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Title: |
Agreement and Plan of Merger |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 7KB of 137KB total |
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Price: |
$61 |
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ID: |
#1357967 |
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<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER
<TEXT>
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER, dated ___________, 2000 (the
"Effective Date"), by and among PRE-CELL SOLUTIONS, INC., a Colorado corporation
(hereinafter "Pre-Cell"), TRANS NATIONAL COMMUNICATIONS, INC., a Texas
corporation (hereinafter, the "Company"), BYRON YOUNG, FRANK SELBY and MICHAEL
MANSFIELD (collectively, the "Shareholders"), and [TRANSNATIONAL ACQUISITION
CORP.], a Texas corporation ("Merger Sub"), a wholly-owned subsidiary of
Pre-Cell.
WITNESSETH:
WHEREAS, Merger Sub is a wholly-owned subsidiary of Pre-Cell; and
WHEREAS, the Boards of Directors of Pre-Cell, Merger Sub and the
Company have each determined that it is advisable and in the interests of their
respective shareholders to consummate, and have approved, the business
combination transaction provided for herein in which the Company will merge with
and into Merger Sub, so that the separate corporate existence of the Company
shall cease and Merger Sub will be the Surviving Corporation (as defined below)
(the "Merger"), all upon the terms and subject to the conditions of this
Agreement and in accordance with the laws of the State of Florida; and
WHEREAS, the transaction provided for herein is intended to be
consummated in accordance with Article 5.01 of the Texas Business Corporation
Act (the "Texas Business Corporation Act"); and
WHEREAS, in connection with said merger, each Shareholder of the
Company is willing to surrender all of the issued and outstanding common shares
of the Company owned by such shareholder in exchange for the right to receive
certain common shares of Pre-Cell, as detailed herein, and further subject to
the covenants and undertakings of the parties hereto; and
WHEREAS, the terms and conditions of the Merger, the mode of carrying
the same into effect, the manner of converting the capital stock of the Company
into the right to receive common shares of Pre-Cell and such other terms and
conditions as may be required or permitted to be stated in this Agreement are
set forth below; and
WHEREAS, Merger Sub, the Company and their respective shareholders
desire to make certain representations, warranties and agreements in connection
with the Merger and also to prescribe various conditions to the Merger;
1
<PAGE>
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
ARTICLE I
THE MERGER
1.1 The Merger. At the Effective Time (as defined in Section 1.2), upon
the terms and subject to the conditions of this Agreement, the Company shall be
merged with and into the Merger Sub in accordance with the Texas Business
Corporation Act. The Merger Sub shall be the surviving corporation in the Merger
(the "Surviving Corporation") and the separate corporate existence of the
Company shall cease. Merger Sub and the Company are sometimes referred to herein
as the "Constituent Corporations." As a result of the Merger, the outstanding
shares of capital stock of the Company shall be converted or cancelled in the
manner provided in Article II.
1.2 Effective Time. At the Closing (as defined in Section 1.3),
Articles of Merger shall be duly prepared and executed by the Company and Merger
Sub and thereafter delivered to the Secretary of State of the State of Texas
(the "Secretary of State") for filing, as provided in Article 5.01 of the Texas
Business Corporation Act, on, or as soon as practicable after, the Closing Date
(as defined in Section 1.3). The Merger shall become effective at the time
[Articles of Merger] are filed with the Texas Secretary of State (the "Effective
Time").
1.3 Closing. The closing of the Merger (the "Closing") will take place
at the offices of Tobin & Reyes, P.A., 7251 West Palmetto Park Avenue, Suite
205, Boca Raton, Florida 33433, or at such other place as the parties hereto
mutually agree, on May 31, 2000, at 10:00 a.m., local time, provided that the
closing conditions set forth in Article VII and VIII have been satisfied or, if
permissible, waived in accordance with this Agreement, or on such other date as
the parties hereto mutually agree (the "Closing Date"). At the Closing there
shall be delivered to the Company and Pre-Cell the certificates and other
documents and instruments required to be delivered under Articles VII and VIII.
1.4 Articles of Incorporation and Bylaws of the Surviving Corporation.
At the Effective Time, (i) the Articles of Incorporation of the Merger Sub as in
effect immediately prior to the Effective Time shall be the Articles of
Incorporation of the Surviving Corporation until thereafter amended as provided
by law and such Articles of Incorporation, and (ii) the Bylaws of the Merger Sub
as in effect immediately prior to the Effective Time shall be the Bylaws of the
Surviving Corporation until thereafter amended as provided by law, the Articles
of Incorporation of the Surviving Corporation and such Bylaws.
1.5 Directors and Officers of the Surviving Corporation. The sole
director of the Surviving Corporation shall be Thomas Biddix and the officers of
the Surviving Corporation shall be Chris Watson, President and
Secretary-Treasurer in each instance until his respective successors shall have
been duly elected or appointed and qualified or until his earlier death,
2
<PAGE>
resignation or removal in accordance with the Surviving Corporation's
Certificate of Incorporation and Bylaws.
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