AGREEMENT AND PLAN OF
MERGER
THIS
AGREEMENT AND PLAN OF MERGER is made as of the 4 th day of February, 2009
MAP VI
ACQUISITION, INC. , a
corporation formed pursuant to the laws of the State of Delaware
and having an office for business located at 25 Highland Boulevard,
Dix Hills, New York 11746 (“MAP
VI”)
BUSINESSTALKRADIO.NET ACQUISITIONS
CORP. , a corporation
formed pursuant to the laws of the State of Delaware and a wholly
owned subsidiary of MAP VI (the "Acquirer")
BUSINESSTALKRADIO.NET, INC.
, a corporation formed pursuant to
the laws of the State of Delaware and having an office for business
located at 401 Shippan Avenue, Stamford, CT 06902
("BTRNet")
Each of the
shareholders of BTRNet that are named on the signature page of this
Agreement (the “BTRNet Shareholders”)
A. The
BTRNet Shareholders own 72,311,304 BTRNet Shares, being 100% of the
presently issued and outstanding BTRNet Shares;
B. The
respective Boards of Directors of MAP VI, BTRNet and the Acquirer
deem it advisable and in the best interests of MAP VI, BTRNet and
the Acquirer that BTRNet merge with and into the Acquirer (the
"Merger") pursuant to this Agreement and the Certificate of Merger,
and the applicable provisions of the laws of the State of Delaware;
and
C. It
is intended that the Merger shall qualify for United States federal
income tax purposes as a reorganization within the meaning of
Section 368 of the Internal Revenue Code of 1986, as
amended.
NOW
THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the mutual
covenants, agreements, representations and warranties contained
herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:
ARTICLE 1
DEFINITIONS AND
INTERPRETATION
1.1 In
this Agreement the following terms will have the following
meanings:
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“
Acquisition Shares ” means the 72,311,304 MAP VI
Common Shares to be issued to the BTRNet Shareholders at Closing
pursuant to the terms of the Merger;
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“
Additional BTRNet Disclosure ” means the information
and documentation evidencing BTRNet Accounts Payable and
Liabilities, Accounts Receivable, Bank Accounts, Debts to Related
Parties, Equipment, Insurance Policies, Inventory and Material
Contracts which are to be delivered by BTRNet to MAP VI pursuant to
the terms hereof;
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“
Agreement ” means this agreement and plan of merger
among MAP VI, the Acquirer, BTRNet, and the BTRNet
Shareholders;
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“
Audited MAP VI Financial Statements ” means the
financial statements of MAP VI for the two year periods ended
September 30, 2008 and 2007, together with the unqualified auditors
report thereon, prepared in accordance with Item 301 of Regulation
S-K, and which are to be delivered by MAP VI to BTRNet pursuant to
the terms hereof;
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“
BTRNet Accounts Payable and Liabilities ” means all
accounts payable and liabilities of BTRNet, due and owing or
otherwise constituting a binding obligation of BTRNet (other than a
BTRNet Material Contract) as of September 30, 2008 as set forth in
the documentation evidencing such BTRNet Accounts Payable and
Liabilities which is to be delivered by BTRNet to MAP VI concurrent
with the delivery of the Audited BTRNet Financial
Statements;
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“
BTRNet Accounts Receivable ” means all accounts
receivable and other debts owing to BTRNet as of September 30, 2008
as set forth in the documentation evidencing such which is to be
delivered by BTRNet to MAP VI concurrent with the delivery of the
Audited BTRNet Financial Statements;
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“
BTRNet Assets “ means the undertaking and all the
property and assets of the BTRNet Business of every kind and
description wheresoever situated including, without limitation,
BTRNet Equipment, BTRNet Inventory, BTRNet Material Contracts,
BTRNet Accounts Receivable, BTRNet Cash, BTRNet Intangible Assets
and BTRNet Goodwill, and all credit cards, charge cards and banking
cards issued to BTRNet;
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“
BTRNet Bank Accounts ” means all of the bank accounts,
lock boxes and safety deposit boxes of BTRNet or relating to the
BTRNet Business as set forth in the documentation evidencing such
BTRNet Bank Accounts which is to be delivered by BTRNet to MAP VI
concurrent with the delivery of the Audited BTRNet Financial
Statements and as set forth on Schedule “M”;
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“
BTRNet Business ” means all aspects of the business
conducted by BTRNet;
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“
BTRNet Cash ” means all cash on hand or on deposit to
the credit of BTRNet on the Closing Date;
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BTRNet Debt to Related Parties ” means the debts owed
by BTRNet to the BTRNet Shareholders or to any family member
thereof, or to any affiliate, director or officer of BTRNet or the
BTRNet Shareholders as documentation evidencing such BTRNet Debt to
Related Parties to be delivered by BTRNet to MAP VI concurrent with
the delivery of the Audited BTRNet Financial Statements
;
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“
BTRNet Equipment ” means all machinery, equipment,
furniture, and furnishings used in the BTRNet Business, including,
without limitation, the items more particularly described in the
documentation evidencing such BTRNet Equipment which is to be
delivered by BTRNet to MAP VI concurrent with the delivery of the
Audited BTRNet Financial Statements;
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“
BTRNet Goodwill ” means the goodwill of the BTRNet
Business together with the exclusive right of MAP VI to represent
itself as carrying on the BTRNet Business in succession of BTRNet
subject to the terms hereof, and the right to use any words
indicating that the BTRNet Business is so carried on including the
right to use the name "BusinessTalkRadio.Net, Inc." or any
variation thereof as part of the name of or in connection with the
BTRNet Business or any part thereof carried on or to be carried on
by BTRNet, the right to all corporate, operating and trade names
associated with the BTRNet Business, or any variations of such
names as part of or in connection with the BTRNet Business, all
telephone listings and telephone advertising contracts, all lists
of customers, books and records and other information relating to
the BTRNet Business, all necessary licenses and authorizations and
any other rights used in connection with the BTRNet
Business;
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“
BTRNet Insurance Policies ” means the public liability
insurance and insurance against loss or damage to BTRNet Assets and
the BTRNet Business as described in the documentation evidencing
such BTRNet Insurance which is to be delivered by BTRNet to MAP VI
concurrent with the delivery of the Audited BTRNet Financial
Statements;
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“
BTRNet Intangible Assets ” means all of the intangible
assets of BTRNet, including, without limitation, BTRNet Goodwill,
all trademarks, logos, copyrights, designs, and other intellectual
and industrial property of BTRNet, the documentation evidencing
such BTRNet Intangible Assets which is to be delivered by BTRNet to
MAP VI concurrent with the delivery of the Audited BTRNet Financial
Statements;
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“
BTRNet Inventory ” means all inventory and supplies of
the BTRNet Business as of September 30, 2008 as set forth in
documentation evidencing such BTRNet Inventory which is to be
delivered by BTRNet to MAP VI concurrent with the delivery of the
Audited BTRNet Financial Statements;
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“
BTRNet Material Contracts ” means the burden and
benefit of and the right, title and interest of BTRNet in, to and
under all trade and non-trade contracts, engagements or
commitments, whether written or oral, to which BTRNet is entitled
in connection with the BTRNet Business whereunder BTRNet is
obligated to pay or entitled to receive the sum of $10,000 or more
including, without limitation, any pension plans, profit sharing
plans, bonus plans, loan agreements, security agreements,
indemnities and guarantees, any agreements with employees, lessees,
licensees, managers, accountants, suppliers, agents, distributors,
officers, directors, attorneys or others which cannot be terminated
without liability on not more than one month's notice, and those
BTRNet Material Contracts to be delivered by BTRNet to MAP VI
concurrent with the delivery of the Audited BTRNet Financial
Statements;
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“
BTRNet Shares ” means all of the issued and
outstanding shares of BTRNet's equity stock;
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“
Closing ” means the completion, on the Closing Date,
of the transactions contemplated hereby in accordance with Article
10 hereof;
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“
Closing Date ” means the day on which all conditions
precedent to the completion of the transaction as contemplated
hereby have been satisfied or waived;
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“
Effective Time ” means the date of the filing of an
appropriate Certificate of Merger in the form required by the State
of Delaware, which certificate shall provide that the Merger shall
become effective upon such filing;
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“
Material Adverse Change ” means a greater than 10%
negative deviation from previously reported financial results
(annualized where appropriate);
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“
Merger ” means the merger, at the Effective Time, of
BTRNet and the Acquirer pursuant to this Agreement and Plan of
Merger;
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“
Merger Consideration ” means the Acquisition
Shares;
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“
Place of Closing ” means the offices of Sichenzia Ross
Friedman Ference LLP, or such other place as MAP VI and BTRNet may
mutually agree upon;
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“
State Corporation Law ” means the General Corporation
Law of the State of Delaware;
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“ MAP
VI Accounts Payable and Liabilities ” means all accounts
payable and liabilities of MAP VI, on a consolidated basis, due and
owing or otherwise constituting a binding obligation of MAP VI and
its subsidiaries (other than a MAP VI Material Contract) as of
September 30, 2008 as set forth is Schedule “C”
hereto;
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“ MAP
VI Accounts Receivable ” means all accounts receivable
and other debts owing to MAP VI, on a consolidated basis, as of
September 30, 2008 as set forth in Schedule “D”
hereto;
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“ MAP
VI Assets ” means the undertaking and all the property
and assets of the MAP VI Business of every kind and description
wheresoever situated including, without limitation, MAP VI
Equipment, MAP VI Inventory, MAP VI Material Contracts, MAP VI
Accounts Receivable, MAP VI Cash, MAP VI Intangible Assets and MAP
VI Goodwill, and all credit cards, charge cards and banking cards
issued to MAP VI;
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“ MAP
VI Bank Accounts ” means all of the bank accounts, lock
boxes and safety deposit boxes of MAP VI and its subsidiaries or
relating to the MAP VI Business as set forth in Schedule
“E” hereto;
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“ MAP
VI Business ” means all aspects of any business conducted
by MAP VI and its subsidiaries;
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“ MAP
VI Cash ” means all cash on hand or on deposit to the
credit of MAP VI and its subsidiaries on the Closing
Date;
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“ MAP
VI Common Shares ” means the shares of common stock in
the capital of MAP VI;
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“ MAP
VI Debt to Related Parties ” means the debts owed by MAP
VI to any affiliate, director or officer of MAP VI as described in
Schedule “F” hereto;
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“ MAP
VI Equipment ” means all machinery, equipment, furniture,
and furnishings used in the MAP VI Business, including, without
limitation, the items more particularly described in Schedule
“G” hereto;
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“ MAP
VI Goodwill” means the goodwill of the MAP VI Business
including the right to all corporate, operating and trade names
associated with the MAP VI Business, or any variations of such
names as part of or in connection with the MAP VI Business, all
books and records and other information relating to the MAP VI
Business, all necessary licenses and authorizations and any other
rights used in connection with the MAP VI Business;
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“ MAP
VI Insurance Policies ” means the public liability
insurance and insurance against loss or damage to the MAP VI Assets
and the MAP VI Business as described in Schedule “H”
hereto;
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“ MAP
VI Intangible Assets " means all of the intangible assets of
MAP VI and its subsidiaries, including, without limitation, MAP VI
Goodwill, all trademarks, logos, copyrights, designs, and other
intellectual and industrial property of MAP VI and its
subsidiaries;
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(mm)
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“ MAP
VI Inventory ” means all inventory and supplies of the
MAP VI Business as of September 30, 2008, as set forth in Schedule
“I” hereto;
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(nn)
“ MAP VI Material Contracts ” means the burden
and benefit of and the right, title and interest of MAP VI and its
subsidiaries in, to and under all trade and non-trade contracts,
engagements or commitments, whether written or oral, to which MAP
VI or its subsidiaries are entitled whereunder MAP VI or its
subsidiaries are obligated to pay or entitled to receive the sum of
$10,000 or more including, without limitation, any pension plans,
profit sharing plans, bonus plans, loan agreements, security
agreements, indemnities and guarantees, any agreements with
employees, lessees, licensees, managers, accountants, suppliers,
agents, distributors, officers, directors, attorneys or others
which cannot be terminated without liability on not more than one
month's notice, and those contracts listed in Schedule
“J” hereto;
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“
Surviving Company ” means the Acquirer following the
merger with BTRNet.
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Any other terms
defined within the text of this Agreement will have the meanings so
ascribed to them.
Captions and
Section Numbers
1.2 The
headings and section references in this Agreement are for
convenience of reference only and do not form a part of this
Agreement and are not intended to interpret, define or limit the
scope, extent or intent of this Agreement or any provision
thereof.
Section
References and Schedules
1.3 Any
reference to a particular “Article”,
“section”, “paragraph”,
“clause” or other subdivision is to the particular
Article, section, clause or other subdivision of this Agreement and
any reference to a Schedule by letter will mean the appropriate
Schedule attached to this Agreement and by such reference the
appropriate Schedule is incorporated into and made part of this
Agreement. The Schedules to this Agreement are as
follows:
Information
concerning MAP VI
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Schedule
“C”
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MAP VI Accounts
Payable and Liabilities
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Schedule
“D”
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MAP VI Accounts
Receivable
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Schedule
“E”
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MAP VI Bank
Accounts
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Schedule
“F”
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MAP VI Debts to
Related Parties
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Schedule
“G”
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MAP VI
Equipment
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Schedule
“H”
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MAP VI
Insurance Policies
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Schedule
“I”
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MAP VI
Inventory
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Schedule
“J”
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MAP VI Material
Contracts
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1.4 If
any part of this Agreement is declared or held to be invalid for
any reason, such invalidity will not affect the validity of the
remainder which will continue in full force and effect and be
construed as if this Agreement had been executed without the
invalid portion, and it is hereby declared the intention of the
parties that this Agreement would have been executed without
reference to any portion which may, for any reason, be hereafter
declared or held to be invalid.
ARTICLE 2
THE MERGER
2.1 At
Closing, BTRNet shall be merged with and into the Acquirer pursuant
to this Agreement and Plan of Merger and the separate corporate
existence of BTRNet shall cease and the Acquirer, as it exists from
and after the Closing, shall be the Surviving Company.
2.2 The
Merger shall have the effect provided therefore by the State
Corporation Law. Without limiting the generality of the foregoing,
and subject thereto, at Closing (i) all the rights, privileges,
immunities, powers and franchises, of a public as well as of a
private nature, and all property, real, personal and mixed, and all
debts due on whatever account, including without limitation
subscriptions to shares, and all other choses in action, and all
and every other interest of or belonging to or due to BTRNet or the
Acquirer, as a group, subject to the terms hereof, shall be taken
and deemed to be transferred to, and vested in, the Surviving
Company without further act or deed; and all property, rights and
privileges, immunities, powers and franchises and all and every
other interest shall be thereafter as effectually the property of
the Surviving Company, as they were of BTRNet and the Acquirer, as
a group, and (ii) all debts, liabilities, duties and obligations of
BTRNet and the Acquirer, as a group, subject to the terms hereof,
shall become the debts, liabilities and duties of the Surviving
Company and the Surviving Company shall thenceforth be responsible
and liable for all debts, liabilities, duties and obligations of
BTRNet and the Acquirer, as a group, and neither the rights of
creditors nor any liens upon the property of BTRNet or the
Acquirer, as a group, shall be impaired by the Merger, and may be
enforced against the Surviving Company.
Certificate
of Incorporation; Bylaws; Directors and Officers
2.3 The
Certificate of Incorporation of the Surviving Company from and
after the Closing shall be the Certificate of Incorporation of the
Acquirer until thereafter amended in accordance with the provisions
therein and as provided by the applicable provisions of the State
Corporation Law. The Bylaws of the Surviving Company
from and after the Closing shall be the Bylaws of the Acquirer as
in effect immediately prior to the Closing, continuing until
thereafter amended in accordance with their terms, the Certificate
of Incorporation of the Surviving Company and as provided by the
State Corporation Law. The Directors of BTRNet at the
Effective Time shall continue to be the Directors of the Surviving
Company after the Closing.
2.4 At
the Effective Time, by virtue of the Merger and without any action
on the part of the Acquirer, BTRNet or the BTRNet Shareholders, the
shares of capital stock of each of BTRNet and the Acquirer shall be
converted as follows:
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Capital
Stock of the Acquirer .
Each issued and outstanding share of the Acquirer's capital stock
shall continue to be issued and outstanding and shall be converted
into one share of validly issued, fully paid, and non-assessable
common stock of the Surviving Company. Each stock certificate of
the Acquirer evidencing ownership of any such shares shall continue
to evidence ownership of such shares of capital stock of the
Surviving Company.
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Conversion
of BTRNet Shares . Each
BTRNet Share that is issued and outstanding at the Effective Time
shall automatically be cancelled and extinguished and converted,
without any action on the part of the holder thereof, into the
right to receive at the time and in the amounts described in this
Agreement an amount of Acquisition Shares equal to the number of
Acquisition Shares divided by the number of BTRNet Shares
outstanding immediately prior to Closing. All such BTRNet Shares,
when so converted, shall no longer be outstanding and shall
automatically be cancelled and retired and shall cease to exist,
and each holder of a certificate representing any such shares shall
cease to have any rights with respect thereto, except the right to
receive the Acquisition Shares paid in consideration therefore upon
the surrender of such certificate in accordance with this
Agreement.
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Adherence
with Applicable Securities Laws
2.5 The
BTRNet Shareholders agree that they are acquiring the Acquisition
Shares for investment purposes and will not offer, sell or
otherwise transfer, pledge or hypothecate any of the Acquisition
Shares issued to them (other than pursuant to an effective
Registration Statement under the Securities Act of 1933 , as
amended) directly or indirectly unless:
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the sale is
made pursuant to the exemption from registration under the
Securities Act of 1933,as amended, provided by Rule 144
thereunder; or
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the Acquisition
Shares are sold in a transaction that does not require registration
under the Securities Act of 1933, as amended, or any
applicable United States state laws and regulations governing the
offer and sale of securities, and the vendor has furnished to MAP
VI an opinion of counsel to that effect or such other written
opinion as may be reasonably required by MAP VI.
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The BTRNet
Shareholders acknowledge that the certificates representing the
Acquisition Shares shall bear the following legend:
NO SALE, OFFER
TO SELL, OR TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE
SHALL BE MADE UNLESS A REGISTRATION STATEMENT UNDER THE FEDERAL
SECURITIES ACT OF 1933, AS AMENDED, IN RESPECT OF SUCH SHARES IS
THEN IN EFFECT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SAID ACT IS THEN IN FACT APPLICABLE TO SAID SHARES.
ARTICLE 3
REPRESENTATIONS AND
WARRANTIES
OF MAP VI
Representations and Warranties
3.1 MAP
VI hereby represents and warrants in all material respects to
BTRNet and the BTRNet Shareholders, with the intent that BTRNet and
the BTRNet Shareholders will rely thereon in entering into this
Agreement and in approving and completing the transactions
contemplated hereby, that:
MAP VI -
Corporate Status and Capacity
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Incorporation . MAP VI is a corporation duly incorporated and
validly subsisting under the laws of the State of Delaware, and is
in good standing with the office of the Secretary of State for the
State of Delaware;
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Carrying on
Business . MAP VI
conducts the business described in its filings with the Securities
and Exchange Commission and does not conduct any other business.
MAP VI is duly authorized to carry on such business in
Delaware. The nature of the MAP VI Business does not
require MAP VI to register or otherwise be qualified to carry on
business in any other jurisdictions;
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Corporate
Capacity . MAP VI has the
corporate power, capacity and authority to own the MAP VI Assets
and to enter into and complete this Agreement;
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Reporting
Status; Listing . MAP VI
is currently required to file current reports with the Securities
and Exchange Commission pursuant to section 15(d) of the Securities
Exchange Act of 1934, is current in its filings with the Securities
and Exchange Commission and has or will provide all requisite
information or MAP VI to the Acquirer to prepare any future
filings, and the MAP VI Common Shares are quoted on the
“Bulletin Board”;
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Acquirer -
Corporate Status and Capacity
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Incorporation . The Acquirer is a corporation duly
incorporated and validly subsisting under the laws of the State of
Delaware, and is in good standing with the office of the Secretary
of State for the State of Delaware;
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Carrying on
Business . Other than
corporate formation and organization, the Acquirer has not carried
on business activities to date;
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Corporate
Capacity . The Acquirer
has the corporate power, capacity and authority to enter into and
complete this Agreement;
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Authorized
Capital . The authorized
capital of MAP VI consists of 75,000,000 MAP VI Common Shares,
$0.0001 par value and 10,000,000 shares of preferred stock. $0.0001
par value, of which 2.5 million MAP VI Common Shares, and no shares
of preferred stock are presently issued and outstanding;
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No Option,
Warrant or Other Right .
No person, firm or corporation has any agreement, option, warrant,
preemptive right or any other right capable of becoming an
agreement, option, warrant or right for the acquisition of MAP VI
Common Shares or for the purchase, subscription or issuance of any
of the unissued shares in the capital of MAP VI;
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Authorized
Capital . The authorized
capital of the Acquirer consists of 200 shares of common stock,
$0.001 par value, of which 0 shares of common stock are presently
issued and outstanding,
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No Option,
Warrant or Other Right .
No person, firm or corporation has any agreement, option, warrant,
preemptive right or any other right capable of becoming an
agreement, option, warrant or right for the acquisition
of any common or preferred shares in the Acquirer or for the
purchase, subscription or issuance of any of the unissued shares in
the capital of Acquirer;
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MAP VI -
Records and Financial Statements
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Charter
Documents . The charter
documents of MAP VI and the Acquirer have not been altered since
the incorporation of each, respectively, except as filed in the
record books of MAP VI or the Acquirer, as the case may
be;
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Corporate
Minute Books . The
corporate minute books of MAP VI and its subsidiaries are complete
and each of the minutes contained therein accurately reflect the
actions that were taken at a duly called and held meeting or by
consent without a meeting. All actions by MAP VI and its
subsidiaries which required director or shareholder approval are
reflected on the corporate minute books of MAP VI and its
subsidiaries. MAP VI and its subsidiaries are not in violation or
breach of, or in default with respect to, any term of their
respective Certificates of Incorporation (or other charter
documents) or by-laws.
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MAP VI
Financial Statements .
The Audited MAP VI Financial Statements, when delivered, will
present fairly, in all material respects, the assets and
liabilities (whether accrued, absolute, contingent or otherwise) of
MAP VI as of the respective dates thereof, and the sales and
earnings of the MAP VI Business during the periods covered thereby,
in all material respects, and will have been prepared in
substantial accordance with generally accepted accounting
principles consistently applied and the requirements of Item 301 of
Regulation S-K as promulgated by the Securities and Exchange
Commission;
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MAP VI
Accounts Payable and Liabilities . There are no material liabilities, contingent
or otherwise, of MAP VI or its subsidiaries which are not disclosed
in Schedule “C” hereto or reflected in the Unaudited
MAP VI Financial Statements except those incurred in the ordinary
course of business since the date of the said schedule and the
Unaudited MAP VI Financial Statements, and neither MAP VI nor its
subsidiaries have guaranteed or agreed to guarantee any debt,
liability or other obligation of any person, firm or corporation.
Without limiting the generality of the foregoing, all accounts
payable and liabilities of MAP VI as of September 30, 2008, are
described in Schedule “C” hereto;
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MAP VI
Accounts Receivable . All
the MAP VI Accounts Receivable result from bona fide business
transactions and services actually rendered without, to the
knowledge and belief of MAP VI, any claim by the obligor for
set-off or counterclaim. Without limiting the generality of the
foregoing, all accounts receivable of MAP VI as of September 30,
2008, are described in Schedule “D” hereto;
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MAP VI Bank
Accounts . All of the MAP
VI Bank Accounts, their location, numbers and the authorized
signatories thereto are as set forth in Schedule “E”
hereto;
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No Debt to
Related Parties . Except
as disclosed in Schedule “F” hereto, neither MAP VI nor
any of its subsidiaries is, and on Closing will not be, indebted to
any affiliate, director or officer of MAP VI except accounts
payable on account of bona fide business transactions of MAP VI
incurred in normal course of the MAP VI Business, including
employment agreements, none of which are more than 30 days in
arrears;
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No Related
Party Debt to MAP VI . No
director or officer or affiliate of MAP VI is now indebted to or
under any financial obligation to MAP VI or any subsidiary on any
account whatsoever, except for advances on account of travel and
other expenses not exceeding $1,000 in total;
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No
Dividends . No dividends
or other distributions on any shares in the capital of MAP VI have
been made, declared or authorized since the date of Unaudited MAP
VI Financial Statements;
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No
Payments . No payments of
any kind have been made or authorized since the date of the
Unaudited MAP VI Financial Statements to or on behalf of officers,
directors, shareholders or employees of MAP VI or its subsidiaries
or under any management agreements with MAP VI or its subsidiaries,
except payments made in the ordinary course of business and at the
regular rates of salary or other remuneration payable to
them;
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No Pension
Plans . There are no
pension, profit sharing, group insurance or similar plans or other
deferred compensation plans affecting MAP VI;
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No Adverse
Events . Since the date
of the Unaudited MAP VI Financial Statements
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there has not
been any material adverse change in the consolidated financial
position or condition of MAP VI, its subsidiaries, its liabilities
or the MAP VI Assets or any damage, loss or other change in
circumstances materially affecting MAP VI, the MAP VI Business or
the MAP VI Assets or MAP VI’ right to carry on the MAP VI
Business, other than changes in the ordinary course of
business,
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there has not
been any damage, destruction, loss or other event (whether or not
covered by insurance) materially and adversely affecting MAP VI,
its subsidiaries, the MAP VI Business or the MAP VI
Assets,
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there has not
been any material increase in the compensation payable or to become
payable by MAP VI to any of MAP VI’ officers, employees or
agents or any bonus, payment or arrangement made to or with any of
them,
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the MAP VI
Business has been and continues to be carried on in the ordinary
course,
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MAP VI has not
waived or surrendered any right of material value,
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neither MAP VI
nor its subsidiaries have discharged or satisfied or paid any lien
or encumbrance or obligation or liability other than current
liabilities in the ordinary course of business, and
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no capital
expenditures in excess of $10,000 individually or $30,000 in total
have been authorized or made.
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MAP VI -
Income Tax Matters
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Tax
Returns . All tax returns
and reports of MAP VI and its subsidiaries required by law to be
filed have been filed and are true, complete and correct, and any
taxes payable in accordance with any return filed by MAP VI and its
subsidiaries or in accordance with any notice of assessment or
reassessment issued by any taxing authority have been so
paid;
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Current
Taxes . Adequate
provisions have been made for taxes payable for the current period
for which tax returns are not yet required to be filed and there
are no agreements, waivers, or other arrangements providing for an
extension of time with respect to the filing of any tax return by,
or payment of, any
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