Document:

Exhibit 4.1

         THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE
         HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
         THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE
         MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
         ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER
         SAID ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
         COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                                CONVERTIBLE NOTE

         FOR VALUE RECEIVED, PlanGraphics, Inc., a Colorado Corporation
(hereinafter called "Borrower"), hereby promises to pay to Tangiers Investors,
LP, (the "Holder") or its registered assigns or successors in interest or order,
without demand, the sum of twenty thousand dollars ($20,000), or the amount
thereof advanced from time to time and oustanding ("Principal Amount"), with
simple and unpaid interest thereon, the earlier of completion of a debt or
equity transaction exceeding $5,000,000 or 6 months from closing date of July
16, 2009 (the "Maturity Date"), if not sooner paid. The obligation of the Holder
to fund all or any part of this Convertible Note shall be subject to the
guaranty of the Borrower's payment and performance of this Convertible Note by
Integrated Freight Systems, Inc., a Florida corporation (the "Guarantor").

                                    ARTICLE I

                             INTEREST: AMORTIZATION

         1.1. Interest Rate. Subject to Section 5.7 hereof, interest payable on
this Note shall accrue at a rate per annum (the "Interest Rate") of eight
percent (8%). Interest on the Principal Amount shall accrue from the date of
this Note and shall be payable at maturity. .

         1.2. Default Interest Rate. Following the occurrence and during the
continuance of an Event of Default, which, if susceptible to cure is not cured
within twenty (20) days, otherwise then from the first date of such occurrence,
the annual interest rate on this Note shall (subject to Section 5.7)
automatically be increased to fifteen percent (15%).

                                   ARTICLE II

                              CONVERSION REPAYMENT

         2.1. No Effective Registration. Notwithstanding anything to the
contrary herein, no amount payable hereunder may be paid in shares of Common
Stock by the Borrower without the Holder's consent unless (a) either (i) an
effective current Registration Statement covering the shares of Common Stock to
be issued in satisfaction of such obligations exists, or (ii) an exemption from
registration of the Common Stock is available pursuant to Rule 144 of the 1933
Act, and (b) no Event of Default hereunder (or an event that with the passage of
time or the giving of notice could become an Event of Default), exists and is
continuing, unless such event or Event of Default is cured within any applicable
cure period or is otherwise waived in writing by the Holder in whole or in part
at the Holder's option.

         2.2. Optional Redemption of Principal Amount. Provided that (i) an
Event of Default or an event which with the passage of time or the giving of
notice could become an Event of Default has not occurred, whether or not such
Event of Default has been cured, and (ii) an effective current Registration
Statement covering the shares of Common Stock to be issued upon conversion of
the Notes exists, the Borrower will have the option of prepaying the outstanding
Principal amount of this Note ("Optional Redemption"), in whole or in part, by
paying to the Holder a sum of money equal to one hundred and twenty percent
(125%) of the Principal amount to be redeemed, together with accrued but unpaid
interest thereon and any and all other sums due, accrued or payable to the
Holder arising under this Note or any Transaction Document through the
Redemption Payment Date as defined below (the "Redemption Amount"). Borrower's
election to exercise its right to prepay must be by notice in writing ("Notice
of Redemption"). The Notice of Redemption shall specify the date for such
Optional Redemption (the "Redemption Payment Date"), which date shall be no
sooner than ten (10) days after the date of the Notice of Redemption (the
"Redemption Period"). A Notice of Redemption shall not be effective with respect

<PAGE>

to any portion of the Principal Amount for which the Holder has a pending
election to convert, or for conversions initiated or made by the Holder during
the Redemption Period if the Redemption Period is based on thirty days prior
notice. On the Redemption Payment Date, the Redemption Amount, less any portion
of the Redemption Amount against which the Holder has exercised its conversion
rights, shall be paid in good funds to the Holder. In the event the Borrower
fails to pay the Redemption Amount on the Redemption Payment Date as set forth
herein, then (i) such Notice of Redemption will be null and void, (ii) Borrower
will have no right to deliver another Notice of Redemption, and (iii) Borrower's
failure may be deemed by Holder to be a non-curable Event of Default. A
Redemption Notice may be given only at a time a Registration Statement is
effective. A Notice of Redemption may not be given nor may the Borrower
effectuate a Redemption without the consent of the Holder, if at any time during
the Redemption Period an Event of Default or an Event which with the passage of
time or giving of notice could become an Event of Default (whether or not such
Event of Default has been cured), has occurred or the Registration Statement
registering the Registrable Securities is not effective each day during the
Redemption Period.

                                   ARTICLE III

                                CONVERSION RIGHTS

         3.1. Holder's Conversion Rights. Subject to Section 3.2, the Holder
shall have the right, but not the obligation at all times, to convert all or any
portion of the then aggregate outstanding Principal Amount of this Note, into
shares of Common Stock, subject to the terms and conditions set forth in this
Article III at the rate of 65% of the average of the lowest three volume
weighted average prices of the shares during the preceding 10 day trading period
prior to conversion. The Holder may exercise such right by delivery to the
Borrower of a written Notice of Conversion pursuant to Section 3.2.

         3.2. Mechanics of Holder's Conversion.

              (a) In the event that the Holder elects to convert any amounts
outstanding under this Note into Common Stock, the Holder shall give notice of
such election by delivering an executed and completed notice of conversion (a
"Notice of Conversion") to the Borrower, which Notice of Conversion shall
provide a breakdown in reasonable detail of the Principal Amount, accrued
interest and amounts being converted. The original Note is not required to be
surrendered to the Borrower until all sums due under the Note have been paid. On
each Conversion Date (as hereinafter defined) and in accordance with its Notice
of Conversion, the Holder shall make the appropriate reduction to the Principal
Amount, accrued interest and fees as entered in its records. Each date on which
a Notice of Conversion is delivered or telecopied to the Borrower in accordance
with the provisions hereof shall be deemed a "Conversion Date." A form of Notice
of Conversion to be employed by the Holder is annexed hereto as Exhibit A.

              (b) Pursuant to the terms of a Notice of Conversion, the Borrower
will issue instructions to the transfer agent accompanied by an opinion of
counsel, if so required by the Borrower's transfer agent and shall cause the
transfer agent to transmit the certificates representing the Conversion Shares
to the Holder by crediting the account of the Holder's designated broker with
the Depository Trust Corporation ("DTC") through its Deposit Withdrawal Agent
Commission ("DWAC") system within two (2) business days after receipt by the
Borrower of the Notice of Conversion (the "Delivery Date"). In the case of the
exercise of the conversion rights set forth herein the conversion privilege
shall be deemed to have been exercised and the Conversion Shares issuable upon
such conversion shall be deemed to have been issued upon the date of receipt by
the Borrower of the Notice of Conversion. The Holder shall be treated for all
purposes as the record holder of such shares of Common Stock, unless the Holder
provides the Borrower written instructions to the contrary. Notwithstanding the
foregoing to the contrary, the Borrower or its transfer agent shall only be
obligated to issue and deliver the shares to the DTC on the Holder's behalf via
DWAC (or certificates free of restrictive legends) if the registration statement
providing for the resale of the shares of Common Stock issuable upon the
conversion of this Note is effective and the Holder has complied with all
applicable securities laws in connection with the sale of the Common Stock,
including, without limitation, the prospectus delivery requirements. In the
event that Conversion Shares cannot be delivered to the Holder via DWAC, the
Borrower shall deliver physical certificates representing the Conversion Shares
by the Delivery Date.

         3.4. Conversion Mechanics.

              (a) The number of shares of Common Stock to be issued upon each
conversion of this Note pursuant to this Article III shall be determined by
dividing that portion of the Principal Amount and interest and fees to be
converted, if any, by the then applicable Conversion Price.

                                       2
<PAGE>

         (b) The Conversion Price and number and kind of shares or other
securities to be issued upon conversion shall be subject to adjustment from time
to time upon the happening of certain events while this conversion right remains
outstanding, as follows:

              A. Merger, Sale of Assets, etc. If the Borrower at any time shall
consolidate with or merge into or sell or convey all or substantially all its
assets to any other corporation, this Note, as to the unpaid principal portion
thereof and accrued interest thereon, shall thereafter be deemed to evidence the
right to purchase such number and kind of shares or other securities and
property as would have been issuable or distributable on account of such
consolidation, merger, sale or conveyance, upon or with respect to the
securities subject to the conversion or purchase right immediately prior to such
consolidation, merger, sale or conveyance. The foregoing provision shall
similarly apply to successive transactions of a similar nature by any such
successor or purchaser. Without limiting the generality of the foregoing, the
anti-dilution provisions of this Section shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

              B. Reclassification, etc. If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Note, as to the
unpaid principal portion thereof and accrued interest thereon, shall thereafter
be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of
such change with respect to the Common Stock immediately prior to such
reclassification or other change.

              C. Stock Splits, Combinations and Dividends. If the shares of
Common Stock are subdivided or combined into a greater or smaller number of
shares of Common Stock, or if a dividend is paid on the Common Stock in shares
of Common Stock, the Conversion Price shall be proportionately reduced in case
of subdivision of shares or stock dividend or proportionately increased in the
case of combination of shares, in each such case by the ratio which the total
number of shares of Common Stock outstanding immediately after such event bears
to the total number of shares of Common Stock outstanding immediately prior to
such event.

              D. Share Issuance. If the Borrower shall issue any Common Stock
(except for the Excepted Issuances), prior to the complete conversion or payment
of this Note, for a consideration less than the Fixed Conversion Price that
would be in effect at the time of such issue, then, and thereafter successively
upon each such issuance, the Fixed Conversion Price shall be reduced to such
other lower issue price. For purposes of this adjustment, the issuance of any
security or debt instrument of the Borrower carrying the right to convert such
security or debt instrument into Common Stock or of any warrant, right or option
to purchase Common Stock shall result in an adjustment to the Fixed Conversion
Price upon the issuance of the above-described security, debt instrument,
warrant, right, or option and again upon the issuance of shares of Common Stock
upon exercise of such conversion or purchase rights if such issuance is at a
price lower than the then applicable Conversion Price.

              E. Planned Merger of the Borrower into the Guarantor. The planned
merger of the Borrower into Integrated Freight Systems, Inc., shall not be
deemed to be included in the transactions described in "A" through "D" above, as
a result of the succession by operation of law of the Guarantor to the
obligations and the Borrower as a result of such merger.

         (c) Whenever the Conversion Price is adjusted pursuant to
Section 3.4(b) above, the Borrower shall promptly mail to the Holder a notice
setting forth the Conversion Price after such adjustment and setting forth a
statement of the facts requiring such adjustment.

         3.5 Issuance of Replacement Note. Upon any partial conversion of this
Note, a replacement Note containing the same date and provisions of this Note
shall, at the written request of the Holder, be issued by the Borrower to the
Holder for the outstanding Principal Amount of this Note and accrued interest
which shall not have been converted or paid, provided Holder has surrendered an
original Note to the Company. In the event that the Holder elects not to
surrender a Note for reissuance upon partial payment or conversion, the Holder
hereby indemnifies the Borrower against any and all loss or damage attributable
to a third-party claim in an amount in excess of the actual amount then due
under the Note.

                                       3
<PAGE>

                                   ARTICLE IV

                                EVENTS OF DEFAULT

         The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums of principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, upon demand, without presentment, or
grace period, all of which hereby are expressly waived, except as set forth
below:

         4.1 Failure to Pay Principal or Interest. The Borrower fails to pay any
installment of Principal Amount, interest or other sum due under this Note or
any Transaction Document when due and such failure continues for a period of
five (5) business days after the due date.

         4.2 Breach of Covenant. The Borrower breaches any material covenant or
other term or condition of this Note or Transaction Document in any material
respect and such breach, if subject to cure, continues for a period of ten (10)
business days after written notice to the Borrower from the Holder.

         4.3 Breach of Representations and Warranties. Any material
representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection
herewith or therewith shall be false or misleading in any material respect as of
the date made and the Closing Date.

         4.4 Receiver or Trustee. The Borrower or any Subsidiary of Borrower
shall make an assignment for the benefit of creditors, or apply for or consent
to the appointment of a receiver or trustee for them or for a substantial part
of their property or business; or such a receiver or trustee shall otherwise be
appointed.

         4.5 Judgments. Any money judgment, writ or similar final process shall
be entered or filed against Borrower or any subsidiary of Borrower or any of
their property or other assets for more than $25,000 and shall remain unvacated,
unbonded or unstayed for a period of forty-five (45) days.

         4.6 Non-Payment. The Borrower shall have received a notice of default,
which remains uncured for a period of more than twenty (20) business days, on
the payment of any one or more debts or obligations aggregating in excess of
$25,000 beyond any applicable grace period;

         4.7 Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings or relief under any bankruptcy law or any law,
or the issuance of any notice in relation to such event, for the relief of
debtors shall be instituted by or against the Borrower or any Subsidiary of
Borrower and if instituted against them are not dismissed within sixty (60) days
of initiation.

         4.8 Stop Trade. An SEC or judicial stop trade order or Principal Market
trading suspension with respect to Borrower's Common Stock that lasts for five
or more consecutive trading days.

         4.9 Failure to Deliver Common Stock or Replacement Note. Borrower's
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required by this Note, and, if requested by Borrower, a replacement Note, and
such failure continues for a period of five (5) business days after the due
date.

         4.10 Reverse Splits. The Borrower effectuates a reverse split of its
Common Stock without twenty days prior written notice to the Holder.

         4.11 Cross Default. A default by the Borrower of a material term,
covenant, warranty or undertaking of any Transaction Document or other agreement
to which the Borrower and Holder are parties, or the occurrence of a material
event of default under any such other agreement which is not cured after any
required notice and/or cure period.

         4.12 Failure to Complete the Planned Merger into the Guarantor.
Borrower's and Guarantor's failure to complete the transactions described in a
registration statement filed with the U.S. Securities and Exchange Commission,
File No. 333-159721, (withdrawn) as soon as practicable following the effective
date of a substantially identical registration statement to be filed by the
Guarantor.

                                       4
<PAGE>

                                    ARTICLE V

                                  MISCELLANEOUS

         5.1 Failure or Indulgence Not Waiver. No failure or delay on the part
of Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

         5.2 Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i)

         If   to the Corporation:

         John C. Antenucci
         PlanGraphics, Inc.
         112 East Main Street
         Frankfort, Kentucky 40601

         If to the Holder:

         Tangiers Investors, LP
         402 W. Broadway Ste. 400
         San Diego, CA 92101

         If to the Guarantor:

         Paul A. Henley
         Integrated Freight Systems, Inc.
         6371 Business Blvd, Suite 200
         Sarasota, FL 34240

         5.3 Amendment Provision. The term "Note" and all reference thereto, as
used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

         5.4 Assignability. This Note shall be binding upon the Borrower and its
successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns.

         5.5 Cost of Collection. If default is made in the payment of this Note,
Borrower shall pay the Holder hereof reasonable costs of collection, including
reasonable attorneys' fees.

         5.6 Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of California, without regard to conflicts
of laws principles that would resulting in the applications of the substantive
laws of another jurisdiction. Any action brought by either party against the
other concerning the transactions contemplated by this Agreement shall be
brought only in the state courts of California or in the federal courts located
in the State of California. The prevailing party shall be entitled to recover
from the other party its reasonable attorney's fees and costs. In the event that
any provision of this Note is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the

                                       5
<PAGE>

extent that it may conflict therewith and shall be deemed modified to conform to
such statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or unenforceability of
any other provision of this Note. Nothing contained herein shall be deemed or
operate to preclude the Holder from bringing suit or taking other legal action
against the Borrower in any other jurisdiction to collect on the Borrower's
obligations to Holder, to realize on any collateral or any other security for
such obligations, or to enforce a judgment or other court in favor of the
Holder.

         5.7 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

         5.8. Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.

         5.9 Redemption. This Note may not be redeemed or called without the
consent of the Holder except as described in this Note.

         5.10 Shareholder Status. The Holder shall not have rights as a
shareholder of the Borrower with respect to unconverted portions of this Note.
However, the Holder will have the rights of a shareholder of the Borrower with
respect to the Shares of Common Stock to be received after delivery by the
Holder of a Conversion Notice to the Borrower.

         IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its
name by an authorized officer as of the 16th day of July, 2009.

                                    PlanGraphics, Inc.

                                    By:_________________________________________
                                             Name: John C. Antenucci
                                             Title: Chief Executive Officer
WITNESS:

-------------------------------------------------------------------------------

                                    GUARANTY

         The undersigned, Integrated Freight Systems, Inc., a Florida
corporation, does hereby unconditionally guarantee the payment and performance
of the Borrower's obligations as set forth in the above Convertible Note,
nevertheless subject to the loan by the Borrower to Integrated Freight Systems,
Inc. of the proceeds advanced by the Holder from time to time to the Borrower in
excess of $5,000 which the Borrower will use to partially pay the outstanding
invoice due from the Borrower to Sherb & Co. Without affecting the guaranty
herein provided, the Guarantor agrees to pay out of the proceeds of the loan by
the Borrower to the Guarantor the sum of $_________ to PlanGraphics, Inc., a
Maryland corporation, ("PGI") on the invoice due from the Guarantor to PGI.

                                        Integrated Freight Systems, Inc.

                                        By:_____________________________________
                                                 Name: Paul Henley
                                                 Title: Chief Executive Officer

WITNESS:

--------------------------------------------------------------------------------

                                       6
<PAGE>

NOTICE OF CONVERSION
--------------------

(To be executed by the Registered Holder in order to convert the Note)

         The undersigned hereby elects to convert $_________ of the principal
and $_________ of the interest due on the Note issued by Integrated Freight
Corporation. (the "Borrower") on April ____, 2009 into Shares of Common Stock of
the Borrower according to the conditions set forth in such Note, as of the date
written below.

Date of Conversion:_____________________________________________________________

Conversion Price:_______________________________________________________________

Number of Shares of Common Stock Beneficially Owned on the Conversion Date:
Less than 5% of the outstanding Common Stock of Borrower
================================================================================

Shares To Be Delivered:_________________________________________________________

Signature:______________________________________________________________________

Print Name:_____________________________________________________________________

Address:________________________________________________________________________

        ________________________________________________________________________

                                       7ex101.htm

AGREEMENT AND PLAN OF MERGER

THIS AGREEMENT AND PLAN OF MERGER is made as of the 10th day of August, 2009

AMONG:

MIDAS MEDICI GROUP HOLDINGS, INC., a corporation formed pursuant to the laws of the State of Delaware and having an office for business located at 445 Park Avenue, New York, NY 10022

	
  
	
(“Midas”)

	
  
	
AND:

UTILIPOINT ACQUISITION CO., a corporation formed pursuant to the laws of the State of New Mexico and a wholly owned subsidiary of Midas

(the "Acquirer")

AND:

UTILIPOINT INTERNATIONAL, INC., a corporation formed pursuant to the laws of the State of New Mexico and having an office for business located at 6000 Upton Blvd., Suite 314, Albuquerque, NM 87110

("Utilipoint")

	
  
	
WHEREAS:

A.              The Utilipoint shareholders own an aggregate of  20,688 Utilipoint shares of common stock, 21,253 shares of Utilipoint series A preferred stock and no shares of Utilipoint series B preferred
stock (the “Utilipoint Shares”), which Utilipoint Shares constitute 100% of the issued and outstanding Utilipoint Shares.  In addition, Utilipoint has issued an aggregate of 5,400 options to purchase additional shares of Utilipoint common stock;

B.              Midas is a reporting company under the Securities Exchange Act of 1934, as amended;

C.              The respective Boards of Directors of Midas, Utilipoint and the Acquirer deem it advisable and in the best interests of Midas, Utilipoint and the Acquirer that the Acquirer merge with and into Utilipoint
(the "Merger") pursuant to this Agreement, the Certificates of Merger, and the applicable provisions of the laws of the State of Delaware; and

D.      All capitalized terms not otherwise defined shall have the definitions set forth in Article 1 hereof.

           NOW THEREFORE, WITNESSETH THAT in consideration of the premises and the mutual covenants, agreements, representations and warranties contained herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1

 

ARTICLE 1

DEFINITIONS AND INTERPRETATION

Definitions

	
1.1  
	
In this Agreement the following terms will have the following meanings:

	
(a)  
	
“Acquisition Shares” means the 1,348,516 Midas Common Shares, which shares are to be issued and delivered to the Utilipoint Shareholders at Closing pursuant to the terms of the Merger in accordance with Schedule 1.1(a), annexed
hereto;

	
(b)  
	
“Acquisition Options”  means options to purchase shares of Midas Common Stock, issued pursuant to the Midas 2009 Incentive Stock Option Plan or otherwise, as set forth on Schedule 1.1(b);

	
(c)  
	
“Agreement” means this Agreement and Plan of Merger by and among Midas, the Acquirer, and Utilipoint;

	
(d)  
	
“Closing” means the completion, on the Closing Date, of the transactions contemplated hereby in accordance with Article 9 hereof;

	
(e)  
	
“Closing Date” means the day on which all conditions precedent to the completion of the transaction as contemplated hereby have been satisfied or waived;

	
(f)  
	
“Commission” means the Securities and Exchange Commission;

	
(g)  
	
 “Effective Time” means the earlier to occur of the date of (i) the Closing set forth in the Certificate of Merger and (ii) the filing of the appropriate Certificates of Merger in the form required by the State of New Mexico provided that the Merger shall become effective as provided
in the NMBCA;

	
(h)  
	
 “Midas Business” means all aspects of any business conducted by Midas and its subsidiaries;

	
(i)  
	
“Midas Common Shares” means the shares of common stock, par value $0.001, of Midas;

	
(j)  
	
“Midas Financial Statements” means, collectively, the audited financial statements of Midas from inception through December 31, 2008, and the unaudited financial statements of Midas for the period ended June 30, 2009;

	
(k)  
	
 “Merger” means the merger, at the Effective Time, of Utilipoint and the Acquirer pursuant to this Agreement;

	
(l)  
	
“NMBCA” means the New Mexico Business Corporation Act;

	
  
	 

	
(m)  
	
“Place of Closing” means the offices of Sichenzia Ross Friedman Ference LLP, or such other place as Midas and Utilipoint may mutually agree upon;

	
(n)  
	
“PPM” means the private placement memorandum of Midas (including all exhibits and supplements thereto), to be distributed to the Utilipoint shareholders in connection with the closing of this Agreement;

	
(o)  
	
“Securities Act” means the Securities Act of 1933, as amended;

	
(p)  
	
“SEC Reports” means all forms, reports and documents filed and required to be filed by Midas with the Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) through the date hereof;

 

2

 

	
(q)  
	
“Surviving Company” means Utilipoint following the Merger;

	
(r)  
	
“Utilipoint Accounts Receivable” means all accounts receivable and other amounts owing to Utilipoint;

	
(s)  
	
“Utilipoint Assets” means all the property and assets of the Utilipoint Business of every kind and description wherever situated including, without limitation, Utilipoint  Inventory, Utilipoint Material Contracts, Utilipoint Accounts Receivable, Utilipoint Cash, Utilipoint Intangible
Assets and Utilipoint Goodwill, and all credit cards, charge cards and banking cards issued to Utilipoint;

	
(t)  
	
“Utilipoint Business” means all aspects of the business currently conducted by Utilipoint and its subsidiaries;

	
(u)  
	
“Utilipoint Cash” means all cash on hand or on deposit to the credit of Utilipoint on the Closing Date;

	
(v)  
	
“Utilipoint Financial Statements” means collectively, the audited financial statements of  Utilipoint for the fiscal years ended December 31, 2007 and 2008,  and the unaudited financial statements for Utilipoint for the period ended June 30, 2009, which shall be delivered
at Closing, all of which will be prepared in accordance with United States generally accepted accounting principles and the requirements of Regulation S-X as promulgated by the Commission;

	
(w)  
	
“Utilipoint Goodwill” means the goodwill of the Utilipoint Business together with the exclusive right of Utilipoint to represent itself as carrying on the Utilipoint Business in succession of subject to the terms hereof, and the right to use any words indicating that the Utilipoint Business
is so carried on including the right to use the name "Utilipoint” or any variation thereof as part of the name of or in connection with the Utilipoint Business or any part thereof carried on or to be carried on by Utilipoint, the right to all corporate, operating and trade names associated with the Utilipoint Business, or any variations of such names as part of or in connection with the Utilipoint Business, all telephone listings and telephone advertising contracts, all lists of customers, books and records
and other information relating to the Utilipoint Business, all necessary licenses and authorizations and any other rights used in connection with the Utilipoint Business;

	
(x)  
	
“Utilipoint Intangible Assets” means all of the intangible assets of Utilipoint, including, without limitation, Utilipoint Goodwill, all trademarks, logos, copyrights, designs, and other intellectual and industrial property of Utilipoint;

	
(y)  
	
“Utilipoint Inventory” means all inventory and supplies of the Utilipoint  Business as of June 30, 2009 as increased or decreased in the ordinary course of business;

	
(z)  
	
“Utilipoint Options” means options to purchase shares of Utilipoint common stock, issued pursuant to the Utilipoint 2009 Stock Option Plan or otherwise;

	
(aa)  
	
“Utilipoint Material Contracts” means the burden and benefit of and the right, title and interest of Utilipoint in, to and under all trade and non-trade contracts, engagements or commitments, whether written or oral, to which Utilipoint is entitled in connection with the Utilipoint Business
under which Utilipoint  is obligated to pay or entitled to receive the sum of Five Thousand Dollars ($5,000) or more annually including, without limitation, any pension plans, profit sharing plans, bonus plans, loan agreements, security agreements, indemnities and guarantees, any agreements with employees, lessees, licensees, managers, accountants, suppliers, agents, distributors, officers, directors, attorneys or others which cannot be terminated without liability on not more than one month's notice;
and

	
(bb)  
	
“Utilipoint Shares” means all of the issued and outstanding capital stock of Utilipoint;

	
(cc)  
	
“Utilipoint Shareholders” means all of the holders of the issued and outstanding Utilipoint Shares;

Any other terms defined within the text of this Agreement will have the meanings so ascribed to them.

 

 

3

 

 

Captions and Section Numbers

1.2              The headings and section references in this Agreement are for convenience of reference only and do not form a part of this Agreement and are not intended to interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

Section References and Schedules

1.3              Any reference to a particular “Article”, “section”, “paragraph”,
“clause” or other subdivision is to the particular Article, section, clause or other subdivision of this Agreement and any reference to a “Schedule” by letter will mean the appropriate Schedule attached to this Agreement and by such reference the appropriate Schedule is incorporated into and made part of this Agreement.

Severability of Clauses

1.4              If any part of this Agreement is declared or held to be invalid for any reason, such invalidity will not affect the validity of the remainder which will continue in full force and effect and be construed as if this Agreement had been executed without
the invalid portion, and it is hereby declared the intention of the parties that this Agreement would have been executed without reference to any portion which may, for any reason, be hereafter declared or held to be invalid.

ARTICLE 2

THE MERGER

The Merger

2.1              At Closing, the Acquirer shall be merged with and into Utilipoint pursuant to this Agreement and the separate corporate existence of the Acquirer shall cease and Utilipoint, as it exists from and after the Closing, shall be the Surviving Company.

Effect of the Merger

2.2              The Merger shall have the effect provided therefore by the NMBCA.  Without limiting the generality of the foregoing, and subject thereto, at Closing (i) all the rights, privileges, immunities, powers and franchises, of a public as well as of
a private nature, and all property, real, personal and mixed, and all debts due on whatever account, including without limitation subscriptions to shares, and all other choices in action, and all and every other interest of or belonging to or due to Utilipoint or the Acquirer, as a group, subject to the terms hereof, shall be taken and deemed to be transferred to, and vested in, the Surviving Company without further act or deed; and all property, rights and privileges, immunities, powers and franchises and all
and every other interest shall be thereafter as effectually the property of the Surviving Company, as they were of Midas and the Acquirer, as a group, and (ii) all debts, liabilities, duties and obligations of Utilipoint and the Acquirer, as a group, subject to the terms hereof, shall become the debts, liabilities and duties of the Surviving Company and the Surviving Company shall thenceforth be responsible and liable for all debts, liabilities, duties and obligations of Utilipoint and the Acquirer, as a group,
and neither the rights of creditors nor any liens upon the property of Utilipoint or the Acquirer, as a group, shall be impaired by the Merger, and may be enforced against the Surviving Company.

Articles of Incorporation; Bylaws; Directors and Officers

2.3              The Articles of Incorporation of Utilipoint from and after the Closing shall be the Articles of Incorporation of the Surviving Company as in effect immediately prior to the Closing until thereafter amended in accordance with the provisions therein and
as provided by the applicable provisions of the NMBCA. The Bylaws of Utilipoint from and after the Closing shall be the Bylaws of the Surviving Company as in effect immediately prior to the Closing, continuing until thereafter amended in accordance with their terms, the Articles of Incorporation of the Surviving Company and as provided by the NMBCA. The directors and officers of Utilipoint immediately prior to the Closing shall be the directors and officers of the Surviving Company.

 

 

4

 

 

Conversion of Securities

2.4              At the Effective Time, by virtue of the Merger and without any action on the part of the Acquirer or Utilipoint, the shares of capital stock of each of Utilipoint and the Acquirer shall be converted as follows:

	
(a)  
	
Capital Stock of the Acquirer. Each issued and outstanding share of the Acquirer's capital stock shall continue to be issued and outstanding and shall be converted into one share of validly issued, fully paid, and non-assessable common stock of the Surviving Company. Each stock certificate
of the Acquirer evidencing ownership of any such shares shall continue to evidence ownership of such shares of capital stock of the Surviving Company, all of which shall be owned by Midas.

	
(b)  
	
Conversion of Utilipoint Shares. As agreed between Midas, Acquirer and Utilipoint, the net equity value of Utilipoint is $6,977,417.  As further agreed between Midas, Acquirer and Utilipoint, each share of Midas Common Stock is deemed to be valued at $4.75 per share. As a result
of the foregoing, an aggregate of  1,348,516 Acquisition Shares shall be issued in exchange for the 42,191 Utilipoint Shares, equaling an exchange ratio of 32 to one (the “Exchange Ratio”). Each Utilipoint Share that is issued and outstanding at the Effective Time, shall automatically be cancelled and extinguished and converted, without any action on the part of the holder thereof, into the right to receive 32 Acquisition Shares for each Utilipoint Share. All such Utilipoint Shares, when
so converted, shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of a certificate representing any such shares shall cease to have any rights with respect thereto, except the right to receive the Acquisition Shares paid in consideration therefor upon the surrender of such certificate in accordance with this Agreement.

	
(c)  
	
Conversion of Utilipoint Options.  Each Utilipoint Option that is issued and outstanding at the Effective Time, shall automatically be cancelled and extinguished and converted, without any action on the part of the holder thereof, into the right to receive 32 Acquisition Options
for each outstanding Utilipoint Option. The exercise price of such Acquisition Options shall likewise be derived by dividing the exercise price by the Exchange Ratio.  All such Utilipoint Options, when so converted, shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of a certificate representing any such options shall cease to have any rights with respect thereto, except the right to receive the Acquisition Options paid in consideration
therefor upon the surrender of such certificate in accordance with this Agreement.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

OF MIDAS AND THE ACQUIRER

Representations and Warranties

3.1              Midas and the Acquirer jointly and severally represent and warrant in all material respects to Utilipoint and the Utilipoint Shareholders, with the intent that Utilipoint and the Utilipoint Shareholders will rely thereon in entering into this Agreement
and in approving and completing the transactions contemplated hereby, that:

Midas - Corporate Status and Capacity

	
(a)  
	
Incorporation. Midas is a corporation duly incorporated and validly existing under the laws of the State of Delaware, and is in good standing with the office of the Secretary of State for the State of Delaware.

	
(b)  
	
Carrying on Business. Midas and its subsidiaries do not carry on any material business activity in any jurisdiction. The nature of the Midas Business does not require Midas and its subsidiaries to register or otherwise be qualified to carry on business in any jurisdiction other than the state
of its  organization, where Midas and its subsidiaries are each dully qualified and authorized to do business;

 

 

5

 

 

	
(c)  
	
Corporate Capacity. Midas has the corporate power, capacity and authority to own its assets and to enter into
and complete this Agreement. None of Midas’s subsidiaries have any assets or liabilities.

	
(d)  
	
Reporting Status; Listing. Midas is required to file current reports with the Commission pursuant to Section 12(g) of the Exchange Act.  The Midas Common Shares are not eligible for quotation or listing on any exchange.  None of Midas’s subsidiaries has common stock
that is registered under Section 12(g) of the Exchange Act and none of Midas’s subsidiaries is required to file current reports with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act.

	
(e)  
	
SEC Reports. Midas has filed all required SEC Reports with the Commission under the Exchange Act. The SEC Reports, at the time filed, complied as to form in all material respects with the requirements of the Exchange Act. None of the SEC Reports, including without limitation any financial
statements or schedules included therein, contains any untrue statements of a material fact or omits to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

Acquirer - Corporate Status and Capacity

	
(f)  
	
Incorporation. The Acquirer is a corporation duly incorporated and validly existing under the laws of the State of New Mexico, and is in good standing with the office of the Secretary of State for the State of Mexico;

	
(g)  
	
Carrying on Business. Other than corporate formation and organization, the Acquirer has not carried on business activities to date;

	
(h)  
	
Corporate Capacity. The Acquirer has the corporate power, capacity and authority to enter into and complete this Agreement;

Midas - Capitalization

	
(i)  
	
Authorized Capital. The authorized capital of Midas consists of 40,000,000 shares of common stock, $0.001 par value, of which 880,000 Midas Common Shares are presently issued and outstanding, and 10,000,000 shares of “blank check” preferred stock $.001 par value, none of which
are issued or outstanding.

	
(j)  
	
No Option, etc. Except as set forth in Schedule 3.1 (j), no person, firm or corporation has any agreement, warrant or option or any right capable of becoming an agreement, warrant or option for the acquisition of any common or preferred shares of Midas or for the purchase, subscription or
issuance of any of the unissued shares in the capital of Midas;

Acquirer - Capitalization

	
(k)  
	
Authorized Capital. The authorized capital of the Acquirer consists of 200 shares of common stock, of which 100 shares of common stock are presently issued and outstanding and which are owned by Midas;

	
(l)  
	
No Option, etc. Except as provided in or contemplated by, or set forth in this Agreement, the SEC Reports or the PPM , no person, firm or corporation has any agreement or option or any right capable of becoming an agreement or option for the acquisition of any common or preferred shares in
Acquirer or for the purchase, subscription or issuance of any of the unissued shares in the capital of Acquirer;

 

 

 

6

 

 

	
  
	
Midas - Records and Financial Statements

	
(m)  
	
Charter Documents. The charter documents of Midas, as amended to date and as of the Closing, and the Acquirer are as set forth as exhibits to the officers certificate to be delivered at Closing pursuant to Section 9.3 hereof.  Midas
and its subsidiaries are not in violation or breach of, or in default with respect to, any term of their respective Certificates of Incorporation (or other charter documents) or by-laws;

	
(n)  
	
Midas Financial Statements. The Midas Financial Statements present fairly, in all material respects, the assets and liabilities (whether accrued, absolute, contingent or otherwise) of Midas, including the assets and liabilities, if any of Midas’s subsidiaries, as of the respective dates
thereof, and the results of operations and changes in financial position of Midas during the period covered thereby, in all material respects and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods indicated;

	
(o)  
	
Midas Accounts Payable and Liabilities. There are no liabilities, contingent or otherwise, of Midas or its subsidiaries, which are not reflected in the Midas Financial Statements except which were incurred in the ordinary course of business since the date of the Midas  Financial
Statements, all of which will be satisfied prior to Closing, and neither Midas nor its subsidiaries have guaranteed or agreed to guarantee any debt, liability or other obligation of any person, firm or corporation;

	
(p)  
	
Midas Accounts Receivable. There are no accounts receivable of Midas or any of Midas’s subsidiaries;

	
(q)  
	
No Debt. Neither Midas nor its subsidiaries, are, on the date hereof and on Closing, materially indebted to any, person or entity or other third party, including any affiliate, director or officer of Midas;

	
(r)  
	
No Related Party Debt to Midas . No director or officer or affiliate of Midas or its subsidiaries, is now indebted to or under any financial obligation to Midas or its subsidiaries on any account whatsoever, except for advances on account of travel and other expenses not exceeding Five Thousand
Dollars ($5,000) in total;

	
(s)  
	
No Dividends.  No dividends or other distributions on any shares in the capital of Midas have been made, declared or authorized since the date of the Midas  Financial Statements;

	
(t)  
	
No Payments. Except as disclosed in the Midas Financial Statements, no payments of any kind have been made or authorized since the date of the Midas Financial Statements to or on behalf of officers, directors, shareholders or employees of Midas or its subsidiaries or under any management
agreements with Midas or its subsidiaries, except payments made in the ordinary course of business and at the regular rates of salary or other remuneration payable to them;

	
(u)  
	
No Pension Plans. There are no pension, profit sharing, group insurance or similar plans or other deferred compensation plans affecting Midas or its subsidiaries;

	
(v)  
	
No Adverse Events. Since June 30, 2009, except as disclosed pursuant to the filing of a Report on Form 8-K,

 

 

7

 

 

	
(i)  
	
there has not been any material adverse change in the properties, results of operations, financial position or condition (financial or otherwise) of Midas, its subsidiaries, its assets or liabilities or any damage, loss or other change in circumstances materially affecting Midas, the Midas  Business or Midas’s right to carry on the Midas
Business, other than non-material changes in the ordinary course of business or as contemplated pursuant to this Agreement,

	
(ii)  
	
there has not been any damage, destruction, loss or other event (whether or not covered by insurance) materially and adversely affecting Midas, its subsidiaries, or the Midas  Business,

	
(iii)  
	
there has not been any material increase in the compensation payable or to become payable by Midas to any of Midas’s officers, employees or agents or any bonus, payment or arrangement made to or with any of them,

	
(iv)  
	
the  Midas Business has been and continues to be carried on in the ordinary course,

	
(v)  
	
Midas has not waived or surrendered any right of material value,

	
(vi)  
	
Midas has not discharged, satisfied or paid any lien or encumbrance or obligation or liability other than current liabilities in the ordinary course of business

.

Midas  - Income Tax Matters

	
(w)  
	
Tax Returns. As of the Closing Date, all tax returns of Midas and its subsidiaries required by law to be filed have been filed and are true, complete and correct, and any taxes payable in accordance with any return filed by Midas and its subsidiaries, or in accordance with any notice of assessment
or reassessment issued by any taxing authority have been so paid and no amounts are owed to any taxing authority as of the Closing Date. Without limiting the generality of the foregoing, Midas hereby represents that no amounts are owed to any taxing authorities by Midas and/or its subsidiaries, for the period commencing on the formation (incorporation) of Midas though the Closing Date;

	
(x)  
	
Current Taxes. There are no agreements, waivers, or other arrangements providing for an extension of time with respect to the filing of any tax return by, or payment of, any tax, governmental charge or deficiency by Midas or its subsidiaries.  There are no contingent tax liabilities
or any grounds which would prompt a reassessment including aggressive treatment of income and expenses in filing earlier tax returns for Midas or its subsidiaries;

Midas  - Applicable Laws and Legal Matters

	
(y)  
	
Licenses. Midas and its subsidiaries hold all licenses and permits as may be requisite for carrying on the Midas Business in the manner in which it has heretofore been carried on, which licenses and permits have been maintained and continue to be in good standing except where the failure
to obtain or maintain such licenses or permits would not have a material adverse effect on the Midas  Business;

	
(z)  
	
Applicable Laws. Neither Midas nor its subsidiaries have been charged with or received notice of breach of any laws, ordinances, statutes, regulations, by-laws, orders or decrees to which is subject or which apply to it the violation of which would have a material adverse effect on the Midas
Business, and to Midas’s knowledge, Midas is not in breach of any laws, ordinances, statutes, regulations, bylaws, orders or decrees the contravention of which would result in a material adverse impact on the Midas Business;

	
(aa)  
	
Pending or Threatened Litigation. There is no litigation or administrative or governmental proceeding pending or threatened against or relating to Midas, its subsidiaries, or the Midas Business nor does Midas have any knowledge of any act or omission of Midas or its subsidiaries that would
form any material basis for any such action or proceeding;

	
(bb)  
	
No Bankruptcy. Neither Midas nor its subsidiaries have made any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy and no bankruptcy petition has been filed or presented against Midas or its subsidiaries and no order has been made or a resolution
passed for the winding-up, dissolution or liquidation of Midas or its subsidiaries;

 

 

8

 

 

	
(cc)  
	
Labor Matters.  Neither Midas nor its subsidiaries is a party to any collective agreement relating to the Midas Business with any labor union or other association of employees and no part of the Midas Business has been certified as a unit appropriate for collective bargaining or,
to the knowledge of Midas, has made any attempt in that regard;

	
(dd)  
	
Finder's Fees. Unless otherwise disclosed, neither Midas nor its subsidiaries is a party to any agreement which provides for the payment of finder's fees, brokerage fees, commissions or other fees or amounts which are or may become payable to any third party in connection with the execution
and delivery of this Agreement and the transactions contemplated herein;

Execution and Performance of Agreement

	
(ee)  
	
Authorization and Enforceability. The execution and delivery of this Agreement, and the completion of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action on the part of Midas and the Acquirer;

	
(ff)  
	
No Violation or Breach. The execution and performance of this Agreement will not:

	
(i)  
	
violate the charter documents of Midas or the Acquirer or result in any breach of, or default under, any loan agreement, mortgage, deed of trust, or any other agreement to which Midas or its subsidiaries are a party,

	
(ii)  
	
give any person any right to terminate or cancel any agreement or any right or rights enjoyed by Midas or its subsidiaries,

	
(iii)  
	
result in any alteration of Midas’s or its subsidiaries’ obligations under any agreement to which Midas or its subsidiaries are a party,

	
(iv)  
	
result in the creation or imposition of any lien, encumbrance or restriction of any nature whatsoever in favor of a third party upon or against the assets of Midas,

	
(v)  
	
result in the imposition of any tax liability to Midas or its subsidiaries relating to the assets of Midas, or

	
(vi)  
	
violate any court order or decree to which Midas or its subsidiaries are subject;

The Midas Business

	
(gg)  
	
Maintenance of Business. Since the date of the Midas Financial Statements, Midas and its subsidiaries have not entered into any material agreement or commitment except as set forth in this Agreement and the PPM;

	
(hh)  
	
Subsidiaries. Except for the Acquirer, Midas does not own any subsidiaries and does not otherwise own, directly or indirectly, any shares or interest in any other corporation, partnership, joint venture or firm.  References in this Agreement to any subsidiaries of Midas shall include
the Acquirer and any other subsidiary that Midas may have but has not disclosed in this Agreement;

Midas  - Acquisition Shares

	
(ii)  
	
Acquisition Shares. The Acquisition Shares when delivered to the holders of Utilipoint Shares pursuant to the Merger shall be validly issued and outstanding as fully paid and non-assessable shares and shall be transferable upon the books of Midas, in all cases subject to the provisions and
restrictions of all applicable securities laws but otherwise free and clear of any and all options, proxies, voting trusts, voting agreements, judgments, pledges, charges, escrows, rights of first refusal or first offer, transfer restrictions, mortgages, indentures, claims, liens, equities, security interests and other encumbrances of every kind and nature whatsoever, whether arising by agreement, operation of law or otherwise; and

 

 

 

9

 

 

	
(jj)  
	
Securities Law Compliance.  Except as set forth in the SEC Reports, Midas has not issued any shares of its common stock and/or securities convertible into or exercisable for shares of common stock.  Neither Midas nor any person acting on its behalf has taken or will take
any action (including, without limitation, any offering of any securities of Midas under circumstances which would require the integration of such offering with the offering of the Acquisition Shares issued to the Utilipoint Shareholders) which subject the issuance or sale of such shares to the Utilipoint Shareholders to the registration requirements of Section 5 of the Securities Act.

 

 

Non-Merger and Survival

3.2              The representations and warranties of Midas and the Acquirer contained herein are true and correct as of the date of this Agreement and will be true at and as of Closing in all material respects as though such representations and warranties were made
as of such time.  Notwithstanding the completion of the transactions contemplated hereby, the waiver of any condition contained herein (unless such waiver expressly releases a party from any such representation or warranty) or any investigation made by the Utilipoint Shareholders, the representations and warranties of Midas shall survive the Closing for a period of one (1) year.

Indemnity

3.3              Midas shall indemnify and save harmless Utilipoint and the Utilipoint Shareholders from and against any and all claims, demands, actions, suits, proceedings, assessments, judgments, damages, costs, losses and expenses, including any payment made in good
faith in settlement of any claim, resulting from the breach by Midas of any representation, covenant or warranty made under this Agreement or from any misrepresentation in or omission from any certificate or other instrument furnished or to be furnished by Midas and/or the Acquirer to Utilipoint hereunder.

ARTICLE 4

COVENANTS OF MIDAS

Covenants

4.1              Midas covenants and agrees with Utilipoint that Midas will:

	
(a)  
	
Conduct of Business. Until the Closing, conduct its business diligently and in the ordinary course consistent with the manner in which it generally has been operated up to the date of execution of this Agreement;

	
(b)  
	
Access. Until the Closing, give the Utilipoint Shareholders and their representatives full access to all of the properties, books, contracts, commitments and records of Midas, and furnish to the Utilipoint Shareholders and their representatives all such information as they may reasonably
request;

	
(c)  
	
Procure Consents. Until the Closing, take all reasonable steps required to obtain, prior to Closing, any and all third party consents required to permit the Merger;

	
(d)  
	
Public Information.  Make and keep public information available, as those terms are understood and defined in Rule 144 (defined below);

 

 

 

10

 

	
(e)  
	
SEC Filings.  File with the Commission in a timely manner, all reports and other documents required of Midas under either the Securities Act or the Exchange Act; and

	
(f)  
	
Acquisition Options. On the Closing Date, Midas shall issue certificates representing the Acquisition Options, as set forth on Schedule 1.1(b).

Reports Under the Exchange Act

	
4.2  
	
With a view to making available to the Utilipoint Shareholders the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the Commission that may at any time permit the Utilipoint Shareholders to sell securities of Midas to the public without registration and without imposing restrictions arising under the
federal securities laws on the purchases thereof (“Rule 144”), and provided that the applicable holding period imposed by Rule 144 has been met, Midas agrees to furnish to each Utilipoint Shareholder, so long as such Utilipoint Shareholder owns Midas Common Shares, promptly upon request, (i) a written statement by Midas that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of Midas and such other reports and documents so filed by Midas, and (iii) such other information as may be reasonably requested to permit the Utilipoint Shareholders to sell such securities pursuant to Rule 144 without registration.

Survival

	
4.3  
	
The covenants set forth in this Article shall survive the Closing for the benefit of the Utilipoint  Shareholders and shall continue to survive for a period of one (1) year from the Closing Date.

ARTICLE 5

REPRESENTATIONS AND WARRANTIES OF

UTILIPOINT

Representations and Warranties

5.1              Utilipoint  represents and warrants in all material respects to Midas, with the intent that it will rely thereon in entering into this Agreement and in approving and completing the transactions contemplated hereby, that:

Utilipoint - Corporate Status and Capacity

	
(a)  
	
Incorporation. Utilipoint is a corporation duly incorporated and validly existing under the laws of the State of New Mexico, and is in good standing with the office of the Secretary of State for the State of New Mexico;

	
(b)  
	
Carrying on Business. Except as set forth on Schedule 5.1(b), Utilipoint carries on business primarily in the State of New Mexico and does not carry on any material business activity in any other jurisdiction within the United States, other than discrete assignments. The nature of the Utilipoint
Business does not require Utilipoint to register or otherwise be qualified to carry on business in any other jurisdiction;

	
(c)  
	
Corporate Capacity. Utilipoint has the corporate power, capacity and authority to own the Utilipoint Assets and to carry on the Utilipoint Business and Utilipoint has the corporate power, capacity and authority to enter into and complete this Agreement;

 

 

11

 

Utilipoint - Capitalization

	
(d)  
	
Authorized Capital. The authorized capital of Utilipoint consists of 150,000 shares of common stock, of which  20,688shares are issued and outstanding, 25,000 shares of series A common stock outstanding, of which 21,253 shares are issued and outstanding and; 25,000 shares of series
B common stock outstanding, of which no shares are issued and outstanding.  All of such shares of capital stock have been duly authorized and are fully paid and non-assessable.

	
(e)  
	
Ownership of Utilipoint Shares. The Utilipoint Shareholders will be at Closing the registered and beneficial owner of the Utilipoint Shares, as set forth on Schedule 5.1(e);

	
(f)  
	
No Option. Other than the Utilipoint Options, no person, firm or corporation has any agreement, option, warrant, preemptive right or any other right capable of becoming an agreement or option for the purchase, subscription or issuance of any of the unissued shares in the capital of Utilipoint;

	
(g)  
	
No Restrictions. Except as set forth on Schedule 5.1(g), there are no restrictions on the transfer, sale or other disposition of Utilipoint Shares contained in the charter documents of Utilipoint or under any agreement;

Utilipoint - Records and Financial Statements

	
(h)  
	
Charter Documents. The charter documents of Utilipoint have not been altered since its incorporation date, except as filed in the record books of Utilipoint, and are as set forth as exhibits to the officers certificate to be delivered at Closing pursuant to Section 9.2(c) hereof.  Utilipoint
is not in violation or breach of, or in default with respect to, any term of its Articles of Incorporation (or other charter documents) or by-laws;

	
(i)  
	
Corporate Minute Books. The corporate minute books of Utilipoint are complete and each of the minutes contained therein accurately reflect the actions that were taken at a duly called and held meeting or by consent without a meeting. All actions by Utilipoint which required director or shareholder
approval are reflected on the corporate minute books of Utilipoint. Utilipoint is not in violation or breach of, or in default with respect to, any term of its Articles of Incorporation (or other charter documents) or by-laws;

	
(j)  
	
Utilipoint Financial Statements. The Utilipoint Financial Statements present fairly, in all material respects, the assets and liabilities (whether accrued, absolute, contingent or otherwise) of Utilipoint as of the respective dates thereof, and the results of operations and changes in financial
position of Utilipoint during the periods covered thereby, and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods indicated.  Schedule 5.1(j) hereto contains a complete and accurate copy of the Utilipoint Financial Statements;

	
(k)  
	
Utilipoint Accounts Payable and Liabilities. There are no material liabilities, contingent or otherwise, of Utilipoint which are not reflected in the Utilipoint Financial Statements except those incurred in the ordinary course of business since the date of the Utilipoint Financial Statements.  Schedule
5.1 (k) contains a complete and accurate list of the Utilipoint Accounts Payable as of June 30, 2009;

	
(l)  
	
Utilipoint Accounts Receivable. There are no material Utilipoint Accounts Receivable which are not reflected in the Utilipoint Financial Statements except those incurred in the ordinary course of business since the date of the Utilipoint Financial Statements.  Without limiting the
generality of the foregoing, all accounts payable and liabilities of Utilipoint as of June 30, 2009 are described on Schedule 5.1 (l);

	
(m)  
	
Utilipoint Bank Accounts. All of the Utilipoint Bank Accounts, their location, numbers and the authorized signatories thereto are as set forth in Schedule 5.1(m) hereto;

 

 

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(n)  
	
No Debt to Related Parties. Except as disclosed in Schedule 5.1(n) hereto, Utilipoint is not, and on Closing will not be, materially indebted to the Utilipoint Shareholders nor to any family member thereof, nor to any affiliate, director or officer of Utilipoint or the Utilipoint Shareholders
except accounts payable on account of bona fide business transactions of Utilipoint incurred in normal course of Utilipoint Business, including employment agreements with the Utilipoint Shareholders;

	
(o)  
	
No Dividends. No dividends or other distributions on any shares in the capital of Utilipoint  have been made, declared or authorized since the date of the Utilipoint Financial Statements;

	
(p)  
	
No Payments. No payments of any kind have been made or authorized since the date of the Utilipoint Financial Statements to or on behalf of the Utilipoint Shareholders or to or on behalf of officers, directors, shareholders or employees of Utilipoint, except payments made in the ordinary course
of business and at the regular rates of salary or other remuneration payable to them;

	
(q)  
	
No Pension Plans. Except as otherwise disclosed, there are no pension, profit sharing, group insurance or similar plans or other deferred compensation plans affecting Utilipoint;

	
(r)  
	
No Adverse Events. Since the date of the Utilipoint Financial Statements:

	
(i)  
	
there has not been any material adverse change in the properties, results of operations, financial position or condition of Utilipoint, its liabilities or the Utilipoint Assets or any damage, loss or other change in circumstances materially affecting Utilipoint, the Utilipoint Business or the Utilipoint Assets or Utilipoint’s right to carry on the
Utilipoint Business, other than changes in the ordinary course of business,

	
(ii)  
	
there has not been any damage, destruction, loss or other event (whether or not covered by insurance) materially and adversely affecting Utilipoint, the Utilipoint Business or the Utilipoint Assets,

	
(iii)  
	
there has not been any material increase in the compensation payable or to become payable by Utilipoint to the Utilipoint Shareholders or to any of Utilipoint's officers, employees or agents or any bonus, payment or arrangement made to or with any of them except in the ordinary course, or as required by written agreement;

	
(iv)  
	
the Utilipoint Business has been and continues to be carried on in the ordinary course,

	
(v)  
	
Utilipoint has not waived or surrendered any right of material value,

	
(vi)  
	
Utilipoint has not discharged or satisfied or paid any lien or encumbrance or obligation or liability other than current liabilities in the ordinary course of business, and

	
(vii)  
	
no capital expenditures in excess of Ten Thousand Dollars ($10,000) individually or Thirty Thousand Dollars ($30,000) in total have been authorized or made;

	
  
	 

Utilipoint - Income Tax Matters

	
(s)  
	
Tax Returns. All tax returns and reports of Utilipoint required by law to be filed have been filed and to the best of Utilipoint’s knowledge and belief are true, complete and correct, and any taxes payable in accordance with any return filed by Utilipoint or in accordance with any notice
of assessment or reassessment issued by any taxing authority have been so paid;

 

 

13

 

 

	
(t)  
	
Current Taxes. Adequate provisions have been made for taxes payable for the current period for which tax returns are not yet required to be filed and there are no agreements, waivers, or other arrangements providing for an extension of time with respect to the filing of any tax return by,
or payment of, any tax, governmental charge or deficiency by Utilipoint. Utilipoint is not aware of any contingent tax liabilities or any grounds which would prompt a reassessment including aggressive treatment of income and expenses in filing earlier tax returns;

	
  
	
Utilipoint - Applicable Laws and Legal Matters

	
(u)  
	
Licenses. Utilipoint holds all licenses and permits as may be requisite for carrying on the Utilipoint Business in the manner in which it has heretofore been carried on, which licenses and permits have been maintained and continue to be in good standing except where the failure to obtain
or maintain such licenses or permits would not have a material adverse effect on the Utilipoint Business;

	
(v)  
	
Applicable Laws. Utilipoint  has not been charged with or received notice of breach of any laws, ordinances, statutes, regulations, by-laws, orders or decrees to which it is subject or which applies to it the violation of which would have a material adverse effect on the Utilipoint  Business,
and, to Utilipoint’s knowledge and belief, Utilipoint is not in breach of any laws, ordinances, statutes, regulations, by-laws, orders or decrees the contravention of which would result in a material adverse impact on the Utilipoint’s Business;

	
(w)  
	
Pending or Threatened Litigation. There is no material litigation or administrative or governmental proceeding pending or threatened against or relating to Utilipoint, the Utilipoint Business, or any of the Utilipoint Assets, nor does Utilipoint have any knowledge of any deliberate act or
omission of Utilipoint that would form any material basis for any such action or proceeding;

	
(x)  
	
No Bankruptcy. Utilipoint  has not made any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy and no bankruptcy petition has been filed or presented against Utilipoint and no order has been made or a resolution passed for the winding-up,
dissolution or liquidation of Utilipoint;

	
(y)  
	
Labor Matters. Utilipoint is not a party to any collective agreement relating to the Utilipoint Business with any labor union or other association of employees and no part of the Utilipoint Business has been certified as a unit appropriate for collective bargaining or, to the knowledge of
Utilipoint, has made any attempt in that regard and Utilipoint has no reason to believe that any current employees will leave Utilipoint’s employ as a result of this Merger;

	
(z)  
	
Finder's Fees. Utilipoint is not a party to any agreement which provides for the payment of finder's fees, brokerage fees, commissions or other fees or amounts which are or may become payable to any third party in connection with the execution and delivery of this Agreement and the transactions
contemplated herein;

	
  
	 

Execution and Performance of Agreement

	
(aa)  
	
Authorization and Enforceability. The execution and delivery of this Agreement, and the completion of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action on the part of Utilipoint and the Utilipoint Shareholders;

	
(bb)  
	
No Violation or Breach. The execution and performance of this Agreement will not

	
(i)  
	
violate the charter documents of Utilipoint or result in any breach of, or default under, any loan agreement, mortgage, deed of trust, or any other agreement to which Utilipoint is a party,

 

 

 

14

 

 

	
(ii)  
	
except as provided in, contemplated by, or set forth in the PPM or Subscription Agreements, give any person any right to terminate or cancel any agreement including, without limitation, Utilipoint Material Contracts, or any right or rights enjoyed by Utilipoint,

	
(iii)  
	
except as provided in, contemplated by, or set forth in the PPM or Subscription  Agreements, result in any material alteration of Utilipoint’s obligations under any agreement to which Utilipoint is a party including, without limitation, the Utilipoint Material Contracts,

	
(iv)  
	
result in the creation or imposition of any lien, encumbrance or restriction of any nature whatsoever in favor of a third party upon or against the Utilipoint,

	
(v)  
	
result in the imposition of any tax liability to Utilipoint relating to Utilipoint  Assets or the Utilipoint Shares, or

	
(vi)  
	
violate any court order or decree to which Utilipoint is subject;

Utilipoint Assets - Ownership and Condition

	
  
	 

	
  
	 

	
(cc)  
	
No Option. Except as provided in, contemplated by, or set forth in the PPM,  no person, firm or corporation has any agreement or option or a right capable of becoming an agreement for the purchase of any of the Utilipoint Assets;

	
  
	 

	
(dd)  
	
Utilipoint Material Contracts. Except as provided in, contemplated by, or set forth in the PPM or Subscription Agreements, the Utilipoint Material Contracts constitute all of the material contracts of Utilipoint.  Schedule 5.1(dd) contains a complete and accurate list of all Utilipoint
Material Contracts;

	
(ee)  
	
Business Assets. The Utilipoint Assets comprise all of the property and assets of the Utilipoint Business, and neither the Utilipoint Shareholders nor any other person, firm or corporation owns any assets used by Utilipoint in operating the Utilipoint Business, whether under a lease, rental
agreement or other arrangement;

	
(ff)  
	
Title. Utilipoint is the legal and beneficial owner of the Utilipoint Assets, free and clear of all mortgages, liens, charges, pledges, security interests, encumbrances or other claims whatsoever, except as disclosed in Schedules 5.1(ff) hereto;

	
(gg)  
	
Utilipoint Insurance Policies. Utilipoint maintains the public liability insurance and insurance against loss or damage to the Utilipoint Assets and the Utilipoint Business as described in Schedule 5.1(gg) hereto;

	
(hh)  
	
No Default. There has not been any default in any material obligation of Utilipoint or any other party to be performed under any of the Utilipoint Material Contracts, each of which is in good standing and in full force and effect and unamended, and Utilipoint is not aware of any default in
the obligations of any other party to any of the Utilipoint Material Contracts;

	
(ii)  
	
No Compensation on Termination. There are no agreements, commitments or understandings relating to severance pay or separation allowances on termination of employment of any employee of Utilipoint.  Utilipoint is not obliged to pay benefits or share profits with any employee after
termination of employment except as required by law;

 

 

15

 

 

Utilipoint Assets - Utilipoint Equipment

	
(jj)  
	
Utilipoint Equipment. The Utilipoint Equipment has been maintained in a manner consistent with that of a reasonably prudent owner and such equipment is in good working condition, reasonable wear and tear excepted;

	
  
	
Utilipoint Assets - Utilipoint Goodwill and Other Assets

	
(kk)  
	
Utilipoint Goodwill. Utilipoint carries on the Utilipoint Business only under the name "Utilipoint International, Inc.” and variations thereof and under no other business or trade names. Utilipoint does not have any knowledge of any infringement by Utilipoint of any patent, trademark,
copyright or trade secret;

	
  
	
The Business of Utilipoint

	
(ll)  
	
Maintenance of Business. Since the date of the Utilipoint Financial Statements, the Utilipoint Business has been carried on in the ordinary course, and Utilipoint has not entered into any material agreement or commitment except in the ordinary course or as provided in, contemplated by, or
set forth in the PPM; and

	
(mm)  
	
Subsidiaries. Other Utilipoint does not have any subsidiaries and does not otherwise own, directly or indirectly, any shares or interest in any other corporation, partnership, joint venture or firm.

Non-Merger and Survival

5.2              The representations and warranties of Utilipoint contained herein will be true at and as of Closing in all material respects as though such representations and warranties were made as of such time.  Notwithstanding the completion of the transactions
contemplated hereby, the waiver of any condition contained herein (unless such waiver expressly releases a party from any such representation or warranty) or any investigation made by Midas  the representations and warranties of Utilipoint shall survive the Closing for a period of two (2) years.

Indemnity

5.3              Utilipoint agrees to indemnify and save harmless Midas from and against any and all claims, demands, actions, suits, proceedings, assessments, judgments, damages, costs, losses and expenses, including any payment made in good faith in settlement of any
claim (subject to the right of Utilipoint to defend any such claim), resulting from the breach by Utilipoint of any representation or warranty of Utilipoint made under this Agreement or from any misrepresentation in or omission from any certificate or other instrument furnished or to be furnished by Utilipoint to Midas hereunder.  Legal fees and other costs of defending and prosecuting this action shall be borne by Utilipoint.

ARTICLE 6

COVENANTS OF UTILIPOINT

Covenants

6.1              Utilipoint covenants and agrees with Midas that it will:

	
(a)  
	
Conduct of Business. Until the Closing, conduct the Utilipoint Business diligently and in the ordinary course consistent with the manner in which the Utilipoint Business generally has been operated up to the date of execution of this Agreement;

	
(b)  
	
Access. Until the Closing, give Midas and its representatives full access to all of the properties, books, contracts, commitments and records of Utilipoint relating to Utilipoint, the Utilipoint Business and the Utilipoint Assets, and furnish to Midas and its representatives all such information
as they may reasonably request;

 

 

16

 

 

	
(c)  
	
Preservation of Business.  Until the Closing, use its best efforts to preserve the Utilipoint Business and the Utilipoint Assets;

	
  
	 

	
(d)  
	
Procure Consents. Until the Closing, take all reasonable steps required to obtain, prior to Closing, any and all third party consents required to permit the Merger and to preserve and maintain the Utilipoint Assets, including the Utilipoint Material Contracts;

	
(e)  
	
Procure Unanimous Shareholder Approval.  Take all steps necessary to obtain the approval of this Agreement and the transactions contemplated hereby by all of the holders of Utilipoint Shares; and

	
(f)  
	
Reporting and Internal Controls. From and after the Effective Time, forthwith take all required actions to implement internal controls on the business of the Surviving Company to ensure that the Surviving Company complies with Section 13(b)(2) of the Exchange Act.

Authorization

6.2              Utilipoint hereby agrees to authorize and direct any and all federal, state, municipal, foreign and international governments and regulatory authorities having jurisdiction respecting Utilipoint to release any and all information in their possession respecting
Utilipoint to Midas.  Utilipoint shall promptly execute and deliver to Midas any and all consents to the release of information and specific authorizations which Midas requires to gain access to any and all such information.

Survival

6.3              The covenants set forth in this Article shall survive the Closing for the benefit of Midas.

ARTICLE 7

CONDITIONS PRECEDENT

Conditions Precedent in favor of Midas

7.1              Midas’s obligations to carry out the transactions contemplated hereby are subject to the fulfillment (or waiver by Midas) of each of the following conditions precedent on or before the Closing:

	
(a)  
	
all documents or copies of documents and securities issuances and wire transfers required to be executed and delivered to Midas as set forth in Article 9 hereof will have been so executed and delivered;

	
(b)  
	
all of the terms, covenants and conditions of this Agreement to be complied with or performed by Utilipoint at or prior to the Closing will have been complied with or performed;

	
  
	 

	
(c)  
	
the Certificates of Merger shall be executed by Utilipoint in form acceptable for filing with Secretary of State of New Mexico;

	
(d)  
	
subject to Article 8 hereof, there will not have occurred:

	
  
	 

	
(i)  
	
any material adverse change in the financial position or condition of Utilipoint, its liabilities or the Utilipoint Assets or any damage, loss or other change in circumstances materially and adversely affecting the Utilipoint Business or the Utilipoint Assets or Utilipoint’s right to carry on the Utilipoint  Business, other than changes
in the ordinary course of business, none of which has been materially adverse, or

 

 

17

 

 

	
(ii)  
	
any damage, destruction, loss or other event, including changes to any laws or statutes applicable to Utilipoint or the Utilipoint Business (whether or not covered by insurance) materially and adversely affecting Utilipoint, the Utilipoint  Business or the Utilipoint Assets;

	
  
	 

	
(e)  
	
the transactions contemplated hereby shall have been approved by all other regulatory authorities having jurisdiction over the subject matter hereof, if any; and

	
(f)  
	
all representations and warranties of Utilipoint contained herein shall be true and correct as of the Closing Date.

 

Waiver by Midas

7.2              The conditions precedent set out in the preceding section are inserted for the exclusive benefit of Midas  and any such condition may be waived in whole or in part by Midas at or prior to Closing by delivering to Utilipoint a written waiver
to that effect signed by Midas. In the event that the conditions precedent set out in the preceding section are not satisfied on or before the Closing, Midas shall be released from all obligations under this Agreement.

Conditions Precedent in Favor of Utilipoint

7.3              The obligations of Utilipoint to carry out the transactions contemplated hereby are subject to the fulfillment of each of the following conditions precedent on or before the Closing:

	
(a)  
	
all documents or copies of documents required to be executed and delivered to Utilipoint  or the Utilipoint Shareholders hereunder will have been so executed and delivered;

	
(b)  
	
all of the terms, covenants and conditions of this Agreement to be complied with or performed by Midas or the Acquirer at or prior to the Closing shall have been complied with or performed;

	
(c)  
	
Midas shall have delivered an irrevocable instruction letter to the transfer agent to issue the Acquisition Shares to be issued pursuant to the terms of the Merger to the Utilipoint Shareholders and the Acquisition Shares will be registered on the books of Midas in the name of the Utilipoint Shareholders at the Effective Time;

	
(d)  
	
title to the Acquisition Shares will be free and clear of all mortgages, liens, charges, pledges, security interests, encumbrances or other claims whatsoever;

	
(e)  
	
the Certificates of Merger shall be executed by the Acquirer in form acceptable for filing with the Secretary of State of New Mexico;

	
(f)  
	
subject to Article 8 hereof, there will not have occurred

	
(i)  
	
any material adverse change in the financial position or condition of Midas, its subsidiaries, their assets or liabilities or any damage, loss or other change in circumstances materially and adversely affecting Midas or the Midas Business or Midas’s right to carry on the Midas Business, other than changes in the ordinary course of business, none
of which has been materially adverse, or

 

 

18

 

 

	
(ii)  
	
any damage, destruction, loss or other event, including changes to any laws or statutes applicable to Midas or the Midas Business (whether or not covered by insurance) materially and adversely affecting Midas, its subsidiaries or its assets;

	
(g)  
	
the transactions contemplated hereby shall have been approved by all other regulatory authorities having jurisdiction over the subject matter hereof, if any; and

	
(h)  
	
all representations and warranties of Midas and the Acquirer contained herein shall be true and correct as of the Closing Date.

Waiver by Utilipoint

7.4              The conditions precedent set out in the preceding section are inserted for the exclusive benefit of Utilipoint and any such condition may be waived in whole or in part by Utilipoint at or prior to the Closing by delivering to Midas a written waiver to
that effect signed by Utilipoint.  In the event that the conditions precedent set out in the preceding section are not satisfied on or before the Closing Utilipoint shall be released from all obligations under this Agreement.

Nature of Conditions Precedent

7.5              The conditions precedent set forth in this Article 7 are conditions of completion of the transactions contemplated by this Agreement and are not conditions precedent to the existence of
a binding agreement. Each party acknowledges receipt of the sum of $1.00 and other good and valuable consideration as separate and distinct consideration for agreeing to the conditions precedent in favor of the other party or parties set forth in this Article 7.

Confidentiality

7.6              Notwithstanding any provision herein to the contrary, the parties hereto agree that the existence and terms of this Agreement are confidential and that if this Agreement is terminated pursuant to the preceding section the parties agree to return to one
another any and all financial, technical and business documents delivered to the other party or parties in connection with the negotiation and execution of this Agreement and shall keep the terms of this Agreement and all information and documents received from Utilipoint and Midas and the contents thereof confidential and not utilize nor reveal or release same, provided, however, that Midas may be required to issue news releases regarding the execution and consummation of this Agreement and file a Current Report
on Form 8-K with the Commission respecting the proposed Merger contemplated hereby together with such other documents as are required to maintain the currency of Midas’s filings with the Commission.

No-Shop Provision

7.7              From the date hereof until the close of business on August 17, 2009, the parties hereto agree that they shall not, nor will they cause their directors, officers, employees, agents and representatives to, directly or indirectly, solicit or entertain offers
from, hold meetings or discussions with, or in any manner encourage, accept or consider any proposal of, any other person relating to the acquisition of Utilipoint, shares of Utilipoint’s capital stock, securities convertible into or exchangeable for shares of Utilipoint’s capital stock, or Utilipoint’s assets or business, in whole or in part, whether directly or indirectly, through purchase, merger, consolidation, original issuance, or otherwise.  Utilipoint and the Utilipoint Shareholders
will immediately notify Midas in writing regarding any such contact from the date hereof until the first to occur of the Closing and the close of business on August 17, 2009.

ARTICLE 8

RISK

Material Change in the Business of Utilipoint

8.1              If any material loss or damage to the Utilipoint Business occurs prior to Closing and such loss or damage, in Midas’s reasonable opinion, cannot be substantially repaired or replaced within sixty (60) days, Midas  shall, within two (2)
days following any such loss or damage, by notice in writing to Utilipoint, at its option, either:

 

 

19

 

 

	
(a)  
	
terminate this Agreement, in which case no party will be under any further obligation to any other party; or

	
(b)  
	
elect to complete the Merger and the other transactions contemplated hereby, in which case the proceeds and the rights to receive the proceeds of all insurance covering such loss or damage will, as a condition precedent to Midas’s obligations to carry out the transactions contemplated hereby, be vested in Utilipoint or otherwise adequately secured
to the satisfaction of Midas on or before the Closing Date.

Material Change in the Midas Business

8.2              If any material loss or damage to the Midas Business occurs prior to Closing and such loss or damage, in Utilipoint's reasonable opinion, cannot be substantially repaired or replaced within sixty (60) days, Utilipoint shall, within two (2) days following
any such loss or damage, by notice in writing to Midas, at its option, either:

	
(a)  
	
terminate this Agreement, in which case no party will be under any further obligation to any other party; or

	
(b)  
	
elect to complete the Merger and the other transactions contemplated hereby, in which case the proceeds and the rights to receive the proceeds of all insurance covering such loss or damage will, as a condition precedent to Utilipoint’s obligations to carry out the transactions contemplated hereby, be vested in Midas or otherwise adequately secured
to the satisfaction of Utilipoint on or before the Closing Date.

ARTICLE 9

CLOSING

Closing

9.1              The Merger and the other transactions contemplated by this Agreement will be closed on or before August 17, 2009, in accordance with the closing procedure set out in this Article 9.

Documents to be Delivered by Utilipoint

9.2              On or before the Closing, Utilipoint will deliver or cause to be delivered to Midas:

	
  
	 

	
(a)  
	
an executed copy of this Agreement;

	
(b)  
	
all reasonable consents or approvals required to be obtained by Utilipoint for the purposes of completing the Merger and preserving and maintaining the interests of Utilipoint under any and all Utilipoint Material Contracts and in relation to Utilipoint Assets;

	
(c)  
	
an officers certificate containing articles, bylaws, and certified copies of such resolutions of the all of the shareholders and directors of Utilipoint as are required to be passed to authorize the execution, delivery and implementation of this Agreement;

	
(d)  
	
an acknowledgment from Utilipoint of the satisfaction of the conditions precedent set forth in Section 7.3;

 

 

 

20

 

 

	
(e)  
	
financial statements of Utilipoint for the years ended December 31, 2007 and 2008 and as of such dates, audited by a PCAOB certified auditor and for the six months ended June 30, 2009, reviewed by a PCAOB certified auditor; and

	
  
	 

	
(f)  
	
such other documents as Midas reasonably require to give effect to the terms and intention of this Agreement.

Documents to be Delivered by Midas

9.3              On or before the Closing, Midas and the Acquirer shall deliver or cause to be delivered to Utilipoint:

	
(a)  
	
an executed copy of this Agreement;

	
(b)  
	
an irrevocable instruction letter to the transfer agent to issue share certificates representing the Acquisition Shares duly registered in the names of the Utilipoint Shareholders;

	
(c)  
	
an officers certificate containing articles, bylaws, and certified copies of such resolutions of the directors of Midas and the Acquirer as are required to be passed to authorize the execution, delivery and implementation of this Agreement;

	
(d)  
	
an acknowledgement from Midas of the satisfaction of the conditions precedent set forth in Section 7.1 hereof; and

	
(e)  
	
such other documents as Utilipoint may reasonably require to give effect to the terms and intention of this Agreement.

ARTICLE 10

POST-CLOSING MATTERS

General

10.1              Forthwith after the Closing, Midas and Utilipoint agree to use all their best efforts to:

	
(a)  
	
file the Certificates of Merger with the Secretary of State of New Mexico; and

	
(b)  
	
issue a news release reasonably acceptable to each party reporting the Closing; and

	
(c)  
	
file a Form 8-K with the Commission disclosing the terms of this Agreement which includes audited financial statements of Utilipoint as well as pro forma financial information of Utilipoint and Midas as required by Regulation S-X as promulgated by the Commission.

ARTICLE 11

GENERAL PROVISIONS

Arbitration

11.1              The parties hereto shall attempt to resolve any dispute, controversy, difference or claim arising out of or relating to this Agreement by negotiation in good faith.  If such good negotiation fails to resolve such dispute, controversy, difference
or claim within thirty (30) days after any party delivers to any other party a notice of its intent to submit such matter to arbitration, then any party to such dispute, controversy, difference or claim may submit such matter to arbitration.

 

 

21

 

 

              Any action or proceeding seeking to enforce any provision of, or based upon any right arising out of, this Agreement shall be settled by binding arbitration by a panel of three (3) arbitrators in accordance with the Commercial Arbitration Rules of the American
Arbitration Association and governed by the laws of the State of Delaware (without regard to the choice-of-law rules or principles of that jurisdiction).  Judgment upon the award may be entered in any court located in the State of New York, and all the parties hereto hereby expressly waive any objections or defense based upon lack of personal jurisdiction.

              Each of the plaintiff and defendant party to the arbitration shall select one (1) arbitrator (or where multiple plaintiffs and/or defendants exist, one (1) arbitrator shall be chosen collectively by such parties comprising the plaintiffs and one (1) arbitrator
shall be chosen collectively by those parties comprising the defendants) and then the two (2) arbitrators shall mutually agree upon the third arbitrator.  Where no agreement can be reached on the selection of either a third arbitrator or an arbitrator to be named by either a group of plaintiffs or a group of defendants, any implicated party may apply to a judge of the courts of the State of New York, to name an arbitrator.    Process in any such action or proceeding may be served
on any party anywhere in the world.

Indemnification Provisions

11.2           Notice to Indemnifying Party.  If any party (the "Indemnitee") receives notice of any claim or the commencement of any action or proceeding with respect to which the other party
(or parties) is obligated to provide indemnification (the "Indemnifying Party") pursuant to Section 3.3 or Section 5.3 hereof, the Indemnitee shall give the Indemnifying Party written notice thereof within a reasonable period of time following the Indemnitee’s receipt of such notice.  Such
notice shall describe the claim in reasonable detail and shall indicate the amount (estimated if necessary) of the losses that have been or may be sustained by the Indemnitee.  The Indemnifying Party may, subject to the other provisions of this Section 11.2, compromise or defend, at such Indemnifying Party's own expense and by such Indemnifying Party's own counsel, any such matter involving the asserted liability of the Indemnitee in respect
of a third-party claim.  If the Indemnifying Party elects to compromise or defend such asserted liability, it shall within thirty (30) days (or sooner, if the nature of the asserted liability so requires) notify the Indemnitee of its intent to do so, and the Indemnitee, shall reasonably cooperate, at the request and reasonable expense of the Indemnifying Party, in the compromise of, or defense against, such asserted liability.  The Indemnifying Party will not be released from any obligation
to indemnify the Indemnitee hereunder with respect to a claim without the prior written consent of the Indemnitee, unless the Indemnifying Party delivers to the Indemnitee a duly executed agreement settling or compromising such claim with no monetary liability to or injunctive relief against the Indemnitee and a complete release of the Indemnitee with respect thereto.  The Indemnifying Party shall have the right to conduct and control the defense of any third-party claim made for which it has been provided
notice hereunder.  All costs and fees incurred with respect to any such claim will be borne by the Indemnifying Party.  The Indemnitee will have the right to participate, but not control, at its own expense, the defense or settlement of any such claim; provided, that if the Indemnitee and the Indemnifying Party shall have conflicting claims or defenses, the Indemnifying Party shall not have control of such conflicting claims or defenses and the Indemnitee shall be entitled to appoint a separate
counsel for such claims and defenses at the cost and expense of the Indemnifying Party.   If the Indemnifying Party chooses to defend any claim, the Indemnitee shall make available to the Indemnifying Party any books, records or other documents within its control that are reasonably required for such defense.

Notice

11.3              Any notice required or permitted to be given by any party will be deemed to be given when in writing and delivered to the address for notice of the intended recipient by personal delivery, prepaid  certified or registered mail, or Facsimile.
Any notice delivered by mail shall be deemed to have been received on the fourth business day after and excluding the date of mailing, except in the event of a disruption in regular postal service in which event such notice shall be deemed to be delivered on the actual date of receipt. Any notice delivered personally or by Facsimile shall be deemed to have been received on the actual date of delivery.

Addresses for Service

11.4              The address for service of notice of each of the parties hereto is as follows:

	
(a)  
	
Midas or the Acquirer:

Midas Medici Group Holdings, Inc.

445 Park Avenue

New York, NY 10022

Attn:  Nana Baffour, Chief Executive Officer

Phone:  (212) 792-0920

Fax: (212) 202-4168

With a copy to:

Sichenzia Ross Friedman Ference LLP

61 Broadway

New York, New York 10006

Attn:  Thomas A. Rose, Esq.

Phone:  (212) 930-9700

Telecopier:  (212) 930-9725

 

 

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(b)  
	
Utilipoint:

Utilipoint, Inc.

6000 Uptown Blvd., Suite 314

Albuquerque, NM 87110

Attn:  David Steele, President

Phone: (505) 244-7612

Facsimile: (505) 244-7658

With a copy to:

Williams Williams Rattner & Plunkett, P.C.

380 North Old Woodward Avenue

Birmingham, MI 48009

Attn:  Michael W. Benoit, Esq.

Phone:  (248) 642-0333

Telecopier:  (248) 642-0856

Change of Address

11.5              Any party may, by notice to the other parties change its address for notice to some other address in North America and will so change its address for notice whenever the existing address or notice ceases to be adequate for delivery by hand. A post office
box may not be used as an address for service.

Further Assurances

11.6              Each of the parties will execute and deliver such further and other documents and do and perform such further and other acts as any other party may reasonably require to carry out and give effect to the terms and intention of this Agreement.

Time of the Essence

11.7              Time is expressly declared to be the essence of this Agreement.

Entire Agreement

11.8              The provisions contained herein constitute the entire agreement among Utilipoint, the Acquirer and Midas, respecting the subject matter hereof and supersede all previous communications, representations and agreements, whether verbal or written, among
Utilipoint, the Acquirer and Midas with respect to the subject matter hereof.

 

 

23

 

 

Enurement

11.9              This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

Assignment

11.10              This Agreement is not assignable without the prior written consent of the parties hereto.

Expenses

11.11               Each party agrees to pay, without right of reimbursement from any other party and regardless of whether or not the transaction is consummated, the costs incurred by it in connection with this transaction, including legal fees and other costs incidental
to the negotiation of the terms of the transaction and the preparation of related documentation; notwithstanding anything to the contrary herein.

Counterparts

11.12              This Agreement may be executed in counterparts, each of which when executed by any party will be deemed to be an original and all of which counterparts will together constitute one and the same Agreement. Delivery of executed copies of this Agreement
by Facsimile will constitute proper delivery, provided that originally executed counterparts are delivered to the parties within a reasonable time thereafter.

Applicable Law

11.13            This Agreement and all issues arising out of or relating to this Agreement will be governed by and construed solely and exclusively under the laws  of the State of New York as applied to agreements among New York residents and entered into and to be performed
entirely within New York. .

Termination

11.14           This Agreement may only be terminated at any time prior to the Closing Date:

(a)           upon mutual written consent authorized by the Board of Directors of Midas and Utilipoint; or

(b)           by either Midas or Utilipoint if the Closing shall not have been consummated by the close of business on August 17, 2009.

[Remainder of page intentionally left blank.]

 

24

 

IN WITNESS WHEREOF the parties have executed this Agreement effective as of the day and year first above written.

 

	 	MIDAS MEDICI GROUP HOLDINGS, INC.	 
	 	 	 	 
	
 
	
By: 
	/s/ Nana Baffour	 
	 	 	Nana Baffour,
Chief Executive Officer
	 
	 	 	 	 
	 	 	 	 

	 	UTILIPOINT ACQUISITION CO.	 
	 	 	 	 
	
 
	
By: 
	/s/ Nana Baffour	 
	 	 	Nana Baffour,
Chief Executive Officer
	 
	 	 	 	 
	 	 	 	 

	 	UTILIPOINT INTERNATIONAL, INC.	 
	 	 	 	 
	 	
By: 
	/s/ Robert C. Bellemare	 
	 	 	
Robert C. Bellemare,

Chief Operating Officer

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