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Exhibit 10.19
 BUSINESS PURCHASE AGREEMENT
 dated as of May 7, 2007
 between
 PAS TECHNOLOGIES INC.
(Parent)
 PAS TURBINES IRELAND LIMITED
(in the process of incorporation)
(Buyer)
 SIFCO INDUSTRIES, INC.
(Shareholder)
 and
 SIFCO TURBINE COMPONENTS LIMITED
(Company)




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TABLE OF CONTENTS
 PageARTICLE 1 Definitions
    
    
    1Section 1.01.     Definitions
    
    
    1Section 1.02.     Other Definitional and Interpretative Provisions
    
    
    9ARTICLE 2 Purchase and Sale
    
    
    9Section 2.01.     Purchase and Sale of Assets
    
    
    9Section 2.02.     Excluded Assets
    
    
    10Section 2.03.     Liabilities
    
    
    11Section 2.04.     Real Property Lease
    
    
    12Section 2.05.     Assignment of Contracts and Rights
    
    
    12Section 2.06.     Purchase Price; Allocation of Purchase Price
    
    
    12Section 2.07.     Closing
    
    
    13Section 2.08.     Purchase Price Adjustment
    
    
    13Section 2.09.     Value Added Tax (VAT):
    
    
    15Section 2.10.     Further Assurance
    
    
    16Section 2.11.     Incorporation of Buyer
    
    
    16ARTICLE 3 Warranties of COMPANY AND Shareholder
    
    
    17Section 3.01.     Existence and Power
    
    
    17Section 3.02.     Corporate Authorization
    
    
    17Section 3.03.     Governmental Authorization
    
    
    17Section 3.04.     Noncontravention
    
    
    17Section 3.05.     Consents
    
    
    17Section 3.06.     Financial Statements
    
    
    18Section 3.07.     Compliance with GAAP, etc
    
    
    18Section 3.08.     Absence of Certain Changes
    
    
    18Section 3.09.     Material Contracts
    
    
    18Section 3.10.     Litigation
    
    
    19Section 3.11.     Compliance with Laws and Court Orders; Permits
    
    
    19Section 3.12.     Properties; Liens; Completeness of Assets
    
    
    20Section 3.13.     Intellectual Property
    
    
    20




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PageSection 3.14.     Employees
    
    
    21Section 3.15.     Labor Matters
    
    
    22Section 3.16.     Environmental Compliance
    
    
    22Section 3.17.     Finders Fees
    
    
    23Section 3.18.     Insurance
    
    
    23Section 3.19.     Customers and Suppliers
    
    
    23Section 3.20.     Pensions and Benefit Schemes
    
    
    23Section 3.21.     Title to Purchased Assets
    
    
    24Section 3.22.     Limitations to Warranties of Company and Shareholder
    
    
    25Section 3.23.     Cap on Liability
    
    
    25Section 3.24.     Further Limitations
    
    
    25Section 3.25.     No Representation, etc
    
    
    26Section 3.26.     Mitigation
    
    
    26Section 3.27.     Recovery from Third Party
    
    
    26Section 3.28.     Conduct of Warranty Claims
    
    
    26Section 3.29.     Fraud
    
    
    28ARTICLE 4 Warranties of Parent AND Buyer
    
    
    28Section 4.01.     Existence and Power
    
    
    28Section 4.02.     Authorization
    
    
    28Section 4.03.     Governmental Authorization
    
    
    28Section 4.04.     Noncontravention
    
    
    28Section 4.05.     Financial Capacity
    
    
    29Section 4.06.     Finders Fees
    
    
    29ARTICLE 5 Covenants
    
    
    29Section 5.01.     Operation of Business
    
    
    29Section 5.02.     Notices and Consents
    
    
    29Section 5.03.     Release of Liens
    
    
    29Section 5.04.     Buyers Access to Premises; Information
    
    
    29Section 5.05.     Notice of Developments
    
    
    30Section 5.06.     Exclusivity
    
    
    30Section 5.07.     Expenses
    
    
    30Section 5.08.     Confidentiality
    
    
    30
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PageSection 5.09.     Publicity
    
    
    30Section 5.10.     Noncompetition and Nonsolicitation
    
    
    31Section 5.11.     Employees
    
    
    31Section 5.12.     Pension
    
    
    32Section 5.13.     Environmental
    
    
    32Section 5.14.     Past Due Receivables
    
    
    32Section 5.15.     Information Technology Transfer
    
    
    32Section 5.16.     Repairs to Owned Real Property
    
    
    32Section 5.17.     Commercially Reasonable Efforts; Further Assurances
    
    
    33ARTICLE 6 Tax Matters
    
    
    33Section 6.01.     Tax Matters
    
    
    33Section 6.02.     Tax Cooperation; Allocation of Taxes
    
    
    33ARTICLE 7 Conditions to Closing
    
    
    34Section 7.01.     Conditions to Obligations of Buyer, Parent, Company and Shareholder
    
    
    34Section 7.02.     Conditions to Obligation of Parent and the Buyer
    
    
    34Section 7.03.     Conditions to Obligation of the Company
    
    
    35ARTICLE 8 Survival; Indemnification
    
    
    36Section 8.01.     Indemnification
    
    
    36Section 8.02.     Third Party Claims
    
    
    37Section 8.03.     Payment
    
    
    38Section 8.04.     Remedies Cumulative
    
    
    38ARTICLE 9 Termination
    
    
    38Section 9.01.     Grounds for Termination
    
    
    38Section 9.02.     Effect of Termination
    
    
    39ARTICLE 10 Miscellaneous
    
    
    39Section 10.01.    Notices
    
    
    39Section 10.02.    Amendments and Waivers
    
    
    41Section 10.03.    Successors and Assigns
    
    
    41Section 10.04.    Governing Law
    
    
    41Section 10.05.    Jurisdiction; Venue
    
    
    41Section 10.06.    WAIVER OF JURY TRIAL
    
    
    41
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PageSection 10.07.    Counterparts; Effectiveness; Third Party Beneficiaries
    
    
    41Section 10.08.    Entire Agreement
    
    
    42Section 10.09.    Severability
    
    
    42Section 10.10.    Disclosure Schedules
    
    
    42
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v




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BUSINESS PURCHASE AGREEMENT
 Agreement Parent Buyer Shareholder Company
 W I T N E S S E T H :
 Business Services
     Section 1.01. Definitions.
 Affiliate
 Agreement
 Allocation Statement
 Apportioned Obligations
 Approved Approval
 Assumed Liabilities
 Breach
 Business
 Business Day
 Business Intellectual Property




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Buyer
 Buyer Indemnified Person
 Closing
 Closing Balance Sheet
 Closing Date
 Closing Employee Related Accrued Expenses
 Closing Past Due Receivables
 Closing Trade Accounts Payable
 Closing Working Capital
 Company
 Consents
 Contracts
 Contractual Obligations
 Customer-Owned Tooling
 DC Scheme st
 Debt
 Deed of Assignment Exhibit F
 2




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Employees
 Employee Related Accrued Expenses
 Employee Related Accrued Expenses Statement
 Employment Regulations
 Enterprise Ireland Grant Agreements IDA EI
 Enterprise Value
 Environmental Laws
 Escrow Agreement
 Estimated Employee Related Accrued Expenses
 Estimated Past Due Receivables
 Estimated Trade Accounts Payable
 Excluded Assets
 Excluded Liabilities
 Final Employee Related Accrued Expenses
 Final Employee Related Accrued Expenses Adjustment
 Final Past Due Receivables
 Final Past Due Receivables Adjustment
 3




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Final Trade Accounts Payable
 Final Trade Accounts Payable Adjustment
 Final Working Capital
 Final Working Capital Adjustment
 Final Termination Date
 Financials
 GAAP
 Governmental Authority
 Hazardous Substances
 Indemnified Party
 Indemnifying Party
 Initial Purchase Price
 Intellectual Property
 Interim Financials
 Inventories
 Ireland
 Irish Life Scheme
 4




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Knowledge
 Legal Requirements
 Liability
 Licensed Intellectual Property Exhibit A
 Lien
 Limitations
 Losses
 Material Adverse Effect provided however
 5




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Monthly Financials
 Most Recent Balance Sheet
 Most Recent Balance Sheet Date
 Ordinary Course of Business
 Organizational Documents
 Owned Intellectual Property Exhibit B
 Owned Real Property
 Parent
 Past Due Receivables
 Past Due Receivables Statement
 Pensions Act
 Pension Schemes
 Permit
 Person
 Post-Closing Tax Period
 Pre-Closing Tax Period
 6




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Prepaid Expenses
 Prior Schemes
 Purchase Price
 Purchase Price Adjustment
 Purchased Assets
 Real Property
 Real Property Lease
 Receivables
 Related Benefit Scheme
 Repairs
 Representatives
 Retention Agreements
 Revenue Commissioners
 Schedules
 Services
 Shareholder
 Share Plan
 Small Turbine Engine Component Repair Business
 SRT Transaction
 7




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Subsidiary
 Tax Taxation
 TCA
 Third Party Claim
 Trade Accounts Payable
 Trade Accounts Payable Statement
 Transaction Documents
 Transaction Expenses
 UST
 UST Certificates
 VAT
 VAT Act
 Warranties
 Warranty Claim
 Working Capital
 Working Capital Referee
 Working Capital Statement
 8




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Working Capital Target
 Section 1.02. Other Definitional and Interpretative Provisions . 
   Section 2.01. Purchase and Sale of Assets. Purchased Assets
  Inventories
    9




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Contracts
  Prepaid Expenses
 Exhibit C
       Section 2.02. Excluded Assets. Excluded Assets
   10




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th SRT Transaction
  Retention Agreements
 Owned Real Property
        Section 2.03. Liabilities. Assumed Liabilities
  Employee Related Accrued Expenses
 11




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Trade
Accounts Payable
 provided Excluded Liabilities
 Section 2.04. Real Property Lease. Exhibit
D Real Property Lease
 Section 2.05. Assignment of Contracts and Rights.
 Section 2.06. Purchase Price; Allocation of Purchase Price.
 minus minus minus Initial Purchase Price Purchase Price
 Enterprise Value
 Estimated Past Due Receivables Estimated Trade Accounts Payable Estimated Employee Related Accrued Expenses
 Allocation Statement
 12




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Section 2.07. Closing. Closing
      Section 2.08. Purchase Price Adjustment.
 Closing Balance Sheet Closing Balance Sheet Working
Capital Statement Closing Working
Capital Past Due Receivables Statement Closing
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Past Due Receivables Trade Accounts Payable Statement Closing Trade Accounts Payable Employee Related Accrued Expenses Statement Closing Employee Related Accrued Expenses
 Dispute Notice Dispute Notice
 Resolution of Disputes Working Capital
Referee
 Final Working Capital Final Working Capital Adjustment minus
 14




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Final Past Due Receivables Final Past Due Receivables Adjustment minus
 Final Trade Accounts Payable Final Trade Accounts Payable
Adjustment minus
 Final Employee Related Accrued Expenses Final
Employee Related Accrued Expenses Adjustment minus
 Purchase Price Adjustment minus minus minus plus
 Escrow Agreement Exhibit E Escrow Agreement
 Section 2.09. Value Added Tax (VAT):
 VAT VAT Act
  15




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Section 2.10. Further Assurance
 Section 2.11. Incorporation of Buyer
   16




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Schedules
 Section 3.01. Existence and Power.
 Section 3.02. Corporate Authorization.
 Section 3.03. Governmental Authorization.
 Section 3.04. Noncontravention.
 Section 3.05. Consents. Consents
 17




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Section 3.06. Financial Statements. Most Recent Balance
Sheet Most Recent Balance Sheet Date
 Interim
Financials
 Monthly Financials Financials
 Section 3.07. Compliance with GAAP, etc.
 Section 3.08. Absence of Certain Changes.
      Section 3.09. Material Contracts. Material
Contracts
  18




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Section 3.10. Litigation.
 Section 3.11. Compliance with Laws and Court Orders; Permits.
 Permit Permits
 19




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Section 3.12. Properties; Liens; Completeness of Assets. Real
Property
  Section 3.13. Intellectual Property. (a)
     20




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Section 3.14. Employees.
      21




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Section 3.15. Labor Matters.
 Section 3.16. Environmental Compliance.
  22




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Section 3.17. Finders Fees.
 Section 3.18. Insurance.
 Section 3.19. Customers and Suppliers.
 Section 3.20. Pensions and Benefit Schemes.
   23




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Section 3.21. Title to Purchased Assets.
   24




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Section 3.22. Limitations to Warranties of Company and Shareholder.
 (a)
    
    Time.unless notice of it is given in writing by the Buyer to the Shareholder setting out
brief particulars of the grounds on which the Warranty Claim is based within twenty
(20) months following the Closing Date, except that the time limit is to be five
years from the end of the accounting period of the Company in which the Closing
falls for a claim relating to Tax.(b)
    
    Aggregate Minimum Claims.Unless
   in which event the Shareholders and/or the Companys liability shall be for all
such amounts.(c)
    
    Changes in Law.to the extent that it arises or is increased or extended as a result of any of the
following occurring after the Closing with retrospective effect:
    Section 3.23. Cap on Liability
 Section 3.24. Further Limitations
  25




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Section 3.25. No Representation, etc
 Section 3.26. Mitigation
 Section 3.27. Recovery from Third Party
 Section 3.28. Conduct of Warranty Claims
  26




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27




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Section 3.29. Fraud
   
  Section 4.01. Existence and Power.
 Section 4.02. Authorization.
 Section 4.03. Governmental Authorization.
 Section 4.04. Noncontravention.
 28




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Section 4.05. Financial Capacity
 Section 4.06. Finders Fees.
 
 Section 5.01. Operation of Business.
  Section 5.02. Notices and Consents.
   Section 5.03. Release of Liens.
 Section 5.04. Buyers Access to Premises; Information.
  29




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Section 5.05. Notice of Developments.
 Section 5.06. Exclusivity.
 Section 5.07. Expenses. Transaction Expenses
 Section 5.08. Confidentiality. provided however provided
 Section 5.09. Publicity. provided however
 30




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Section 5.10. Noncompetition and Nonsolicitation.
 Section 5.11. Employees.
 Safeguarding of Employees Rights Employment Regulations
 Evidence and Information.
 Pre Closing Liability & Indemnity
   31




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Buyer Indemnity
    Section 5.12. Pension
 Section 5.13. Environmental UST UST Certificates
 Section 5.14. Past Due Receivables.
 Section 5.15. Information Technology Transfer.
   Section 5.16. Repairs to Owned Real Property. Repairs
 32




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Section 5.17. Commercially Reasonable Efforts; Further Assurances.
 
 Section 6.01. Tax Matters.
     Section 6.02. Tax Cooperation; Allocation of Taxes.
 33




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Apportioned Obligations Post-Closing Tax Period
 Wall Street Journal
 
 Section 7.01. Conditions to Obligations of Buyer, Parent, Company and Shareholder.
  Section 7.02. Conditions to Obligation of Parent and the Buyer.
   34




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Section 7.03. Conditions to Obligation of the Company.
 35




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Section 8.01. Indemnification. Buyer Indemnified
Person Losses
     36




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Shareholder Indemnified Person
    Section 8.02. Third Party Claims.
 Indemnified Party Third Party
Claim provided however Indemnifying Party
 provided however
 37




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Section 8.03. Payment
 Section 8.04. Remedies Cumulative.
 
 Section 9.01. Grounds for Termination.
  38




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Final Termination Date
    Section 9.02. Effect of Termination.
 
 Section 10.01. Notices.
  
  
 39




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40




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Section 10.02. Amendments and Waivers.
  Section 10.03. Successors and Assigns.
 Section 10.04. Governing Law.
 Section 10.05. Jurisdiction; Venue.
 Section 10.06. WAIVER OF JURY TRIAL.
 Section 10.07. Counterparts; Effectiveness; Third Party Beneficiaries.
 41




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Section 10.08. Entire Agreement.
 Section 10.09. Severability.
 Section 10.10. Disclosure Schedules.
 42




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SIFCO INDUSTRIES, INC.
An Ohio CorporationBy:
    /s/ Frank CappelloName:
    Frank CappelloTitle:
    V.P. Finance & CFO  SIFCO TURBINE COMPONENTS LIMITED
An Irish CorporationBy:
    /s/ Jeffrey P. GotschallName:
    Jeffrey P. GotschallTitle:
    Director  PAS TECHNOLOGIES INC.
A Delaware CorporationBy:
    /s/ Robert WeinerName:
    Robert WeinerTitle:
    President & CEO  PAS TURBINES IRELAND LIMITED
An Irish CorporationBy:
    /s/ Robert WeinerName:
    Robert WeinerTitle:
    President & CEO