Exhibit 2.2
PURCHASE AND REPAYMENT
AGREEMENT
PURCHASE AND REPAYMENT AGREEMENT, dated as of
October 20, 2006 (this “ Agreement ”), by and
among Wireless Holdings, Inc., a Florida corporation (the “
Purchaser ”), and Joseph Hess, having an address at
301 North Ocean Blvd., Pompano Beach, FL 33062 (the “
Seller ”). Capitalized terms used and not defined
herein shall have the respective meanings set forth in the
Agreement of Merger and Plan of Reorganization dated as of October
17, 2006 (the “ Merger Agreement ”) among the
Purchaser, Wireless Acquisition Holdings Corp., and H2Diesel,
Inc.
This Agreement sets forth the terms and
conditions upon which the Seller is conveying to the Purchaser and
the Purchaser is redeeming from the Seller an aggregate of
29,075,000 shares of common stock, par value $.001 per share, of
the Purchaser (the “ Shares ”) and Purchaser is
repaying all indebtedness owed by the Purchaser to the Seller (the
“ Debt ”).
In consideration of the mutual agreements
contained herein, the parties agree as follows:
1.
Purchase and Sale of Shares;
Repayment of Debt . Subject to the terms and
conditions of this Agreement, and in reliance on the respective
representations, warranties and covenants contained herein, at and
immediately following the Closing (as defined in Section 2
hereof):
(a) the Seller will sell, assign, transfer and
convey to the Purchaser free and clear of all Liens (as hereinafter
defined) and the Purchaser will purchase and redeem from the
Seller, all of the Shares for a purchase price equal to (i)
$300,000 minus the outstanding balance of the Debt as of the date
of the Closing (the “Cash Purchase Price”) and (ii) the
Purchaser’s agreement to sell its direct wholly-owned
subsidiary, Action Wireless, Inc., a Florida corporation to the
Seller pursuant to an Acquisition Agreement to be entered into in
accordance with the terms of the Merger Agreement; and
(b) the Purchaser shall repay the Debt (such amount
being referred to as the “Debt Payment”), it being
understood that the aggregate amounts to be paid pursuant to clause
(a)(i) above and this clause (b) shall not exceed
$300,000.
2.
Deliveries at the
Closing . (a) At
the closing of the sale and redemption of the Shares contemplated
by Section 1 hereof (the “Closing”), to occur
substantially simultaneously with the closing under the Merger
Agreement (such closing, the “Merger Closing”), (i) the
Seller (or Escrow Agent, as hereinafter defined) shall deliver to
the Purchaser (A) the stock certificates representing the Shares,
duly endorsed in blank or accompanied by assignments separate from
certificate duly endorsed in blank, (B) any other documents that
are necessary to transfer to the Purchaser good, valid and
marketable title to the Shares, and (C) originals of all promissory
notes and instruments (the “Debt Instruments”), each
marked cancelled, evidencing all of the Debt and (ii) the Purchaser
shall deliver to the Seller (or Escrow Agent) the Cash Purchase
Price for Shares (minus $50,000 which has already been delivered to
the Seller) and the Debt Payment, each by wire transfer of
immediately available funds to a bank
account or
accounts previously designated to the Purchaser by the Seller (or
Escrow Agent). The Closing shall be held at the offices of
Greenberg Traurig, P.A., 1221 Brickell Avenue, Miami, Florida
33131, substantially simultaneously with the Merger Closing. The
Purchaser will furnish advance notice to the Seller (or Escrow
Agent) of the time and date of the Closing.
(b) If the Closing has not occurred within 60 days
after the date this Agreement is signed by both parties (the
“ Escrow Period ”), either party may terminate
this Agreement upon written notice to the other party. Neither
party shall incur any obligation to the other party as a result of
such termination, unless such failure to close is the result of a
breach by a party of its obligations hereunder, in which case the
other party shall be entitled to pursue remedies at law or in
equity.
3.
Escrow of Shares and Debt
Instruments .
Concurrently with the execution of this Agreement, Seller shall
deliver to Greenberg Traurig, P.A., as escrow agent (the
“Escrow Agent”), stock certificates representing the
Shares and the Debt Instruments, duly endorsed in blank or
accompanied by assignments separate therefrom duly endorsed in
blank, to be held in escrow pending the Closing or the termination
of this Agreement, whichever occurs first. Seller hereby
irrevocably appoints and instructs the Escrow Agent as its
attorney-in-fact to deliver the Shares and the Debt Instruments to
the Purchaser at the Closing against payment therefor or to return
the Shares and Debt Instruments to the Seller upon the termination
of this Agreement, as the case may be.
4.
Representations and Warranties of
the Seller . The Seller
represents and warrants to the Purchaser both on the date hereof
and on the date of the Closing as follows:
(a) The Seller has the requisite power and authority
to execute, deliver and carry out the terms and provisions of this
Agreement and to consummate the transactions contemplated hereby,
and has taken all necessary action to authorize the execution,
delivery and performance of this Agreement;
(b) The Seller is a natural person, residing at the
address indicated in the first paragraph of this
Agreement;
(c) The Seller is the sole record and beneficial
owner (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) of the Shares, has good and
marketable title to all of the Shares, and there exists no liens,
claims, options, proxies, voting agreements, charges, security
interests, or encumbrances of whatever nature (“ Liens
”) affecting such Shares;
(d) Upon transfer to the Purchaser by the Seller of
all or any of its Shares, the Purchaser will have good and
marketable title to the Shares so transferred free and clear of all
Liens;
(e) The Seller does not have any outstanding option,
warrant or other right to acquire, directly or indirectly, any
securities of the Purchaser which are or may by their terms become
entitled to vote or any securities which are convertible or
exchangeable into or exercisable for any securities of the
Purchaser which are or may by their terms become entitled to vote,
and such Seller is not subject to any offer, contract, arrangement,
understanding or
relationship
(whether or not legally enforceable) which allows or obligates the
Seller to vote, dispose of or acquire any securities of the
Purchaser;
(f) The execution of this Agreement by the Seller
does not, and the performance by the Seller of its obligations
hereunder will not, constitute a violation of, conflict with or
result in a default under any contract, commitment, agreement,
understanding, arrangement or restriction of any kind to which the
Seller is a party or by which the Seller is bound or any judgment,
decree or order applicable to the Seller;
(g) Neither the execution and delivery of this
Agreement nor the performance by the Seller of its obligations
hereunder will violate any provision of law applicable to the
Seller or require any consent or approval of, or filing with or
notice to any public body or authority under any provision of law
applicable to the Seller other than notices or filings pursuant to
the federal securities laws; and
(h) Upon the payment of the Debt Payment, the
Purchaser will not have any obligations or liabilities (whether
accrued, absolute, contingent, liquidated or otherwise, whether due
or to become due) to the Seller or any other Person other than
those arising under the Merger Agreement.
5.
Representations and Warranties of
the Purchaser . The
Purchaser represents and warrants to the Seller both on the date
hereof and on the date of the Closing as follows:
(a) The Purchaser is duly organized and validly
existing and in good standing under the laws of the State of
Florida, has the requisite corporate power and authority to
execute, deliver and to consummate the transactions contemplated
hereby, and has taken all necessary corporate action to authorize
the execution, delivery and performance of this
Agreement;
(b) The execution of this Agreement by the Purchaser
does not, and the performance by the Purchaser of its obligations
hereunder will not, constitute a violation of, conflict with or
result in a default under any contract, commitment, agreement,
understanding, arrangement or restriction of any kind to which the
Purchaser is a party or by which the Purchaser is bound or any
judgmen
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