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Stock Purchase Agreement

 

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Title:

Stock Purchase Agreement

Entities:

Evans Systems, Inc.; Integrated Security Systems Inc.

Date:

2006

Size:

Preview shows 6KB of 33KB total

Price:

$33

ID:

#2509241

 

 

► Purchase & Sale ► Purchase ► Stock Purchase Agreements
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                            STOCK PURCHASE AGREEMENT


THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made effective the 31st
day of August, 2006 by and between Evans Systems, Inc., a Texas corporation,
(the "Company") and Homeland Integrated Security Systems, a corporation (the
"Purchaser").

RECITALS

WHEREAS, the Purchaser desires to purchase certain shares of the Company's
Common Stock on the terms and conditions set forth herein; and

WHEREAS, the Company desires to issue and sell shares of the Common Stock
to the Purchaser on the terms and conditions set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, and, other good and valuable consideration, the
parties hereto agree as follows:

1. Authorization, Sale and Issuance of Shares

1.1 Authorization On the Closing (as defined in Section 2.1 below), the
Company shall authorize the issuance and shall issue 40,000,000 shares of Common
Stock (the "Shares") par value $0.01 per share to the Purchaser at a total
purchase price of $500,000 (the "Purchase Price").

1.2 Sale and Issuance of the Shares Subject to the terms and conditions
hereof the Company shall sell and Purchaser shall purchase the Shares at the
Closing, as defined below.


2. Closing

2.1 Closing: The closing of the purchase and sale of the Shares (the
"Closing") shall be held at the offices of the Purchaser on or before 5:00 P.M.
EST on September 1, 2006, or at such other time and place as the Company and the
Purchaser may agree in writing (the "Closing").

2.2 Payment: At the Closing, the Purchaser will deliver to the Company a
total of $500,000 to be paid in the following manner:

A. $290,000 previously deposited with Tristate Title and Escrow; and

B. $210,000 payable to Tristate Title and Escrow in five (5) equal monthly
installments of $35,000 commencing September 11, 2006 and ending on
February 11, 2007.

2.3 Delivery: Subject to the terms of this Agreement, within three (3) days
of the Closing the Company will deliver to the Purchaser the certificates
representing the Shares to be purchased by the Purchaser from the Company.




1
{PAGE}



3. Representations and Warranties of the Company The Company hereby represents
and warrants to the Purchaser as of the Closing date as follows:

3.1 Organization and Standing: Articles and Bylaws The Company is and will
be a corporation duly organized, validly existing, and in good standing under
the laws of the State of Texas and will have all requisite corporate power and
authority to carry on its business as proposed to be conducted.

3.2 Corporate Power The Company will have at the Closing, all requisite
corporate power to enter into this Agreement and to sell and issue the Shares.
This Agreement shall constitute a valid and binding obligation of the Company
enforceable in accordance with its respective terms, except as the same may be
limited by bankruptcy, insolvency, moratorium, and other laws of general
application affecting the enforcement of creditors' rights.

3.3 Capitalization The authorized capital stock of the Company is
300,000,000 shares of Common Stock, par value $0.00001 per share, of which,
1,446,183 are issued and outstanding. All such issued and outstanding shares
have been duly authorized and validly issued, are fully paid and non-assessable.

3.4 Authorization

(a) Corporate Action All corporate action on the part of the Company
necessary for the authorization, execution and delivery of this Agreement,
the sale and issuance of the Shares and the performance of the Company's
obligations hereunder will be taken prior to the Closing. This Agreement
constitutes a valid and legally binding obligation of the Company,
enforceable in accordance with its terms.


(b) Valid Issuance The Shares, when issued in compliance with the
provisions of this Agreement will be duly authorized, validly issued, fully
paid and non-assessable, and will be free of any liens or encumbrances
caused or created by the Company; provided, however, that all such shares
may be subject to restrictions on transfer under state and federal
securities laws as set forth herein, and as may be required by future
changes in such laws.

(c) No Preemptive Rights Except as provided herein, no person currently has
or will have any right of first refusal or any preemptive rights in
connection with the issuance of the Shares, or any future issuance of
securities by the Company.

3.5 Compliance with Other Instruments The Company will not be in violation
of any term of the Company's Articles or Bylaws, nor will the Company be in
violation of or in default in any material respect under the terms of any
mortgage, indenture, contract, agreement, instrument, judgment, or decree, the
violation of which would have a material adverse effect on the Company as a
whole, and to the knowledge of the Company, is not in violation of any order,
statute, rule, or regulation applicable to the Company, the violation of which
would have a material adverse effect on the Company. The execution, delivery and

 

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