Back to top

ASSET PURCHASE AGREEMENT

Asset Purchase Agreement

ASSET PURCHASE AGREEMENT | Document Parties: USR TECHNOLOGY, INC. You are currently viewing:
This Asset Purchase Agreement involves

USR TECHNOLOGY, INC.

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: ASSET PURCHASE AGREEMENT
Governing Law: Nevada     Date: 9/26/2008

ASSET PURCHASE AGREEMENT, Parties: usr technology  inc.
50 of the Top 250 law firms use our Products every day

ASSET PURCHASE AGREEMENT

THIS AGREEMENT dated for reference the 26 th day of September, 2008.

AMONG:

                                        EUROSLOT S.A.S. , a corporation existing under the laws of France with a

                                       registered office at ZA Les Priedons Sud, 86140 Scorbe-Clairvaux, France

 

                                       (herein called “Vendor”)

AND:

                                        USR TECHNOLOGY, INC. , a corporation existing under the laws of the State

                                       of Nevada with its executive office at 20333 State Hwy. 249, Suite 200,

                                       Houston, Texas

 

                                       (herein called “Purchaser”)

WHEREAS:
The Vendor owns a technology it invented and developed for manufacturing articulated downhole screen filters for use in oil and gas drilling operations to eliminate solid particles contained in hydrocarbons prior to transporting them out to the surface (such articulated downhole screen filters are herein called the “ Products” ).

A.      The Vendor has agreed to sell and the Purchaser has agreed to purchase a US $1,000,000 fixed credit supply of Products (the “Purchased Asset”);

B.      The Purchase Price for the Purchased Asset will be payable by the issuance of 1,000,000 restricted post-consolidation shares of common stock of the Purchaser (3,000,000 pre-consolidated restricted shares of common stock) at a deemed price of US $1.00 per share.

C.      On this day, a License Agreement (attached hereto in Schedule 4) is signed between the Vendor and the Purchaser regarding the use of certain IP Rights. These License Agreement and Asset Purchase Agreement form the complete agreement of the parties and are indissociable. Both agreements will take effect on the same day.

NOW THEREFORE in consideration of the premises and the respective covenants, agreements representations, warranties and indemnities of the parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged) the parties hereto covenant and agree as follows:

1.

DEFINED TERMS

 

 

 

1.1

For the purposes of this Agreement, unless the context otherwise requires, the following terms will have the respective meanings set out below and grammatical variations of such terms will have corresponding meanings:

 

 

 

 

(a)

“Affiliate” has the meaning given to that term in Article L.233-3 of the French Commercial code or in the Securities Act of 1933, as amended, and the Rules and Regulations of the Securities and Exchange Commissions promulgated thereunder;

 

 

 

 

(b)

“Purchased Asset” means the business assets as described in Recital B of this Agreement;

 

 

 

 

(c)

“Business Day” means any day which is not a Saturday, Sunday or statutory holiday in the United States and France;

 


- 2 -

 

(d)

“Closing” means the completion of the transactions contemplated in this Asset Purchase Agreement;

 

 

 

 

(e)

“Closing Date” means September 26, 2008, or such other date as the Vendor and the Purchaser may mutually determine;

 

 

 

 

(f)

“Contract” means any agreement, indenture, contract, lease, deed of trust, license, option, instrument or other commitment, whether written or oral;

 

 

 

 

(g)

“Encumbrance” means any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement, security interest of any nature, adverse claim, exception, reservation, easement, right of occupation, any matter capable of registration against title, option, right of pre-emption, privilege or any Contract to create any of the foregoing;

 

 

 

 

(h)

”Licenses” means all licenses, permits, approvals, consents, certificates, registrations and authorizations (whether governmental, regulatory, or otherwise) required for the conduct in the ordinary course of the uses to which the Assets have been put;

 

 

 

 

(i)

“Losses” means, in respect of any matter, all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses (including, without limitation, all legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement) arising directly or indirectly as a consequence of such matter and actually incurred by a party entitled to be indemnified hereunder, net of (i) any tax adjustments, benefits, savings or reductions to which such indemnified party is entitled resulting from such matter, and (ii) any insurance proceeds, in either case to which such indemnified party is entitled by virtue of such claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses;

 

 

 

 

(j)

“Purchase Price” means the aggregate sum payable by the Purchaser to the Vendor for the Purchased Asset.

 

 

 

1.2

Currency . Unless otherwise indicated, all dollar amounts in this Agreement are expressed in United States funds.

 

 

 

1.3

Sections and Headings . The division of this Agreement into Articles, sections and subsections and the insertion of headings are for convenience of reference only and will not affect the interpretation of this Agreement. Unless otherwise indicated, any reference in this Agreement to an Article, section, subsection or Schedule refers to the specified Article, section or subsection of or Schedule to this Agreement.

 

 

 

1.4

Number, Gender and Persons . In this Agreement, words importing the singular number only will include the plural and vice versa, words importing gender will include all genders and words importing persons will include individuals, corporations, partnerships, associations, trusts, unincorporated organizations, governmental bodies and other legal or business entities of any kind whatsoever.

 

 

 

1.5

Accounting Principles . Except as otherwise stated, any reference in this Agreement to generally accepted accounting principles refers to generally accepted accounting principles that have been established in the United States of America, including those approved from time to time by the American Institute of Certified Public Accountants or any successor body thereto.

 

 

 

1.6

Entire Agreement . This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as herein provided.

 

 

 

1.7

Time of Essence . Time will be of the essence of this Agreement.

 


- 3 -

1.8

Applicable Law . This Agreement will be construed, interpreted and enforced in accordance with, and the respective rights and obligations of the parties will be governed by, the laws of England. All claim demands, disputes, controversies, differences, or misunderstandings between the Parties relating to this Agreement shall be settled by arbitration before one arbitrator to be appointed in accordance with the International Chamber of Commerce, such proceeding to be held in London in the English language and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof..

 

 

1.9

Amendments and Waivers . No amendment or waiver of any provision of this Agreement will be binding on either party unless consented to in writing by such party. No waiver of any provision of this Agreement will constitute a waiver of any other provision, nor will any waiver constitute a continuing waiver unless otherwise provided.

 

 

1.10

Adjustments for Stock Splits, Etc. . Wherever in this Agreement there is a reference to a specific number of shares of stock of the Company, then, upon the occurrence of any subdivision, combination or stock dividend of such stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination or stock dividend.

 

 

1.11

Schedules . The following Schedules are attached to and form part of this Agreement: All terms defined in the body of this Agreement will have the same meaning in the Schedule attached hereto

 

 

Schedule 1

Description of Purchased Asset

 

Schedule 2

Intellectual Property: Vendor Patent and Trademark

 

Schedule 3

Consents

 

Schedule 4

License Agreement

 

Schedule 5

Subscription Agreement

 

2.

PURCHASE AND SALE

 

 

2.1

Subject to the terms and conditions of this Agreement, effective as at the Closing Date the Vendor will sell, transfer, and assign to the Purchaser and the Purchaser agrees to purchase from the Vendor, free and clear of all Encumbrances the Purchased Asset.

 

 

3.

PURCHASE PRICE AND ALLOCATION

 

 

3.1

The Purchase Price payable by the Purchaser to the Vendor for the Purchased Asset shall consist of 1,000,000 shares of post-consolidation restricted common stock of the Purchaser (3,000,000 pre- consolidated restricted shares of common stock) at a deemed price of US $1.00 per share (the “Purchase Shares”). A 3:1 consolidation of USR Technology, Inc’s share capital took place on September 17, 2008. On or prior to the Closing Date, the Purchaser and the Vendor shall enter into a subscription agreement in regards to the Purchase Shares, as detailed in Schedule 5. On the Closing date, the Purchaser shall instruct its transfer agent to issue the Purchase Shares to the Vendor. In any case, this Agreement shall take effect on the day of issuance and attribution of the Purchase Shares to the Vendor.

 

 

4.

PAYMENT OF THE PURCHASE PRICE

 

 

4.1

The Purchase Price will be paid in full by the issuance by the Purchaser to the Vendor of the Purchase Shares in one instalment on the Closing Date.

 

 

5.

CLOSING, POSSESSION, AND NO ADJUSTMENTS

 

 

5.1

The Closing will take place on September 26, 2008 at 11:00AM (PST), on the Closing Date at the offices of Macdonald Tuskey, or at such other place, date, and time as may be mutually agreed upon by the parties hereto.

 


- 4 -

5.2

The Vendor will deliver possession of the Purchased Asset, free of any other claim to possession and any tenancies, to the Purchaser on the Closing Date. In this respect, the Vendor will deliver to the Purchaser a credit note relating to the purchase of the Products with a total credit value of US $1,000,000.

 

 

 

 

5.3

Provided that there has been no material misrepresentation on the part of the parties to this agreement and all of their respective obligations under this Agreement have been fulfilled, there will be no adjustment of the Purchase Price for any reason whatsoever.

 

 

 

 

6.

REPRESENTATIONS AND WARRANTIES OF THE VENDOR

 

 

 

 

6.1

The Vendor represents and warrants to the Purchaser, with the intent that the Purchaser will rely thereon in entering into this Agreement and in concluding the transactions contemplated hereby, as follows:

 

 

 

 

 

(a)

the execution and delivery of this Agreement and the completion of the transaction contemplated hereby have been duly and validly authorized by all necessary limited liability company action on the part of the Vendor, and this Agreement constitutes a valid and binding obligation of the Vendor enforceable against the Vendor in accordance with its terms; except as enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and except that equitable remedies may be granted only in the discretion of a court of competent jurisdiction;

 

 

 

 

 

(b)

except as will be remedied by the consents, approvals, releases, and discharges described in Schedule 3 - Consents attached hereto, neither the execution and delivery of this Agreement nor the performance of the Vendor’s obligations hereunder will:

 

 

 

 

 

 

(i)

violate or constitute default under any order, decree, judgment, statute, by-law, rule, regulation, or restriction applicable to the Vendor, the Purchased Asset, or any contract, agreement, instrument, covenant, mortgage, or security, to which the Vendor is a party or which are binding upon the Vendor,

 

 

 

 

 

 

(ii)

to the knowledge of the Vendor, result in any fees, duties, taxes, assessments, penalties or other amounts becoming due or payable by the Purchaser under any sales tax legislation. .

 

 

 

 

 

 

(iii)

give rise to the creation or imposition of any Encumbrance on the Purchased Asset,

 

 

 

 

 

 

(iv)

violate or constitute default under any license, permit, approval, consent or authorization held by the Vendor, or

 

 

 

 

 

 

(v)

violate or trigger any liability on behalf of the Purchaser pursuant to any legislation governing the sale of the Purchased Asset by the Vendor.

 

 

 

 

 

(c)

the Vendor owns and possesses and has good and marketable title to the Purchased Asset free and clear of all Encumbrances of every kind and nature whatsoever;

 

 

 

 

 

(d)

the Vendor does not have any indebtedness in excess of $10,000.00 which might by operation of law or otherwise now or hereafter constitute an Encumbrance upon the Purchased Asset;

 

 

 

 

 

(e)

no person other than the Purchaser has any written or oral agreement or option or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option for the purchase or acquisition from the Vendor of the Purchased Asset;

 

 

 

 

 

(f)

except as otherwise provided herein, this Agreement discloses all contracts, engagements, and commitments, whether oral or written, relating to the Purchased Asset including in particular contracts, engagements, and commitments:

 

 

 

 

 

 

(i)

out of the ordinary course of business,

 


- 5 -

 

 

(ii)

 which entail the payment of in excess of $10,000.00 during any one year period,

 

 

 

 

 

 

(iii)

 respecting ownership of or title to any interest or claim in or to any real or personal property making up the Purchased Asset,

 

 

 

 

 

 

(iv)

respecting any agreement of guarantee, support, indemnification, assumption or endorsement of, or any similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other person except for cheques endorsed for collection in the ordinary course of the business;

 

 

 

 

 

 

(v)

 any confidentiality, secrecy or non-disclosure contract, (whether the Vendor is a beneficiary or obligant thereunder) relating to any proprietary or confidential information or any non-competition or similar contract;

 

 

 

 

 

 

(vi)

there has not been any default in any obligation or liability in respect of said contracts, engagements, or commitments by the Vendor and the Vendor has performed all of the material obligations required to be performed by it and is entitled to all benefits under any contracts;

 

 

 

 

 

 

(vii)

 there has not been any amendment, modification, variation, surrender, or release of said contracts, engagements, and commitments; and

 

 

 

 

 

 

(viii)

each of said contracts, engagements, and commitments is in good standing and in full force and effect and the Vendor has performed all of the material obligations required to be performed by it and is entitled to all benefits thereunder, and is not in default or alleged to be in default in respect of any material contract or any other contracts, engagements or commitments provided for in this Agreement, to which the Vendor is a party or by which it is bound;

 

 

 

 

 

(g)

all material Licenses required for the uses to which the Purchased Asset have been put have been obtained and are in good standing and such conduct and uses are in compliance in all material respects with such licenses and permits and with all laws, zoning and other bylaws, building and other restrictions, rules, regulations, and ordinances applicable to the Purchased Asset and neither the execution and delivery of this Agreement nor the completion of the purchase and sale hereby contemplated will give any person the right to terminate or cancel the said licenses or permits or affect such compliance;

 

 

 

 

(h)

there are no actions, suits, proceedings, investigations, complaints, orders, directives, or notices of defect or noncompliance by or before any court, governmental or domestic commission, department, board, tribunal, or authority, or administrative, licensing, or regulatory agency, body, or officer issued, pending, or to the best of the Vendor’s knowledge threatened against or affecting the Vendor or in respect of the Purchased Asset;

 

 

 

 

(i)

there is no requirement applicable to the Vendor to make any filing with, give any notice to or to obtain any license, permit, certificate, registration, authorization, consent or approval of, any governmental or regulatory authority as a condition to the lawful consummation of the transactions contemplated by this Agreement, except for the filings, notifications, licenses, permits, certificates, registrations, consents and approvals described in Schedule 3 - Consents, or that relate solely to the identity of the Purchaser or the nature of any business carried on by the Purchaser except for the notifications, consents and approvals described in Schedule 3 - Consents;

 

 

 

 

(j)

Vendor has filed or caused to be filed all material tax returns of Vendor which have become due (taking into account valid extensions of time to file) prior to the date hereof, such returns are accurate and complete in all material respects and Vendor has paid or caused to be paid all taxes due, in each case to the extent Purchaser would incur liability for Vendor’s failure to file such returns or pay such taxes. There are no outstanding tax liens that have been filed by any tax

 


- 6 -

 

 

authority against the Purchased Asset. No claims are being asserted in writing with respect to any taxes relating to the Vendor’s business for which Purchaser reasonably could be held liable and Vendor knows of no basis for the assertion of any such claim;

 

 

 

 

(k)

the Vendor has never received any notice of or been prosecuted for non-compliance with any Environmental Laws, nor has the Vendor settled any allegation of non-compliance short of prosecution. There are no orders or directions relating to environmental matters requiring any work, repairs or construction or capital expenditures to be made with respect to the Purchased Asset, nor has the Vendor received notice of any of the same;

 

 

 

 

(l)

Schedule 2 - Intellectual Property, sets out all registered or pending Intellectual Property (including particulars of registration or application for registration, continuances, or PCT’s) and all licenses, registered user agreements and other contracts that comprise or relate to Intellectual Property. The Intellectual P


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more