Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT, effective as of July 1, 2005 (this “Agreement”),
by and between Segmentz, Inc., a Delaware corporation (“Seller”), TTSI Holdings,
Inc., an Indiana corporation (“Buyer”), and Paul Temple (“Temple”).

 

WHEREAS, Seller and Buyer desire to enter into this Agreement pursuant to which,
upon the terms and subject to the conditions contained in this Agreement, Seller
will sell to Buyer, and Buyer will purchase from Seller a unit of Seller’s
business (the “Unit”) including certain assets and liabilities of the Unit;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

 

ARTICLE I

 

PURCHASE AND SALE

 

1.1. Purchase and Sale. As of the Closing Date (as defined in Section 2.2),
Seller shall sell, transfer, convey, assign and deliver to Buyer, as is, and
Buyer shall purchase from Seller, all of Seller’s right, title and interest in
and to the assets and personal property constituting the Unit, as set forth on
Schedule 1.1 (collectively the “Purchased Assets”).

 

1.2. Assumption of Liabilities. As of the Closing Date (as defined in Section
2.2), Buyer shall assume, and shall agree to absolutely and fully pay, perform
and discharge when due, the liabilities of the Unit as set forth on Schedule 1.2
(collectively, the “Assumed Liabilities”).

 

ARTICLE II

 

PURCHASE PRICE; DELIVERIES

 

2.1. Purchase Price. The aggregate consideration to be paid to Seller for the
Purchased Assets of the Unit (the “Purchase Price”) shall consist of (i) the
delivery by Buyer to Seller of a promissory note in the form of the attached
Exhibit A (the “Promissory Note”), in the principal amount of $105,000], with
interest at the rate of 6% per annum, payable in 60 equal monthly payments of
principal and interest commencing on the one year anniversary of the date of
issuance, (ii) the assumption by Buyer of the Assumed Liabilities at Closing,
and (iii) the delivery by Buyer to Seller of 265,000 shares of Segmentz, Inc.
common stock (the “Shares”).

 

2.2. Closing. The Closing (the “Closing”) shall take place at Adorno & Yoss,
P.A., 350 East Las Olas Boulevard, Suite 1700, Fort Lauderdale, FL 33301
concurrently with the execution of this Agreement, unless otherwise mutually
agreed upon by the parties (the “Closing Date”).

 

2.3. Deliveries by Seller. At the Closing, Seller shall:

 

(a) Execute and deliver to Buyer a bill of sale; and

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(b) Deliver to Buyer such other instruments, documents and certificates as may
be reasonably requested by Buyer and are customary for transactions of this
nature to effectuate the transactions contemplated hereby.

 

2.4. Deliveries by Buyer. At the Closing, Buyer shall:

 

(a) Deliver of the Promissory Note;

 

(b) Execute and deliver to Seller an instrument or instruments consistent with
the terms hereof and reasonably satisfactory in form and substance to Seller
evidencing Buyer’s assumption of the Assumed Liabilities;

 

(c) Deliver a certificate or certificates evidencing the Shares duly endorsed
for transfer in blank; and

 

(d) Deliver to Seller other such instruments, documents and certificates as may
be reasonably requested by Seller and are customary for transactions of this
nature to effectuate the transactions contemplated hereby.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

3.1. Seller represents and warrants to Buyer as follows:

 

(a) Organization, Good Standing, Power, Etc. Seller (a) is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and (b) has all requisite corporate power and authority (i) to own the
Purchased Assets and carry on its business as presently being conducted and (ii)
to execute, deliver and perform this Agreement and all other agreements,
documents, and certificates set forth herein (the “Ancillary Documents”) which
Seller is required to deliver pursuant hereto, and to consummate the
transactions contemplated hereby and thereby.

 

(b) Authorization of Agreement. Seller has taken all necessary corporate action
to authorize the execution, delivery and performance of this Agreement and the
Ancillary Documents which Seller is required to deliver pursuant hereto and the
consummation of the transactions contemplated hereby and thereby. This Agreement
has been, and each of the Ancillary Documents which Seller is required to
deliver pursuant hereto has been or will be, duly and validly authorized,
executed and delivered by Seller and this Agreement constitutes, and each of the
Ancillary Documents constitutes or will upon execution and delivery constitute,
the legal, valid and binding obligation of Seller enforceable against Seller in
accordance with its terms.

 

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(c) Title to Properties. The sale of the Purchase Assets is as is. Seller gives
no representation with respect to any liens, encumbrances or exceptions to title
on the Purchased Assets.

 

(d) Fees. Seller is not obligated to pay, and has not retained any broker or
finder or any other person or entity who is entitled to, any broker’s or
finder’s fee or any other commission or financial advisory fee based on any
agreement or undertaking made by Seller in connection with the transactions
contemplated hereby. Buyer shall not, through the transfer of the Purchased
Assets or otherwise, have any obligations in respect of any such fees or
commissions.

 

(e) Accuracy of Information; Full Disclosure. To the knowledge of Seller, none
of the representations and warranties of Seller in this Agreement nor in any
Ancillary Document to be furnished by Seller pursuant hereto contains or will
contain any untrue statement of a material fact or omits or will omit to state
any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading

 

3.2. Buyer represents and warrants to Seller as follows:

 

(a) Organization, Good Standing, Power, Etc. Buyer (a) is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Indiana and (b) has all requisite corporate power and authority (i) to own the
Purchased Assets and carry on its business as presently being conducted and (ii)
to execute, deliver and perform this Agreement and the Ancillary Documents which
Buyer is required to deliver pursuant hereto, and to consummate the transactions
contemplated hereby and thereby.

 

(b) Authorization of Agreement. Buyer has taken all necessary corporate action
to authorize the execution, delivery and performance of this Agreement and the
Ancillary Documents which Buyer is required to deliver pursuant hereto and the
consummation of the transactions contemplated hereby and thereby. This Agreement
has been, and each of the Ancillary Documents which Buyer is required to deliver
pursuant hereto has been or will be, duly and validly authorized, executed and
delivered by Buyer and this Agreement constitutes, and each of the Ancillary
Documents constitutes or will upon execution and delivery constitute, the legal,
valid and binding obligation of Buyer enforceable against Buyer in accordance
with its terms.

 

(c) Fees. Buyer is not obligated to pay, and has not retained any broker or
finder or any other person or entity who is entitled to, any broker’s or
finder’s fee or any other commission or financial advisory fee based on any
agreement or undertaking made by Buyer in connection with the transactions
contemplated hereby. Seller shall not, through the transfer of the Purchased
Assets or otherwise, have any obligations in respect of any such fees or
commissions.

 

(d) Accuracy of Information; Full Disclosure. To the knowledge of Buyer, none of
the representations and warranties of Buyer in this Agreement nor in any
Ancillary Document to be furnished by Buyer pursuant hereto contains or will
contain any untrue statement of a material fact or omits or will omit to state
any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading

 

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ARTICLE IV

 

COVENANTS AND OTHER AGREEMENTS

 

4.1. Line of Credit. Concurrently with the Closing of the transactions set forth
herein, Seller provide Purchase with a one year $250,000 line of credit pursuant
to the terms of the Line of Credit Agreement attached hereto as Exhibit B (the
“Line of Credit”) with interest to accrue at the rate of 6% per annum. Any
outstanding balances at the one year maturity date shall be payable pursuant to
a promissory note issued at the maturity date, with a interest to accrue at the
rate of 6% per annum, payable in 60 equal monthly payments of principal and
interest commencing with the month following the issuance date of said note (the
“Line of Credit Note”).

 

4.2. Option Vesting. Concurrently with the Closing of the transactions set forth
herein, Seller shall vest all common stock purchase options issued by Seller to
Temple pursuant to the terms of Temple’s employment agreement with Seller.

 

4.3. CMS Cargo. Seller shall provide Buyer with a limited one year license to
use Seller’s CMS Cargo software (the “Software”) free of charge commencing with
the Closing Date, provided, however, that Buyer acknowledges that Seller shall
have no obligation to update the Software or provide support with respect to the
Software, and that Seller shall not be liable in any manner for any damages or
losses in any way related to the Software or Buyer’s use thereof.

 

4.4. Release of Earn-Out Obligations. Buyer and Temple hereby release Seller
from any and all earn-out obligations of Seller under the certain Asset Purchase
Agreement between Seller, Temple, and Temple Trucking Services, Inc., dated
November 22, 2005. The foregoing release shall be effective as of the Closing
Date.

 

4.5. Further Assurances. Each of the parties agrees at any time and from time to
time after the date hereof, at the request of the other party hereto, to execute
and deliver such other documents and instruments of transfer or assignment or
assumption and to do all such further acts and things as shall reasonably be
necessary or desirable to effectuate the transactions contemplated hereby,
including, but not limited to, issues related to collections of accounts
receivable, transfer of expenses, transfer of titles, etc.

 

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ARTICLE V

 

INDEMNIFICATION

 

5.1. Losses and Limitation. For purposes of this Agreement, the term “Loss” or
“Losses” shall mean each and all of the following items: claims, losses,
liabilities, obligations, payments, damages, judgments, fines, penalties,
amounts paid in settlement, and any related reasonable costs and expenses
(including, without limitation, interest which may be imposed in connection
therewith, costs and expenses of investigation, actions, suits, proceedings,
demands, assessments and reasonable fees and disbursements of counsel and other
experts) incurred by the person or entity seeking indemnification (the
“Indemnitee”) (whether relating to claims asserted by or against third parties
or to claims asserted against the party providing indemnification (the
“Indemnitor”)). In the event there is a determination by any court of competent
jurisdiction, appropriate regulatory body or alternative dispute resolution
entity so authorized to make such determination, which shall make a finding
apportioning liability, each party shall accordingly be liable to the extent of
such finding of apportionment.

 

5.2. Indemnification by Seller. From and after the Closing Date, Seller shall
indemnify and hold harmless Buyer, its affiliates, and their respective
officers, directors, employees, agents, consultants, representatives and
successors (collectively, the “Buyer Indemnified Group”) from and against any
and all Losses incurred by any of them arising out of or resulting from any of
the following:

 

(a) the breach by Seller of any of its representations or warranties in this
Agreement; and

 

(b) any failure by Seller to perform any of its covenants or agreements
contained in this Agreement.

 

provided, however, that in no event shall the Seller be obligated to indemnify
the Buyer Indemnified Group (or any member thereof) for any Losses suffered by
them in excess of $250,000 in the aggregate with regard to all claims for
indemnification hereunder.

 

5.3. Indemnification by Buyer. From and after the Closing Date, Buyer shall
indemnify and hold harmless Seller, its affiliates, and their respective
officers, directors, employees, agents, consultants, representatives and
successors (collectively, the “Seller Indemnified Group”) from and against any
and all Losses incurred by any of them arising out of or resulting from any of
the following:

 

(a) the breach by Buyer of any of its representations or warranties in this
Agreement;

 

(b) any failure by Buyer to perform any of its covenants or agreements contained
in this Agreement;

 

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(c) any failure by Buyer to pay, perform or discharge when due any of the
Assumed Liabilities; or

 

(d) the conduct of the business of the Buyer after the Closing Date.

 

5.4. Procedure for Indemnification. In the event that any Indemnitee shall incur
or suffer any Losses in respect of which indemnification may be sought hereunder
by Seller, on the one hand, or Buyer, on the other hand, the Indemnitee shall
assert a claim for indemnification by written notice (the “Notice”) to the
Indemnitor stating the nature and basis of such claim. Promptly after receipt by
an Indemnitee of written notice of the assertion of a claim or the commencement
of any action, litigation or proceeding by any third party (a “Third-Party
Claim”) with respect to any matter for which indemnification is or may be owing
pursuant to Section 5.2 or 5.3, the Indemnitee shall give Notice to the
Indemnitor and shall thereafter keep the Indemnitor informed of all other
information it receives with respect thereto; provided, that failure of the
Indemnitee to give the Indemnitor prompt notice and such other information as
provided herein shall not relieve the Indemnitor of any of its obligations
hereunder unless and then only to the extent that the Indemnitor shall have been
actually prejudiced thereby. Buyer and Seller each agree to cooperate and will
cause each Indemnitee to cooperate with and render such assistance as may
reasonably be requested in order to insure the proper and adequate defense of
any such Third-Party Claim or proceeding, which assistance shall include,
without limitation, making appropriate personnel reasonably available for any
discovery or trial. If the Indemnitor fails or refuses to undertake the defense
of any such Third-Party Claim within thirty (30) days after delivery of the
Notice, the Indemnitee shall have the right to take exclusive control of the
defense, negotiation and/or settlement of such Third-Party Claim at the
Indemnitor’s expense. The Indemnitor shall not settle or compromise any
Third-Party Claim without the consent of the Indemnitee, which consent shall not
be unreasonably withheld or delayed (it being understood and agreed that it
shall not be unreasonable to withhold consent if the settlement does not provide
for an unconditional release of the Indemnitee from all liabilities or
obligations relating to the Third-Party Claim).

 

5.5. Payment. With respect to Third-Party Claims for which indemnification is
payable under this Agreement, such indemnification shall be paid by the
Indemnitor promptly upon (i) the entry of a final judgment against the
Indemnitee and the expiration of any applicable appeal period; (ii) the entry of
a non-appealable judgment or final appellate decision against the Indemnitee;
(iii) the entering into of any settlement agreement in accordance with the
provisions of this Article V (or at such other time or times as shall permit
compliance with the terms of such settlement agreement); or (iv) the entry of
any consent order or decree binding upon the Indemnitee. Notwithstanding the
foregoing, reasonable expenses of the Indemnitee which constitute Losses
hereunder shall be reimbursed on a current basis by the Indemnitor.

 

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ARTICLE VI

 

MISCELLANEOUS

 

6.1. Entire Agreement. This Agreement constitutes the entire understanding and
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, whether oral and
written, between the parties hereto, with respect to such subject matter, all of
which are merged herein.

 

6.2. Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of
Jury Trial. This Agreement shall be deemed to be made in and in all respects
shall be interpreted, construed and governed by and in accordance with the laws
of the State of Florida without regard to the conflict of law principles
thereof. Each party hereto agrees that it shall bring any action or proceeding
in respect of any claim arising out of or related to this Agreement, or in
respect of the transactions contemplated thereby, whether in tort or contract or
at law or in equity, exclusively in the courts of the State of Florida located
in Broward County or in the federal courts of the United States of America
located in Southeastern District of Florida (the “Chosen Courts”). Solely in
connection with such actions, proceedings and claims, the parties irrevocably
submit to the jurisdiction of the chosen courts, and agree not to assert as a
defense in any such action, suit or proceeding that such party is not subject to
the jurisdiction of the chosen courts, that such action, proceeding or claim may
not be brought or is not maintainable in the chosen courts, that venue is not
appropriate in the chosen courts, or that this Agreement may not be enforced in
the chosen courts. Each of the parties agrees that service of process or other
papers upon such party in any such action or proceeding shall be effective if
notice is given in accordance with the provisions on notice contained in this
Agreement. Each party acknowledges and agrees that any controversy that may
arise under this Agreement is likely to involve complicated and difficult
issues, and therefore each such party hereby irrevocably and unconditionally
waives any right such party may have to a trial by jury in respect of any
litigation directly or indirectly arising out of or relating to this Agreement
or the transactions contemplated by this Agreement.

 

6.3. Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original and all of
which, when together, shall constitute one and the same instrument.

 

6.4. Successors and Assigns; Third Party Beneficiaries. The terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties hereto; provided, however, that
this Agreement may not be assigned by Buyer without the prior written consent of
Seller. Nothing in this Agreement, express or implied, is intended to confer any
rights or remedies under this Agreement on any person or entity other than
Buyer, Seller, or Temple, and their respective successors and permitted assigns.

 

6.5. Modification and Waiver. No amendment, modification or alteration of the
terms or provisions of this Agreement shall be binding unless the same shall be
in writing and duly executed by each of the parties hereto, except that any of
the terms or provisions of this Agreement may be waived in writing at any time
by the party entitled to the benefits of such

 

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waived terms or provisions. No waiver of any of the provisions of this Agreement
shall be deemed to or shall constitute a waiver of any other provision hereof
(whether or not similar). No delay on the part of any party in exercising any
right, remedy, power or privilege hereunder shall operate as a waiver thereof or
of any other right, remedy, power or privilege.

 

6.6. Notices. Any notice, request, claim, instruction or other document to be
given hereunder by any party hereto to any other party shall be in writing and
delivered personally or sent by registered or certified mail (postage prepaid
return receipt requested),

 

If to Seller, to:

 

Segmentz, Inc.

18302 Highwoods Preserve Parkway

Tampa, Florida 33647

Attn: Andrew Norstrud

 

with a copy to:

 

Adorno & Yoss, P.A.

Attn: Clint J. Gage

350 East Las Olas Blvd., Suite 1700

Fort Lauderdale, FL 33301

 

If to Buyer or Temple, to:

 

Paul Temple

TTSI Holdings, Inc.

P.O. Box 421078

Indianapolis, Indiana 46242

 

with a copy to:

 

Thomas L. Landwerlen, Esq.

Landwerlen & Rothkopf, L.L.P.

244 N. College Avenue

Indianapolis, Indiana 46202

 

or at such other address for a party as shall be specified by like notice. Any
notice which is delivered in the manner provided herein shall be deemed to have
been duly given to the party to whom it is directed upon actual receipt by such.

 

6.7. Severability. If any provision of this Agreement or the application of any
such provision to any person or circumstances shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability shall not effect any other provision
hereof and this Agreement shall remain in force and be effectuated as if such
illegal, invalid or unenforceable provision is not part of this Agreement.

 

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6.8. Enforcement. Should it become necessary for any party to institute legal
action to enforce the terms and conditions of this Agreement, the successful
party will be awarded reasonable attorneys’ fees at all trial and appellate
levels, expenses and costs.

 

[SIGNATURES ARE ON THE FOLLOWING PAGE]

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed on its behalf as of the date first above written.

 

Segmentz, Inc.

By:

 

 

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Name:

 

 

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Title:

 

 

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TTSI Holdings, Inc.

By:

 

 

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Name:

 

 

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Title:

 

 

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Paul Temple

With respect to the provisions of §4.5 only:

Temple Trucking Services, Inc.

By:

 

 

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Its:

 

 

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Name:

 

 

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Schedule 1.1

 

Purchased Assets

 

  1. Cash accounts in the amount of $225,250.

 

2.

 

Location

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   Unit Number

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   Year

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   Model

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   Description

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INDBAX

                  Scanning Station

INDBAX

                  Pallet Jack

INDBAX

   96766    96    Int    Tractor

INDBAX

   97980    97    Int    Tractor

INDBAX

   102    99    GMC    Van

INDBAX

   56    99    GMC    Van

INDBAX

   103    99    GMC    Van

IND ADMIN

                  2 Forklift

IND ADMIN

                  5 Pallet Jacks

ASW

                  Scanning Station

ASW

   106    2000    Ford    Van

ASW

   94003    94         Trailer

ASW

   94004    94         Trailer

CMI

   105    2000    Ford    Van

CMI

                  Forklift

CMI

                  Forklift

SDF

                  Scanning Station

SDF

                  Phone System

SDF

                  Old Computers

SDF

                  Racking

SDF

   97977    97    Int    Tractor

SDF

   96569    96    Int    Tractor

SDF

   101    2000    GMC    Van

SDF

   104    99    GMC    Van

SDF

   211545    98    Int    Straight Truck

SDF

   211546    98    Int    Straight Truck

SDF

   215710    98    Int    Straight Truck

SDF

   224628    99    Int    Straight Truck

SDF

   99808    99    GMC    Cube Truck

SDF

   561686    200    Freightliner    Straight Truck

SDF

   7054    98    Utility    Trailer

Misc office equipment and supplies

 

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Schedule 1.2

 

Assumed Liabilities

 

1. Employment Agreements with the following employees:

 

  a. Paul Temple

  b. Erinn M. Owen

  c. Kenneth B. Crady

  d. Thomas F. Lark

  e. Cynthia A. Blankenship

 

2. The following facility leases:

 

  a. Dugan Reality, LLC – Indianapolis, IN

  b. Greenstreet Realty – Urbana, IL

  c. Roger A. Bair – Warsaw, IN

  d. Walter G. Howard Family Trust – Louisville, KY

  e. Bax Global – Louisville, KY

  f. Bax Global – Indianapolis, IN

 

3. The following equipment leases:

 

Lessor:      Speedway International Trucks, Inc.               5730 Fortune
Circle W. Drive               Indianapolis, IN 46241        Trucks              

Lease #

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Schedule A #

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Vehicles

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Term

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In Service Date

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T001

     001      6222 (replaced #6339)      48 months      02/06/02

T001

     002      8435      60 months      06/01/02

T001

     003      6007, 6008      48 months      11/15/02

T001

     004      7598, 7599      48 months      12/15/02

 

12

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Full Maintenance Leases – Trucks

 

Vehicle

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Term

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In Service Date

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529

  60 months       03/21/01

531

  60 months       03/23/01

533

  60 months       03/21/01

532

  60 months       04/16/01

528

  60 months       04/19/01

527

  60 months       05/04/01

530

  60 months       04/06/01

635

  60 months       08/23/01

632

  60 months       08/13/01

633

  60 months       08/13/01

634

  60 months       08/13/01

630

  60 months       08/17/01

631

  60 months       08/17/01

4051

  60 months       06/05/03

4052

  60 months       06/05/03

7451

  60 months       12/23/03

7452

  60 months       12/23/03

7453

  60 months       01/08/04

7454

  60 months       01/08/04

4850

  60 months       01/19/04

7455

  60 months       02/05/04

 

Lessor:   Uhl Idealease     635 Park E. Blvd     New Albany, IN 47150

 

Schedule A #

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Vehicles

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Term

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In Service Date

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A1

  321540   36 months       02/16/02

 

 

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Lessor:    XTRA Lease, Inc.      1801 Park 270 Drive 400      St. Louis. MO
63146-4020

 

Vehicle #

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Term

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In Service Date

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Lease Agreement: 065L159

       

Schedule A-1

       

U47173

  36 months   11/03/03

U47174

  36 months   10/13/03

U47176

  36 months   11/06/03

U47177

  36 months   11/07/03

U47178

  36 months   11/10/03

U47175

  36 months   11/04/03

Schedule A-2

       

U31233

  36 months   07/01/03

U31309

  36 months   06/11/03

Schedule A-3

       

394612

  18 months   06/06/03

 

Lessor:    Dell Financial Services L.P.      One Dell Way      Round Rock, TX
78682

 

Lease #

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Term

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Lease Date

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Equipment

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003-006103379-001

  36 months    09/06/02  

(6) Desktop computers

(3) Laptop computers

003-006103379-002

  36 months    05/29/03  

(6) Desktop computers

(1) Laptop computer

 

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Lessor:    Great America Leasing Corp      P. O. Box 609      Cedar Rapids, IA
52406-0609

 

Lease #

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Term

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Lease Date

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Equipment

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208262

  60 months    05/29/03   Toshiba CTX phone system

 

Lessor:    Lanier Worldwide      2200 Parklane Drive NE      Atlanta, GA 30348

 

Lease #

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Term

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Lease Date

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Equipment

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3220798

  60 months    12/23/02  

Lanier model 2138

Network printer/fax/scanner

 

Lessor:    Lanier Worldwide      4667 N. Royal Atlanta Dr.      Tucker, GA 30084

 

Lease #

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Term

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Lease Date

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Equipment

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001-0111779-095

  60 months    8/22/03  

Lanier model LD 035

Network printer/fax

 

Lessor:    IOS Capital      IKON Financial Services      P. O. Box 9115     
Macon, GA 31208-9115

 

Lease #

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Term

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Lease Date

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Equipment

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A75664   60 months    05/23/02   Cannon Image Runner Copier/fax network printer

 

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Exhibit A

 

Promissory Note

 

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Exhibit B

 

Line of Credit Promissory Note

 

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