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Agreement and Plan of Reorganization

 

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Title:

Agreement and Plan of Reorganization

Entities:

Intercell International Corp.

Date:

2006

Size:

Preview shows 6KB of 38KB total

Price:

$42

ID:

#2386913

 

 

► Plans ► Agreements ► Agreements & Plans of Reorganization
► Financial

 

 

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                      Agreement and Plan of Reorganization


by and between
Intercell International Corporation
a Nevada corporation
and
New Market China, Inc.
a Nevada corporation

dated: _____________________













{PAGE}



AGREEMENT AND PLAN OF REORGANIZATION

Intercell International Corporation
and
New Market China, Inc.

This Agreement and Plan of Reorganization ("Agreement"), dated as of
__________________, among Intercell International Corporation ("DS"), a Nevada
Corporation, New Market China, Inc. ("NMC"), a Nevada Corporation, and the
subscribing shareholders of NMC ("NMC Shareholders") who will join this
Agreement by execution.


W I T N E S S E T H:

A. WHEREAS, NMC and IIC are corporations duly organized under the laws of
the States of Nevada and Nevada.

B. Plan of Reorganization. The subscribing NMC Shareholders are the owners
of 100% of the issued and outstanding common stock of NMC. It is the intention
that 100% of the issued and outstanding stock of NMC shall be acquired by IIC in
exchange solely for two million shares of common stock of IIC. For federal
income tax purposes it is intended that this exchange shall qualify as a
reorganization within the meaning of SEC 368 (a)(1)(B) of the Internal Revenue
Code of 1986, as amended (the "Code").

C. Exchange of Shares. IIC and the subscribing NMC Shareholders agree that
100% of the approximately 1,000 common shares issued and outstanding of NMC
shall be exchanged with IIC for 2,000,000 shares of the common stock of IIC. The
IIC shares, on the closing date, shall be delivered ratably divided to the
individual subscribing shareholders of NMC in exchange for their NMC shares as
hereinafter set forth.

D. WHEREAS, the parties hereto wish to enter into this Agreement, pursuant
to the provisions of the Nevada Business Corporation Act.

NOW, THEREFORE, it is agreed among the parties as follows:


ARTICLE I

The Consideration

1.1 Subject to the conditions set forth herein on the "Effective Date" (as
herein defined), the subscribing Shareholders of NMC shall exchange all of their
shares of NMC (constituting 100% of the issued and outstanding shares of common
stock of NMC) for 2,000,000 Common Shares of IIC. The transactions contemplated
by this Agreement shall be completed at a closing ("Closing") on a closing date
("Closing Date") which shall be as soon as practicable after joinder in this
exchange by NMC Shareholders holding 100% of the outstanding NMC common shares,
except that such transaction must be completed on or before September 30, 2006,
or this Agreement shall expire unless extended in writing.

On the Closing Date, all of the documents to be furnished to IIC and NMC,
including the documents to be furnished pursuant to Article VII of this
Agreement, shall be delivered to M.A. Littman, to be held in escrow until the
Effective Date or the date of termination of this Agreement, whichever first
occurs, and thereafter shall be promptly distributed to the parties as their
interests may appear.



2
{PAGE}



1.2 At the Effective Date, NMC shall become a wholly owned subsidiary of
IIC. NMC's shareholders shall receive pro rata shares of voting Common Stock as
follows:

IIC shall issue 2,000,000 of its shares of Common Stock for 100%
of the outstanding common shares of NMC to the subscribing
shareholders of NMC, ratably according to their interests.

1.3 If this Agreement is duly executed by the holders of 100% of the
outstanding common stock of NMC, subject to the other provisions hereof, it
shall become effective, and such date of final execution shall be the effective
date of this Agreement.


ARTICLE II

Issuance and Exchange of Shares

2.1 The 2,000,000 shares of Common Stock of IIC shall be issued by it to
the subscribing NMC shareholders at Closing fully paid and non-assessable.

2.2 IIC represents that no outstanding options or warrants for any unissued
Common Shares exist,except certain options for common shares still outstanding
as listed on Schedule 2.2.

2.3 The stock transfer books of NMC shall be closed on the Effective Date,
and thereafter no transfers of the stock of NMC shall be made. NMC shall appoint
an exchange agent ("Exchange Agent"), to accept surrender of the certificates
representing the common shares of NMC, and to deliver in exchange for such
surrendered certificates, 2,000,000 shares of Common Stock of IIC. The
authorization of the Exchange Agent may be terminated by IIC after six months
following the Effective Date. Upon termination of such authorization, any shares
of NMC and any funds held by the Exchange Agent for payment to NMC shareholders
pursuant to this Agreement shall be transferred to IIC or its designated agent
who shall thereafter perform the obligations of the Exchange Agent. If
outstanding certificates for shares of NMC are not surrendered or the payment
for them not claimed prior to such date on which such payments would otherwise

 

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