BILL OF SALE
FOR VALUE RECEIVED, and pursuant to the terms and condition of the Asset
Purchase and Sale Agreement dated as of December 10, 1999 (the "Agreement")
entered into by and between Seller and Buyer herein,
INTERNATIONAL PRESS AND SHEAR CORP.
a Georgia corporation qualified and doing business in the State of Georgia,
(hereinafter referred to as "Seller") does hereby grant, bargain, sell, assign,
transfer and convey unto
IPS BALERS INC.
a Georgia corporation, (hereinafter referred to as "Buyer"), all of the assets
of Seller described, identified or referred to in the Agreement, including
without limitation the following (the "Purchased Assets"):
(a) all machinery, equipment, furnishings, fixtures, appliances, and
computer programs utilized by Seller in connection with the operation of its
baler manufacturing business at 396 Frost Industrial Boulevard, Baxley, Georgia
(the "Business"), specifically including but not limited to the items listed on
Exhibit A.
(b) all inventory, parts, finished goods, work-in-process, and orders
associated with the Business;
(c) all rights, licenses, permits, contract rights, patent rights (subject
to Section 11 of the Agreement), warranty rights against suppliers, accounts
receivable and bank accounts associated with the Business;
(d) the "International Press and Shear", "IPS" and "IPS Balers" names,
logos, web sites/domains; telephone and fax numbers, listings, and other such
rights and identities associated with the Business;
(e) All other assets of Seller relating to the Business, except the
Excluded Liabilities as identified in the Agreement.
TO HAVE AND TO HOLD the Purchased Assets unto Buyer, its successors and
assigns, to its only proper use, benefit and behalf forever.
SELLER WARRANTS the right and title to the Assets unto Buyer to be free
and clear of any and all liens, encumbrances or any other claim against title
except as listed on Exhibit B; and Seller will indemnify and hold Buyer harmless
against any such adverse claim.
SELLER COVENANTS that it will do or cause to be done all such further
acts, and shall execute and deliver, or cause to be executed and delivered, all
transfers, assignments, conveyances, evidences of title and other documents
necessary or desirable to put Buyer in actual possession and operating control
of the Assets. Seller hereby constitutes and appoints Buyer its true and lawful
attorney, with full power of substitution, in Seller's name and stead, for the
account and benefit of Buyer to do all acts and things in relation to the
Assets, as reasonably necessary and in accordance
Page 1
with the terms of the Agreement, to execute any and all legal or administrative
documents or pursue any proceedings to assert or enforce any claim, right or
title in or to any of the Assets.
IN WITNESS WHEREOF, Seller has caused this instrument to be signed and
sealed by its duly authorized officers, this 10th day of December 1999.
INTERNATIONAL PRESS AND SHEAR CORP. (L.S.)
By: /s/ Ted C. Flood
-----------------------
Ted C. Flood, Secretary
(CORPORATE SEAL)
WASTE TECHNOLOGY CORP. (L.S.)
By: /s/ Ted C. Flood
-----------------------
Ted C. Flood, CEO
(CORPORATE SEAL)
January 29, 1997
5:19 pm Page 1
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
BUILDINGS
10/96
==================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ----- -------- ----------- ---- ------------
000006 10/06/95 6928.80 DH200 P 05 00 0.00 6928.80 10/96 2771.52
SPRAY BOOTH-BARTON
000007 10/31/95 595283.86 SLMM R 31 06 0.00 595283.86 10/96 18897.90
BUILDING
000008 10/31/95 51661.55 SLMM R 31 06 0.00 51661.55 10/96 1640.05
CRANES
000009 11/01/95 578317.97 SLMM R 31 06 0.00 578317.97 10/96 18359.30
BLDG IMPRV 96
000010 11/01/95 88359.38 SLMM R 31 06 0.00 88359.38 10/96 2805.06
ADDITIONS TO CRANES
000011 11/01/95 31559.36 SLMM R 31 06 0.00 31559.36 10/96 1001.89
PAINT BLDG 96
000012 09/30/96 7078.80 SLMM R 31 06 0.00 7078.80 10/96 18.74
2 TON HOIST (40 TON x 18')
Count= 7 ------------ ---- ---------- --------
Class: B
1359189.72 0.00 1359189.72 45494.46
Less disposals 0.00 0.00 0.00 0.00
------------ ---- ---------- --------
Net 1359189.72 0.00 1359189.72 45494.46
No additions
A/D
96/97 Depe EXP 10-31-97
================================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000006 1662.91 1662.91 4434.43
000007 18897.90 18897.90 37795.80
000008 1640.05 1640.05 3280.10
000009 18359.30 18359.30 36718.60
000010 2805.06 2805.06 5610.12
000011 1001.89 1001.89 2003.78
000012 224.72 224.72 243.46
Count= 7 -------- -------- --------
Class:
44591.83 44591.83 90086.29
Less disposals 0.00
-------- -------- --------
Net 44591.63 44591.83 90086.29
========
A/D 10.31.98 $134,012
========
EXHIBIT A
PAGE 1 OF 11
January 29, 1997
5:19 pm Page 2
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
COMPUTER EQUIPMENT
10/31/96
==================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000013 07/20/95 5628.00 DH200 P 05 00 00.0 5628.00 10/96 2420.04
PENTIUM 100-DRAFTECH
000014 07/20/95 5628.00 DH200 P 05 00 00.0 5628.00 10/96 2420.04
PENTIUM 100- DRAFTECH
000015 07/20/95 173.25 DH200 P 05 00 0.00 173.25 10/96 74.50
BATTERY BU- DRAFTECH
000016 07/20/95 173.25 DH200 P 05 00 0.00 173.25 10/96 74.50
BATTERY BU- DRAFTECH
000017 07/20/95 1993.95 DH200 P 05 00 0.00 1993.95 10/96 857.40
LASERJET 4P- DRAFTECH
000018 07/20/95 2835.00 DH200 P 05 00 0.00 2835.00 10/96 1219.05
AUTOCAD R12 110-10971276 (DRAFTECH)
000019 07/20/95 2940.00 DH200 P 05 00 0.00 2940.00 10/96 1264.20
AUTOCAD R13CD 110-11209097(DRAFTECH)
000020 07/20/95 1417.50 DH200 P 05 00 0.00 1417.50 10/96 609.53
DESIGNER 130-1016667 (DRAFTECH)
000021 07/26/95 138.86 DH200 P 05 00 0.00 138.86 10/96 59.71
MONITOR (DRAPTECH)
000022 06/30/95 1054.00 DH200 P 05 00 0.00 1054.00 10/96 453.22
AUTOCAD (DEWBERRY)
000023 06/08/95 1102.50 DH200 P 05 00 0.00 1102.50 10/96 474.08
HP LASERJET (DYNAMIC)
000024 06/13/95 3333.75 DH200 P 05 00 0.00 3333.75 10/96 1433.51
P5-90 COMPUTER (DYNAMIC)
000025 11/27/95 6791.60 DH200 P 05 00 0.00 6791.60 10/96 1358.32
GREAT PLAINS (HILBURN)
000026 11/30/95 1023.75 DH200 P 05 00 0.00 1023.75 10/96 204.75
PLC SLC PROGRAMMING (ACE)
000027 05/20/96 1055.25 DH200 P 05 00 0.00 1055.25 10/96 211.05
GREAT PLAINS (HILBURN)
000028 11/30/95 2187.15 DH200 P 05 00 0.00 2187.15 10/96 437.43
DX4 PC 560MB W/HAYES, REACHOUT (DYNAMIC)
000029 12/31/95 2673.65 DH200 P 05 00 0.00 2673.65 10/96 534.73
HP LASERJET, OKIDATA, NOVELL V3.12 (DYNAMIC)
000030 12/13/95 6259.40 DH200 P 05 00 0.00 6259.40 10/96 1251.88
P5-75 PC, 2 MONITORS, APC SMARTUPS, DCS SERVER, TAPE BU, ETHERNET CA
000031 01/26/96 1887.86 DH200 P 05 00 0.00 1887.86 10/96 377.57
NEC V5O NOTEBOOK W/ACCESSORIES (DYNAMIC)
000032 12/31/95 2141.60 DH200 P 05 00 0.00 2141.60 10/96 428.32
GREAT PLAINS (HILBURN)
000051 09/30/95 1075.00 DH200 P 05 00 0.00 1075.00 10/96 462.25
HP LASERJET (DYNAMIC)
000052 01/17/96 399.00 DH200 P 05 00 0.00 399.00 10/96 79.80
386 COMPUTER (JOHNSON'S OFFICE)
000033 01/21/96 546.96 DH200 P 05 00 0.00 546.96 10/96 109.39
15" MONITOR, KEYBRD, MOUSE (DYNAMIC)
000034 02/08/96 2082.90 DH200 P 05 00 0.00 2082.90 10/96 416.58
P-75 PC W/CD ROM (DYNAMIC)
000035 02/26/96 871.27 DH200 P 05 00 0.00 871.27 10/96 174.25
OKIDATA ML-591/APC BACKUPS (DYNAMIC)
000036 03/15/96 2224.94 DH200 P 05 00 0.00 2224.94 10/96 444.99
LAPTOP NEC V5O TFT W/ACCESSORIES (DYNAMIC)
DEPR EXP A/D
96/97 10.31.97
==================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000013 1283.18 1283.18 3703.22
000014 1283.18 1283.18 3703.22
000015 39.50 39.50 114.00
000016 39.50 39.50 114.00
000017 454.62 454.62 1312.02
000018 646.38 646.38 1865.43
000019 670.32 670.32 1934.52
000020 323.19 323.19 932.72
000021 31.66 31.66 91.37
000022 240.31 240.31 693.53
000023 251.37 251.37 725.45
000024 760.10 760.10 2193.61
000025 2173.31 2173.31 3531.63
000026 327.60 327.60 532.35
000027 337.68 337.68 548.73
000028 699.69 699.89 1137.32
000029 855.57 855.57 1390.30
000030 2003.01 2003.01 3254.89
000031 604.12 604.12 981.69
000032 685.31 685.31 1113.63
000051 245.10 245.10 707.35
000052 127.68 127.68 207.48
000033 175.03 175.03 284.42
000034 666.53 666.53 1083.11
000035 278.81 278.81 453.06
000036 711.98 711.98 1156.97
January 29, 1997
5:19 pm Page 3
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
COMPUTER EQUIPMENT
==================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000037 04/22/96 1941.00 DH200 P 05 00 0.00 1941.00 10/96 388.20
P100 PC (DYNAMIC)
000038 04/22/96 1658.00 DH200 P 05 00 0.00 1658.00 10/96 331.60
586/133 PC (DYNAMIC)
000039 04/22/96 1658.00 DH200 P 05 00 0.00 1658.00 10/96 331.60
586/133 PC (DYNAMIC)
000040 04/22/96 237.14 DH200 P 05 00 0.00 237.14 10/96 47.43
APC BACKUPS PRO 280 PNP (DYNAMIC)
000041 04/22/96 237.14 DH200 P 05 00 0.00 237.14 10/96 47.43
APC BACKUPS PRO 280 PNP (DYNAMIC)
000042 04/22/96 237.14 DH200 P 05 00 0,00 237.14 10/96 47.43
APC BACKUPS PRO 280 PNP (DYNAMIC)
000043 04/22/96 237.14 DH200 P 05 00 0.00. 237.14 10/96 47.43
APC BACKUPS PRO 280 PNP (DYNAMIC)
000044 04/22/96 237.14 DH200 P 05 00 0.00 237.14 10/96 47.43
APC BACKUPS PRO 280 PNP (DYNAMIC)
000045 05/29/96 265.00 DH200 P 05 00 0.00 265.00 10/96 53.00
HP DESKJET 6OOC (DYNAMIC)
000046 05/29/96 265.00 DH200 P 05 00 0.00 265.00 10/96 53.00
HP DESKJET 6OOC (DYNAMIC)
000047 05/29/96 535.30 DH200 P 05 00 0.00 535.30 10/96 107.06
OKIDATA 590 DOT MATRIX (DYNAMIC)
000048 05/02/96 1000.00 DH200 P 05 00 0.00 1000.00 10/96 200.00
AST 910N NOTEBOOK PC W/MODEM (LIEBOLD)
000049 05/17/96 1845.99 DH200 P 05 00 0.00 1845.99 10/96 369.20
SAGER P-75 TFT W'CD ROM 28.8 CELLULAR CAP (DYNAMIC)
000050 05/21/96 7269.16 DH200 P 05 00 0.00 7269.16 10/96 1453.83
PENTIUM 100PC,MODEM,MONITOR,CD ROM,64 VIDEO (DRAFTECH)
Count= 40 -------- ---- -------- --------
Class: CE
75261.54 0.00 75261.54 21375.73
Less disposals 0.00 0.00 0.00 0.00
-------- ---- -------- --------
Net 75261.54 0.00 75261.54 21375.73
10-24.97 NETWORK SYSTEM 2946.78 MACRS 5
10-23-97 PENTIUM II Z66MHZ SYSTEM 1,961.00 MACRS 5
10-23-97 HP 6L LASER PRINTER 477.00 MACRS 5
10-17-97 15" SOCOS MONITOR 341.80 MACRS 5
----------
TOTALS 10-31-97 $80,988.12
==========
11-11-97 SERVER UPGRADE 1,276.52 MACRS 5
===================================================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000037 621.12 621.12 1009.32
000038 530.56 530.56 862.16
000039 530.56 530.56 862.16
000040 75.88 75.88 123.31
000041 75.88 75.88 123.31
000042 75.88 75.88 123.31
000043 75.88 75.88 123.31
000044 75.88 75.88 123.31
000045 84.80 84.80 137.80
000046 84.80 84.80 137.80
000047 171.30 171.30 278.36
000048 320.00 320.00 520.00
000049 590.72 590.72 959.92
000050 2326.13 2326.13 3779.96
Count= 40 -------- -------- --------
Class:
21554.32 21554.32 42930.05
Less disposals 0.00
-------- -------- --------
Net 21554.32 21554.32 42930.05
10-24.97 NETWORK SYSTEM 589.36 589.36
10-23-97 PENTIUM II Z66MHZ SYSTEM 392.20 392.20
10-23-97 HP 6L LASER PRINTER 95.40 95.40
10-17-97 15" SOCOS MONITOR 68.36 68.36
--------- ---------
TOTALS 10-31-97 22,699.64 44,075.37
--------- ---------
January 29, 1997
5:19 pm Page 4
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
MANUFACTURING EQUIPMENT
10/96
===================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000097 06/30/95 604.46 DH200 P 05 00 0.00 604.46 10/96 259.92
FLOOR MODEL DRILL PRESS (ENCO)
000098 09/18/95 18900.00 DH200 P 05 00 0.00 18900.00 10/96 8127.00
CAT FORK LIFT TC1OOD (CARLTON)
000099 09/18/95 9135.00 DH200 P 05 00 0.00 9135.00 10/96 3928.05
CAT FORK LIFT TC6OD (CARLTON)
000100 09/28/95 3250.00 DH200 P 05 00 0.00 3250.00 10/96 1397.50
CAT FORK LIFT T40B (STONES)
000101 06/22/95 9406.40 DH200 P 05 00 0.00 9406.40 10/96 4044.75
WELDING MACMINES-4 (CV-300 U1950407716) HOLOX
000102 10/30/95 37935.40 DH200 P 05 00 0.00 37935.40 10/96 15174.16
WELDING MACHINES- 10 CV-600 (HOLOX)
000103 07/06/95 1295.79 DH200 P 05 00 0.00 1295.79 10/96 557.19
AIR GRINDER (SIP)
000104 08/04/95 1536.59 DH200 P 05 00 0.00 1536.59 10/96 660.73
DEFIANCE MACHINE
000105 09/29/95 425.00 DH200 P 05 00 0.00 425.30 10/96 182.75
AIR GUN (CSI)
000106 10/12/95 607.82 DH200 P 05 00 0.00 607.82 10/96 261.36
AIR GUN SYSTEM (CSI)
000107 10/26/95 1350.00 DH200 P 05 00 0.00 1350.00 10/96 580.50
MAGNETIC DRILL (GA FASTEN)
000108 10/25/95 698.06 DH200 P 05 00 0.00 698.06 10/96 300.16
CYLINDER/PUMP (SIP)
000109 10/01/95 5455.38 DH200 P 05 00 0.00 5455.38 10/96 2345.81
JIG TABLES-6
000110 10/05/95 4075.00 DH200 P 05 00 0.00 4075.00 10/96 1630.00
DRILL PRESS XD59 (BIBB)
000111 06/22/95 4410.00 DH200 P 05 00 0.00 4410.00 10/96 1896.30
BAND SAW M20411 (HOLOX)
000112 08/02/95 529.98 DH200 P 05 00 0.00 529.98 10/96 227.89
DRILL PRESS (ENCO)
000113 11/03/95 1577.06 DH200 P 05 00 0.00 1577.06 10/96 315.41
AC/DC HYPOT JR TESTER
000114 11/21/95 2060.59 DH200 P 05 00 0.00 2060.59 10/96 412.12
TRACK TORCH MACHINE 0200-0220 (HOLOX)
000115 11/30/95 9609.60 DH200 P 05 00 0.00 9609.60 10/96 1921.92
FACTORY CAT SWEEPER RBI-1013(MARK POPE)
000116 12/05/95 4882.50 DH200 P 05 00 0.00 4882.50 10/96 976.50
POWER UNIT 2 RAM TESTER AFP ATL 00499 (ORTON
000117 01/23/96 1167.42 DH200 P 05 00 0.00 1167.42 10/96 233.48
HEAVY DUTY C-2 VISES-2 (SIP)
000118 01/25/96 1078.46 DH200 P 05 00 0.00 1078.46 10/96 215.69
HEAVY DUTY C-2 VISES-2 (SIP)
000119 01/31/96 1800.00 DH200 P 05 00 0.00 1800.00 10/96 360.00
LINCOLN WELDER DC-250 (M DYAL)
000120 01/15/96 3150.35 DH200 P 05 00 0.00 3150.35 10/96 630.07
TIG WELDER (HOLOX)
000121 01/22/96 8714.54 DH200 P 05 00 0.00 8714.54 10/96 1742.91
LAYOUT TABLE (CHATHAM)
000122 02/09/96 8951.25 DH200 P 05 00 0.00 8951.25 10/96 1790.25
1600 SPRSY CHEMICAL NEUTRALIZER 55493 (FREEMONT)
DEPR EXPENSE
96/97 10 31 97
=========================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000097 137.82 137.82 397.74
000098 4309.20 4309.20 12436.20
000099 2082.78 2082.78 6010.83
000100 741.00 741.00 2138.50
000101 2144.66 2144.66 6189.41
000102 9104.50 9104.50 24278.66
000103 295.44 295.44 852.63
000104 350.34 350.34 1011.07
000105 96.90 96.90 279.65
000106 138.58 138.58 399.94
000107 307.80 307.80 888.30
000108 159.16 159.16 459.32
000109 1243.83 1243.83 3589.64
000110 978.00 978.00 2608.00
000111 1005.48 1005.48 2901.78
000112 120.84 120.84 148.73
000113 504.66 504.66 820.97
000114 659.39 659.39 1871.51
000115 3075.07 3075.07 4996.99
000116 1562.40 1562.40 2538.98
000117 373.58 373.58 607.06
000118 345.11 345.11 560.80
000119 576.00 576.00 936.00
000120 1008.11 1008.11 1638.18
000121 2788.65 2788.65 4531.56
000122 2864.40 2864.40 4654.65
January 29, 1997
5:19 pm Page 5
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
==================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000123 02/29/96 933.77 DH200 P 05 00 0.00 933.77 10/96 186.75
BATTERY POWERED 2000# LIFT MAGNAT (McCARR)
000124 02/29/96 340.80 DH200 P 05 00 0.00 340.80 10/96 68.16
FLYER PUSH TROLLEY 2000#-3 (McCARR)
000125 02/29/96 2541.40 DH200 P 05 00 0.00 2541.40 10/96 508.28
VALUSTAR CHAIN HOIST 2000#-2 (McCARR)
000126 02/29/96 945.85 DH200 P 05 00 0.00 945.85 10/96 189.17
VALUSTAR CHAIN HOIST 500# (McCARR)
000127 02/29/96 2230.09 DH200 P 05 00 0.00 2230.09 10/96 446.02
IDEALARC CV-300 WELDER (HOLOX)
000128 02/29/96 4202.55 DH200 P 05 00 0.00 4202.55 10/96 840.51
KALAMAZOO BAND SAW K20462 (HOLOX)
000129 03/19/96 11859.42 DH200 P 05 00 0.00 11859.42 10/96 2371.88
IDEALARC WELDERS DC-600 -3 (HOLOX)
000130 04/23/96 842.70 DH200 P 05 00 0.00 842.70 10/96 168.54
ELECTRICAL PARTS BIN (DBS)
000131 04/05/96 6323.70 DH200 P 05 00 0.00 6323.70 10/96 1264.74
INSTALL OF 3 WELDING MACHINES (DBS)
000132 02/29/96 779.84 DH200 P 05 00 0.00 779.84 10/96 155.97
NO DESCRIPTION (ASK JOE EUBANKS (ACE ELECTRIC
000133 06/28/96 1400.00 DH200 P 05 00 0.00 1400.00 10/96 280.00
USED TR45O STUDWELDER (BAY AREA CONTRACTORS)
000134 06/10/96 1344.42 DH200 P 05 00 0.00 1344.42 10/96 268.68
LIN LN25 W/INTERNAL CONTACTOR (HOLOX)
000135 07/03/96 1042.26 DH200 P 05 00 0.00 1042.26 10/96 208.45
24' INDUSTRIAL HEAD FANS-6 (DIXIE IND)
000136 08/30/96 400.00 DH205 P 05 00 0.00 400.00 10/96 80.00
LIFT GATE FIXTURE (DBS)
000137 08/30/96 4000.00 DH200 P 05 00 0.00 4000.00 10/96 800.00
PRESS HEAD FISTURES-2 (DBS)
000138 08/30/96 4000.00 DH200 P 05 00 0.00 4000.00 10/96 800.00
MAIN DOOR FIXTURES-2 (DBS
000139 08/30/96 1500.00 DH200 P 05 00 0.00 1500.00 10/96 300.00
WAER GUIDE FIXTURE (DBS)
000140 08/30/96 2000.00 DH200 P 05 00 0.00 2000.00 10/96 400.00
WELDOUT TSBLE (DBS)
000141 08/30/96 500.00 DH200 P 05 00 0.00 500.00 10/96 100.00
BALE DOG FIXTURE (DBS)
000142 05/16/96 1420.13 DH200 P 05 00 0.00 1420.13 10/96 284.93
HPE #541 CRIMP TSBLE (ORTON)
000143 08/30/96 332.50 DH200 P 05 00 0.00 332.50 10/96 66.50
LABOR FOR EXHAUST PIPE (JM MILES)
000144 09/30/96 3710.00 DH200 P 05 00 0.00 3710.00 10/96 742.00
RIGID 535 PIPE THREADER W/DYES (R&S)
000145 06/30/96 285.00 DH200 P 05 00 0.00 285.00 10/96 57.00
BLUE STORAGE CAGE
000146 06/30/96 352.00 DH200 P 05 00 0.00 352.00 10/96 70.40
TURNBUCKLE RACK
000147 06/30/96 1616.00 DH200 P 05 00 0.00 1616.00 10/96 323.20
BALE DOOR RACK
000148 06/30/96 418.40 DH200 P 05 00 0.00 418.40 10/96 83.68
PARTS STORAGE RACK
==========================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000123 298.81 298.81 485.56
000124 109.06 109.06 177.22
000125 813.25 813.25 1321.53
000126 302.67 302.67 491.84
000127 713.63 713.63 1159.65
000128 1344.82 1344.82 2185.33
000129 3795.02 3795.02 6166.90
000130 269.66 269.66 438.20
000131 2023.58 2023.58 3288.32
000132 249.55 249.55 405.52
000133 448.00 448.00 728.00
000134 430.22 430.22 699.10
000135 333.52 333.52 541.97
000136 128.00 128.00 208.00
000137 1280.00 1280.00 2080.00
000138 1280.00 1280.00 2080.00
000139 480.00 480.00 780.00
000140 640.00 640.00 1040.00
000141 160.00 160.00 260.00
000142 454.44 454.44 738.47
000143 106.40 106.40 172.90
000144 1187.20 1187.20 1929.20
000145 91.20 91.20 148.20
000146 112.64 112.64 183.04
000147 517.12 517.12 840.32
000148 133.89 133.89 217.57
January 29, 1997
5:19 pm Page 6
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
=================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000149 06/30/96 168.00 DH200 P 05 00 0.00 168.00 10/96 33.60
SAFETY GATE RACK
000150 06/30/96 2112.00 DH200 P 05 00 0.00 2112.00 10/96 422.40
SAW HORSES-24
000151 06/30/96 305.60 DH200 P 05 00 0.00 305.60 10/96 61.12
BALER FLOOR STORAGE RACK
000152 06/30/96 131.20 DH200 P 05 00 0.00 131.20 10/96 26.24
ANGLE RACK
000153 06/30/96 1740.00 DH200 P 05 00 0.00 1740.00 10/96 348.00
DRAWING STANDS-6
000154 06/30/96 273.60 DH200 P 05 00 0.00 273.60 10/96 54.72
ROUND BAR RACK
000155 06/30/96 385.60 DH200 P 05 00 0.00 385.60 10/96 77.12
FORKLIFT HOIST
000156 06/30/96 101.00 DH200 P 05 00 0.00 101.00 10/96 20.20
PARTS STORAGE RACK
000157 06/30/96 1382.40 DH200 P 05 00 0.00 1382.40 10/96 276.48
WELDER STANDS-18
000158 06/30/96 1220.80 DH200 P 05 00 0.00 1220.80 10/96 244.16
FORKLIFT WORK PLATFORM- TALL
000159 06/30/96 340.00 DH200 P 05 00 0.00 340.00 10/96 68.00
FORKLIFT WORK PLATFORM
000160 06/30/96 7500.00 DH200 P 05 00 0.00 7500.00 10/96 1500.00
BALER CART
000161 06/30/96 277.20 DH200 P 05 00 0.00 277.20 10/96 55.44
WASH SINK
000162 06/30/96 459.20 DM200 P 05 00 0.00 459.20 10/96 91.84
DOG ASSEMBLY RACK
000163 06/30/96 235.20 DH200 P 05 00 0.00 235.20 10/96 47.04
3x3 WORK TABLE
000164 06/30/96 1804.80 DH200 P 05 00 0.00 1804.80 10/96 360.96
4x8 WORK TABLES-8
000165 06/30/96 2520.00 DH200 P 05 00 0.00 2520.00 10/96 504.00
STEEL STORAGE RACK
000166 06/30/96 780.00 DH200 P 05 00 0.00 780.90 10/96 156.00
CUTTING TABLE
000167 06/30/96 5952.00 DH200 P 05 00 0.00 5952.00 10/96 1190.40
CYLINDER RACK-2
000168 06/30/96 1008.00 DH200 P 05 00 0.00 1008.00 10/96 201.60
PIPE RACK
000169 06/30/96 540.80 DH200 P 05 00 0.00 540.80 10/96 108.16
SLING RACK
000170 06/30/96 1307.00 DH200 P 05 00 0.00 1307.00 10/96 261.40
OIL TRANSFER TANK
000171 06/30/96 180.00 DH200 P 05 00 0.00 180.00 10/96 36.00
SANDER STAND
000172 06/30/96 911.00 DH200 P 05 00 0.00 911.00 10/96 182.20
HYDRAULIC FITTING RACK
000173 06/30/96 1594.00 DH200 P 05 00 0.00 1594.00 10/96 318.80
PIPR FITTING RACK 10'
000174 06/30/96 762.00 DH200 P 05 00 0.00 762.00 10/96 152.40
PIPE FITTING RACK 8'
===============================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000149 53.76 53.76 87.36
000150 675.84 675.84 1098.24
000151 97.79 97.79 158.91
000152 41.98 41.98 68.22
000153 556.80 556.80 904.80
000154 87.55 87.55 142.27
000155 123.39 123.39 200.51
000156 32.32 32.32 52.52
000157 442.37 442.37 718.85
000158 390.66 390.66 634.82
000159 108.80 108.80 176.80
000160 2400.00 2400.00 3900.00
000161 88.70 81.70 144.14
000162 146.94 146.94 238.78
000163 75.26 75.26 122.30
000164 577.54 577.54 938.50
000165 806.40 806.40 1310.40
000166 249.60 249.60 405.60
000167 1904.64 1904.64 3095.04
000168 322.56 322.56 524.16
000169 173.06 173.06 281.22
000170 418.24 418.24 679.64
000171 57.60 57.60 93.60
000172 291.52 291.52 473.72
000173 510.08 510.08 828.88
000174 243.84 243.84 396.24
January 29, 1997
5:19 pm Page 7
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
===================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
Count= 78 --------- ----------- --------- ---------
Class: ME
231918.88 0.00 231918.88 68034.86
Less disposals 0.00 0.00 0.00 0.00
--------- ---- --------- ---------
Net 231918.88 0.00 231918.88 68034.86
11-8-96 6HP BLACK MAX 450.00 MACRS 7 64.31
12-20-96 ZEP - DYNA BRUTE CLEANER 1,036.61 MACRS 7 147.99
10-23-97 BISON - CONVEYOR 6,874.50 MACRS 7 982.37
8-20-96 BEARING SWIVEL 3,691.64 MACRS 7 527.54
7-31-97 ZSHP COMPRESSOR 6,611.51 MACRS 7 944.78
7-31-97 KOHLER WELDER 2,597.00 MACRS 7 371.11
9-28-97 HORIZ FRAMING TABLE 3,951.70 MACRS 7 564.70
----------- ---------
$257,130.84 69,156.42
=========== =========
11-3-97 PLATE DOG 808.70 MACRS 7
12-12-97 3 TON CHAIN HOIST 511.47 MACRS 7
01-31-98 4 SHOP HEATERS 1,606.96 MACRS 7
1-8-98 WELDER & ACCESSORIES CV-300 3,317.24 MACRS 7
2-17-98 ARGON MIXER 2,120.00 MACRS 7
7-21-98 TORCH & ACCESSORIES 3,652.37 MACRS 7
-----------
TOTALS 10-31-98 $269,147.58
===========
================================================================================================================
In Svc Depreciation Current Year Curr Accum
SYS No Date This Run to Date Depreciation
- ------ ------ ------------ ------------ ------------
Count= 78 -------- -------- ---------
Class:
65553.62 65553.62 133588.48
Less disposals 0.00
-------- -------- ---------
Net 65553.62 65553.62 133588.48
11-8-96 6HP BLACK MAX 64.31 64.31
12-20-96 ZEP - DYNA BRUTT CLEANER 147.99 147.99
10-23-97 BISON - CONVEYOR 982.37 982.37
8-20-96 BEARING SWIVEL 527.54 527.54
7-31-97 ZSHP COMPRESSOR 944.78 944.78
7-31-97 KOHLEE WELDER 371.11 371.11
9-28-97 HORIZ FRAMING TABLE 564.70 564.70
--------- ----------
69,156.42 137,191.28
========= ==========
11-3-97 PLATE DOG
12-12-97 3 TON CHAIN HOIST
01-31-97 4 SHOP HEATERS
1-8-97 WELDER & ACCESSORIES CV-300
2-17-98 ARGON MIXER
7-21-98 TORCH & ACCESSORIES
TOTALS 10-31-98
A/D 10-31-98 $184,415.05 $47,223.77
==========
January 29, 1997
5:19 pm Page 8
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
OFFICE EQUIPMENT
THRU 10/96
=================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000053 06/10/95 814.48 DH200 P 05 00 0.00 814.48 10/96 358.41
CHAIRS & TABLES (SAM'S)
000054 07/31/95 529.98 DH200 P 05 00 0.00 529.98 10/96 227.89
FAX MACHINE (SAM'S)
000055 07/31/95 313.23 DH200 P 05 00 0.00 313.23 10/96 134.69
DESK CHAIRS-2 (SAM'S)
000056 07/31/95 1119.26 DH200 P 05 00 0.00 1119.26 10/96 481.28
DESKS-3 (OFFICE DEPOT)
000057 07/31/95 59.71 DH200 P 05 00 0.00 59.71 10/96 25.68
ANSWERING MACHINE (WALMART)
000058 10/31/95 409.50 DH200 P 05 00 0.00 409.50 10/96 167.90
TIME CLOCK SN#352130507 (SE BUS MACHINES)
000059 12/05/95 947.79 DH200 P 05 00 0.00 947.79 10/96 189.56
TV & VCR (CIRCUIT CITY)
000060 11/13/95 529.00 DH200 P 05 00 0.00 529.00 10/96 105.80
BROOKWOOD LOVESEAT (JESUP FURNITURE)
000061 13/13/95 419.00 DH200 P 05 00 0.00 419.00 10/96 83.80
FAIRFIELD SETTER (JESUP FURNITURE)
000062 11/13/95 438.00 DH200 P 05 00 0.00 438.00 10/96 87.60
FAIRFIELD CHAIRS-2 (JESUP FURNITURE)
000063 11/13/95 204.75 DH200 P 05 00 0.00 204.75 10/96 40.95
DENNY LAMP (JESUP FURNITURE)
000064 11/13/95 149.00 DH200 P 05 00 0.00 149.00 10/96 29.80
UNIVERSAL END TABLE (JESUP FURNITURE)
000065 11/13/95 174.40 DH200 P 05 00 0.00 174.40 10/96 34.88
BUTLERS TABLE (JESUP FURNITURE)
000066 12/30/95 3237.57 DH200 P 05 00 0.00 3237.57 10/96 647.51
INVENTORY SHELVES (WW GRAINGER)
000067 01/17/96 777.00 DH200 P 05 00 0.00 777.00 10/96 155.40
L SHAPED DESKS-3 (JOHNSON OFFICE)
000068 01/17/96 894.00 DH200 P 05 00 0.00 894.00 10/96 176.80
PNEUMATIC CHAIRS-6 (JOHNSON OFFICE)
000069 01/17/96 1393.00 DH200 P 05 00 0.00 1393.00 10/96 278.60
LATERAL FILES-7 (JOHNSON OFFICE)
000070 01/17/96 150.00 DH200 P 05 00 00.0 150.00 10/96 30.00
30x60 STEEL DESK (JOHNSON OFFICE)
000071 01/17/96 346.50 DH200 P 05 00 0.00 346.50 10/96 69.30
CHAIR MATS-9 (JOHNSON OFFICE)
000072 01/17/96 900.00 DH200 P 05 00 0.00 900.00 10/96 180.00
DESKS-4 (JOHNSON OFFICE)
000073 01/17/96 596.00 DH200 P 05 00 0.00 596.00 10/96 119.20
CREDENZAS-4 (JOHNSON OFFICE)
000074 01/17/96 596.00 DH200 P 05 00 0.00 596.00 10/96 119.20
BOOK CASES-4 (JOHNSON OFFICE)
000075 01/17/96 149.00 DH200 P 05 00 0.00 149.00 10/96 29.80
BOOK CASE (JOHNSON OFFICE)
000076 01/17/96 916.00 DH200 P 05 00 00.0 916.00 10/96 183.20
GUEST CHAIRS-4 (JOHNSON OFFICE)
000077 01/17/96 952.00 DH200 P 05 00 00.0 952.00 10/96 190.40
807 GUEST CHAIRS-8 (JOHNSON OFFICE)
000078 01/17/96 600.00 DH200 P 05 00 0.00 600.00 10/96 120.00
EXECUTIVE CHAIRS-2 (JOHNSON OFFICE)
DEPR EXPENSE A/D
96/97 10.31.97
==========================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000053 182.43 182.43 540.84
000054 120.64 120.84 348.73
000055 71.42 71.42 206.11
000056 255.29 255.19 736.47
000057 13.61 13.61 39.29
000058 96.64 96.64 264.54
000059 303.29 303.29 492.85
000060 169.28 169.28 275.08
000061 134.08 134.08 217.66
000062 140.16 140.16 227.76
000063 65.52 65.52 106.47
000064 47.68 47.68 77.48
000065 55.81 55.81 90.69
000066 1036.02 1036.02 1683.53
000067 248.64 248.64 404.04
000068 286.08 286.08 464.88
000069 445.76 445.76 724.36
000070 48.00 48.00 78.00
000071 110.88 110.88 180.18
000072 288.00 288.00 468.00
000073 190.72 190.72 309.92
000074 190.72 190.72 309.92
000075 47.68 47.68 77.48
000076 293.12 293.12 476.32
000077 304.64 304.64 495.04
000078 192.00 192.00 312.00
January 29, 1997
5:19 pm Page 9
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
10/96
=================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000079 01/17/96 467.00 DH200 P 05 00 0.00 467.00 10/96 93.40
ROUND CONFERENCE TABLE (JOHNSON OFFICE)
000080 01/17/96 556.00 DH200 P 05 00 0.00 556.00 10/96 111.20
SIDE CHAIRS-4 (JOHNSON OFFICE)
000081 01/17/96 1296.00 DH200 P 05 00 0.00 1296.00 10/96 259.20
EXEC L SHAPED DESK (JOHNSON OFFICE)
000082 01/17/96 1112.00 DB200 P 05 00 0.00 1112.00 10/96 222.40
BOOK CASES-2 (JOHNSON OFFICE)
000083 01/17/96 479.00 DH200 P 05 00 0.00 479.00 10/96 95.80
LATERAL FILE (JOHNSON OFFICE)
000084 01/17/96 832.00 DH200 P 05 00 0.00 832.00 10/96 166.40
36x72 DESK (JOHNSON OFFICE)
000085 01/17/96 794.00 DH200 P 05 00 0.00 794.00 10/96 158.80
KEYBRD CREDENZA (JOHNSON OFFICE)
000086 01/17/96 396.00 DH200 P 05 00 0.00 396.00 10/96 79.20
END TABLES-2 (JOHNSON OFFICE)
000087 01/17/96 645.00 DH200 P 05 00 0.00 645.00 10/96 129.00
96' CONFERENCE TABLE (JOHNSON OFFICE)
000088 01/17/96 645.00 DH200 P 05 00 0.00 645.00 10/96 129.00
96' CONFERENCE TABLE (JOHNSON OFFICE)
000089 01/37/96 4895.83 DH200 P 05 00 0.00 4895.83 10/96 979.17
CONFERENCE ROOM CHAIRS-14 (JOHNSON OFFICE)
000090 01/17/96 729.28 DH200 P 05 00 0.00 729.28 10/96 145.86
FLOOR BUFFER (JEM CLEANER)
000091 01/17/96 450.50 DH200 P 05 00 0.00 450.00 10/96 90.10
AP1O5 TYPEWRITER (SE BUS MACHINES)
000092 03/29/96 2104.10 DH200 P 05 00 0.00 2104.10 10/96 420.82
RICO FAX MACHINE-F24 1460100681 (ACME)
000093 04/30/96 1081.73 DH200 P 05 00 0.00 1081.73 10/96 216.35
FILING CABINET W/BASE (JOHNSON OFFICE)
000094 09/11/96 401.68 DH200 P 05 00 0.00 401.88 10/96 80.38
OFFICE CHAIRS-2 (VIKING OFFICE PROD)
000095 08/14/96 311.64 DH200 P 05 00 0.00 311.64 10/96 62.33
30' FRIDG RANGE (SCHUMAN'S ELECTRIC)
000096 10/21/96 1049.74 DH200 P 05 00 0.00 1049.74 10/96 209.95
DRAWER FILING CABINET
Count= 44 -------- ---- -------- -------
Class: OE
35861.87 0.00 35861.87 7919.01
Less disposals 0.00 0.00 0.00 0.00
-------- ---- -------- -------
Net 35861.87 0.00 35861.87 7919.01
A/D
10/96 96/97 DEPR 10.31.97
=================================================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ----------------------------------- ------------ ------------ ------------
000079 149.44 149.44 242.84
000080 177.92 177.92 289.12
000081 414.72 414.72 673.92
000082 355.84 355.84 578.24
000083 153.28 153.28 249.08
000084 266.24 266.24 432.64
000085 254.08 254.08 412.68
000086 126.72 126.72 205.92
000087 206.4O 206.40 335.40
000088 206.40 206.40 335.40
000089 1566.66 1566.66 2545.83
030090 233.37 233.37 379.23
000091 144.16 144.16 234.26
000092 673.31 673.31 1094.13
000093 346.15 346.15 562.50
000094 128.60 128.60 108.96
000095 99.72 99.72 162.05
000096 335.92 335.92 545.87
Count= 44 -------- -------- --------
Class:
11177.14 11177.14 19096.15
Less disposals 0.00
-------- -------- --------
Net 11177.14 11177.14 19096.15
7-31-97 SOFA TABLE & BSKET 52.76 52.76
7-30-97 RUG, TREE & BASKET 59.33 59.33
---------- ---------
TOTALS $11,289.23 19,208.24
========== =========
January 29, 1997
5:19 pm Page 10
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
PHONE SYSTEM
10/96
==================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000175 06/13/95 2550.00 DH200 P 05 00 0.00 2550.00 10/96 1096.50
COMDIAL UNISYN SYSTEM
000176 12/31/95 28448.40 DH200 P 05 00 0.00 28448.40 10/96 5689.68
COMDIAL IMPACT SYSTEM
Count= 2 -------- ---- -------- -------
Class: T
30998.40 0.00 30998.40 6786.18
Less disposals 0.00 0.00 0.00 0.00
-------- ---- -------- -------
Net 30998.40 0.00 30998.40 6786.18
96/97 10-31-97
=========================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000175 581.40 581.40 1677.90
000176 9103.49 9103.49 14793.17
Count= 2 ------- ------- --------
Class:
9684.89 9684.89 16471.07
Less disposals 0.00
------- ------- --------
Net 9684.89 9684.89 16471.07
A/D 10-31-98 $22.2
=====
January 29, 1997
5:19 pm Page 11
IPS
DEPRECIATION EXPENSE REPORT
for DBH Books FY = 10
as of 10/97
VEHICLES
10/96
====================================================================================================
In Svc Acquired Dep P Est Salvage/ Depreciable Thru Prior Accum
SYS No Date Value Meth T Life Sect 179 Basis Date Depreciation
- ------ ------ ------- ---- - ---- -------- ----------- ---- ------------
000177 08/07/95 25232.92 DH200 A 05 00 0.00 25232.92 10/96 10850.16
1994 DODGE RAM 1 TON (WESTSIDE DODGE/JAX)
Count= 1 ---------- ---- ---------- ---------
Class: V
25232.92 0.00 25232.92 10850.16
Less disposals 0.00 0.00 0.00 0.00
---------- ---- ---------- ---------
Net 25232.92 0.00 25232.92 10850.16
Count= 172 ---------- ---- ---------- ---------
Grand Total
1758463.33 0.00 1758463.33 160460.40
Less disposals 0.00 0.00 0.00 0.00
---------- ---- ---------- ---------
Net 1758463.33 0.00 1758463.33 160460.40
========== ==== ========== =========
96/97 10-31-97
=======================================================================
Depreciation Current Year Curr Accum
SYS No This Run to Date Depreciation
- ------ ------------ ------------ ------------
000177 5753.10 5753.10 16603.26
Count= 1 --------- --------- ---------
Class:
5753.10 5753.10 16603.26
Less disposals 0.00
--------- --------- ---------
Net 5753.10 5753.10 16603.26
Count= 172 --------- --------- ---------
Grand Total
158314.90 158314.90 318775.30
Less disposals 0.00
--------- --------- ---------
Net 158314.90 158314.90 318775.30
========= ========= =========
A/D 10-31-98 $20,055.12
==========
EXHIBIT B
(a) EIP Note made by IPSC in favor of Appling County, Georgia in the
original principal amount of $250,000.00, secured by machinery and equipment,
with a current balance of approximately $140,000.
(b) Guaranty of Note dated april 5, 1996 made by the Development Authority
of Appling County in favor of SouthTrust Bank of Florida, NA, in the original
principal amount of $720,000, with a current balance of approximately
$669,193.38.
(c) Lessee's obligations under the Lease with Option to Purchase entered
into between the Development Authority of Apling County as Lessor and IPSC as
Lessee dated April 1, 1996.
(d) Guaranty of Note made by AmeriSouth Recycling of Alabama Inc. in favor
of SunTrust Bank, Southeast Georgia NA, in the original principal amount of
$215,000, with a current balance of approximately $203,750.
(e) Accounts payable of IPSC listed on Exhibit F attached to the Asset
Purchase Agreement entered into between IPSC as Seller and IPSB as Buyer dated
as of December 10, 1999, except the $4250.00 payable to Collins Company for
repair of lightning damage to the telephone system.
(f) Customer deposits listed on Exhibit G to the said Asset Purchase
Agreement.