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Agreement and Plan of Merger

 

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Title:

Agreement and Plan of Merger

Entities:

Metasource Group Inc

Date:

2002

Size:

Preview shows 6KB of 163KB total

Price:

$80

ID:

#1547858

 

 

► Plans ► Agreements ► Agreements & Plans of Merger

 

 

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<SEQUENCE>3

<FILENAME>exh_2-1.txt
<DESCRIPTION>2.1
<TEXT>





AGREEMENT AND PLAN OF MERGER

THIS AGREEMENT AND PLAN OF MERGER ("Agreement"), dated as of April 24, 2002, is
by and among (i) CobraTech International, Inc., a Nevada corporation ("Parent");
(ii) Meta Source Acquisition Corp., a Delaware corporation and a wholly-owned
subsidiary of Parent ("Acquiring Corp"); and (iii) MetaSource Systems, Inc., a
Delaware corporation ("Acquired Corp"). Parent, Acquiring Corp and Acquired Corp
may sometimes be referred to herein as the "Parties" or individually as a
"Party".

BACKGROUND

A. Acquired Corp is a Delaware company which is currently in the process of
acquiring companies which had net annual earnings of at least Two Million
Dollars ($2,000,000) for the calendar year ending December 31, 2001
(collectively, the "Acquired Entities" or referred to individually as an
"Acquired Entity"). Parent has proposed to assist Acquired Corp in acquiring the
Acquired Entities.

B. Acquiring Corp is a wholly-owned subsidiary of Parent and was formed to merge
with and into Acquired Corp so that as a result of the Merger, as defined below,
Acquired Corp will survive and become a wholly-owned subsidiary of Parent.

C. The Boards of Directors of each of Parent, Acquiring Corp, Acquired Corp and
the Acquired Entities have determined that this Agreement and the merger of
Acquiring Corp with and into Acquired Corp (the "Merger") in accordance with the
provisions of the Delaware General Corporation Law ("DGCL") and subject to the
terms and conditions of this Agreement, is advisable and in the best interests
of Parent, Acquired Corp, Acquiring Corp, Acquired Entities and their respective
stockholders.

D. The Parties desire that the Merger and related transactions qualify as a
"plan of reorganization" under Section 368(a) of the Code and not subject the
holders of shares or warrants of Acquired Corp to tax under the Code.

E. Certain capitalized terms used in this Agreement without definition shall
have the respective meanings given them in Section 17.

NOW, THEREFORE, in consideration of the foregoing and the mutual
representations, warranties, covenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto intending to be legally bound do hereby agree
as follows:

1. THE MERGER.

1.1 GENERAL.


1
<PAGE>



(a) Upon the terms and subject to the conditions of this
Agreement and in accordance with the DGCL, at the Effective Time (as defined in
Section 1.1(b)), (i) Acquiring Corp shall be merged with and into Acquired Corp,
(ii) the separate corporate existence of Acquiring Corp shall cease, and (iii)
Acquired Corp shall be the surviving corporation (the "Surviving Corporation").
As a result of the Merger, the outstanding shares of capital stock of Acquired
Corp shall be exchanged and cancelled in the manner provided in Section 1.5.
With respect to references in this Agreement relating to any obligations or
duties of Acquired Corp accruing after the Effective Time, the usage of the
defined term "Acquired Corp" as opposed to "Surviving Corporation" shall not
operate to negate any such obligations or duties.

(b) The Merger shall become effective on the Closing as
defined below. The Certificate of Merger ("Certificate of Merger") filed by
Acquiring Corp shall provide for a delayed effectiveness as provided for herein.
The Certificate of Merger shall be shall be filed with the Secretary of State of
the State of Delaware in accordance with the provisions of Section 263 of the
DGCL, or at such later time as may be stated in the Certificate of Merger (the
"Effective Time"). Subject to the terms and conditions of this Agreement,
Acquired Corp and Acquiring Corp shall duly execute and file the Certificate of
Merger with the Secretary of State of the State of Delaware at the time of the
closing of the Merger (the "Closing"). The Closing shall occur ten (10) business
days following the date on which Acquired Corp provides written confirmation to
Parent and Acquiring Corp that Acquired Corp has entered into binding and final
acquisition agreements with Acquired Entities. The Parties will use their best
efforts to effectuate the Closing shall take place on or about May 31, 2002 at
the offices of MC Law Group located at 4100 Newport Place, Suite 830, Newport
Beach, California, commencing at 10:00 a.m. or on such other date, (not later
than the Expiration Date), time and place as the parties may mutually agree (the
"Closing Date").

(c) At the Effective Time, the effect of the Merger shall be
as provided in the applicable provisions of the DGCL. Without limiting the
generality of the foregoing, and subject thereto, at the Effective Time, all the
property, rights, privileges, powers and franchises of Acquired Corp, Acquired
Entities and Acquiring Corp shall vest in the Surviving Corporation, and all
debts, liabilities, obligations, restrictions, disabilities and duties of
Acquired Corp and Acquiring Corp shall become the debts, liabilities,
obligations, restrictions, disabilities and duties of the Surviving Corporation.

1.2 CERTIFICATE OF INCORPORATION. The Certificate of Incorporation of
Acquired Corp, as in effect immediately prior to the Effective Time, shall be
the Certificate of Incorporation of the Surviving Corporation until thereafter
amended as provided therein or by applicable law.

 

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