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Title: |
Share Purchase Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 5KB of 24KB total |
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Price: |
$35 |
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ID: |
#1541253 |
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ICX ELECTRONICS.COM
SHARE PURCHASE AGREEMENT
THIS SHARE PURCHASE AGREEMENT (the "Agreement"), is entered into as of the 12th
day of November, 1999, by and between ICX ELECTRONICS.COM, a corporation
organized and existing under the laws of the State of California (the "Company")
and VIOLO VENTURES LIMITED, a corporation organized and existing under the laws
of Hong Kong (the "Investor").
WHEREAS, the Company has authorized twenty million (20,000,000) shares of
capital common stock, having no par value (the "Common Stock") and ten million
shares of Preferred Stock, having no par value; and
WHEREAS, the Company has issued and outstanding, on a fully-diluted
basis, one million two hundred thousand (1,200,000)] shares of its Common Stock
and two hundred thousand (200,000) shares of its Preferred Stock, as of the date
hereof, and
WHEREAS, subject to the terms and conditions contained herein, the
Investor desires to purchase and the Company desires to sell to the Investor two
hundred eighty thousand (280,000) shares of Common Stock (the "Shares"), for the
purchase price recited herein.
NOW, THEREFORE, in consideration of the foregoing premises and the
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:
1. SHARE PURCHASE BY THE INVESTOR. Upon the execution of this Agreement, the
Investor hereby irrevocably agrees to purchase and subscribe for two
hundred eighty thousand (280,000) Shares to be issued by the Company in
accordance with the terms of this Agreement, which Shares shall be issued
to the Investor promptly against receipt of the appropriate Purchase
Price therefor as set forth in Section 2 below. Such Shares, once
delivered to the Investor as set forth herein, shall be validly issued,
fully paid and non-assessable, shall be free and clear of any and all
liens, charges, pledges, liabilities or other encumbrances, and shall be
inscribed in the books and records of the Company as issued to the
Investor under the specific terms and conditions herein contained.
2. CONSIDERATION FOR AND ISSUANCE OF THE SHARES. As consideration for the
Shares, the Investor shall pay to the Company the sum of Thirty-Six Cents
($0.36) per Share, or One Hundred Thousand Dollars ($100,000) in the
aggregate (the "Purchase Price"), in immediately available funds by check
or by federal wire transfer deposited into an account designated by the
Company. Payment of the Purchase Price shall be as follows:
<PAGE> 2
<TABLE>
<CAPTION>
Payment Date Share To Be Issued
------------ ------------------
<S> <C>
November 12, 1999 140,000
(acknowledged as already
received by the Company)
On or before 70,000
November 30, 1999
On or before 70,000
December 10, 1999
</TABLE>
Upon receipt of the funds, the Company shall cause the Investor to be
issued a stock certificate evidencing the Investors ownership of such
number of Shares as is appropriate in accordance with the purchase
schedule set forth above.
3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants to the Investor, as of the date hereof, the
following:
(a) the Company is a corporation duly organized and validly existing
under the laws of the State of California, and has full power and
authority to enter into, execute and perform this Agreement, which
Agreement, once so executed by the Company, shall be the valid and
binding obligation of such party, enforceable against it by any
court of competent jurisdiction in accordance with its terms;
(b) the individuals signing this Agreement on behalf the Company are
the duly elected executive officers of the Company so indicated,
and have full power and authority to enter into and execute this
Agreement for and on behalf of the Company; and
(c) the Company is not bound by or subject to any contract, agreement,
court order or judgment, administrative ruling, law, regulation or
any other item which prohibits or restricts such party from
entering into and performing this Agreement in accordance with its
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