EXHIBIT 2.1
AGREEMENT OF SHARE EXCHANGE AND PLAN
OF REORGANIZATION
THIS AGREEMENT made and entered into
as of the 5th day of September, 2009, by and between SunRidge
International, Inc., a Nevada corporation formerly named TARI, Inc.
(hereinafter called "SRI"), and Ophthalmic International, Inc., a
Nevada corporation (hereinafter called "OI").
WITNESSETH THAT:
A. SRI is a company whose
common stock may be publicly traded.
B. OI is a private
company which manufactures and markets a patented medial
device.
C. Subject to the
approval of the Board of Directors of SRI and OI, SRI and OI shall
enter into an Agreement of Exchange (hereinafter called the
"Exchange Agreement") in substantially the form attached hereto and
made a part hereof as Exhibit A, which provides, among other
things, for the issuance by SRI of 33,050,000 of its restricted
common stock shares to all of the shareholders of OI in exchange
for their OI common stock shares (the "Exchange").
D. Following the Exchange
under the Exchange Agreement, OI will be a wholly-owned subsidiary
of SRI.
E. It is intended that
the transactions contemplated by this Agreement shall constitute an
exchange conforming to the provisions of Section 368(a)(2) of the
Internal Revenue Code of 1954.
NOW THEREFORE, in consideration of
the mutual covenants and agreements and the benefits to be realized
by each of the parties, the following transactions are hereby
agreed to, subject to the conditions hereinafter stated:
1. The
Exchange
(a) In accordance with
the Exchange Agreement, on the Closing Date hereinafter referred
to, and in exchange for all of the then issued and outstanding
shares of capital stock of OI (the "OI Capital Stock"), SRI shall
issue the number of fully paid and nonassessable shares of voting
SRI common stock, $.001 par value per share (hereinafter called
"SRI Common Stock") in order to permit the Exchange to be effected
in accordance with the terms of the Exchange Agreement, on the
basis of Three Hundred Thirty and One-Half (330.5) shares of SRI
Common Stock for each One (1.0) share of OI Capital Stock, subject
to rounding to a whole share as provided in the Exchange
Agreement.
If between the date hereof and the
Closing Date, SRI shall effect any reclassification,
recapitalization, subdivision, combination or exchange of shares,
in respect of the outstanding shares of common stock of SRI or a
stock dividend thereon shall be declared with a record date within
said period, the per share amounts of SRI Common Stock to be issued
and delivered in the Exchange shall be appropriately
adjusted.
(b) SRI shall issue and
deliver as and when required by the Exchange Agreement,
certificates representing the shares of SRI Common Stock for which
the shares of OI Capital Stock outstanding immediately prior to the
effective time of the Exchange shall have been exchanged as
provided in the Exchange Agreement.
(c) OI shall submit this
Agreement and the Exchange Agreement to its shareholders for
majority consent, in accordance with Nevada law. OI
shall use its best efforts to receive such consents on or before
August 24, 2009, or as soon thereafter as practical.
(d) SRI is not required
under Nevada corporate law to submit this Agreement and the
Exchange Agreement to its shareholders for approval.
(e) Following the
approval of the Exchange by the stockholders of OI, and upon
execution of the Exchange Agreement by the officers of SRI and OI,
a certificate of Exchange containing the information required by
Nevada corporate law shall be filed with the Nevada Secretary of
State.
2.
Closing
(a) The closing of all
the transactions contemplated hereby (herein called the "Closing"
or the "Closing Date") shall take place at the offices of OI in
Fountain Hills, Arizona at 9:00 a.m. on a date within five (5)
business days after all of the conditions described in paragraphs
13 and 14 hereof have been satisfied or, to the extent permitted in
paragraph 15 hereof, their satisfaction has been
waived. SRI and OI will use their best efforts to obtain
the approvals specified in paragraph 7 hereof and any other of the
consents, waivers or approvals necessary or desirable to accomplish
the transactions contemplated by this Agreement and the Exchange
Agreement. All documents required to be delivered by
each of the parties hereto shall be duly delivered to the
respective recipient thereof at or prior to the
Closing. In no event shall the Closing Date be later
than August 31, 2009, and if it is delayed beyond said date the
either party shall have the right to terminate this Agreement upon
notice to that effect.
(b) At the Closing, SRI
and OI shall jointly direct that the Certificate of Exchange be
duly filed, and it shall in accordance with such direction be
filed, in Nevada so that the Exchange shall be effective as soon
after the Closing Date as possible.
3. Investigation
by the Parties
SRI and OI each may, prior to the
Closing Date, make or cause to be made such investigation of the
properties of the other and its subsidiaries and of its financial
and legal condition as the party making such investigation deems
necessary or advisable to familiarize itself with such properties
and other matters, provided, that such investigation shall not
interfere with normal operations. SRI and OI each agrees
to permit the other and its authorized agents or representatives to
have, after the date of execution hereof, full access to its
premises and to all of its books and records at reasonable hours,
and its subsidiaries and officers will furnish the party making
such investigation with such financial and operating data and other
information with respect to the business and properties of it and
its subsidiaries as the party making such investigation shall from
time to time reasonably request. Each party further
agrees that in the event that the transactions contemplated by this
Agreement shall not be consummated, it and its officers, employees,
accountants, attorneys, engineers and other representatives will
not disclose or make available to any other person or use for any
purpose unrelated to the consummation of this Agreement any
information, whether written or oral, with respect to the other
party and its subsidiaries or their business which it obtained
pursuant to this Agreement. Such information shall
remain the property of the party providing it and shall not be
reproduced or copies without the consent of such
party. In the event that the transactions contemplated
by this Agreement shall not be consummated, all such written
information shall be returned to the party providing it.
4. Shareholders Of
OI
Prior to the Closing Date, OI agrees
to obtain from each of its shareholders an agreement to the effect
that: (a) such shareholder is acquiring the SRI Common Stock to be
received by him hereunder for his own account, not with a view
toward distribution and through to a private placement by SRI
pursuant to Rule 506 of the Securities and Exchange Commission (the
"SEC"); and (b) such shareholder will not sell any portion of his
SRI Common Stock for an indefinite period of time after the Closing
Date.
5. State
Securities Laws
SRI and OI will each take such steps
as may be necessary on their respective parts to comply with any
state securities or so-called Blue Sky laws applicable to the
action to be taken by them in connection with the Exchange and the
delivery by SRI to OI shareholders of the SRI Common Stock pursuant
to this Agreement and the Exchange Agreement.
6. Business
Pending the Closing
(a) From the date of
this Agreement to and including the Closing Date, except as may be
first approved by OI or as is otherwise permitted or contemplated
by this Agreement: (i) SRI shall conduct its business only in the
usual and ordinary course without the creation of any additional
indebtedness for money borrowed maturing in more than one year;
(ii) no change shall be made in the authorized capitalization of
SRI except as contemplated by this Agreement; (iii) no shares of
capital stock of SRI shall be authorized for issuance or issued and
no agreement or commitment for the issuance hereof shall be entered
into; (iv) no rights or elections shall be created or granted to
purchase stock under any employee stock bonus, thrift or purchase
plan or otherwise; (v) no amendment shall be made to SRI's Articles
of Incorporation or Bylaws, except as contemplated by this
Agreement; (vi) no modification shall be made in SRI's present
employee benefit programs or in its present policies in regard to
the payment of salaries or compensation to its personnel and no
increase shall be made in the compensation of its personnel; (vii)
no contract or commitment shall be entered into by or on behalf of
SRI and no sale or purchase of assets shall be made except in the
ordinary course of business; (viii) SRI will use all reasonable and
proper efforts to preserve its business organization intact, to
keep available the services of its present employees and to
maintain satisfactory relationships between SRI and its suppliers,
customers, regulatory agencies, and other having business relations
with it; (ix) SRI shall make no amendments or contributions to any
profit sharing plan; and (x) the Board of Directors of SRI will not
declare any dividends on, or otherwise make any distribution in
respect of, its outstanding shares of capital stock;
(b) From the date of
this Agreement to and including the Closing Date, except as may be
first approved by SRI or as is otherwise permitted or contemplated
by this Agreement: (i) OI (which term shall, where applicable in
this paragraph 6, also refer to the subsidiaries of OI specified in
paragraph 11 hereof) shall conduct its business only in the usual
and ordinary course without the creation of any additional
indebtedness exceeding $10,000 for money borrowed maturing in more
than one year, except for the lease of capital equipment pursuant
to leasing company commitments outstanding prior to the date of
this Agreement; (ii) no change shall be made in the authorized
capitalization of OI, except as contemplated by this Agreement;
(iii) no shares of capital stock of OI shall be authorized for
issuance or issued and no agreement or commitment for the issuance
thereof shall be entered into; (iv) no rights or elections shall be
created or granted to purchase stock under any employee stock
bonus, thrift or purchase plan or otherwise; (v) no amendment shall
be made to OI's Articles of Incorporation or Bylaws, except as
contemplated by this Agreement; (vi) no modification shall be made
in OI's present employee benefit programs or in its present
policies in regard to the payment of salaries or compensation to
its personnel and no increase shall be made in the compensation of
its personnel, provided that nothing herein shall preclude, (1) the
continuation of OI's present practice of periodically reviewing the
salaries of its personnel and granting normal increase in such
salaries or compensation to such personnel, or (2) the hiring of
new personnel at a salary or compensation deemed reasonable in the
ordinary course of business; (vii) no contract or commitment shall
be entered into by or on behalf of OI and no sale or purchase of
assets shall be made except in the ordinary course of business;
(viii) OI will use all reasonable and proper efforts to preserve
its business organization intact, to keep available the services of
its present employees and to maintain satisfactory relationships
between OI and its suppliers, customers, regulatory agencies, and
others having business relations with it; (ix) OI shall make no
amendments or contributions to its profit sharing plan; and (x) the
Board of Directors of OI will not declare any dividends on, or
otherwise make any distribution in respect of, its outstanding
shares of capital stock.
7. Efforts to
Obtain Approvals and Consents
In addition to SRI and OI obtaining
the requisite shareholder approval as described in paragraph 1
hereof, SRI and OI will use all reasonable and proper efforts to
obtain, where required, the approval and consent: (i) of any
governmental authorities having jurisdiction over the transactions
contemplated in this Agreement; and (ii) of such other persons
whose consent is required to the transactions contemplated by this
Agreement.
8. Cooperation
Between Parties
SRI and OI shall fully cooperate
with each other and with their respective counsel and accountants
in connection with any steps required to be taken as part of their
obligations under this Agreement, including the preparation of
financial statements and the supplying of information.
9. No Tax
Ruling
SRI and OI agree that they will not
attempt to obtain ruling from the United States Internal Revenue
Service to the effect that for Federal income tax purposes no gain
or loss will be recognized to the holders of OI Capital Stock upon
the receipt of SRI Common Stock in exchange for their OI shares in
accordance with the provisions of this Agreement and the Exchange
Agreement.
10. Representations
of SRI
SRI represents, warrants and agrees
that:
(a) SRI is a corporation
duly organized, validly existing and in good standing under the
laws of the State of Nevada and it is duly qualified to do business
and in good standing in every jurisdiction in which the nature of
its business of the character of its properties makes such
qualification necessary. SRI has the corporate power and
any necessary governmental authority to own or lease their
respective properties now owned and to carry on their respective
business as now being conducted.
(b) As of March 31, 2009
the capitalization of SRI is as set forth in the financial
statements filed with the SEC. The outstanding capital stock of SRI
has been duly authorized and issued and is fully paid and
nonassessable. SRI has no commitment to issue nor will
it issue any shares of its capital stock or any securities or
obligations convertible into or exchangeable for, or giving any
person any right to acquire from SRI, any shares of its capital
stock, except for those shares issued in conformity with paragraph
6(a)(iii) above.
(c) The shares of SRI
Common Stock which are to be issued and delivered to the OI
shareholders pursuant to the terms of this Agreement and the
Exchange Agreement, when so issued and delivered, will be validly
authorized and issued and will be fully paid and
non-assessable. No stockholder of SRI, or other person,
will have any preemptive rights in respect to the SRI Common
stock.
(d) All of the March 31,
2009 financial statements filed with the SEC present fairly the
financial condition of SRI, at the periods indicated therein, and
the results of its operations and changes in financial position for
the year and periods then ended in conformity with generally
accepted accounting principles applied on a consistent basis. SRI
has no material liabilities or commitments other than as listed or
noted on the aforesaid financial statements, or as incurred in the
ordinary course of business. Since March 31, 2009 to the date of
this Agreement, there has been no material adverse change in the
assets or liabilities or in the business or condition, financial or
otherwise, of SRI, except in the ordinary course of business or as
contemplated by this Agreement. Nor has SRI, except in the ordinary
course of business or as contemplated by this Agreement, incurred
any indebtedness for money borrowed. All tax returns and
reports of SRI required by law to be filed have been duly filed and
all taxes, assessments and other governmental charges now due
(other than any still payable without penalty) upon SRI or upon any
of its properties or assets. All amounts which have been
reflected as liabilities on the books of SRI in respect of taxes
are considered adequate and SRI does not know of any actual or
proposed additional assessments in respect of taxes, against
it.
(e) Except for changes
resulting from the ordinary course of its business, SRI, will on
the Closing Date own, the full right, title and interest in and to
all its property and assets (excluding property leased from others)
in each case free and clear of all mortgages, liens, restrictions,
charges and other encumbrances and defects of title (other than
easements, rights of way, reservations and other conditions of
title, encumbrances and defects of title which are not individually
or in the aggregate materially adverse to the business of
SRI).
(f) Subsequent to March
31, 2009, SRI has not declared or paid any dividend on its
outstanding shares of common stock or declared or made any
distribution on, or directly or indirectly redeemed, purchased or
otherwise acquired any of its outstanding stock or authorized the
creation or issuance of, or issued any additional shares of stock,
or agreed to take any such action, except as expressly provided for
in Paragraph 6(a)iii above this Agreement. SRI will not
take any such action during the period between the date hereof and
the Closing Date, except as expressly provided for in paragraph 14
below.
(g) SRI is not engaged
in or a party to, or to the knowledge of SRI threatened with, any
material legal action or other proceeding before any court or
administrative agency, except as set forth and described in a
memorandum prepared by SRI and previously furnished to
OI. SRI, to the knowledge of SRI, has not been charged
with, and is not under investigation with regard to, any charge
concerning any presently pending material violation of any
provision of Federal, State or other applicable law or
administrative regulations in respect of its business except as set
forth in said memorandum.
(h) There has not been,
since March 31, 2009, and will not be prior to the Closing Date, a
purchase or sale or any other acquisition, transfer or distribution
of any assets or properties on the part of SRI except in the
ordinary course of business.
(i) SRI has adequate
franchises, permits or operating rights without unusual
restrictions to allow it to conduct the business in which it is
presently engaged except in certain instances where in the
reasonably exercised judgment of SRI the lack of a current
franchise, permit or operating right has no adverse effect on the
conduct of such business.
(j) Except in each case
as set forth in a memorandum prepared by SRI and previously
furnished to OI, as of the date of this Agreement SRI is not a
holder of or a party to any: (i) written or oral contract for
employment of any officer or other person, (ii) contract with any
labor union, (iii) bonus, pension, profit sharing, retirement,
stock purchase, stock option, insurance, or similar plan or
practice in effect with respect to its employees or other person,
(iv) indenture of mortgage, debenture, indenture, loan or borrowing
agreement, (v) bonding arrangement, including performance bond,
(vi) continuing contract for future purchase, sale, lease or
distribution of materials, services, supplied, products, or
equipment involving annual payments in excess of $10,000, (vi)
lease or other commitment for the rental of office space, storage
or other facilities, (viii) contract or lease agreement for the
acquisition or lease of motor vehicles, (ix) patent, patent
application, patent right, patentable inventions, trademark,
trademark registration and applications therefor, trade name,
copyright, copyright registration and application therefor, patent
license granted to or by SRI and in force or contracts with
employees or others relating in whole or in part to disclosure,
assignment or patenting of any inventions, discoveries
improvements, shop rights, processes, formulae or other know-how,
presently owned or held, in whole or in part, by SRI, (x) insurance
policy covering its properties, buildings, machinery, equipment,
furniture, fixtures or operations, or the life of any person, (xi)
agreement between a present employee of SRI and persons, firms or
corporations other than SRI relating in whole or in part to
disclosure, assignment or patenting of inventions, discoveries,
improvements, shop rights, processes, formulae or other know-how,
including without limitation thereto, to the best knowledge of SRI,
agreements entered into by such employees prior to the time they
became employees of SRI, or (xii) material contract or commitment
not made in the ordinary course of business.
(k) The execution and
carrying out of this Agreement and compliance with the terms and
provisions hereof by SRI will not conflict with or result in any
material breach of any of the terms, conditions, or provision of,
or constitute a default under, or result in the creation of, any
lien, charge or encumbrance upon any of the property or assets of
SRI or any of its subsidiaries pursuant to any corporate charter,
bylaw, indenture, mortgage, agreement (other than that which is
created by virtue of this Agre