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Asset Purchase Agreement

 

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Title:

Asset Purchase Agreement

Entities:

Kirshner Entertainment & Technologies Inc.

Date:

2006

Size:

Preview shows 5KB of 25KB total

Price:

$33

ID:

#1167723

 

 

► Purchase & Sale ► Purchase ► Asset Purchase Agreements
► Technology ► Computer Services

 

 

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                            ASSET PURCHASE AGREEMENT


This ASSET PURCHASE AGREEMENT dated as of February 6, 2006 (the "Agreement") is
entered into by and between Shanghai Likang Disinfectant High-Tech Company,
Limited, a corporation formed under the laws of China ("Buyer"); Shanghai Likang
Pharmaceuticals Technology Company, a corporation formed under the laws of China
("Seller"); and Xuelian Bian, an individual and principal control person of the
Seller ("Principal").

PREAMBLE

WHEREAS, Buyer is engaged in the manufacture and sale of disinfectant
health care products ("Business");

WHEREAS, Buyer, in connection with the operation of its Business, leases a
facility ("Building") (as more fully described below and referred to hereafter
as the "Asset") owned by the Seller;

WHEREAS, the Building is used by Buyer for manufacturing of certain of
Buyers products;

WHEREAS, Messrs. Xuelian Bian and Wei Guan, the Buyer's officers, directors
and principal shareholders, are the shareholders of Seller, owning 90% and 10%,
respectively, and are the principal persons in control of the Asset; and

WHEREAS, Seller desires to convey, sell and assign to Buyer all of Seller's
right, title and interest in and to the Asset, and Buyer desires to purchase the
Asset, upon the terms and conditions contained in this Agreement.

NOW THEREFORE, in consideration of the mutual promises and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties agree as follows:

1 Sale and Purchase of Asset.


1.1 Recitals. The parties agree that the recitals set forth above are true
and correct. This Agreement supercedes all prior understandings among the
parties, whether oral or written, concerning the subject matter contained
herein.

1.2 Sale and Purchase of Asset. Subject to the terms and conditions of this
Agreement, at the closing described in Section 5 (the "Closing"), Seller shall
sell to Buyer, and Buyer shall purchase from Seller, the Asset free and clear of
all liens, charges, encumbrances and security interests and identified more
particularly on Schedule 1.1 (the "Asset").

1.3 Liabilities Excluded. In connection with Buyer's purchase of the Asset,
Buyer shall not assume or become responsible for the payment of any liabilities,
obligations or expenses of Seller in connection with the Asset, Seller's
business or otherwise.

2 Purchase Price; Payment. The purchase price for the Asset (the "Purchase
Price") shall be the sum of $333,675.43 (the "Purchase Price") payable on the
Closing Date (as defined herein) in exchange for the Buyer satisfying and
canceling the unpaid amount Seller owes Buyer in the amount of $333,675.43,

<page>


3 Representations and Warranties of Seller. Except as otherwise set forth in a
disclosure schedule delivered by Seller at the time this Agreement is executed
and delivered (the "Seller Disclosure Schedule"), the Principal and Seller,
jointly and severally, hereby make the following representation and warranties
to Buyer as of the date hereof and as of the Closing Date.

3.1 Organization and Good Standing. Seller is a corporation duly
incorporated, validly existing and in good standing under the laws of its
jurisdiction of formation, with full corporate power and authority to own, lease
and operate its business and properties and to carry on business in the places
and in the manner as presently conducted or proposed to be conducted. Seller is
in good standing as a foreign corporation in each jurisdiction in which the
properties owned, leased or operated, or the business conducted, by it requires
such qualification except where the failure to so qualify would not have a
material adverse effect on the Asset or consummation of the transactions
contemplated hereby (a "Seller Material Adverse Effect").

3.2 Authority and Enforcement. Seller has all requisite corporate power,
including any shareholder approval, if any, and authority to execute and deliver
this Agreement, and to consummate the transactions contemplated hereby. Seller
has taken all corporate action necessary for the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby, and this
Agreement constitutes the valid and binding obligation of Seller, enforceable
against Seller in accordance with its terms, except as may be affected by
bankruptcy, insolvency, moratoria or other similar laws affecting the
enforcement of creditors' rights generally and subject to the qualification that
the availability of equitable remedies is subject to the discretion of the court

 

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