REDEMPTION
AGREEMENT
This Agreement (the “Agreement”) is
made as of the 2nd day of April, 2007 by and between Zane
Acquisition I, Inc., a Delaware corporation having its offices at
9620 Bridgebrook Dr. Boca Raton, FL 33496 (the
“Issuer”) and Steven Bettinger, Ivan Spinner and Jarred
Shaw (collectively the “Sellers”).
W I T N E S S E T
H:
WHEREAS, the Sellers are the owners of 3,000,000
shares of the Issuer’s common stock, par value $.0001 per
share (“Common Stock”); and
WHEREAS, the Sellers desire to sell to the
Issuer, and the Issuer desires to purchase from the Sellers,
2,850,000 shares of Common Stock owned by the Sellers (the
“Shares”), on and subject to the terms of this
Agreement;
WHEREFORE, the parties hereto hereby agree as
follows:
1.
Sale of the Shares
. Subject to the terms and
conditions of this Agreement, and in reliance upon the
representations, warranties, covenants and agreements contained in
this Agreement, the Sellers shall sell the Shares to the Issuer,
and the Issuer shall purchase the Shares from the Sellers for an
aggregate purchase price (the “Purchase Price”) equal
to thirty-seven thousand five hundred dollars
($37,500.00).
2.
Closing . The purchase and sale of the Shares shall take
place upon execution and delivery of this Agreement (the
“Closing”), to be held at such time and place as shall
be determined by the parties. At the Closing, the Sellers shall
deliver to the Issuer certificates for the Shares, duly endorsed in
form for transfer to the Issuer and the Issuer shall pay the
Purchase Price for the Shares.
3.
Representations of
Sellers .
(a) The Sellers have all necessary power and
authority to enter into and to perform his obligations hereunder.
This Agreement constitutes the valid and binding obligation of
Sellers, enforceable against him in accordance with its terms,
subject to: (i) laws of general application relating to bankruptcy,
insolvency and the relief of debtors; and (ii) rules of law
governing specific performance, injunctive relief and other
equitable remedies.
(b) Sellers own all rights, titles and interests in
and
