Exhibit 10.6
AGREEMENT
For the
PURCHASE OF BUSINESS ASSETS
THIS AGREEMENT for the purchase of business
assets (hereinafter the “Agreement”) is made and
entered into on September 11, 2007, by and between Cyberinformatix,
Inc., a Florida Corporation located at 4409 Hoffner Avenue Suite
107, Orlando, Florida 32812 (the “Seller”); and Cyber
Informatix, Inc., a Nevada Corporation, with a principal address at
1785 E. Sahara Avenue, Suite 240, Las Vegas, Nevada, 89104, (the
“Purchaser”) (together the
“Parties”).
RECITALS
WHEREAS, the Seller offers licensing to users of
its software through his website business known as
Cyberinformatix.
WHEREAS, the Seller conducts business through
several domains listed below.
WHEREAS, the Seller desires to sell, and the
Purchaser desires to buy the tangible and intangible assets of the
Seller used in the Cyberinformatix Business including all websites,
domain names, marketing rights, copyrights, trademarks, proprietary
Software and databases, Source Code, Specifications and any other
Proprietary Rights owned by Seller relating to the Cyberinformatix
business (collectively, “Business”) and
WHEREAS, the undersigned Parties have the
authority to enter into this Agreement and will continue to have
the authority to execute the Closing Documents and to conclude the
transaction described herein.
NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which
hereby is acknowledged, the Parties, intending to be legally bound,
hereto agree as follows:
AGREEMENT
1.
The foregoing recitals are true and correct.
2.
Definitions.
2.1 “Software”
means the object code version of all
Cyberinformatix software computer
programs. The Software includes any improvements,
Updates, Upgrades, Enhancements, Maintenance Modifications or
derivative works of the Software.
2.2 “Enhancements”
means any improvements(s) in the Software which changes the
performance and/or function of such Software as indicated by a
sub-number appearing two digits to the right of an initial decimal
(i.e., 1.01 or 1.02).
Agreement for Purchase of Business
Assets
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2.3 “Proprietary
Rights” means all intellectual property rights worldwide
arising under statutory and common law, and whether or not
perfected, including, without limitation, all trademark, service
marks, trade names, rights associated with rights of authorship
including copyrights, copyright applications, copyrights
registrations, derivative works and moral rights, rights related to
the protection of trade secrets and confidential information and
any other proprietary right related to intangible and tangible
property of the Business now existing or hereafter filed, issued or
acquired.
2.4 “Source
Code” means any human readable computer program
code.
2.5 “Specifications”
means the functional description of the operation of the
Software.
2.6 “Update(s)”
means any error corrections and bug fixes developed by
Seller.
2.7 “Upgrade(s)”
means any improvement(s) in the Software that changes performance
and/or function of such Software and which is indicated by a
sub-number appearing one digit to the right of an initial of an
initial decimal (i.e. 1.1.1 or 1.2.1) and which may include one or
more Enhancements.
2.8 “Maintenance
Modifications” means changes to be integrated with the
Software, including any Error corrections, but does not alter the
functionality of the Software or add new functions.
3.
PURCHASE AND SALE
Subject to the
provisions of this Agreement, the Seller agrees to sell and the
Purchaser agrees to buy:
3.1 All
of the tangible and intangible personal property of the Business of
the Seller.
3.2 All
Proprietary Rights and proprietary technology of the Business of
the Seller pertaining to this sale.
3.3 All
Source Codes and graphics of the Business of the Seller pertaining
to this sale.
3.4 Domain
Registrar Account (services shown in Schedule A), and All Domain
Names used in the business, as listed below:
CYBER-HOME-BUSINESSES.COM
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Agreement for Purchase of Business
Assets
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3.5 Any
and all other assets, tangible or intangible, used by the Seller in
the Business necessary for the continued operation of the
Business. Cash reserves held by Seller in various
accounts are excluded assets from this transaction.
The Business goodwill, including the continued
business use of the owner’s name in conjunction with the
software.
Marketing Consulting Agreement, pre-paid by
Seller, as evidenced in Schedule B.
IXWeb Hosting account will also be transferred
to Purchaser, evidenced in Schedule C.
4. PURCHASE
PRICE
The negotiated purchase price in the amount of
$80,000 plus a $10,000 bonus payment (subject to conditions as
described below in 4.3) to be paid in United States currency by
Purchaser for the Assets is as follows:
4.1 Initial
Payment: The Initial Payment of $65,000.00 shall be paid
by the Purchaser by way of deposit to Escrow.com, and will be
released to Seller upon transfer of assets as coordinated by the
Escrow agent. Upon receipt of this payment by the Escrow
agent, a bill of sale conveying the business, subject to a lien on
all assets conveyed securing the remaining payment under this
agreement, will be executed between the parties evidencing the
transfer of property. Purchaser will also reimburse
Seller for the cost of any magazine advertising paid for by Seller
on behalf of Purchaser. The cost, ad copy and
publications chosen will be agreed to by Purchaser in advance of
expenditures.
4.2
Payment #2: The parties will execute a one year promissory note due
from Purchaser, in the amount of $15,000.00, including 8% interest,
payable in one payment. There will be no pre-payment
penalty if Purchaser pays off the note early, and interest will be
prorated at the date the note is paid (365 day
year). This note will be guaranteed by both the
Purchaser personally, and the U.S. business entity established by
the Purchaser taking assignment of this contract.
4.3
Payment#3: If gross sales exceed $120,000 for the first
full 12 month period from the date of this transaction, Purchaser
will pay seller a $10,000 bonus immediately after third party
accounting verification is completed.
5.
REPRESENTATIONS AND WARRANTIES OF SELLER
The Seller makes the following representations
and warranties to the Purchaser:
Agreement for Purchase of Business
Assets
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5.1
Seller operates the Business under the laws of Florida, USA, and
the Business is in good standing as of the date of the execution of
this Agreement.
5.2
All actions necessary or appropriate for the Seller to consummate
this transaction shall have taken place.
5.3 The
Seller has good, absolute, and marketable title to the Business,
free from all liens, claims, and encumbrances. Copies of
Seller’s Bill of Sale (dated May 4, 2007) and Agreement for
the Purchase of Business Assets with previous Owner (dated May 3,
2007) are included in Schedule D.
5.4
Seller has the unfettered right, power, and authority to sell all
of the Business assets, and this Agreement constitutes a valid and
binding obligation of Seller.
5.5
Conveyance to the Purchaser, pursuant to this Agreement,
shall vest unencumbered title to the Businesss in the Purchaser in
the United States of America, Canada, and every other jurisdiction
of the world.
5.6 The
assets being conveyed have been used only in the lawful conduct of
the Seller's Business.
5.7
Conveyance as contemplated by this Agreement shall not
violate any federal statute or local law, ordinance, rule, or
regulation of the United States of America or Canada.
5.8
There is no litigation or other administrative or judicial
proceeding pending or threatened that might endanger the Seller's
right to convey the Business.
5.9
No representation or warranty furnished by t