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Document Preview Asset Purchase Agreement |
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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 5KB of 115KB total |
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Price: |
$44 |
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ID: |
#1255165 |
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<SEQUENCE>3
<FILENAME>assetpurchaseagmt.txt
<TEXT>
ASSET PURCHASE AGREEMENT
THIS AGREEMENT made as of the 8th of March, 2004.
BETWEEN:
WORKSTREAM USA, INC.,
a corporation incorporated under the laws of Delaware
(hereinafter referred to as the "Purchaser")
AND:
WORKSTREAM INC.,
a corporation incorporated under the laws of Canada
(hereinafter referred to as "Workstream")
AND:
PEOPLEVIEW, INC.,
a corporation incorporated under the laws of the State of Nevada
(hereinafter referred to as the "Vendor")
WHEREAS:
A. The Vendor carries on the business of providing real-time decision
support for human capital management;
B. The Vendor wishes to sell and assign to the Purchaser, and the Purchaser
wishes to purchase and assume from Vendor certain of the assets of such business
on the terms and subject to the conditions hereinafter contained.
NOW THEREFORE in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration paid by each of the parties
hereto to each of the other parties hereto (the receipt and sufficiency of which
are hereby acknowledged), it is agreed among the parties hereto as follows:
1. INTERPRETATION
--------------
1.1. DEFINED TERMS. In this Agreement and in the schedules hereto, unless
there is something in the subject-matter or context inconsistent therewith, the
following terms and expressions will have the following meanings:
<PAGE>
2
1.1.1. "Affiliate" of any person means any corporation which, directly or
indirectly, is controlled by, controls or is under direct or indirect common
control with such person;
1.1.2. "Agreement", "hereto", "herein", "hereof", "hereunder" and similar
expressions refer to this Asset Purchase Agreement and not any particular
paragraph or any particular portion of this agreement and includes all schedules
attached to this agreement;
1.1.3. "Assumed Contracts" means all contracts, agreements, orders,
commitments and other engagements by or with third parties relating to the
Business which are included in the Purchased Assets including, without
limitation, the Customer Contracts and the Leases all of which, including
amounts payable thereon, all of which are listed in Schedule 1.1.3 attached
hereto;
1.1.4. "Business" means the business carried on by the Vendor which
primarily involves the provision of real-time decision support for human capital
management;
1.1.5. "Business Day" means a day other than a Saturday, a Sunday or other
day on which commercial banks in Ottawa, Ontario, Canada are authorized or
required by law to close;
1.1.6. "Closing Date" means March 17, 2004, or such other date as the Vendor
and Purchaser may agree upon;
1.1.7. "Closing Time" means 2:00 o'clock in the afternoon on the Closing
Date or such other time on the Closing Date as the parties hereto may agree
upon;
1.1.8. "Commission" means the Securities and Exchange Commission;
1.1.9. "Commission Documents" means all of the Purchaser's filings with the
Commission prior to the date hereof;
1.1.10. "Customer Contracts" means any and all agreements entered into
between the Vendor and one or more third parties relating to the sale or
provision of goods or services by the Vendor to such third parties in connection
with the Business, including unfilled orders, commitments and other engagements
by or with such third parties, all of which are listed in Schedule 2.1.4
attached hereto;
<PAGE>
3
1.1.11. "Encumbrances" means mortgages, charges, pledges, security
interests, liens, encumbrances, actions, claims, demands and equities of any
nature whatsoever or howsoever arising and any rights or privileges capable of
becoming any of the foregoing;
1.1.12. Intentionally deleted;
1.1.13. "Governmental Authority" means any foreign, domestic, federal,
territorial, state or local governmental authority, quasi-governmental
authority, instrumentality, court, government or self-regulatory organization,
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