THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "1933 ACT"), NOR REGISTERED UNDER ANY STATE SECURITIES LAW, AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED IN RULE 144 UNDER...
THE
SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE "1933 ACT"), NOR REGISTERED UNDER ANY
STATE SECURITIES LAW, AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED
IN
RULE 144 UNDER THE 1933 ACT. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD
OR
OTHERWISE TRANSFERRED, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
1933
ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF
CYBERSONICS
BROADCAST SERVICES INC.
THIS
AGREEMENT
is made
and entered into this 8th.
day of
August, 2007, by and between TRIMAX
CORPORATION,
a
Nevada corporation (hereinafter “TRIMAX”), and
CYBERSONICS
BROADCAST
SERVICES INC.
an
Ontario Corporation (hereinafter “CYBERSONICS B”).
WHEREAS,
TRIMAX
desires to acquire certain assets of CYBERSONICS B as defined in Paragraph
1
herein, on the terms and subject to the conditions hereinafter set forth,
and;
WHEREAS,
CYBERSONICS B desires to sell such assets to TRIMAX, on the terms and subject
to
the conditions hereinafter set forth;
NOW,
THEREFORE, INTENDING TO BE LEGALLY BOUND,
and in
consideration of the premises and mutual representations, warranties, covenants
and agreements contained herein, TRIMAX and CYBERSONICS B hereby agree as
follows:
1.
|
Acquired
Assets.
TRIMAX shall acquire the assets, known as “Multi-media Management and
Distribution Technology” owned by CYBERSONICS B and any other assets owned
by CYBERSONICS B as listed in Exhibit A attached hereto (the “Assets”).
CYBERSONICS B agrees to sell the Assets to TRIMAX . Following purchase
of
all the Assets by TRIMAX, the President of CYBERSONICS B will arrange
to
change the name of Cybersonics Broadcast Services Inc. and not to
use the
name CYBERSONICS in any future corporate entities or any business
dealings
unless authorized to do so by TRIMAX.
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2.
|
Liabilities
Assumed.
CYBERSONICS B has stated that it has no liabilities and there are
no
assignments or liens against these assets, and TRIMAX shall not assume
any
of the liabilities associated with the purchase of the Assets from
CYBERSONICS B.
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3.
|
Purchase
Price and Payment.
In
consideration for the transfer to TRIMAX of the Assets, TRIMAX shall
deliver to CYBERSONICS B and/or its assigns a total of three million
(3,000,000) shares of restricted common stock (the “Purchase Price”) to be
earned as follows: One Million (1,000,000) shares on closing, which
requires delivery of all CYBERSONICS B’s assets to a new subsidiary to be
formed and wholly owned by Trimax Corporation; One Million (1,000,000)
shares to be delivered at the end of one year from closing, based
on Xxxxx
Xxxxxxx working with Trimax and its subsidiary, for the full year,
in a
sales, marketing, and management capacity developing the CYBERSONICS
business for Trimax in Trimax’s new subsidiary; and One Million
(1,000,000) shares to be delivered at the end of the second year
from
closing, based on Xxxxx Xxxxxxx working for the full year with Trimax
and
its subsidiary to further the CYBERSONICS business for Trimax, and
to
train and develop Trimax’s personnel in the business. If Trimax receives
new revenues of one million dollars ($1,000,000) derived from the
Assets
at anytime during the first year, Trimax shall immediately deliver
to
CYBERSONICS B the second allotment of One Million (1,000,000) shares;
if
Trimax receives new revenues of a second million dollars derived
from the
Assets at anytime, Trimax shall immediately deliver to CYBERSONICS
B the
third allotment of One Million (1,000,000) shares. TRIMAX understands
and
acknowledges that said shares may be distributed by CYBERSONICS B
to its
shareholders.
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4.
|
Closing
and Delivery of Acquired Assets.
The
closing of the transaction (the “Closing”) and delivery of the Assets will
take place upon execution of this Agreement (the “Closing Date”).
|
Conveyance
of Acquired Assets.
The
sale,
conveyance, transfer, assignment and delivery to TRIMAX of the Assets, as herein
provided, shall be effected by the execution of this Agreement, and if
requested, by such bills of sale, endorsements, assignments and other
instruments of transfer and conveyance as may be necessary to vest in TRIMAX
the
right, title and interest in and to the assets, free and clear of all liens,
claims, charges and encumbrances, except as otherwise provided in this
Agreement. Such documents may include, without limitation, a Xxxx of Sale and
an
Assignment of Rights. CYBERSONICS B shall, at Closing or at any time or from
time to time after the Closing, upon request, perform or cause to be performed
such acts, and execute, acknowledge and deliver or cause to be executed,
acknowledged and delivered such documents as may be reasonably required or
requested to effectuate the sale, conveyance, transfer, assignment and delivery
to TRIMAX of any of the Assets or for the performance by CYBERSONICS B of any
of
its obligations hereunder. Any future business with respect to the “Broadcast”
business will only be conducted, following closing, with Trimax’s new subsidiary
to be entitled Cybersonics Multi Media Corp.
5.
|
CYBERSONICS
B’s Representations and Warranties.
CYBERSONICS B represents and warrants to TRIMAX the
following:
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a.
|
Organization.
CYBERSONICS B is a corporation duly organized, validly existing,
and in
good standing under the laws of Ontario, and has all necessary corporate
powers to own properties and carry on a business, and is duly qualified
to
do business and is in good standing in Ontario. All actions taken
by the
incorporators, directors, officers and shareholders of CYBERSONICS
B have
been valid and in accordance with the laws of the State of Ontario.
|
b.
|
Ontario
Corporation
CYBERSONICS B is an Ontario corporation, and will within forty-five
days
of the sale be current in all its filings with the appropriate
governmental authorities. The Company is currently a private
company.
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c.
|
Ability
to Carry Out Obligations.
CYBERSONICS B has the right, power, and authority to enter into and
perform its obligations under this Agreement. The execution and delivery
of this Agreement by CYBERSONICS B and the performance by CYBERSONICS
B of
its obligations hereunder will not cause, constitute, or conflict
with or
result in (a) any breach or violation or any of the provisions of
or
constitute a default under any license, indenture, mortgage, charter,
instrument, articles of incorporation, bylaw, or other agreement
or
instrument to which CYBERSONICS B or its shareholders are a party,
or by
which they may be bound, nor will any consents or authorizations
of any
party other than those hereto be required; (b) an event that would
cause
CYBERSONICS B to be liable to any party; or, (c) an event that would
result in the creation or imposition or any lien, charge or encumbrance
on
any asset of CYBERSONICS B or upon the securities of CYBERSONICS
B to be
acquired by the TRIMAX and or its
assigns.
|
d.
|
Full
Disclosure.
None of representations and warranties made by CYBERSONICS B, or
in any
certificate or memorandum furnished or to be furnished by CYBERSONICS
B,
contains or will contain any untrue statement of a material fact,
or omit
any material fact the omission of which would be misleading under
the
circumstances by which it was
made.
|
e.
|
Compliance
with Laws.
To the best of its knowledge, CYBERSONICS B has substantially complied
with, and is not in material violation of any federal, provincial
or local
statute, law, rule and/or
regulation.
|
f.
|
Title
to Assets. CYBERSONICS
B is the owner or licensee of, with all right, title and interest
in and
to the Assets, free and clear of any liens and encumbrances. CYBERSONICS
B
is not contractually obligated to pay any compensation to any third
party,
nor is any third party otherwise entitled to any compensation,
with
respect to CYBERSONICS B’s use of the Assets. To the best of CYBERSONICS
B’S knowledge, there is and has been no material unauthorized use,
infringement or misappropriation of any of CYBERSONICS B’S Assets by any
third party, employee or former
employee.
|
g.
|
Transfer
of Rights by CYBERSONICS B. CYBERSONICS
B transfers to TRIMAX all of its interest in the Assets including,
but not
limited to, its worldwide rights in perpetuity to publish, market,
advertise, promote, distribute, manufacture, sublicense, vend and
otherwise use the Assets, beginning from the Closing Date. CYBERSONICS
B
transfers 100% of it’s Technology and interests in perpetuity to TRIMAX
including software, source code, hardware designs, logic, copyrights
and
related intellectual property required to support the Multi-media
Management and Distribution Technology to TRIMAX as further described
in
Exhibit “A”
|
-3-
h.
|
Competing
Products.
CYBERSONICS B and TRIMAX agree that the technology, upon which
the Assets
were developed, can be used to create different programming services;
however, CYBERSONICS B agrees not to create other technologies
based on
the Assets after the Closing
Date.
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i.
|
Use
of Assets.
TRIMAX
agrees that for so long as Cybersonics Sound Technologies Inc.,
its
successors,
heirs, executors, administrators and assigns,
continues to provide sales, services and/or management support
for it’s
clients both current and future, Trimax irrevocable grants Cybersonics
Sound Technologies Inc. a license in perpetuity to sell, lease,
rent
and/or use the Assets within the normal course of it’s multi media
business.
|
6.
|
Disclosure.
No
representation or warranty made by CYBERSONICS B in this Agreement,
nor
any document, written information, statement, financial statement,
certificate or exhibit prepared and furnished by Seller or its
representatives pursuant hereto or in connection with the transactions
contemplated hereby, when taken together, contain any untrue statements
of
a material fact, or omit to state a material fact necessary to make
the
statements or facts contained herein or therein not misleading in
light of
the circumstances under which they were
furnished.
|
7.
|
Representations
and Warranties of TRIMAX .
TRIMAX represents and warrants to CYBERSONICS B the
following:
|
a.
|
Organization.
TRIMAX is a corporation duly organized, validly existing, and in
good
standing under the laws of Nevada, and has all necessary corporate
powers
to own properties and carry on a business, and is duly qualified
to do
business and is in good standing in Nevada. All actions taken by
the
incorporators, directors, officers and shareholders of TRIMAX have
been
valid and in accordance with the laws of the State of Nevada.
|
b.
|
Ability
to Carry Out Obligations.
TRIMAX has the right, power, and authority to enter into and perform
its
obligations under this Agreement. The execution and delivery of
this
Agreement by TRIMAX and the performance by TRIMAX of its obligations
hereunder will not cause, constitute, or conflict with or result
in (a)
any breach or violation or any of the provisions of or constitute
a
default under any license, indenture, mortgage, charter, instrument,
articles of incorporation, bylaw, or other agreement or instrument
to
which TRIMAX or its shareholders are a party, or by which they
may be
bound, nor will any consents or authorizations of any party other
than
those hereto be required; (b) an event that would cause TRIMAX
to be
liable to any party; or, (c) an event that would result in the
creation or
imposition or any lien, charge or encumbrance on any asset of TRIMAX
or
upon the securities of TRIMAX to be acquired by the TRIMAX and
or its
assigns.
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-4-
c.
|
Full
Disclosure.
None of representations and warranties made by the TRIMAX, or in
any
certificate or memorandum furnished or to be furnished by the TRIMAX,
contains or will contain any untrue statement of a material fact,
or omit
any material fact the omission of which would be misleading under
the
circumstances by which it was
made.
|
d.
|
Compliance
with Laws.
To the best of its knowledge, TRIMAX has substantially complied
with, and
is not in material violation of any federal, state, or local statute,
law,
rule and/or
regulation.
|
e.
|
Title
to Shares.
The shares to be issued pursuant to this Agreement will be, at closing,
free and clear of all liens, security interests, pledges, charges,
claims,
encumbrances and restrictions of any kind. None of such shares are
or will
be subject to any voting trust or agreement. No person holds or has
the
right to receive any proxy or similar instrument with respect to
such
shares and, except as provided in this Agreement, TRIMAX is not a
party to
any agreement which offers or grants to any person the right to purchase
or acquire any securities of TRIMAX. There is no applicable local,
state
or federal law, rule, regulation, or decree which would, as a result
of
the issuance of the shares, impair, restrict or delay any voting
rights
with respect to the shares.
|
8.
|
Closing.
The closing of this transaction shall take place at TRIMAX’s corporate
office no later than August 30, 2007 or at such other time and place
as
the parties shall mutually agree.
|
9.
|
Documents
to be delivered subsequent to Closing by TRIMAX
:
|
a.
|
Certificates
representing 3,000,000 restricted shares of TRIMAX ’s common stock
registered in the name of CYBERSONICS
BROADCAST
SERVICES INC.
following delivery of all assets to a new subsidiary to be formed
and
wholly owned by Trimax Corporation, as per the terms set out in paragraph
3, above.
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10.
|
Documents
to be delivered at Closing by CYBERSONICS B :
|
a.
|
A
Xxxx of Sale transferring title to the Acquired Assets to TRIMAX
;
|
11.
|
Captions
and Headings.
The
Article and paragraph headings throughout this Agreement are for
convenience and reference only, and shall in no way be deemed to
define,
limit, or add to the meaning of any provision of this
Agreement.
|
12.
|
No
Oral Change.
This Agreement and any provision hereof, may not be waived, changed,
modified, or discharged orally, but only by an agreement in writing
signed
by the party against whom enforcement of any waiver, change, modification,
or discharge is sought.
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13.
|
Non
Waiver.
Except
as otherwise expressly provided herein, no waiver of any covenant,
condition, or provision of this Agreement shall be deemed to have
been
made unless expressly in writing and signed by the party against
whom such
waiver is charged; and (i) the failure of any party to insist in
any one
or more cases upon the performance of any of the provisions, covenants,
or
conditions of this Agreement or to exercise any option herein contained
shall not be construed as a waiver or relinquishment for the future
of any
such provisions, covenants, or conditions; (ii) the acceptance of
performance of anything required by this Agreement to be performed
with
knowledge of the breach or failure of a covenant, condition, or provision
hereof shall not be deemed a waiver of such breach or failure; and,
(iii)
no waiver by any party of one breach by another party shall be construed
as a waiver with respect to any other or subsequent
breach.
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14.
|
Entire
Agreement.
This
Agreement contains the entire Agreement and understanding between
the
parties hereto, and supersedes all prior agreements and
understandings.
|
15.
|
Counterparts.
This Agreement may be executed simultaneously 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.
|
IN
WITNESS WHEREOF, the undersigned have executed this Agreement on the date first
above written.
CYBERSONICS BROADCAST SERVICES INC. | TRIMAX CORPORATION | ||
By:
|
/s/ Xxx Xxxxxxx |
By:
|
/s/ Xxxxx Xxxxxx |
XXX XXXXXXX |
XXXXX XXXXXX |
||
By:
|
/s/ Xxxxxx Xxxxxxxx | ||
XXXXXX XXXXXXXX |
|||
By:
|
/s/ Xxxx Xxxxxx | ||
XXXX XXXXXX |
-6-
EXHIBIT
“A”
CYBERSONICS
BROADCAST SERVICES INC.
LIST
OF ASSETS
Description
of Broadcast Technology Assets
Software
and Management Tools
VP
2000
Software
Proprietary
Hardware Designs
Source
Code
Copyrights
and all intellectual property
Any
related interfaces re Hardware and Software
Any
and
all related manuals,drawings or other documents
Any
Reseller Agreements
Any
and
all intellectual property, including trademarks (applied for or held),
copyrights, trade secrets, inventions, patents (applied for or
held)
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