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A.
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ARIO will
transfer 140,000 restricted shares of its Series F Preferred Stock to
GoJoe on or before March 20, 2009 (the “Closing Date@)
and ARIO will deliver the ARIO shares with all the necessary
paperwork to establish ownership in GoJoe of the ARIO shares;
and
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B.
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GOJOE
will transfer title to the Property or its ownership interest in Property,
to equal to and not less than 100% of all ownership interest, in Property
to ARIO or its designee on or before the Closing Date and GOJOE will
deliver the Property ownership rights with all the necessary paperwork to
establish ownership in ARIO of 100% of Property, GOJOE shall be entitled
to retain a lien against the Property in the sum of $300,000 until
liquidation of the securities received by GOJOE have generated proceeds in
that amount.
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C.
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The
Property to be transferred by GOJOE is described as
follows: all software and software copyrights of Atto
Solutions, LLC, all equipment, inventory, fixtures, furnishings, personal
property, intangible property, computers, software, and documents and as
made subject to the court orders in Case No.. 080403306 from the Fourth
Judicial District Court in and for Utah County, State of Utah, entitled,
GoJoe Incorporated v. Atto Solutions, LLC and Kevin Cannon. The
Property includes but is not limited to the items specified in Exhibit “A”
Equipment List made a part hereof.
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(1)
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If
ARIO shall fail to comply in any material respect with any of its
covenants or agreements contained in this Agreement or if any of the
representations or warranties of ARIO contained herein shall be inaccurate
in any material respect;
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(2)
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If
ARIO files for bankruptcy protection prior to the satisfaction of Property
debts currently secured by the Property and/or GOJOE are unable to realize
$300,000 from the sale of the ARIO Series F Preferred restricted shares
provided for by this agreement GOJOE may rescind this exchange and will
repay to ARIO all investment made by ARIO to or for the benefit of the
Property.
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A.
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Authority. GOJOE
has the full power and authority to enter into this Agreement and to carry
out the transactions contemplated by this
Agreement.
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B.
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No Conflict With Other
Instruments. The execution of this Agreement will not
violate or breach any document, instrument, agreement, contract, or
commitment material to the ownership of Property or to which GOJOE is
individually or jointly a party and has been duly authorized by all
appropriate and necessary action.
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C.
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Deliverance of
Property. As of the Closing Date, the property or
ownership interest to be delivered to ARIO, or its designee valid and
legal ownership interest in and of the
Property.
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D.
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No Conflict with Other
Instrument. The execution of this agreement will not
violate or breach any document, instrument, agreement, contract, or
commitment material to the Property or
GOJOE.
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E.
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Assets and Liabilities
related to the Property. As of the date of closing, the
Property shall have no liens, ownership disputes or attached liabilities
and a current valuation of not less than
$500,000.
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F.
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Complete Lien
Disclosure. Prior to the closing GOJOE shall fully and
completely disclose and provide all relevant documents related to any lien
or obligation secured by the Property made the subject of this agreement
to ARIO and shall respond to and provide information to reply to any
inquiry regarding any such obligations by
ARIO.
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G.
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Good
Title. GOJOE warrants and represents that it will be
transferring good and clear title to the Property and that there are no
known defects or clouds on title and hereby agrees to indemnify and hold
ARIO harmless from any such lack of clean title or and damages resulting
from any defects or clouds on title that exist as of the date of closing,
unless or except as clearly disclosed in writing to ARIO prior to the
closing and which ARIO agrees to excuse from this
provision.
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A.
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Corporate
Authority. ARIO has the full corporate power and
authority to enter this Agreement and to carry out the transactions
contemplated by this Agreement. The Board of Directors of ARIO
has duly authorized the execution, delivery, and performance of this
Agreement.
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B.
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No Conflict With Other
Instruments. The execution of this Agreement will not
violate or breach any document, instrument, agreement, contract, or
commitment material to the business of ARIO to which ARIO is a party and
has been duly authorized by all appropriate and necessary
action.
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C.
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No Conflict with Other
Instrument. The execution of this agreement will not
violate or breach any document, instrument, agreement, contract, or
commitment material to ARIO.
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A.
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The
representations and warranties by or on behalf of GOJOE contained in this
Agreement or in any certificate or documents delivered to ARIO pursuant to
the provisions hereof shall be true in all material respects as of the
time of Closing as though such representations and warranties were made at
and as of such time.
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B.
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GOJOE
shall have performed and complied with all covenants, agreements and
conditions required by this Agreement to be performed or complied with by
them prior to or at the Closing.
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C.
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All instruments and documents delivered to ARIO pursuant to the provisions hereof shall be reasonably satisfactory to ARIO's legal counsel. |
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D.
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GOJOE shall have provided reasonable assurances that as of or prior to the date of closing that the PROPERTY shall have a current valuation of not less than $500,000. |
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A.
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The
representations and warranties by or on behalf of ARIO contained in this
Agreement or in any certificate or documents delivered to GOJOE pursuant
to the provisions hereof shall be true in all material respects as of the
time of Closing as though such representations and warranties were made at
and as of such time.
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B.
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ARIO
shall have performed and complied with all covenants, agreements and
conditions required by this Agreement to be performed or complied with by
it prior to or at the Closing.
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C.
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All
instruments and documents delivered to GOJOE pursuant to the provisions
hereof shall be reasonably satisfactory to GOJOE’s legal
counsel.
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To
GOJOE:
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To
ARIO:
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Joe
Strom
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AmeriResource
Technologies, Inc.
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383
North State Street, Suite 103
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3440
E. Russell Road, Suite 217
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Orem,
Utah 84057
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Las
Vegas, Nevada 89120
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GoJoe,
Incorporated
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AmeriResource
Technologies, Inc.,
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A
Utah corporation
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A
Delaware corporation
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By: /s/ Joe
Strom
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By:
/s/ Delmar
Janovec
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Name: Joe
Strom
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Name: Delmar
Janovec
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Its: President
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Its:
President
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