StateofFlorida Rev.133C6AE ASSETPURCHASEAGREEMENT
ThisAssetPurchaseAgreement(this“Agreement”)isenteredintoasofthe11thdayof May,2018(the“EffectiveDate”)byandbetweenBITEXPRESS,LLC,locatedat 15901CollinsAve#1507,SunnyIslesBeach,FL33160(the“Seller”)andOBITX, INC.,locatedat4720SalisburyRoad,Jacksonville,FL32256(the“Buyer”).
WHEREAS,theSellerownsassetsknownastheCryptocurrencyATM’s,(hereinafter referredtoas“C-ATMs”orthe“Merchandise”).
WHEREAS,thepartiesintendthattheSellershallselltotheBuyertheMerchandisefor theprice,termsandconditionsdescribedbelow,andpursuanttotheattachmentsand exhibits,ifany,annexedtothismaindocument.
NOWTHEREFORE,forthereasonssetforth,andinconsiderationofthemutual covenantsandpromisesofthepartieshereto,andintendingtobelegallybound,theSeller andtheBuyeragreeasfollows:
1. SaleofMerchandise.Onthetermsandsubjecttotheconditionssetforthinthis Agreement,theSelleragreestosell,assign,transfer,conveyanddelivertotheBuyer, andtheBuyeragreestopurchaseandacquirefromtheSellerallrights,titleandinterests oftheSellerinandtotheMerchandise,adherenttoExhibitAattachedhereto.
2. MerchandiseWarranties.
(a) TheSellerguaranteesthequalityandreliabilityofthedeliveredMerchandise,and shalladheretoafullwarrantyoftheMerchandise. (b) SellerguaranteesthatthedeliveredMerchandise,withallnewtechnology. (c) Sellerwarrantsthattherehavebeenimprovementsmadeto,andnewtechnology implementedintotheC-ATMssincethe“AssetPurchaseAgreement”entered intobetweenSellerandBuyeronDecember4,2017. (d) Seller,adherenttoExhibitAattached,shallbeartheriskoflosstoMerchandise untiltheMerchandisehasreachedthelocationofBuyer. (e) TheSellerincludesallwarrantiesoftheMerchandiseforaperiodof12months fromthedateofreceiptbyBuyer,includingbutnotlimitedto,warrantyfora particularpurpose.ThepurposeoftheMerchandiseincludes,butisnotlimitedto thecapabilityofhostingtransactionsthatincludecryptocurrency.
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(f) Incaseofdetectionofdisrepairand/orlatentdefectsoftheMerchandiseduring thetermofwarranty,theBuyershallsendawarrantyclaimtotheSellerwiththe descriptionofthemalfunction. (g) TheSeller,attheirownexpense,shalleliminatetheidentifieddefectsonthebasis ofandwithinthetimespecifiedinthewarrantyclaim.Ifnotimeframeis specifiedwithintheclaim,Sellershallcuredefectswithinthirty(30)calendar daysofhavingreceivedthewarrantyclaimfromBuyer. (h) IfSellerrefusestocurethedefectidentifiedbySeller,orifdefectisnotcured within30daysofhavingreceivedthewarrantyclaimfromBuyer,Buyermay requestforathirdpartytocureorpurchasetheMerchandise.Sellershallassume allcostsofBuyer’sactionsifSellerrefusestocureadefect,alongwithdamages toBuyerthroughcourseofBuyer’sactionsisSellerrefusestocureadefect.
3. PurchasePrice.BuyerwillpaytotheSellerthepurchasepriceforthesaleofthe Merchandiseinthetotalsumof$108,196.00USD(the“PurchasePrice”).ThePurchase PriceincludesshippingcostsoftheMerchandise. (a) ThePurchasePriceshallbepaidinservicesrenderedbyBuyertoSeller,oranyof thirdpartycompanies,including,butnotlimitedto(i)KrypNetwork,Inc.of Nevis,and(ii)KrypNetwork,LLCofFlorida,inadherencewiththeimplied contractenteredintobetweenBuyerandSellerandaforementionedthirdparty companies. (b) CostsofservicesrenderedbyBuyer,asofthedateofthisAgreement,mayalso beappliedtowardsthePurchasePrice.
4. Delivery.ThedeliveryoftheMerchandise,totheaddressprovidedbyBuyer,shall takeplaceonorbeforeJuly20,2018.Atthattime,Sellershalldeliverpossessionofthe tangiblepropertyandallassetsincludedinthesaletotheBuyerandallotherinstruments anddocumentsnecessarytotransfertheMerchandiseandassetstoBuyer.Sellershallat thattime,oranytimebefore,executeanddeliverallpapersandinstrumentssuitablefor filingand/orwhicharenecessarytotransferownershipoftheMerchandisetoBuyer,and Sellershallthereafterceasetousesaidmerchandiseinanymannerorpurpose.Whenthat deliveryismadetoBuyer,Buyershallhaveexclusiveownershipandpossessionofthe Merchandise.
5. RepresentationsandWarrantiesofSeller.Sellerrepresentsandwarrantsthat: (a) Sellerisdulyqualifiedandorganized,andisvalidlyexistingandingood standing,underthelawsofitsstateofformation.
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(b) Sellerhastherequisitepowerandauthoritytoenterintoandperformunderthis Agreement. (c) Selleristheownerofandhasgoodandmarketabletitletothepropertyinvolved inthissale,freeofallrestrictionsontransferorassignmentandallencumbrances exceptforthosethataresetforthinthisAgreement. (d) Sellerisnotrequiredtoacquireanyconsents,approvalsorauthorizationsbyany governmentalauthoritytoexecute,deliverandperformitsobligationsunderthis Agreement. (e) TheexecutionanddeliveryofthisAgreementbySellerwillnotconflictwithor resultinaviolationofordefaultunderanymaterialagreementstowhichSelleris apartyorcreatealienupontheMerchandise. (f) Therearenoproceedings,judgments,orliensarenowpendingorthreatened againstSelleroragainsttheMerchandise. (g) Sellerhascompliedwithallapplicablefederal,state,andlocalstatutes,laws,and regulationsaffectingSeller’spropertiesortheoperationofSeller’sMerchandise, andSellerhasreceivednonoticeofaviolationorcitationsamefromany governmentalagencies. (h) Sellerhasnototherwisecontractedtosell,pledge,ormortgageallorpartofthe Merchandise. (i) SellerhaspresentedtoBuyertrue,complete,andcorrectinformationand documentsregardingtheMerchandise,andnoneoftheinformationcontainsan untruestatementofmaterialfactoromitstostateamaterialfact.
6. RepresentationsandWarrantiesofBuyer.Buyerrepresentsandwarrantsthat:
(a) Buyerisdulyqualifiedandorganized,andisvalidlyexistingandingood standing,underthelawsofitsstateofformation. (b) Buyerhastherequisitepowerandauthoritytoenterintoandperformunderthis Agreement.
7. Notices.AllnoticesgivenunderthisAgreementmustbeinwriting.Anoticeis effectiveuponreceiptandshallbesentviaoneofthefollowingmethods:deliveryin person,overnightcourierservice,certifiedorregisteredmail,postageprepaid,return receiptrequested,addressedtothepartytobenotifiedattheaddressstatedinthis Agreement,orasdesignatedbyeitherpartyuponreasonablenoticetotheotherparty.
8. Amendment.ThisAgreementmaybeamendedormodifiedonlybyawritten agreementsignedbybothoftheparties.
9. SurvivalofTerms.Allcovenants,warranties,andrepresentationshereinshallsurvive thisAgreementandtheclosingdate.
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10. BindingEffect.ThisAgreementshallbebindinguponandshallinuretothebenefit ofthepartiesandtheirsuccessorsandassigns.Neitherpartymayassignitsrightsor delegateitsdutiesunderthisAgreementwithouttheotherparty’spriorwrittenconsent.
11. GoverningLaw.ThisAgreementwillbegovernedbyandconstruedinaccordance withthelawsoftheStateofFlorida,withoutregardtotheprinciplesofconflictoflaws.
12. Disputes.AnydisputearisingfromthisAgreementshallberesolvedthrough mediation.Ifthedisputecannotberesolvedthroughmediation,thenthedisputewillbe resolvedthroughbindingarbitrationconductedinaccordancewiththerulesofthe AmericanArbitrationAssociation.
13. Attorneys’Fees.IfeitherPartybringslegalactiontoenforceitsrightsunderthis Agreement,theprevailingpartywillbeentitledtorecoverfromtheotherPartyits expenses(includingreasonableattorneys’fees)incurredinconnectionwiththeaction andanyappeal.
14. Counterparts.ThisAgreementmaybeexecutedinoneormorecounterparts,eachof whichshallbedeemedtobeanoriginal,andallofwhichtogethershallconstituteone andthesamedocument.
15. Headings.Thesectionheadingshereinareforreferencepurposesonlyandshallnot otherwiseaffectthemeaning,constructionorinterpretationofanyprovisioninthis Agreement.
16. NoWaiver.NoPartyshallbedeemedtohavewaivedanyprovisionofthis AgreementortheexerciseofanyrightsheldunderthisAgreementunlesssuchwaiveris madeexpresslyandinwriting.
17. Severability.IfanyprovisionofthisAgreementisheldtobeinvalid,illegalor unenforceableinwholeorinpart,theremainingprovisionsshallnotbeaffectedandshall continuetobevalid,legalandenforceableasthoughtheinvalid,illegalorunenforceable parthadnotbeenincludedinthisAgreement.
18. EntireAgreement.ThisAgreementandtheattachmentsandanyassociated documentsrepresenttheentireagreementbetweentheparties,andthereareno representations,warranties,covenantsorconditions,exceptthosespecifiedhereinorin accompanyinginstrumentsordocuments. INWITNESSWHEREOF,thepartieshaveexecutedthisAgreementasofthedatefirst writtenabove. BitExpress,LLC–IlyaShurygin,MGR _____________________________ _______________________________ SellerSignature SellerFullName
OBITX,Inc.–AlexMardikian,CEO ______________________________ ______________________________ BuyerSignature BuyerFullName
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Exhibit A
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Name | Quantity | PricePerUnit | Shipment Method | TotalPrice |
CryptocurrencyATM | 10 | $10,819.60 | ExWorksMiami* | $108,196.00 |
*450AnsinBlvd,HallandaleBeach,FL33009 | ||||