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Title: |
Agreement and Plan of Acquisition |
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Date: |
2003 |
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Preview shows 6KB of 59KB total |
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$44 |
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ID: |
#1516477 |
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<SEQUENCE>3
<FILENAME>reorgagreement.txt
<TEXT>
<PAGE>
AGREEMENT AND PLAN OF ACQUISITION
by and among
LIVESTAR Entertainment Group, Inc.
a Nevada corporation,
1485684 Ontario Limited
an Ontario corporation,
and
Mr. Terrance Lall
an individual.
Effective as of July 29th, 2003
<PAGE>
AGREEMENT AND PLAN OF ACQUISITION
THIS AGREEMENT AND PLAN OF ACQUISITION (this Agreement) is made and
entered into to be effective the 29th day of July, 2003, by and among
LIVESTAR Entertainment Group Inc., a Nevada corporation (LIVESTAR),
1485684 Ontario Limited, an Ontario corporation doing business as The Sequel
Nightclub (Sequel), and Mr. Terrance Lall, an individual (Mr. Lall).
Premises
A. This Agreement provides for the acquisition of Sequel by
LIVESTAR, with LIVESTAR acquiring 100% of the issued and outstanding capital
shares and Shareholder?s Loans of Sequel in exchange for the consideration
set forth herein.
B. The board of directors of Sequel with respect to Sequel, and the
board or directors of LIVESTAR with respect to LIVESTAR, have determined,
subject to the terms and conditions set forth in this Agreement, that the
acquisition of the shares of Sequel by LIVESTAR contemplated hereby, is
desirable and in the best interests of the stockholders of Sequel and
LIVESTAR. This Agreement is being entered into for the purpose of setting
forth the terms and conditions of the proposed acquisition.
Agreement
NOW, THEREFORE, on the stated premises and for and in consideration of
the mutual covenants and agreements hereinafter set forth and the mutual
benefits to the parties to be derived herefrom, it is hereby agreed as
follows:
ARTICLE I
REPRESENTATIONS, COVENANTS AND WARRANTIES
OF SEQUEL AND MR. LALL
As an inducement to and to obtain the reliance of LIVESTAR, Sequel and
Mr. Lall represent and warrant as follows:
Section 1.1 Organization. Sequel is a corporation
duly organized, validly existing, and in good standing
under the laws of the Province of Ontario and has the
corporate power and is duly authorized, qualified,
franchised and licensed under all applicable laws,
regulations, ordinances and orders of public authorities to
own all of its properties and assets and to carry on its
business in all material respects as it is now being
conducted including the right to operate as a nightclub
offering services to the public customary to that industry.
Included in Schedule 1.1 are complete and correct copies of
the articles of incorporation, bylaws and amendments
thereto of Sequel as in effect on the date hereof. The
execution and delivery of this Agreement do not and the
1
<PAGE>
consummation of the transactions contemplated by this
Agreement in accordance with the terms hereof will not
violate any provision of Sequels articles of incorporation
or bylaws. Sequel has full power, authority and legal
right and has taken all action required by law, its
articles of incorporation, its bylaws or otherwise to
authorize the execution and delivery of this Agreement.
Section 1.2 Capitalization. All issued and
outstanding shares of Sequel (the Sequel Shares) are
legally issued, fully paid and nonassessable and are not
issued in violation of the preemptive or other rights of
any person. Sequel has no other securities, warrants or
options issued other than as set forth in the Schedule 1.2.
Section 1.3 Subsidiaries. Sequel does not have any
subsidiaries and does not own, beneficially or of record,
any shares of any other corporation.
Section 1.4 Financial Information. The books and records, financial
and otherwise, of Sequel are in all material respects complete and correct
and have been maintained in accordance with good business accounting
practices. Relevant thereto:
(a) Sequel has filed or is preparing to file all provincial,
federal and local income tax returns required to be filed by it
from inception to the date hereof, if any;
(b) the books and records, financial and others, of Sequel
are in all material respects complete and correct and have been
maintained in accordance with good business accounting practices.
Sequel will provide to LIVESTAR on or before August 15, 2003,
Financial Statements of Sequel for the year ended December 31,
2002 and interim financial statements for the six month period
ended June 30, 2003 (the ?Interim Financial Statements?)
prepared by Paul Babber & Associates, Chartered Accountants, to
the level of Notice to Reader (collectively, the ?Financial
Statements?).
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