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EXHIBIT 10.11
[JET AVIATION TRADING, INC. LOGO]
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PURCHASE AGREEMENT
BY AND BETWEEN
JET AVIATION TRADING, INC.
(BUYER)
AND
FERSAM INTERNATIONAL LTD.
(SELLER)
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INDEX
ARTICLE 1 SCOPE OF AGREEMENT
ARTICLE 2 DEFINITION OF PURCHASE
ARTICLE 3 OWNERSHIP
ARTICLE 4 PURCHASE PRICE
ARTICLE 5 DELIVERY
ARTICLE 6 PAYMENT
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This agreement ("Agreement") is entered into this 28th day of March
1997 by and between JET AVIATION TRADING, INC. ("BUYER"), having it principal
place of business at 00000 X. X. 00xx Xxxxxx, Xxxxx, Xxxxxxx 33.169, USA and
FERSAM INTERNATIONAL LIMITED ("SELLER"), having its principal place of business
at PA Verkuyliaan (Xxxxxx), 51-56 (Fersamlaan, 1171 EB Badhoevedorp, The
Netherlands.
ARTICLE I - SCOPE OF AGREEMENT
SELLER is the owner of one (1) Novoview 2000 Visual Support System,
Simulator Spares Parts Package and Maintenance Training Data Package to be used
in support of a CAE Electronics Ltd. Sigma 3 six (6) axis full flight simulator.
ARTICLE 2 - DEFINITION OF PURCHASED MATERIAL
One (1) Novoview 200 Visual System manufactured by Rediffusion
Simulation Ltd., one (1) package of simulator spare parts, one (1) maintenance
training manual/procedure and one (1) data support package hereinafter referred
to as "Material".
ARTICLE 3 - OWNERSHIP
SELLER warrants that SELLER currently maintains title of the Material
free and clear of any liens or encumbrances. Upon signature of this Agreement,
SELLER will convey ownership of the Material to BUYER.
ARTICLE 4 - PURCHASE PRICE
SELLER agrees to sell to BUYER this Material for the sum of Five
Hundred Thousand Dollars ($500.000.00). SELLER agrees to accept payment of this
sum from the BUYER in the form of equity in Jet Aviation Trading, Inc. It is
agreed between the BUYER and SELLER that the sum of equity to be conveyed to the
SELLER by the BUYER is defined as follows:
A) 200,000 unrestricted common stock shares in BUYERS company,
Jet Aviation Trading, Inc., valued at $2.50 per share.
ARTICLE 5 - DELIVERY
SELLER agrees to deliver to BUYER all Material FOB customs cleared
BUYERS facility.
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ARTICLE 6 - PAYMENT
BUYER will make payment to SELLER as prescribed in Article 4, herein,
upon full and compete receipt of all Material by BUYER.
The foregoing accurately represents the general terms and conditions of
the herein described transaction.
IN WITNESS WHEREOF, the parties hereto have agreed as of the date first
shown above.
FOR: JET AVIATION TRADING, INC.
BY: /s/ XXXXXX X. XXXXXX
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NAME: XXXXXX X. XXXXXX
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TITLE: PRESIDENT & C.E.O
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DATE: MARCH 28TH, 1997
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FOR: FERSAM INTERNATIONAL, LTD.
BY: /s/ NAZIE EL MASRY
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NAME: NAZIE EL MASRY
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TITLE: PRESIDENT
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DATE: MARCH 28TH, 1997
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