Document:

EXHIBIT
      10.6

     

    ASSET
      PURCHASE AGREEMENT

    

    This
      Agreement executed this 19th day of May, 2008 and effective July 1, 2008 (the
      “Closing Date”) between Ferrara International Logistics, Inc., a New Jersey
      corporation with its principal place of business at 640 Dowd Avenue, Elizabeth,
      New Jersey (hereinafter “FIL”) and Janel World Trade, Ltd., a Nevada corporation
      with its principal place of business at 150-14 132nd
      Avenue,
      Jamaica, New York 11434 (hereinafter “Janel”).

    WHEREAS,
      FIL is the owner of, among other businesses, a Customs Brokerage business at
      its
      640 Dowd Avenue, Elizabeth, New Jersey premises (hereinafter “the
      Business”).

    WHEREAS,
      FIL desires to sell certain specified assets constituting substantially all
      of
      the assets of the Business and Janel wishes to acquire certain specified assets,
      but no liabilities, claims or debts, of the Customs Brokerage Business of FIL
      to
      integrate into Janel's operations.

    THEREFORE,
      in consideration of the premises and the covenants contained herein, the Parties
      agree as follows:

    I. PURCHASE
      AND SALE OF ASSETS

    1.
      FIL
      agrees to sell, assign, transfer and deliver to Janel all the books, records,
      forms, manuals, internet access codes, goodwill, customer lists and customer
      contact information, telephone, yellow page, trade journal listings pertaining
      to FIL’s customs brokerage business.

    2.
      The
      amounts allocated to each Asset in Exhibit A, all of which are included in
      the
      Purchase Price, shall be used by all of the Parties for reporting for federal
      tax purposes. The necessary tax filings in order to comply with Internal Revenue
      Code Section 1060 is attached as Exhibit J. Janel’s accountant shall complete
      such form.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.
      Janel
      shall not assume responsibility for any Liabilities of any nature or type
      related to, or due by, FIL, or the Business. Janel is purchasing the Assets
      free
      and clear of all liens and encumbrances. The transaction described in this
      section is referred to as the “Sale”. FIL expressly acknowledges that Janel has
      no responsibility for any Liabilities due to any suppliers to the Business
      arising prior to the date of this Agreement.

    4.
      The
      Sale shall not include FIL’s interests in any accounts receivable.

    PURCHASE
      PRICE

    5.
      FIL
      represents that the Earnings before Interest, Taxes, Depreciation and
      Amortization (“EBITDA”) of the business for fiscal year 2007 was $700,000 and
      further represents its good faith belief that EBITDA of the business for fiscal
      year 2008 will meet or exceed $700,000.

    6.
      Janel
      agrees to pay a total purchase price for the Sale of the Business of Two Million
      One Hundred Thousand Dollars ($2,100,000.00). Prior to closing, FIL will make
      available its financial books and records for inspection and audit by Janel.
      Subject to the provisions of Paragraphs 7 and 8 hereof, the total purchase
      price
      will be paid as follows:

    a)
      Six
      Hundred Thousand Dollars ($600,000.00) payable in cash upon
      closing;

    b)
      Six
      Hundred Thirty Thousand Dollars ($630,000.00) payable in shares of Janel World
      Trade, Ltd. stock, valued at the closing market price of the stock on the Friday
      immediately prior to the closing date (the “stock allocation”). The stock
      allocation will be held by Janel until three years following the closing date
      and will be delivered to FIL, less any reduction pursuant to Paragraph 8
      hereof.

    c)
      Four
      Hundred Thirty-five Thousand Dollars ($435,000.00) payable in cash one year
      following the closing date.

    d)
      Four
      Hundred Thirty-Five Thousand Dollars ($435,000.00) payable in cash three years
      following the closing date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.
      In the
      event the total EBITDA of the Business for the three years immediately following
      the closing fails to equal Two Million One Hundred Thousand Dollars
      ($2,100,000.00), Janel shall be entitled to a reduction of the Total Purchase
      Price in an amount equaling three times the total three year EBITDA shortfall
      (“shortfall repayments”) and the payment of the Total Purchase Price due to FIL
      pursuant to Paragraph 6 d) shall be reduced by an amount equaling three times
      the three-year EBITDA shortfall.

    8.
      In the
      event any reduction, pursuant to Paragraph 7 hereof, of the payment of the
      Total
      Purchase Price pursuant to Paragraph 6 d) is insufficient to satisfy the
      shortfall repayment, the stock allocation pursuant to Paragraph 6 b) shall
      be
      reduced in an amount equal to satisfy the shortfall and the stock so reduced
      will be cancelled and returned to Janel’s authorized and unissued stock. For
      purposes of satisfaction of any shortfall repayment, the stock allocation will
      be valued at the closing market price on the third anniversary of the closing
      date only for the purpose of calculating the number of stock allocation shares
      to be cancelled. If the third anniversary date is a Saturday, Sunday or holiday,
      the stock will be valued as of the closing price on the first business day
      following the third anniversary.

    9.
      It is
      understood between the parties that 2 persons presently employed by FIL will
      become employed by Janel on or after the closing date in the operation of the
      Business. FIL agrees to furnish adequate office space, without charge, to Janel
      for the operation of the Business at FIL’s premises at 640 Dowd Avenue,
      Elizabeth, New Jersey.

    10.
      Representations, Warranties and Covenants of Janel

    Janel
      represents, warrants, covenants and agrees with FIL as follows:

    (a)
      Janel
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of Nevada, with full power and authority to enter into this Agreement
      and
      perform its obligations;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
      This
      Agreement has been duly and validly authorized, executed and delivered on behalf
      of Janel and is the valid, binding and enforceable obligation of Janel in
      according with its terms.

    11.
      Representations, Warranties and Covenants of FIL

    FIL
      represents, warrants, covenants and agrees with Janel as follows:

    (a)
      FIL
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of New Jersey, with full power and authority to enter into this Agreement
      and perform its obligations.

    (b)
      This
      Agreement has been validly and duly authorized, executed and delivered by FIL
      and is a valid, binding and enforceable obligation upon it in accordance with
      its terms.

    (c)
      FIL
      shall at all times comply with all applicable federal and state laws in
      connection with your activities pursuant to this Agreement, in particular the
      rules and regulations of the SEC under the Securities Act of 1933 and the
      Securities Exchange Act of 1934.

    12.
      No Other Representations

    None
      of
      Janel, its affiliates, or their directors, officers, or employees, or any other
      person or entity has made any representations or warranties to FIL other than
      as
      expressly set forth and designated in this Agreement as such.

    13.
      Assignment

    FIL
      shall
      not assign this Agreement or any rights or obligations hereunder without the
      prior written consent of Janel, which consent shall not be unreasonably
      withheld.

    14.
      Binding Effect

    This
      Agreement shall inure solely to the benefit of, and shall be binding upon,
      the
      parties and their respective successors and assigns and, except as otherwise
      specifically provided for herein, no other person shall have or be construed
      to
      have any legal or equitable right, remedy or claim under or in respect of or
      by
      virtue of this Engagement Letter or any provisions herein
      contained.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    15.
      Entire Agreement; Waiver; Severability

    This
      Agreement contains the entire understanding of the parties (with the exception
      of the terms of the stock subscription agreement that conflict herewith, in
      which case, the terms of the stock subscription agreement shall prevail) and
      no
      waiver or modification of any provision of this Agreement shall be valid unless
      in writing and signed by the party to be charged with such waiver. No waiver
      of
      any breach shall be deemed a waiver of any subsequent breach or of a breach
      of
      any other provision of this Agreement. If any provision of this Agreement is
      held to be invalid or unenforceable, the remaining provisions shall not be
      affected. 

    16.
      Headings

    The
      headings of the paragraphs herein are inserted for convenience of reference
      only
      and shall not affect any interpretation of this Agreement.

    17.
      Construction and Jurisdiction

    This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York without giving effect to choice of law or
      conflicts of laws principles. The New York state and federal courts in New
      York
      county, and any arbitration or other alternative dispute resolution forum in
      New
      York County mutually selected by the parties, shall have jurisdiction over
      any
      and all disputes arising out of or related to this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    18.
      Notices

    All
      notices and communications hereunder, except as herein otherwise specifically
      provided, shall be in writing and shall be deemed to have been duly given,
      effective upon receipt, if mailed or transmitted by any confirmed standard
      form
      of personal delivery, mail, courier, fax or e-mail to the parties at their
      respective addresses as set forth in this Agreement or as subsequently
      designated by them in writing.

    19.
      Counterparts

    This
      Agreement may be executed in any number of counterparts, including confirmed
      fax
      transmission, each of which shall be deemed to be an original, and all of which
      taken together shall be deemed to be an original, and all of which taken
      together shall be deemed to be one and the same instrument. 

     

    
 

    JANEL
      WORLD TRADE, LTD.

    

    

    By:
      /s/
James
      N Jannello

     James
      N. Jannello

     Executive
      Vice President

    

    

    FERRARA
      INTERNATIONAL LOGISTICS, INC.

    

    

    By:/s/
      Nick
      Ferrara 

    Nick
      Ferrara, CEOEXHIBIT
      10.7

    

    SALES
      AGENCY AND SERVICE AGREEMENT

    

    THIS
      AGREEMENT, executed this 19th day of May, 2008 and effective July 1, 2008 (the
      “Closing Date”) between Ferrara International Logistics, Inc. a New Jersey
      corporation with its principal place of business at 640 Dowd Avenue, Elizabeth,
      New Jersey (hereinafter “FIL”) and Janel World Trade, Ltd., a Nevada corporation
      with a principal place of business at 150-14 132nd
      Avenue,
      Jamaica, New York (hereinafter “Janel”) 

    WHEREAS,
      the Parties hereto intend to enter into a certain Asset Purchase Agreement
      by
      which Janel will purchase certain specified assets constituting substantially
      all of the assets of a Customs Brokerage business owned and operated by FIL,
      (hereinafter “the Business”) but none of the liabilities or debts of said
      business, and 

    WHEREAS,
      Janel is desirous of retaining the services of FIL for the promotion, operation,
      expansion, and sale of the services of the Business,

    THEREFORE,

    1.
      Customers; Duties

    FIL
      has
      agreed to bring and transfer to Janel its book of business of its customs
      brokerage operation, which includes the customers of FIL’s customs brokerage
      operations and any new business developed. FIL’s duties shall consist of
      soliciting, marketing, advertising and selling Janel’s goods and services,
      obtaining customers for Janel, any administrative or service functions that
      accompany servicing customers, cooperation with Janel with respect to its
      operations, and regularly informing Janel of FIL’s business activities on its
      behalf or with respect to customers. Janel will provide its general
      administrative services to customers, including, but not limited to, customs
      clearance, payment of duties, delivery of merchandise, special projects, and
      billing and collections. FIL agrees to fully disclose all payment terms and
      schedules to customers on a regular basis and will supply Janel, on a current
      basis, with all information concerning customers, potential customers, and
      the
      status of customer negotiations, contracts or orders. FIL may not offer any
      discount to customers without prior approval from Janel. Any business
      transactions or accounts that involved the handling of activities outside of
      the
      scope of customs clearance (e.g. trucking, warehousing, international
      airfreight, international ocean freight) handled by FIL will not be part of
      this
      transaction and will not be cross-solicited by Janel to handle those
      services.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.
      Best Efforts

    FIL
      agrees to develop and maintain all accounts brought by it to Janel. FIL will
      use
      its best effort to establish customer relations, satisfaction and retention
      by
      performing its business and sales functions to the best of your ability and
      providing premium service, which includes, but is not limited to, maintaining
      regular contact, inviting customers to events, if applicable, maintaining
      customer contact, information lists, and providing service reports and price
      schedules.

    3.
      Independent Contractor

    Pursuant
      to this Agreement, FIL is an independent contractor and not an employee. This
      Agreement is not to be construed in any manner as an employment contract or
      to
      entitle FIL or any of its representatives, officers or employees to any benefits
      to which an employee of Janel would be entitled, except for those directly
      employed by Janel. As an independent contractor, FIL is solely responsible
      for
      its business expenses, benefits and taxes, including, but not limited to, any
      unemployment, social security, and disability insurance payments, income and
      other tax deductions and withholdings which may be required by federal, state
      or
      local law, filing tax returns, purchasing and maintaining medical coverage
      or
      other health or insurance benefits, expenses relating to any automobile or
      other
      transportation, and expenses relating to sales efforts hereunder. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.
      Non-Disclosure of Confidential Information

    FIL
      has
      or will receive Confidential Information as a result of its dealings with Janel
      and its representatives and customers. Accordingly, FIL agrees not to, directly
      or indirectly, at any time and in any way, use, communicate, disclose or
      disseminate any Confidential Information in any manner whatsoever. FIL shall
      use
      its best efforts and exercise utmost diligence to protect and safeguard all
      Confidential Information that is or becomes under its control. “Confidential
      Information” means any and all trade secrets and other intellectual property,
      proprietary and other information, in any form, relating to Janel or its
      affiliates, or their directors, officers, or employees, other than information
      which is in the public domain other than as a result of your willful or
      negligent act or omission or any breach of the provisions of the Agreement,
      including, but not limited to, information relating to the development, identity
      and description of customers, operations, pricing, prospects, marketing,
      finances, business proposals, and all other aspects of Janel’s or its
      affiliates’ business.

    5.
      Ownership of Proprietary Information

    Janel
      is,
      and shall remain during the term of this Agreement and thereafter, the sole
      and
      exclusive owner of all Confidential Information for FIL customs brokerage
      operation.

    6.
      Non-Compete

    FIL
      agrees that while it is an independent contractor sales representative for
      Janel, and in any event until the end of the initial and any renewal term of
      this Agreement, it will not, directly or indirectly (i) offer or provide or
      conduct any business services relating to customs brokerage in the New York/New
      Jersey area to any other person or entity or (ii) participate in, own, manage,
      operate, or control any business which is in competition with Janel or its
      affiliates pertaining to customs brokerage services in the New York/New Jersey
      area. During the initial and any renewal term of this Agreement, and for two
      (2)
      years following the termination hereof, FIL and its officers, employees and
      representatives shall not in any manner, directly or indirectly, solicit for
      employment or employ any person who was employed by Janel pertaining to customs
      brokerage during the initial and any renewal term of this Agreement, or call
      on
      or solicit any person or entity who or which was a customer of Janel during
      the
      initial and any renewal term of this Agreement, unless such calling on or
      soliciting does not relate to any products or services which are then
      competitive with those of Janel pertaining to customs brokerage services.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.
      Irreparable Harm

    It
      is our
      mutual intent that the restrictions contained in the Non-Disclosure and
      Non-Compete paragraphs herein will be enforced to the fullest extent permissible
      under the laws and public policies of each jurisdiction in which enforcement
      is
      sought. FIL agrees that the restrictions contained herein are reasonably
      necessary for the protection of Janel, that Janel would be irreparably harmed
      by
      any breach or threatened breach of these restrictions, that monetary damages
      alone would not be adequate, and that Janel would be entitled, in addition
      to
      any and all remedies at law, and without the posting of a bond or other
      security, the right to an injunction, specific performance or other equitable
      relief. FIL also agrees that, if any one or more of these restrictions are
      held
      by a court to be invalid or unenforceable for any reason, the provisions will
      be
      construed by limiting and reducing them so as to be enforceable to the greatest
      extent permissible.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    8.
      Termination

    Any
      of
      the following actions by either party shall constitute good cause and give
      either party the right to immediately terminate this Agreement without any
      liability to either party except for any net profit earned and calculated
      pursuant to Paragraph ___.

    (a)
      material breach of this Agreement;

    (b)
      dereliction of duties hereunder that is not cured within five (5) business
      days
      following written notice from either party to you of such
      dereliction;

    (c)
      willful or intentional act or omission that harms either party or its
      affiliates, and such condition cannot be cured to the reasonable satisfaction
      of
      Janel;

    (d)
      commission of any fraud, misappropriation, or embezzlement; or

    (e)
      commission of any felony;

    Upon
      any
      termination of this Agreement each party’s obligations and restrictions shall
      cease and desist and the parties shall be returned to their position prior
      to
      the execution of the agreement, except as set forth in Paragraph 6
      hereof.

    9.
      Term

    FIL’s
      engagement under this Agreement shall be for a three (3) year period, commencing
      as of the closing date, unless sooner terminated pursuant to the provisions
      of
      this Agreement or unless notice of termination is delivered by one party to
      the
      other not later than sixty (60) days prior to the end of the initial or renewed
      term of this Agreement.

    10.
      Compensation

    If
      the
      earnings before interest, taxes, depreciation and amortization (“EBITDA”) of the
      Business for the three (3) years immediately following the Closing Date exceeds
      Two Million One Hundred Thousand Dollars ($2,100,000.00), Janel will pay 40%
      of
      the excess amount to FIL.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    For
      each
      year after the three (3) year period immediately following the closing date,
      FIL
      shall be entitled to payment of 40% of the amount by which the annual EBITDA
      of
      the Business exceeds Seven Hundred Thousand Dollars ($700,000.00) for that
      year.
      For example, if the EBITDA of the Business in year 4 of the Agreement is One
      Million Dollars ($1,000,000.00) FIL shall be entitled to payment for that year
      of One Hundred Twenty Thousand Dollars ($120,000.00).

    11.
      Representations, Warranties and Covenants of Janel

    Janel
      represents, warrants, covenants and agrees with FIL as follows:

    (a)
      Janel
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of Nevada, with full power and authority to enter into this Agreement
      and
      perform its obligations;

    (b)
      This
      Agreement has been duly and validly authorized, executed and delivered on behalf
      of Janel and is the valid, binding and enforceable obligation of Janel in
      according with its terms.

    12.
      Representations, Warranties and Covenants of FIL

    FIL
      represents, warrants, covenants and agrees with Janel as follows:

    (a)
      FIL
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of New Jersey, with full power and authority to enter into this Agreement
      and perform its obligations.

    (b)
      This
      Agreement has been validly and duly authorized, executed and delivered by FIL
      and is a valid, binding and enforceable obligation upon it in accordance with
      its terms.

    (c)
      FIL
      shall at all times comply with all applicable federal and state laws in
      connection with your activities pursuant to this Agreement, in particular the
      rules and regulations of the SEC under the Securities Act of 1933 and the
      Securities Exchange Act of 1934.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    13.
      No Other Representations

    None
      of
      Janel, its affiliates, or their directors, officers, or employees, or any other
      person or entity has made any representations or warranties to FIL other than
      as
      expressly set forth and designated in this Agreement as such.

    14.
      Assignment

    FIL
      shall
      not assign this Agreement or any rights or obligations hereunder without the
      prior written consent of Janel, which consent shall not be unreasonably
      withheld.

    15.
      Binding Effect

    This
      Agreement shall inure solely to the benefit of, and shall be binding upon,
      the
      parties and their respective successors and assigns and, except as otherwise
      specifically provided for herein, no other person shall have or be construed
      to
      have any legal or equitable right, remedy or claim under or in respect of or
      by
      virtue of this Engagement Letter or any provisions herein
      contained.

    16.
      Entire Agreement; Waiver; Severability

    This
      Agreement contains the entire understanding of the parties (with the exception
      of the terms of the stock subscription agreement that conflict herewith, in
      which case, the terms of the stock subscription agreement shall prevail) and
      no
      waiver or modification of any provision of this Agreement shall be valid unless
      in writing and signed by the party to be charged with such waiver. No waiver
      of
      any breach shall be deemed a waiver of any subsequent breach or of a breach
      of
      any other provision of this Agreement. If any provision of this Agreement is
      held to be invalid or unenforceable, the remaining provisions shall not be
      affected. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    17.
      Headings

    The
      headings of the paragraphs herein are inserted for convenience of reference
      only
      and shall not affect any interpretation of this Agreement.

    18.
      Construction and Jurisdiction

    This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York without giving effect to choice of law or
      conflicts of laws principles. The New York state and federal courts in New
      York
      county, and any arbitration or other alternative dispute resolution forum in
      New
      York County mutually selected by the parties, shall have jurisdiction over
      any
      and all disputes arising out of or related to this Agreement.

    19.
      Notices

    All
      notices and communications hereunder, except as herein otherwise specifically
      provided, shall be in writing and shall be deemed to have been duly given,
      effective upon receipt, if mailed or transmitted by any confirmed standard
      form
      of personal delivery, mail, courier, fax or e-mail to the parties at their
      respective addresses as set forth in this Agreement or as subsequently
      designated by them in writing.

    20.
      Counterparts

    This
      Agreement may be executed in any number of counterparts, including confirmed
      fax
      transmission, each of which shall be deemed to be an original, and all of which
      taken together shall be deemed to be an original, and all of which taken
      together shall be deemed to be one and the same instrument. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    JANEL
      WORLD TRADE, LTD.

    

    

    By:
      /s/
James
      N Jannello

     James
      N. Jannello

     Executive
      Vice President

    

    

    FERRARA
      INTERNATIONAL LOGISTICS, INC.

    

    

    By:/s/
      Nick
      Ferrara  

    Nick
      Ferrara, CEO

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