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EXHIBIT 2.4
DIVESTITURE AGREEMENT
DATE: January 2, 1995
PARTIES: 1. Advantage Parking Lot Service, Inc. ("Advantage")
00000 Xxxxx Xxx Xxxxxx
Xxxxxxx, XX 00000
2. Xxxxxx X. Xxxxxxxx
00000 Xxxxx Xxx Xxxxxx
Xxxxxxx, XX 00000
3. PAN Environmental Corporation ("PAN")
00000 XX 00xx Xxx
Xxxxxx, XX 00000
SUBJECT: Divestiture - Resale of Subsidiary Company Advantage by Parent
Company PAN to Xxxxxxxx
RECITALS:
WHEREAS, on March 4, 1993 PAN acquired 3,000 shares, or one hundred
percent, of the issued and outstanding stock of Advantage, and
WHEREAS, PAN wishes to divest itself of Advantage as a subsidiary by
reconveying the 3,000 shares of Advantage stock back to Xxxxxxxx, and
WHEREAS, in exchange for Xxxxxxxx returning the 183,722 shares of PAN to
PAN's treasury, PAN will agree to write off the $166,000 advanced by PAN to
Advantage, and
NOW, THEREFORE, for the mutual considerations contained herein, the
parties agree as follows:
1. PAN agrees to reconvey the 3,000 shares of Advantage back to Xxxxxxxx.
2. PAN agrees to write of and forgive the $166,000 debt owed by Advantage to
PAN.
3. Xxxxxxxx agrees to reconvey the 183,722 shares of PAN back to PAN's
treasury.
DIVESTITURE AGREEMENT
ADVANTAGE/XXXXXXXX/PAN
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EXECUTED this 2nd day of January, 1995.
ADVANTAGE PARKING LOT
SERVICE, INC. XXXXXX X. XXXXXXXX
By /s/ XXXXXX X. XXXXXXXX /s/ XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx, President
PAN ENVIRONMENTAL CORPORATION
By /s/ XXXXX XXXXXXXX
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Xxxxx Xxxxxxxx, President
