Document:

gnin_ex1012.htm

EXHIBIT 10.12

 

NEITHER THIS NOTE NOR THE SECURITIES THAT ARE ISSUABLE TO THE HOLDER UPON CONVERSION HEREOF (COLLECTIVELY, THE "SECURITIES") HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT OR APPLICABLE STATE SECURITIES LAWS; OR (II) IN THE ABSENCE OF AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (Ill) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE 144 UNDER THE 1933 ACT.

 

BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC 6049(B)(4) OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITES STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SEC. 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).

 

AMENDED AND RESTATED

 

REVOLVING CONVERTIBLE PROMISSORY NOTE

 

	Issuance Date: March 17, 2014 

 

Effective Date: March 17, 2014

	US$1,506,134.50

 

FOR VALUE RECEIVED, GREEN INNOVATIONS LTD., a corporation incorporated under the laws of the State of Nevada, whose address is 316 Del Prado Blvd. South, Suite 204, Cape Coral, Florida 33990 (the “Borrower”), promises to pay to the order of TCA GLOBAL CREDIT MASTER FUND, LP (hereinafter, together with any holder hereof, “Lender”), whose address is 3960 Howard Hughes Parkway, Suite 500, Las Vegas, Nevada 89169, on or before October 25, 2014 (the “Revolving Loan Maturity Date”), the lesser of: (i) One Million Five Hundred and Six Thousand One Hundred Thirty Four and 50/100 United States Dollars (US$1,506,134.50); or (ii) the aggregate principal amount outstanding under and pursuant to that certain senior secured revolving credit facility agreement, dated as of August 31, 2013 and effective as of October 24, 2013, as amended by amendment no. 1 thereto, dated as of January 17, 2014, and as further amended by amendment no. 2 thereto, dated as of the Effective Date (“Amendment No. 2”), executed by and among the Borrower, as borrower, Green Hygienics, Inc., as guarantor, and the Lender, as lender (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), together with interest (computed on the actual number of days elapsed on the basis of a 360 day year) on the aggregate principal amount of all Revolving Loans outstanding from time to time, as provided in the Credit Agreement. Capitalized words and phrases not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.

 

  

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This Amended and Restated Revolving Convertible Promissory Note (this “Note”) amends, restates, replaces, and supersedes, in its entirely, that certain Revolving Convertible Promissory Note, dated as of August 31, 2013 and effective as of October 24, 2013 (the “Original Note”), issued by the Borrower in favor of the Lender, in the principal amount of One Million Seven Hundred Fifty Thousand and No/100 United States Dollars (US$1,750,000). The obligations contained in the Original Note shall be referred to herein as the “Original Obligations”). It is the intention of the Borrower and Lender that while this Note amends, restates, replaces and supersedes the Original Note, in its entirety, it is not in payment or satisfaction of the Original Obligations, but rather is the substitute of one evidence of debt for another without any intent to extinguish the old. Should there be any conflict between any of the terms of the Original Note, and the terms of this Note, the terms of this Note shall control. This Note is not a novation.

 

This Note evidences a portion of the aggregate Revolving Loans incurred by Borrower under and pursuant to the Credit Agreement, to which reference is hereby made for a statement of the terms and conditions under which the Revolving Loan Maturity Date or any payment hereon may be accelerated. The holder of this Note is entitled to all of the benefits and security provided for in the Loan Documents. All Revolving Loans shall be repaid by Borrower, or any person liable for the payment of this Note, on the Revolving Loan Maturity Date, unless payable sooner pursuant to the provisions of the Credit Agreement.

 

Principal and interest shall be paid to Lender as set forth in the Credit Agreement, or at such other place as the holder of this Note shall designate in writing to Borrower. Each Revolving Loan made by Lender, and all payments on account of the principal and interest thereof shall be recorded on the books and records of Lender and the principal balance as shown on such books and records, or any copy thereof certified by an officer of Lender, shall be rebuttable presumptive evidence of the principal amount owing hereunder.

 

This Note is being issued in connection with Amendment No. 2 and is also secured by the Security Agreements and all other Loan Documents. All of the agreements, conditions, covenants, provisions, representations, warranties and stipulations contained in any of the Loan Documents which are to be kept and performed by the Borrower or the Guarantor are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein, and the Borrower and the Guarantor covenant and agree to keep and perform them, or cause them to be kept or performed, strictly in accordance with their terms.

 

Except for such notices as may be required under the terms of the Credit Agreement, the Borrower, or any person liable for the payment of this Note, waives presentment, demand, notice, protest, and all other demands, or notices, in connection with the delivery, acceptance, performance, default, or enforcement of this Note, and assents to any extension or postponement of the required time of payment or any other indulgence.

 

Borrower shall be solely responsible for the payment of any and all documentary stamps and other taxes applicable to the full face amount of this Note.

 

  

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The Revolving Loan evidenced hereby has been made and/or issued and this Note has been delivered at Lender's main office set forth above. This Note shall be governed and construed in accordance with the laws of the State of Nevada, in which state it shall be performed, and shall be binding upon Borrower, or any person liable for the payment of this Note, and its legal representatives, successors, and assigns. Wherever possible, each provision of the Credit Agreement and this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Credit Agreement or this Note shall be prohibited by or be invalid under such law, such provision shall be severable, and be ineffective to the extent of such prohibition or invalidity, without invalidating the remaining provisions of the Credit Agreement or this Note.

 

Nothing herein contained, nor in any instrument or transaction relating hereto, shall be construed or so operate as to require the Borrower, or any person liable for the payment of this Note, to pay interest in an amount or at a rate greater than the highest rate permissible under applicable law. By acceptance hereof, Lender hereby warrants and represents to Borrower that Lender has no intention of charging a usurious rate of interest. Should any interest or other charges paid by Borrower, or any parties liable for the payments made pursuant to this Note result in the computation or earning of interest in excess of the highest rate permissible under applicable law, any and all such excess shall be and the same is hereby waived by the holder hereof. Lender shall make adjustments in the Note or Credit Agreement, as applicable, as necessary to ensure that Borrower will not be required to pay further interest in excess of the amount permitted by applicable law. All such excess shall be automatically credited against and in reduction of the outstanding principal balance. Any portion of such excess which exceeds the outstanding principal balance shall be paid by the holder hereof to the Lender and any parties liable for the payment of this Note, it being the intent of the parties hereto that under no circumstances shall Borrower, or any party liable for the payments hereunder, be required to pay interest in excess of the highest rate permissible under applicable law.

 

THE HOLDER IS A NON-U.S. PERSON AS THAT TERM IS DEFINED IN THE UNITED STATES INTERNAL REVENUE CODE. IT IS HEREBY AGREED AND UNDERSTOOD THAT THE OBLIGATIONS HEREUNDER MAY BE SOLD OR RESOLD ONLY TO NON­U.S. PERSONS. THE INTEREST PAYABLE HEREUNDER IS PAYABLE ONLY OUTSIDE THE UNITED STATES. ANY U.S. PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAW.

Notwithstanding any provision in this Note or the other Loan Documents, the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law. In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance of this Note immediately upon receipt of such sums by the Lender, with the same force and effect as though the Borrower had specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance and the Lender had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Lender may, at any time and from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as interest rather than accept such sums as a prepayment of the outstanding principal balance. It is the intention of the parties that the Borrower do not intend or expect to pay nor does the Lender intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.

  

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At any time and from time to time while this Note is outstanding, upon an Event of Default, this Note may be, at the sole option of the Lender, convertible into shares of the common stock, par value $0.0001 per share (the “Common Stock”) of Borrower, in accordance with the terms and conditions set forth below.

 

(a) Voluntary Conversion. At any time while this Note is outstanding, upon an Event of Default, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the “Conversion Amount”) into shares of Common Stock of the Borrower (the “Conversion Shares”) at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest daily volume weighted average price of the Borrower's Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit A, the “Conversion Notice”) (the denominator) (the “Conversion Price”). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

 

(b) The Lender's Conversion Limitations. The Borrower shall not affect any conversion of this Note, and the Lender shall not have the right to convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the Conversion Notice submitted by the Lender, the Lender (together with the Lender's Affiliates and any Persons acting as a group together with the Lender or any of the Lender's Affiliates) would beneficially own shares of Common Stock in excess of the Beneficial Ownership Limitation (as defined herein). To ensure compliance with this restriction, prior to delivery of any Conversion Notice, the Lender shall have the right to request that the Borrower provide to the Lender a written statement of the percentage ownership of the Borrower's Common Stock that would be beneficially owned by the Lender and its Affiliates in the Borrower if the Lender converted such portion of this Note then intended to be converted by Lender. The Borrower shall, within two (2) Business Days of such request, provide Lender with the requested information in a written statement, and the Lender shall be entitled to rely on such written statement from the Borrower in issuing its Conversion Notice and ensuring that its ownership of the Borrower's Common Stock is not in excess of the Beneficial Ownership Limitation. The restriction described in this Section may be waived by Lender, in whole or in part, upon notice from the Lender to the Borrower to increase such percentage.

 

  

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For purposes of this Note, the “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note. The limitations contained in this Section shall apply to a successor holder of this Note. For purposes of this Note, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization or a government or any department or agency thereof.

 

(c) Mechanics of Conversion. The conversion of this Note shall be conducted in the following manner:

 

(1) To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Lender (the “Conversion Date”), the Lender shall transmit by facsimile or electronic mail (or otherwise deliver) a copy of the fully executed Conversion Notice to the Borrower (or, under certain circumstances as set forth below, by delivery of the Conversion Notice to the Borrower's transfer agent).

 

(2) Upon receipt by the Borrower of a copy of a Conversion Notice, the Borrower shall as soon as practicable, but in no event later than two (2) Business Days after receipt of such Conversion Notice, send, via facsimile or electronic mail (or otherwise deliver) a confirmation of receipt of such Conversion Notice (the “Conversion Confirmation”) to the Lender indicating that the Borrower will process such Conversion Notice in accordance with the terms herein. In the event the Borrower fails to issue its Conversion Confirmation within said two (2) Business Day time period, the Lender shall have the absolute and irrevocable right and authority to deliver the fully executed Conversion Notice to the Borrower's transfer agent, and pursuant to the terms of the Credit Agreement, the Borrower's transfer agent shall issue the applicable Conversion Shares to Lender as hereby provided. Within five (5) Business Days after the date of the Conversion Confirmation (or the date of the Conversion Notice, if the Borrower tails to issue the Conversion Confirmation), provided that the Borrower's transfer agent is participating in the Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer (“FAST”) program, the Borrower shall cause the transfer agent to (or, if for any reason the Borrower fails to instruct or cause its transfer agent to so act, then pursuant to the Credit Agreement, the Lender may request and require the Borrower's transfer agent to) electronically transmit the applicable Conversion Shares to which the Lender shall be entitled by crediting the account of the Lender's prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Lender of such delivery. In the event that the Borrower's transfer agent is not participating in the DTC FAST program and is not otherwise DWAC eligible, within five (5) Business Days after the date of the Conversion Confirmation (or the date of the Conversion Notice, if the Borrower fails to issue the Conversion Confirmation), the Borrower shall instruct and cause its transfer agent to (or, if for any reason the Borrower fails to instruct or cause its transfer agent to so act, then pursuant to the Credit Agreement, the Lender may request and require the Borrower's transfer agent to) issue and surrender to a nationally recognized overnight courier for delivery to the address specified in the Conversion Notice, a certificate, registered in the name of the Lender, or its designees, for the number of Conversion Shares to which the Lender shall be entitled. To effect conversions hereunder, the Lender shall not be required to physically surrender this Note to the Borrower unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal to the applicable conversion. The Lender and the Borrower shall maintain records showing the principal amount(s) converted and the date of such conversion(s). The Lender, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note may be less than the amount stated on the face hereof.

 

  

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(3) The Person(s) entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder(s) of such shares of Common Stock as of the Conversion Date.

 

(4) If in the case of any Conversion Notice, the certificate or certificates are not delivered to or as directed by the Lender by the date required hereby, the Lender shall be entitled to elect by written notice to the Borrower at any time on or before its receipt of such certificate or certificates, to rescind such Conversion Notice, in which event the Borrower shall promptly return to the Lender any original Note delivered to the Borrower and the Lender shall promptly return to the Borrower the Common Stock certificates representing the principal amount of this Note unsuccessfully tendered for conversion to the Borrower.

 

(5) The Borrower's obligations to issue and deliver the Conversion Shares upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Lender to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any person or entity or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Lender or any other person or entity of any obligation to the Borrower or any violation or alleged violation of law by the Lender or any other person or entity, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Lender in connection with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate as a waiver by the Borrower of any such action the Borrower may have against the Lender. In the event the Lender of this Note shall elect to convert any or all of the outstanding principal amount hereof and accrued but unpaid interest thereon in accordance with the terms of this Note, the Borrower may not refuse conversion based on any claim that the Lender or anyone associated or affiliated with the Lender has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Lender, restraining and or enjoining conversion of all or part of this Note shall have been sought and obtained, and the Borrower posts a surety bond for the benefit of the Lender in the amount of 150% of the outstanding principal amount of this Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to such Lender to the extent it obtains judgment. In the absence of such injunction, the Borrower shall issue Conversion Shares upon a properly noticed conversion. If the Borrower fails for any reason to deliver to the Lender such certificate or certificates representing Conversion Shares pursuant to timing and delivery requirements of this Note, the Borrower shall pay to such Lender, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $1.00 per day for each day after the date by which such certificates should have been delivered until such certificates are delivered. Nothing herein shall limit a Lender's right to pursue actual damages or declare an Event of Default pursuant to the Credit Agreement, this Note or any agreement securing the indebtedness under this Note for the Borrower's failure to deliver Conversion Shares within the period specified herein and such Lender shall have the right to pursue all remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Lender from seeking to enforce damages pursuant to any other Section hereof or under applicable law. Nothing herein shall prevent the Lender from having the Conversion Shares issued directly by the Borrower's transfer agent in accordance with the Credit Agreement, in the event for any reason the Borrower fails to issue or deliver, or cause its transfer agent to issue and deliver, the Conversion Shares to the Lender upon exercise of Lender's conversion rights hereunder.

 

  

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(6) The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge to the Lender hereof for any documentary stamp or similar taxes, or any other issuance or transfer fees of any nature or kind that may be payable in respect of the issue or delivery of such certificates, any such taxes or fees, if payable, to be paid by the Borrower.

 

(7) Borrower shall take all action reasonably necessary to at all times have authorized, and reserved for the purpose of issuance, such number of shares of Common Stock as shall be necessary to effect the full conversion of the Note in accordance with its terms (the “Share Reserve”). If at any time the Share Reserve is insufficient to effect the full conversion of the Note then outstanding, Borrower shall increase the Share Reserve accordingly. If Borrower does not have sufficient authorized and unissued shares of Common Stock available to increase the Share Reserve, Borrower shall call and hold a special meeting of the shareholders within forty-five (45) days of such occurrence, or take action by the written consent of the holders of a majority of the outstanding shares of Common Stock, if possible, for the sole purpose of increasing the number of shares authorized to an amount of shares equal to three (3) times the Conversion Shares. Borrower’s management shall recommend to the shareholders to vote in favor of increasing the number of shares of Common Stock authorized.

 

(d) Adjustments to Conversion Price. If, at any time while this Note is outstanding: (i) the Borrower effects any merger or consolidation of the Borrower with or into another Person, (ii) the Borrower effects any sale of all or substantially all of its assets in one transaction or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Borrower or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Borrower effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then upon any subsequent conversion of this Note, the Lender shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one (1) share of Common Stock (the “Alternate Consideration”). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction, and the Borrower shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Lender shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Borrower or surviving entity in such Fundamental Transaction shall issue to the Lender a new note consistent with the foregoing provisions and evidencing the Lender's right to convert such note into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section and insuring that this Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

  

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(e) Make-Whole Rights. Upon liquidation by the Lender of Conversion Shares issued pursuant to a Conversion Notice, provided that the Lender realizes a net amount from such liquidation equal to less than the Conversion Amount specified in the relevant Conversion Notice (such net realized amount, the “Realized Amount”), the Borrower shall issue to the Lender additional shares of the Borrower’s Common Stock equal to: (i) the Conversion Amount specified in the relevant Conversion Notice; minus (ii) the Realized Amount, as evidenced by a reconciliation statement from the Lender (a “Sale Reconciliation”) showing the Realized Amount from the sale of the Conversion Shares; divided by (iii) the average volume weighted average price of the Borrower’s Common Stock during the five (5) Business Days immediately prior to the date upon which the Lender delivers notice (the “Make-Whole Notice”) to the Borrower that such additional shares are requested by the Lender (the “Make-Whole Stock Price”) (such number of additional shares to be issued, the “Make-Whole Shares”). Upon receiving the Make-Whole Notice and Sale Reconciliation evidencing the number of Make-Whole Shares requested, the Borrower shall instruct its transfer agent to issue certificates representing the Make-Whole Shares, which Make Whole Shares shall be issued and delivered in the same manner and within the same time frames as set forth herein. The Make-Whole Shares, when issued, shall be deemed to be validly issued, fully paid, and non-assessable shares of the Borrower’s Common Stock. Following the sale of the Make-Whole Shares by the Lender: (i) in the event that the Lender receives net proceeds from such sale which, when added to the Realized Amount from the prior relevant Conversion Notice, is less than the Conversion Amount specified in the relevant Conversion Notice, the Lender shall deliver an additional Make-Whole Notice to the Borrower following the procedures provided previously in this paragraph, and such procedures and the delivery of Make-Whole Notices shall continue until the Conversion Amount has been fully satisfied; (ii) in the event that the Lender received net proceeds from the sale of Make-Whole Shares in excess of the Conversion Amount specified in the relevant Conversion Notice, such excess amount shall be applied to satisfy any and all amounts owed hereunder in excess of the Conversion Amount specified in the relevant Conversion Notice.

 

 [-signature page follows-]

 

  

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IN WITNESS WHEREOF, the Borrower has executed this Note as of the date set forth above.

 

 

	 	GREEN INNOVATIONS LTD.	 
	 	 	 	 
	
 

	
By: 

	/s/ Bruce Harmon	 
	 	Name:	Bruce Harmon	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 

[Signature Page 1 of 2 to Amended and Restated Revolving Convertible Promissory Note]

 

  

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CONSENT AND AGREEMENT

 

The undersigned, referred to in the foregoing amended and restated revolving convertible promissory note as a guarantor, hereby consents and agrees to said amended and restated revolving convertible promissory note and to the payment of the amounts contemplated therein, documents contemplated thereby and to the provisions contained therein relating to conditions to be fulfilled and obligations to be performed by it pursuant to or in connection with said amended and restated revolving convertible promissory note to the same extent as if the undersigned were a party to said amended and restated revolving convertible promissory note.

 

 

	 	GREEN HYGIENICS, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Bruce Harmon	 
	 	Name:	Bruce Harmon	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 

 

[Signature Page 2 of 2 to Amended and Restated Revolving Convertible Promissory Note]

 

  

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EXHIBIT A

NOTICE OF CONVERSION

 

The undersigned hereby elects to convert principal and/or interest under the Revolving Convertible Promissory Note (the “Note”) Green Innovations Ltd., a corporation incorporated under the laws of the State of Nevada (the “Company”), into shares of common stock, par value $0.0001 per share (the “Common Shares”), of the Company in accordance with the conditions of the Note, as of the date written below.

 

Based solely on information provided by the Company to Holder, the undersigned represents and warrants to the Company that its ownership of the Common Shares does not exceed the Beneficial Ownership Limitation as specified under the Note.

 

	Conversion Calculations	 
	Effective Date of Conversion:	_____________________________
	Principal Amount and/or Interest to be Converted: 	_____________________________
	Number of Common Shares to be Issued:	_____________________________

 

 

	 	[HOLDER]
	 	 
	 	By: _______________________________
	 	Name: _____________________________
	 	Title: ______________________________
	 	Address: ___________________________
	 	__________________________________

 

 

 

 

 

11vnsn_ex101.htm

EXHIBIT 10.1

 

PURCHASE AND SALE AGREEMENT

 

AGREEMENT made at Ottawa, Ontario on the 10th day of March, 2014

 

	
BY AND BETWEEN:

	
VANSEN PHARMA INC., a corporation incorporated under the laws of Nevada, with its head office at 101 Convention Centre Drive, SUITE 700 , Las Vegas, Nevada

	 	 
	  	
(the "Purchaser")

	 	 
	
AND:

	
6708595 Canada Inc., a corporation incorporated under the Canada Business Corporations Act, with its head office at 508 Gladstone, Suite 207, Ottawa, Ontario  K1R 5P1 

	 	 
	 	(the "Company")
	 	 
	
AND:

	
KAZEM AGHARAZI, an individual residing at 44-1512 Walkley Road, Ottawa, Ontario, K1V 2G7

	 	 
	 	("Agharazi")

 

WHEREAS Agharazi is registered and beneficial owner of all of the issued and outstanding shares of Company (the "Shares");

 

WHEREAS Agharazi is the sole proprietor ofCANADIAN HEALTH EMPIRE, a sole proprietorship registered under the Business Names Act (Ontario) ("Canadian Health"); and

 

WHEREAS Agharazi wishes to sell, and the Purchaser wishes to purchase, all of the issued and outstanding shares of the Company and all of the assets and undertaking of Canadian Health, the whole on the terms and conditions herein contained.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed by and between the Parties as follows:

 

	
1.  

	
Shares Acquired

 

Agharzi hereby agree to sell, transfer and all of the assets and undertaking of Canadian Health and assign to the Purchaser and the Purchaser agrees to purchase from Agharazi all of the Shares, for a purchase price (the “Purchase Price”) equal to the aggregate of the value of the goodwill of the business of the Company (the “Goodwill”), and the net asset value (the “NAV”) of the Company determined as at the Closing Date (defined in paragraph 10 below).

 

	
2.  

	
Net Asset Value

 

The NAV will be determined by aggregating the book value of the following assets, only, of the Company, determined as of the Closing Date:

 

	
     (a)  

	
all inventories (Schedule “B” I, II and III) held for sale, in good and salable condition, at the lower of cost or net realizable value (net of all applicable discounts, other than cash settlement discounts), (the “Inventory”), for which title is legally and beneficially held by the Company, subject to confirmation by physical inventory count and verification to be conducted the day prior to the Closing Date, and excluding broken packages, defective and expired goods.

 

	
      (b)  

	
Accounts receivables listed in Schedule “C”

 

  

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For greater certainty, for the purpose of calculating the NAV, the assets of the Company shall only include the Inventory and the accounts receivables.

 

The parties estimate the NAV of the Company as of the Closing Date (the “Closing NAV”) to be approximately $400,000.00, comprised of $300,000.00 for the Inventory and $100,000.00for the Accounts Receivables.

 

	
3.  

	
Goodwill

 

The Goodwill shall include all product registrations (Schedule “D”), trade marks, files, formulations, all government export and import permits and customer name and contacts. The value of the Goodwill shall be $10,000.00

 

	
4.  

	
Payment

 

The Purchase Price, which is estimated at $420,000.00, shall be paid as follows:

 

	
o    

	
110,000 restricted shares of common stock of Vansen Pharma Inc. (the "Vansen Shares") (VNSN : OTCBB)

	
o    

	
$120,000 cash payable at Closing

	
o    

	
$50,000 paid in equal monthly installments starting April 1, 2014

	
o    

	
$140,000 paid in 4 equal installments paid quarterly starting June 1, 2014

 

	
5.  

	
Conditions of Closing by the Purchaser

 

The obligation of the Purchaser to complete the purchase of the Shares and of Canadian Health hereunder shall be subject to the satisfaction of or the compliance with, at or before the Closing Date, each of the following conditions, which are inserted for the sole benefit of the Purchaser, all or any of which conditions may be waived in whole or in part by the Purchaser by notice in writing given to Agharazi:

 

	
      (a)  

	
all of the representations and warranties of Agharazi and the Company made in or pursuant to this Agreement shall be true and correct in all material respects as at the Closing Date and with the same effect as if made as of the Closing Date and the Purchaser shall have received a certificate from Agharazi and the Company confirming the truth and correctness in all material respects of the said representations and warranties and an indemnity pursuant to which Agharazi jointly and severally agree to indemnify and save the Purchaser harmless in respect of all claims, actions, losses, damages or costs, including legal fees and disbursements on a solicitor and his client full indemnity basis, which the Purchaser may suffer or incur as a result of any representation or warranty of Agharazi and the Company being incorrect or breached;

 

  

2

  

 

	
      (b)  

	
Agharazi shall have performed or complied with, in all material respects, all of Agharazi's obligations, covenants and agreements under this Agreement;

 

	
     (c)  

	
since the date of the Final Statements, there shall not have been any adverse material change in, or the discovery of any previously undisclosed fact which has or could have a material adverse effect on, the Company's business, assets, liabilities or financial position or condition or prospects of the Company (other than any change in general business conditions) nor shall any change of law or any regulation, rule or policy of any governmental authority have been enacted or proposed by any government or any governmental authority which, in the Company's opinion, has or could have an adverse material effect on the Company's business, assets, liabilities or financial position or condition or prospects of the Company;

 

	
      (d)  

	
there are no outstanding judgments, decrees, orders, rulings or injunctions of any court or regulatory body with respect to the Company or its business which might have a materially adverse effect on the Company's business or the value of the Shares;

 

	
      (e)  

	
no legal or regulatory action, suit or proceeding shall be pending or threatened by any person, firm or corporation to enjoin, restrict or prohibit the purchase and sale of the Shares contemplated hereby or the right of the Purchaser to own the Shares; and

 

	
     (f)  

	
no law, ruling, order or decree will be in force, and no action will have been taken under any law or by any governmental authority that: (i) makes it illegal or otherwise, directly or indirectly, restrains, enjoins or prohibits the completion of the transactions contemplated by this Agreement; (ii) results in a judgment or assessment of damages, directly or indirectly, relating to the transactions contemplated by this Agreement that would have a material adverse effect on the Company or the value of the Shares; or (iii) would impose any condition or restriction that, after giving effect to the transactions contemplated by this Agreement, would have a material adverse effect on the Company or the value of the Shares.

 

	
6.  

	
Conditions of Closing by Agharazi

 

The obligation of Agharazi to complete the sale of the Shares and Canadian Health hereunder shall be subject to the satisfaction of or the compliance with, at or before the Closing Date, each of the following conditions, which are inserted for the sole benefit of Agharazi, all or any of which conditions may be waived in whole or in part by Agharazi by notice in writing given to the Purchaser:

 

	
      (a)  

	
all of the representations and warranties of the Purchaser made in or pursuant to this Agreement shall be true and correct in all material respects as at the Closing Date and with the same effect as if made at and as of the Closing Date, and Agharazi shall have received a certificate from the Purchaser confirming the truth and correctness in all material respects of the said representations and warranties, and an indemnity in which the Purchaser agrees to indemnify and save Agharazi harmless in respect of all claims, actions, losses, damages or costs, including legal fees and disbursements on a solicitor-and-his-own-client full indemnity basis, which Agharazi may suffer or incur as a result of any representation or warranty of the Purchaser being incorrect or breached; and

 

	
      (b)  

	
the Purchaser shall have performed or complied with, in all material respects, all of its obligations, covenants and agreements under this Agreement.

 

  

3

  

 

	
7.  

	
Vendor’s Representations and Warranties

 

Agharazi and the Company jointly and severally represent and warrant to the Purchaser that:

 

	
      (a)  

	
the Company is duly organized, validly existing and in good standing with the Business Corporation Act (Canada), is a valid and subsisting company in good standing in all jurisdictions where it carries on business, and has all power, capacity, licenses, franchises, permits and rights required in order for it to carry on its business in the manner in which it is conducted at present and to own its property;

 

	
      (b)  

	
Agharazi is the legal and beneficial owners of all the Shares as set out in Schedule “A”, free and clear of all liens, charges, encumbrances or security interests, and Agharazi shall on the Closing Date, pursuant to the terms of this Agreement, deliver to the Purchaser good and marketable title to the Shares and shall cause the Shares to be transferred to the Purchaser, free and clear of all liens, charges, encumbrances, security interests, restrictions, pledges or demands whatsoever;

 

	
      (c)  

	
Agharazi has the full legal right and capacity to enter into this Agreement, perform their obligations hereunder and own or dispose of the Shares;

 

	
      (d)  

	
the Company is the legal and beneficial owner of its property and assets, free and clear of all liens, charges, encumbrances or security interests, and no other person has any right, option or agreement to purchase such property and assets;

 

	
      (e)  

	
the execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, by Agharazi will not, to the knowledge of Agharazi: (i) contravene or constitute a default under any material agreement to which either of Agharazi are a party; (ii) contravene or conflict with or constitute a material violation of any provision of any applicable law binding upon or applicable to either of Agharazi or the Shares; or (iii) result in the creation or imposition of any lien, charge or encumbrance whatsoever against the Shares;

 

	
      (f)  

	
the director(s) and officer(s) of the Company are as set out in Schedule “A”;

 

	
       (g)  

	
the Company is not at the present time a party to any action, suit or other legal proceedings, or any governmental investigation relative to the Company or its business, actual or threatened, and there are no circumstances, matters or things which might give rise to any such action, suit or other legal proceedings or any such governmental investigation;

 

	
      (h)  

	
the Company is not at the present time subject to any audit or investigation, actual or threatened, by any third party provided or insurer, and there are no circumstances, matters or things which might give rise to any such audit or investigation;

 

  

4

  

 

	
     (i)  

	
the Company is not a party to, bound or affected by or subject to any indenture, mortgage, lease, agreement, instrument, provisions in its articles or by-laws, statute, regulation, order, judgment, decree or law which would be violated, contravened or breached by or under which any default would occur as a result of the execution and delivery of this Agreement or the performance of any of the terms hereof;

 

	
     (j)  

	
Agharazi is not a non-resident of Canada for the purposes of the Income Tax Act (Canada);

 

	
      (k)  

	
the financial condition of the Company is now at least as good as the financial condition reflected in the Annual Financial Statements, subject to seasonal fluctuations;

 

	
    (l) 

	
all material financial transactions of the Company have been recorded in the financial books and records of the Company in accordance with good business practice, and such financial books and records:

 

	
                     (i)  

	
accurately reflect in all material respects the basis for the financial condition and the revenues, expenses and results of operations of the Company shown in the Annual and Interim Financial Statements, and

 

	
                       (ii)  

	
together with all disclosures made in this Agreement or in the schedules attached hereto, present fairly in all material respects the financial condition and the revenues, expenses and results of the operations of the Company as of and to the date hereof;

 

	
      (m)  

	
there are no liabilities (contingent or otherwise) of the Company of any kind whatsoever, and there is no basis for assertion against the Company of any liabilities of any kind;

 

	
      (n)  

	
since the Statements Date, the Company has not:

 

	
(i)  

	
incurred any obligation or liability (fixed or contingent), except normal trade or business obligations incurred in the ordinary course of the business, none of which is materially adverse to the Company;

 

	
(ii)  

	
created any lien, charge, encumbrance or security interest upon any of its properties or assets, except as described in this Agreement or in the schedules hereto;

 

	
(iii)  

	
sold, assigned, transferred, leased or otherwise disposed of any of its properties or assets, except in the ordinary course of the business;

 

	
(iv)  

	
purchased, leased or otherwise acquired any properties or assets, except in the ordinary course of the business;

 

	
(v)  

	
waived, canceled or written-off any rights, claims, accounts receivable or any amounts payable to the Company, except in the ordinary course of the business;

 

	
(vi)  

	
entered into any transaction, contract, agreement or commitment, except in the ordinary course of the business of the Company;

 

	
(vii)  

	
terminated, discontinued, closed or disposed of any plant, facility or business operation;

 

  

5

  

 

	
(viii)  

	
had any supplier terminate, or communicate to the Company, the intention or threat to terminate its relationship with the Company, or the intention to substantially reduce the quantity of products or services it sells to the Company, except in the case of suppliers whose sales to the Company are not, in the aggregate, material to the business of the Company or the condition of the Company;

 

	
(ix)  

	
had any customer terminate, or communicate to the Company, the intention or threat to terminate, its relationship with the Company, or the intention to substantially reduce the quantity of products or services it purchases from the Company, or its dissatisfaction with the products or services sold by the Company, except in the case of customers whose purchases from the Company are not, in the aggregate, material to the business of the Company or the condition of the Company;

 

	
(x)  

	
suffered any extraordinary loss relating to the business of the Company;

 

	
(xi)  

	
made or incurred any material change in, or become aware of any event or condition which is likely to result in a material change in, the business of the Company or the condition of the Company or its relationships with its customers, suppliers or employees, or

 

	
      (o)  

	
the Company is not committed to make any capital expenditures, nor have any capital expenditures been authorized by the Company at any time since the Statements Date, except for capital expenditures made in the ordinary course of the routine daily affairs of the business of the Company which, in the aggregate, do not exceed $25,000.00;

 

	
      (p)  

	
the Company is not in default or breach of any contracts, agreements, written or oral, or other instruments to which it is a party, and there exists no state of facts which after notice or lapse of time or both would constitute such a default or breach, and all such contracts, agreements or other instruments are in good standing and the Company is entitled to all of their benefits;

 

	
      (q)  

	
the accounts receivable of the Company reflected in the Annual Financial Statements and all accounts receivable of the Company arising since the Statements Date arose from bona fide transactions in the ordinary course of the business of the Company and are valid, enforceable and fully collectible accounts (subject to a reasonable allowance, consistent with past practice, for doubtful accounts as reflected in the Annual Financial Statements or as previously disclosed in writing to the Purchaser). Such accounts receivable are not subject to any set-off or counterclaim;

 

	
     (r)  

	
the Inventory, is good and usable and is capable of being processed and sold in the ordinary course of the business of the Company at normal profit margins;

 

	
      (s)  

	
Agharazi has previously delivered to the Purchaser a true and complete list of all customers of the business of the Company as of the date hereof. The Company is the sole and exclusive owner of, and has the unrestricted right to use, such customer list. Neither the customer list nor any information relating to the customers of the business of the Company have, within three years prior to the date of this Agreement, been made available to any person other than the Purchaser. Neither Agharazi nor the Company has any knowledge of any facts which could reasonably be expected to result in the loss of any customers or sources of revenue of the business of the Company which, in the aggregate, would be material to the business or the condition of the Company;

 

  

6

  

 

	
     (t)  

	
the Company’s minute books and records are accurate and complete in all material respects;

 

	
      (u)  

	
the business of the Company has been and will be, until the Closing Date, carried on in the ordinary course and Agharazi know of no changes in the business of the Company or transactions out of the ordinary course that are in the aggregate materially adverse to the Purchaser;

 

	
      (v)  

	
Agharazi have no information or knowledge relating to the Company or its business or its assets which, if known to an intentioned purchaser, might reasonably affect his decision to enter into this transaction or materially affect his assessment of the value of the Company or the Shares;

 

	
       (w)  

	
the authorized and issued capital of the Company is as set out in Schedule “A”;

 

	
      (x)  

	
this Agreement constitutes a valid and binding agreement of Agharazi, enforceable against Agharazi in accordance with the terms hereof, except where such enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and subject to equitable remedies that may be granted in the discretion of a court of competent jurisdiction;

 

	
      (y)  

	
in regards to the acquisition of the Vansen Shares, Agharazi acknowledges and confirms that:

 

	
·  

	
Agharazi is not a “US Person,” as such term is defined in Rule 902(k) of Regulation S.

 

	
·  

	
Agharazi is not purchasing the Vansen Shares for the benefit of a US Person.

 

	
·  

	
Agharazi is purchasing the Vansen Shares as an investment and not with a view towards resale.

 

	
·  

	
It has been called to Agharazi’s attention that this investment involves a high degree of risk, and no assurances are or have been made regarding the economic advantages, if any, which may inure to its benefit. The economic benefit from an investment in the Vansen Sharesdepends on the ability of the Purchaser to successfully conduct its business activities. The accomplishment of such goals in turn depends on many factors beyond the control of the Purchaser or its management. Accordingly, the suitability for any particular investor in the Vansen Shareswill depend upon, among other things, such investor's investment objectives and such investor's ability to accept speculative risks, including the risk of a total loss of investment in theVansen Shares. Agharazi’s advisor(s), if any, and Agharazi have carefully reviewed and understand the risk of, and other considerations relating to, an investment in the Vansen Shares.

 

  

7

  

 

	
·  

	
Agharazi is able to bear the economic risks of this investment, is able to hold the Vansen Sharesfor an indefinite period of time, and has sufficient net worth to sustain a loss of the entire investment in the Purchaser in the event such loss should occur.

 

	
·  

	
The Purchaser has answered all inquiries that Agharazi has made of it concerning the Purchaser or any other matters relating to the business and proposed operation of the Purchaser and the offer and sale of theVansen Shares.

 

	
·  

	
Agharazi will offer, sell or otherwise transfer the Vansen Shares only (A) pursuant to a registration statement that has been declared effective under the Securities Act, (B) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S in a transaction meeting the requirements of Rule 904 (or other applicable Rule) under the Securities Act, or (C) pursuant to another available exemption from the registration requirements of the Securities Act, subject to the Purchaser’s right prior to any offer, sale or transfer pursuant to clauses (B) or (C) to require the delivery of an opinion of counsel, certificates or other information reasonably satisfactory to the Purchaser for the purpose of determining the availability of an exemption.

 

	
·  

	
Agharazi is permitted to purchase the Vansen Shares under the laws of his home jurisdiction.

 

	
·  

	
Agharazi has been independently advised as to the applicable holding period imposed in respect of the Vansen Sharesby securities legislation in the jurisdiction in which it resides and confirms that no representation has been made respecting the applicable holding periods for the Vansen Sharesin such jurisdiction and is aware of the risks and other characteristics of the Vansen Sharesand of the fact that holders of such Vansen Sharesmay not be able to resell such Vansen Sharesexcept in accordance with applicable securities legislation and regulatory policy.

 

	
·  

	
Agharazi understands that if it knowingly and willingly makes false statements as to eligibility to purchase or resell securities under Regulation S, it may become subject to civil and criminal proceedings being taken by the United States Securities and Exchange Commission.

 

	
§

	
Agharazi has no present intention of becoming, a resident of the United States (defined as being any natural person physically present within the United States for at least 183 days in a 12-month consecutive period or any entity who maintained an office in the United States at any time during a 12-month consecutive period). Agharazi understands that the Purchaser may rely upon the representations and warranty of this paragraph as a basis for an exemption from registration of the securities under the Securities Act, and the provisions of relevant state securities laws.

 

	
  

	
(y)

	
Agharazi acknowledges and confirms that the Purchaser is relying on the aforesaid representations and warranties in connection with its purchase of the Shares. The aforesaid representations and warranties shall be true and current at the Closing Date as if made at that time and shall survive the closing of this transaction and shall remain in full force and effect for the benefit of the Purchaser, despite any investigation or due diligence performed by the Purchaser.

 

  

8

  

 

	
8.  

	
Purchaser’s Representations and Warranties

 

The Purchaser represents and warrants to Agharazi that:

 

	
     (a)  

	
the Purchaser is a company duly organized, validly existing and in good standing under Nevada Revised Statutes.

 

	
      (b)  

	
the Purchaser has all the necessary corporate power, authority and capacity to enter into and perform its obligations under this Agreement and the execution and deliver of this Agreement and the completion of the transaction hereby contemplated have been duly authorized by all necessary corporate action on the part of the Purchaser;

 

	
      (c)  

	
this Agreement constitutes a valid and binding agreement of the Purchaser enforceable against it in accordance with the terms hereof, except where such enforcement may be limited by bankruptcy, insolvency and other laws affecting the rights of creditors generally and subject to equitable remedies that may be granted in the discretion of a court of competent jurisdiction;

 

	
      (d)  

	
the Purchaser is not a party to, bound or affected by or subject to any indenture, mortgage, lease, agreement, instrument, provisions in its articles or by-laws, statutes, regulation, order, judgment, decree or law which would be violated, contravened or breached by or under which any default would occur as a result of the execution and delivery by it of this Agreement or the performance by it of any of the terms hereof; and

 

	
      (e)  

	
The foregoing representations and warranties shall be true and current at the Closing Date as if made at that time.

 

9.            Other Covenants and Terms

 

	
     (a)  

	
Time shall be of the essence of this Agreement.

 

	
      (b)  

	
This Agreement shall be binding upon and enure to the benefit of the parties hereto, and their respective heirs, executors, administrators, successors and assigns, as the case may be.

 

	
     (c)  

	
This Agreement shall be governed by and construed in accordance with the federal laws of Canada applicable therein.

 

	
      (d)  

	
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties.

 

	
      (e)  

	
All of the provisions of this Agreement shall be treated as separate and distinct and if any provision hereof is declared invalid or unenforceable, the same shall be severed and deleted herefrom and the other provisions shall nevertheless remain in full force and effect.

 

  

9

  

 

	
     (f)  

	
This Agreement may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

 

	
      (g)  

	
All dollar amounts referred to in this Agreement are in Canadian funds.

 

	
      (h)  

	
Unless otherwise provided for in this Agreement or in any document required by the terms of this Agreement, in the event that any disagreement as to any matter associated with this Agreement which cannot be settled arises among the parties hereto, within sixty (60) days of notice of such disagreement having been given to all parties by any other party, every such disagreement shall be referred to arbitration pursuant to the provisions of the Commercial Arbitration Act, R.S.B.C. 1996, c. 55, as amended, and in accordance with the following:

 

	
  

	
(j)

	
Any notice required or permitted to be given hereunder may be effectively given by letter addressed to Agharazi as follows:

 

Canadian Health Empire

Attn: Mr. Kazem Agharazi

44-1512 Walkley Road,

Ottawa, Ontario, Canada K1V 2G7

FAX:1-866-275-9908

 

and to the Purchaser as follows:

 

Vansen Pharma Inc.

Attn: Ahmad Doroudian

Facsimile: 604-225-0588

 

With a copy to:

 

W.L. Macdonald Law Corporation

Suite 400 - 570 Granville Street,

Vancouver BC

Canada V6C 3P1

Fax: 604.681.4760

 

and mailed by registered mail, postage prepaid, or delivered to that address in person or by facsimile communication; and if mailed as aforesaid any such notice shall have been deemed to have been given on the fifth business day following that on which the letter containing the notice is posted; and if faxed, any such notice shall have been deemed to have been given on the date of such transmission evidenced by a confirmation of transmission. Any party to this Agreement may change its address for service from time to time by notice given in accordance with the foregoing.

 

	
  

	
(k)

	
This Agreement may not be assigned by a party without the written consent of the other parties.

 

  

10

  

 

If the foregoing terms and conditions are acceptable to you, please sign, date and return the duplicate copy of this Agreement to the undersigned, retaining one copy for your records.

 

Yours very truly,

 

/s/ Ahmad Doroudian

 

Ahmad Doroudian, Ph.D.

CEO

Vansen Pharma Inc.

 

The undersigned hereby accept the terms and conditions as set out above.

 

Dated this 11                       day of March                              , 2014.

 

CANADIAN HEALTH EMPIRE, a sole proprietorship

 

	By: 	 /s/ Kazem Agharazi	 

 

SIGNED, SEALED AND DELIVERED by

 

Mr. Kazem Agharazi 

 

in the presence of:

 

	
/s/ Ahmad Doroudian 

	 

Signature

 

	Ahmad Doroudian 	 

Name

 

	 	 

Address

 

	CEO 	 

Occupation

 

  

11

  

 

SCHEDULE “A”

 

Authorized Share Capital

 

Issued Share Capital

 

	
Name

	 	
Cert #

	 	 	#	 
	
 

	Shares	Share Type	 	 	 	 

 

Directors and Officers:

 

  

12

  

 

SCHEDULE “B”

 

INVENTORY LIST

 

I. SOFTGEL INVENTORY

 

	
NOM DU PRODUIT

	
Stock

	
Cost

	
Market value

	
chewy gel cream orange fish

	
75,000

	
2,250

	  
	
Chewy gel cream orange fish

	
325,000

	
9,750

	
chewy gel cream orange fish Total

	
400,000

	  	
56,000

	
DEPA

	
400,000

	
12,000

	  
	
DEPA

	
400,000

	
12,000

	
DEPA

	
310,000

	
9,300

	
DEPA

	
375,000

	
11,250

	
DEPA

	
395,000

	
11,850

	
DEPA

	
375,000

	
11,250

	
DEPA Total

	
2,255,000

	  	
180,400

	
Evening Primose 500 mg

	
960,000

	
28,800

	  
	
Evening Primose 500 mg

	
960,000

	
28,800

	
Evening Primose 500 mg Total

	
1,920,000

	  	
307,200

	
Hemp oil

	
195,000

	
5,850

	  
	
Hemp oil Total

	
195,000

	  	
21,450

	
HoodiaSure

	
368,000

	
11,040

	  
	
HoodiaSure

	
64,000

	
1,920

	
HoodiaSure

	
300,000

	
3,000

	
HoodiaSure Total

	
732,000

	  	
146,400

	
Super garlic oil 300 mcg

	
972,000

	
29,160

	  
	
Super garlic oil 300 mcg Total

	
972,000

	  	
77,760

	
Wheat Germ Oil

	
387,000

	
11,610

	  
	
Wheat Germ Oil

	
370,000

	
11,100

	
Wheat Germ Oil Total

	
757,000

	  	
151,400

	  	
6,931,000.00

	
210,930

	
940,610

  

13

  

 

SCHEDULE “B”

 

INVENTORY LIST

 

II. RAW MATERIAL INVENTORY

 

II. RAW MATERIAL INVENTORY

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0011

	

Betain Anhydrous

	

25

	

13018

	

 $21.90

	

 $547.50

	

RM0012

	

Betain Anhydrous

	

25

	

13018

	

 $21.90

	

 $547.50

	

RM0013

	

magnesium Oxid powder

	

10

	

13018

	

 $7.50

	

 $75.00

	

RM0014

	

N-acctyl -L-cytene

	

25

	

13018

	

 $18.90

	

 $472.50

	

RM0015

	

L-leucine Ethylster

	

10

	

13018

	

 $24.70

	

 $247.00

	

RM0916

	

HMB NON HIGH DENSITY20

	

20

	

13018

	

 $22.46

	

 $449.20

	

RM0703

	

L-ISOLEUCINE GRANULAR

	

5

	

13018

	

 $47.00

	

 $235.00

	

RM0017

	

Betain Anhydrous

	

25

	

13018

	

 $26.00

	

 $650.00

	

RM0018

	

N-acctyl -L-Tyrosin

	

25

	

13018

	

 $23.00

	

 $575.00

	

RM0019

	

N-acctyl -L-Tyrosin

	

5

	

13018

	

 $23.00

	

 $115.00

	

RM0020

	

N-acctyl -L-Glutamin

	

10

	

13018

	

 $23.00

	

 $230.00

	

RM0021

	

Inositol Hexaphosher

	

20

	

13018

	

 $13.00

	

 $260.00

	

RM0022

	

Creatine Pyrurat

	

10

	

13018

	

 $16.00

	

 $160.00

	

RM0873

	

L-carnitine Arginat DHCL

	

10

	

13018

	

 $46.00

	

 $460.00

	

RM0024

	

L-Aspartic

	

15

	

13018

	

 $36.00

	

 $540.00

	

RM0025

	

Comax Art Butter Scotch Powder

	

25

	

13018

	

 $36.00

	

 $900.00

	

RM0026

	

L-Ornithin HCL

	

7

	

13018

	

 $23.00

	

 $161.00

	

RM0027

	

Hesperidin

	

10

	

13018

	

 $29.00

	

 $290.00

	

RM0028

	

Citrus Aurantium 10%

	

15

	

13018

	

 $18.00

	

 $270.00

	

RM0029

	

Aspertame

	

15

	

13018

	

 $56.00

	

 $840.00

	

RM0030

	

MCC Vida

	

10

	

13018

	

 $4.50

	

 $-

 

  

14

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0031

	

MCC Vida

	

8

	

13018

	

 $4.50

	

 $-

	

RM0032

	

MCC Vida

	

12

	

13018

	

 $4.50

	

 $-

	

RM0033

	

Comax Art Butter Scotch Powder

	

25

	

13018

	

 $32.50

	

 $812.50

	

RM0034

	

Comax Cake&Cream Powder

	

25

	

13018

	

 $36.00

	

 $900.00

	

RM0035

	

Sawpalmato

	

20

	

13018

	

 $58.00

	

 $1,160.00

	

RM0036

	

Macca Powder

	

17.69

	

13018

	

 $35.00

	

 $619.15

	

RM0037

	

L-Tyrosin

	

20

	

13018

	

 $27.00

	

 $540.00

	

RM0038

	

Sawpalmato Berries

	

15

	

13018

	

 $35.00

	

 $525.00

	

RM0039

	

Ginger Root Powder

	

25

	

13018

	

 $28.00

	

 $700.00

	

RM0040

	

L-leucine HCL

	

15

	

13018

	

 $24.70

	

 $370.50

	

RM0041

	

Papin

	

25

	

13018-17

	

 $28.00

	

 $700.00

	

RM0042

	

papiun Powder

	

20

	

13018-17

	

 $28.00

	

 $560.00

	

RM0043

	

L-arganin (L-Pyrogltamate)

	

7

	

13018-17

	

 $17.50

	

 $122.50

	

RM0044

	

L-Arganin HCL

	

15

	

13018-17

	

 $27.00

	

 $405.00

	

RM0045

	

BCAA granulat Blend

	

10

	

13018-17

	

 $47.00

	

 $470.00

	

RM0046

	

7 Methoxyisoflavour

	

7

	

13018-17

	

 $43.00

	

 $301.00

	

RM0047

	

HMB L_ARGANIN SALT

	

25

	

13018-17

	

 $22.46

	

 $561.50

	

RM0048

	

Tri-Creatin Malet

	

25

	

13018-17

	

 $14.90

	

 $372.50

	

RM0049

	

Glucoronalactone

	

25

	

13018-17

	

 $12.90

	

 $322.50

	

RM0050

	

creatin Alpha Ketouglul

	

25

	

13018-17

	

 $17.00

	

 $425.00

	

RM0051

	

L-Carnatin HCL Estyer

	

25

	

13018-17

	

 $53.59

	

 $1,339.75

	

RM0052

	

Creatine Ethyl Ester HCL

	

15

	

13018-17

	

 $17.00

	

 $255.00

	

RM0053

	

L-Arganin Ketoisocapraate

	

25

	

13018-17

	

 $16.90

	

 $422.50

	

RM0054

	

Watson

	

7

	

13018-17

	

 $26.00

	

 $182.00

 

  

15

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0055

	

Citrulin

	

4

	

13018-17

	

 $46.00

	

 $184.00

	

RM0056

	

L-carnatine Tarirat

	

25

	

13018-17

	

 $53.00

	

 $1,325.00

	

RM0057

	

Pikamilon HCL( Reguvanate)

	

5

	

13018-17

	

 $29.00

	

 $145.00

	

RM0058

	

Epimedium SE icarin 10%

	

10

	

13018-17

	

 $18.00

	

 $180.00

	

RM0059

	

vanilin

	

0

	

0

	

 $-

	

 $-

	

RM0060

	

Echinacea purpurea powder

	

15

	

13016

	

 $15.00

	

 $225.00

	

RM0061

	

L-alanyl L-glutamin

	

15

	

13016

	

 $19.50

	

 $292.50

	

RM0062

	

Ginger Root Powder

	

15

	

13016

	

 $28.00

	

 $420.00

	

RM0063

	

Ginsing Panex

	

10

	

13016

	

 $56.00

	

 $560.00

	

RM0064

	

Lycium Goji (lycium Barbarum)

	

20

	

13016

	

 $43.00

	

 $860.00

	

RM0065

	

Astragalus 4:1 root

	

15

	

13016

	

 $36.00

	

 $540.00

	

RM0066

	

L-Arganin L-Aspertate

	

20

	

13016

	

 $19.30

	

 $386.00

	

RM0067

	

L-Alpha Lysophosphatdyl choline

	

20

	

13016

	

 $16.00

	

 $320.00

	

RM0068

	

Sun Flawer Oil Powder

	

10

	

13016

	

 $6.50

	

 $65.00

	

RM0069

	

Malek Acid

	

10

	

13016

	

 $13.00

	

 $130.00

	

RM0070

	

Trehalose

	

10

	

13016

	

 $10.00

	

 $100.00

	

RM0071

	

colostrom

	

7

	

13016

	

 $9.50

	

 $66.50

	

RM0072

	

Instant Inulin

	

5

	

13016

	

 $4.90

	

 $24.50

	

RM0073

	

Fiber suger

	

10

	

13016

	

 $5.00

	

 $50.00

	

RM0074

	

Miscler Casein

	

12

	

13016

	

 $18.50

	

 $222.00

	

RM0075

	

citric acid

	

15

	

13016

	

 $3.00

	

 $45.00

	

RM0076

	

Dry Drevers est

	

15

	

13016

	

 $8.00

	

 $120.00

	

RM0077

	

Caragunan Gum

	

5

	

13016

	

 $14.00

	

 $70.00

	

RM0078

	

maltodextrin

	

10

	

13016

	

 $2.00

	

 $20.00

 

  

16

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0079

	

ACEK Potasium

	

15

	

13016

	

 $5.00

	

 $75.00

	

RM0080

	

HMB NON HIGH DENSITY20

	

20

	

13016

	

 $22.46

	

 $449.20

	

RM0081

	

Flexed oil Powder

	

20

	

13016

	

 $4.60

	

 $92.00

	

RM0082

	

HMB calsium HMB

	

20

	

13016

	

 $22.46

	

 $449.20

	

RM0083

	

Beta ALANINe

	

20

	

13016

	

 $17.00

	

 $340.00

	

RM0084

	

ilicon dextrose

	

5

	

13016

	

 $3.00

	

 $15.00

	

RM0085

	

dextrose

	

5

	

13016

	

 $3.00

	

 $15.00

	

RM0086

	

Sawpalmato Berries

	

10

	

13016

	

 $35.00

	

 $350.00

	

RM0087

	

Creatine Glysero Berres

	

10

	

13016

	

 $8.90

	

 $89.00

	

RM0088

	

pamagranat Extrac powder

	

10

	

13016

	

 $57.31

	

 $573.10

	

RM0089

	

Apple Fiber

	

10

	

13016

	

 $10.00

	

 $100.00

	

RM0090

	

Trebullles20%

	

5

	

13016

	

 $25.00

	

 $125.00

	

RM0091

	

Glucoman

	

20

	

13016

	

 $6.50

	

 $130.00

	

RM0092

	

MCC103

	

15

	

13016

	

 $4.50

	

 $67.50

	

RM0093

	

MCC104

	

16

	

13016

	

 $4.50

	

 $72.00

	

RM0094

	

Creatine phosphate

	

15

	

13016

	

 $12.00

	

 $180.00

	

RM0095

	

Croscromellos

	

25

	

13016

	

 $4.50

	

 $112.50

	

RM0096

	

Croscromellos

	

25

	

13016

	

 $4.50

	

 $112.50

	

RM0097

	

Colus furskoholis 3 Drums

	

20

	

13016

	

 $232.00

	

 $4,640.00

	

RM0098

	

Colus furskoholis 3 Drums

	

0

	

13016

	

 $-

	

 $-

	

RM0099

	

Colus furskoholis 3 Drums

	

0

	

13016

	

 $-

	

 $-

	

RM0100

	

banaba 1%

	

20

	

13016

	

 $28.00

	

 $560.00

	

RM0101

	

Trebullles20% = No 84

	

3

	

13016

	

 $123.00

	

 $369.00

	

RM0102

	

Kerry Caramel

	

15

	  	

 $27.00

	

 $405.00

 

  

17

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0103

	

Kerrypassin fruit

	

20

	  	

 $30.00

	

 $600.00

	

RM0104

	

Kerry lemon lime one box

	

20

	  	

 $35.00

	

 $700.00

	

RM0105

	

Kerrypine apple flaovour

	

20

	  	

 $33.00

	

 $660.00

	

RM0106

	

KerryPassion fruit

	

20

	  	

 $30.00

	

 $600.00

	

RM0107

	

Kerry cherry

	

20

	  	

 $39.00

	

 $780.00

	

PM0535

	

Kerry Strawberry powder

	

15

	  	

 $47.69

	

 $715.35

	

PM0536

	

Kerry orange powder color

	

25

	  	

 $59.00

	

 $1,475.00

	

PM0537

	

Kerrylemon flabovr

	

20

	  	

 $37.00

	

 $740.00

	

PM0538

	

Kerrycherry

	

15

	  	

 $39.00

	

 $585.00

	

PM0539

	

Kerrybluberry

	

15

	  	

 $53.00

	

 $795.00

	

PM0540

	

Kerrychocolate

	

20

	  	

 $37.00

	

 $740.00

	

PM0541

	

Black tea flavour

	

25

	  	

 $46.00

	

 $1,150.00

	

PM0542

	

Kerry trupical flavour

	

17

	  	

 $63.00

	

 $1,071.00

	

PM0543

	

Kerry vanila

	

10

	  	

 $27.00

	

 $270.00

	

PM0544

	

Kerry red berrys

	

18

	  	

 $36.00

	

 $648.00

	

PM0545

	

Kerry passion fruit

	

20

	  	

 $30.00

	

 $600.00

	

PM0546

	

Kerrypine apple flaovour

	

20

	  	

 $33.00

	

 $660.00

	

PM0547

	

Kerryred berris

	

15

	  	

 $38.00

	

 $570.00

	

PM0548

	

Kerry lemon lime one box

	

20

	  	

 $37.00

	

 $740.00

	

PM0549

	

Kerry blue berrys

	

20

	  	

 $53.00

	

 $1,060.00

	

PM0550

	

blueberry flavour

	

20

	  	

 $53.00

	

 $1,060.00

	

PM0551

	

Kerrycitrus flavour

	

20

	  	

 $47.00

	

 $940.00

	

PM0552

	

kerry citrus flavour

	

20

	  	

 $47.00

	

 $940.00

 

  

18

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

PM0553

	

Rasberry flavour

	

20

	  	

 $39.00

	

 $780.00

	

PM0554

	

citrus blend

	

17

	  	

 $47.00

	

 $799.00

	

PM0555

	

blue berry

	

19

	  	

 $53.00

	

 $1,007.00

	

PM0556

	

cherry flavour

	

20

	  	

 $39.00

	

 $780.00

	

PM0549

	

pine apple

	

20

	  	

 $33.00

	

 $660.00

	

PM0550

	

Fruit punch Flavour

	

17

	  	

 $38.00

	

 $646.00

	

PM0551

	

Chacolate Flavour

	

20

	  	

 $37.00

	

 $740.00

	

PM0552

	

Kerry Blue Berrys

	

20

	  	

 $53.00

	

 $1,060.00

	

PM0553

	

Kerry Limonate Flavour

	

15

	  	

 $43.00

	

 $645.00

	

PM0554

	

Bcaa Powder

	

20

	  	

 $47.00

	

 $940.00

	

PM0555

	

Bcaa Powder

	

20

	  	

 $47.00

	

 $940.00

	

PM0556

	

BCAA Powder

	

6

	  	

 $47.00

	

 $282.00

	

PM0557

	

Lemon lime powder

	

15

	  	

 $37.00

	

 $555.00

	

PM0558

	

Acai Flavour

	

9

	  	

 $26.00

	

 $234.00

	

PM0558

	

Lemon lime Flavour

	

17

	  	

 $37.00

	

 $629.00

	

RM0989

	

Instanized Crushed Oatmeal

	

430.92

	  	

 $0.99

	

 $427.68

	

RM0260

	

Milk Protein Isolate (Barpro 292)

	

70.881

	  	

 $17.91

	

 $1,269.82

	

RM0131

	

HMB-Ca High Density

	

35

	  	

 $22.46

	

 $786.04

	

RM0873

	

L-Carnitine Arginate DiHCL (export only)

	

24.379

	  	

 $53.50

	

 $1,304.28

	

RM0372

	

Betaline HCL

	

22.709

	  	

 $5.30

	

 $120.29

	

RM0598

	

Zinc Gluconate

	

15.728

	  	

 $12.25

	

 $192.75

	

RM0687

	

Waxy Maize Starch Unmodified

	

11.808

	  	

 $2.90

	

 $34.26

 

  

19

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	 	(TB09090)	 	 	 	 
	

RM0832

	

Oreo Cookie Crumbs

	

7.367

	  	

 $7.35

	

 $54.12

	

RM0411

	

FD&C Blue #1

	

1.00458

	  	

 $68.00

	

 $68.31

	

RM0386

	

Flavor Concepts Raspberry # 704214

	

0.589567

	  	

 $21.88

	

 $12.90

	

RM0989

	

Instanized Crushed Oatmeal

	

430.92

	  	

 $0.99

	

 $427.68

	

RM0098

	

Dicalcium Phosphate (Fine Granular)

	

0

	  	

 $5.25

	

 $-

	

RM0605

	

Magnesium Creatine Chelate

	

73.96

	  	

 $16.94

	

 $1,253.15

	

RM0260

	

Milk Protein Isolate (Barpro 292)

	

70.881

	  	

 $17.91

	

 $1,269.82

	

RM0238

	

Vanillin

	

60.788

	  	

 $18.35

	

 $1,115.26

	

RM0827

	

Kerry Blueberry MC011358

	

60.655

	  	

 $25.95

	

 $1,574.00

	

RM0868

	

Kerry Creamy Vanilla 714101

	

57.003

	  	

 $17.85

	

 $1,017.50

	

RM0916

	

HMB non high density

	

50

	  	

 $27.00

	

 $1,350.00

	

RM0987

	

Lecithin F Powder

	

42

	  	

 $8.80

	

 $369.60

	

RM0440

	

L-Citrulline Malate 1:1

	

0

	  	

 $24.00

	

 $-

	

RM1077

	

Kerry Cranberry Raspberry WONF ID

	

38.56

	  	

 $29.75

	

 $1,147.16

	

RM0535

	

Zinc Sulfate Monohydrate

	

0

	  	

 $8.45

	

 $-

	

RM0131

	

HMB-Ca High Density

	

35

	  	

 $22.46

	

 $786.04

	

RM0477

	

Cellulose Gum

	

0

	  	

 $11.95

	

 $-

	

RM0734

	

Kerry Blue Raspberry MC010198

	

32.356

	  	

 $39.95

	

 $1,292.62

	

RM0744

	

Strawberry Powder

	

29.807

	  	

 $30.00

	

 $894.21

	

RM0619

	

Rasberry flavour

	

5

	  	

 $-

	

 $-

	

RM0976

	

graep Artificial

	

10

	  	

 $23.00

	

 $230.00

	

RM0010

	

french Vanila

	

15

	  	

 $47.00

	

 $705.00

 

  

20

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0338

	

watermelone

	

7

	  	

 $36.00

	

 $252.00

	

RM0017

	

Coke & Cream

	

20

	  	

 $32.50

	

 $650.00

	

RM0333

	

tropical Punch

	

10

	  	

 $36.00

	

 $360.00

	

RM0076

	

chocolate fedge

	

10

	  	

 $28.00

	

 $280.00

	

RM0025

	

vanila

	

10

	  	

 $-

	

 $-

	

RM0581

	

masking agent

	

9

	  	

 $17.00

	

 $153.00

	

RM0631

	

cranberry juice powder

	

5

	  	

 $12.00

	

 $60.00

	

RM0093

	

Caffein Mask

	

5

	  	

 $18.00

	

 $90.00

	

RM0806

	

V.D coconat

	

15

	  	

 $36.00

	

 $540.00

	

RM0807

	

V.D Orange

	

10

	  	

 $42.00

	

 $420.00

	

RM0808

	

pinut clada

	

15

	  	

 $31.50

	

 $472.50

	

RM0767

	

Apricot Powder

	

22.328

	  	

 $38.95

	

 $869.74

	

RM0127

	

Green Tea Extract 50% Poly/15% Caf

	

22.183

	  	

 $9.70

	

 $-

	

RM0817

	

Sweet Potato Powder

	

22.092

	  	

 $44.06

	

 $973.40

	

RM0461

	

Orotic Acid

	

0

	  	

 $28.68

	

 $-

	

RM0536

	

Magnesium Oxide Powder

	

0

	  	

 $7.05

	

 $-

	

RM0766

	

Plum Powder

	

0

	  	

 $31.61

	

 $-

	

RM0765

	

Blackberry Powder

	

20.43

	  	

 $27.78

	

 $-

	

RM0913

	

Phenylethylamine HCL

	

0

	  	

 $14.91

	

 $-

	

RM0755

	

Green Coffee 45%

	

0

	  	

 $52.52

	

 $-

	

RM0565

	

Green Tea 60% EGCG (Decaffeinated)

	

0

	  	

 $39.28

	

 $-

	

RM0049

	

Avena Sativa 4:1 Extract

	

0

	  	

 $12.47

	

 $-

 

  

21

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0761

	

Pomegranate Extract

	

0

	  	

 $47.31

	

 $-

	

RM0831

	

Citrus Aurantium 10%

	

0

	  	

 $30.77

	

 $-

	

RM0624

	

L-Leucine Ethyl Ester

	

0

	  	

 $29.50

	

 $-

	

RM0123

	

Grape Shade CC3055

	

0

	  	

 $35.00

	

 $-

	

RM0990

	

Psyllium Husks 85% 40 Mesh Powder

	

0

	  	

 $6.00

	

 $-

	

RM0071

	

Cayenne Pepper 40,000 HU

	

0

	  	

 $6.69

	

 $-

	

RM0523

	

Maca PE 4:1

	

0

	  	

 $15.16

	

 $-

	

RM0170

	

Muira Puama Powder

	

0

	  	

 $5.16

	

 $-

	

RM0395

	

Yerba Mate Powder

	

0

	  	

 $4.38

	

 $-

	

RM0432

	

Micro-Cel C-CJM103

	

0

	  	

 $12.91

	

 $-

	

RM0598

	

Zinc Gluconate

	

0

	  	

 $12.25

	

 $-

	

RM0912

	

Fucoxanthin (1%)

	

0

	  	

 $52.34

	

 $-

	

RM1096

	

Green Tea Extract 50% Poly/5% Caffeine

	

0

	  	

 $6.50

	

 $-

	

RM1036

	

Fibrex Sugar Beet Fiber

	

0

	  	

 $8.00

	

 $-

	

RM0408

	

Pumpkin Seed Powder

	

0

	  	

 $11.23

	

 $-

	

RM0733

	

Acacia Rigidula

	

0

	  	

 $274.39

	

 $-

	

RM0204

	

Silicon Dioxide HUBO115 Zeofree 5162

	

0

	  	

 $5.75

	

 $-

	

RM0538

	

White Kidney Bean Extract (Fabenol Max)

	

0

	  	

 $57.99

	

 $-

	

RM0240

	

Watson F072414 (WE16765)

	

0

	  	

 $12.54

	

 $-

	

RM0068

	

Canola Oil #COR311

	

0

	  	

 $3.45

	

 $-

	

RM0265

	

Nettle 6:1 1% Silica

	

0

	  	

 $19.57

	

 $-

 

  

22

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0687

	

Waxy Maize Starch Unmodified (TB09090)

	

0

	  	

 $2.90

	

 $-

	

RM1031

	

Salvia Officinalis Leaf(Sage Leaf Pwd)

	

0

	  	

 $7.18

	

 $-

	

RM0009

	

Cranberry Juice Powder

	

0

	  	

 $27.76

	

 $-

	

RM0504

	

Apple Pectin Powder

	

11.089

	  	

 $17.50

	

 $-

	

RM0726

	

Razberi-K

	

0

	  	

 $63.32

	

 $-

	

RM0998

	

Thiamine HCL (Vitamin B1)

	

9.871

	

Richard

	

 $39.94

	

 $394.20

	

RM0921

	

Freez organic Dry kat

	

15

	  	

 $34.00

	

 $510.00

	

RM0533

	

beta caraton 1%

	

10

	  	

 $17.00

	

 $170.00

	

RM0390

	

Organic bruckly powder

	

10

	  	

 $21.00

	

 $210.00

	

RM0786

	

Wild Black tea

	

45

	  	

 $27.50

	

 $1,237.50

	

RM0751

	  	  	  	  	  
	

RM0610

	

Dandelion “Ariel” Powder

	

0

	  	

 $9.97

	

 $-

	

RM0632

	

Nopal Cactus Powder

	

0

	  	

 $10.00

	

 $-

	

RM0832

	

Oreo Cookie Crumbs

	

7.367

	  	

 $7.35

	

 $54.12

	

RM0582

	

Quinoline Yellow

	

5.054

	  	

 $154.12

	

 $778.93

	

RM0835

	

L-Phenylalanine

	

4.646

	  	

 $13.38

	

 $62.16

	

RM0090

	

Dry sweet Potato 7

	

7

	  	

 $20.00

	

 $140.00

	

RM0312

	

bioCor Vita berry Belnd

	

2

	  	

 $15.00

	

 $30.00

	

RM0615

	

CLA powder

	

15

	  	

 $23.00

	

 $345.00

	

RM0498

	

CLA powder

	

15

	  	

 $23.00

	

 $345.00

	

RM0243

	

Organic Sweet Cherry

	

5

	  	

 $15.00

	

 $75.00

	

RM0095

	

Dry sweet apple

	

5

	  	

 $20.00

	

 $100.00

 

  

23

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM0359

	

lemon lime juice powder

	

5

	  	

 $20.00

	

 $100.00

	

RM0746

	

mango powder

	

5

	  	

 $20.00

	

 $100.00

	

RM0087

	

Carrot Juice powder

	

5

	  	

 $20.00

	

 $100.00

	

RM0636

	

Peach Powder

	

5

	  	

 $20.00

	

 $100.00

	

RM0855

	

potato Powder

	

5

	  	

 $20.00

	

 $100.00

	

RM0328

	

Plum Powder

	

20.53

	  	

 $31.61

	

 $648.95

	

RM0821

	

Apricot Powder

	

10

	  	

 $20.00

	

 $200.00

	

RM0081

	

Cinamon powder

	

20

	  	

 $20.00

	

 $400.00

	

RM0531

	

Whey protein 80

	

110

	  	

 $13.50

	

 $1,485.00

	

RM0411

	

FD&C Blue #1

	

1.00458

	  	

 $68.00

	

 $68.31

	

RM0232

	

green Alga

	

25

	  	

 $17.25

	

 $431.29

	

RM1025

	

L-Arginine Base

	

0.8679

	  	

 $17.23

	

 $14.95

	  	

L-Norvaline Ethyl Ester

	

0

	  	

 $508.64

	

 $-

	  	

Marine Ext.(5% Anserine/10%

	

0

	  	

 $759.00

	

 $-

	  	

Nettle Leaf Extract 4:1

	

0

	  	

 $16.50

	

 $-

	

RM0386

	

Flavor Concepts Raspberry # 704214

	

0.589567

	  	

 $21.88

	

 $12.90

	

RM0793

	

Caffeine Microencapsulated 60%

	

0

	  	

 $36.75

	

 $-

	

RM0809

	

Magnesium Tashinoate B(MTB)

	

0

	  	

 $436.53

	

 $-

	

RM0870

	

Invertase

	

0.5

	  	

 $479.51

	

 $-

	

RM0871

	

Amylase

	

0.5

	  	

 $50.47

	

 $-

 

  

24

  

 

	

No

	

Description

	

weight KG

	

location

	

unit price

	

Total

	

RM1131

	

Potassium Phosphate

	

0

	  	

 $15.00

	

 $-

	

RM1068

	

AminoMelon

	

0.447

	  	

 $129.49

	

 $57.88

	

RM0599

	

Vitamin D3 (Cholecalciferol)

	

0

	  	

 $43.00

	

 $-

	

RM0703

	

L-Leucine Granular

	

0

	  	

 $15.34

	

 $-

	

RM1062

	

Chia Seed

	

0

	  	

 $29.00

	

 $-

	  	
Lemonad Powder

	
18

	  	
 $23.00

	
 $414.00

	  	  	  	  	  	  
	  	  	  	  	  	

 $96,067.28

  

25

  

 

SCHEDULE “C”

 

INVENTORY LIST

 

III. PACKAGING MATERIAL INVENTORY

 

	

Code

	

Description

	

Last Cost

	

Total Stock

	

Cost

	

PM0189

	

110mm T/E Lid White w/ PS22 Liner

	

0.30

	

47

	

 $14.24

	

PM0060

	

38mm Reg Lid Black

	

0.03

	

300

	

 $9.41

	

PM0057

	

33mm Reg Lid White

	

0.04

	

34134

	

 $1,336.00

	

PM0070

	

45mm Reg Lid Red

	

0.06

	

25700

	

 $1,413.50

	

PM0458

	

Scoop, 7.5cc Medium Handle

	

0.06

	

23927

	

 $1,344.70

	

PM0071

	

45mm Reg Lid Gold GNC

	

0.08

	

12775

	

 $961.45

	

PM0457

	

32oz Jar Black HDPE 89/400

	

0.28

	

7150

	

 $1,973.40

	

PM0041

	

150cc White HDPE 38/400

	

0.18

	

6243

	

 $1,092.53

	

PM0054

	

Scoop, 29.6cc Clear (Short Handle)

	

0.04

	

5986

	

 $228.67

	

PM0224

	

89mm T/E Lid Gold with PS22 Liner (GNC)

	

0.23

	

5880

	

 $1,360.10

	

PM0069

	

45mm Reg Lid White

	

0.04

	

5500

	

 $237.27

	

PM0435

	

53mm Blue(Grey) Lid Induction Seal (GNC)

	

0.06

	

4900

	

 $306.45

	

PM0414

	

1L T/E White HDPE (89mm)

	

0.41

	

3648

	

 $1,477.44

	

PM0434

	

950cc Blue(Grey) GNC 53/400

	

0.60

	

2483

	

 $1,479.17

	

PM0103

	

Scoop, 11cc Clear (Long Handle)

	

0.06

	

2264

	

 $126.72

	

PM0507

	

32oz 89mm HDPE Bottle Starchem

	

0.34

	

2032

	

 $691.92

	

PM0390

	

500cc White HDPE Pano Finish 89/400

	

0.30

	

538

	

 $160.32

	

PM0433

	

500cc Blue(Grey) GNC 53/400

	

0.31

	

1703

	

 $522.03

	

PM0407

	

Scoop, 15cc Clear (Long Handle)

	

0.06

	

1553

	

 $97.99

	

PM0388

	

1L T/E Black HDPE (89mm)

	

0.41

	

1482

	

 $600.21

	

PM0508

	

89mm Flat Lids, Heat Induction Starchem

	

0.12

	

1069

	

 $128.28

 

  

26

  

 

	

Code

	

Description

	

Last Cost

	

Total Stock

	

Cost

	

PM0173

	

Food Liner Bags(Large) 38*62 2.0 mil

	

0.52

	

930

	

 $488.16

	

PM0091

	

89mm T/E Lid White with PS22 Liner

	

0.21

	

894

	

 $191.50

	

PM0225

	

110mm T/E Lid Gold with PS22 Liner (GNC)

	

0.33

	

814

	

 $265.36

	

PM0509

	

Scoop, 11cc Clear (Short Handle)

	

0.06

	

800

	

 $46.80

	

PM0045

	

Scoop, 20cc Clear (Short Handle)

	

0.05

	

723

	

 $34.85

	

PM0304

	

950cc Dark Amber PET 53/400

	

0.34

	

698

	

 $237.32

	

PM0051

	

250cc Clear PET 45/400

	

0.22

	

696

	

 $151.56

	

PM0462

	

Scoop, 55cc Clear (Long Handle)

	

0.07

	

454

	

 $29.69

	

PM0012

	

1.5L T/E White HDPE (110mm)

	

0.38

	

303

	

 $113.93

	

PM0063

	

38mm Reg Lid White with PS22 Liner

	

0.07

	

300

	

 $22.20

	

PM0078

	

500cc Regular Amber 45/400

	

0.42

	

48

	

 $20.16

	

PM0028

	

110mm T/E Lid White w/ PS22 Liner

	

0.30

	

47

	

 $14.27

	

PM0278

	

500cc T/E Black HDPE Pano 89/400

	

0.29

	

35

	

 $10.12

	

PM0275

	

400cc Clear PET 45/400

	

0.32

	

33

	

 $10.58

	  	  	  	  	

 $17,198.31

  

27

  

 

SCHEDULE “D”

 

 

ACCOUNTS RECEIVABLES

 

 

 

 

  

28

  

 

SCHEDULE “E”

 

PRODUCT REGISTRATIONS

 

	
NPN/DIN-HM

	
Brand Name(s)

	
Licence Holder

	
Current Status

	
NPN/DIN-HM: Natural Product Number (NPN) or Homeopathic Medicine Number (DIN-HM)

	
80003563

	
Meno Ii

	
Canadian Health Empire

	
Active

	
80004593

	
Zincola

	
Canadian Health Empire

	
Active

	
80004809

	
Men'S Support

	
Canadian Health Empire

	
Active

	
80008644

	
Chondroitin Complex

	
Canadian Health Empire

	
Active

	
80022717

	
O2

	
Canadian Health Empire

	
Active

	
80037928

	
Leanavit Tm

	
Canadian Health Empire

	
Active

	
80041874

	
Beta Alanine

	
Canadian Health Empire

	
Active

	
80041913

	
Hmb

	
Canadian Health Empire

	
Active

	
80042534

	
Beta Alanine

	
Canadian Health Empire

	
Active

	
80043768

	
L-Carnitine

	
Canadian Health Empire

	
Active

	
80044900

	
Amino + Arginine;

	
Canadian Health Empire

	
Active

	
Canadian Arginine

	
80044993

	
Omega-3 Super Krill Oil;

	
Canadian Health Empire

	
Active

	
Super Krill 1500

	
80044995

	
Canadian Primrose

	
Canadian Health Empire

	
Active

	
80045261

	
Whey Protein Isolate;

	
Canadian Health Empire

	
Active

	
Amino Whey;

	
Branch Chain Aa;

	
Recover Protein

	
80045392

	
Bone Guard Formula

	
Canadian Health Empire

	
Active

	
80046889

	
Ironex;

	
Canadian Health Empire

	
Active

	
Iron Complex Formula;

	
Iron Support Formula

	
80047117

	
Liverex;

	
Canadian Health Empire

	
Active

	
Canadian Liver Support Formula;

	
Healthy Liver

 

 

29

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