|
|
|
|
Document Preview Asset Purchase Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Asset Purchase Agreement |
|||
|
Entities: |
|
|||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 5KB of 41KB total |
|||
|
Price: |
$39 |
|||
|
ID: |
#883372 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT ("this Agreement") is made as of March 13, 2002
among EXPRESS PATTERN, INC., a Delaware corporation ("Seller"), INFINITE GROUP,
INC., a Delaware corporation ("Infinite"), EXPRESS PATTERN, INC., an Illinois
corporation ("Buyer") and THOMAS MUELLER of East Greenwich, Rhode Island and
DAVID FLYNN of Barrington, Illinois (each a "Shareholder" and together, the
"Shareholders").
BACKGROUND
Seller is engaged in the business of providing stereolithography and
thermoject based rapid prototyping services to the metal casting and other
industries. Seller wishes to sell, and Buyer wishes to acquire, substantially
all of the assets and properties of Seller. Infinite is the owner of all of the
issued and outstanding capital stock of Seller, and the Shareholders are the
owners of all of the issued and outstanding capital stock of Buyer.
NOW THEREFORE, in consideration of the mutual promises contained in
this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
ARTICLE I
PURCHASE AND SALE OF ASSETS
Section 1.1 Assets to be Purchased and Sold.
Description of Assets. At the Closing (defined below), Seller shall sell
and convey to Buyer, and Buyer shall purchase and acquire from Seller, all of
the business and tangible and intangible assets of Seller existing and owned by
Seller on the Closing Date (defined below) other than the Excluded Assets
(defined below). The assets of Seller to be purchased hereunder (which exclude
the Excluded Assets) are referred to as the "Purchased Assets". The Purchased
Assets shall include without limitation all goodwill and the following assets
and property, and all additions thereto, less dispositions in the ordinary
course of business and permitted under this Agreement, before the Closing Date:
(a) all inventories, furniture and equipment and other tangible
personal property, (the "Equipment"), including, without limitation, the items
of Equipment described in Exhibit 1.1(a);
(b) all rights under the contracts, leases and agreements described
or referred to in Exhibit 1.1(b) hereto (the "Operating Agreements"), true and
correct copies of which are being delivered to Buyer concurrently with the
Agreement;
<PAGE>
(c) all intellectual properties, including, without limitation,
trade secrets, trademarks, trade names, copyrights, Internet domain names and
other rights or registrations, including the name "Express Pattern" (the "Name")
(collectively, the "Intellectual Property");
(d) all executory or continuing agreements and other contracts or
commitments for the sale of Seller's goods and services of products entered into
in the ordinary course of Seller's business ("Customer Orders");
(e) all lists and records relating to Seller's business, including
lists and records of Seller's present and former customers, vendors, suppliers,
and customers; and
(f) all cash, cash equivalents, accounts receivable, deposits and
similar property.
1.2 Excluded Assets.
The Purchased Assets shall not include the following assets of Seller
existing on the Closing Date (the "Excluded Assets"):
(a) claims and rights to federal, state and local income tax
refunds, credits and benefits (the "Tax Benefits");
(b) insurance policies and insurance or other deposits for which
Buyer will receive no benefit;
(c) Seller's corporate charter, original minute and stock record
books, tax returns and other documents relating to the organization and
existence of Seller as a corporation;
(d) the assets and properties listed in Exhibit 1.2(d); and
(e) all claims, causes of action, chooses in action, rights of
necessary and rights of set-off of any kind against any person or entity on
account of, arising out of or related to the Excluded Assets described above or
damages incurred by Seller prior to the Closing Date.
ARTICLE II
LIMITED ASSUMPTION OF LIABILITIES
Section 2.1 Assumption of Liabilities. At the Closing, Buyer shall assume
and be responsible for performance of (a) the obligations of Seller under the
Operating Agreements and Customer Orders in existence on the Closing Date and
|
End of Preview |
Home Intelligence Services Subscriptions News About Us