AGREEMENT AND PLAN OF MERGER
EXHIBIT 2.1
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER, dated August 4, 2009 (the "Agreement"), is between WE SELL FOR YOU CORP., a Florida corporation ("WSFU"), and ProIndia International Inc. ("ProIndia") and a wholly-owned subsidiary of WSFU. WSFU and ProIndia are sometimes hereinafter collectively referred to as the "Constituent Corporations."
ARTICLE I
THE MERGER
(a) On the Effective Date of the Merger, the separate existence of WSFU shall cease, and the Merger shall have the effects set forth in the applicable provisions of the Delaware General Corporation Law and the Florida Business Corporation Act.
(b) Without limiting the generality of the foregoing, and subject thereto and to any other applicable laws, at the Effective Date of the Merger, all the properties, rights, privileges, powers and franchises of WSFU shall vest in the Surviving Corporation, and, subject to the terms of this Agreement, all debts, liabilities, restrictions, disabilities and duties of WSFU shall become the debts, liabilities, restrictions, disabilities and duties of the Surviving Corporation.
ARTICLE II
CHARTER DOCUMENTS, DIRECTORS AND
OFFICERS
2.2. By-laws. The By-laws of ProIndia in effect immediately prior to the Effective Date of the Merger shall be, as of the Effective Date of the Merger, the by-laws of the Surviving Corporation until duly amended in accordance with the provisions thereof and applicable law.
ARTICLE III
MANNER OF CONVERSION OF SHARES
3.1. WSFU Common Stock. Upon the Effective Date of the Merger, each share of WSFU Common Stock (excluding shares held by shareholders who perfect their dissenters' rights of appraisal as provided in Section 3.2 of this Agreement) that is issued and outstanding immediately prior thereto shall, by virtue of the Merger and without any action by the Constituent Corporations, the holder of such shares or any other person, be converted into the right to receive one fully paid and nonassessable share of ProIndia Common Stock (the "Merger Consideration"). As of the Effective Date of the Merger, all shares of WSFU Common Stock shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist and each certificate that previously represented such shares of WSFU Common Stock shall thereafter represent the Merger Consideration for all such shares.
3.4. Exchange of Certificates.
(a) After the Effective Date of the Merger, each holder of an outstanding certificate representing WSFU Common Stock (excluding holders of certificates who perfect their dissenters' rights of appraisal as provided in Section 3.2 of this Agreement) may, at such holder's option, surrender the same for cancellation to such entity as the Surviving Corporation so designates as exchange agent (the "Exchange Agent"), and each such holder shall be entitled to receive in exchange therefor a certificate or certificates representing the Merger Consideration. Until so surrendered, each outstanding certificate theretofore representing WSFU Common Stock shall be deemed for all purposes to represent the Merger Consideration and the associated rights.
(b) The registered owners of WSFU Common Stock on the books and records of WSFU immediately prior to the Effective Date of the Merger (excluding registered owners who perfect their dissenters' rights of appraisal as provided in Section 3.2 of this Agreement) shall be the registered owners of ProIndia Common Stock on the books and records of ProIndia immediately after the Effective Time of the Merger, and the holders of shares of WSFU Common Stock, until such certificates shall have been surrendered for transfer or conversion or otherwise accounted for by the Surviving Corporation, shall be entitled to exercise any voting and other rights with respect to, and receive dividends and other distributions upon, the shares of ProIndia Common Stock that the holders of WSFU Common Stock would be entitled to receive pursuant to the Merger.
(c) Each certificate representing ProIndia Common Stock so issued in the Merger shall bear the same legends, if any, with respect to the restrictions on transfer that appeared on the certificates representing WSFU Common Stock so converted and given in exchange therefor, unless otherwise determined by the Board of Directors of the Surviving Corporation in compliance with applicable laws.
(d) If any certificate representing shares of ProIndia Common Stock is to be issued in a name other than the name in which the certificate surrendered in exchange therefor is registered, the following conditions must be satisfied before the issuance thereof: (i) the certificate so surrendered shall be properly endorsed and otherwise in proper form for transfer; (ii) such transfer shall otherwise be proper; and (iii) the person requesting such transfer shall pay to the Exchange Agent any transfer or other taxes payable by reason of issuance of such new certificate in a name other than the name of the registered holder of the certificate surrendered or shall establish to the satisfaction of the Surviving Corporation that such tax has been paid or is not payable.
ARTICLE IV
GENERAL PROVISIONS
(a) take such action as may be required to qualify to do business as a foreign corporation in the states in which WSFU is qualified to do business immediately before the Effective Date of the Merger and in connection therewith irrevocably appoint an agent for service of process as required under the applicable provisions of the relevant state laws;
(b) take all such other actions as may be required by the Delaware General Corporation Law and the Florida Business Corporation Act to effect the Merger.
4.3. Conditions to the Obligations of the Constituent Corporations to Effect the Merger. The respective obligation of each Constituent Corporation to effect the Merger shall be subject to the satisfaction at or prior to the Effective Date of the Merger of the following conditions:
(a) The Agreement shall have been approved by a majority of the outstanding shares of WSFU Common Stock entitled to vote on the Agreement, and the Agreement shall have been adopted by the affirmative vote of a majority of the outstanding shares of ProIndia Common Stock entitled to vote on the Agreement.
(b) No statute, rule, regulation, executive order, decree, ruling, injunction or other order (whether temporary, preliminary or permanent) shall have been enacted, entered, promulgated or enforced by any court or governmental authority of competent jurisdiction which prohibits, restrains, enjoins or restricts the consummation of the Merger; provided, however that the Constituent Corporations shall use their reasonable best efforts to cause any such decree, ruling, injunction or other order to be vacated or lifted.
(c) Holders of shares of WSFU Common Stock holding no more than one percent (1%) of the outstanding WSFU Common Stock shall continue to have a right to exercise appraisal, dissenters' or similar rights under applicable law with respect to their WSFU Common Stock by virtue of the Merger.
4.4. Further Assurances. From time to time, as and when required by ProIndia, WSFU shall execute and deliver or shall cause to be executed and delivered such deeds and other instruments, and WSFU shall take or cause to be taken any actions as shall be appropriate or necessary, (a) to vest or perfect in ProIndia or confirm that ProIndia shall have record ownership of or otherwise own the title to and possession of all the property, interests, assets, rights, privileges, immunities, powers, franchises and authority of WSFU on the Effective Date of the Merger or shortly thereafter and (b) to carry out the purposes of or to effectuate this Agreement by the Effective Date of the Merger or shortly thereafter, unless a specific deadline is established by this Agreement.
[SIGNATURE PAGE FOLLOWS]
a Florida corporation |
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By: |
/s/ Xxxxx Xxx |
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Xxxxx Xxx |
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Chief Financial Officer and Secretary |
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ProIndia International Inc. |
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a Delaware corporation |
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By: |
/s/ Xxxxxx Xxxxxxx |
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Xxxxxx Xxxxxxx |
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President |