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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 13KB of 116KB total |
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Price: |
$57 |
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ID: |
#884895 |
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ASSET PURCHASE AGREEMENT
BY AND BETWEEN
ENDOCARE, INC.
AND
CRYOMEDICAL SCIENCES, INC.
DATED MAY 28, 2002
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
1. DEFINITIONS AND USAGE.........................................................1
1.1 Definitions............................................................1
1.2 Usage..................................................................7
2. SALE AND TRANSFER OF ASSETS; CLOSING..........................................8
2.1 Assets to be Sold......................................................8
2.2 Excluded Assets........................................................9
2.3 Consideration.........................................................10
2.4 Liabilities and Obligations...........................................10
2.5 Closing...............................................................11
2.6 Closing Obligations...................................................11
3. REPRESENTATIONS AND WARRANTIES OF SELLER.....................................12
3.1 Organization and Good Standing........................................12
3.2 Enforceability; Authority; No Conflict................................12
3.3 SEC Documents; Financial Statements...................................13
3.4 Books and Records.....................................................14
3.5 Title to Assets; Encumbrances.........................................14
3.6 Condition of Property.................................................14
3.7 Accounts Receivable...................................................14
3.8 Inventories...........................................................15
3.9 No Undisclosed Liabilities............................................15
3.10 Taxes.................................................................15
3.11 No Material Adverse Change............................................15
3.12 Compliance with Legal Requirements; Governmental Authorizations.......15
3.13 Legal Proceedings; Orders.............................................16
3.14 Contracts; No Defaults................................................17
3.15 Intellectual Property Assets..........................................17
3.16 Brokers or Finders....................................................19
3.17 Securities Law Matters................................................19
3.18 Solvency..............................................................20
3.19 Disclosure............................................................20
4. REPRESENTATIONS AND WARRANTIES OF BUYER......................................20
4.1 Organization and Good Standing........................................20
4.2 Authority; No Conflict................................................20
4.3 SEC Documents; Financial Statements...................................21
4.4 Certain Proceedings...................................................22
4.5 Brokers or Finders....................................................22
5. COVENANTS OF SELLER PRIOR TO CLOSING.........................................22
5.1 Access and Investigation..............................................22
5.2 Operation of the Business.............................................22
5.3 Notification..........................................................23
5.4 No Negotiation........................................................23
5.5 Best Efforts..........................................................23
5.6 Payment of Liabilities................................................23
</TABLE>
<PAGE>
<TABLE>
<S> <C>
6. CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE..........................23
6.1 Accuracy of Representations...........................................23
6.2 Seller's Performance..................................................24
6.3 Consents..............................................................24
6.4 Additional Documents..................................................24
6.5 No Proceedings........................................................24
6.6 No Conflict...........................................................24
6.7 Governmental Authorizations...........................................24
7. CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE.........................25
7.1 Accuracy of Representations...........................................25
7.2 Buyer's Performance...................................................25
7.3 Additional Documents..................................................25
7.4 No Injunction.........................................................25
7.5 Non-Applicability of Section 271 of the DGCL..........................25
8. TERMINATION..................................................................25
8.1 Termination Events....................................................25
8.2 Effect of Termination.................................................26
9. ADDITIONAL COVENANTS.........................................................26
9.1 Payment of All Taxes Resulting from Sale of Assets by Seller..........26
9.2 Restrictions on Seller Dissolution and Distributions..................26
9.3 Assistance in Proceedings.............................................26
9.4 Noncompetition; Nonsolicitation and Nondisparagement..................26
9.5 Customer and Other Business Relationships.............................27
9.6 Use of Name; Change of Name...........................................27
9.7 Further Assurances....................................................28
10. INDEMNIFICATION; REMEDIES....................................................28
10.1 Survival..............................................................28
10.2 Indemnification and Reimbursement by Seller...........................28
10.3 Indemnification and Reimbursement by Buyer............................29
10.4 Third-Party Claims....................................................29
10.5 Other Claims..........................................................31
10.6 Limitations...........................................................31
11. GENERAL PROVISIONS...........................................................31
11.1 Expenses..............................................................31
11.2 Public Announcements..................................................31
11.3 Notices...............................................................31
11.4 Jurisdiction; Service of Process......................................32
11.5 Enforcement of Agreement..............................................32
11.6 Waiver; Remedies Cumulative...........................................33
11.7 Entire Agreement and Modification.....................................33
11.8 Assignments; Successors and No Third Party Rights.....................33
11.9 Severability..........................................................33
11.10 Construction..........................................................33
11.11 Time of Essence.......................................................33
11.12 Governing Law.........................................................34
11.13 Execution of Agreement................................................34
</TABLE>
<PAGE>
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement ("Agreement") is dated May 28, 2002, by
and between Endocare, Inc., a Delaware corporation ("Buyer") and Cryomedical
Sciences, Inc., a Delaware corporation ("Seller").
RECITALS
Seller desires to sell, and Buyer desires to purchase, the Assets (as
hereinafter defined) of Seller for the consideration and on the terms set forth
in this Agreement.
The parties, intending to be legally bound, agree as follows:
1. DEFINITIONS AND USAGE
1.1 DEFINITIONS. For purposes of this Agreement, the following terms and
variations thereof have the meanings specified or referred to in this Section
1.1:
"ACCOUNTS RECEIVABLE" (a) all trade accounts receivable and other rights to
payment from customers of Seller arising out of or relating to the Business and
the full benefit of all security for such accounts or rights to payment,
including all trade accounts receivable representing amounts receivable in
respect of goods shipped or products sold or services rendered to customers of
Seller, (b) all other accounts or notes receivable of Seller arising out of or
relating to the Business and the full benefit of all security for such accounts
or notes and (c) any claim, remedy or other right related to any of the
foregoing.
"ASSETS" as defined in Section 2.1.
"ASSIGNMENT AGREEMENT" as defined in Section 2.6(a)(ii).
"BALANCE SHEET" as defined in Section 3.3.
"BALANCE SHEET DATE" as defined in Section 3.3.
"BEST EFFORTS" the efforts that a prudent Person desirous of achieving a result
would use in similar circumstances to achieve that result as expeditiously as
possible, provided, however, that a Person required to use Best Efforts under
this Agreement will not be thereby required to take actions that would result in
a material adverse change in the benefits to such Person of this Agreement and
the Contemplated Transactions or to dispose of or make any change to its
business, expend any material funds or incur any other material burden.
"BILL OF SALE" as defined in Section 2.6(a)(i).
"BREACH" any breach of, or any inaccuracy in, any representation or warranty or
any breach of, or failure to perform or comply with, any covenant or obligation,
in or of this Agreement or any other Contract, or any event which with the
passing of time or the giving of notice, or both, would constitute such a
breach, inaccuracy or failure.
1
<PAGE>
"BULK SALES LAWS" as defined in Section 5.6.
"BUSINESS" means the development, manufacture, distribution and/or marketing and
sale of devices, procedures and methods for the cryosurgical ablation of tissue.
"BUSINESS DAY" any day other than (a) Saturday or Sunday or (b) any other day on
which banks in California are permitted or required to be closed.
"BUYER" as defined in the first paragraph of this Agreement.
"BUYER FINANCIAL STATEMENTS" as defined in Section 4.3.
"BUYER GROUP" as defined in Section 5.1.
"BUYER INDEMNIFIED PERSONS" as defined in Section 10.2.
"BUYER SEC DOCUMENTS" as defined in Section 4.3.
"CLOSING" as defined in Section 2.5.
"CLOSING DATE" the date on which the Closing actually takes place.
"CODE" the Internal Revenue Code of 1986, as amended.
"COMPETING BUSINESS" as defined in Section 9.4.
"CONSENT" any approval, consent, ratification, waiver or other authorization.
"CONTEMPLATED TRANSACTIONS" all of the transactions contemplated by this
Agreement.
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