and shall reimburse Seller for any Damages arising from or in connection
with:
(a)
any
inaccuracy in any of the representations and warranties of Purchaser in this
Agreement or in any certificate delivered by Purchaser pursuant to this
Agreement, or any actions, omissions or state of facts inconsistent with any
such representation or warranty (for purposes of this clause (a), each schedule
and exhibit to this Agreement shall be deemed a representation and
warranty);
(b)
any
failure by Purchaser to perform or comply with any agreement made by it under
this Agreement;
(c)
any
claim by any person for brokerage or finder's fees or commissions or similar
payments based upon any agreement or understanding alleged to have been made
by
such person with Purchaser (or any person acting on its behalf, regardless
of
whether such person purported to act on behalf of Seller) in connection with
any
of the transactions contemplated in this Agreement; and
(d)
obligations with respect to any product liability associated with the Equipment
for the period after the Closing Date;
provided,
however, that (i) Purchaser shall have no obligation to indemnify Seller for
Damages until the aggregate Damages exceed $20,000 and, in such event, for
the
full amount of such Damages, (ii) Purchaser' aggregate liability for Damages
shall in no event exceed the Purchase consideration, and (iii) Purchaser shall
have no obligation to indemnify Seller for any claims made by any Seller under
this Section 7.2 after twenty four (24) months after the Closing
Date.
7.3
Procedure for Indemnification. Promptly after receipt by an indemnified party
under Section 7.1 or 7.2 hereof of notice of the commencement of any action
or
assertion of any claim, such indemnified party shall, if a claim in respect
thereof is to be made against an indemnifying party under such Section, give
notice to the indemnifying party of the commencement or assertion thereof,
but
the failure so to notify the indemnifying party shall not relieve it of any
liability that it may have to any indemnified party except to the extent the
indemnifying party demonstrates that the defense of such action is materially
prejudiced thereby. If any such action shall be brought against an indemnified
party and it shall give notice to the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and,
to
the extent that it shall wish, to assume the defense thereof with counsel
satisfactory to such indemnified party and, after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under such Section for any fees of other counsel or any other expenses, in
each
case subsequently incurred by such indemnified party in connection with the
defense thereof, other than reasonable costs of investigation. If an
indemnifying party assumes the defense of such an action:
(a)
no
compromise or settlement thereof may be effected by the indemnifying party
without the indemnified party's consent which shall not be unreasonably withheld
unless (i) there is no finding or admission of any violation of law or any
violation of the rights of any person and no effect on any other claims that
may
be made against the indemnified party and (ii) the sole relief provided is
monetary damages that are paid in full by the indemnifying party;
and
(b)
the
indemnifying party shall have no liability with respect to any compromise or
settlement thereof effected without its consent. If notice is given to an
indemnifying party of the commencement of any action and it does not, within
ten
(10) business days after the indemnified party's notice is given, give notice
to
the indemnified party of its election to assume the defense thereof, the
indemnifying party shall be bound by any determination made in such action
or
any compromise or settlement thereof effected by the indemnified party.
Notwithstanding the foregoing, if an indemnified party determines in good faith
that there is a reasonable probability that an action may materially and
adversely affect it or its affiliates other than as a result of monetary
damages, such indemnified party may, by notice to the indemnifying party, assume
the exclusive right to defend, compromise or settle such action at its cost
or
expense, but the indemnifying party shall not be bound by any determination
of
an action so defended or any compromise or settlement thereof effected without
its consent (which shall not be unreasonably withheld).
8.
Miscellaneous.
8.1
Bulk
Sales Laws: The parties hereto hereby agree to waive compliance with "Bulk
Sales
Laws" under the Uniform Commercial Code and the related notice provisions
thereof.
8.2
Survival. All representations, warranties and agreements contained in this
Agreement or in any certificate delivered pursuant to this Agreement shall
survive eighteen (18) months after Closing.
8.3
Waivers and Amendments.
(a)
This
Agreement may be amended, modified or supplemented only by a written instrument
executed by the parties hereto. The provisions of this Agreement may be waived
only by an instrument in writing executed by the party granting the waiver.
No
action taken pursuant to this Agreement, including without limitation, any
investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein. The waiver by any party hereto
of a breach of any provision of this Agreement shall not operate or be construed
as a further or continuing waiver of such breach or as a waiver of any other
or
subsequent breach.
(b)
No
failure on the part of any party to exercise, and no delay in exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of such right, power or remedy by such party
preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. All remedies hereunder are cumulative and are not
exclusive of any other remedies provided by law.
8.4
Fees
and Expenses. Each party shall be responsible for its respective fees and
expenses incurred in connection with this transaction.
8.5
Notices. All notices, requests, demands and other communications that are
required or may be given under this Agreement shall be in writing and shall
be
deemed to have been duly given or made: if by hand, immediately upon delivery;
if by telex, telecopier, telegram or similar electronic device, immediately
upon
sending, provided it is sent on a business day, but if not, then immediately
upon the beginning of the first business day after being sent; if by Federal
Express, Express Mail or any other overnight delivery service, on the first
business day after dispatch; if by registered or certified mail, return receipt
requested, upon receipt by the addressee. All notices, requests and demands
are
to be given or made to the parties at the following addresses (or to such other
address as either party may designate by notice in accordance with the
provisions of this paragraph):
If
to
Seller: G-3 Global Investments, Inc.
Telephone:
Facsimile:
attn:
Xxxxxxx Xxxxxx
With
a
copy to:
If
to
Purchaser: TXP Corporation
0000
Xxxxxxxx Xxxxx
Xxxxxxxxxx,
XX 00000
Telephone:
(000)- 000-0000
Facsimile:
attn:
Xxxxxx Xxxxx
8.6
Entire Agreement. This Agreement and the schedules and exhibits hereto set
forth
the entire agreement and understanding between the parties hereto with respect
to the subject matter hereof and supersede any prior negotiations, agreements,
letters of intent, understandings or arrangements between the parties hereto
with respect to the subject matter hereof.
8.7
Binding Effect, Benefits, Construction. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective
successors. Nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto, or their respective
successors, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.
8.8
Non-Assignability. This Agreement and any rights pursuant hereto shall not
be
assignable by any party hereto without the prior written consent of the other
party.
8.9
Arbitration. The parties hereto shall attempt to resolve any dispute,
controversy, difference or claim arising out of or relating to this Agreement
by
negotiation in good faith. If such good negotiation fails to resolve such
dispute, controversy, difference or claim within fifteen (15) days after any
party delivers to any other party a notice of its intent to submit such matter
to arbitration, then any party to such dispute, controversy, difference or
claim
may submit such matter to arbitration with the American Arbitration Association
in the City of New York, New York.
8.10
Applicable Law, Venue, Jurisdiction. All questions concerning the construction,
validity, enforcement and interpretation of the Agreement shall be governed
by
and construed and enforced in accordance with the internal laws of the State
of
New York, without regard to the principles of conflicts of law thereof. Each
party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively
in
the state and federal courts sitting in the City of New York. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, borough of Manhattan for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper or inconvenient venue for such
proceeding. Each party hereby irrevocably waives personal service of process
and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law. The parties hereby waive all rights to a trial by jury. If
either party shall commence an action or proceeding to enforce any provisions
of
the Agreement, then the prevailing party in such action or proceeding shall
be
reimbursed by the other party for its attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such
action or proceeding
8.11
Section and Other Headings. The section and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning
or
interpretation of this Agreement.
8.12
Counterparts. This Agreement may be executed in any number of counterparts,
each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
IN
WITNESS WHEREOF, Purchaser and Seller have caused this Agreement to be signed
by
their duly authorized respective officers all as of the date first written
above.
PURCHASER:
G-3 Global Investments, Inc.
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By:
|
/s/ Xxxxxxx Xxxxxx | ||
Name:
Xxxxxxx Xxxxxx
Title:
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SELLER:
TXP Corporation, a Nevada Corporation
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By:
|
/s/ Xxxxxx Xxxxx | ||
Name:
Xxxxxx Xxxxx
Title: Chief Financial Officer
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Exhibit
3.2(b)
XXXX
OF
SALE
WHEREAS,
G3 Global Investments, Inc., a TEXAS Company ("Seller"), and TXP
Corporation, a Nevada corporation (the "Purchaser"), have entered into an Asset
Purchase Agreement, dated November 15, 2006 (the "Agreement"), pursuant to
which
Seller has agreed to sell to Purchaser, and Purchaser have agreed to purchase
from Seller the "Assets" (as defined in the Agreement);
NOW,
THEREFORE, Seller, for good and valuable consideration paid to it, and pursuant
to the provisions of the Agreement, which are hereby incorporated by reference
herein, have granted, bargained, sold, conveyed, assigned, released, transferred
and delivered, and by these presents do grant, bargain, sell, convey, assign,
release, transfer and deliver unto Purchaser, its successors and assigns, to
have and hold the same forever, the Assets.
Seller,
for itself and its successors and assigns, does hereby convey to Purchaser
good
and marketable title to the Assets free and clear of all liens, liabilities,
claims and encumbrances, except as provided in the Agreement or as may have
been
created by Purchaser, and do for its successors and assigns covenant and agree
to warrant and defend the sale of the Assets to Purchaser, its successors and
assigns, against all and every person.
No
other
warranty or representation, except as expressly made by Seller in the Agreement
or in this Xxxx of Sale, is made by Seller, nor shall any be
implied.
IN
WITNESS WHEREOF, Seller has caused this instrument to be executed by its duly
authorized officers this 15th day of November, 2006, to become effective on
the
date hereof.
G-3
Global Investments, Inc.
By:
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/s/ Xxxxxxx Xxxxxx | ||
Name:
Xxxxxxx Xxxxxx
Title:
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A
TEXAS
Corporation
By:
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/s/ Xxxxxx Xxxxx | ||
Name:
Xxxxxx Xxxxx
Title: Chief Financial Officer
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