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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

Giant Motorsports, Inc.

Date:

2004

Size:

Preview shows 5KB of 28KB total

Price:

$44

ID:

#1211863

 

 

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<SEQUENCE>5

<FILENAME>stockpurchase-23.txt
<TEXT>
[Exhibit 2.3]


STOCK PURCHASE AGREEMENT

This Stock Purchase Agreement ("Agreement") is made and entered as of
the 30th day of December, 2003, by and among the buyers detailed in Schedule "A"
("Buyer"), and the seller detailed in Schedule "B" ("Seller").

RECITALS

A. Seller owns 150,000 shares of common stock of American Busing
Corporation (herein "Company"), a Nevada corporation (herein "Shares").

B. Seller desires to sell, assign, transfer, convey, deliver and set
over the Shares to Buyer, on the terms and subject to the conditions specified
by the provisions of this Agreement.

C. Buyer desires to purchase and acquire the Shares from Seller, on the
terms and subject to the conditions specified by the provisions of this
Agreement.

D. This purchase and sale transaction is a privately negotiated
transaction between arms length parties at a privately negotiated price and
shall close on or around January 5, 2004.


NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SPECIFIED ABOVE THAT SHALL BE
DEEMED TO BE A SUBSTANTIVE PART OF THIS AGREEMENT, AND THE MUTUAL COVENANTS,
PROMISES, UNDERTAKINGS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES SPECIFIED IN
THIS AGREEMENT AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED
LEGALLY AND EQUITABLY, THE PARTIES DO HEREBY COVENANT, PROMISE, AGREE, REPRESENT
AND WARRANT AS FOLLOWS:

ARTICLE I

DEFINITIONS
-----------

For purposes of this Agreement, the following terms have the meanings
specified or referred to in this Article I:

"Breach" -- a "Breach" of a representation, warranty, covenant,
obligation, or other provision of this Agreement or any instrument delivered
pursuant to this Agreement will be deemed to have occurred if there is or has
been (a) any material inaccuracy in or breach of, or any material failure to
perform or comply with, such representation, warranty, covenant, obligation, or
other provision, or (b) any material claim (by any Person) or other occurrence
or circumstance that is or was inconsistent with such representation, warranty,


<PAGE>

covenant, obligation, or other provision, and the term "Breach" means any such
material inaccuracy, breach, failure, claim, occurrence, or circumstance.

"Buyer" -- as defined in Schedule "A" of this Agreement.

"Closing" -- The closing of the Contemplated Transaction, which shall
occur on the Closing Date.

"Closing date"- is on or around January 5, 2004.

"Consent" -- any approval, consent, ratification, waiver, or other
authorization (including any Governmental Authorization).

"Contemplated Transaction" -- the transaction contemplated by the
provisions of this Agreement, including:

(a) the sale of the Shares by Seller to Buyer;

(b) the performance by Buyer and Seller of their respective covenants
and obligations pursuant to this Agreement; and

(c) Buyer's acquisition and purchase of the Shares from the Seller.

"Contract" -- any agreement, contract, obligation, promise, or
undertaking (whether written or oral and whether express or implied) that is
legally obligating.

"Encumbrance" -- any charge, claim, community property interest,
condition, equitable interest, lien, option, pledge, security interest, right of
first refusal, or restriction of any nature whatsoever, including any
restriction on use, voting, transfer, receipt of income, or exercise of any
other attribute of ownership.

"Escrow Agent"--- Shall be Dennis Brovarone, Attorney at Law,
18 Mt. Laurel Drive, Littleton, CO 80127.

"Escrow Agreement"--- Is the Agreement attached hereto as Schedule "C".

"Governmental Authorization" -- any approval, consent, license, permit,
waiver, or other authorization issued, granted, given, or otherwise made
available by or pursuant to the authority of any Governmental Body or pursuant
to any Legal Requirement.

2
<PAGE>

"Governmental Body" -- any:


 

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