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EXHIBIT 2.1
AGREEMENT AND PLAN OF REORGANIZATION
by and among
Voyager One, Inc.
a Nevada corporation
and
Silicon Film Technologies, Inc., a Illinois corporation
effective as of January 8, 2004
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AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT
AND PLAN OF REORGANIZATION, is made and entered into this
8th day of January, 2004, by and between
Voyager One, Inc., a Nevada corporation
("Voyager") and Silicon Film Technologies,
Inc., a Illinois corporation
("Silicon"), and certain shareholders of
Silicon listed on the attached Schedule
I ("Silicon Shareholders"), and
specifically incorporated herein by reference
(Silicon and Silicon Shareholders shall be
hereinafter jointly referred to as
"Silicon Parties").
PREMISES
A. This
Agreement provides for the reorganization of Silicon with and
into
Voyager, with Silicon becoming a
wholly-owned subsidiary of Voyager, and in
connection therewith, the exchange of the
outstanding common stock of Silicon
into shares of common voting stock of
Voyager, all for the purpose of effecting
a tax-free reorganization pursuant to
sections 351, 354 and 368(a)(1)(B) of the
Internal Revenue Code of 1986, as amended
("IRC"). On the terms and conditions
set forth herein, the parties hereby adopt
the Plan of Reorganization embodied
in this Agreement.
B. The boards of
directors of Silicon and Voyager have determined, subject
to the terms and conditions set forth in
this Agreement, that the exchange
contemplated hereby, as a result of which
Silicon would become a wholly owned
subsidiary of Voyager is desirable and in
the best interests of their
stockholders. This Agreement is being
entered into for the purpose of setting
forth the terms and conditions of the
proposed exchange.
AGREEMENT
NOW, THEREFORE,
on the stated premises and for and in consideration of the
mutual covenants and agreements hereinafter
set forth and the mutual benefits to
the parties to be derived herefrom, it is
hereby agreed as follows:
ARTICLE I
REPRESENTATIONS, COVENANTS AND WARRANTIES OF
SILICON AND SILICON SHAREHOLDERS
Silicon and each
of Silicon Shareholders, individually and neither jointly
nor severally, represents and warrants to
Voyager, except as disclosed in this
Agreement or in the case of any
representation qualified by its terms to a
particular Schedule, as hereinafter
defined, of Silicon attached hereto, that
the statements made in this Article I will
be correct and complete at the
Effective Date, as hereinafter defined,
provided, however, if there is no
Effective Date, then no party shall be
liable for any inaccuracy.
SECTION 1.1
SHAREHOLDERS. Each of the Silicon Shareholders is the owner of
all of the issued and outstanding shares of
the capital stock of Silicon
attributed to such Shareholder on Schedule
I; each Silicon Shareholder has full
legal title to all Silicon Shares described
in Schedule I as being owned by such
Silicon Shareholder free from any and all
claims, liens or other encumbrances.
Silicon Shareholders have the unqualified
right to sell, transfer, and dispose
of their respective Silicon Shares subject
to the applicable securities laws and
the laws of bankruptcy, insolvency and
general creditors' rights. Each Silicon
Shareholder represents and warrants that,
in regards to such Silicon
Shareholder's shares of Silicon, such
Silicon Shareholder has full right and
authority to execute this Agreement and to
transfer his shares of Silicon to
Voyager.
SECTION 1.2
ORGANIZATION. Silicon is a corporation duly organized, validly
existing, and in good standing under the
laws of Illinois and has the corporate
power and is duly authorized, qualified,
franchised and licensed under all
applicable laws, regulations, ordinances
and orders of public authorities to own
all of its properties and assets and to
carry on its business in all material
respects as it is now being conducted,
including qualification to do business as
a foreign corporation in the jurisdiction
in which the character and location of
the assets owned by it or the nature of the
business transacted by it requires
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qualification. Included in the Silicon
Schedules (as hereinafter defined) are
complete and correct copies of the articles
of incorporation, bylaws and
amendments thereto of Silicon as in effect
on the date hereof. The execution and
delivery of this Agreement does not and the
consummation of the transactions
contemplated by this Agreement in
accordance with the terms hereof will not
violate any provision of Silicon's articles
of incorporation or bylaws. Silicon
has full power, authority and legal right
and has taken all action required by
law, its articles of incorporation, its
bylaws or otherwise to authorize the
execution and delivery of this
Agreement.
SECTION 1.3
CAPITALIZATION. The authorized capitalization of Silicon
consists of seventy five (75) million Class
A Common Stock shares, no par value
per share (the "Silicon Class A Shares"),
and five (5) million Class B Common
Stock shares (the "Silicon Class B
Shares")(Silicon Class A Shares and Silicon
Class B Shares may be collectively referred
to as "Silicon Common Shares"), no
par value per share. As of the date of this
Agreement, 68,779,200 of the
authorized Class A Shares are issued and
outstanding, and 5,000,000 of the Class
B Shares are issued and outstanding. Each
share of Silicon Class B Shares is
convertible into one (1) share of Silicon
Common A Shares, however, each share
of Class B Shares is entitled to one
hundred (100) votes. All issued and
outstanding shares are legally issued,
fully paid and nonassessable and are not
issued in violation of the preemptive or
other rights of any person. Except as
may be disclosed in Silicon Schedules,
Silicon has no other securities, warrants
or options authorized or issued.
SECTION 1.4
SUBSIDIARIES AND PREDECESSOR CORPORATIONS. Except as otherwise
set forth in the Silicon Schedules, Silicon
does not have any other subsidiaries
and does not own, beneficially or of
record, any shares of any other
corporation. For purposes herein, all
references to Silicon shall include
Silicon and all of its subsidiaries.
SECTION 1.5
FINANCIAL
INFORMATION.
(a) Attached
hereto as Schedule 1.5 are unaudited financial
statements from the inception of Silicon until June 30, 2003
(the
"Silicon Financial Statements").
(b) Silicon has no liabilities with respect to the payment of
any
federal, state, county, local or other taxes (including any
deficiencies, interest or penalties), except for taxes accrued but
not
yet due and payable;
(c) Silicon has filed all state, federal and local income tax
returns, including extensions of such tax returns, if any, required
to
be filed by it from inception to the date hereof, if any;
(d) The books and records, financial and others, of Silicon are
in all material respects complete and correct and have been
maintained
in accordance with good business accounting practices; and
(e) except as and to the extent disclosed herein and the
Silicon
Schedules, Silicon has no material contingent liabilities, direct
or
indirect, matured or unmatured.
SECTION 1.6
INFORMATION. The information concerning Silicon set forth in
this Agreement and in the Silicon Schedules
to the best of Silicon's knowledge,
is complete and accurate in all material
respects and does not contain any
untrue statement of a material fact or omit
to state a material fact required to
make the statements made, in light of the
circumstances under which they were
made, not misleading.
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SECTION 1.7
OPTIONS AND WARRANTS. Except as may otherwise be disclosed
herein on Schedule 1.7, there are no
existing options, warrants, calls or
commitments of any character to which
Silicon is a party and by which it is
bound. Pursuant to the existing option
agreements (see Schedule 1.7 Options),
appropriate adjustments shall be made in
the number of shares for which such
options May be exercised based upon the
exchange rate at which each share of
common stock Silicon shall be exchanged for
certain number of shares of Voyager
(see Section 3.2 of this Agreement).
SECTION 1.8
ABSENCE OF CERTAIN CHANGES OR EVENTS. Except as set forth in
this Agreement, the Silicon Schedules, or
as otherwise disclosed to Voyager,
since June 30, 2003:
(a) there has not been: (i) any material adverse change in the
business, operations, properties, assets or condition of Silicon;
or
(ii) any damage, destruction or loss to Silicon (whether or not
covered by insurance) materially and adversely affecting the
business,
operations, properties, assets or condition of Silicon;
(b) Silicon has not: (i) amended its articles of incorporation
or
bylaws; (ii) declared or made, or agreed to declare or make,
any
payment of dividends or distributions of any assets of any kind
whatsoever to stockholders or purchased or redeemed or agreed
to
purchase or redeem any of its capital stock; (iii) waived any
rights
of value which in the aggregate are extraordinary or material
considering the business of Silicon; (iv) made any material change
in
its method of management, operation or accounting other than in
its
ordinary course of business; (v) entered into any other
material
transaction; (vi) made any accrual or arrangement for or payment
of
bonuses or special compensation of any kind or any severance or
termination pay to any present or former officer or employee;
(vii)
increased the rate of compensation; or (viii) made any increase in
any
profit sharing, bonus, deferred compensation, insurance,
pension,
retirement or other employee benefit plan, payment or arrangement
made
to, for, or with its officers, directors or employees.
(c) Silicon has not: (i) granted or agreed to grant any
options,
warrants or other rights for its stocks, bonds or other
corporate
securities calling for the issuance thereof; (ii) borrowed or
agreed
to borrow any funds or incurred or become subject to, any
material
obligation or liability (absolute or contin gent) except
liabilities
incurred in the ordinary course of business; (iii) paid any
material
obligation or liability (absolute or contingent) other than
current
liabilities reflected in or shown on the most recent Silicon
balance
sheet and current liabilities incurred since that date in the
ordinary
course of business; (iv) sold or transferred, or agreed to sell
or
transfer, any of its assets, properties or rights (except
assets,
properties or rights not used or useful in its business which, in
the
aggregate have a value of less than $10,000); (v) made or
permitted
any amendment or termination of any contract, agreement or license
to
which it is a party if such amendment or termination is
material,
considering the business of Silicon; or (vi) issued, delivered
or
agreed to issue or deliver any stock, bonds or other corporate
securities, including debentures (whether authorized and unissued
or
held as treasury stock); and
(d) to the best knowledge of Silicon, it has not become subject
to any law or regulation which materially and adversely affects, or
in
the future May adversely affect, the business, operations,
properties,
assets or condition of Silicon.
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SECTION 1.9
TITLE AND RELATED MATTERS. Except as provided herein or in the
Silicon Schedules, Silicon has good and
marketable title to and is the sole and
exclusive owner of all of its properties,
inventory, interests in properties and
assets, real and personal including
technical information, copyrights,
trademarks, service marks and tradenames
(collectively, the "Assets") which are
reflected in the Silicon Schedules or
acquired after that date (except
properties, interests in properties and
assets sold or otherwise disposed of
since such date in the ordinary course of
business), free and clear of all
liens, pledges, charges or encumbrances
except: (a) statutory liens or claims
not yet delinquent; (b) such imperfections
of title and easements as do not and
will not, materially detract from or
interfere with the present or proposed use
of the properties subject thereto or
affected thereby or otherwise materially
impair present business operations on such
properties; and (c) as described in
the Silicon Schedules. Except as set forth
in the Silicon Schedules, Silicon
owns free and clear of any liens, claims,
encumbrances, royalty interests or
other restrictions or limitations of any
nature whatsoever, any and all products
it is currently manufacturing, including
the underlying technology and data, and
all procedures, techniques, marketing
plans, business plans, methods of
management or other information utilized in
connection with Silicon's business.
Except as set forth in the Silicon
Schedules, no third party has any right to,
and Silicon has not received any notice of
infringement of or conflict with
asserted rights of others with respect to
any product, technology, data, trade
secrets, know-how, proprietary techniques,
trademarks, service marks, trade
names or copyrights which, singly or in the
aggregate, if the subject of an
unfavorable decision, ruling or finding,
would have a materially adverse affect
on the business, operations, financial
conditions or income of Silicon or any
material portion of its properties, assets
or rights.
SECTION 1.10
LITIGATION AND PROCEEDINGS. To the best of Silicon's knowledge
and belief, there are no actions, suits,
proceedings or investigations pending
or threatened by or against Silicon or
affecting Silicon or its properties, at
law or in equity, before any court or other
governmental agency or
instrumentality, domestic or foreign or
before any arbitrator of any kind that
would have a material adverse affect on the
business, operations, financial
condition or income of Silicon. Silicon
does not have any knowledge of any
default on its part with respect to any
judgment, order, writ, injunction,
decree, award, rule or regulation of any
court, arbitrator or governmental
agency or instrumentality or of any
circumstances which, after reasonable
investigation, would result in the
discovery of such a default.
SECTION 1.11
CONTRACTS.
(a) Except as included or described in the Silicon Schedules,
there are no material contracts, agreements, franchises,
license
agreements or other commitments to which Silicon is a party or
by
which it or any of its assets, products, technology or properties
are
bound;
(b) Except as included or described in the Silicon Schedules or
reflected in the most recent Silicon balance sheet, Silicon is not
a
party to any oral or written: (i) contract for the employment of
any
officer or employee which is not terminable on thirty (30) days
or
less notice; (ii) profit sharing, bonus, deferred compensation,
stock
option, severance pay, pension benefit or retirement plan,
agreement
or arrangement covered by Title IV of the Employee Retirement
Income
Security Act, as amended; (iii) agreement, contract or
indenture
relating to the borrowing of money; (iv) guaranty of any
obligation,
other than one on which Silicon is a primary obligor, for
collection
and other guaranties of obligations, which, in the aggregate do
not
exceed more than one year or providing for payments in excess
of
$10,000 in the aggregate; (v) consulting or other similar
contracts
with an unexpired term of more than one year or providing for
payments
in excess of $10,000 in the aggregate; (vi) collective
bargaining
agreements; (vii) agreement with any present or former officer
or
director of Silicon; or (viii) contract, agreement or other
commitment
involving payments by it of more than $10,000 in the aggregate;
and
(c) To Silicon's knowledge, all contracts, agreements,
franchises, license agreements and other commitments to which
Silicon
is a party or by which its properties are bound and which are
material
to the operations of Silicon taken as a whole, are valid and
enforceable by Silicon in all respects, except as limited by
bankruptcy and insolvency laws and by other laws affecting the
rights
of creditors generally.
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SECTION 1.12
MATERIAL CONTRACT DEFAULTS. Except as set forth in the Silicon
Schedules, to the best of Silicon's
knowledge and belief, Silicon is not in
default in any material respect under the
terms of any outstanding contract,
agreement, lease or other commitment which
is material to the business,
operations, properties, assets or condition
of Silicon, and there is no event of
default in any material respect under any
such contract, agreement, lease or
other commitment in respect of which
Silicon has not taken adequate steps to
prevent such a default from occurring.
SECTION 1.13 NO
CONFLICT WITH OTHER INSTRUMENTS. The execution of this
Agreement and the consummation of the
transactions contemplated by this
Agreement will not result in the breach of
any term or provision of, or
constitute an event of default under, any
material indenture, mortgage, deed of
trust or other material contract, agreement
or instrument to which Silicon is a
party or to which any of its properties or
operations are subject.
SECTION 1.14
GOVERNMENTAL AUTHORIZATIONS. To the best of Silicon's
knowledge and except as provided herein or
in the Silicon Schedules, Silicon has
all licenses, franchises, permits or other
governmental authoriza tions legally
required to enable Silicon to conduct its
business in all material respects as
conducted on the date hereof. Except for
compliance with federal and state
securities and corporation laws, as
hereinafter provided, no authorization,
approval, consent or order of, or
registration, declaration or filing with, any
court or other governmental body is
required in connection with the execution
and delivery by Silicon of this Agreement
and the consummation by Silicon of the
transactions contemplated hereby.
SECTION 1.15
COMPLIANCE WITH LAWS AND REGULATIONS. To the best of Silicon's
knowledge, except as disclosed in the
Silicon Schedules, Silicon has complied
with all applicable statutes and
regulations of any federal, state or other
governmental entity or agency thereof,
except to the extent that noncompliance
would not materially and adversely affect
the business, operations, properties,
assets or condition of Silicon or would not
result in Silicon's incurring any
material liability.
SECTION 1.16
INSURANCE. Except as disclosed on Schedule 1.16, Silicon has
no insurable properties and no insurance
policies will be in effect at the
Closing Date, as hereinafter defined.
SECTION 1.17
APPROVAL OF AGREEMENT. The board of directors of Silicon has
authorized the execution and delivery of
this Agreement by Silicon and has
approved the transactions contemplated
hereby. The majority of Silicon's
shareholders approved the transactions
contemplated hereby by the written
consent action.
SECTION 1.18
MATERIAL TRANSACTIONS OR AFFILIATIONS. Except as disclosed
herein and in the Silicon Schedules, there
exists no material contract,
agreement or arrangement between Silicon
and any predecessor and any person who
was at the time of such contract, agreement
or arrangement an officer, director
or person owning of record, or known by
Silicon to own beneficially, ten percent
(10%) or more of the issued and outstanding
Silicon Common Shares and which is
to be performed in whole or in part after
the date hereof. In all of such
transactions, the amount paid or received,
whether in cash, in services or in
kind, has been during the full term
thereof, and is required to be during the
unexpired portion of the term thereof, no
less favorable to Silicon than terms
available from otherwise unrelated parties
in arms length transactions. There
are no commitments by Silicon, whether
written or oral, to lend any funds to,
borrow any money from or enter into any
other material transactions with, any
such affiliated person.
SECTION 1.19
LABOR RELATIONS. Silicon has never had a work stoppage
resulting from labor problems. To the best
knowledge of Silicon, no union or
other collective bargaining organization is
organizing or attempting to organize
any employee of Silicon.
SECTION 1.20
PREVIOUS SALES AND ISSUANCE OF SECURITIES. Since inception,
Silicon has issued Silicon Common Shares in
reliance upon applicable exemptions
from the registration requirements under
the laws of the jurisdiction of
Illinois and other applicable state and
federal securities laws, to the
shareholders listed on Schedule I. The
shares of Silicon Common Stock issued to
the Silicon Shareholders are legally
issued, fully paid and nonassessable and
are not issued in violation of the
preemptive or other rights of any person.
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SECTION 1.21
REORGANIZATION RELATED REPRESENTATIONS.
(a) following the Effective Date, Silicon will continue its
historic business or use a significant portion of its historic
business assets in its business;
(b) Silicon is not an investment company as defined in section
368(a)(2)(F)(iii) and (iv) of IRC;
(c) Silicon is not under the jurisdiction of a court in a Title
11 or similar case within the meaning of Section 368(a)(3)(A) of
the
IRC.
SECTION 1.22
SILICON SCHEDULES. Upon execution hereof, Silicon will deliver
to Voyager the following schedules, which
are collectively referred to as the
"Silicon Schedules" and which consist of
separate schedules dated as of the date
of this Agreement and instruments and data
as of such date, complete, true and
correct in all material respects:
(a) copies of the articles of incorporation, bylaws and all
minutes of shareholders' and directors' meetings of Silicon;
(b) the financial information of Silicon referenced hereinabove
in Section 1.5;
(c) a list indicating the name and address of the stockholders
of
Silicon, together with the number of shares owned by them;
(d) the Silicon Business Plan which includes, among other
matters, information concerning all of Silicon's material
licenses,
permits and other governmental authorizations, requests or
applications therefor, pursuant to which Silicon carries on or
proposes to carry on its business (except those which in the
aggregate, are immaterial to the present or proposed business
of
Silicon), as well as a description of any material adverse change
in
the business operations, property, inventory, assets or condition
of
Silicon since the most recent Silicon balance sheet required to
be
provided pursuant to Section 1.7; and
Silicon shall
cause the Silicon Schedules and the instruments and data
delivered to Voyager hereunder to be
updated after the date hereof up to and
including the Closing Date, as hereinafter
defined.
SECTION 1.23
TAXES. Silicon has complied with applicable tax filing
requirements, if any.
SECTION 1.24
ADDITIONAL INFORMATION AVAILABLE. Silicon will make available
to Voyager the opportunity to ask questions
and receive answers concerning
acquisition of Silicon shares in this
transaction, and to obtain any additional
information related thereto which Silicon
possesses or can acquire without
unreasonable effort or expense.
SECTION 1.25
LIMITATION ON LIABILITY. Notwithstanding anything to the
contrary contained in this Agreement,
Silicon shall not have any liability for
any misrepresentation or breach of any
representation or warranty contained in
this Article I, if Voyager has actual
knowledge of such misrepresentation or
breach.
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ARTICLE II
REPRESENTATIONS, COVENANTS AND WARRANTIES
OF VOYAGER
As an inducement
to, and to obtain the reliance of Silicon, Voyager
represents and warrants as follows:
SECTION 2.1
ORGANIZATION. Voyager is a corporation duly organized, validly
existing and in good standing under the
laws of the state of Nevada and has the
corporate power and is duly authorized,
qualified, franchised and licensed under
all applicable laws, regulations,
ordinances and orders of public authorities to
own all of its properties and assets and to
carry on its business in all
material respects as it is now being
conducted, including qualification to do
business as a foreign corporation in the
states in which the character and
location of the assets owned by it or the
nature of the business transacted by
it requires qualification. Included in the
Voyager Schedules (as hereinafter
defined) are complete and correct copies of
the articles of incorporation,
amended articles of incorporation
(collectively, hereinafter referred to as the
"articles of incorporation"), bylaws of
Voyager as in effect on the date hereof
and a certificate of Good Standing. The
execution and delivery of this Agreement
does not and the consummation of the
transactions contemplated by this Agreement
in accordance with the terms hereof will
not, violate any provision of Voyager's
articles of incorporation or bylaws.
Voyager has taken all action required by
law, its articles of incorporation, its
bylaws or otherwise to authorize the
execution and delivery of this Agreement.
Voyager has full power, authority and
legal right and has taken all action
required by law, its articles of
incorporation, bylaws or otherwise to
consummate the transactions herein
contemplate.
SECTION 2.2
CAPITALIZATION. The authorized capitalization of Voyager
consists of 10 million shares of Common
Stock, par value $0.0001 per share, of
which 777,600 shares are issued and
outstanding, and 5 million shares of
Preferred Stock, $0.0001 par value, of
which no shares are issued nor
outstanding. All issued and outstanding
shares are legally issued, fully paid
and nonassessable and are not issued in
violation of the preemptive or other
rights of any person. Except as may be
disclosed in Voyager Schedules, Voyager
has no other securities, warrants or
options authorized or issued.
SECTION 2.3
SUBSIDIARIES. At the Closing, other than as disclosed herein,
Voyager shall own no securities or have any
interest in any corporation,
partnership, or other form of business
organization, including its current
subsidiaries.
SECTION 2.4
FINANCIAL
STATEMENTS.
(a) Attached hereto as Schedule 2.4 are audited financial
statements for the years ended December 31, 2001 and December
31,
2002, and unaudited financial statements for the nine months
period
ended September 30, 2003 together with the related footnotes
and
report thereon of the auditors rendering such reports (the
"Voyager
Financial Statements"). The Voyager Financial Statements are
correct
and complete in all respects and fairly present, in accordance
with
generally accepted accounting principles ("GAAP"), consistently
applied, the consolidated financial position of Voyager as of
such
dates and the results of operations and changes in financial
position
for such periods all in accordance with GAAP. The Voyager
Financial
Statements comply with the requirements of Regulation S-X of
the
Securities and Exchange Commission and the provisions of the
Securities Act of 1933 (the "1933 Act") and will be suitable
for
inclusion in any subsequent filing with any state or federal
regulatory agency under the Securities Exchange Act of 1934 (the
"1934
Act"). As of the date of this Agreement, Voyager does not have
any
source of revenues. Accordingly, Voyager's independent public
accountant, issued an opinion in its Independent Auditor's Report
for
the fiscal year ended December 31, 2002 questioning the ability
of
Voyager to continue as a going concern. AN INVESTMENT IN
VOYAGER
SHARES INVOLVES A HIGH DEGREE OF RISK. SILICON SHAREHOLDERS
SHOULD
REVIEW AND CAREFULLY CONSIDER THE DISCLOSURE MATERIALS ATTACHED
HERETO
AS EXHIBIT "A", INCLUDING THE RISK FACTORS CONTAINED THEREIN, PRIOR
TO
EXECUTING THIS AGREEMENT;
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(b) The books and records, financial and others, of Voyager are
in all material respects complete and correct and have been
maintained
in accordance with good business accounting practices;
(c) Voyager has no liabilities with respect to the payment of
any
federal, state, county, local or other taxes, current or
accrued
(including any deficiencies, interest or penalties);
(d) Voyager has filed or will file prior to the Closing all
state, federal and local income tax returns, including extensions
of
such tax returns, if any, required to be filed by it from inception
to
the date hereof, if any;
(e) except as and to the extent disclosed herein and the
Voyager
Schedules,
Voyager has no material contingent liabilities, direct or
indirect, matured or unmatured.
SECTION 2.5
INFORMATION. The information concerning Voyager as set forth in
this Agreement and in the Voyager
Schedules, to the best of Voyager's knowledge,
is complete and accurate in all material
respects and does not contain any
untrue statement of a material fact or omit
to state a material fact required to
make the statements made, in light of the
circumstances under which they were
made, not misleading.
SECTION 2.6
OPTIONS AND WARRANTS. Except as May otherwise be disclosed
herein on Schedule 2.6, there are no
existing options, warrants, calls or
commitments of any character to which
Voyager is a party and by which it is
bound.
SECTION 2.7
ABSENCE OF CERTAIN CHANGES OR EVENTS. Except as described
herein or in the Voyager Schedules, since
September 30, 2003:
(a) there has not been: (i) any material adverse change in the
business, operations, properties, assets or condition of Voyager;
or
(ii) any damage, destruction or loss to Voyager (whether or not
covered by insurance) materially and adversely affecting the
business,
operations, properties, assets or condition of Voyager;
(b) Voyager has not: (i) amended its articles of incorporation
or
bylaws; (ii) declared or made, or agreed to declare or make,
any
payment of dividends or distributions of any assets of any kind
whatsoever to stockholders or purchased or redeemed or agreed
to
purchase or redeem any of its capital stock; (iii) waived any
rights
of value which in the aggregate are extraordinary or material
considering the business of Voyager; (iv) made any material change
in
its method of management, operation or accounting other than in
its
ordinary course of business; (v) entered into any other
material
transaction; (vi) made any accrual or arrangement for or payment
of
bonuses or special compensation of any kind or any severance or
termination pay to any present or former officer or employee;
(vii)
increased the rate of compensation; or (viii) made any increase in
any
profit sharing, bonus, deferred compensation, insurance,
pension,
retirement or other employee benefit plan, payment or arrangement
made
to, for, or with its officers, directors or employees.
(c) Except as disclosed to Silicon or as included in the
Voyager
Schedules, Voyager has not: (i) granted or agreed to grant any
options, warrants or other rights for its stocks, bonds or
other
corporate securities calling for the issuance thereof; (ii)
borrowed
or agreed to borrow any funds or incurred or become subject to,
any
material obligation or liability (absolute or contingent)
except
liabilities incurred in the ordinary course of business; (iii)
paid
any material obligation or liability (absolute or contingent)
other
than current liabilities reflected in or shown on the most
recent
Voyager balance sheet and current liabilities incurred since that
date
in the ordinary course of business; (iv) sold or transferred,
or
agreed to sell or transfer, any of its assets, properties or
rights
(except assets, properties or rights not used or useful in its
business which, in the aggregate have a value of less than
$10,000);
(v) made or permitted any amendment or termination of any
contract,
agreement or license to which it is a party if such amendment
or
termination is material, considering the business of Voyager; or
(vi)
issued, delivered or agreed to issue or deliver any stock, bonds
or
other corporate securities, including debentures (whether
authorized
and unissued or held as treasury stock); and
8
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(d) to the best
knowledge of Voyager, it has not become subject
to any law or regulation which materially and adversely affects, or
in
the future May adversely affect, the business, operations,
properties,
assets or condition of Voyager.
SECTION 2.8
TITLE AND RELATED MATTERS. As of the Closing Date, Voyager will
own no real, personal or intangible
property, other than as disclosed herein.
SECTION 2.9
LITIGATION AND PROCEEDINGS. There are no actions, suits or
proceedings pending or, to the best of
Voyager's knowledge and belief,
threatened by or against or affecting
Voyager, at law or in equity, before any
court or other governmental agency or
instrumentality, domestic or foreign, or
before any arbitrator of any kind that
would have a material adverse effect on
the business, operations, financial
condition, income or business prospects of
Voyager. Voyager does not have any
knowledge of any default on its part with
respect to any judgment, order, writ,
injunction, decree, award, rule or
regulation of any court, arbitrator or
governmental agency or instrumentality.
SECTION 2.10
CONTRACTS. On the Closing Date and other than as disclosed
herein in Schedule 2.9 or otherwise:
(a) There are no material contracts, agreements, franchises,
license agreements, or other commitments to which Voyager is a
party
or by which it or any of its properties are bound;
(b) Voyager is not a party to any contract, agreement,
commitment
or instrument or subject to any charter or other corporate
restriction
or any judgment, order, writ, injunction, decree or award which
materially and adversely affects, or in the future may (as far
as
Voyager can now foresee) materially and adversely affect, the
business, operations, properties, assets or conditions of Voyager;
and
(c) Voyager is not a party to any material oral or written: (i)
contract for the employment of any officer or employee; (ii)
profit
sharing, bonus, deferred compensation, stock option, severance
pay,
pension, benefit or retirement plan, agreement or arrangement
covered
by Title IV of the Employee Retirement Income Security Act, as
amended; (iii) agreement, contract or indenture relating to the
borrowing of money; (iv) guaranty of any obligation for the
borrowing
of money or otherwise, excluding endorsements made for collection
and
other guaranties of obligations, which, in the aggregate
exceeds
$1,000; (v) consulting or other similar contract with an
unexpired
term of more than o