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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 17KB of 209KB total |
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$86 |
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ID: |
#849235 |
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DATED 25 AUGUST 2000
CONTINENTAL CONTAINER LINE, INC.
CONTINENTAL CARGO LOGISTICS INC.
CONTINENTAL CARGO LOGISTICS INC.
UNION-TRANSPORT CORPORATION
LAI KWOK FAI
NG CHUN KA
CHENG KWAN KOK DAVID
ALBERT PATRICK CATALDO
LEWIS BILLY BARNHILL
FRANCIS RAYMOND BELLO
CHAN KA MING
CHAN KWAN HANG
CHAU HAK CHEONG
CHENG KWAN LUNG
NG SAI KUEN
ASSET PURCHASE AGREEMENT
<PAGE> 2
REDACTED
CONTENTS
<TABLE>
<CAPTION>
Number Clause Headings Page
------ --------------- ----
<S> <C>
1. Definitions and Interpretation..................................................................... 2
2. Sale of Assets..................................................................................... 11
3. Payment of Purchase Price.......................................................................... 11
4. Conditions......................................................................................... 11
5. Pre-ClosingObligations............................................................................. 12
6. Closing............................................................................................ 14
7. Assignment of Leased Properties.................................................................... 15
8. Apportionments..................................................................................... 15
9. Responsibility for Liabilities..................................................................... 16
10. Third Party Consents............................................................................... 18
11. Employees.......................................................................................... 18
12. "Fidelity Simple-IRA Plan"......................................................................... 20
13. Warranties......................................................................................... 20
14. Restriction of Covenantors......................................................................... 24
15. Independent Accountants............................................................................ 25
16. Further Obligations and Intentions................................................................. 26
17. Restriction on Announcements....................................................................... 27
18. Costs.............................................................................................. 27
19. General............................................................................................ 28
20. Notices............................................................................................ 29
21. Governing Law and Submission to Jurisdiction....................................................... 32
Schedules
Schedule 1 Warranties...................................................................................... 33
Schedule 2 Excluded Assets................................................................................. 54
Schedule 3 The Leased Properties........................................................................... 55
Schedule 4 Intellectual Property........................................................................... 63
Schedule 5 Leasing Agreements.............................................................................. 66
Schedule 6 Machinery and Equipment......................................................................... 67
Schedule 7 Transferring Employees.......................................................................... 68
Schedule 8 Purchased Contracts............................................................................. 69
Schedule 9 Letter to Employees............................................................................. 71
Schedule 10 Retirement Scheme.............................................................................. 73
Schedule 11 Insurances..................................................................................... 74
Schedule 12 Guarantees..................................................................................... 75
Schedule 13 Employment Agreement........................................................................... 76
Execution...................................................................................................
Annexures
Annexure 1 CO Container (US) Accounts...................................................................... 87
Annexure 2 CO Cargo (CA) Accounts.......................................................................... 88
Annexure 3 CO Cargo (NY) Accounts.......................................................................... 89
Annexure 4 Customer List................................................................................... 90
</TABLE>
i
<PAGE> 3
REDACTED
DATE: 25 August 2000
PARTIES:
(1) CONTINENTAL CONTAINER LINE, INC., a company incorporated in the State
of New York in the USA whose head office is at 182-16 147th Avenue,
Jamaica, NY 11413, New York, United States of America("CO CONTAINER
(US)").
(2) CONTINENTAL CARGO LOGISTICS INC., a company incorporated in the State
of New York in the USA whose head office is at 182-16 147th Avenue,
Jamaica, NY 11413, New York, United States of America ("CO CARGO
(NY)").
(3) CONTINENTAL CARGO LOGISTICS INC., a company incorporated in the State
of California in the USA whose head office is at 11120 S. Hindry
Avenue, Unit A, Los Angeles, CA 90045, United States of America ("CO
CARGO (CA)"; CO Container (US), CO Cargo (NY) and CO Cargo (CA) are
collectively referred to herein as the "VENDORS" and singly as the
"VENDOR").
(4) UNION-TRANSPORT CORPORATION, a company incorporated in the State of New
York in the USA whose head office is at 19443 Laurel Park Road, Suite
107, Rancho Dominguez, CA 90220, United States of America (the
"PURCHASER").
(5) LAI KWOK FAI of Flat J1, Block J, 1st Floor, Beverly Hill, 6 Broadwood
Road, Hong Kong ("LAI").
(6) NG CHUN KA of 11120 S. Hindry Avenue, Unit A, Los Angeles, CA 90045,
United States of America ("JOE NG"; the Vendors, Lai and Joe Ng are
collectively referred to herein as the "WARRANTORS" and singly as the
"WARRANTOR").
(7) CHENG KWAN KOK DAVID of 16C, Block C, The Crescent, 11 Homantin Hill
Road, Kowloon, Hong Kong ("DAVID CHENG").
(8) ALBERT PATRICK CATALDO of 80 Everett Avenue, Suite 301, Chelsea, MA
02150, United States of America ("CATALDO").
(9) LEWIS BILLY BARNHILL of 8505 Freeport Parkway, Suite 170, Irving, Texas
75063, United States of America ("BARNHILL").
(10) FRANCIS RAYMOND BELLO of 182-16 147th Avenue, Jamaica, NY 11413, United
States of America ("BELLO").
(11) CHAN KA MING of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
Street, Tsuen Wan, New Territories, Hong Kong ("ALEX CHAN").
(12) CHAN KWAN HANG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo Tsai
Street, Tsuen Wan, New Territories, Hong Kong ("TOBBY CHAN").
(13) CHAU HAK CHEONG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
Tsai Street, Tsuen Wan, New Territories, Hong Kong ("CHAU").
<PAGE> 4
REDACTED
(14) CHENG KWAN LUNG of 6th and 7th Floors, Leahander Centre, 28 Wang Wo
Tsai Street, Tsuen Wan, New Territories, Hong Kong ("JEFFREY CHENG").
(15) NG SAI KUEN of 182-16 147th Avenue, Jamaica, NY 11413, United States of
America ("SAI NG"; Lai, Joe Ng, David Cheng, Cataldo, Barnhill, Bello,
Alex Chan, Tobby Chan, Chau, Jeffrey Cheng and Sai Ng are collectively
referred to herein as the "KEY EMPLOYEES" and singly as the "KEY
EMPLOYEE"; the Vendors and the Key Employees are collectively referred
to herein as the "COVENANTORS" and singly as the "Covenantor").
RECITALS:
(A) The Vendors carry on the business of customs brokerage, freight
forwarding, warehousing and distribution and other related services.
The Vendors wish to sell and the Purchaser wishes to purchase the
business, and the assets used in it, as a going concern on the terms
and conditions set out in this Agreement.
(B) The Purchaser requires the Warrantors who have requested the Purchaser
to enter into this Agreement, to give such covenants and undertakings
as are set out herein as a condition of the Purchaser's entry into this
Agreement.
(C) The HK Vendors (as hereinafter defined), the HK Purchaser (as
hereinafter defined) and the Key Employees have executed
contemporaneously with this Agreement an agreement (the "HK AGREEMENT")
for the sale and purchase of the business (and the assets used in it)
carried on by the HK Vendors on the terms and conditions set out
therein.
TERMS AGREED:
1. DEFINITIONS AND INTERPRETATION
1.1 In this Agreement where the context so admits the following
words and expressions shall have the following meanings:
"ACCOUNTING DATE" 31 December 1999;
"ACCOUNTS" the CO Container (US) Accounts, the
CO Cargo (NY) Accounts and the CO
Cargo (CA) Accounts;
"ACCOUNTS RECEIVABLE" all book debts, trade and other
debts, notes receivable and other
rights to payment arising from the
operation of the Business before the
Closing Date (including the right to
receive payment for services
rendered before the Closing Date but
not invoiced before such date) and
including the benefit of all
guarantees and security in respect
thereof;
2
<PAGE> 5
REDACTED
"AFFILIATE" in relation to a company, any person
(legal or natural) who directly or
indirectly controls, or is
controlled by, or is under common
control with, such company;
"ASSETS" the Goodwill, the benefit of the
Insurances, Intellectual Property,
Machinery and Equipment, Leased
Properties, the benefit of the
Purchased Contracts, Sales
Documentation, Books and Records
(other than minute books relating to
directors' and shareholders'
meetings and statutory books), the
Customer List and all other rights
and assets used in the Business
immediately prior to Closing, but
not including the Excluded Assets;
"BOOKS AND RECORDS" originals and copies in
whatever form and upon whatever
media they may be recorded of all
registers, books, reports,
correspondence, files, records,
accounts, documents and other
material relating to or used in
connection with the Business, the
Assets, the Transferring Employees
and the customers on the Customer
List;
"BUSINESS" the business of customs brokerage,
freight forwarding, warehousing and
distribution and other related
services as carried on by the
Vendors immediately prior to Closing
including that carried on at the
Leased Properties under the names
"Continental Container Line, Inc."
and "Continental Cargo Logistics
Inc." and, where the context
permits, shall include the Assets;
"BUSINESS DAY" a day (other than a Saturday or
a Sunday) on which banks are
generally open for business in New
York City in the USA;
"CASH FLOAT" the cash balance including all
cash-in-hand and at bank, held by
the Vendors immediately prior to
Closing for the purposes of the
Business;
"CLOSING" closing of the sale and purchase of
the Business pursuant to Clause 6;
"CLOSING DATE" 1 September 2000 (or such other date
as the Parties may agree in
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