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Title: |
Asset Purchase Agreement |
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Entities: |
ASA International Ltd.; PowerCerv Corp.; Epstein Becker & Green; Powercerv Corp |
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Date: |
2002 |
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Size: |
Preview shows 8KB of 156KB total |
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Price: |
$70 |
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ID: |
#119896 |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
POWERCERV CORPORATION,
POWERCERV TECHNOLOGIES CORPORATION
PCV ACQUISITION, INC
AND
ASA INTERNATIONAL, LTD.
Dated as of October 1, 2002
{PAGE}
INDEX OF EXHIBITS
Exhibit Description
--------- -----------
Exhibit A Form of Promissory Note
Exhibit B Form of Instrument of Assumption of Liabilities
Exhibit C Bill of Sale and General Assignment of Seller Assets
Exhibit D Trademark Assignment
Exhibit E Copyright Assignment
Exhibit F Non-Competition Agreement
{PAGE}
INDEX OF SCHEDULES
Seller Schedule Description
--------------- -----------
{PAGE}
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (the or this "Agreement") is made and entered
into as of October 1, 2002 by and among PCV Acquisition, Inc., a Delaware
corporation ("Buyer"); PowerCerv Corporation, a Florida corporation
("PowerCerv"); PowerCerv Technologies Corporation, a Florida Corporation and
wholly-owned subsidiary of PowerCerv (the "Subsidiary", and together with
PowerCerv, the "Seller"); and ASA International Ltd., a Delaware Corporation and
the sole Stockholder of Buyer ("ASA").
RECITALS
A. The Boards of Directors of each of Seller and Buyer believe it is in
the best interests of each company and its respective stockholders
that Buyer acquire certain of the assets of, and assume certain of the
liabilities of, Seller (the "Acquisition").
B. Seller is engaged in the business of designing, developing, licensing,
supporting, maintaining, selling and marketing and implementing
software primarily for manufacturing companies (the "Business").
NOW, THEREFORE, in consideration of the covenants, promises and
representations set forth herein, and for other good and valuable consideration,
the parties agree as follows:
ARTICLE I
THE ACQUISITION
1.1 Purchase of Assets.
(a) Purchase and Sale of Assets. On the terms and subject to the conditions
set forth in this Agreement, Seller will sell, convey, transfer, assign and
deliver to Buyer, and Buyer will purchase and acquire from Seller on the Closing
Date (as defined in Section 1.5), all of Seller's rights, title and interest in
and to all of the assets of Seller (collectively the "Seller Assets") free and
clear of all liens, pledges, charges, claims, security interests or other
encumbrances of any sort (collectively, "Liens"), (excluding Liens listed on
Schedule 2.7), including without limitation, the following (provided, however,
that the Seller Assets shall not include those assets set forth on Schedule
1.1(b)):
(i) All rights, title and interest in and to (a) the software
designed, developed, maintained, implemented, supported, licensed or sold by
Seller (including but not limited to ERP Plus, eSeries and their respective
components), including all released and unreleased source code and object code
versions thereof and all related documentation and development notes (the
"Software"), and (b) all other intellectual property of Seller including
databases, market information, research and development, patents, patent
applications, copyrights, copyright registration applications, trademarks and
service marks and related applications, trade names, trade secrets, proprietary
information, technology rights and licenses, proprietary rights and processes,
know-how, research and development in progress, and any and all other
intellectual property including, without limitation, all things authored,
discovered, developed, made, perfected, improved, designed, engineered, devised,
acquired, produced, conceived or first reduced to practice by Seller, or that
are relevant to an understanding or to the development of the Business or to the
performance by the products of the Business of their intended functions or
purposes, whether tangible or intangible, in any stage of development, including
without limitation enhancements, designs, technology, improvements, inventions,
works of authorship, formulas, processes, routines, subroutines, techniques,
concepts, object code, flow charts, diagrams, coding sheets, source code,
listings and annotations, programmers' notes, information, work papers, work
product and other materials of any types whatsoever, and all rights of any kind
in or to any of the foregoing (collectively, with the Software, "Intellectual
Property");
(ii) All rights, title and interest in and to all end-user software
licenses (any such contracts to be listed on Schedule 1.1(a)(ii) and to be
referred to the "License Agreements") sold by Seller in connection with the use
of the Software; provided, however, that pursuant to the Purchase Price
Adjustment Notice (as defined in Section 1.3), Buyer may, in its sole
discretion, reject any such License Agreements, in which event such rejected
License Agreements shall constitute Excluded Assets (as defined in Section
1.1(b)).
(iii) All rights, title and interest in and to any contracts for
maintenance in connection with the Software (any such contracts to be listed on
Schedule 1.1(a)(iii) and to be referred to as the "Maintenance Agreements");
provided, however, that pursuant to the Purchase Price Adjustment Notice, Buyer
may, in its sole discretion, reject any such Maintenance Agreements, in which
event such rejected Maintenance Agreements shall constitute Excluded Assets.
(iv) All rights, title and interest in and to any contracts for
implementation of the Software whether arising from License Agreements,
statements of work, purchase orders, work or services orders or other agreements
(any such contracts to be listed on Schedule 1.1(a)(iv) and to be referred to as
the "Implementation Agreements"); provided, however, that pursuant to the
Purchase Price Adjustment Notice, Buyer may, in its sole discretion, reject any
such Implementation Agreements, in which event such rejected Maintenance
Agreements shall constitute Excluded Assets.
(v) The right, but not the obligation, to employ all employees of
Seller on the Closing Date;
{PAGE}
(vi) All accounts receivable, notes receivable and interest receivable
of Seller which are outstanding as of the Closing Date (the "Accounts
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