Document:

EXHIBIT 10.1 PROMISSORY NOTE

   

 EXHIBIT 10.1
 

 PROMISSORY NOTE
 

 $40,000.00                                                                                                                 Date:  December 17, 2012
 

 FOR VALUE RECEIVED, and pursuant to this Promissory Note executed between Philip Sobol (the "Payee") and Entia Biosciences , Inc. (“ENTIA”, the “Company”, the "Payor"), the undersigned, hereinafter referred to as "Payor", unconditionally promises to pay to the order of "Payee", at the following address: 3230 Iredell Lane, Studio City, CA 91604 or at such other places as the Payee hereof may designate in writing, the principal sum of $40,000.00 with interest thereon to Payee from December 17, 2013, to maturity on or before March 30, 2013, at the rate per annum of eight percent (8%). 
 

 Convertible Option: Any time during the Term of this Promissory Note the Payee will have the option to convert the unpaid principle and interest into the Company’s Common Stock (ERGO), at $0.65 (sixty-five cents) per share. Furthermore, the Payee will also have the right, but not the obligation, to convert the unpaid balance of this note into any subsequent offering made a by the Company. 
 

 ENTIA, due to the immediate need for additional capital at this time, will grant to Payee a (7) year Warrant to purchase 20,000 shares of the Company’s Common stock (ERGO) at $0.65 (sixty-five cents) per share. This Warrant shall be full vested as of the date of March 30, 2013. 
 

 Upon default by Payor in the payment of the principal amount of or any other sum due in accordance with the terms of this note, Payee at their option, may proceed against the Payor. In the event of such default, the Payor agrees to pay all costs and expenses of collection, including reasonable attorney's fees and interest from the date of such default, on the principal amount unpaid, at the maximum rate permitted by law. 
 

 Presentment and demand for payment, notice or dishonor, protest and notice of protest, are hereby waived by the Payor. This note (i) may not be changed, waived, discharged or terminated except by an instrument in writing signed by the party against which enforcement of such change, waiver, or termination is sought and (ii) shall be binding upon Payor, its successors, assigns and transferees and shall inure to the benefit of and be enforceable by Payee, its successors and assigns. 
 

 This note shall be construed and governed in all respects by the laws of the state of Oregon applicable to contracts made and to be performed therein. 
 

 If any provisions of this note are declared invalid, illegal or unenforceable, the balance of this note shall remain in full force and effect. 
 

 IN WITNESS WHEREOF, the Payor has executed this note on the day and year first written above. 
 

 

 X Marvin S. Hausman
 Marvin S. Hausman
 CEO - Entia Biosciences, Inc.EXHIBIT 10.2 ASSET SALES AGREEMENT

   

 EXHIBIT 10.2
 

 

 Entia Biosciences Inc. - Noah’s Nutritionals
 Asset Sales Agreement
 December, 17th 2013
 

 THIS AGREEMENT is made and entered into on the 17th of December, 2013 by and between Entia Biosciences, Inc. (“Buyer” or the “Company”) having an address of 13565 SW Tualatin-Sherwood Rd #800, Sherwood, OR 97140 and Noah’s Nutritionals (“Seller” or “Funguys LLC”) having an address of 4032 138th Avenue SE, Bellevue, WA 98006. 
 

 WHEREAS, on or about May 27th 2011 the Seller purchased from the Buyer the EquiSANO® brand including all collateral, domain names, trademarks, phone numbers etc.   
 

 WHEREAS, on or about November, 1st 2011, the Seller and Buyer entered into a product development agreement titled “Extension and Modification of the Product Development Agreement”,  wherein the Seller was awarded from the Buyer the exclusive right, for a period of 5 years, to market pet supplements and related products, utilizing the Buyers technology.  According to the terms of this agreement the Seller has an outstanding balance due to the Buyer in an amount estimated to be $81,924.55.  
 

 NOW, THEREFORE, the Buyer wishes to buy and the Seller wishes to sell all rights to the Assets below.
 

  ASSET(S): 

 In conjunction with the execution of this agreement the Buyer will transfer to the Seller all rights and property (real or intellectual) related to the brands listed below including but not limited to: trademarks, customer information and data, domain names, sales collateral, art and or files, email addresses, product labels, finished goods, toll free numbers, and other assets/tools used in the marketing, promotion, or business of brand(s):
  
  

                                         •Noah’s Nutritionals
                                          •D is for Dogs
  

                                         •EquiSANO
  

                                         •Mycelia
 

  INDEMNIFICATION:

 The Seller hereby indemnifies the Buyer from all suits that may arise in conjunction with the sale or transfer of the Assets.  Furthermore the Seller and partner(s) agree not to compete with the Buyer, in the industry or space for which the assets are intended to be marketed, for a period of 36 months.  The 36 month non-compete is not intended to limit the normal business activities of Palazzo Creative (“Palazzo”), however, all disclosures made from Entia to Palazzo, either directly or indirectly through a third party such as Funguys Inc., related to Entia’s: technology, product development, production methodology, marketing strategies, Vitamin D and L-Ergothioneine and their application in mushroom related products, are confidential and may not be communicated to any other individual(s), business(s), or entity(s) of any kind without the express written permission of Entia.
 

  CONSIDERATION: 

 In consideration for the assets listed above the Buyer will pay the Seller the following:
 

 1. 200,000 Shares of Entia Biosciences, Inc. stock (ERGO)
 2. A 5 year warrant to purchase 150,000 shares of the Company’s stock (ERGO) at $0.70 centsper share. 
 3.The Buyer will forgive the $81,924.55 in receivable owed by the seller to the buyer underthe terms of the product development agreement listed above.  The Agreement of November 1st 2011 will be immediately terminated upon execution of this agreement.
 

 IN WITNESS HEREOF, The parties hereto have executed this Agreement on the day and year stated above.
 

 

  X /s/Devin Andres

  X /s/Mark C. Wolf

  X /s/Ryan Lentz

 X /s/Pennie Pickering   X/s/Richard Roberts
  Devin Andres

  Mark C. Wolf

  Ryan Lentz

  Pennie Pickering

      Richard Roberts
  COO- Entia Biosciences, Inc.

  Co-Manager - Funguys, LLC

  Co-Manager - Funguys, LLC

  Funguys, LLC

        Funguys, LLCtenp_ex101.htm

EXHIBIT 10.1

 

LETTER OF INTENT (LOI)

This Letter of Intent ("LOI") is signed on this 16th day of December, 2013 (“Effective Date") by and between:

 

	
  

	
 

	
FedTechServices, Inc. a Delaware corporation

(Hereinafter referred to “FTS”)

 

And

 

Technologies Scan Corp. a Nevada corporation

(Hereinafter referred to as “TENP”)

 

THE PARTIES HERETO AGREE TO THE FOLLOWING:

 

	
PURPOSE:

	
This LOI outlines the fundamental understanding and agreement between FTS and TENP in which, pursuant to the terms set forth below, FTS shall become a wholly owned subsidiary of TENP.

 

PROPOSED PLAN:

	
  

	
1)

	
Prior to the Share Exchange Agreement (hereinafter referred to SEA) being furnished by TENP to FTS, both parties require that they be extended a maximum of a 2 week period, of which no extension shall be granted by or to either party, to conduct a formal due diligence review of each entities corporate and financial records.

 

	
  

	
2)

	
Both parties both agree that during the due diligence period they will abide by the terms set forth below in the “BREACH” and “NON-CIRCUMVENTION” sections and will not pursue outside offers or solicitations.

 

	
  

	
3)

	
At such point both TENP and FTS are satisfied, an Escrow Agreement (hereinafter referred to EA) shall be implemented to govern the incorporation of FTS as a wholly owned subsidiary of TENP. The Escrow Agent shall be mutually agreed upon by both parties.

 

	
  

	
4)

	
Upon the implementation of the EA, TENP will furnish FTS with the SEA. Furthermore, both parties acknowledge that the EA shall supersede and govern the SEA. The Escrow Agent shall be empowered and obligated to review any corporate action including but not limited to Board of Directors resolutions, capital structure changes, matters concerning the issuance of stock of any class, correspondence with the Transfer Agent, Auditors, CPA’s and Counsel. Both parties understand that the Escrow Agent’s review and subsequent approval or objection shall provide the basis of ensuring that the spirit of the SEA is maintained for the benefit of all parties.

 

  

1

  

 

	
  

	
5)

	
The SEA shall delineate all pertinent terms and conditions pursuant to FTS becoming a wholly owned subsidiary of TENP. Both parties agree initially in essence that the SEA shall include the following:

 

A: Upon the SEA consummation, FTS, and or its designees or nominees, shall be transferred 30% equity ownership of TENP.   This equity value shall be represented by and will include all classes of stock authorized and issued on the closing date.  Both parties shall submit their equity interest, whether contractually or physically, i.e. stock certificates, to the escrow agent for safe keeping until such point that the SEA has been satisfied or terminated.

B: FTS will provide the necessary personnel to continue the accounting,   regulatory   and   legal   requirements   associated   with   the operation of TENP.  Three directors shall be appointed to TENP’s Board of Directors; two directors of FTS’s choosing and one of TENP’s choice until such point that the SEA has been satisfied or terminated.

C: Both parties acknowledge that capital will need to be provided from internal and or external sources to achieve the mutual goal set forth by the SEA; on a best efforts basis, both parties agree that they shall implement an equitable split concerning any potential initial costs and the resultant capital available.  This capital shall be distributed on the basis to compensate TENP for its previous efforts and to be deployed by FTS to enhance its business plan.

D: FTS shall submit two performance benchmarks which constitute the backbone of the ultimate transference of equity ownership from TENP’s control persons to FTS and their designee and or nominee. The benchmarks shall comprise a date and general gross revenue figure based on FTS’s financials. The dates proposed are June 30, 2014, (with an allowance of 2 weeks after said date to provide FTS’s unaudited financials) and subsequently 2 months after, on August 31, 2014 (with an allowance of 2 weeks after said date to provide FTS’s unaudited financials). The performance benchmarks shall be: FTS gross revenue of four (4) million USD dollars at benchmark one and an additional two (2) million USD in gross revenue, totaling six (6) million USD, for benchmark two. At each benchmark, whereby FTS meets or exceeds the target, additional equity shall be transferred to FTS and reduced from TENP; meeting target one shall result in both parties having an equal percentage of equity each; meeting target two shall resulting in FTS holding 65% and TENP holding 35%.

E: In the event that a target is not met and defaulted upon, TENP shall have the exclusive right to extend or terminate the SEA at its sole discretion.  If a termination of the SEA is elected by TENP, both parties agree that within 7 calendar days the terms and conditions set forth in the EA regarding a termination or default event shall be met and facilitated by the Escrow Agent.

 

F: In the event that benchmark one, being four (4) million USD in gross revenue, shall be exceeded by a percentage of 35%, both parties shall forego the need to meet benchmark two.  This will cause the terms of the SEA to be met and the final transference of equity to result in FTS holding 65% and TENP holding 35%.

 

	
  

	
6)

	
Both TENP and FTS acknowledge that the final intent of the SEA is to file an S-1 registration with the SEC under the 1934 Act and to meet the requirements of a senior listing such as the NASDAQ OMX or the NYSE Alternext US.

	
  

	
7)

	
Both Parties acknowledge that in order to facilitate the SEA TENP will need to implement additional capital structure modifications which may include but are not limited to the constitution of specific Preferred Stock classes. The intent of such classes of Preferred Stock shall be to facilitate the equity transference pursuant to the SEA, the protection of current specific shareholders, the ability to settle current liabilities to equity and to create the possible structure for future acquisitions and dividend payments.

 

  

2

  

 

REPRESENTATIONS BY TENP:

	
  

	
a) TENP warrants and represents that they possess the authority from its Board of Directors to enter into this Letter of Intent.

	
  

	
b) Agrees to provide FTS access to all legal records and fundamental documentation during the course of our due diligence until the Letter of Intent becomes binding.

	
  

	
c) Consents to the proposed schedule as outlined above in the “PROPOSED PLAN” section.

 

REPRESENTATIONS BY FTS:

 

	
  

	
a) Warrants a represents that they have the authority of its Board of Directors to enter into this Letter of Intent.

	
  

	
b) Agrees to provide TENP access to all legal records and fundamental documentation during the course of our due diligence until the Letter of Intent becomes binding.

	
  

	
c) Consents to the proposed schedule as outlined above in the “PROPOSED PLAN” section.

 

CLOSING DATE

 

The intended closing date of the Transaction is to be December 27, 2013

 

BREACH

 

The parties agree that the remedy of any party at law for any actual or threatened breach of this LOI or definitive Share Exchange Agreement, if any, would be inadequate and that, in the event of such actual or threatened breach, in addition to any other remedy available to it, such party shall be entitled to specific performance hereof, injunctive relief, or both, by temporary or permanent injunction or other appropriate judicial remedy, writ or order.

 

NON-CIRCUMVENTION

Each party agrees that if it commits a breach, or threatens to commit a breach, of any of the provisions of this LOI or definitive agreement, if any, then the other party has the right to have the provisions of this LOI or definitive agreement, if any, specifically enforced by any court having jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the other and that money damages will not provide an adequate remedy. If a breach occurs and is not wholly remedied by specific enforcement of this LOI or definitive agreement, if any, the offending party agrees to compensate injured party for any adverse consequences that result directly or indirectly from the breach.

The signatures of the parties on this document indicate that the general framework of the relationship has been accepted and that they are prepared to proceed with the transaction and enter a more detailed definitive agreement based on the terms and conditions of this LOI.   Both parties understand and agree that a definitive agreement shall contain such further and other provisions as is necessary in each of their respective opinions and as they shall mutually agree upon.

  

3

  

 

NEITHER PARTY SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, IN CONNECTION WITH OR ARISING FROM THE PERFORMANCE OR USE OF THE PRODUCT(S) OR SERVICES PROVIDED OR REFERRED TO HEREIN, EXCEPT THOSE PROVISIONS RELATING TO IP AND CONFIDENTIALITY.

 

MISCELLANEOUS

	
  

	
(a)

	
The parties acknowledge and agree that injunctive relief is appropriate for any breach or threatened breach of this Agreement or the obligations hereunder.

	
  

	
(b)

	
In the event of any litigation or other proceedings before an adjudicative authority regarding the construction hereof or any breach hereof, the non- prevailing party shall pay the reasonable legal fees and expenses of the prevailing party incurred therein.

	
  

	
(c)

	
The parties hereby consent to exclusive venue and jurisdiction for actions hereunder in the State courts of Nevada.

	
  

	
(d)

	
This Agreement shall be construed in accordance with the laws of the State of Nevada, USA, without regard to principles of conflicts of laws.

 

 

 

IN WITNESS WHEREOF, the Parties have caused this LOI to be executed by their respective authorized representatives on the date set out on the first page of this LOI.

 

 

	FEDTECHSERVICES, INC. 	 	TECHNOLOGIES SCAN CORP.	 
	 	 	 	 
	/s/ Jocelyn Noble	 	/s/ Ghislaine St-Hilaire	 
	By: Jocelyn Noble 	 	By: Ghislaine St-Hilaire	 
	Its: President	 	Its: President	 

 

 

4

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