INTERNET ACCELERATOR ASSIGNMENT AGREEMENT

 

                                                                     Exhibit 2.2

 

                              INTERNET ACCELERATOR

                              ASSIGNMENT AGREEMENT

 

 

 

                            IA GLOBAL ACQUISITION CO

 

                                 IA GLOBAL, INC

 

                            QUIKCAT AUSTRALIA PTY LTD

 

<PAGE>

 

CONTENTS

 

1. DEFINED TERMS AND INTERPRETATION 2

 

2. GRANT OF IGA LICENCE 2

 

      2.1   ASSIGNMENT IN AND TO FIELD OF USE IN THE INET PROPERTY             2

 

      2.2   RESTRAINT                                                          2

 

      2.3   IGA OWNS ALL OTHER RIGHTS IN THE INET PROPERTY                     2

 

      2.4   SHORT FORM INSTRUMENTS OF ASSIGNMENT IN REGISTRABLE FORM           2

 

      2.5   NAMES, TRADE MARKS AND INTELLECTUAL PROPERTY AND COMPETITIVE

            PRODUCTS                                                           3

 

      2.6   INTELLECTUAL PROPERTY RIGHTS WARRANTIES                            3

 

      2.7   EXCLUSION OF OTHER WARRANTIES                                      3

 

3. OPTION 4

 

      3.1   GRANT OF OPTION                                                    4

 

      3.2   EXERCISE OF OPTION                                                 4

 

      3.3   EFFECT OF EXERCISE OF OPTION                                       4

 

      3.4   QCA TO PERFORM NORTH AMERICAN CONTRACTS FROM THE OPTION

            EXERCISE DATE                                                      4

 

      3.5   IGA RESPONSIBLE FOR PERFORMANCE UNDER NORTH AMERICAN

            CONTRACTS FOR PERIOD PRIOR TO THE OPTION EXERCISE DATE             4

 

      3.6   NORTH AMERICAN CONTRACTS WARRANTY                                  5

 

      3.7   TRANSFER OF NORTH AMERICAN CONTRACTS                               5

 

      3.8   CONTINUING CONDUCT OF INET BUSINESS                                5

 

      3.9   EXERCISE OF OPTION AND USE OF NAMES, TRADE MARKS AND

            COMPETITIVE PRODUCTS                                               5

 

      3.10  DOCUMENTS AVAILABLE AFTER THE OPTION EXERCISE DATE                 6

 

4. SOURCE CODE IN INET PROPERTY AND OTHER CONFIDENTIAL INFORMATION             6

 

      4.1   SOURCE CODE IN AND FOR THE INET PROPERTY                           6

 

      4.2   DISCLOSURE REQUIRED BY LAW AND PUBLIC DOMAIN                       7

 

5. QCA INTERNET ACCELERATOR                                                    7

 

 

                                        i

<PAGE>

 

      5.1   QCA DEVELOPMENT PROGRAMME                                          7

 

      5.2   OWNERSHIP OF QCA DEVELOPMENTS AND QCA INTERNET ACCELERATOR         8

 

6. REPRESENTATIONS, WARRANTIES AND INDEMNITIES 8

 

      6.1   MUTUAL REPRESENTATIONS AND WARRANTIES                              8

 

7. GENERAL 9

 

      7.1   ENTIRE AGREEMENT                                                   9

 

      7.2   VARIATION

 

      7.3   RELATIONSHIP OF THE PARTIES                                        9

 

      7.4   FURTHER ASSURANCES                                                 9

 

      7.5   CONSENTS AND APPROVALS                                             9

 

      7.6   SURVIVAL AND MERGER                                                9

 

      7.7   SEVERABILITY                                                      10

 

      7.8   WAIVER                                                            10

 

      7.9   CUMULATIVE RIGHTS                                                 10

 

      7.10  ASSIGNMENT, NOVATION AND OTHER DEALINGS                           10

 

      7.11  COSTS, EXPENSES AND DUTIES                                        10

 

      7.12  NOTICES                                                           10

 

      1.2   GOVERNING LAW                                                     12

 

      1.3   JURISDICTION                                                      12

 

      1.4   COUNTERPARTS                                                      12

 

SCHEDULE ONE - NORTH AMERICAN CONTRACTS                                        1

 

ATTACHMENT A - DICTIONARY AND INTERPRETATION

 

 

                                       ii

<PAGE>

 

DATED 15 SEPTEMBER 2004

 

PARTIES

 

1.       IA GLOBAL ACQUISITION CO a corporation organized under the laws of the

         State of Delaware of 533 Airport Boulevard, Suite 400, Burlingame, CA

         94010 United States of America (IGA)

 

2.       IA GLOBAL INC a corporation organized under the laws of the State of

         Delaware of 533 Airport Boulevard, Suite 400, Burlingame, CA 94010

         United States of America (IAO)

 

3.       QUIKCAT AUSTRALIA PTY LTD (ABN 82 106 946 043) of 3/56 Mount Street,

         Perth, Western Australia 6005 Australia (QCA)

 

BACKGROUND

 

A.       In an auction conducted by the United States Bankruptcy Court for the

         Northern District of Ohio pursuant to Case No. 03-12179-H, IAO acquired

         certain software (including source code) and Intellectual Property

         Rights, including, but not limited to, software (including source code)

         and Intellectual Property Rights in the QUIKCAT INTERNET ACCELERATOR

         (also known as the INET ACCELERATOR) and other relevant code that could

         be utilised within or with the QuikCAT Internet Accelerator product,

         and the North American Contracts (as defined in this agreement).

 

B.       IAO subsequently transferred to IGA the software (including source

         code) and Intellectual Property Rights in the INET Property (as defined

         in this agreement) and the North American Contracts.

 

C.       The QUIKCAT INTERNET ACCELERATOR product is marketed by IGA as a two

         part server and client based software package, with server code based

         upon the Microsoft Advanced Server operating system, that is designed

         to enable an end user to accelerate the movement of data to their

         personal computer via a browser.

 

D.       QCA proposes to further develop and market the QUIKCAT INTERNET

         ACCELERATOR as a as a two part server and client package, with server

         code based upon an operating system or platform other than the

         Microsoft Advanced Server operating system, that enables an end user to

         accelerate the movement of data to their personal computer via a

         browser.

 

E.       IGA has agreed to assign to QCA (and by this agreement assigns to QCA)

         all Intellectual Property Rights in the INET Property exclusively in,

         to and for the Field of Use, but subject to the Restraint.

 

F.       IGA has agreed to grant QCA a certain option to acquire the North

         American Contracts and to have the Restraint removed, in accordance

         with the terms of this agreement.

 

                                        1

<PAGE>

 

THE PARTIES AGREE

 

1.       DEFINED TERMS AND INTERPRETATION

 

(a)      A term or expression starting with a capital letter which is defined in

         the Dictionary in Attachment A (Dictionary), has the meaning given to

         it in the Dictionary.

 

(b)      The Interpretation clause in Attachment A (Interpretation) sets out

         rules of interpretation for this agreement.

 

2.       GRANT OF IGA LICENCE

 

2.1      Assignment in and to Field of Use in the INET Property

 

With effect on and from the date of this agreement IGA as legal and beneficial

owner:

 

(a)      absolutely assigns to QCA all of IGA's Intellectual Property Rights in

         the INET Property exclusively in, to and for the Field of Use;

 

(b)      consents to the absolute and unrestricted use by QCA of all

         Intellectual Property Rights and moral rights whether now in existence

         or created in the future in the INET Property exclusively in, to and

         for the Field of Use, subject to the Restraint.

 

2.2      Restraint

 

(a)      QCA agrees that it will not market any product or service based on or

         derived from the INET Property in the United States of America or

         Canada during the balance of the life of Intellectual Property Rights

         in the INET Property as those Intellectual Property Rights exist as at

         the date of this agreement (the Restraint).

 

(b)      The Restraint will cease to operate if the option under clause 3 is

         validly exercised by QCA.

 

2.3      IGA owns all other rights in the INET Property

 

Subject to the assignment in clause 2.1 (Assignment in and to Field of Use in

the INET Property), all Intellectual Property Rights in the INET Property held

by IGA are and remain the property of IGA.

 

2.4      Short Form Instruments of Assignment in Registrable Form

 

When reasonably requested by QCA, IGA must execute (at the reasonable expense of

QCA) any reasonable short form deed or other instrument evidencing or confirming

the assignment of all of IGA's Intellectual Property Rights exclusively in and

to the Field of

 

                                        2

<PAGE>

 

Use in the INET Property as referred to in clause 2.1, as QCA may reasonably

require for the purpose of lodgment with any intellectual property registration

authority in any country.

 

2.5      Names, Trade Marks and Intellectual Property and Competitive Products

 

After 1 September 2004, IGA and IAO respectively will stop:

 

(a)      using outside the United States of America and Canada in their

         respective businesses trade names or words the same as or resembling

         "INET" or "Internet Accelerator" or any other trade names or words

         similar to or likely to be mistaken for or confused with "INET" or

         "Internet Accelerator";

 

(b)      otherwise using or dealing with any of the Intellectual Property Rights

         assigned to QCA under this agreement, except outside the Field of Use;

         and

 

(c)      marketing or developing directly or indirectly any product competitive

         with or substitutable for the QuikCAT Internet Accelerator (also known

         as the Inet Accelerator), other than marketing in the United States of

         America and Canada the QuikCAT Internet Accelerator (also known as the

         Inet Accelerator) based on the Microsoft Advanced Server operating

         system,

 

and must not permit or assist any other person to do so

 

AND

 

(d)      IGA and IAO consent to QCA using the name "QuikCAT" as its corporate

         name (including that of associates) and with the Internet Accelerator

         product, wherever that is marketed in accordance with this agreement.

 

2.6      Intellectual Property Rights Warranties

 

(a)      IAO warrants to QCA that as at date of this agreement IGA holds all

         Intellectual Property Rights in the INET Property formerly held by IAO.

 

(b)      IGA and IAO respectively warrant to QCA that as at date of this

         agreement each of IGA and IAO is not aware of any Claim that the INET

         Property infringes any person's Intellectual Property Rights.

 

(c)      QCA warrants to IGA and IAO that as at date of this agreement QCA is

         not aware of any Claim that the INET Property infringes any person's

         Intellectual Property Rights.

 

2.7      Exclusion of Other Warranties

 

QCA acknowledges and agrees that the INET Property is taken as is and without

any warranty as to fitness for use, merchantability, or other express or implied

warranty.

 

                                        3

<PAGE>

 

3.       OPTION

 

3.1      Grant of Option

 

IGA grants QCA an exclusive irrevocable right and option to purchase all of

IGA's rights, benefits and obligations in the North American Contracts,

including the rights to receive any revenue accruing under such agreements from

the date of the option being exercised in relation to performance of obligations

of under the North American Contracts, and to remove the Restraint, in both

cases with effect from the Option Exercise Date (as determined in accordance

with clause 3.2), by payment of the sum of US$213,000 by QCA to IGA (the

Option).

 

3.2      Exercise of Option

 

The Option must be exercised, if QCA elects to exercise it, by notice given by

IGA to IAO and accompanied by the payment no later than 28 February 2005. The

date of receipt of payment by QCA will be the Option Exercise Date.

 

3.3      Effect of Exercise of Option

 

IGA on the exercise of the Option must execute such documents (prepared at the

expense of QCA) as are reasonably necessary or desirable to perfect the exercise

of the Option and the transactions contemplated by this clause 3 and provide

such further assurances as QCA may reasonably request to give effect to this

clause 3 of this agreement.

 

3.4      QCA to Perform North American Contracts from the Option Exercise Date

 

(a)      Subject to clause 3.5, QCA is entitled to all benefits and rights and

         must perform all obligations arising from the Option Exercise Date

         under the North American Contracts as are under the North American

         Contracts stated to be obligations of IGA.

 

(b)      Subject to clause 3.5, QCA must indemnify and keep indemnified IGA from

         and against any Claim or Liability, including but not limited to any

         Claim or Liability arising out of failure to perform any performance

         related obligation, under the North American Contracts as arises as and

         from the Option Exercise Date in relation to performance of the North

         American Contracts as and from the Option Exercise Date.

 

3.5      IGA Responsible for Performance Under North American Contracts for

         Period Prior to the Option Exercise Date

 

(a)      IGA is entitled to all benefits and rights and must perform all

         obligations of IGA under the North American Contracts as arise in

         relation to any period prior to the Option Exercise Date.

 

(b)      Notwithstanding clause 3.4(b), IGA and IAO respectively must indemnify

         and keep indemnified QCA from and against any Claim whenever made or

         Liability