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<ACCESSION-NUMBER>0001387131-09-000672
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20090924
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20091106
<DATE-OF-FILING-DATE-CHANGE>20091106
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<CONFORMED-NAME>VELOCITY EXPRESS CORP
<CIK>0001002902
<ASSIGNED-SIC>4513
<IRS-NUMBER>870355929
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0701
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<ACT>34
<FILE-NUMBER>000-28452
<FILM-NUMBER>091164839
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<STREET1>ONE MORNINGSIDE DRIVE NORTH
<STREET2>BUILDING B SUITE 300
<CITY>WESTPORT
<STATE>X1
<ZIP>06880
<PHONE>203-349-4160
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<STREET1>ONE MORNINGSIDE DRIVE NORTH
<STREET2>BUILDING B SUITE 300
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<FORMER-CONFORMED-NAME>UNITED SHIPPING & TECHNOLOGY INC
<DATE-CHANGED>19990512
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>velocity-8k_1105.htm
<DESCRIPTION>CURRENT REPORT
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date of report (Date of earliest event reported): November 3, 2009</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item 8.01&#160;&#160;Other Events.</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On November 3, 2009, the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") signed an order (the "Sale Order") approving the Asset Purchase Agreement, as defined below, and the sale of substantially all of the assets of Velocity Express Corporation (the "Company") to ComVest Velocity
Acquisition I, LLC (the &#8220;Purchaser&#8221;) pursuant to Section 363 of the Bankruptcy Code.</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On September 24, 2009, the Company&#8221;) and all of its United States subsidiaries (collectively with the Company, the &#8220;Sellers&#8221;) entered into an Asset Purchase Agreement (as amended on October 14, 2009 and October 28, 2009, the &#8220;Asset Purchase Agreement&#8221;) with the Purchaser pursuant to which
the Purchaser will purchase substantially all of the assets of the Sellers for an aggregate purchase price of $9,773,740 plus the outstanding Obligations under the DIP Credit Agreement and the Burdale Credit Agreement (as defined in the Asset Purchase Agreement), Determined Cure Costs (as defined in the Asset Purchase Agreement) and cash in an amount equal to $50,000.&#160;&#160;The Purchaser will assume certain liabilities from the Sellers associated with the purchased assets and pay cure costs of assumed contracts
subject to a $250,000 cap (such transactions, collectively, the &#8220;Asset Purchase&#8221;).</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The obligations of the Sellers and Purchaser to complete the Asset Purchase are subject to a number of closing conditions, including, among others, the material accuracy of the representations and warranties of the parties, material compliance by the parties with their obligations under the Asset Purchase Agreement, the
absence of any proceedings under Chapter 7 of the Bankruptcy Code, and the absence of a material adverse change with respect to the Sellers since the date of the Asset Purchase Agreement.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">It is anticipated that closing of the transaction will occur approximately 10 days from the date of the Sale Order.</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The foregoing description of the terms of the Agreement is qualified in its entirety by reference to such Asset Purchase Agreement, which has been previously filed, and Amendments No. 1 and No. 2, which are being filed herewith..</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The Asset Purchase Agreement has been included to provide investors and security holders with information regarding its terms.&#160;&#160;It is not intended to provide any other factual information about the Sellers.&#160;&#160;The representations, warranties and covenants contained in the Asset Purchase Agreement were
made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Asset Purchase Agreement, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures exchanged between the parties thereto in connection with the execution of the Asset Purchase Agreement.&#160;&#160;The representations and warranties may have been made for the purposes of allocating contractual risk between the parties to the
Asset Purchase Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In connection with the entry of the Sale Order in the Bankruptcy Case, on November 4, 2009, the Company issued a press release.&#160;&#160;The press release is attached hereto as <a href="ex-99_1.htm">Exhibit <font style="DISPLAY: inline">99.1</font></a>.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item 9.01&#160; Financial Statements and Exhibits.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a href="ex-2_1.htm">2.1</a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<a href="ex-2_1.htm">Amendment to Asset Purchase Agreement, dated as of October 14, 2009, among Velocity Express Corporation, a Delaware corporation, Velocity Express, Inc., a Delaware corporation, Velocity Express Leasing, Inc.,
a Delaware corporation, CD&amp;L, Inc., a Delaware corporation, and certain other direct and indirect subsidiaries of Velocity Express Corporation, and Comvest Velocity Acquisition I, LLC.*</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a href="ex-2_2.htm">2.2</a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<a href="ex-2_2.htm">Amendment No. 2 to Asset Purchase Agreement, dated as of October 28, 2009, among Velocity Express Corporation, a Delaware corporation, Velocity Express, Inc., a Delaware corporation, Velocity Express Leasing,
Inc., a Delaware corporation, CD&amp;L, Inc., a Delaware corporation, and certain other direct and indirect subsidiaries of Velocity Express Corporation, and Comvest Velocity Acquisition I, LLC.*</a>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a href="ex-99_1.htm">99.1</a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<a href="ex-99_1.htm">Press release dated November 4, 2009</a></font></div>
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<div><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">* Schedules and similar attachments to the Asset Purchase Agreement, as amended, have been omitted pursuant to Item 601(b)(2) of Regulation S-K.&#160;The Company will furnish a supplemental copy of any omitted schedule or similar attachment to the Securities and Exchange Commission upon request.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 13pt; FONT-FAMILY: times new roman, serif">VELOCITY EXPRESS CORPORATION</font></div></td></tr><tr>
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<td valign="bottom" width="41%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">/s/ Mark T. Carlesimo, Esq.</font></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Mark T. Carlesimo, Esq.</font></div></font></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Title:</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">General Counsel</font></div></font></td></tr></table></div></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date: November 6, 2009</font></div></body>
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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ex-2_1.htm
<DESCRIPTION>AMENDMENT TO ASSET PURCHASE AGREEMENT
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a href="velocity-8k_1105.htm">Velocity Express Corporation 8-K</a></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit 2.1</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">AMENDMENT</font> (this &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment</font>&#8221;) dated
as of October 14, 2009 to the ASSET PURCHASE AGREEMENT (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Agreement</font>&#8221;), dated as of September 24, 2009, among Velocity Express Corporation, a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Parent</font>&#8221;), Velocity Express, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VEI</font>&#8221;),
Velocity Express Leasing, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VEL</font>&#8221;), CD&amp;L, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">CD&amp;L</font>&#8221;), VXP Mid-West, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VXPM</font>&#8221;),
VXP Leasing Mid-West, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VXPLM</font>&#8221;), Clayton/National Courier Systems, Inc., a Missouri corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">CNCS</font>&#8221;), Click Messenger Service, Inc., a New Jersey corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Click</font>&#8221;),
Olympic Courier Systems, Inc., a New York corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Olympic</font>&#8221;), Securities Courier Corporation, a New York corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">SCS</font>&#8221;), Silver Star Express, Inc., a Florida corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Silver
Star</font>&#8221;), Velocity Systems Franchising Corporation, a Michigan corporation, and U-Ship International, Ltd., a Wisconsin corporation (together with VEI, VEL, CD&amp;L, VXPM, VXPLM, CNCS, Click, Olympic, SCS and Silver Star, the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Subsidiaries</font>&#8221;; the Subsidiaries together with Parent are referred to as the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Sellers</font>&#8221;),
and ComVest Velocity Acquisition I, LLC, a Delaware limited liability company (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Purchaser</font>&#8221;).</font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Sellers and the Purchaser hereby agree as follows:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;The definition of &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Credit Bid</font>&#8221; in Section 1.1 of the Agreement is deleted.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;The following is added as the definition of &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Instruction Letter</font>&#8221; in Section 1.1 of the Agreement:</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Instruction Letter</font>&#8221; means the letter agreement dated as of October <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">&#160;</font>, 2009 between
the Purchaser and the Senior Note Trustee.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;The following is added as the definition of &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Senior Note Trustee</font>&#8221; in Section 1.1 of the Agreement:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Senior Note Trustee</font>&#8221; means the trustee under the Senior Note Indenture.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;The phrase &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Cash Portion</font>&#8221; is replaced by the phrase &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Remaining Cash Portion</font>&#8221;
wherever it appears.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;Sections 2.2(a)(i) and (ii) of the Agreement are amended to remove the words &#8220;Section 2.4(e)&#8221; each time they appear and replace them with the words &#8220;Section 2.4(d).&#8221;&#160;&#160;Section 2.2(a) is also amended to add a new paragraph (ix) as follows:</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(ix) all payroll due to employees and amounts due to independent contractor/drivers.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;Section 2.4 of the Agreement of the Agreement is hereby amended in its entirety to read as follows:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Section 2.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Purchase Price</font>.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The purchase price (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Purchase Price</font>&#8221;) payable in consideration for the sale, transfer, assignment, conveyance and delivery by the Sellers to the Purchaser of the Purchased Assets shall consist
of the following:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;cash in an amount equal to the sum of the Obligations (as defined in the DIP Credit Agreement) outstanding under the DIP Credit Agreement (including</font></div>
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<div id="HDR">
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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">all letters of credit to the extent not replaced) and the Obligations outstanding under the Burdale Credit Agreement (including all letters of credit to the extent not replaced), in each case as of the Closing Date, which shall be used by the Sellers solely for the purpose of satisfying such Obligations; plus</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;cash in the amount of $9,773,740 (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Senior Note Payment</font>&#8221;), which shall be applied solely to the reduction of the outstanding
obligations under the Senior Notes, as more fully set forth in the Instruction Letter; plus</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the assumption at the Closing by the Purchaser of the Assumed Liabilities from the Sellers; plus</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;an amount equal to the Determined Cure Costs for Assigned Contracts payable by the Purchaser under <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Section 5.1</font>, which shall be paid to the
applicable counterparties of the applicable Assigned Contracts on the Closing Date or, if later, the date such Contracts are determined to be Assigned Contracts in accordance with <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Section 5.1</font>; plus</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;cash in an amount equal to $50,000 (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Remaining Cash Portion</font>&#8221;);</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The Purchase Price shall be paid by (i) payment in immediate available funds of (A) an amount equal to the Obligations outstanding under the Burdale Credit Agreement directly to the Existing Lenders, (B) an amount equal to the Obligations outstanding under the DIP Credit Agreement directly to the DIP Lenders, (C) an
amount equal to the Senior Note Payment to the Senior Note Trustee, (D) the Cash Portion to an account or accounts specified by Sellers and (E) the Determined Cure Costs in accordance with Sections 2.5 and 5.1(c) and (ii) execution of the Assignment and Assumption Agreement.&#160;&#160;The parties&#8217; good faith estimate, as of the date hereof, of the Assumed Obligations that will be outstanding as of the Closing Date is set forth on Schedule 2.4.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The Sellers acknowledge that the Noteholders have a valid claim equal to the Prepetition Note Obligations and that the Senior Note Trustee has a perfected, allowed secured claim with respect thereto.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">7.&#160;&#160;Schedule 2.4 to this Amendment is added to the Agreement as Schedule 2.4.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">8.&#160;&#160;The Purchaser hereby waives any right or entitlement to receive the Break-Up Fee pursuant to Section 8.2 of the Agreement or otherwise.&#160;&#160;The Purchaser's right and entitlement to receive the Expense Reimbursement pursuant to Section 8.2 or otherwise shall remain in full force and effect and shall
be unaffected by this waiver.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">9.&#160;&#160;Except as set forth above, the Agreement shall remain unmodified and in full force and effect.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">10.&#160;&#160;This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York and, to the extent applicable, the United States Bankruptcy Code.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Jose Gordo</font></div></div></td></tr><tr>
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>ex-2_2.htm
<DESCRIPTION>AMENDMENT NO. 2 TO ASSET PURCHASE AGREEMENT
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><a href="velocity-8k_1105.htm">Velocity Express Corporation 8-K</a></font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit 2.2</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">AMENDMENT NO. 2 (this &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment</font>&#8221;) dated as of October 28, 2009 to the ASSET PURCHASE AGREEMENT (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Agreement</font>&#8221;),
dated as of September 24, 2009, among Velocity Express Corporation, a Delaware corporation&#160;&#160;(&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Parent</font>&#8221;), Velocity Express, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VEI</font>&#8221;), Velocity Express Leasing, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VEL</font>&#8221;),
CD&amp;L, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">CD&amp;L</font>&#8221;), VXP Mid-West, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VXPM</font>&#8221;), VXP Leasing Mid-West, Inc., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">VXPLM</font>&#8221;),
Clayton/National Courier Systems, Inc., a Missouri corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">CNCS</font>&#8221;), Click Messenger Service, Inc., a New Jersey corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Click</font>&#8221;), Olympic Courier Systems, Inc., a New York corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Olympic</font>&#8221;),
Securities Courier Corporation, a New York corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">SCS</font>&#8221;), Silver Star Express, Inc., a Florida corporation (&#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Silver Star</font>&#8221;), Velocity Systems Franchising Corporation, a Michigan corporation, and U-Ship International, Ltd., a Wisconsin corporation (together with
VEI, VEL, CD&amp;L, VXPM, VXPLM, CNCS, Click, Olympic, SCS and Silver Star, the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Subsidiaries</font>&#8221;; the Subsidiaries together with Parent are referred to as the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Sellers</font>&#8221;), and ComVest Velocity Acquisition I, LLC, a Delaware limited liability company (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Purchaser</font>&#8221;).</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Sellers and the Purchaser hereby agree as follows:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;Clause (d) of the definition of "Permitted Liens" in Section 1.1 of the Agreement is hereby amended to add at the beginning thereof, "solely for purposes of Section 3.8(b),".</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;Section 5.1(a) of the Agreement is hereby amended and restated in its entirety as follows:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;The Sellers shall make available to the Purchaser a reasonably categorized list and true and complete copies of to the Contracts (including Permits and Licenses that are Contracts), or in the case of oral Contracts true and complete written descriptions thereof (in each case including all amendments thereto
and assignments thereof) on or before the fifteenth (15th) day after the date hereof.&#160;&#160;Not later than ten (10) Business Days prior to the Closing, the Sellers shall provide the Purchaser with lists of all Contracts (including any lease pursuant to which the Leased Real Property is leased by a Seller), which shall be by specific Contract and not by category of Contract except as otherwise consented to by the Purchaser, which they deem should be Assigned Contracts hereunder and the "cure amounts" pursuant
to Section 365 of the Bankruptcy Code relating to each (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Sellers' Assigned Contracts Schedule</font>&#8221;).&#160;&#160;All Contracts on Seller&#8217;s Assigned Contracts Schedule shall be deemed to be Assigned Contracts unless, at any time and from time to time on or before January 22, 2010, the Purchaser by written notice to the Sellers elects to exclude any one or more of the scheduled Contracts
that would otherwise be Assigned Contracts.&#160;&#160;The Purchaser also may, at any time and from time to time on or before January 22, 2010, add Contracts not designated by the Sellers (the &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Extra Contracts</font>&#8221;) (including any lease pursuant to which any Leased Real Property is leased by a Seller and Permits and Licenses) to be an Assigned Contract.&#160;&#160;Any Contract which is not designated
on the Sellers' Assigned Contracts Schedule or in a notice pursuant to the preceding sentence as an Assigned Contract or which is designated in a notice pursuant to the second preceding sentence (each such designated Contract, an &#8220;<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Excluded Contract</font>&#8221;), shall not be an Assigned Contract to be assigned to the Purchaser hereunder and shall be an Excluded Asset.&#160;&#160;Notwithstanding the
foregoing, the Purchaser shall not be entitled to designate any Assumed Employment Agreement or Assumed Severance Agreement, or any other agreement listed on <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Schedule 2.2(a)(vi)</font>, as an Excluded Contract, and the Sellers shall be required to include each&#160;&#160;Assumed Employment Agreement and Assumed Severance Agreement on the Sellers' Assigned Contracts Schedule, unless the employee party thereto
does not become a Transferred Employee.&#160;&#160;There shall be no adjustment to the Purchase Price as a result of the Purchaser&#8217;s election to exclude any one or more of the Contracts </font></div>
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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">from the Transactions pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Section 5.1(a)</font>, or to add any Extra Contracts; except that the Purchaser shall not be required to make any payments for Determined Cure Costs or any other amounts for any
such Excluded Contracts. Each Seller hereby appoints the Purchaser its agent and attorney-in-fact for the sole purpose of allowing the Purchaser to continue to operate under each Contract until such time as the Purchaser either designates such Contract as an Assigned Contract or designates that it does not want to have such Contract assigned to it, provided that during such period, the Purchaser shall be responsible for all obligations arising from or in connection with such Contract during such period (and not
based on a breach, default or other circumstance existing prior to such period).</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;The last sentence of Section 7.2(i) is hereby amended to read as follows:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The sum of (i) the aggregate Determined Cure Costs for Assigned Contracts and (ii) the Purchaser's good faith estimate of cure costs with respect to Contracts that are anticipated to become, but have not yet become, Assigned Contracts shall not exceed $250,000.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;Except as set forth above, the Agreement shall remain unmodified and in full force and effect.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York and, to the extent applicable, the United States Bankruptcy Code.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">[Remainder of page intentionally left blank]</font></div>
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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">IN WITNESS WHEREOF, the Sellers and the Purchaser have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.</font></div>
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<td valign="bottom" width="27%"><font color="black" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font color="black" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">By:</font></div></td>
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<td valign="bottom" width="5%"><font color="black" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit 99.1</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Sale Officially Approved on November 3, 2009</font></font></div></td></tr></table></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ComVest to Become New Majority Owner of Velocity Express</font></font></div></td></tr></table></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transaction Eliminates Over $100 million of Debt</font></font></div></td></tr></table></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Velocity Believes it Will Have One of Industry&#8217;s Strongest Balance Sheets</font></font></div></td></tr></table></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">WESTPORT, Conn. November 4, 2009 &#8211; Velocity Express Corporation (OTC:VEXP.PK), the nation's largest provider of time definite regional delivery solutions, announced that the sale of the Company's operating assets (&#8220;Velocity&#8221; or the "Company&#8221;) to a subsidiary (&#8220;ComVest&#8221;) of ComVest Investment
Partners III, L.P., a leading private investment firm with a proven track record in the transportation industry, has officially been approved by the United States Bankruptcy Court for the District of Delaware pursuant to Section 363 of the U.S. Bankruptcy Code.&#160;&#160;The sale order confirming the Court&#8217;s approval was entered on November 3, 2009.</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The Court approved the sale following a post-petition auction process and a global settlement by Velocity with its unsecured creditors.&#160;&#160;Pursuant to the terms of the sale, ComVest will become the Company&#8217;s new majority owner and the Company&#8217;s balance sheet will be significantly deleveraged.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Vincent A. Wasik, Velocity's Chairman and Chief Executive Officer, stated, &#8220;This is a momentous event in the history of our company.&#160;&#160;With ComVest as our new owner and partner, we believe we will now have the financial and operational support we need to grow our business aggressively and profitably.&#160;&#160;We
are dedicated to continuing to provide excellent service to our customers as well as a dynamic and rewarding work environment for our employees and independent contractors.&#8221;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#8220;This transaction will reduce the burden of our legacy liabilities by eliminating over $100 million of debt, creating a financially stronger, well capitalized company.&#160;&#160;With a better financial position, we will continue to be able to pursue large business development opportunities, and increase our investment
in technology and services to benefit our valued Customers.&#160;&#160;Thanks to the continued support and hard-work of our more than 3,300 dedicated Employees and Independent Contractors, we expect this transition to be seamless to our Customers.&#8221;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Jose Gordo, a Partner at ComVest, said, &#8220;We are committed to making Velocity a dominant logistics services company.&#160;&#160;With our support, we believe that the Company will now have one of the strongest balance sheets in its industry, positioning it optimally to provide continuing top quality service to its solid
existing customer base and to target new significant business development opportunities from large customers looking for customized, efficient logistics solutions.&#160;&#160;We are also optimistic that our extensive experience in the transportation and logistics industry and the operational contributions we intend to make will yield positive results for the Company, and its customers, employees and independent contractors.&#8221;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Additional information about the Velocity Express sale is available at the Company&#8217;s web site, <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.velocityexpress.com</font> under Company Info.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">About ComVest</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The ComVest Group is a leading private investment firm focused on providing debt and equity solutions to lower middle-market companies with enterprise values of less than $350 million. Since 1988, The ComVest Group has invested more than $2 billion of capital in over 200 public and private companies worldwide. Through its
extensive financial resources and broad network of industry experts, The ComVest Group is able to offer our companies total financial sponsorship, critical strategic support, and business development assistance.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">About Velocity Express</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Velocity Express has one of the largest nationwide networks of regional, time definite, ground delivery service areas, providing a national footprint for customers desiring same day service throughout the United States. The Company's services are supported by a customer-focused technology infrastructure, providing customers
with the reliability and information they need to manage their transportation and logistics systems, including a proprietary package tracking system that enables customers to view the status of any package via a flexible web reporting system.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Forward Looking Statements</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Certain statements in this press release, and other written or oral statements made by or on behalf of the Company, may constitute &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws. Statements regarding future events and developments and the Company&#8217;s future performance that
are not historical facts, as well as management&#8217;s expectations, beliefs, plans, objectives, assumptions and projections about future events or future performance, are forward looking statements within the meaning of these laws. Forward-looking statements include statements that are preceded by, followed by, or include words such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;intends,&#8221; or similar expressions. These statements
are based on beliefs and assumptions of the Company&#8217;s management, which in turn are based on currently available information. These assumptions could prove inaccurate.</font></div>
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section entitled &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for the year ended June&#160;28, 2008 as well as in the other documents that the Company files from time to time with the Securities and Exchange Commission. Management believes that the forward-looking statements contained in this release are reasonable; however, undue reliance should not be placed on any forward-looking statements contained herein, which are based on current expectations. Further, forward-looking statements
speak only as of the date they are made, and management undertakes no obligation to publicly update any of them in light of new information or future events.&#160; Accordingly, no assurances can be given that the transactions described in this press release will be consummated or approved by the Bankruptcy Court or as to the timing of such events.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CONTACT:</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Marshall Griffin &#8211; 561-727-2052</font></div>
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