STOCK PURCHASE AGREEMENT AND
SHARE EXCHANGE
by and among
Halberd
Corporation
a Nevada Corporation
and
Sellmybusinessnow.com,
Inc.
A Michigan Corporation
effective as of January 28, 2009
STOCK PURCHASE AGREEMENT AND
SHARE EXCHANGE
THIS STOCK PURCHASE AGREEMENT AND
SHARE EXCHANGE, made and
entered into this 28 th day of January, 2009 (the “
Agreement ”), by and among Halberd Corporation, a
Nevada corporation (“ Halberd ”) with its
principal executive offices at 30600 Telegraph Road, Suite 2175,
Bingham Farms, MI 48025; Sellmybusinessnow.com, Inc.
(“SellMyBusiness”), an Michigan Corporation with its
principle places of business at 30600 Telegraph Road, Suite 2175,
Bingham Farms, MI 48025, and the shareholders of SellMyBusiness
named on the Annex I of this Agreement (individually, a
“ Stockholder ”, and collectively, the “
Stockholders ”).
Premises
A. This Agreement provides for the acquisition
of SellMyBusiness whereby SellMyBusiness shall become a wholly
owned subsidiary of Halberd and in connection therewith
B. The boards of directors of SellMyBusiness and
Halberd have determined, subject to the terms and conditions set
forth in this Agreement, that the transaction contemplated hereby
is desirable and in the best interests of their stockholders,
respectively. This Agreement is being entered into for the purpose
of setting forth the terms and conditions of the proposed
acquisition.
Agreement
NOW, THEREFORE, on the stated
premises and for and in consideration of the mutual covenants and
agreements hereinafter set forth and the mutual benefits to the
parties to be derived here from, it is hereby agreed as
follows:
ARTICLE I
REPRESENTATIONS, COVENANTS AND
WARRANTIES OF
SELLMYBUSINESSNOW.COM,
INC.
As an inducement to and to obtain
the reliance of Halberd, SellMyBusiness represents and warrants as
follows:
Section 1.1
Organization. SellMyBusiness is a corporation duly
organized, validly existing, and in good standing under the
Michigan and has the corporate power and is duly authorized,
qualified, franchised and licensed under all applicable laws,
regulations, ordinances and orders of public authorities to own all
of its properties and assets and to carry on its business in all
material respects as it is now being conducted, including
qualification to do business as a foreign corporation in the
jurisdiction in which the character and location of the assets
owned by it or the nature of the business transacted by it requires
qualification. Included in the Schedules attached hereto
(hereinafter defined) are complete and correct copies of the
articles of incorporation, bylaws and amendments thereto as in
effect on the date hereof. The execution and delivery of this
Agreement does not and the consummation of the transactions
contemplated by this Agreement in accordance with the terms hereof
will not violate any provision of SellMyBusiness's articles of
incorporation or bylaws. SellMyBusiness has full power, authority
and legal right and has taken all action required by law, its
articles of incorporation, bylaws or otherwise to authorize the
execution and delivery of this Agreement.
Section 1.2
Capitalization . The authorized Capitalization of
SellMyBusiness consists of 60,000 Common Shares, with no par value
per share and no Preferred Shares. As of the date hereof,
SellMyBusiness has 12,529 shares of common stock
outstanding.
All issued and outstanding shares are legally
issued, fully paid and nonassessable and are not issued in
violation of the preemptive or other rights of any person.
SellMyBusiness has no securities, warrants or options authorized or
issued.
Section 1.3
Subsidiaries. SellMyBusiness has no
subsidiaries.
Section 1.4 Tax Matters:
Books and Records.
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(a) The books and records, financial
and others, of SellMyBusiness are in all material respects complete
and correct and have been maintained in accordance with good
business accounting practices; and
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(b) SellMyBusiness has no
liabilities with respect to the payment of any country, federal,
state, county, or local taxes (including any deficiencies, interest
or penalties).
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(c) SellMyBusiness shall remain
responsible for all debts incurred by SellMyBusiness prior to the
date of closing.
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Section 1.5
Litigation and Proceedings. There are no actions, suits,
proceedings or investigations pending or threatened by or against
or affecting SellMyBusiness or its properties, at law or in equity,
before any court or other governmental agency or instrumentality,
domestic or foreign or before any arbitrator of any kind that would
have a material adverse affect on the business, operations,
financial condition or income of SellMyBusiness. SellMyBusiness is
not in default with respect to any judgment, order, writ,
injunction, decree, award, rule or regulation of any court,
arbitrator or governmental agency or instrumentality or of any
circumstances which, after reasonable investigation, would result
in the discovery of such a default.
Section 1.6
Material
Contract Defaults. SellMyBusiness is not in default in any
material respect under the terms of any outstanding contract,
agreement, lease or other commitment which is material to the
business, operations, properties, assets or condition of
SellMyBusiness, and there is no event of default in any material
respect under any such contract, agreement, lease or other
commitment in respect of which SellMyBusiness has not taken
adequate steps to prevent such a default from occurring.
Section
1.7
Information . The
information concerning SellMyBusiness as set forth in this
Agreement and in the attached Schedules is complete and accurate in
all material respects and does not contain any untrue statement of
a material fact or omit to state a material fact required to make
the statements made in light of the circumstances under which they
were made, not misleading.
Section
1.8 Title and
Related Matters. SellMyBusiness has good and marketable title to
and is the sole and exclusive owner of all of its properties,
inventory, interest in properties and assets, real and personal
(collectively, the “Assets”) free and clear of all
liens, pledges, charges or encumbrances. SellMyBusiness owns free
and clear of any liens, claims, encumbrances, royalty interests or
other restrictions or limitations of any nature whatsoever and all
procedures, techniques, marketing plans, business plans, methods of
management or other information utilized in connection with
SellMyBusiness business. No third party has any right to, and
SellMyBusiness has not received any notice of infringement of or
conflict with asserted rights of other with respect to any product,
technology, data, trade secrets, know-how, proprietary techniques,
trademarks, service marks, trade names or copyrights which, singly
on in the aggregate, if the subject of an unfavorable decision
ruling or finding, would have a materially adverse affect on the
business, operations, financial conditions or income of
SellMyBusiness or any material portion of its properties, assets or
rights.
Section
1.9
Contracts On the
closing date:
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(a) There are no material contracts,
agreements franchises, license agreements, or other commitments to
which SellMyBusiness is a party or by which it or any of its
properties are bound:
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(b) SellMyBusiness is not a party to
any contract, agreement, commitment or instrument or subject to any
charter or other corporate restriction or any judgment, order,
writ, injunction, decree or award materially and adversely affects,
or in the future may (as far as SellMyBusiness now foresee)
materially and adversely affect, the business, operations,
properties, assets or conditions of SellMyBusiness; and
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(c) SellMyBusiness is not a party to
any material oral or written: (I) contract for the employment of
any officer or employee; (ii) profit sharing, bonus, deferred
compensation, stock option, severance pay, pension benefit or
retirement plan, agreement or arrangement covered by Title IV of
the Employee Retirement Income Security Act, as amended; (iii)
agreement, contract or indenture relating to the borrowing of
money; (iv) guaranty of any obligation for the borrowing of money
or otherwise, excluding endorsements made for collection and other
guaranties, of obligations, which, in the aggregate exceeds $1,000;
(v) consulting or other contract with an unexpired term of more
than one year or providing for payments in excess of $10,000 in the
aggregate; (vi) collective bargaining agreement; (vii) contract,
agreement or other commitment involving payments by it for more
than $10,000 in the aggregate.
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Section
1.10
Compliance With Laws and Regulations. To the best of SellMyBusiness’s knowledge
and belief, SellMyBusiness has complied with all applicable
statutes and regulations of any federal, state or other
governmental entity or agency thereof, except to the extent that
noncompliance would not materially and adversely affect the
business, operations, properties, assets or condition of
SellMyBusiness or would not result in SellMyBusiness incurring
material liability.
Section
1.11 Insurance.
All of the insurable properties of
SellMyBusiness are insured for SellMyBusiness’s benefit under
valid and enforceable policy or policies containing substantially
equivalent coverage and will be outstanding and in full force at
the Closing Date.
Section 1.12
Approval of Agreement. The directors of SellMyBusiness have authorized
the execution and delivery of the Agreement by and have approved
the transactions contemplated hereby.
Section
1.13 Material
Transactions or Affiliations . There are no material contracts or agreements
of arrangement between SellMyBusiness and any person, who was at
the time of such contract, agreement or arrangement an officer,
director or person owning of record, or known to beneficially own
ten percent (10%) or more of the issued and outstanding Common
Shares of SellMyBusiness and which is to be performed in whole or
in part after the date hereof. SellMyBusiness has no commitment,
whether written or oral, to lend any funds to, borrow any money
from or enter into material transactions with any such affiliated
person.
Section 1.14
No Conflict With Other Instruments . The execution of this
Agreement and the consummation of the transactions contemplated by
this Agreement will not result in the breach of any term or
provision of, or constitute an event of default under, any material
indenture, mortgage, deed of trust or other material contract,
agreement or instrument to which SellMyBusiness is a party or to
which any of its properties or operations are subject.
Section 1.15
Governmental Authorizations. SellMyBusiness has all
licenses, franchises, permits or other governmental authorizations
legally required to enable it to conduct its business in all
material respects as conducted on the date hereof. Except for
compliance with federal and state securities and corporation laws,
as hereinafter provided, no authorization, approval, consent or
order of, or registration, declaration or filing with, any court or
other governmental body is required in connection with the
execution and delivery by SellMyBusiness of this Agreement and the
consummation of the transactions contemplated hereby.
ARTICLE II
REPRESENTATIONS, COVENANTS AND
WARRANTIES OF
HALBERD
CORPORATION
As an inducement to, and to obtain
the reliance of SellMyBusiness, Halberd represents and warrants as
follows:
Section 2.1
Organization. Halberd is
a corporation duly organized, validly existing and in good standing
under the laws of Nevada and has the corporate power and is duly
authorized, qualified, franchised and licensed under all applicable
laws, regulations, ordinances and orders of public authorities to
own all of its properties and assets and to carry on its business
in all material respects as it is now being conducted, including
qualification to do business as a foreign entity in the country or
states in which the character and location of the assets owned by
it or the nature of the business transacted by it requires
qualification. Included in the Attached Schedules (as hereinafter
defined) are complete and correct copies of the articles of
incorporation, bylaws and amendments thereto as in effect on the
date hereof. The execution and delivery of this Agreement does not
and the consummation of the transactions contemplated by this
Agreement in accordance with the terms hereof will not, violate any
provision of Halberd's certificate of incorporation or bylaws.
Halberd has full power, authority and legal right and has taken all
action required by law, its articles of incorporation, bylaws or
otherwise to authorize the execution and delivery of this
Agreement.
Section 2.2
Capitalization. The authorized Capitalization of Halberd
consists of 120,000,000 Common Shares, $0.001 par value per share
and 10,000,000 Preferred Shares, par value $0.001. As of the date
of the Agreement, there were ______ common shares
outstanding.
All issued and outstanding common
shares have been legally issued, fully paid, are nonassessable and
not issued in violation of the preemptive rights of any other
person. Halberd has no other securities, warrants or options
authorized or issued.
Section 2.3
Subsidiaries . Halberd has no subsidiaries.
Section 2.4 Tax Matters;
Books & Records
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(a) The books and records, financial
and others, of Halberd are in all material respects complete and
correct and have been maintained in accordance with good business
accounting practices; and
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(b) Halberd has no liabilities with
respect to the payment of any country, federal, state, county,
local or other taxes (including any deficiencies, interest or
penalties).
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(c) Halberd shall remain responsible
for all debts incurred prior to the closing.
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Section 2.5
Information . The information concerning Halberd as set
forth in this Agreement and in the attached Schedules is complete
and accurate in all material respects and does not contain any
untrue statement of a material fact or omit to state a material
fact required to make the statements made, in light of the
circumstances under which they were made, not
misleading.
Section 2.6
Title
and Related Matters. Halberd has good and marketable title to
and is the sole and exclusive owner of all of its properties,
inventory, interests in properties and assets, real and personal
(collectively, the "Assets") free and clear of all liens, pledges,
charges or encumbrances. Except as set forth in the Schedules
attached hereto, Halberd owns free and clear of any liens, claims,
encumbrances, royalty interests or other restrictions or
limitations of any nature whatsoever and all procedures,
techniques, marketing plans, business plans, methods of management
or other information utilized in connection with Halberd's
business. Except as set forth in the attached Schedules, no third
party has any right to, and Halberd has not received any notice of
infringement of or conflict with asserted rights of others with
respect to any product, technology, data, trade secrets, know-how,
proprietary techniques, trademarks, service marks, trade names or
copyrights which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a materially
adverse affect on the business, operations, financial conditions or
income of Halberd or any material portion of its properties, assets
or rights.
Section 2.7
Litigation and Proceedings . There are no actions, suits or
proceedings pending or threatened by or against or affecting
Halberd, at law or in equity, before any court or other
governmental agency or instrumentality, domestic or foreign or
before any arbitrator of any kind that would have a material
adverse effect on the business, operations, financial condition,
income or business prospects of Halberd. Halberd does not have any
knowledge of any default on its part with respect to any judgment,
order, writ, injunction, decree, award, rule or regulation of any
court, arbitrator or governmental agency or
instrumentality.
Section 2.8
Contracts. On the Closing Date:
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(a) There are no material contracts,
agreements, franchises, license agreements, or other commitments to
which Halberd is a party or by which it or any of its properties
are bound;
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(b) Halberd is not a party to any
contract, agreement, commitment or instrument or subject to any
charter or other corporate restriction or any judgment, order,
writ, injunction, decree or award which materially and adversely
affects, or in the future may (as far as Halberd can now foresee)
materially and adversely affect, the business, operations,
properties, assets or conditions of Halberd; and
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(c) Halberd is not a party to any
material oral or written: (i) contract for the employment of any
officer or employee; (ii) profit sharing, bonus, deferred
compensation, stock option, severance pay, pension, benefit or
retirement plan, agreement or arrangement covered by Title IV of
the Employee Retirement Income Security Act, as amended; (iii)
agreement, contract or indenture relating to the borrowing of
money; (iv) guaranty of any obligation for the borrowing of money
or otherwise, excluding endorsements made for collection and other
guaranties of obligations, which, in the aggregate exceeds $1,000;
(v) consulting or other contract with an unexpired term of more
than one year or providing for payments in excess of $10,000 in the
aggregate; (vi) collective bargaining agreement; (vii) contract,
agreement, or other commitment involving payments by it for more
than $10,000 in the aggregate.
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Section 2.9
No
Conflict With Other Instruments . The execution of this
Agreement and the consummation of the transactions contemplated by
this Agreement will not result in the breach of any term or
provisi
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