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Title: |
Agreement and Plan of Merger |
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Date: |
2000 |
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$52 |
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ID: |
#1658868 |
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<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER
<TEXT>
AGREEMENT AND PLAN OF MERGER
BY AND BETWEEN
PACIFIC VISION GROUP, INC.
AND
WINNERNET INDUSTRIES, INC.
DATED JUNE 13, 2000
<PAGE>
TABLE OF CONTENTS
ARTICLE I MERGER
1.01 THE MERGER...............................................................1
1.02 EFFECT OF THE MERGER.....................................................1
1.03 EFFECTIVE TIME...........................................................2
1.04 CLOSING..................................................................2
1.05 CONSTITUTIONAL DOCUMENTS, DIRECTORS AND OFFICERS.........................2
1.06 PRINCIPAL OFFICE.........................................................3
1.07 CONVERSION OF SECURITIES.................................................3
1.08 TAX CONSEQUENCES; ACCOUNTING TREATMENT...................................4
1.09 TAKING OF NECESSARY ACTION; FURTHER ACTION...............................4
ARTICLE II REPRESENTATIONS AND WARRANTIES OF WNNI
2.01 ORGANIZATION; QUALIFICATION; SUBSIDIARIES................................4
2.02 AUTHORITY................................................................5
2.03 CAPITALIZATION...........................................................5
2.04 WNNI COMMON STOCK........................................................6
2.05 ABSENCE OF LITIGATION....................................................6
2.06 NO OTHER DEFAULT.........................................................6
2.07 CORPORATE DOCUMENTS......................................................6
2.08 TAX AND OTHER LIABILITIES................................................7
2.09 PROPERTIES...............................................................7
2.10 CONTRACTS AND OTHER INSTRUMENTS..........................................7
2.11 EMPLOYEES................................................................7
2.12 PRE CLOSING ACTIVITY.....................................................7
2.13 CERTIFICATE..............................................................8
2.14 FINANCIAL STATEMENTS AND CONDITION.......................................8
2.15 BOARD ACTION.............................................................8
2.16 STOCKHOLDER VOTE REQUIRED................................................8
2.17 BOARD APPROVAL...........................................................8
-i-
<PAGE>
ARTICLE III REPRESENTATIONS AND WARRANTIES OF PVG
3.01 ORGANIZATION; QUALIFICATION; SUBSIDIARIES................................9
3.02 AUTHORITY................................................................9
3.03 CAPITALIZATION...........................................................9
3.04 ABSENCE OF LITIGATION...................................................10
3.05 NO OTHER DEFAULT........................................................10
3.06 CORPORATE DOCUMENTS.....................................................11
3.07 TAX AND OTHER LIABILITIES...............................................11
3.08 PROPERTIES..............................................................11
3.09 CONTRACTS AND OTHER INSTRUMENTS.........................................11
3.10 PRE CLOSING ACTIVITY....................................................11
3.11 CERTIFICATE.............................................................12
3.12 FINANCIAL STATEMENTS AND CONDITION......................................12
3.13 BOARD ACTION............................................................12
3.14 STOCKHOLDER VOTE REQUIRED...............................................12
3.15 BOARD APPROVAL..........................................................12
3.16 ACQUISITION FOR INVESTMENT PURPOSES ONLY................................12
ARTICLE IV COVENANTS AND OTHER AGREEMENTS
4.01 CONDUCT OF BUSINESS OF WNNI.............................................13
4.02 TRANSACTION COSTS AND EXPENSES..........................................14
4.03 SUBSEQUENT EVENTS.......................................................14
4.04 INDEMNITY...............................................................14
4.05 RELATED AGREEMENTS......................................................15
4.06 ACCESS TO INFORMATION; CONFIDENTIALITY..................................15
4.07 CONSENTS................................................................16
4.08 FORM 10-SB REGISTRATION STATEMENT.......................................16
4.09 STATE SECURITIES LAW COMPLIANCE.........................................16
4.10 BOARD OF DIRECTORS......................................................16
-ii-
<PAGE>
ARTICLE V CONDITIONS
5.01 CONDITIONS TO THE OBLIGATION TO EFFECT THE MERGER.......................17
5.02 WNNI'S OBLIGATIONS AT CLOSING...........................................17
5.03 PVG'S OBLIGATIONS AT CLOSING............................................19
ARTICLE VI TERMINATION, AMENDMENT AND WAIVER
6.01 TERMINATION.............................................................20
6.02 TERMINATION PROCEDURES..................................................21
6.03 EFFECT OF TERMINATION...................................................21
ARTICLE VII MISCELLANEOUS
7.01 BROKERAGE FEES..........................................................21
7.02 FURTHER ACTIONS.........................................................21
7.03 SURVIVAL................................................................21
7.04 MODIFICATION............................................................22
7.05 NOTICES.................................................................22
7.06 WAIVER..................................................................22
7.07 BINDING EFFECT..........................................................22
7.08 NO THIRD-PARTY BENEFICIARIES............................................23
7.09 SEVERABILITY AND REFORMATION............................................23
7.10 HEADINGS................................................................23
7.11 GOVERNING LAW...........................................................23
7.12 SEPARATE COUNTERPARTS...................................................23
7.13 INCORPORATION OF RECITALS, EXHIBITS AND SCHEDULES.......................23
7.14 ARBITRATION.............................................................23
-iii-
<PAGE>
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (the "Agreement"), is entered into as of
the 13 day of June, 2000, by and between Pacific Vision Group, Inc., a Delaware
corporation ("PVG"), and Winnernet Industries, Inc., a Nevada corporation
("WNNI").
WHEREAS, PVG is authorized to issue up to 30,000,000 shares of common
stock, $.002 par value ("PVG Common Stock"), of which 10,000,000 shares are
issued and outstanding; and
WHEREAS, WNNI is authorized to issue up to 100,000,000 shares of common
stock, $.001 par value ("WNNI Common Stock"), of which 4,500,000 shares are
issued and outstanding; and
WHEREAS, PVG AND WNNI have agreed to the merger described in Article I
hereof (the "Merger"); and
WHEREAS, the respective boards of directors of PVG and WNNI have determined
that it is advisable to consummate the Merger, as a result of which all of the
outstanding PVG Common Stock will be converted into WNNI Common Stock and PVG
will be merged with and into WNNI, on the terms and subject to the conditions
set forth in this Agreement; and
WHEREAS, the Boards of Directors of WNNI and PVG have submitted this
Agreement to their respective stockholders for approval as required by the
corporate law of their respective states of incorporation.
NOW THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements herein contained, the
parties hereto do hereby agree as follows:
ARTICLE I
MERGER
1.01 THE MERGER. Upon the terms and subject to the conditions set forth in
this Agreement, and in accordance with the Revised Statutes of the state of
Nevada, PVG shall be merged with and into WNNI at the Effective Time (as defined
in Section 1.03). As of the Effective Time, the separate corporate existence of
PVG shall cease and WNNI shall continue as the surviving corporation (the
"Surviving Corporation"), under the new name of "Pacific Vision Group, Inc." and
shall succeed to and assume all the rights and obligations of PVG in accordance
with the Nevada Revised Statutes.
1.02 EFFECT OF THE MERGER. The Surviving Corporation shall possess all the
rights, privileges, immunities and franchises, of a public as well as of a
private nature, of each of PVG and WNNI (collectively, the "Constituent
Corporations"), and all property, real, personal and mixed, and all debts due on
-1-
<PAGE>
whatever account, including subscriptions to shares, and all other choses in
action, and all and every other interest of or belonging to or due to each of
the Constituent Corporations, shall be taken and deemed to be transferred to and
vested in the Surviving Corporation without further act or deed and the
Surviving Corporation shall be responsible and liable for all liabilities and
obligations of each of the Constituent Corporations.
1.03 EFFECTIVE TIME. The Merger contemplated by this Agreement shall be
effective on the date and time that the Articles of Merger is filed with and
accepted by the Secretary of State of Nevada in accordance with applicable law,
unless a later time is expressly provided for in such articles (the "Effective
Time").
1.04 CLOSING. Subject to the satisfaction or waiver of the last of the
conditions set forth in Article V hereof, the consummation of the transactions
contemplated by this Agreement (the "Closing"), will take place at 10:00 a.m. on
June 13, 2000, at the law offices of Squire, Sanders & Dempsey L.L.P., 40 North
Central Avenue, Phoenix, Arizona, 85004, or at such other time and place as the
parties to this Agreement shall agree (the "Closing Date"). Subject to the terms
and conditions of this Agreement, on the Closing Date: (a) the parties hereto
shall each deliver to the other the documents, agreements, payments and
consideration required to be delivered to the other party hereto as herein
expressly provided; and (b) the Constituent Corporations shall execute two
originals of Articles of Merger in the forms required for filing with the
Secretary of State of Nevada and the Secretary of State of Delaware
(collectively, the "Articles of Merger"), which Articles of Merger shall be
filed by the parties with the Secretary of State of Nevada and the Secretary of
State of Delaware immediately after execution on the Closing Date. Subsequent to
the Closing, the parties hereto shall thereafter execute, acknowledge, deliver
and/or record such other and further instruments, documents or certificates
and/or take and perform such other and further actions as may be required to
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