Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Agreement and Plan of Reorganization

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Agreement and Plan of Reorganization

Entities:

Interactive Motorsports & Entertainment Corp

Date:

2000

Size:

Preview shows 10KB of 73KB total

Price:

$48

ID:

#1247310

 

 

► Plans ► Agreements ► Agreements & Plans of Reorganization

 

 

Start of Preview


<SEQUENCE>2

<FILENAME>0002.txt
<TEXT>


AGREEMENT AND PLAN OF REORGANIZATION


This Agreement and Plan of Reorganization ("the Agreement"),
dated as of the 10th day of November, 2000, by and between
Pacific International Holding, Inc., a Utah corporation ("PIH")
and Tamasik Technologies Corporation, a Utah corporation
("Tamasik") and the shareholders of Tamasik ("Shareholders"),
with reference to the following:

A. PIH is a Utah corporation organized in 1986. PIH
has authorized capital stock of 60,000,000 shares, $.001 par
value, of which 4,844,378 shares are issued and outstanding.

B. Tamasik, Inc. is a privately held corporation
organized under the laws of the State of Utah on June 9,
2000.

C. The respective Boards of Directors of PIH and
Tamasik have deemed it advisable and in the best interests
of PIH and Tamasik that Tamasik be acquired by PIH, pursuant
to the terms and conditions set forth in this Agreement.

D. PIH and Tamasik propose to enter into this
Agreement which provides among other things that all of the
outstanding shares of Tamasik be acquired by PIH, in
exchange for shares of PIH and such additional items as more
fully described in the Agreement.

E. The parties desire the transaction to qualify as a
tax-free reorganization under Section 368 (a)(1)(B) of the
Internal Revenue Code of 1986, as amended.

NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE 1
THE ACQUISITION

1.01 At the Closing, a total of 3,395,525 common shares,
which represents all of the outstanding shares of Tamasik shall
be acquired by PIH in exchange for 3,395,525 restricted common
shares of PIH. The shares of PIH to be issued in this
transaction shall be issued as set forth in Exhibit A to this
Agreement.

1.02 At the Closing, the Tamasik shareholders will deliver
certificates for the outstanding shares of Tamasik, duly endorsed
so as to make PIH the sole holder thereof, free and clear of all
claims and encumbrances and PIH shall deliver a transmittal letter
directed to the transfer agent of PIH directing the issuance of shares
to the shareholders of Tamasik as set forth on Exhibit A of this Agreement.

1.03 Following the reorganization there will be a total of
8,239,903 shares, $.001 par value, issued and outstanding in PIH.
E-1
<PAGE>


1.04 Following the reorganization, Tamasik will be a wholly
owned subsidiary of PIH.

ARTICLE 2
THE CLOSING

2.01 The consummation of the transactions contemplated by
this Agreement (the "Closing") shall take place at Lehaman Walstrand
& Associates, 620 Judge Bldg, 8 East broadway, Salt Lake City, UT. 84111 on
or before November 20, 2000, (the "Closing Date") or at such other place or
date and time as may be agreed to in writing by the parties hereto.

ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF PIH

PIH hereby represents and warrants to Tamasik as follows:

3.01 PIH shall deliver to Tamasik, on or before Closing,
each of the following:

(a) Financial Statements. Audited financial statements
of PIH including, but not limited to, balance sheets and profit
and loss statements from fiscal year end 1998, 1999 and unaudited
financial statements for the period ending June 2000, prepared in
accordance with generally accepted accounting principles and which
fairly present the financial condition of PIH at the dates thereof.
(Schedule A)

(b) Property. An accurate list and description of all
property, real or personal, owned by PIH of a value equal to
or greater than $10,000.00. (Schedule B.)

(c) Liens and Liabilities. A complete and accurate
list of all material liens, encumbrances, easements,
security interests or similar interests in or on any of the
assets listed on Schedule A. (Schedule C.) A complete and
accurate list of all debts, liabilities and obligations of
PIH incurred or owing as of the date of this Agreement.
(Schedule C.1.)

(d) Leases and Contracts. A complete and accurate
list describing all material terms of each lease (whether of
real or personal property) and each contract, promissory
note, mortgage, license, franchise, or other written
agreement to which PIH is a party which involves or can
reasonably be expected to involve aggregate future payments
or receipts by PIH (whether by the terms of such lease,
contract, promissory note, license, franchise or other
written agreement or as a result of a guarantee of the
payment of or indemnity against the failure to pay same) of
$10,000.00 or more annually during the twelve-month period
ended December 31, 2000, or any consecutive twelve-month
period thereafter, except any of said instruments which
terminate or are cancelable without penalty during such
twelve-month period. (Schedule D.)
E-2
<PAGE>

(e) Loan Agreements. Complete and accurate copies of
all loan agreements and other documents with respect to
obligations of PIH for the repayment of borrowed money.
(Schedule E.)

(f) Consents Required. A complete list of all
agreements wherein consent to the transaction herein
contemplated is required to avoid a default thereunder; or
where notice of such transaction is required at or
subsequent to closing, or where consent to an acquisition,
consolidation, or sale of all or substantially all of the
assets is required to avoid a default thereunder.
(Schedule F.)

(g) Articles and Bylaws. Complete and accurate copies
of the Certificate and Articles of Incorporation and Bylaws
of PIH together with all amendments thereto to the date
hereof. (Schedule G.)

(h) Shareholders. A complete list of all persons or
entities holding capital stock of PIH or any rights to
subscribe for, acquire, or receive shares of the capital
stock of PIH (whether warrants, calls, options, or
conversion rights), including copies of all stock option
plans whether qualified or nonqualified, and other similar
agreements. (Schedule H.)

(i) Officers and Directors. A complete and current
list of all Officers and Directors of PIH. (Schedule I.)

(j) Salary Schedule. A complete and accurate list (in
all material respects) of the names and the current salary
rate for each present employee of PIH who received $1,000.00
or more in aggregate compensation from PIH whether in
salary, bonus or otherwise, during the year 1999, or who is
presently scheduled to receive from PIH a salary in excess
of $1,000.00 during the year ending December 2000, including
in each case the amount of compensation received or
scheduled to be received, and a schedule of the hourly rates
of all other employees listed according to departments.
(Schedule J.)

(k) Litigation. A complete and accurate list (in all
material respects) of all material civil, criminal,
administrative, arbitration or other such proceedings or
investigations (including without limitations unfair labor
practice matters, labor organization activities,
environmental matters and civil rights violations) pending
or, to the knowledge of PIH threatened, which may materially
and adversely affect PIH. (Schedule K.)

(l) Tax Returns. Accurate copies of all Federal and
State tax returns for PIH for the last fiscal year.
(Schedule L.)

(m) Agency Reports. Copies of all material reports or
filings (and a list of the categories of reports or filings
made on a regular basis) made by PIH under ERISA, EEOC, FDA
and all other governmental agencies (federal, state or
local) during the last fiscal year. (Schedule M.)
E-3

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC