SAFE TRAVEL CARE, INC. Tel (619) 342-7449 Fax (619) 342-7446 STOCK EXCHANGE AGREEMENT
SAFE
TRAVEL CARE, INC.
0000
Xxx Xxx Xxxxx Xx., 0xx
Xxxxx, Xxx Xxxxx, XX 00000
Tel
(000) 000-0000 Fax (000) 000-0000
THIS
AGREEMENT is made this 4th day of August, 2006 by and between the controlling
stockholders (hereafter referred to as the “Shareholders”) of TITAN ENERGY
DEVELOPMENT INC., a Minnesota corporation (the “Company”), and SAFE TRAVEL CARE,
INC., a corporation organized under the laws of Nevada (“SFTV”).
WHEREAS,
the Shareholders, once the conditions as set forth in this Agreement have been
fulfilled, desire to exchange 100% of their shares of stock of the Company,
par
value $0.001 per share (the “Company Stock”), for Preferred Shares in SFTV
and
WHEREAS,
SFTV desires to exchange Preferred Shares of SFTV for 100% of the common shares
of the Company;
NOW,
THEREFORE, in consideration of the foregoing and the following mutual covenants
and agreements, the parties hereto agree as follows:
1. Exchange
of Stock.
At the
closing of this Agreement (the “Closing”), upon the basis of the covenants,
warranties and representations set forth in this Agreement, the Shareholders
will transfer, assign, and deliver to SFTV 1,178,000 shares of Company Stock,
free and clear of all liens and encumbrances, except as otherwise may be
permitted hereunder in return for shares of Preferred Stock in SFTV as set
forth
in Section 2.
2. At
the
time of Closing between the Shareholders and SFTV, the Shareholders shall
exchange 100% of their shares of stock of the Company for 1,000,000 shares
of
Series “B” Preferred Stock in SFTV, different and distinct from the Series A
Preferred Stock, and any other outstanding Series of Preferred Stock in SFTV,
with attributes as will be set forth below:
A. |
The
Series “B” Preferred Stock will be issued in accordance with a resolution
of the corporation, said resolution describing the value, interest,
maturity and relation of said Series B Preferred Stock to the capital
structure of SFTV, and including the option of Conversion to Common
Stock
in SFTV after 2 years.
|
B. |
Each
share of Series B Preferred Stock will convert to $1.00 in value of
SFTV
Common Stock at the time of conversion.
|
C. |
Escalation
consideration:
|
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i. |
If
Company Gross Revenues for 2007 and 2008 average $1.0 million or more,
each share of Series B Preferred Stock will convert to $1.50 in value
of
SFTV Common Stock at the time of conversion.
|
ii. |
If
Company Gross Revenues for 2007 and 2008 average $2.0 million or more,
each share of Series B Preferred stock will convert to $2.00 in value
of
SFTV Common Stock at the time of conversion.
|
iii. |
If
Company Gross Revenues for 2007 and 2008 average $3.0 million or more,
each share of Series B Preferred stock will convert to $3.00 in value
of
SFTV Common Stock at the time of conversion.
|
iv. |
If
Company Gross Revenues for 2007 and 2008 average $4.0 million or more,
each share of Series B Preferred stock will convert to $4.00 in value
of
SFTV Common Stock at the time of
conversion.
|
v. |
Similar
progression will apply to additional increases in Gross Revenues over
the
period of 2007 to 2008.
|
3. Closing.
The
Closing shall take place no later than August 30, 2006.
4. Post
Acquisition Status of Company.
At
closing, the Company will become a wholly owned subsidiary of SFTV. As such,
the
Company shall maintain its own Board of Directors and officers. The Company
agrees to allow the appointment of one member of the board of directors by
SFTV.
At the time of Closing, the Board of Directors of SFTV will accept the
appointment of one member by Company to the board of SFTV.
5. Management.
Xxxxxxx
Xxxxxxxx shall remain as Chief Executive Officer and Chief Financial Officer
of
the SFTV, while Xxxxxx Xxxxx will be elected by the Board of Directors to the
position of President of SFTV and immediately thereafter will be appointed
to
the Board of Directors. Should any changes occur which could result in either
the removal of Xxxxxx Xxxxx as President of SFTV or as a Member of the Board
of
Directors, no such removal shall take place until a thirty (30) day “cooling
off” period expires. Further, should voting control of SFTV change from Xxxxxxx
Xxxxxxxx or should the Management and/or Board of Directors of SFTV move forward
in a manner that is contrary to Xxxxxx Xxxxx’x direction, Xxxxxx Xxxxx shall so
notify Xxxxxxx Xxxxxxxx and the Board of Directors. Upon notification, no
subsequent action shall take place for a sixty (60) day period in order to
provide company with the opportunity to purchase from Xxxxxxx Xxxxxxxx, the
Series “A” Preferred Stock that Xxxxxxx Xxxxxxxx has in his sole possession for
a cash purchase price of One Million Dollars ($1,000,000).
6. Financing
of Subsidiary.
(a) SFTV
hereby warrants that it will secure a firm commitment for at least $2 million
which will be made available to the Company.
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(b) During
the first three months following the signing of this Agreement, SFTV will commit
to hiring key executives of Titan as consultants and employees to SFTV to help
support SFTV operations, marketing and business development.
(c) The
terms
of these consulting arrangement(s) will be set forth in individual consulting
agreements between SFTV and the consultant(s).
(d) This
period may be extended by mutual agreement.
7. Share
Exchange.
It is
our understanding that the contemplated Reorganization would be conducted
pursuant to the Final Agreement, and in compliance with IRC Section 368(a)(1),
reflecting the foregoing provisions and including such other terms and
conditions as are mutually agreed upon among the parties thereto in the course
of good faith negotiations and as are usual and customary in transactions of
the
type contemplated hereby.
8. Restrictive
Legend.
All
shares of the Stock to be delivered hereunder shall bear a restrictive legend
in
substantially the following form:
“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS A REGISTRATION STATEMENT
WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE
SECURITIES ACT.”
9. Representations
and Warranties of the Shareholders.
Where a
representation contained in this Agreement is qualified by the phrase “to the
best of the Shareholder’s knowledge” (or words of similar import), such
expression means that, after having conducted a due diligence review, the
Shareholders believe the statement to be true, accurate, and complete in all
material respects. Knowledge shall not be imputed nor shall it include any
matters which such person should have known or should have been reasonably
expected to have known. The Shareholders represent and warrant to SFTV as
follows:
(a) Power
and Authority.
The
Shareholders have full power and authority to execute, deliver, and perform
this
Agreement and all other agreements, certificates or documents to be delivered
in
connection herewith, including, without limitation, the other agreements,
certificates and documents contemplated hereby (collectively the “Other
Agreements”).
(b) Binding
Effect.
Upon
execution and delivery by the Shareholders, this Agreement and the Other
Agreements shall be and constitute the valid, binding and legal obligations
of
the Shareholders, enforceable against the Shareholders in accordance with the
terms hereof and thereof, except as the enforceability hereof or thereof may
be
subject to the effect of (i) any applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or affecting creditors’
rights generally, and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at
law).
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(c) Effect.
Neither
the execution and delivery of this Agreement or the Other Agreements nor full
performance by the Shareholders of their obligations hereunder or there under
will violate or breach, or otherwise constitute or give rise to a default under,
the terms or provisions of the Articles of Incorporation or Bylaws of the
Company or, subject to obtaining any and all necessary consents, of any
contract, commitment or other obligation of the Company or necessary for the
operation of the Company following the Closing or any other material contract,
commitment, or other obligation to which the Company is a party, or create
or
result in the creation of any encumbrance on any of the property of the Company.
The Company is not in violation of its Articles of Incorporation, as amended,
its Bylaws, as amended, or of any indebtedness, mortgage, contract, lease,
or
other agreement or commitment.
(d) No
Consents.
Any
consent, approval or authorization of, or registration, declaration or filing
with any third party, including, but not limited to, any governmental
department, agency, commission or other instrumentality, will be obtained or
made by the Shareholders prior to the Closing if necessary to authorize the
execution, delivery and performance by the Shareholders of this Agreement or
the
Other Agreements.
(e) Stock
Ownership of the Shares to be Sold by the Shareholders.
The
Shareholders have good, absolute, and marketable title to shares of the Company
Common Stock which constitute 100% percent of the issued and outstanding shares
of the Company Common Stock. The shares of the Stock to be sold by the
Shareholders hereunder constitute all of the shares of the capital stock of
the
Company owned by the Shareholders. The Shareholders have the complete and
unrestricted right, power and authority to cause the transfer and assignment
of
the Stock pursuant to this Agreement. The
delivery of the Stock to SFTV as herein contemplated will vest in SFTV good,
absolute and marketable title to the shares of the Stock as described herein,
free and clear of all liens, claims, encumbrances, and restrictions of every
kind, except those restrictions imposed by applicable securities laws or this
Agreement. No one affiliated with the Shareholders or any of its officers,
directors, or principal stockholders owns any shares of the capital stock of
the
Company, other than the shares of the Stock owned by the Shareholders.
(f) Organization
and Standing of the Company.
The
Company is a duly organized and validly existing Minnesota corporation in good
standing, with all requisite corporate power and authority to carry on its
business as presently conducted. The Company is qualified to do business in
all
other jurisdictions where it does or plans to do business.
(g) Subsidiaries.
The
Company has the following subsidiaries: None.
(h) Capitalization
and Other Outstanding Shares.
The
Company is authorized by its Articles of Incorporation to issue 15,000,000
shares of the Common Stock and 5,000,000 undesignated shares. There are no
outstanding options, contracts, commitments, warrants, preemptive rights,
agreements or any rights of any character affecting or relating in any manner
to
the issuance of the Stock or other securities or entitling anyone to acquire
the
Stock or other securities of the Company.
(i) Assets
and Liabilities.
As set
forth in Exhibit A.
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(j) Litigation.
As set
forth in Exhibit B.
(k) Employees.
As of
the date of this Agreement as well as at the Closing, the Company has 3 full
and
part time employees. The Company has no labor disputes or related actions as
of
this date.
(l) Records.
The
books of account and minute books of the Company are complete and correct,
and
reflect all those transactions involving its business which properly should
have
been set forth in such books.
(m) No
Knowledge of the Company’s Default.
The
Shareholders have no knowledge that any of the Company’s representations and
warranties contained in this Agreement or the Other Agreements are untrue,
inaccurate or incomplete or that Shareholders or Company is in default under
any
term or provision of this Agreement or the Other Agreements.
(n) No
Untrue Statements.
No
representation or warranty by the Shareholders in this Agreement or in any
writing furnished or to be furnished pursuant hereto, contains or will contain
any untrue statement of a material fact, or omits, or will omit to state any
material fact required to make the statements herein or therein contained not
misleading.
(o) Reliance.
The
foregoing representations and warranties are made by the Shareholders with
the
knowledge and expectation that SFTV is placing complete reliance
thereon.
(p) Conduct
of Business in Normal Course.
The
Company will carry on its business and activities in substantially the same
manner as they previously have been carried out and will not institute any
unusual or novel methods of manufacture, purchase, sale, lease, management,
accounting, or operation that vary materially from those methods used by the
Company as of the date of this Agreement.
(q) Issuances
of Securities.
After
closing the Company will not issue any shares of its capital stock, issue or
create any warrants, obligations, subscriptions, options, convertible
securities, or other commitments under which any additional shares of its
capital stock of any class might be directly or indirectly authorized, issued,
or transferred from treasury, or agree to do any of the acts listed
above.
10. Representations
and Warranties of SFTV.
Where a
representation contained in this Agreement is qualified by the phrase “to the
best of SFTV’s knowledge” (or words of similar import), such expression means
that, after having conducted a due diligence review, SFTV believes the statement
to be true, accurate, and complete in all material respects. Knowledge shall
not
be imputed nor shall it include any matters which such person should have known
or should have been reasonably expected to have known. SFTV hereby represents
and warrants to the Shareholders as follows:
(a) Power
and Authority.
SFTV
has full power and authority to execute, deliver and perform this Agreement
and
the Other Agreements.
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(b) Organization
and Standing of SFTV.
The
Company is a duly organized and validly existing Nevada corporation in good
standing, with all requisite corporate power and authority to carry on its
business as presently conducted. SFTV is qualified to do business in all other
jurisdictions where it does or plans to do business.
(c) Binding
Effect.
Upon
execution and delivery by SFTV, this Agreement and the Other Agreements shall
be
and constitute the valid, binding and legal obligations of SFTV enforceable
against SFTV in accordance with the terms hereof or thereof, except as the
enforceability hereof and thereof may be subject to the effect of (i) any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or affecting creditors’ rights generally, and (ii) general
principles of equity (regardless of whether such enforceability is considered
in
a proceeding in equity or at law).
(d) No
Consents.
No
consent, approval or authorization of, or registration, declaration or filing
with any third party, including, but not limited to, any governmental
department, agency, commission or other instrumentality, will, except such
consents, if any, be delivered or obtained on or prior to the Closing, be
obtained or made by SFTV prior to the Closing to authorize the execution,
delivery and performance by SFTV of this Agreement or the Other
Agreements.
(e)
SFTV’s Representations and Warranties True and Complete.
All
representations and warranties of SFTV in this Agreement and the Other
Agreements are true, accurate and complete in all material respects as of the
Closing.
(f) No
Knowledge of the SFTV’s Default.
SFTV
has no knowledge that any of the SFTV representations and warranties contained
in this Agreement or the Other Agreements are untrue, inaccurate or incomplete
in any respect or that the Shareholders is in default under any term or
provision of this Agreement or the Other Agreements.
(g) No
Untrue Statements.
No
representation or warranty by SFTV in this Agreement or in any writing furnished
or to be furnished pursuant hereto, contains or will contain any untrue
statement of a material fact, or omits, or will omit to state any material
fact
required to make the statements herein or therein contained not
misleading.
(h) No
Litigation. There is no current or anticipated litigation involving
SFTV
(i) Reliance.
The
foregoing representations and warranties are made by SFTV with the knowledge
and
expectation that the Shareholders is placing complete reliance
thereon.
11. Conditions
Precedent to Obligations of SFTV.
All
obligations of SFTV under this Agreement are subject to the fulfillment, prior
to or at the Closing, of the following conditions:
(a) Representations
and Warranties True at the Closing.
The
representations and warranties of the Shareholders herein shall be deemed to
have been made again as of the Closing, and then be true and correct, subject
to
any changes contemplated by this Agreement. The Shareholders shall have
performed all of the obligations to be performed by it hereunder on or prior
to
the Closing.
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(b) Deliveries
at the Closing.
SFTV
shall have delivered to Shareholders at the Closing all of the documents
required to be delivered hereunder.
12. Conditions
Precedent to Obligations of the Shareholders.
All
obligations of the Shareholders under this Agreement are subject to the
fulfillment, prior to or at the Closing, of the following
conditions:
(a) Representations
and Warranties True at Closing.
The
representations and warranties of SFTV herein shall be deemed to have been
made
again at the Closing, and then be true and correct, subject to any changes
contemplated by this Agreement. SFTV shall have performed all of the obligations
to be performed by SFTV hereunder on or prior to the Closing.
(b) Deliveries
at the Closing.
SFTV
shall have delivered to Shareholders at the Closing all of the documents
required to be delivered hereunder.
13. The
Nature and Survival of Representations, Covenants and Warranties.
All
statements and facts contained in any memorandum, certificate, instrument,
or
other document delivered by or on behalf of the parties hereto for information
or reliance pursuant to this Agreement, shall be deemed representations,
covenants and warranties by the parties hereto under this Agreement. All
representations, covenants and warranties of the parties shall survive the
Closing and all inspections, examinations, or audits on behalf of the parties,
shall expire one year following the Closing.
14. Indemnification
by Company.
The
Company agrees to indemnify and hold harmless SFTV against and in respect to
all
damages (as hereinafter defined) up to the amount of the purchase price (what
is
the purchase price?). Damages, as used herein shall include any claim, salary,
wage, action, tax, demand, lost, cost, expense, liability (joint or several),
penalty and other damage, including without limitation, counsel fees and other
costs and expenses reasonably incurred in investigating or attempting to avoid
same or in opposition to the imposition thereof, or in enforcing this indemnity,
resulting to SFTV from any inaccurate representation made by or on behalf of
the
Shareholders in or pursuant to this Agreement, breaches any of the warranties
made by or on behalf of the Shareholders in or pursuant to this Agreement,
or
breach or default in the performance by the Shareholders of any of the
obligations to be performed by them hereunder.
Notwithstanding
the scope of the Shareholder’s representations and warranties herein, or of any
individual representation or warranty, or any disclosure to SFTV herein or
pursuant hereto, or the definition of damages contained in the preceding
sentence, or SFTV’s knowledge of any fact or facts at or prior to the Closing,
damages shall also include all debts, liabilities, and obligations of any nature
whatsoever (whether absolute, accrued, contingent, or otherwise, and whether
due
or to become due) of the Company, as of the date hereof, whether known or
unknown by the Shareholders; all claims, actions, demands, losses, costs,
expenses, and liabilities resulting from any litigation from causes of action
arising prior to the Closing involving the Company or any stockholders thereof
other than the Shareholders, whether or not disclosed to SFTV; all claims,
actions, demands, losses, costs, expenses, liabilities and penalties resulting
from (i) the Company’s infringement or claimed infringement upon or acting
adversely to the rights or claimed rights of any person under or in respect
to
any copyrights, trademarks, trademark rights, patents, patent rights or patent
licenses; or (ii) any claim or pending or threatened action with respect to
the
matters described in clause (i); all claims, actions, demands, losses, costs,
expenses, liabilities or penalties resulting from the Company’s failure in any
respect to perform any obligation required by it to be performed at or prior
to
the Closing, or by reason of any default of the Company, at the Closing, under
any of the contracts, agreements, leases, documents, or other commitments to
which it is a party or otherwise bound or affected; and all losses, costs,
and
expenses (including without limitation all fees and disbursements of counsel)
relating to damages.
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The
Company shall reimburse and/or pay on behalf of SFTV any payment made or
required to be made by SFTV and/or the Company at any time after the closing
based on the judgment of any competent jurisdiction or pursuant to a bona fide
compromise or settlement of claims, demands or actions, in respect to the
damages to which the foregoing indemnity relates. SFTV shall give the Company
notice within thirty (30) days after notification of any litigation threatened
or instituted against the Company which might constitute the basis of a claim
for indemnity by SFTV against the Company.
Notwithstanding
anything contained in this Agreement to the contrary, the right to
indemnification described in this paragraph shall expire 18 months after the
Closing.
15. Records
of the Company.
For a
period of five years following the Closing, the books of account and records
of
the Company pertaining to all periods prior to the Closing shall be available
for inspection by the Shareholders for use in connection with tax
audits.
16. Further
Conveyances and Assurances.
After
the Closing, the Shareholders and SFTV will, without further cost or expense
to,
or consideration of any nature from the other, execute and deliver, or cause
to
be executed and delivered, to the other, such additional documentation and
instruments of transfer and conveyance, and will take such other and further
actions, as the other may reasonably request as more completely to sell,
transfer and assign to and fully vest in SFTV ownership of the Stock and to
consummate the transactions contemplated hereby.
17. Closing.
The
Closing of the sale and purchase contemplated hereunder shall be on or before
August 30, 2006, subject to acceleration or postponement from time to time
as
the Shareholders and SFTV may mutually agree.
18. Deliveries
at the Closing by the Shareholders.
At the
Closing the Shareholders, shall deliver to SFTV:
(a) Certificates
representing 1,178,000 shares of the Company Common Stock, free and clear of
all
liens, claims, encumbrances, and restrictions of every kind except for the
restrictive legend required by Paragraph 3 hereof.
(b) All
books
and records of the Company, up to date and duly organized.
(c) Any
other
document which may be necessary to carry out the intent of this
Agreement.
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19. Deliveries
at the Closing by SFTV.
At the
Closing, SFTV shall deliver to the Shareholders the following:
(a) Certificates
representing 1,000,000 shares of the Company Series “B” Preferred Stock, free
and clear of all liens, claims, encumbrances, and restrictions of every kind
except for the restrictive legend required by Paragraph 3 hereof.
(b) Certificates
representing 1,000,000 shares of the SFTV’s Common Stock free and clear of all
liens, claims, encumbrances, and restrictions of every kind except for the
restrictive legend required by Paragraph 3 hereof.
(c)
Any
other document which may be necessary to carry out the intent of this
Agreement.
Any
other
document which may be necessary to carry out the intent of this
Agreement.
20. Default
and Reversal of the Agreement.
(a) Company
will be considered in default of this Agreement if:
(i) Company
is unable to attain gross revenues of $1 million in the first two years
following the execution of this agreement, or
(ii) Company
is unable to complete an audit with a PCAOB registered auditor within 90 days
or
for less than $50,000.00
(iii) Company
is not able to fulfill the terms and conditions set forth herein this Agreement.
(b)
SFTV
shall be considered in default of this Agreement if:
(i) A
suitable funding program for at least $2 million per year is not implemented
within 180 days of the Agreement or
(ii)
SFTV is
not able to fulfill the terms and conditions set forth herein this Agreement.
(c) If
such a
default should occur and no reasonable cure is offered by the defaulting Party
within a 90 day period, the terms, conditions and responsibilities within this
Agreement may be considered null and void, and both SFTV and Company may return
to their pre-acquisition status without further obligation to the other.
(d) If
a
default by SFTV occurs, Company shall bear no responsibility to return funds
received from SFTV.
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21. No
Assignment.
This
Agreement shall not be assignable by any party without the prior written consent
of the other parties, which consent shall be subject to such parties’ sole,
absolute and unfettered discretion.
22. Brokerage.
The
Shareholders and SFTV agree to indemnify and hold harmless each other against,
and in respect of, any claim for brokerage or other commissions relative to
this
Agreement, or the transactions contemplated hereby, based in any way on
agreements, arrangements, understandings or contracts made by either party
with
a third party or parties whatsoever.
23. Attorney’s
Fees.
In the
event that it should become necessary for any party entitled hereunder to bring
suit against any other party to this Agreement for enforcement of the covenants
contained in this Agreement, the parties hereby covenant and agree that the
party or parties who are found to be in violation of said covenants shall also
be liable for all reasonable attorney’s fees and costs of court incurred by the
other party or parties that bring suit.
24. Benefit.
All the
terms and provisions of this Agreement shall be binding upon and inure to the
benefit of and be enforceable by each of the parties hereto, and his respective
heirs, executors, administrators, personal representatives, successors and
permitted assigns.
25. Notices.
All
notices, requests, demands, and other communications hereunder shall be in
writing and delivered personally or sent by registered or certified United
States mail, return receipt requested with postage prepaid, or by telecopy
or
e-mail, if to the Shareholders, addressed to Xx. Xxxxxx Xxxxx at 000 Xxxxxxxxx
Xxxxxx, Xxxxxxx Xxxxxxxx 00000 telephone (248) 763-4343 and e-mail
xxxxxxxxxxx0@xxxxxxx.xxx and if to SFTV, addressed to Xx. Xxxxxxx Xxxxxxxx
at
0000 Xxx Xxx Xxxxx Xx., 0xx
Xxxxx,
Xxx Xxxxx, XX 00000 telephone 619-342-7449 telecopier 000-000-0000 and e-mail
xxxxxxxx@xxxxx.xxx Any party hereto may change its address upon 10 days’ written
notice to any other party hereto.
26. Construction.
Words
of any gender used in this Agreement shall be held and construed to include
any
other gender, and words in the singular number shall be held to include the
plural, and vice versa, unless the context requires otherwise.
27. Waiver.
No
course of dealing on the part of any party hereto or its agents, or any failure
or delay by any such party with respect to exercising any right, power or
privilege of such party under this Agreement or any instrument referred to
herein shall operate as a waiver thereof, and any single or partial exercise
of
any such right, power or privilege shall not preclude any later exercise thereof
or any exercise of any other right, power or privilege hereunder or
thereunder.
28. Cumulative
Rights.
The
rights and remedies of any party under this Agreement and the instruments
executed or to be executed in connection herewith, or any of them, shall be
cumulative and the exercise or partial exercise of any such right or remedy
shall not preclude the exercise of any other right or remedy.
29. Invalidity.
In the
event any one or more of the provisions contained in this Agreement or in any
instrument referred to herein or executed in connection herewith shall, for
any
reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect the other
provisions of this Agreement or any such other instrument.
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30. Time
of the Essence.
Time is
of the essence of this Agreement.
31. Incorporation
by Reference.
The
Exhibits and Schedules to this Agreement referred to or included herein
constitute integral parts to this Agreement and are incorporated into this
Agreement by this reference.
32. Controlling
Agreement.
In the
event of any conflict between the terms of this Agreement or any of the Other
Agreements or exhibits referred to herein, the terms of this Agreement shall
control.
33. Law
Governing; Jurisdiction.
This
Agreement shall be governed by and construed in accordance with the laws of
the
State of Nevada, without regard to any conflicts of laws provisions thereof.
Each party hereby irrevocably submits to the personal jurisdiction of the United
States District Court for Xxxxx County, Nevada, as well as of the Superior
Courts of the State of Nevada in Xxxxx County, Nevada over any suit, action
or
proceeding arising out of or relating to this Agreement. Each party hereby
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such mediation,
arbitration, suit, action or proceeding brought in any such county and any
claim
that any such mediation, arbitration, suit, action or proceeding brought in
such
county has been brought in an inconvenient forum.
34. Multiple
Counterparts.
This
Agreement may be executed in one or more counterparts, each of which shall
be
deemed an original, but all of which together shall constitute one and the
same
instrument. A facsimile transmission of this signed Agreement shall be legal
and
binding on all parties hereto.
35. Entire
Agreement.
This
instrument and the attachments hereto contain the entire understanding of the
parties and may not be changed orally, but only by an instrument in writing
signed by the party against whom enforcement of any waiver, change,
modification, extension, or discharge is sought.
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IN
WITNESS WHEREOF, this Agreement has been executed on the date first written
above.
FOR:
SHAREHOLDERS
/s/ Xxxxxx Xxxxx |
Xxxxxx Xxxxx |
|
|
|
|
|
FOR:
SAFE
TRAVEL CARE INC.
By:
/s/
Xxxxxxx Xxxxxxxx
Xxxxxxx
Xxxxxxxx, CEO
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