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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 15KB of 187KB total |
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Price: |
$58 |
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ID: |
#994183 |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
NOVA PACKAGING SYSTEMS, INC., AND
SWIFTPACK AUTOMATION UK LIMITED
AND
DT INDUSTRIES, INC.,
PHARMA GROUP, INC., AND
DT PACKAGING SYSTEMS LTD.
MARCH 8, 2004
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE 1 TRANSFER OF ASSETS AND LIABILITIES............................................... 1
1.1 Definitions..................................................... 1
1.2 Assets to be Sold............................................... 1
1.3 Excluded Assets................................................. 3
1.4 Assumed Liabilities............................................. 4
1.5 Liabilities Not Assumed......................................... 5
1.6 US Employees.................................................... 7
1.7 UK Employees.................................................... 8
ARTICLE 2 PURCHASE PRICE; ALLOCATION....................................................... 11
2.1 Purchase Price.................................................. 11
2.2 Allocation of Purchase Price.................................... 11
ARTICLE 3 CLOSING; CLOSING DATE............................................................ 11
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE SELLERS AND DTI............................ 11
4.1 Due Organization, Authority and Qualification................... 11
4.2 Subsidiaries.................................................... 12
4.3 Authority to Execute and Perform Agreements..................... 12
4.4 Financial Statements; Liabilities............................... 12
4.5 Inventory; Accounts Receivable.................................. 13
4.6 No Material Adverse Change...................................... 13
4.7 Taxes........................................................... 13
4.8 Certain Transactions............................................ 14
4.9 Compliance with Laws............................................ 15
4.10 Permits......................................................... 15
4.11 No Breach....................................................... 15
4.12 Environmental Matters........................................... 15
4.13 Claims and Proceedings.......................................... 17
4.14 Contracts....................................................... 17
4.15 Prepayments and Deposits........................................ 18
4.16 Leased Real Property............................................ 18
4.17 Product Warranty................................................ 19
4.18 Bank Accounts; Powers........................................... 19
4.19 Tangible Property............................................... 19
4.20 Intellectual Property........................................... 19
4.21 Title to the Assets; Adequacy of Assets......................... 21
4.22 Suppliers and Customers......................................... 21
4.23 Employee Benefit Plans.......................................... 21
4.24 Labor Matters................................................... 23
4.25 Insurance....................................................... 24
4.26 US Employees and UK Employees................................... 24
4.27 Business Products............................................... 24
</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
4.28 Operations of the Sellers....................................... 24
4.29 Related Party Transactions...................................... 25
4.30 Brokers' Fees................................................... 26
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS................................. 26
5.1 Due Organization and Authority.................................. 26
5.2 Authority to Execute and Perform Agreements..................... 26
5.3 No Breach....................................................... 26
5.4 Broker's Fees................................................... 27
5.5 Available Funds................................................. 27
ARTICLE 6 COVENANTS AND AGREEMENTS......................................................... 27
6.1 Assets of the Business Held by DTI.............................. 27
6.2 Publicity....................................................... 27
6.3 Sellers' Required Consents...................................... 27
6.4 Outstanding Cash................................................ 28
6.5 UK Tax Matters.................................................. 28
6.6 UK Contracts.................................................... 29
6.7 Corporate Name.................................................. 30
6.8 Further Assurances.............................................. 31
6.9 Consent of Third Parties........................................ 31
6.10 Provision of Data............................................... 32
6.11 Accounts Receivable Payment; Post Office Box Number............. 32
6.12 Confidentiality................................................. 32
6.13 Non-Competition; Non-Solicitation............................... 33
6.14 Reliance on Management Group.................................... 34
6.15 Employment Matters.............................................. 34
6.16 Use of Cash Purchase Price...................................... 35
6.17 Blister Packaging Machine....................................... 35
6.18 Inland Revenue and Sales and Use Tax............................ 35
ARTICLE 7 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PURCHASERS........................ 36
7.1 Representations and Covenants................................... 36
7.2 Sellers' Required Consents...................................... 36
7.3 Opinion of Counsel to the Sellers and DTI....................... 36
7.4 Additional Closing Documents of the Sellers..................... 36
7.5 No Claims....................................................... 37
7.6 Transition Services Agreement................................... 37
7.7 Release of Liens................................................ 37
7.8 FIRPTA Affidavit................................................ 37
ARTICLE 8 CONDITIONS PRECEDENT TO THE OBLIGATION OF THE SELLERS............................ 37
8.1 Representations and Covenants................................... 37
8.2 Instrument of Assumption........................................ 37
8.3 Delivery of the Base Consideration.............................. 37
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
8.4 No Claims....................................................... 38
8.5 UK Guarantees................................................... 38
ARTICLE 9 SURVIVAL OF REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS................ 38
ARTICLE 10 INDEMNIFICATION................................................................. 38
10.1 Obligation of the Sellers and DTI to Indemnify.................. 38
10.2 Obligation of the Purchasers to Indemnify....................... 39
10.3 Notice and Opportunity to Defend................................ 39
10.4 Characterization of Indemnity Payments.......................... 40
10.5 Exclusivity..................................................... 41
ARTICLE 11 MISCELLANEOUS................................................................... 41
11.1 Certain Definitions............................................. 41
11.2 Notices......................................................... 46
11.3 Entire Agreement; No Third Party Beneficiaries.................. 47
11.4 Specific Performance............................................ 47
11.5 Waivers and Amendments; Non-Contractual Remedies................ 47
11.6 Binding Effect; Assignment...................................... 47
11.7 Counterparts and Facsimile...................................... 47
11.8 Exhibits and Schedules.......................................... 47
11.9 Headings........................................................ 48
11.10 Usage........................................................... 48
11.11 Interpretation.................................................. 48
11.12 Currency........................................................ 48
11.13 Severability.................................................... 48
11.14 Fees and Expenses............................................... 48
11.15 WAIVER OF JURY TRIAL............................................ 48
11.16 GOVERNING LAW................................................... 48
11.17 Consent to Jurisdiction......................................... 49
</TABLE>
iii
<PAGE>
<TABLE>
<CAPTION>
SCHEDULES
---------
<S> <C>
Schedule 1.4 Assumed Business Contracts
Schedule 1.6 US Employees
Schedule 1.7 UK Employees
Schedule 2.2 Allocation of Purchase Price
Schedule 4.1 Qualifications to do Business
Schedule 4.4 Financial Statements
Schedule 4.5 Inventory
Schedule 4.6 Material Adverse Change
Schedule 4.9 Compliance with Laws
Schedule 4.10 Permits
Schedule 4.11 Sellers' Required Consents
Schedule 4.12 Environmental Matters
Schedule 4.13 Claims
Schedule 4.14 Material Contracts
Schedule 4.15 Prepayments and Deposits
Schedule 4.16 Leased Real Property
Schedule 4.17 Product Warranty
Schedule 4.18 Bank Accounts; Powers
Schedule 4.19 Tangible Property
Schedule 4.20 Intellectual Property
Schedule 4.21 Certain Liens
Schedule 4.22 Suppliers and Customers
Schedule 4.23 Employee Benefit Plans
Schedule 4.25 Insurance
Schedule 4.26 US Employees and UK Employees
Schedule 4.28 Operations of the Seller
Schedule 4.29 Related Party Transactions
Schedule 4.30 Sellers' Brokers' Fees
Schedule 6.15 Severance and Vacation Obligations
</TABLE>
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