Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Agreement and Plan of Merger

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Agreement and Plan of Merger

Entities:

Johnson J LLC ; Vedder, Price, Kaufman & Kammholz P.C.

Date:

2002

Size:

Preview shows 16KB of 106KB total

Price:

$54

ID:

#2083317

 

 

► Plans ► Agreements ► Agreements & Plans of Merger
► Services ► Legal

 

 

Start of Preview


                          AGREEMENT AND PLAN OF MERGER



THIS AGREEMENT AND PLAN OF MERGER is made as of the 13th day of November, 2002

AMONG:

WPCS INTERNATIONAL INCORPORATED, a corporation formed pursuant
to the laws of the State of Delaware and having an office for
business located at 140 South Village Avenue, Suite 20, Exton,
Pennsylvania 19341

("WPCS")

AND:

INVISINET ACQUISITIONS INC., a body corporate formed pursuant
to the laws of the State of Delaware and a wholly owned
subsidiary of WPCS

(the "Acquirer")

AND:

INVISINET, INC., a body corporate formed pursuant to the laws
of the State of Delaware and having an office for business
located at 15 Manor Drive, Morristown, NJ 07960

("Invisinet")

AND:

J. JOHNSON LLC, a body corporate formed pursuant to the laws
of the State of Delaware and having an office for business
located at 245 West Roosevelt Road, Boulevard 7, Suite 48,
West Chicago, IL 60185

("Johnson")

AND:

E.J. VON SCHAUMBURG, an individual having an address at 15
Manor Drive, Morristown, NJ 07960

("von Schaumburg", and together with Johnson the "Invisinet
Shareholders")






WHEREAS:

A. Invisinet is a Delaware corporation engaged in the business of providing
fixed wireless solutions and services for internal and external fixed wireless
connectivity;

B. The Invisinet Shareholders own 1,000 Invisinet Shares, being 100% of the
presently issued and outstanding Invisinet Shares;

C. WPCS is a reporting company whose common stock is quoted on the NASD
"Bulletin Board" and which is engaged in the business of providing fixed
wireless telecommunications services;

D. The respective Boards of Directors of WPCS, Invisinet and the Acquirer deem
it advisable and in the best interests of WPCS, Invisinet and the Acquirer that
the Acquirer merge with and into Invisinet (the "Merger") pursuant to this
Agreement and the Certificate of Merger, and the applicable provisions of the
laws of the State of Delaware; and

E. It is intended that the Merger shall qualify for United States federal income
tax purposes as a reorganization within the meaning of Section 368 of the
Internal Revenue Code of 1986, as amended.

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises
and the mutual covenants, agreements, representations and warranties contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:


ARTICLE 1
DEFINITIONS AND INTERPRETATION

DEFINITIONS

1.1 In this Agreement the following terms will have the following meanings:

(a) "ACQUISITION SHARES" means the 1,000,000 WPCS Common Shares to
be issued to the Invisinet Shareholders at Closing pursuant to
the terms of the Merger;

(b) "AGREEMENT" means this agreement and plan of merger among
WPCS, the Acquirer, Invisinet, and the Invisinet Shareholders;

(c) "BONUS SHARE AGREEMENT" means the bonus share agreement to be
entered into on the Closing Date between WPCS and von
Schaumburg in the form attached hereto as Schedule "L";

(d) "CLOSING" means the completion, on the Closing Date, of the
transactions contemplated hereby in accordance with Article 9
hereof;

(e) "CLOSING DATE" means the day on which all conditions precedent
to the completion of the transaction as contemplated hereby
have been satisfied or waived;

(f) "COMMISSION" means the Securities and Exchange Commission;



2



(g) "EFFECTIVE TIME" means the date of the filing of an
appropriate Certificate of Merger in the form required by the
State of Delaware, which certificate shall provide that the
Merger shall become effective upon such filing;

(h) "EMPLOYMENT AGREEMENT" means the employment agreement to be
entered into on the Closing Date between Invisinet and von
Schaumburg in the form attached hereto as Schedule "K";

(i) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended;

(j) "INVISINET ACCOUNTS PAYABLE AND LIABILITIES" means all
accounts payable and liabilities of Invisinet, due and owing
or otherwise constituting a binding obligation of Invisinet
(other than a Invisinet Material Contract) as of September 30,
2002 as set forth in Schedule "A" hereto;

(k) "INVISINET ACCOUNTS RECEIVABLE" means all accounts receivable
and other debts owing to Invisinet, as of September 30, 2002
as set forth in Schedule "B" hereto;

(l) "INVISINET ASSETS" means the undertaking and all the property
and assets of the Invisinet Business of every kind and
description wheresoever situated including, without
limitation, Invisinet Equipment, Invisinet Inventory,
Invisinet Material Contracts, Invisinet Accounts Receivable,
Invisinet Cash, Invisinet Intangible Assets and Invisinet
Goodwill, and all credit cards, charge cards and banking cards
issued to Invisinet;

(m) "INVISINET BANK ACCOUNTS" means all of the bank accounts, lock
boxes and safety deposit boxes of Invisinet or relating to the
Invisinet Business as set forth in Schedule "C" hereto;

(n) "INVISINET BUSINESS" means all aspects of the business
conducted by Invisinet;

(o) "INVISINET CASH" means all cash on hand or on deposit to the
credit of Invisinet on the Closing Date;

(p) "INVISINET DEBT TO RELATED PARTIES" means the debts owed by
Invisinet and its subsidiaries to any of the Invisinet
Shareholders or to any family member thereof, or to any
affiliate, director or officer of Invisinet or the Invisinet
Shareholders as described in Schedule "D";

(q) "INVISINET EQUIPMENT" means all machinery, equipment,
furniture, and furnishings used in the Invisinet Business,
including, without limitation, the items more particularly
described in Schedule "E" hereto;

(r) "INVISINET FINANCIAL STATEMENTS" means collectively, audited
financial statements of Invisinet for the years ended December
31, 2000 and 2001, together with an unqualified auditors'
report thereon, and the unaudited financial statements nine
month periods ended September 30, 2001 and 2002, together with
an auditor's review and engagement report thereon, all of
which are to be prepared in accordance with United States
generally accepted accounting principles and the requirements
of Item 310 of Regulation SB as promulgated by the Securities
and Exchange Commission, true copies of which are attached as
Schedule "F" hereto;



3



(s) "INVISINET GOODWILL" means the goodwill of the Invisinet
Business together with the exclusive right of WPCS to
represent itself as carrying on the Invisinet Business in
succession of Invisinet subject to the terms hereof, and the
right to use any words indicating that the Invisinet Business
is so carried on including the right to use the name
"Invisinet" or "Invisinet International" or any variation
thereof as part of the name of or in connection with the
Invisinet Business or any part thereof carried on or to be
carried on by Invisinet, the right to all corporate, operating
and trade names associated with the Invisinet Business, or any
variations of such names as part of or in connection with the
Invisinet Business, all telephone listings and telephone
advertising contracts, all lists of customers, books and
records and other information relating to the Invisinet
Business, all necessary licenses and authorizations and any
other rights used in connection with the Invisinet Business;

(t) "INVISINET INSURANCE POLICIES" means the public liability
insurance and insurance against loss or damage to Invisinet
Assets and the Invisinet Business as described in Schedule "G"
hereto;

(u) "INVISINET INTANGIBLE ASSETS" means all of the intangible
assets of Invisinet, including, without limitation, Invisinet
Goodwill, all trademarks, logos, copyrights, designs, and
other intellectual and industrial property of Invisinet and
its subsidiaries;

(v) "INVISINET INVENTORY" means all inventory and supplies of the
Invisinet Business as of September 30, 2002 as set forth in
Schedule "H" hereto;

(w) "INVISINET MATERIAL CONTRACTS" means the burden and benefit of
and the right, title and interest of Invisinet in, to and
under all trade and non-trade contracts, engagements or
commitments, whether written or oral, to which Invisinet is
entitled in connection with the Invisinet Business whereunder
Invisinet is obligated to pay or entitled to receive the sum
of $10,000 or more including, without limitation, any pension
plans, profit sharing plans, bonus plans, loan agreements,
security agreements, indemnities and guarantees, any
agreements with employees, lessees, licensees, managers,
accountants, suppliers, agents, distributors, officers,
directors, attorneys or others which cannot be terminated
without liability on not more than one month's notice, and
those contracts listed in Schedule "I" hereto; and

(x) "INVISINET SHARES" means all of the issued and outstanding
shares of Invisinet's equity stock;

(y) "MERGER" means the merger, at the Effective Time, of Invisinet
and the Acquirer pursuant to this Agreement and Plan of
Merger;

(z) "MERGER CONSIDERATION" means the Acquisition Shares;

(aa) "PLACE OF CLOSING" means the offices of Vedder, Price et al.

in Chicago, Illinois 60601, or such other place as WPCS and
Invisinet may mutually agree upon;

(bb) "REGISTRATION RIGHTS AGREEMENT" means the registration rights
agreement to be entered into on the Closing Date between WPCS,
Johnson and von Schaumburg in respect of the Acquisition
Shares in the form attached hereto as Schedule "M";



4



(cc) "SEC REPORTS" means all forms, reports and documents filed and
required to be filed by WPCS with the Commission under the
Exchange Act from June 7, 2002 through the date hereof;

(dd) "SECURITIES ACT" means the Securities Act of 1933, as amended;

(ee) "STATE CORPORATION LAW" means the General Corporation Law of
the State of Delaware;

(ff) "STOCKHOLDER'S AGREEMENT" means the certain Stockholder
Agreement dated as of July 10, 2000, by and among Invisinet
and E. J. von Schaumburg;

(gg) "SURVIVING COMPANY" means the Acquirer following the merger
with Invisinet;

(hh) "WPCS BUSINESS" means all aspects of any business conducted by
WPCS and its subsidiaries;

(ii) "WPCS COMMON SHARES" means the shares of common stock in the
capital of WPCS; and

(jj) "WPCS FINANCIAL STATEMENTS" means, collectively, the audited
consolidated financial statements of WPCS for the fiscal years
ended April 30, 2000 and 2002, together with the unqualified
auditors' report thereon, and the unaudited financial
statements three month periods ended July 31, 2001 and 2002,
true copies of which are attached as Schedule "J" hereto.

Any other terms defined within the text of this Agreement will have the meanings
so ascribed to them.

CAPTIONS AND SECTION NUMBERS

1.2 The headings and section references in this Agreement are for convenience of
reference only and do not form a part of this Agreement and are not intended to
interpret, define or limit the scope, extent or intent of this Agreement or any
provision thereof.

SECTION REFERENCES AND SCHEDULES

1.3 Any reference to a particular "Article", "section", "paragraph", "clause" or
other subdivision is to the particular Article, section, clause or other
subdivision of this Agreement and any reference to a Schedule by letter will
mean the appropriate Schedule attached to this Agreement and by such reference
the appropriate Schedule is incorporated into and made part of this Agreement.
The Schedules to this Agreement are as follows:


Information concerning Invisinet

Schedule "A" Invisinet Accounts Payable and Liabilities
Schedule "B" Invisinet Accounts Receivable

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC