Document:

ex101.htm

    FIRST
      AMENDED CONVERTIBLE PROMISSORY NOTE

    

    THIS
      FIRST AMENDED CONVERTIBLE PROMISSORY NOTE (the “Amended Note”), is
      effective as of August 17, 2007, between Firle Trading, S.A., (the
“Noteholder”) and PNG Ventures, Inc., a Nevada corporation (the
      "Company").

    

    RECITALS

    

    WHEREAS,
      on March 31, 2006, the Company
      entered into a Convertible Promissory Note (the “Note”), a copy of which
      is attached hereto as Exhibit A;

    

    WHEREAS,
      on August 15, 2007, the Note was assigned to the Noteholder pursuant to an
      “Assignment of Convertible Promissory Note” agreement, a copy of which is
      attached hereto as Exhibit B;

    

    WHEREAS,
      the Maturity Date, as defined
      in the Note, has passed without payment of the principal amount of the note
      nor
      any accrued interest;

    

    WHEREAS,
      the parties wish to amend the
      terms of the Note;

    

    AGREEMENT

    

    NOW,
      THEREFORE, in consideration of the mutual covenants contained in this Amended
      Note, and for good and valuable consideration, the receipt of which is hereby
      acknowledged, it is agreed as follows:

    

    A.           AMENDMENT.

    

    1.           Retirement
      of Principal Amount of Note.    Seventy Thousand Dollars
      ($70,000) of the original One Hundred and Twenty Thousand Dollars ($120,000)
      shall be retired such that upon execution of this Amended Note, the principal
      amount of the note shall be Fifty Thousand Dollars ($50,000).

    

    2.           Conversion
      Price.  Section 4 of the Note shall be amended as
      follows:

    

    The
      Noteholder shall have the right from and after the date of the issuance of
      this
      Note and then at any time until this Note is fully paid, to convert any
      outstanding and unpaid principal portion of this Note, into fully paid and
      non-assessable shares of the common stock of the Company as such stock exists
      on
      the date of issuance of this Note, or is hereafter be changed or reclassified,
      at a “Conversion Price” equal to the lesser of:  (i) $0.025 per share
      or, (ii) the current “Market Price,” which shall be equal to fifty percent (50%)
      of the average of the three lowest closing bid prices of the Company’s common
      stock as reported by the principal market for the thirty trading days preceding
      the date of conversion.  The Conversion Price shall be subject to
      proportional adjustment for reclassification, Stock Splits, Combinations and
      Dividends.

    

    SIGNATURE
      PAGE

    

    

    IN
      WITNESS WHEREOF, this First Amended Convertible Promissory Note has been
      executed by the parties as of the date first listed above.

    

    
      	
               

              PNG
                VENTURES, INC.

               

              /s/
                Mark L. Baum

              _____________________________

              By:
                Mark L. Baum

              Its:
                President

            	
               

              FIRLE
                TRADING, S.A.

               

              /s/
                Juan Montes

              ______________________________

              By:
                Juan Montes

              Its:
                Presidentex102.htm

    COMMON
      STOCK SHARE EXCHANGE AGREEMENT

    

    THIS
      COMMON STOCK SHARE EXCHANGE
      AGREEMENT (the "Agreement"), made and entered into on August 20, 2007
      (the “Effective Date”), by and among (i) BuglessBeds.com, Inc., a Nevada
      corporation, with its principal place of business located at 3202 Fondren Road,
      Houston, Texas 77063 (“BuglessBeds”) and (ii)  PNG Ventures,
      Inc., a Nevada corporation, with its principal place of business located at
      2038
      Corte del Nogal, Suite 110, Carlsbad, California 92011 (“PNGX”) For
      purposes of this Agreement, BuglessBeds and PNGX shall be referred to herein
      individually, as a "Party," and collectively as
      "Parties."

    

    In
      consideration of the mutual
      covenants, guarantees and warrantees described more fully herein, this Agreement
      provides for the exchange of (i) 40,000,000 restricted common shares of PNGX
      (the “PNGX Shares”) represented by the certificate, a copy of which is
      attached hereto as Exhibit A, to be exchanged for (ii)
      199 restricted common shares of BuglessBeds, Inc. (the “BuglessBeds
      Shares”) represented by the certificate, a copy of which is attached hereto
      as Exhibit B. The PNGX Shares and the Bugless Shares
      may hereinafter be referred to collectively as the “Exchange
      Shares”).

     

    I.           EXCHANGE
      PROCEDURE AND CLOSING.

    

    Subject
      to all of the terms and conditions set forth in this Agreement being satisfied,
      the exchange of Shares (the “Share Exchange”) contemplated by this
      Agreement shall take place at the offices of the PNGX or at such other place
      as
      the Seller and the Purchaser shall agree in writing, concurrently with the
      execution of this Agreement (the “Closing”). BuglessBeds and PNGX shall
      deliver the respective Exchange Shares to the other Party in the following
      manner:

    

    a.           a
      certificate representing the PNGX Shares shall be delivered to BuglessBeds
      issued in the name of “BuglessBeds, Inc.” and;

    

    b.           a
      certificate representing the BuglessBeds Shares shall be delivered to PNGX
      issued in the name of “PNG Ventures, Inc.”

    

    II.           TAX
      FREE REORGANIZATION.

    

    Both
      Parties intend that the Share
      Exchange will qualify as a tax-free reorganization pursuant to Section 368(a)
      of
      the Internal Revenue Code of 1986, as amended.

    

    III.           REPRESENTATIONS
      AND WARRANTIES OF THE PURCHASER AND SELLER.

    

    The
      Purchaser and Seller hereby represent, warrant, and covenant as
      follows:

    

    a.           Legal
      Power.  Both parties have the requisite power to
      enter into this Agreement, to exchange the Shares hereunder, and to carry out
      and perform their obligations under the terms of this Agreement.

    

    b.           Due
      Execution.  This Agreement has been duly executed and
      delivered by each party, and, upon due execution and delivery by each party,
      this Agreement will be a valid and binding agreement on the
      parties.

    

    c.           Restricted
      Securities.  Both parties have been advised that the Exchange
      Shares have not been registered under the Securities Act or any other applicable
      securities laws and that the Exchange Shares are being offered and sold pursuant
      to Section 4(2) of the Securities Act, and that each parties reliance upon
      Section 4(2) of the Securities Act is predicated in part on the individual
      parties representations as contained herein. The parties are acquiring the
      Exchange Shares for their own account, for investment purposes only and not
      with
      a view to, or for sale in connection with, a distribution, as that term is
      used
      in Section 2(11) of the Securities Act, in a manner which would require
      registration under the Securities Act or any state securities laws. The parties
      understand and acknowledge that the Exchange Shares will bear the following
      legend:

    

    THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
      STATE.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
      BE SOLD OR TRANSFERRED FOR VALUE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      THEREOF UNDER THE SECURITIES ACT OF 1933 AND/OR THE SECURITIES ACT OF ANY STATE
      HAVING JURISDICTION OR AN OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION
      THAT
      SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR ACTS.

    

    d.           Sophistication
      and Ability to Bear Risk of Loss.  The parties acknowledges that
      they are able to protect their interests in connection with the acquisition
      of
      the Exchange Shares and can bear the economic risk of investment in such
      securities without producing a material adverse change in the party’s financial
      condition.  The parties otherwise have such knowledge and experience
      in financial or business matters that it is capable of evaluating the merits
      and
      risks of the investment in the Exchange Shares.

    

    e.           Purchases
      by Groups.  The parties represent, warrant, and covenant that they
      are not acquiring the Exchange Shares as part of a group within the meaning
      of
      Section 13(d)(3) of the Securities Exchange Act of 1934, as
      amended.

    

    IV.           FURTHER
      ASSURANCES; COOPERATION.

    

    Each
      party hereto will, before, at, and after the Closing, execute and deliver such
      instruments and take such other actions as the other party or parties, as the
      case may be, may reasonably require in order to carry out the intent of this
      Agreement.

     

    V.           MISCELLANEOUS.

    

    a.           Governing
      Law.  This Agreement shall be governed by and
      construed under the laws of the State of California.

    

    b.           Attorneys’
      Fees.  Should any party hereto employ an attorney for the purpose
      of enforcing or constituting this Agreement, or any judgment based on this
      Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy,
      arbitration, declaratory relief or other litigation, the prevailing party shall
      be entitled to receive from the other party or parties thereto reimbursement
      for
      all reasonable attorneys’ fees and all reasonable costs, including but not
      limited to service of process, filing fees, court and court reporter costs,
      investigative costs, expert witness fees, and the cost of any bonds, whether
      taxable or not, and that such reimbursement shall be included in any judgment
      or
      final order issued in that proceeding.  The “prevailing party” means
      the party determined by the court to most nearly prevail and not necessarily
      the
      one in whose favor a judgment is rendered.

     

    c.           Jury
      Trial Waiver.   To the fullest extent permitted by law, each
      of the parties hereto hereby knowingly, voluntarily and intentionally waives
      its
      respective rights to a jury trial of any claim or cause of action based upon
      or
      arising out of this Agreement or any other document or any dealings between
      them
      relating to the subject matter of this Agreement and other
      documents.

     

    d.           Successors
      and Assigns.  Except as otherwise expressly provided
      herein, the provisions hereof shall inure to the benefit of, and be binding
      upon, the successors, assigns, heirs, executors, and administrators of the
      parties hereto.

    

    e.           Entire
      Agreement.  This Agreement and the Exhibits hereto
      and thereto, and the other documents delivered pursuant hereto and thereto,
      constitute the full and entire understanding and agreement among the parties
      with regard to the subjects hereof and no party shall be liable or bound to
      any
      other party in any manner by any representations, warranties, covenants, or
      agreements except as specifically set forth herein or
      therein.  Nothing in this Agreement, express or implied, is intended
      to confer upon any party, other than the parties hereto and their respective
      successors and assigns, any rights, remedies, obligations, or liabilities under
      or by reason of this Agreement, except as expressly provided
      herein.

    

    f.           Severability.  In
      case any provision of this Agreement shall be
      invalid, illegal, or unenforceable, it shall to the extent practicable, be
      modified so as to make it valid, legal and enforceable and to retain as nearly
      as practicable the intent of the parties, and the validity, legality, and
      enforceability of the remaining provisions shall not in any way be affected
      or
      impaired thereby.

    

    g.           Amendment
      and Waiver.  Except as otherwise provided herein,
      any term of this Agreement may be amended, and the observance of any term of
      this Agreement may be waived (either generally or in a particular instance,
      either retroactively or prospectively, and either for a specified period of
      time
      or indefinitely), with the written consent of both parties. Any amendment or
      waiver effected in accordance with this Section shall be binding upon each
      future holder of any security exchanged under this Agreement.

    

    h.           Notices.  All
      notices and other communications required or
      permitted hereunder shall be in writing and shall be effective when delivered
      personally, or sent by telex or telecopier (with receipt confirmed), provided
      that a copy is mailed by registered mail, return receipt requested, or when
      received by the addressee, if sent by Express Mail, Federal Express or other
      express delivery service (receipt requested) in each case to the appropriate
      addresses first listed above.

    

    i.           Faxes
      and Counterparts.  This Agreement may be executed in one or more
      counterparts.  Delivery of an executed counterpart of the Agreement or
      any exhibit attached hereto by facsimile transmission shall be equally as
      effective as delivery of an executed hard copy of the same.  Any party
      delivering an executed counterpart of this Agreement or any exhibit attached
      hereto by facsimile transmission shall also deliver an executed hard copy of
      the
      same, but the failure by such party to deliver such executed hard copy shall
      not
      affect the validity, enforceability or binding nature effect of this Agreement
      or such exhibit.

    

    j.           Titles
      and Subtitles.  The titles of the paragraphs and
      subparagraphs of this Agreement are for convenience of reference only and are
      not to be considered in construing this Agreement.

    

     

    

    SIGNATURE
      PAGE

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      and entered into as of the date first above written.

    

    

    
      	
              PNG
                VENTURES, INC.

               

            	
              BUGLESSBEDS.COM,
                INC.

            
	
               

               

              /s/
                Mark L. Baum

              ___________________________________

              By:
                Mark L. Baum

              Its:
                President

            	
               

               

              /s/
                Mark L. Baum

              ___________________________________

              By:
                Mark L. Baum

              Its:
                President

            

    

    

     

     

    
 

    EXHIBIT
      A

    

    PNGX
      Certificate

    

    

     

     

    
 

    EXHIBIT
      B

    

    BuglessBeds.com,
      Inc. Certificate

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