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Title: |
Issuance Agreement |
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Entities: |
Quicktest 5, Inc.; NDMS Investments, L.P.; Qt 5 Inc |
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Date: |
2003 |
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Size: |
Preview shows 3KB of 22KB total |
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Price: |
$38 |
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ID: |
#177906 |
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EXHIBIT 10.6
ISSUANCE AGREEMENT
THIS ISSUANCE AGREEMENT is made and entered into as of the 30th day of
September 2002, by and between Quicktest 5, Inc., a Delaware corporation (the
"Company"), and NDMS Investments, L.P., a Nevada Limited Partnership ("Lender").
WHEREAS, Lender has agreed to lend $150,000 to the Company by means of
a $150,000 Convertible Promissory Note in a form attached as EXHIBIT A (the
"Note") and under the terms of this Purchase Agreement.
WHEREAS, under the terms of the Note, the Company has agreed to issue
75,000 shares of the Company's Common Stock to Lender (the "Shares").
WHEREAS, the Company has also agreed to enter into a Registration
Rights Agreement in the form attached as EXHIBIT B.
NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION THE SUFFICIENCY OF
WHICH IS HEREBY AFFIRMED, THE PARTIES HEREBY AGREE AS FOLLOWS:
1. Authorization and Sale of Common Stock.
1.1 Authorization of the Shares. On or before the Closing Date
(as defined in Section 2.1 below), the Company's Board of Directors will have
approved issuance of the Common Stock, the Note and the shares issuable upon
conversion of the Note (the "Note Shares").
1.2 Issuance of Shares. In consideration of Lender lending the
Company $150,000 under the terms of the Note, the Company shall issue 75,000
shares of Common Stock at par to Lender at the Closing.
2. Closing Date; Delivery.
2.1 Closing Date. The closing of the loan and purchase and sale
of the Shares (the "Closing") shall be held at the offices of the Company, on
October 1, 2002 (the "Closing Date").
2.2 Delivery. At the Closing, the Company will deliver to the
Lender a certificate representing the Shares against payment of the purchase
price therefor by check, wire transfer, or by such other form of payment as may
mutually be agreed upon by the Company and Lender.
3. Covenants of the Company.
3.1 Removal of Legend. The Company shall remove any legend on the
Shares or the Note Shares within 10 days of the certificate qualifying for
removal of such legends due to registration, compliance with Rule 144 or
otherwise.
3.2 Opinion of Counsel. The Company may request an opinion of
legal counsel prior to removal of such legend; provided, that this shall not
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