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STOCK PURCHASE AGREEMENT

Purchase and Sale Agreement

STOCK PURCHASE AGREEMENT | Document Parties: JB CLOTHING CORP | Entest Biomedical, Inc You are currently viewing:
This Purchase and Sale Agreement involves

JB CLOTHING CORP | Entest Biomedical, Inc

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Title: STOCK PURCHASE AGREEMENT
Governing Law: California     Date: 6/22/2009

STOCK PURCHASE AGREEMENT, Parties: jb clothing corp , entest biomedical  inc
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Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is entered into and is effective on this 16 th day of June 2009 by and between JB Clothing Corporation, a Nevada corporation with principal address at 47 Fountainhead Circle, Henderson, Nevada 89052 (the “Buyer”), and Bio-Matrix Scientific Group, Inc., a Delaware corporation with principal address at 8885 Rehco Road, San Diego, California 92121  (the “Seller”). As used in this Agreement, the term, “Parties” shall refer to the Buyer and the Seller jointly.

 

WHEREAS:

 

A.           Seller desires to sell and transfer to Buyer, all of the outstanding common stock of Entest Biomedical, Inc., a California corporation (the “Subsidiary Stock”) for a total purchase price of Ten Million (10,000,000) shares of the common stock of Buyer (the “Purchase Price”).

 

B.           The Buyer desires to purchase the Subsidiary Stock for the Purchase Price.

 

C.           The Parties have completed their negotiations and subject to the terms and conditions set forth herein, hereby enter into this Agreement.

 

THERFORE, IT IS AGREED AS FOLLOWS:

 

 

1.

DEFINITIONS

 

“Affiliate” means, with respect to any specified Person, a Person that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified.

 

“Stockholder” means Rick Plote.

 

“Shares to be Cancelled” means the cancellation of Ten Million (10,000,000) shares of the common stock of Buyer issued to, owned by, and registered in the name of Rick Plote.

 

“Entest” means Entest Biomedical, Inc., a California corporation

 

“Liability” means any liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for Taxes.

 

 

 

 


 

 

 

“Contract” means any contract, lease, commitment, understanding, sales order, purchase order, agreement, indenture, mortgage, note, bond, right, warrant, instrument, plan, permit or license, whether written or oral, which is intended or purports to be binding and enforceable.

 

“Person” means an individual, a partnership, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or a governmental entity (or any department, agency, or political subdivision thereof).

 

“Purchase Price” means Ten Million (10,000,000) shares of the Stock of Buyer as issued by Buyer to Seller with each stock certificate representing said shares to contain a restricted securities legend in accordance with the Securities Act.

 

Shares ” means all of the outstanding shares of the common stock of Entest owned and held by the Seller with each stock certificate representing the Shares to contain a restricted securities legend in accordance with the Securities Act.

 

“Permitted Liabilities” means Liabilities owed to trade creditors, to governmental entities for payroll and personal property taxes and other like Liabilities incurred in the Ordinary Course of Business not in excess of One Thousand Dollars ($1,000).

 

“Material Adverse Effect” shall mean any circumstances, developments or matters whose effect on the Business any of the Buyer, properties, assets, results, operations, conditions (financial and other) and prospects, either alone or in the aggregate, is or would reasonably be expected to be materially adverse.

 

“Environmental Laws” mean all federal, state, provincial, local and foreign statutes, regulations, ordinances and other provisions having the force or effect of law, all judicial and administrative orders and determinations, all contractual obligations and all common law concerning public health and safety, worker health and safety, and pollution or protection of the environment including, without limitation, all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control, or cleanup of any Hazardous Substances, materials or wastes, chemical substances or mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls, noise or radiation, each as amended and as now or hereafter in effect, including (but not limited to) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Toxic Substances Control Act of 1976, as amended, the Federal Water Pollution Control Act Amendments of 1972, the Clean Water Act of 1977, as amended, and the Waste Management Act, R.S.B.C. 1996 c. 482; Canadian Environmental Protection Act, 1999; S.C. 1999, c. 33 and any regulations thereto, each as amended, any so-called “Superlien” law, and any other similar federal, state, provincial or local statutes.

 

 

 

 

2


 

 

 

“Employee” means each employee and leased employee regardless of whether the term is initially capitalized.

 

“Employee Benefit Plan” means any (a) nonqualified deferred compensation or retirement plan or arrangement, (b) qualified defined contribution retirement plan or arrangement which is an Employee Pension Benefit Plan, (c) qualified defined benefit retirement plan or arrangement which is an Employee Pension Benefit Plan (including any Multiemployer Plan), or (d) Employee Welfare Benefit Plan or material fringe benefit or other retirement, bonus, or incentive plan or program.

 

“Employee Pension Benefit Plan” has the meaning set forth in ERISA §3(2).

 

“Employee Welfare Benefit Plan” has the meaning set forth in ERISA §3(1).

 

“Tax” means any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental , customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not.

 

“Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

 

2.

ESCROW. On or before June 16, 2009 , each of the Parties shall execute and deliver an executed copy of the Escrow Agreement to the Escrow Agent and perform all of the duties set forth in the Escrow Agreement attached hereto as Exhibit A.

 

3.

SHARES TO BE CANCELLED. On or before June 19, 2009 , Stockholder shall deliver to the Escrow Agent, one or more stock certificates representing the Shares to be Cancelled with instructions authorizing and instructing the Escrow Agent to deliver the Shares to be Cancelled to the Company’s stock transfer agent so that the same may be returned and cancelled.

 

 

4.

THE CLOSING. The closing of this Transaction (the “Closing”) shall take place at the offices of Law Offices of Joseph Pittera commencing at 10:00 a.m. Pacific Time three   (3) business day following the satisfaction or waiver of all conditions to the obligations of the parties to consummate this Transaction (other than conditions with respect to actions the respective parties will take at the Closing itself) or such other date as the parties may mutually determine (the “Closing Date”). It is the intent of the parties that the Buyer shall assume control of Entest immediately after the Closing.

 

5.

REPRESENTATIONS OF THE SELLER.

 


 

 

3


 

 

 

(a)

Authorization of Transaction. The Seller has full power and authority to execute and deliver this Agreement and to perform his obligations hereunder. This Agreement constitutes the valid and legally binding obligation of the Seller, enforceable in accordance with its terms and conditions. The Seller need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate this Transaction.

(b)

Brokers’ Fees. Neither the Seller nor Entest has any Liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to this Transaction for which the Buyer could become liable or obligated.

 

(c)

Shares. The Seller holds of record and owns beneficially all of the Shares, free and clear of any restrictions on transfer (other than any restrictions under the Securities Act and state securities Laws), Taxes, Liens, options, warrants, purchase rights, Contracts, commitments, equities, claims, and demands. The Seller is not a party to any option, warrant, purchase right, or other Contract or commitment that could require the Seller to sell, transfer, or otherwise dispose of any Shares (other than this Agreement). The Seller is not a party to any voting trust, proxy, or other agreement or understanding with respect to the voting of any Shares.

(d)

Entest is a corporation duly organized, valid and existing under the Laws of California. Entest is duly authorized to conduct business and is in good standing under the Laws of each jurisdiction except where the failure to be so qualified would not have a Material Adverse Effect on Entest. Entest has full corporate power and authority and all licenses, Permits, and authorizations necessary to carry on the Business in which it is engaged and to own and use the properties owned and used by it. Entest is not in default under or in violation of any provision of its articles of incorporation or bylaws.

 

(e)

The entire authorized capital stock of Entest consists of 100,000,000 shares of common stock, $0.00001 par value, of which 1,500 shares are issued and outstanding and no shares are unissued. All of the issued and outstanding Shares of Entest have been duly authorized, are validly issued, fully paid, and nonassessable, and are held of record by the Seller. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other Contracts or commitments that could require Entest to issue, sell, or otherwise cause to become outstanding any of the Shares of Entest. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to the Shares of Entest. There are no voting trusts, proxies, or other agreements or understandings with respect to the voting of the Shares of Entest.

(f)

The assignments, endorsements, stock powers and other instruments of transfer delivered by the Seller to the Buyer at the Closing will be sufficient to transfer the Seller’s entire interest, legal and beneficial, in the Shares and, after such transfer, the Buyer shall own all of the Shares. The Seller has full power and authority (including full corporate power and authority) to convey good and marketable title to all of the Shares, and upon transfer to the Buyer of the certificates representing such Shares, the Buyer will receive good and marketable title to such Shares, free and clear of all Liens.

 


 

 

4


 

 

 

(g)

Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of this Transaction will (i) violate any constitution, Law, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which  Entest is subject or any provision of the articles of incorporation or bylaws of  Entest, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any Contract, lease, license, instrument, or other arrangement to which  Entest is a party or by which it is bound or to which any of its assets is subject (or result in the imposition of any Lien upon any of its assets).

 

6. REPRESENTATIONS OF THE BUYER.

 

 

(a)

Organization of the Buyer and Capital Stock. The Buyer is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada and legally authorized to do business in the states in which it conducts business. The Buyer is not in default under or in violation of any provi


 
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