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Title: |
Asset Purchase Agreement |
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Entities: |
Computer Learning Centers Inc.; First Union National Bank; New Horizons Worldwide Inc.; Calfee, Halter & Griswold; New Horizons Worldwide Inc |
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Date: |
2001 |
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Size: |
Preview shows 3KB of 90KB total |
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Price: |
$48 |
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ID: |
#122461 |
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ASSET PURCHASE AGREEMENT
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This Asset Purchase Agreement ("AGREEMENT") is entered into as
of the 2nd day of April, 2001 among APPLETREE TECHNOLOGIES INCORPORATED, a
Georgia corporation ("SELLER"), Seller's shareholders, LARRY HALL and DOUGLAS
SHANKWILER (collectively, the "PRINCIPALS" and each a "PRINCIPAL"), New Horizons
Computer Learning Centers of Atlanta, Inc., a Delaware corporation ("BUYER") and
NEW HORIZONS WORLDWIDE, INC., a Delaware corporation ("NEW HORIZONS").
Recitals:
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A. Seller is engaged in the business of providing computer
training services ("Services") to organizations and individuals primarily
located in and around Atlanta, Georgia (the "ATLANTA BUSINESS") as a franchisee
of New Horizons Computer Learning Centers, Inc., a California corporation (f/k/a
New Horizons Franchising, Inc.) ("NHCLC").
B. In addition, Seller, as a franchisee of NHCLC, is engaged
in the business of providing computer training services to organizations and
individuals located in and around Tampa, Florida and Jacksonville, Florida
(collectively, the "FLORIDA BUSINESS") pursuant to the terms of conditions of
certain Franchise Agreements dated March 1, 1997 and May 31, 1996 (each as may
have been amended) (the "FLORIDA FRANCHISE AGREEMENTS").
C. The Principals own all of the issued and outstanding
capital stock of Allan-Adair Holdings, Ltd., a Georgia corporation ("PARENT")
and Seller is a wholly owned subsidiary of Parent.
D. The parties desire that (i) Seller sell to Buyer and that
Buyer purchase from Seller substantially all of Seller's assets related to the
Atlanta Business and (ii) Seller's Franchise Agreement dated February 27, 1993
(as the same has been amended and modified) with NHCLC for the Atlanta, Georgia
area (the "ATLANTA FRANCHISE AGREEMENT") be terminated upon the terms therein
and hereinafter set forth.
In consideration of and in reliance upon the mutual
representations, warranties, covenants, obligations and agreements contained
herein, the parties agree as follows:
1. PURCHASE AND SALE OF ASSETS.
1.1 PURCHASED ASSETS. Seller hereby sells to Buyer,
free of all liens, encumbrances, claims and other restrictions of any kind other
than Permitted Encumbrances (as defined herein), and Buyer hereby purchases, all
of Seller's right, title, and interest in and to all of the properties, assets,
and rights owned, used, acquired for use, or arising or existing in connection
with the Atlanta Business, whether tangible or intangible, and whether or not
recorded on Seller's books and records, as the same exist at the Closing (as
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