THE SECURITIES THAT ARE THE SUBJECT
OF THIS STOCK PURCHASE AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE APPLICABLE
SECURITIES LAWS OF ANY STATE AND WILL BE OFFERED AND SOLD IN
RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THESE
LAWS BY VIRTUE OF THE INTENDED COMPLIANCE BY THE ISSUER WITH
REGULATION S OF THE SECURITIES ACT. THESE SECURITIES
HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND
EXCHANGE COMMISSION (THE “SEC”), ANY STATE SECURITIES
COMMISSION OR ANY OTHER REGULATORY AUTHORITY. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
STOCK PURCHASE
AGREEMENT
THIS SUBSCRIPTION AGREEMENT
(the “Agreement”) is
made and entered into as of this 15 th day of May, 2009, by and between Medical
International Technology, Inc. a Colorado corporation (the
“Company”), with its offices located at 1872 Beaulac
Montreal (Saint-Laurent) QC Canada H4R 2E7 and with
its address located at (the
“Purchaser”).
RECITALS:
WHEREAS, the Company is offering for
sale______________ (_____ ) units (individually, a
“Unit” and, collectively, the “Units”),
each Unit consisting of one share of (POST REVERSE SPLIT) common
stock, $0.0001 par value per share (the “Common Stock”)
at a per Unit price of $0.10 , in a transaction exempt from
registration under Regulation S of the Securities Act of 1933, as
amended (the “Securities Act”), and the regulations
promulgated thereunder.
NOW, THEREFORE, in consideration of the premises and other good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as
follows:
SECTION 1.0: PURCHASE AND SALE OF
UNITS.
Section 1.1
Closing .
The Company agrees to issue, sell and deliver to the
Purchaser, and the Purchaser agrees to purchase and receive from
the Company, _______( _______) Units upon the terms and
conditions set forth in this Agreement. The closing (the
“Closing”) of the sale and purchase of the Units shall
take place at the Company’s offices, at 12:00, local time, on
May 15 th , 2009 , or at such other time and place as may be
agreed to by the parties (the “Closing
Date”). The Units, shall be restricted and the
certificates representing the securities shall bear the restrictive
legend pursuant to Rule 144 of the General Rules and Regulations
under the Securities Act.
Section 1.2 Purchase Price
. The total
purchase price for the Units (the “Purchase Price”)
shall consist of cash in the amount of ________( _____) US
DOLLARS.
SECTION 2.0: REPRESENTATIONS AND
WARRANTIES.
Section 2.1 Representations and
Warranties of the Purchaser. The Purchaser makes the
following representations and warranties to the Company.
(a) Speculative Investment
. The Purchaser is aware that an investment in the Units
is highly speculative and subject to substantial
risks. The Purchaser is capable of bearing the high
degree of economic risk and the burden of this venture, including,
but not limited to, the possibility of complete loss of the
Purchaser’s investment in the Units that makes liquidation of
this investment impossible for the indefinite future.
(b) Privately Offered
. The offer to issue and sell the Units was communicated
directly to the Purchaser in such a manner that the Purchaser was
able to ask questions of and receive answers concerning the terms
and conditions of this transaction. At no time was the
Purchaser presented with or solicited by or through any leaflet,
public promotional meeting, television advertisement or any other
form of general advertising.
(c) Purchase for Investment
. The Units are being acquired solely for the
Purchaser’s own account, for investment purposes and are not
being purchased with a view to the resale, distribution,
subdivision or fractionalization thereof without proper
registration with appropriate securities administrators or an
applicable exemption from such registration. The
Purchaser will comply with all applicable law with respect to any
resale of the Units.
(d) Access to Information
. The Purchaser or the Purchaser’s professional
advisor has been granted the opportunity to ask questions of and
receive answers from representatives of the Company and its
officers, directors, employees and agents concerning the terms and
conditions of the offering of the Units, the Company and its
business and prospects, and to obtain any additional information
that the Purchaser or the Purchaser’s professional advisor
deems necessary to verify the accuracy and completeness of the
information received.
(f) Reliance on Own Advisors
. The Purchaser has relied on the advice of, or has
consulted with, the Purchaser’s own tax, investment, legal or
other advisors and has not relied on the Company or any of it
affiliates, officers, directors, attorneys, accountants or any
affiliates of any thereof and each other person, if any, who
controls any thereof, within the meaning of Section 15 of the
Securities Act, for any tax or legal advice. The
foregoing, however, does not limit or modify the Purchaser’s
right to rely upon representations and warranties of the Company in
Section 2.2 of this Agreement and any representations of any third
parties acting as agents for or on the Company’s
behalf.
(g) Capability to Evaluate
. The Purchaser has such knowledge and experience in
financial and business matters so as to enable such Purchaser to
utilize the information made available to it in connection with the
offer of the Securities in order to evaluate the merits and risks
of the prospective investment.
(h) Authority
. The Purchaser (and each of its subsidiaries, if
applicable) is a corporation duly incorporated and existing in good
standing under the laws of the State of New York and has the
requisite corporate power to own its properties and to carry on its
business as now being conducted. The Purchaser has full
power and authority to execute and deliver this Agreement and each
other document included herein (if any) for which a signature is
required and to act in accordance with the terms of this Agreement
and such other documents (if any).
(i) Non United States Person.
The Undersigned is not a US person under Rule 902 of Regulation S
under the Securities Act, and is not acquiring the Stock for the
account or benefit of any US person; and is, if a natural person,
over 21 years of age.
The foregoing representations and
warranties shall be true and accurate as of the date hereof and as
of the date of any acceptance of this Offer by the Company and
shall survive the date of such acceptance by the
Company.
Section 2.2 Representations and
Warranties of the Company . The Company hereby
makes the following representations and warranties to the
Purchaser:
(a) Organization and
Qualification . The Company is a corporation duly
incorporated and existing in good standing under the laws of the
state of Colorado and has the requisite corporate power to own its
properties and to carry on its business as now being
conducted.
(b) Authorization;
Enforcement . (i) The Company has the requisite
corporate power and authority to enter into and perform this
Agreement and to issue and sell the Units in accordance with the
terms hereof; (ii) the execution and delivery of this Agreement by
the Company and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the
Company or its Board of Directors or stockholders is required;
(iii) this Agreement has been duly executed and delivered by the
Company; and (iv) this Agreement constitutes a valid and binding
obligation of the Company enforceable against the Company in
accordance with its terms (except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of, creditors’ rights and remedies
or by other equitable principles of general
application).
(c) Authorized Capital; Rights or
Commitments to Stock . As of April 1
st 2009, the authorized capital stock of the
Company consists of 103,000,000 shares, of which 100,000,000 shares
are Common Stock, of which 53,058,663 shares are issued and
outstanding, and 3,000,000 shares are preferred stock, of which no
shares are issued and outstanding. All of the
outstanding shares of the Company’s Common Stock have been
validly issued and are fully paid and non-assessable.
(d) Issuance of
Securities . The issuance of the Units has been duly
authorized and, when paid for and issued in accordance with the
terms hereof, the Units, shall be validly issued, fully
paid and non-assessable and entitled to the rights
inherent in the securities and as specified herein.
(e) No Conflicts
. The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby do not and will not (i) result in
a violation of the Company’s Articles of Incorporation or
Bylaws or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or
instrument to which the Company or any of its subsidiaries is a
party, or result in a violation of any federal, state, local or
foreign law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations) applicable to
the Company its subsidiary or by which any property or assets of
the Company or its subsidiary is bound or affected (except for such
conflicts, defaults, terminations, amendments, accelerations,
cancellations and violations as would not, individually or in the
aggregate, have a Material Adverse Effect); provided that, for
purposes of such representation as to federal, state, local or
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