AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
MERGER
AND REORGANIZATION
Agreement
of Merger and Plan of Merger and Reorganization dated November 20, 2007 and
between Manaris Corporation., a Nevada corporation ("Manaris") and Avensys
Corporation, a Nevada corporation ("Avensys ").
WHEREAS,
the
Boards of Directors of Manaris and Avensys have resolved that Manaris and
Avensys be merged under and pursuant to Chapter 92A.180 of the Nevada Revised
Statutes into a single corporation, existing under the laws of the State of
Nevada, in which Manaris shall be the surviving corporation (such corporation
in
its capacity as such surviving corporation being sometimes referred to herein
as
the "Surviving Corporation");
WHEREAS,
the
authorized capital stock of Manaris consists of 500,000,000 shares of Common
Stock, $0.00001 par value ("Manaris Common Stock") of which 97,096,844 shares
are issued and outstanding;
WHEREAS,
the
authorized capital stock of Avensys consists of 100 shares of Common Stock,
$0.0001 par value per share ("Avensys Common Stock"), of which no shares are
issued and outstanding; and
WHEREAS,
the
respective Boards of Directors of Manaris and Avensys have approved the merger
upon the terms and conditions hereinafter set forth and have approved this
Agreement;
NOW,
THEREFORE,
in
consideration of the premises and the mutual agreements, provisions and
covenants herein contained, the parties hereto hereby agree in accordance with
Chapter 92A.180 of the Nevada Revised Statutes that Manaris and Avensys shall
be, at the Effective Date (as hereinafter defined), merged (the "Merger") into
a
single corporation existing under the laws of the State of Nevada, which shall
be the Surviving Corporation, and the parties hereto adopt and agree to the
following terms and conditions relating to the Merger.
1. Stockholders
Meetings; Filings; Effects of Merger
1.1. Action
by Manaris.
On or
before November 21, 2007, the directors of Manaris shall adopt this Agreement
unanimously in accordance with the Nevada Revised Statutes.
1.2. Action
by Avensys.
On or
before November 21, 2007, the directors of Avensys shall adopt this Agreement
unanimously in accordance with the Nevada Revised Statutes.
1.3 Filing
of Certificate of Merger; Effective Date.
If (a)
this Agreement is adopted by the directors of Manaris, in accordance with the
Nevada Revised Statutes, (b) this Agreement is adopted by the directors of
Avensys, in accordance with the Nevada Revised Statutes, and (c) this Agreement
is not thereafter, and has not theretofore been terminated or abandoned as
permitted by the provisions hereof, than Articles of Merger shall be filed
and
recorded in accordance with Chapter 92A.180 of the Nevada Revised Statutes.
The
Merger shall become effective at the close of business on November 28, 2007,
which date and time are herein referred to as the "Effective Date."
1.4. Certain
Effects of Merger.
On the
Effective Date, the separate existence of Avensys shall cease, and Avensys
shall
be merged into Manaris which, as the Surviving Corporation, shall possess all
the rights, privileges, powers, and franchises of a public as well as of a
private nature, and be subject to all the restrictions, disabilities, and duties
of Avensys ; and all the rights, privileges, powers, and franchises of Avensys
,
and all property, real, personal, and mixed, and all debts due to Avensys on
whatever account, as well for stock subscriptions and all other things in action
or belonging to Avensys , shall be vested in the Surviving Corporation; and
all
property, rights, privileges, powers, and franchises, and each and every other
interest shall be thereafter as effectually the property of the Surviving
Corporation as they were of Avensys , and the title to any real estate vested
by
deed or otherwise, under the laws of Nevada or any other jurisdiction, in
Avensys , shall not revert or be in any way impaired; but all rights of
creditors and all liens upon any property of Avensys shall be preserved
unimpaired, and all debts, liabilities, and duties of Avensys shall thenceforth
attach to the Surviving Corporation, which may, in the name of Avensys , execute
and deliver all such proper deeds, assignments, and other instruments and take
or cause to be taken all such further or other action as the Surviving
Corporation may deem necessary or desirable in order to vest, perfect, or
confirm in the Surviving Corporation title to and possession of all Avensys
's
property, rights, privileges, powers, franchises, immunities, and interests
and
otherwise to carry out the purposes of this Agreement.
Furthermore,
Manaris will assume all franchise tax liabilities of Avensys with respect to
the
State of Nevada.
2. Surviving
Corporation
2.1 Name
of Surviving Corporation.
The
name of the Surviving Corporation from and after the Effective Date shall be
Avensys Corporation.
2.2. By-Laws.
The
By-Laws of Manaris, as in effect immediately before the Effective Date, shall
be
from and after the Effective Date, the By-Laws of the Surviving Corporation
until amended as provided therein.
2.3. Articles
of Incorporation.
The
Articles of Incorporation of Manaris, as the same shall be in force, shall
continue to be the Articles of Incorporation of the Surviving Corporation until
amended and changed pursuant to the provisions of the Nevada Revised
Statutes.
2.4. Directors
and Officers.
The
directors and officers of Manaris in office at the Effective Date shall be
the
members of the Board of Directors and the first officers of the Surviving
Corporation, all of whom shall hold their directorships and offices until the
election and qualification of their respective successors or until their tenure
is otherwise terminated in accordance with the By-Laws of the Surviving
Corporation.
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3. Miscellaneous
3.1. This
Agreement of Merger and Plan of Merger and Reorganization may be terminated
and
the proposed Merger abandoned at any time before the Effective Date of the
Merger, and whether before or after approval of this Agreement of Merger and
Plan of Merger and Reorganization by the shareholders of Manaris and/or Avensys,
by a duly adopted resolution of the Board of Directors of either
corporation.
3.2. For
the
convenience of the parties hereto and to facilitate the filing of this Agreement
of Merger and Plan of Merger and Reorganization, any number of counterparts
hereof may be executed; and each such counterpart shall be deemed to be an
original instrument.
IN
WITNESS WHEREOF,
this
Agreement has been executed by Manaris and Avensys all on the date first above
written.
Manaris
Corporation
By: | ||||
Xxxx X. Xxxxxx, President and Chief Executive Officer |
Avensys
Corporation
By: | ||||
Xxxx X. Xxxxxx, President |
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