Memorandum of Undertaking
[Xxxxxxx Worldwide, Inc. Letterhead]
Memorandum of Undertaking
This Memorandum of Understanding is concluded between Xxxxxxx Worldwide, Inc. USA & Transpower Components (India) Pvt Ltd, Moradabad on October 21st, 2015
| · | It was agreed between both parties that Xxxxxxx Worldwide would acquire the Transpower Components (India) Pvt Ltd. Moradabad at a cost price of US$ 1.6 million. | |
| · | Xxxxxxx Worldwide will do a leverage buy out. In other words, Xxxxxxx will issue PFWI common share which will be valued at $.40 of 50% value of the deal US $1.6 million ( 2 million common Shares) while balance 50% will be paid in 24 equal installments of US $ 33333.33 through wire transfers commencing six months from sign date. Agreement extended to April 30, 2016. [VP] [SG] | |
| · | Sale includes all capital goods, distribution channels proprietary information and all existing customers and their existing contracts of Walmart, Dominos, Amazon, Snap deal, Flip Card and others. | |
| · | Deposit in good faith $5,000 USD. February 12, 2016. [VP] [SG] |
It was agreed by both parties to finalize sale agreement on January 5th, 2016.
| /s/ Xxxxxx Xxxxxxx | /s/ Xxxxxxxx Xxxxxx |
| Xxxxxx X. Xxxxxxx Xx. | Xxxxxxxx Xxxxxx |
| CEO / President | CEO/ President |
| 1 |
