TRANSFER OF ASSETS
EFFECTIVE AS OF October 31, 1999
BETWEEN: CORPORACION XXXXX.XXX, S.A., a company incorporated under the laws of
the Republic of Panama, ("EPAN"); and
BETWEEN: ECOMM RELATIONSHIP TECHNOLOGIES MANAGEMENT LIMITED, a company
incorporated under the laws of Isle of Man, ("EIOM").
WHEREAS the parties hereby agree and acknowledge that 1000/0 of all operational
assets of EIOM, as defined herein and as further defined in Appendix "A"
attached hereto;
a) EIOM's operations, including assets and liabilities, and all
rights and obligations therein.
are hereby transferred in full to EPAN in consideration for a total amount of
$1.00 U.S. and other consideration hereby acknowledged as being received in
full.
EXECUTION IN COUNTERPART
This instrument may be signed in counterpart, in as many counterparts as may be
necessary, each of which shall be deemed to be an original and each of which
shall constitute one and the same instrument, and shall bear the date first
written above.
ACKNOWLEDGED AND AGREED TO ON THE 31st DAY OF October 1999, BY:
CORPORATION XXXXX.XXX, S.A. ECOMM RELATIONSHIP TECHNOLOGIES
MANAGEMENT LIMITED
/s/ Xxxx Xxxx /s/ Xxxxx Xxxxxx
Xxxx Xxxx Xxxxx Xxxxxx,
President Director
Transfer of Assets
Schedule "A"
Operational Assets and Liabilities
Assets and liabilities of Ecomm Relationship Technologies (XXX) Ltd. contained
under the eBanx business model and transferred under this Transfer of Assets
consist of the following as at March 1, 2000:
Cash accounts on hand 354,617.48
Accounts Receivable 385,947.80
Prepaid Expenses 40,998.97
Security Deposits 477,874.03
Due from Related Parties 312,171.88
Computer Equipment (NBV) 330,878.10
Furniture and Fixtures (NBV) 70,705.49
Office Equipment (NBV) 49,063.85
Software (NBV) 278,782.68
Leasehold Improvements (NBV) 51,575.63
Customer Deposits 706,137.28
Obligations under Capital Leases 178,443.85
Merchant Deposits 478,209.83
