AGREEMENT AND PLAN OF SHARE EXCHANGE
AGREEMENT
AND PLAN OF SHARE EXCHANGE
THIS
AGREEMENT AND PLAN OF SHARE EXCHANGE
(AGREEMENT,
made
this 20 April, 2006, by and among XXXXXXXX
ENERGY, INC.,
a
Nevada corporation, (“SFDE”), and Nucon,
Inc. (“Nucon”),
a
Nevada corporation.
W
I T N E S S E T H
WHEREAS,
SFDE is
a publicly traded company whose common stock, par value $.001 per share (the
“SFDE Common Stock”) is quoted on the National Quotation Bureau Pink Sheets
under the symbol “SFDE”.
WHEREAS,
the
shareholders of NUCON listed on Schedule
I
hereto
(the “NUCON Shareholders”) own all of the issued and outstanding shares of
NUCON’s common stock, (the “NUCON Common Stock”).
WHEREAS,
the
parties desire that SFDE acquire all of the NUCON Common Stock from the NUCON
Shareholders solely in exchange for an aggregate of 22,500,000 newly
issued shares of common stock (the “SFDE” Exchange Shares”) pursuant to the
terms and conditions set forth in this Agreement.
WHEREAS,
the
Parties intend that the transaction contemplated herein (the “Transaction”)
qualify as a reorganization and tax-free exchange under Section 368(a) of
the Internal Revenue Code of 1986, as amended.
WHEREAS,
immediately following the Closing (as hereinafter defined), the SFDE Exchange
Shares will be issued to the NUCON Shareholders on a pro rata basis, in
proportion to the ratio that the number of shares of NUCON Common Stock held
by
such NUCON Shareholder bears to the number of shares of NUCON Common Stock
held
by all the NUCON Shareholders as of the date of the Closing.
WHEREAS, following
the Closing, NUCON will become a wholly-owned subsidiary of SFDE.
WHEREAS,
immediately following the consummation of the Transaction contemplated hereby,
the SFDE Exchange Shares will represent approximately Eighty
Eight
Percent
(88%)
of the
total outstanding Common Stock of SFDE.
AGREEMENT
NOW
THEREFORE,
on the
stated premises and for and in consideration of the foregoing recitals which
are
hereby incorporated by reference, the mutual covenants and agreements
hereinafter set forth and the mutual benefits to the parties to be derived
here
from and for other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the Parties hereto agree as
follows:
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ARTICLE
I
PLAN
OF EXCHANGE
1.1 The
Exchange.
At the
Closing (as hereinafter defined), each share of NUCON Common Stock issued and
outstanding immediately prior to the Closing Date shall be exchanged for
share(s) of SFDE Common Stock. The aggregate number of shares of SFDE Stock
exchanged for the NUCON Shares pursuant to this Agreement shall be 22,500,000.
From and after the Closing Date, the NUCON Shareholders shall no longer own
any
shares of NUCON Common Stock, and the stock certificates formerly representing
shares of NUCON Common Stock shall represent the pro rata portion of the SFDE
Exchange Shares issued in exchange therefore pursuant to this Agreement. Any
fractional shares that would result from such exchange will be rounded up to
the
next highest whole number.
1.2 No
Dilution.
SFDE
shall neither affect, nor fix any record date with respect to, any stock split,
stock dividend, or similar change in the SFDE Stock between the date of this
Agreement and the Effective Time.
1.3 Closing.
The
closing (“Closing”) of the transactions contemplated by this Agreement shall
occur no later than two (“2”) business days after each of the closing conditions
set forth in Articles V and VI have been satisfied or waived (the “Closing
Date”).
1.4 Closing
Events.
At the
Closing, each of the respective parties hereto shall execute, acknowledge,
and
deliver (or shall cause to be executed, acknowledged, and delivered) any and
all
stock certificates, officers’ certificates, opinions, financial statements,
schedules, agreements, resolutions, rulings, or other instruments required
by
this Agreement to be so delivered at or prior to the Closing, and the documents
and certificates provided in Sections 5.2, 5.4, 6.2, 6.4 and 6.5, together
with
such other items as may be reasonably requested by the parties hereto and their
respective legal counsel in order to effectuate or evidence the transactions
contemplated hereby. If agreed to by the parties, the Closing may take place
through the exchange of documents (other than the exchange of stock
certificates) by efax, fax, email and/or express courier. At the Closing, the
SFDE Exchange Shares shall be issued in the names and denominations provided
by
NUCON.
1.5 Standstill.
(a) |
Until
the earlier of the Closing or April 15,
2006
(the “No Shop Period”), neither NUCON nor the NUCON Shareholders will (i)
solicit or encourage any offer or enter into any agreement or other
understanding, whether written or oral, for the sale, transfer or other
disposition of any capital stock or assets of NUCON to or with any
other
entity or person, except as contemplated by the Transaction, other
than
sales of goods and services by NUCON in the ordinary course of its
business; (ii) entertain or pursue any unsolicited communication, offer
or
proposal for any such sale, transfer or other disposition; or (iii)
furnish to any person or entity (other than SFDE and its authorized
agents
and representatives) any nonpublic information concerning NUCON or
its
business, financial affairs or prospects for the purpose or with the
intent of permitting such person or entity to evaluate a possible
acquisition of any capital stock or assets of NUCON. If either NUCON
or
any of the NUCON Shareholders shall receive any unsolicited communication
or offer, NUCON or the NUCON Shareholders, as applicable, shall
immediately notify SFDE of the receipt of such communication or
offer.
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(b) |
During
the No-Shop Period, SFDE will not (i) solicit or encourage any offer
or
enter into any agreement or other understanding, whether written or
oral,
for the sale, transfer or other disposition of any capital stock or
assets
of SFDE to or with any other entity or person, except as contemplated
herein, other than sales of goods and services by SFDE in the ordinary
course of its business; (ii) entertain or pursue any unsolicited
communication, offer or proposal for any such sale, transfer or other
disposition; or (iii) furnish to any person or entity (other than NUCON,
and its authorized agents and representatives) any nonpublic information
concerning SFDE or its business, financial affairs or prospects for
the
purpose or with the intent of permitting such person or entity to evaluate
a possible acquisition of any capital stock or assets of SFDE. If either
SFDE or any of SFDE’s stockholders shall receive any unsolicited
communication or offer, SFDE or SFDE’s stockholders, as applicable, shall
immediately notify NUCON of the receipt of such communication or
offer.
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ARTICLE
II
REPRESENTATIONS,
COVENANTS, AND WARRANTIES OF NUCON
As
an
inducement to, and to obtain the reliance of SFDE, NUCON represents and warrants
as follows:
2.1 Organization.
NUCON
is a company duly organized, validly existing, and in good standing under the
laws of the State of the Nevada. NUCON has the power and is duly authorized,
qualified, franchised, and licensed under all applicable laws, regulations,
ordinances, and orders of public authorities to own all of its properties and
assets and to carry on its business in all material respects as it is now being
conducted, including qualification to do business as a foreign corporation
in
jurisdictions in which the character and location of the assets owned by it
or
the nature of the business transacted by it requires qualification. The
execution and delivery of this Agreement does not, and the consummation of
the
transactions contemplated by this Agreement in accordance with the terms hereof
will not, violate any provision of NUCON’s organizational documents. NUCON has
taken all action required by laws, its articles of incorporation, certificate
of
business registration, or otherwise to authorize the execution and delivery
of
this Agreement. NUCON has full power, authority, and legal right and has taken
or will take all action required by law, its’ Articles of Incorporation, and
otherwise to consummate the transactions herein contemplated.
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2.2 Capitalization.
All
issued and outstanding shares of NUCON are legally issued, fully paid, and
non-assessable and were not issued in violation of the pre-emptive or other
rights of any person. NUCON has no outstanding options, warrants, or other
convertible securities.
2.3 Subsidiaries
and Predecessor Corporations.
NUCON
does not have any subsidiaries and does not own, beneficially or of record,
any
shares or other equity interests of any other corporation or entity.
2.4 Financial
Statements.
(a) |
On
or before one hundred twenty (120) days following the Closing Date
(the
“Audit Period”), NUCON shall have delivered to SFDE (i) audited
financial
statements and notes thereto covering the period ending March 31, 2006,
including income statements, balance sheets and statements of cash
flow
and stockholders equity for the year then ended, and including, an
audit
report issued by an accounting firm registered with the Public Company
Accounting Oversight Board (“PCAOB”), (the “NUCON
Audited Financial Statements”); and (ii) unaudited financial statements
and notes thereto covering the Audit Period, including income statements,
balance sheets and statements of cash flow and stockholders equity
and
including a review report issued by an accounting firm registered with
the
PCAOB (the “NUCON Unaudited Financial Statements”).
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(b) |
The
NUCON Audited Financial Statements shall have been prepared in conformity
with generally accepted accounting principles consistently applied.
The
NUCON Unaudited Financial Statements: shall (i) have been prepared
in
conformity with generally accepted accounting principles consistently
applied; (ii) in approximate Form 10-Q format; and (iii) have been
reviewed by an accounting firm registered with the Public Company
Accounting Oversight Board. The NUCON Audited Financial Statements
and the
NUCON Unaudited Financial Statements are hereinafter collectively referred
to as the “NUCON Financial Statements.”
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(c) |
NUCON
has filed all local income tax returns required to be filed by it from
its
inception to the date hereof. All such returns are complete and accurate
in all material respects.
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(d) |
NUCON
has no liabilities with respect to the payment of federal, county,
local,
or other taxes (including any deficiencies, interest, or penalties),
except for taxes accrued but not yet due and payable, for which NUCON
may
be liable in its own right or as a transferee of the assets of, or
as a
successor to, any other corporation or
entity.
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(e) |
No
deficiency for any taxes has been proposed, asserted or assessed against
NUCON. There has been no tax audit, nor has there been any notice to
NUCON
by any taxing authority regarding any such tax audit, or, to the knowledge
of NUCON, is any such tax audit threatened with regard to any taxes
or
NUCON tax returns. NUCON does not expect the assessment of any additional
taxes of NUCON for any period prior to the date hereof and has no
knowledge of any unresolved questions concerning the liability for
taxes
of NUCON.
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(f) |
The
books and records, financial and otherwise, of NUCON are in all material
respects complete and correct and have been maintained in accordance
with
good business and accounting practices.
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2.5 Information.
The
information concerning NUCON set forth in this Agreement and the NUCON Schedules
are and will be complete and accurate in all material respects and does not
contain any untrue statement of a material fact or omit to state a material
fact
required to make the statements made, in light of the circumstances under which
they were made, not misleading as of the date hereof and as of the Closing
Date.
2.6 Common
Stock Equivalents.
There
are no existing options, warrants, calls, commitments of any character or other
common stock equivalents relating to the authorized and unissued NUCON Common
Stock.
2.7 Absence
of Certain Changes or Events.
Except
as set forth in this Agreement or the NUCON Schedules, since the date of the
most recent NUCON Financial Statements, when received:
(a) |
except
in the normal course of business, there has not been (i) any material
adverse change in the business, operations, properties, assets, or
condition of NUCON; or (ii) any damage, destruction, or loss to NUCON
(whether or not covered by insurance) materially and adversely affecting
the business, operations, properties, assets, or condition of
NUCON;
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(b) |
NUCON
has not (i) borrowed or agreed to borrow any funds or incurred, or
become
subject to, any material obligation or liability (absolute or contingent)
not otherwise in the ordinary course of business, and except for capital
raised by issuance of debt or equity in a private placement or other
capital raising transaction deemed advisable by NUCON; (ii) paid any
material obligation or liability not otherwise in the ordinary course
of
business (absolute or contingent) other than current liabilities reflected
in or shown on the most recent NUCON consolidated balance sheet, and
current liabilities incurred since that date in the ordinary course
of
business; (iii) sold or transferred, or agreed to sell or transfer,
any of
its assets, properties, or rights not otherwise in the ordinary course
of
business (except assets, properties, or rights not used or useful in
its
business which, in the aggregate have a value of less than $50,000),
or
canceled, or agreed to cancel, any debts or claims (except debts or
claims
which in the aggregate are of a value of less than $50,000); (iv) made
or
permitted any amendment or termination of any contract, agreement,
or
license to which they are a party not otherwise in the ordinary course
of
business if such amendment or termination is material, considering
the
business of NUCON; or (v) issued, delivered, or agreed to issue or
deliver
any stock, bonds or other corporate securities including debentures
(whether authorized and unissued or held as treasury
stock).
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(c) |
such
imperfections of title and easements as do not and will not materially
detract from or interfere with the present or proposed use of the
properties subject thereto or affected thereby or otherwise materially
impair present business operations on such
properties.
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2.8 Litigation
and Proceedings.
Except
as set forth in the NUCON Schedules, are no actions, suits, proceedings, or
investigations pending or, to the knowledge of NUCON, threatened by or against
NUCON, or affecting NUCON, or its properties, at law or in equity, before any
court or other governmental agency or instrumentality, domestic or foreign,
or
before any arbitrator of any kind.
2.9 No
Conflict With Other Instruments.
The
execution of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in the breach of any term or
provision of, or constitute an event of default under, any material indenture,
mortgage, deed of trust, or other material contract, agreement, or instrument
to
which NUCON is a party or to which any of its properties or operations are
subject.
2.10 Contracts.
NUCON
has provided, or will provide SFDE, copies of all material contracts,
agreements, franchises, license agreements, or other commitments to which NUCON
is a party or by which it or any of its assets, products, technology, or
properties are bound.
2.11 Compliance
With Laws and Regulations.
NUCON
has complied with all applicable statutes and regulations of any national,
county, or other governmental entity or agency thereof, except to the extent
that noncompliance would not materially and adversely affect the business,
operations, properties, assets, or condition of NUCON, or except to the extent
that noncompliance would not result in the incurrence of any material liability
for NUCON.
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2.12 Approval
of Agreement.
The
board of directors of NUCON (the “NUCON Board”) and the NUCON Shareholders have
authorized the execution and delivery of this Agreement by NUCON, and have
approved the transactions contemplated hereby.
2.13 NUCON
Schedules.
NUCON
will deliver, as soon as practicable, the following schedules, which are
collectively referred to as the “NUCON Schedules” and which consist of separate
schedules dated as of the date of execution of this Agreement and instruments
and data as of such date, all certified by the chief executive officer of NUCON
as complete, true, and correct:
(a) |
a
schedule containing complete and correct copies of the organizational
documents, as amended, of NUCON in effect as of the date of this
Agreement; and
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(b) |
a
schedule requested by SFDE, containing true and correct copies of all
material contracts, agreements, or other instruments to which NUCON
is a
party or by which it or its properties are bound, specifically including
all contracts, agreements, or arrangements referred to in Section
2.10.
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2.14 Title
and Related Matters.
NUCON
has good and marketable title to all of its properties, interest in properties,
and assets, real and personal, which are reflected in the NUCON balance sheet
or
acquired after that date (except properties, interest in properties, and assets
sold or otherwise disposed of since such date in the ordinary course of
business), free and clear of all liens, pledges, charges, or encumbrances
except:
(a) |
statutory
liens or claims not yet delinquent;
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(b) |
such
imperfections of title and easements as do not and will not materially
detract from or interfere with the present or proposed use of the
properties subject thereto or affected thereby or otherwise materially
impair present business operations on such properties;
and
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(c) |
as
described in the NUCON Schedules.
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2.15 Governmental
Authorizations.
NUCON
has all licenses, franchises, permits, and other government authorizations, that
are legally required to enable it to conduct its business operations in all
material respects as conducted on the date hereof. Except for compliance with
federal and state securities or corporation laws, as hereinafter provided,
no
authorization, approval, consent, or order of, or registration, declaration,
or
filing with, any court or other governmental body is required in connection
with
the execution and delivery by NUCON of this Agreement and the consummation
by
NUCON of the transactions contemplated hereby.
7
2.16 Continuity
of Business Enterprises.
NUCON
has no commitment or present intention to liquidate NUCON or sell or otherwise
dispose of a material portion of its business or assets following the
consummation of the transactions contemplated hereby.
2.17 Ownership
of NUCON Shares.
The
NUCON Shareholders are the legal and beneficial owners of 100% of the NUCON
Common Stock as set forth on Schedule
I,
free
and clear of any claims, charges, equities, liens, security interests, and
encumbrances whatsoever, and the NUCON Shareholders have full right, power,
and
authority to transfer, assign, convey, and deliver their respective NUCON Common
Stock; and delivery of such common stock at the Closing will convey to SFDE
good
and marketable title to such shares free and clear of any claims, charges,
equities, liens, security interests, and encumbrances except for any such
claims, charges, equities, liens, security interests, and encumbrances arising
out of such shares being held by SFDE.
2.18 Brokers.
NUCON
has not entered into any contract with any person, firm or other entity that
would obligate NUCON or SFDE to pay any commission, brokerage or finders’ fee in
connection with the transactions contemplated herein.
2.19 Nominees.
The
nomine(es) of NUCON to serve as SFDE's director(s) and officer(s) following
the
Closing (the "Nominees"), whose name(s) and signature(s) appear on Schedule
II
hereto, represent that no
event listed in Sub-paragraphs (1) through (4) of Subparagraph (d) of Item
401
of Regulation S-B has occurred with respect to any of the Nominees during the
past five years which is material to an evaluation of the ability or integrity
of such Nominee.
ARTICLE
III
REPRESENTATIONS,
COVENANTS, AND WARRANTIES OF SFDE
As
an
inducement to, and to obtain the reliance of NUCON, SFDE represents and warrants
as follows:
3.1 Organization.
SFDE is
a corporation duly organized, validly existing, and in good standing under
the
laws of the State of Nevada, and has the corporate power and is duly authorized,
qualified, franchised, and licensed under all applicable laws, regulations,
ordinances, and orders of public authorities to own all of its properties and
assets and to carry on its business in all material respects as it is now being
conducted, and there is no jurisdiction in which it is not qualified in which
the character and location of the assets owned by it or the nature of the
business transacted by it requires qualification. Included in the SFDE Schedules
(as hereinafter defined) are complete and correct copies of the Articles of
Incorporation and bylaws of SFDE, and all amendments thereto, as in effect
on
the date hereof. The execution and delivery of this Agreement does not, and
the
consummation of the transactions contemplated hereby will not, violate any
provision of SFDE’s Article of Incorporation or bylaws. SFDE has taken all
action required by law, its Articles of Incorporation, its bylaws, or otherwise
to authorize the execution and delivery of this Agreement, and SFDE has full
power, authority, and legal right and has taken all action required by law,
its
Articles of Incorporation, bylaws, or otherwise to consummate the transactions
herein contemplated.
8
3.2 Capitalization.
SFDE’s
authorized capitalization consists of 100,000,000 shares
of
Common Stock, of which no more than 3,358,646
shares
will be issued and outstanding at Closing; an aggregate of 22,500,000
shares
of
SFDE Stock shall be issued as of the Closing; and 5,000,000
shares
of preferred “B” stock authorized. All presently issued and outstanding shares
are legally issued, fully paid, and non-assessable and not issued in violation
of the pre-emptive or other rights of any person. The SFDE Exchange Shares
will
be legally issued, fully paid and non-assessable and shall not be issued in
violation of the pre-emptive or other rights of any other person.
3.3 Subsidiaries.
Other
than Xxxxxxxx Energy Canada Ltd and Abucco Technologies, Inc. ( each of which
shall be dividended to shareholders of SFDE prior to or at Closing) SFDE does
not have any subsidiaries and does not own, beneficially or of record, any
shares or other equity interests of any other corporation or other
entity.
3.4 Financial
Statements.
(a) |
SFDE
has no liabilities with respect to the payment of any federal, state,
county, local, or other taxes (including any deficiencies, interest,
or
penalties), except for taxes accrued but not yet due and payable, for
which SFDE may be liable in its own right, or as a transferee of the
assets of, or as a successor to, any other corporation or
entity.
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(b) |
Except
for the 2003, 2004 and 2005 tax years for which SFDE neither earned
nor
derived any revenue or income, SFDE has filed all federal, state, or
local
income tax returns required to be filed by it from its inception to
the
date hereof.
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(c) |
The
books and records, financial and otherwise, of SFDE are in all material
respects complete and correct and have been maintained in accordance
with
good business and accounting practices.
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(d) |
No
deficiency for any taxes has been proposed, asserted or assessed against
SFDE. There has been no tax audit, nor has there been any notice to
SFDE
by any taxing authority regarding any such tax audit, or, to the knowledge
of SFDE, is any such tax audit threatened with regard to any taxes
or SFDE
tax returns. SFDE does not expect the assessment of any additional
taxes
of SFDE for any period prior to the date hereof and has no knowledge
of
any unresolved questions concerning the liability for taxes of
SFDE.
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(e) |
SFDE
has good and marketable title to its assets and, except as set forth
in
the SFDE Schedules or the Financial Statements of SFDE or the notes
thereto, has no material contingent liabilities, direct or indirect,
matured or unmatured.
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3.5 Information.
The
information concerning SFDE set forth in this Agreement and the SFDE Schedules
are and will be complete and accurate in all material respects and does not
contain any untrue statement of a material fact or omit to state a material
fact
required to make the statements made, in light of the circumstances under which
they were made, not misleading as of the date hereof and as of the Closing
Date.
3.6 Common
Stock Equivalents.
All
existing options, calls, warrants, commitments of any character or other common
stock equivalents relating to authorized and unissued stock of SFDE will be
cancelled prior to closing.
3.7 Absence
of Certain Changes or Events.
Except
as described herein or in the SFDE Schedules:
(a) |
There
has not been (i) any material adverse change, financial or otherwise,
in
the business, operations, properties, assets, or condition of SFDE
(whether or not covered by insurance) materially and adversely affecting
the business, operations, properties, assets, or condition of
SFDE;
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(b) |
SFDE
has not (i) amended its Articles of Incorporation or bylaws; (ii) declared
or made, or agreed to declare or make any payment of dividends or
distributions of any assets of any kind whatsoever to stockholders
or
purchased or redeemed, or agreed to purchase or redeem, any of its
capital
stock; (iii) waived any rights of value which in the aggregate are
extraordinary or material considering the business of SFDE; (iv) made
any
material change in its method of management, operation, or accounting;
(v)
entered into any other material transactions; (vi) made any accrual
or
arrangement for or payment of bonuses or special compensation of any
kind
or any severance or termination pay to any present or former officer
or
employee; (vii) increased the rate of compensation payable or to become
payable by it to any of its officers or directors or any of its employees;
or (viii) made any increase in any profit sharing, bonus, deferred
compensation, insurance, pension, retirement, or other employee benefit
plan, payment, or arrangement, made to, for, or with its officers,
directors, or employees;
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(c) |
SFDE
has not (i) granted or agreed to grant any options, warrants, or other
rights for its stocks, bonds, or other corporate securities calling
for
the issuance thereof which will not have been cancelled at or prior
to
Closing; (ii) borrowed or agreed to borrow any funds or incurred, or
become subject to, any material obligation or liability (absolute or
contingent) except liabilities incurred in the ordinary course of
business; (iii) paid or agreed to pay any material obligation or liability
(absolute or contingent) other than current liabilities reflected in
or
shown on the most recent SFDE balance sheet and current liabilities
incurred since that date in the ordinary course of business and
professional and other fees and expenses incurred in connection with
the
preparation of this Agreement and the consummation of the transactions
contemplated hereby; (iv) sold or transferred, or agreed to sell or
transfer, any of its assets, property, or rights (except assets, property,
or rights not used or useful in its business which, in the aggregate
have
a value of less than $5,000), or canceled, or agreed to cancel, any
debts
or claims (except debts or claims which in the aggregate are of a value
of
less than $5,000); debts meaning amounts owing to the company and not
owed
by the company as SFDE will have to write off accounts payable ???
(v)
made or permitted any amendment or termination of any contract, agreement,
or license to which it is a party if such amendment or termination
is
material, considering the business of SFDE; or (vi) issued, delivered,
or
agreed to issue or deliver any stock, bonds, or other corporate securities
including debentures (whether authorized and unissued or held as treasury
stock), except in connection with this
Agreement;
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(d) |
SFDE
is a corporate shell and has no assets, liabilities or accounts payable
of
any kind or nature, actual or contingent, in excess of $25,000 in the
aggregate as of the Closing Date which amount will be paid by Nucon
at
Closing; and
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(e) |
To
the best knowledge of SFDE, it has not become subject to any law or
regulation which materially and adversely affects, or in the future
may
adversely affect, the business, operations, properties, assets, or
condition of SFDE.
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3.8 Title
and Related Matters.
SFDE
has good and marketable title to all of its properties, interest in properties,
and assets, real and personal, which are reflected in the SFDE balance sheet
or
acquired after that date (except properties, interest in properties, and assets
sold or otherwise disposed of since such date in the ordinary course of
business), free and clear of all liens, pledges, charges, or encumbrances
except:
(a) |
statutory
liens or claims not yet delinquent;
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(b) |
such
imperfections of title and easements as do not and will not materially
detract from or interfere with the present or proposed use of the
properties subject thereto or affected thereby or otherwise materially
impair present business operations on such properties;
and
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(c) |
as
described in the SFDE Schedules.
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3.9 Litigation
and Proceedings.
There
are no actions, suits, or proceedings pending or, to the knowledge of SFDE,
threatened by or against or affecting SFDE, at law or in equity, before any
court or other governmental agency or instrumentality, domestic or foreign,
or
before any arbitrator of any kind.
3.10 Contracts.
SFDE is
not a party to any material contract, agreement, or other commitment, except
as
specifically disclosed in its schedules to this Agreement.
3.11 No
Conflict With Other Instruments.
The
execution of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in the breach of any term or
provision of, or constitute a default under, any indenture, mortgage, deed
of
trust, or other material agreement or instrument to which SFDE is a party or
to
which it or any of its assets or operations are subject.
3.12 Governmental
Authorizations.
SFDE
has all licenses, franchises, permits, and other government authorizations,
that
are legally required to enable it to conduct its business operations in all
material respects as conducted on the date hereof. Except for compliance with
federal and state securities or corporation laws, as hereinafter provided,
no
authorization, approval, consent, or order of, or registration, declaration,
or
filing with, any court or other governmental body is required in connection
with
the execution and delivery by SFDE of this Agreement and the consummation by
SFDE of the transactions contemplated hereby.
3.13 Compliance
With Laws and Regulations.
To the
best of its knowledge, SFDE has complied with all applicable statutes and
regulations of any federal, state, or other applicable governmental entity
or
agency thereof, except to the extent that noncompliance would not materially
and
adversely affect the business, operations, properties, assets, or conditions
of
SFDE or except to the extent that noncompliance would not result in the
incurrence of any material liability. This compliance includes, but is not
limited to, to the extent such compliance is applicable, the filing of all
reports to date with the U.S. Securities and Exchange Commission (the “SEC”) and
state securities authorities.
3.14 Insurance.
SFDE
owns no insurable properties and carries no casualty or liability
insurance.
3.15 Approval
of Agreement.
The
board of directors of SFDE (the “SFDE Board”) has authorized the execution and
delivery of this Agreement by SFDE and the SFDE Board and a majority of SFDE’s
shareholders (the “SFDE Shareholders”) have approved this Agreement and the
transactions contemplated hereby.
3.16 Continuity
of Business Enterprises.
SFDE
has no commitment or present intention to liquidate SFDE or sell or otherwise
dispose of a material portion of its business or assets following the
consummation of the transactions contemplated hereby.
12
3.17 Material
Transactions of Affiliations.
Except
as disclosed herein and in the SFDE Schedules, there exists no material
contract, agreement, or arrangement between SFDE and any person who was at
the
time of such contract, agreement, or arrangement an officer, director, or person
owning of record or known by SFDE to own beneficially, 10% or more of the issued
and outstanding common stock of SFDE and which is to be performed in whole
or in
part after the date hereof or was entered into not more than three years prior
to the date hereof. Neither any officer, director, nor 10% stockholder of SFDE
has, or has had during the last preceding full fiscal year, any known interest
in any material transaction with SFDE which was material to the business of
SFDE. SFDE has no commitment, whether written or oral, to lend any funds to,
borrow any money from, or enter into any other material transaction with any
such affiliated person.
3.18 Employment
Matters.
SFDE
has no employees other than its executive officers.
3.19 SFDE
Schedules.
SFDE
has delivered to NUCON, or will deliver as soon as practicable at NUCON’s
request, the following schedules, which are collectively referred to as the
“SFDE Schedules,” which are dated the date of this Agreement, all certified by
an officer to be complete, true, and accurate:
(a) |
a
schedule containing complete and accurate copies of the Articles of
Incorporation and bylaws, as amended, of SFDE as in effect as of the
date
of this Agreement;
|
(b) |
a
schedule containing a copy of the federal income tax returns of SFDE
identified in Section 3.4(B);
|
(c) |
a
schedule setting forth the description of any material adverse change
in
the business, operations, property, assets, or condition of SFDE, required
to be provided pursuant to Section 3.7;
and
|
(d) |
a
schedule setting forth any other information, together with any required
copies of documents, required to be disclosed in the SFDE Schedules
by
Sections 3.1 through 3.17.
|
3.20 Current
Information.
SFDE
shall cause the SFDE Schedules and the instruments and data delivered to NUCON
hereunder to be updated after the date hereof up to and including the Closing
Date.
3.21 Brokers.
Other
than SG Financial Services Group, SFDE has not entered into any contract with
any person, firm or other entity that would obligate NUCON or SFDE to pay any
commission, brokerage or finders’ fee in connection with the transactions
contemplated herein.
13
ARTICLE
IV
SPECIAL
COVENANTS
4.1 Shareholders’
Actions of SFDE.
Prior
to the Closing, SFDE shall cause the following actions to be taken by the
written consent of the holders of a majority of the outstanding shares of common
stock of SFDE.
(a) |
the
removal of each current director of SFDE and the election of nominee(s)
of
X. Xxxx Xxxxx, Esq. as the directors of SFDE effective at the time
of the
Closing;
|
(b) |
the
approval of this Agreement and the transactions contemplated hereby
and
thereby; and
|
(c) |
such
other actions as the directors may determine are necessary or
appropriate.
|
4.2 Shareholders’
Actions of NUCON.
Prior
to the Closing, NUCON shall cause the following actions to be taken by the
written consent of the holders of a majority of the outstanding shares of common
stock of NUCON.
(a) |
the
approval of this Agreement and the transactions contemplated hereby
and
thereby; and
|
(b) |
payment
of the sum of Twenty Five Thousand ($25,000) for subsequent repayment
to Abucco
Technologies Inc.
|
(c) |
such
other actions as the directors may determine are necessary or
appropriate.
|
4.3 Access
to Properties and Records.
SFDE
and NUCON will each afford to the officers and authorized representatives of
the
other reasonable access to the properties, books, and records of SFDE or NUCON
in order that each may have full opportunity to make such reasonable
investigation as it shall desire to make of the affairs of the other, and each
will furnish the other with such additional financial and operating data and
other information as to the business and properties of SFDE or NUCON as the
other shall from time to time reasonably request.
4.4 Delivery
of Books and Records.
At the
Closing, SFDE shall deliver to NUCON, the originals of the corporate minute
books, books of account, contracts, records, and all other books or documents
of
SFDE now in the possession or control of SFDE or its representatives and
agents.
4.5 Dilution
Protection.
Until
the later of ninety (90) days after the Closing, or until such time as, Xxxxxx
Xxxxxx Lawyers, as Escrow Agent, has received the sum of Three Hundred Thousand
($300,000.00) Dollars from the sale of shares of SFDE, SFDE shall not, without
the prior written consent of Xxxxxx Xxxxxx Lawyers, which it shall not
unreasonably withhold, affect any stock dividend, conversion, consolidation
or
combination of SFDE Common Stock.
(a) |
Notwithstanding
anything contained in 4.5 above, SFDE shall have the right to
enter into commercial transaction(s) with Investment Bankers, which
may include,
but not be limited to, Hannover Capital Corporation and
Newbridge Securities
Corporation, which raises capital for SFDE including, but not
limited to,
the issuance of common or preferred stock and/or warrants of
SFDE.
|
14
4.6 Actions
Prior to Closing by both Parties.
(a) |
From
and after the date of this Agreement until the Closing Date and except
as
set forth in the SFDE or NUCON Schedules or as permitted or contemplated
by this Agreement, SFDE and NUCON will each: (i) carry on its business
in
substantially the same manner as it has heretofore; (ii) maintain and
keep
its properties in states of good repair and condition as at present,
except for depreciation due to ordinary wear and tear and damage due
to
casualty; (iii) maintain in full force and effect insurance comparable
in
amount and in scope of coverage to that now maintained by it; (iv)
perform
in all material respects all of its obligation under material contracts,
leases, and instruments relating to or affecting its assets, properties,
and business; (v) use its best efforts to maintain and preserve its
business organization intact, to retain its key employees, and to maintain
its relationship with its material suppliers and customers; and (vi)
fully
comply with and perform in all material respects all obligations and
duties imposed on it by all federal and state laws and all rules,
regulations, and orders imposed by federal or state governmental
authorities.
|
(b) |
From
and after the date of this Agreement until the Closing Date, neither
SFDE
nor NUCON will: (i) make any change in their organizational documents,
Articles of Incorporation or bylaws; (ii) take any action described
in
Section 2.7 in the case of NUCON, or in Section 3.7, in the case of
SFDE
(all except as permitted therein or as disclosed in the applicable
party’s
schedules); (iii) enter into or amend any contract, agreement, or other
instrument of any of the types described in such party’s schedules, except
that a party may enter into or amend any contract, agreement, or other
instrument in the ordinary course of business involving the sale of
goods
or services, or (iv) make or change any material tax election, settle
or
compromise any material tax liability or file any amended tax
return.
|
4.7 NUCON’s
Post-Closing Covenants.
As soon
as practicable following the Closing, NUCON shall:
(a) |
Cause
SFDE to file a Registration Statement on Form 10, Form 10-SB or any
successor form with the SEC as soon as practicable following the Closing
(but in no event later than 6 months following the Closing). SFDE shall
use its best efforts to have the Registration Statement approved by
the
SEC as soon as practicable.
|
15
(b) |
Cause
quarterly unaudited financial statements, including income statements,
balance sheets and statements of cash flow and stockholders equity,
in
conformity with generally accepted accounting principles to be prepared
and reviewed by certified public accountants that are both a member
of the
SEC Practice Section of the AICPA and registered with the PCAOB within
60
days from the end of each fiscal quarter (the “Quarterly
Statements”);
|
(c) |
For
a period of ninety (90) days following the Closing, SFDE shall refrain
from the issuance, sale and transfer of shares of SFDE Common Stock
at a
price less than eighty percent (80%) of the closing bid price on the
date
thereof;
|
(d) |
As
soon as practicable following the preparation of the Quarterly Statements,
to issue a standard form of financial press release summarizing the
material financial results reported in the Quarterly
Statements.
|
(e) |
Nucon
shall further refrain from any reverse split of SFDE common stock for
a
period of five (5) years
|
(f) |
To
remain current with its franchise tax and annual stockholders meeting
obligations under the Nevada Revised
Statutes.
|
(g) |
As
soon as practicable following the end of each fiscal year subsequent
to
the filing of the Form 10, to issue a standard form of financial press
release summarizing the material financial results reported during
such
fiscal year.
|
4.8 Indemnification.
(a) |
NUCON
hereby agrees to indemnify SFDE and each of the officers, agents and
directors of SFDE as of the date of execution of this Agreement against
any loss, liability, claim, damage, or expense (including, but not
limited
to, any and all expense whatsoever reasonably incurred in investigating,
preparing, or defending against any litigation, commenced or threatened,
or any claim whatsoever), to which it or they may become subject arising
out of or based on any inaccuracy appearing in or misrepresentation
made
in Article II. The indemnification provided for in this paragraph shall
not survive the Closing and consummation of the transactions contemplated
hereby but shall survive the termination of this Agreement pursuant
to
Section 7.1(b) of this Agreement.
|
16
(b) |
SFDE
hereby agrees to indemnify NUCON and each of the officers, agents and
directors of NUCON as of the date of execution of this Agreement against
any loss, liability, claim, damage, or expense (including, but not
limited
to, any and all expense whatsoever reasonably incurred in investigating,
preparing, or defending against any litigation, commenced or threatened,
or any claim whatsoever), to which it or they may become subject arising
out of or based on any inaccuracy appearing in or misrepresentation
made
under Article III. The indemnification provided for in this paragraph
shall not survive the Closing and consummation of the transactions
contemplated hereby but shall survive the termination of this Agreement
pursuant to Section 7.1(c) of this
Agreement.
|
ARTICLE
V
CONDITIONS
PRECEDENT TO OBLIGATIONS OF SFDE
The
obligations of SFDE under this Agreement are subject to the satisfaction, at
or
before the Closing, of the following conditions:
5.1 Accuracy
of Representations; Performance.
The
representations and warranties made by NUCON in this Agreement were true when
made and shall be true at the Closing Date with the same force and effect as
if
such representations and warranties were made at and as of the Closing Date
(except for changes therein permitted by this Agreement), and NUCON shall have
performed or complied with all covenants and conditions required by this
Agreement to be performed or complied with by NUCON prior to or at the Closing.
SFDE may request to be furnished with a certificate, signed by a duly authorized
officer of NUCON and dated the Closing Date, to the foregoing
effect.
5.2 Officer’s
Certificates.
SFDE
shall have been furnished with a certificate dated the Closing Date and signed
by a duly authorized officer of NUCON to the effect that no litigation,
proceeding, investigation, or inquiry is pending or, to the best knowledge
of
NUCON threatened, which might result in an action to enjoin or prevent the
consummation of the transactions contemplated by this Agreement, or, to the
extent not disclosed in the NUCON Schedules, by or against NUCON which might
result in any material adverse change in any of the assets, properties,
business, or operations of NUCON.
5.3 No
Material Adverse Change.
Prior
to the Closing Date, there shall not have occurred any material adverse change
in the financial condition, business, or operations of NUCON, nor shall any
event have occurred which, with the lapse of time or the giving of notice,
may
cause or create any material adverse change in the financial condition,
business, or operations.
17
5.4 Other
Items.
(a) |
SFDE
shall have received a shareholder list of NUCON containing the name,
address, and number of shares held by each NUCON shareholder as of
the
date of Closing certified by an executive officer of NUCON as being
true,
complete, and accurate.
|
(b) |
SFDE
shall have received such further documents, certificates, or instruments
relating to the transactions contemplated hereby as SFDE may reasonably
request.
|
(c) |
Complete
and satisfactory due diligence review of NUCON by
SFDE.
|
(d) |
Approval
of the Transaction by the NUCON Board and the NUCON
Shareholders.
|
(e) |
On
or before the date of the Closing, NUCON shall have delivered to SFDE
the
NUCON Financial Statements.
|
(f) |
Any
necessary third-party consents shall be obtained prior to Closing,
including but not limited to consents necessary from NUCON’s lenders,
creditors, vendors and lessors.
|
ARTICLE
VI
CONDITIONS
PRECEDENT TO OBLIGATIONS OF NUCON
The
obligations of NUCON under this Agreement are subject to the satisfaction,
at or
before the Closing, of the following conditions:
6.1 Accuracy
of Representations; Performance.
The
representations and warranties made by SFDE in this Agreement were true when
made and shall be true as of the Closing Date (except for changes therein
permitted by this Agreement) with the same force and effect as if such
representations and warranties were made at and as of the Closing Date, and
SFDE
shall have performed and complied with all covenants and conditions required
by
this Agreement to be performed or complied with by SFDE prior to or at the
Closing. NUCON shall have been furnished with a certificate, signed by a duly
authorized executive officer of SFDE and dated the Closing Date, to the
foregoing effect.
6.2 Officer’s
Certificate.
NUCON
shall have been furnished with a certificate dated the Closing Date and signed
by a duly authorized executive officer of SFDE to the effect that no litigation,
proceeding, investigation, or inquiry is pending or, to the best knowledge
of
SFDE threatened, which might result in an action to enjoin or prevent the
consummation of the transactions contemplated by this Agreement.
18
6.3 No
Material Adverse Change.
Prior
to the Closing Date, there shall not have occurred any material adverse change
in the financial condition, business, or operations of SFDE nor shall any event
have occurred which, with the lapse of time or the giving of notice, may cause
or create any material adverse change in the financial condition, business,
or
operations of SFDE.
6.4 Good
Standing.
NUCON
shall have received a certificate of good standing from the Secretary of State
of the State of Nevada or other appropriate office, dated as of a date within
ten days prior to the Closing Date certifying that SFDE is in good standing
as a
corporation in the State of Nevada and has filed all tax returns required to
have been filed by it to date and has paid all taxes reported as due
thereon.
6.5 Other
Items.
(a) |
NUCON
shall have received a stockholder list of SFDE containing the name,
address, and number of shares held by each SFDE stockholder as of the
date
of Closing certified by an executive officer of SFDE as being true,
complete, and accurate.
|
(b) |
NUCON
shall have received such further documents, certificates, or instruments
relating to the transactions contemplated hereby as NUCON may reasonably
request.
|
(c) |
Complete
and satisfactory due diligence review of SFDE by
NUCON.
|
(d) |
Approval
of the Transaction by the SFDE Board and the SFDE
Shareholders.
|
(e) |
There
shall have been no material adverse changes in SFDE, financial or
otherwise, from the information provided in the SFDE Financial
Statements.
|
(f) |
As
of immediately prior to the Closing, SFDE shall have no assets (other
than
the cash proceeds of the Offering), no liabilities, contingent or
otherwise (other than certain liabilities which in no event shall exceed
in the aggregate $5,000), and no net worth, as determined in accordance
with generally accepted accounting
principles.
|
(g) |
At
the Closing, the authorized capitalization of SFDE shall consist of
(i)
100,000,000
shares of SFDE Stock, of which 3,358,646 shares, shall be issued and
outstanding immediately after the Closing, excluding the SFDE Exchange
Shares; and (ii) no shares of preferred stock shall be issued and
outstanding.
|
(h) |
Except
as set forth herein, there shall be no SFDE Common Stock Equivalents
outstanding as of immediately prior to the Closing. For purposes of
the
foregoing, “SFDE Common Stock Equivalents” shall mean any subscriptions,
warrants, options or other rights or commitments of any character to
subscribe for or purchase from SFDE, or obligating SFDE to issue, any
shares of any class of the capital stock of SFDE or any securities
convertible into or exchangeable for such
shares.
|
19
(i) |
The
resignation of the officers and directors of SFDE effective upon the
Closing, with such vacancies filled by the nominees of NUCON as set
forth
herein.
|
(j) |
Although
SFDE shall be the surviving corporation in the Transaction from a
corporate law perspective, the Transaction shall be accounted for as
a
“reverse acquisition” for accounting and financial statement purposes,
wherein NUCON shall be deemed the surviving entity for such
purposes.
|
(k) |
Any
necessary third-party consents shall be obtained prior to Closing,
including but not limited to consents necessary from SFDE’s lenders,
creditors; vendors, and lessors.
|
ARTICLE
VII
TERMINATION
7.1 Termination.
(a) |
This
Agreement may be terminated by either the NUCON Board or the SFDE Board
at
any time prior to the Closing Date if: (i) there shall be any actual
or
threatened action or proceeding before any court or any governmental
body
which shall seek to restrain, prohibit, or invalidate the transactions
contemplated by this Agreement and which, in the judgment of such board
of
directors, made in good faith and based on the advice of its legal
counsel, makes it inadvisable to proceed with the exchange contemplated by
this Agreement; (ii) any of the transactions contemplated hereby are
disapproved by any regulatory authority whose approval is required
to
consummate such transactions or in the judgment of such board of
directors, made in good faith and based on the advice of counsel, there
is
substantial likelihood that any such approval will not be obtained
or will
be obtained only on a condition or conditions which would be unduly
burdensome, making it inadvisable to proceed with the exchange; (iii)
there shall have been any change after the date of the latest balance
sheets of NUCON and SFDE, respectively, in the assets, properties,
business, or financial condition of NUCON and SFDE, which could have
a
materially adverse affect on the value of the business of NUCON and
SFDE
respectively, except any changes disclosed in the NUCON and SFDE
Schedules, as the case may be, dated as of the date of execution of
this
Agreement. In the event of termination pursuant to this paragraph (a)
of
Section 7.1, no obligation, right, or liability shall arise hereunder,
and
each party shall bear all of the expenses incurred by it in connection
with the negotiation, drafting, and execution of this Agreement and
the
transactions herein contemplated; (iv) the Closing Date shall not have
occurred by September 30, 2006; or (v) if SFDE shall not have provided
responses satisfactory in NUCON’s reasonable judgment to NUCON’s request
for due diligence materials.
|
20
(b) |
This
Agreement may be terminated at any time prior to the Closing by action
of
the SFDE Board if NUCON shall fail to comply in any material respect
with
any of its covenants or agreements contained in this Agreement or if
any
of the representations or warranties of NUCON contained herein shall
be
inaccurate in any material respect, and, in either case if such failure
is
reasonably subject to cure, it remains uncured for seven days after
notice
of such failure is provided to NUCON. If this Agreement is terminated
pursuant to this paragraph (b) of Section 7.1, this Agreement shall
be of
no further force or effect, and no obligation, right, or liability
shall
arise hereunder.
|
(c) |
This
Agreement may be terminated at any time prior to the Closing by action
of
the NUCON Board if SFDE shall fail to comply in any material respect
with
any of its covenants or agreements contained in this Agreement or if
any
of the representations or warranties of SFDE contained herein shall
be
inaccurate in any material respect, and, in either case if such failure
is
reasonably subject to cure, it remains uncured for seven days after
notice
of such failure is provided to SFDE. If this Agreement is terminated
pursuant to this paragraph (c) of Section 7.1, this Agreement shall
be of
no further force or effect, and no obligation, right, or liability
shall
arise hereunder.
|
ARTICLE
VIII
MISCELLANEOUS
8.1 Governing
Law.
This
Agreement shall be governed by, enforced, and construed under and in accordance
with the laws of the United States of America and, with respect to matters
of
state law, with the laws of Nevada. Any dispute arising under or in any way
related to this Agreement will be submitted to binding arbitration before a
single arbitrator by the American Arbitration Association in accordance with
the
Association’s commercial rules then in effect. The arbitration will be conducted
in Los Angeles, California. The decision of the arbitrator will set forth in
reasonable detail the basis for the decision and will be binding on the parties.
The arbitration award may be confirmed by any court of competent
jurisdiction.
21
8.2 Notices.
Any
notices or other communications required or permitted hereunder shall be
sufficiently given if personally delivered to it or sent by registered mail
or
certified mail, postage prepaid, or by prepaid telegram addressed as
follows:
If to SFDE, to: |
Xxxxxxx
Xxxxxxx
|
115B - 0000 Xxxxxxx Xxx |
Xxxxx XX X0X 0X0 |
Xxxxxx |
If to NUCON, to: | Xxxx Xxxxx, Esq. |
0000
Xxxxxxx Xx 0xx
Xxxxx
|
Xxxxxxx
Xxxx XX 00000
|
or
such
other addresses as shall be furnished in writing by any party in the manner
for
giving notices hereunder, and any such notice or communication shall be deemed
to have been given as of the date so delivered, mailed, or
telegraphed.
8.3 Attorney’s
Fees.
In the
event that any party institutes any action or suit to enforce this Agreement
or
to secure relief from any default hereunder or breach hereof, the breaching
party or parties shall reimburse the non-breaching party or parties for all
costs, including reasonable attorneys’ fees, incurred in connection therewith
and in enforcing or collecting any judgment rendered therein.
8.4 Confidentiality.
SFDE
and the SFDE Shareholders, on the one hand, and NUCON and the NUCON
Shareholders, on the other hand, will keep confidential all information and
materials regarding the other Party designated by such Party as confidential.
The provisions of this Section 8.5 shall not apply to any information which
is
or shall become part of the public domain through no fault of the Party subject
to the obligation from a third party with a right to disclose such information
free of obligation of confidentiality. SFDE and NUCON agree that no public
disclosure will be made by either Party of the existence of the Transaction
or
the letter of intent or any of its terms without first advising the other Party
and obtaining its prior written consent to the proposed disclosure, unless
such
disclosure is required by law, regulation or stock exchange rule.
8.5 Expenses.
Except
as otherwise set forth herein, each party shall bear its own costs and expenses
associated with the transactions contemplated by this Agreement. Without
limiting the generality of the foregoing, all costs and expenses incurred by
NUCON and SFDE after the Closing shall be borne by the surviving
entity.
After
the Closing, the costs and expenses of the NUCON Shareholders shall be borne
by
the NUCON Shareholders.
8.6 Schedules;
Knowledge.
Each
party is presumed to have full knowledge of all information set forth in the
other party’s schedules delivered pursuant to this Agreement.
22
8.7 Third
Party Beneficiaries.
This
contract is solely between SFDE, NUCON and the NUCON Shareholders, and, except
as specifically provided, no director, officer, stockholder, employee, agent,
independent contractor, or any other person or entity shall be deemed to be
a
third party beneficiary of this Agreement.
8.8 Entire
Agreement.
This
Agreement represents the entire agreement between the parties relating to the
transaction. There are no other courses of dealing, understandings, agreements,
representations, or warranties, written or oral, except as set forth
herein.
8.9 Survival.
The
representations and warranties of the respective parties shall not survive
the
Closing Date and the consummation of the transactions herein
contemplated.
8.10 Counterparts.
This
Agreement may be executed in multiple counterparts, each of which shall be
deemed an original and all of which taken together shall be but a single
instrument.
8.11 Amendment
or Waiver.
Every
right and remedy provided herein shall be cumulative with every other right
and
remedy, whether conferred herein, at law, or in equity, and may be enforced
concurrently herewith, and no waiver by any party of the performance of any
obligation by the other shall be construed as a waiver of the same or any other
default then, theretofore, or thereafter occurring or existing. At any time
prior to the Closing Date, this Agreement may be amended by a writing signed
by
all parties hereto, with respect to any of the terms contained herein, and
any
term or condition of this Agreement may be waived or the time for performance
hereof may be extended by a writing signed by the party or parties for whose
benefit the provision is intended.
IN
WITNESS WHEREOF,
the
corporate parties hereto have caused this Agreement to be executed by their
respective officers, hereunto duly authorized, as of the date first
above-written.
NUCON, INC. | ||
|
|
|
By: | /s/ X. Xxxx Xxxxx | |
X. Xxxx Xxxxx, President |
XXXXXXXX ENERGY, INC. | ||
|
|
|
By: | /s/ Xxxxxxx Xxxxxxx | |
Xxxxxxx
Xxxxxxx, President
|
23