Document:

f8k02_x101-ptel.htm

Exhibit 10.1 - Recission Agreement

RESCISSION AGREEMENT

This Rescission Agreement is made and entered into as of March 21st, 2012, by and among PEGASUS TEL, INC. a Delaware Corporation, trading publicly on the Over-the-Counter Bulletin Board under the symbol; PTEL.OB (“Pegasus”) and ENCOUNTER TECHNOLOGIES, INC., a Colorado Corporation trading publicly on the Over-the-Counter under the symbol ENTI.PK (“Encounter”); collectively referred herein as the "Parties".

WHEREAS, the Parties entered on June 6, 2011 into an Asset Purchase Agreement (the “Purchase Agreement”) a copy of which was attached as Exhibit 2.1 by Pegasus in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 10, 2011; and

WHEREAS the Parties amended and superseded the Purchase Agreement on July 14, 2011 (the “Amended Purchase Agreement”) a copy of which was attached as Exhibit 2.2 by Pegasus in its Current Report on Form 8-K filed with the SEC on September 1, 2011; and

WHEREAS, pursuant to the Amended Purchase Agreement, Pegasus acquired all of Encounter’s rights, title, and interest in and to certain assets and liabilities of Encounter relating to MusicMatrix.com (“MusicMatrix.com”) in consideration of 6,995,206 shares of Pegasus’ Series B Convertible Preferred Stock with a face value of $0.0001 per share, a copy of the purchased assets and liabilities is attached as Exhibit A hereto and incorporated by reference; and

WHEREAS, the Parties desire to cancel, rescind, and render null and void, ab initio, the Purchase Agreement and the Amended Purchase Agreement and all documents, instruments, securities and other certificates executed or delivered in connection with the transaction contemplated by the Purchase Agreement and the Amended Purchase Agreement:

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, the Parties, intending to be legally bound, hereby agree as follows.

1.           Rescission of Acquisition.  The Parties hereby cancel and rescind the Purchase Agreement and the Amended Purchase Agreement and declare the Purchase Agreement and the Amended Purchase Agreement to be null and void, ab initio, for all purposes, including, without limitation, for tax purposes.

2.           Cancelling of Stock.  The Parties hereby agree that the 6,995,206 shares of Pegasus’ Series B Convertible Preferred Stock with a face value of $0.0001 per share of Pegasus issued in connection with the Amended Purchase Agreement shall be cancelled by Pegasus in accordance with Section 3 of the Amendment to Certificate of Designation or Amended and Restated Certificate of

_____________/___/Rescission Agreement, Page 1 of 4

Pegasus: _JG__

Encounter: TH__

  

  

  

Designation Preferences and Rights of the Series B Convertible Preferred Stock as filed with the Secretary of State of Delaware on June 13, 2011 and attached as Exhibit 3.2 by Pegasus in its Current Report on Form 8-K filed with the SEC on June 16, 2011 which states that in the event any shares of Series B Stock shall be reacquired by Pegasus, the shares so reacquired shall be cancelled, and each of the parties hereby surrenders any and all rights he or it has or may have with respect to said shares under the Amended Purchase Agreement or otherwise.

3.           Results of Rescission.  The Parties hereby acknowledge and agree that as a result of the rescissions and cancellations described above MusicMatrix.com shall be returned to Encounter and each party shall, to the extent possible in every respect, be in the same position it was immediately prior to the consummation of the transactions expressly rescinded hereby and all transactions relating thereto, and shall release the other party to any further liability with regard to the Purchase Agreement, and the Amended Purchase Agreement and any expenses related to it to date.

4.           Further Instruments and Assurances.  The Parties will execute and deliver all such other and further instruments and documents as may be necessary or desirable to carry out the purposes of this Rescission Agreement.

5.           Notices.  Any notice, request, instruction, correspondence or other document to be given hereunder by any party hereto to another (herein collectively called “Notice”) shall be in writing and delivered personally or mailed by registered or certified mail, postage prepaid and return receipt requested, or by facsimile, as follows:

To Pegasus:                           Two Corporate Drive, Suite 234

Shelton, Connecticut 06484

Attn: Jerry Gruenbaum, CEO

Tel: (203) 404-0450

Fax: (203) 404-7795

To Encounter:                       6313 Corporate Court

Fort Myers, Florida 33919

Attn: Thomas Hargis, CEO

Tel: (239) 415-1525

Fax: (239) 236-0751

6.           Invalidity and Severability.  If any provisions of this Rescission Agreement are held invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this Rescission Agreement which are intended to be, and shall be deemed, severable.

7.           Assignment and Binding Effect.  No party shall assign this Rescission Agreement to any extent without the written consent of the other parties hereto.  Subject to the foregoing, this Rescission Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

_____________/___/Rescission Agreement, Page 2 of 4

Pegasus: _JG__

Encounter: TH      

  

  

  

8.           Waiver.  Any term or provision of this Rescission Agreement may be waived at any time by the party entitled to the benefit thereof by a written instrument duly executed by such party.

9.           Governing Law; Consent to Jurisdiction.  This Rescission Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Delaware, as applied to contracts made and fully performed therein.  Each of the parties hereto hereby irrevocably and unconditionally submits for itself and its property in any legal action or proceeding relating to or arising in connect ion with this Rescission Agreement to the exclusive general jurisdiction of the Courts of the State of Delaware.

10.           Modification.  No modification, amendment or waiver of any of the provisions of this Rescission Agreement shall be effective unless in writing and signed by all parties hereto.

11.           Counterparts.  This Rescission Agreement and any amendments hereto may be executed in any number of counterparts, all of which together shall constitute a single, original instrument.

12.           Entire Agreement.  This Rescission Agreement represents the entire Agreement with respect to matters contemplated herein and supersedes any prior oral or written agreements or undertakings between the parties to such matters.  This Rescission Agreement shall not be amended to any extent except by a writing executed by the parties.

IN WITNESS WHEREOF, the parties have caused this Rescission Agreement to be executed and delivered as to the date first above written.

PEGASUS TEL, INC.

By: _/s/ Jerry Gruenbaum__________________

Jerry Gruenbaum, Chief Executive Officer

ENCOUNTER TECHNOLOGIES, INC.

By: _/s/ Thomas Hargis____________________

Thomas Hargis, Chief Executive Officer

_____________/___/Rescission Agreement, Page 3 of 4

Pegasus: _JG__

Encounter: TH      

  

  

  

EXHIBIT A

PURCHASED ASSETS AND LIABILITIES

ASSETS

Domain Name and Related Property at MusicMatrix.com (including the entire right, title and interest in and to the domain name musicmatrix.com, trademark rights, and all internet traffic to the domain.) In addition to copyrights to WebPages designed for the Website, page layouts, and logos for the Website, all graphics used on the Website, all user databases and programming codes generated for the Website, online forms and search engine created and currently used for the Website, and any and all other intellectual property rights to the name and brand MusicMatrix and MusicMatrix.com.

LIABILITIES

Contract and all current and outstanding payables to V2 Solutions.

Contract and all current and outstanding payables to VMIX Media, Inc.

Promissory Note due to Spire Investment Group dated May 7, 2010.

Promissory Note due to Spire Investment Group dated June 7, 2010.

_____________/___/Rescission Agreement, Page 4 of 4

Pegasus: _JG__

Encounter: THf8k02_x102-ptel.htm

Exhibit 10.2 - Acquisition Agreement

 

ACQUISITION AGREEMENT

Acquisition Agreement, made this 21st day of March, 2012 among:

Pegasus Tel, Inc.

Two Corporate Drive, Suite 234

Shelton, Connecticut 06484 USA

a Delaware corporation

                                                                                                                                                                                                               ("Pegasus")

and

Total-Invest International B.V.

Lange Stammerdijk 31

1109 BL Amsterdam, The Netherlands

Chamber of Commerce # 32038850

a Dutch corporation

                                                                                                                                                                                                              (the "Seller")

and

Blue Bull Ventures B.v.

Lange Stammerdijk 31

1109 BL Amsterdam, The Netherlands

Chamber of Commerce # 54680395

a Dutch corporation

                                                                                                                                                                                                                  (“Blue”)

WHEREAS;

A.           Pegasus, directly and through one or more subsidiaries, intends to engage in the global investment banking, business consulting and business development business.

B.   Blue, is engage in the global investment banking, business consulting and business development business.

C.           The parties hereto deem it to be in the best interest of each of them that Pegasus purchase 100 percent of the issued and outstanding capital stock of Blue for Two Million Four Hundred Thirty Six Thousand Four Hundred Fifty Three (2,436,453) Series D Preferred Sharers of Pegasus, and generally succeed to the business of Blue, all pursuant to such terms, provisions and conditions as the parties hereto shall agree.

NOW, THEREFORE, WITNESSETH, that for and in consideration of the premises and of the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows:

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                                            Jerry Gruenbaum                   JM Erkelens

  

  

  

A.           PURCHASE AND PAYMENT

1.           Purchase and Sale of Stock.

1.1           Pegasus agrees to purchase from Seller and Seller agrees to sell, assign, transfer and deliver to Pegasus 100 percent of the shares of Blue all of which are owned by Seller (collectively, the "Stock").

1.2           The purchase and payment for the Stock by Pegasus shall take place at the time and in the manner hereinafter provided, and the sale, assignment, transfer and delivery of the Stock by Sellers, shall take place on the Closing Date at the Closing as those terms are hereinafter defined, subject to the fulfillment of the conditions hereinafter provided.

2.           Purchase Price.

Pegasus will deliver to Seller at closing Two Million Four Hundred Thirty Six Thousand Four Hundred Fifty Three (2,436,453) Series D Preferred Sharers of Pegasus (the "Pegasus Shares"), each Preferred Shares is convertible and shall have no voting power in accordance with the Certificate of Designation of the Series D Convertible Preferred Stock of Pegasus as filed with the Secretary of State of the State of Delaware.

B.           REPRESENTATIONS AND WARRANTIES OF SELLER AND BLUE

Seller and Blue hereby represent and warrant to Pegasus that, as of the date hereof, the following statements are true and correct, except as to statements in Sections B.2 and B.3 which are made only by Seller who own the Stock with respect to which the statement is made.

1.           Corporate Status.

Blue is (a) duly organized, validly existing and in good standing under the laws of the Netherlands; (b) has full corporate power to own all of its properties and carry on its business as it is now being conducted; and (c) is qualified to do business in each of the jurisdictions in which it operates and the character of the properties owned by Blue or the nature of the business transacted by Blue does not make qualification necessary in any other jurisdiction or jurisdictions.

2.           Authority to Sell.

Seller has full right, power and authority to sell, transfer and deliver the Stock owned by Seller to Pegasus in accordance with the terms of this Agreement, and otherwise to consummate and close the transaction provided for in this Agreement in the manner and upon the terms herein specified.

3.           Ownership of Stock.

All of the Stock of Blue is owned by Total-Invest International B.V.  Seller hold such Stock free and clear of all liens, claims, debts, encumbrances and assessments, and any and all restrictions as to sale, assignment or transferability thereof.  Seller has full right, power and authority to sell, transfer and deliver all of the shares of Stock owned by Seller and the certificates therefor, sold hereunder, to Pegasus in accordance with the terms of this Agreement, and otherwise to consummate and close the transaction provided for in this Agreement in the manner and upon the terms herein specified.

C           REPRESENTATIONS AND WARRANTIES OF PEGASUS

Pegasus hereby warrants and represents to Seller and Blue that, as of the date hereof, the following statements are true and correct.

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                                            Jerry Gruenbaum                   JM Erkelens

  

  

  

1.           Corporate Status.

Pegasus is a duly organized, validly existing and in good standing under the laws of the State of Delaware.

2.           Authority to Issue Preferred Shares.

Pegasus have full right, power and authority from a majority of its shareholders and from its Board of Directors to sell, transfer and deliver the Series D Preferred Stock to the Seller which is convertible and shall have no voting power in accordance with the Certificate of Designation of the Series D Convertible Preferred Stock of Pegasus as filed with the Secretary of State of the State of Delaware.

3.           Litigation.

Pegasus is not a party to any pending or to its knowledge threatened suit, action, proceeding, prosecution or litigation nor to the knowledge of Pegasus is there any threatened or pending governmental investigation involving Pegasus or any of its operations, including inquiries, citations or complaints by any federal, state or local administration or agency.

4.           Truth of Representation.

No representation by Pegasus made in this Agreement and no statement made in any certificate or schedule furnished in connection with the transaction herein contemplated contains or will contain any knowingly untrue statement of a material fact or knowingly omits or will omit to state any material fact reasonably necessary to make any such representation or any such statement not misleading to a prospective purchaser of the Stock.

D.           CLOSING

The closing under this Agreement (the "Closing") and all deliveries hereunder shall take place at the office of the Pegasus, Two Corporate Drive, Suite 234, Shelton, CT 06484, on March 21, 2012 or such other date as shall be agreed upon by all the parties ("the Closing date").

E.           GENERAL PROVISIONS

1.           Survival of Representations, Warranties and Covenants.

Unless otherwise expressly provided herein, the representations, warranties, covenants, indemnities and other agreements herein contained shall be deemed to be continuing and shall survive the consummation of the transactions contemplated by this Agreement.

2.           Diligence.

The parties hereto agree that each shall with reasonable diligence proceed to take all action which may be reasonably required to consummate the transaction herein contemplated.

3.           Waivers.

Each party hereto may:

3.1           Extend the time for performance of any of the obligations of the other party;

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                                            Jerry Gruenbaum                   JM Erkelens

  

  

  

3.2           Waive in writing any inaccuracies in representations and warranties made to it contained in this Agreement or any schedule hereto or any certificate or certificates delivered by any of the other parties pursuant to this Agreement; and

3.3           Waive in writing the failure of performance of any of the agreements, covenants, obligations or conditions of the other parties herein set forth, or alternatively terminate this Agreement for such failure.

4.           Non-Waiver.

The waiver by any party hereto of any breach, default, inaccuracy or failure by another party with respect to any provision in this Agreement or any schedule hereto shall not operate or be construed as a waiver of any other provision thereof or of any subsequent breach thereof.

5.           Further Assurances.

Each party hereto agrees to execute such further documents or instruments, requested by the other party, as may be reasonably necessary or desirable to effect the purposes of this Agreement and to carry out its provisions, at the expense of the party requesting the same.

6.           Entire Agreement.

This Agreement constitutes a complete statement of all the arrangements, understandings and agreements between the parties, and all prior memoranda and oral understandings with respect thereto are merged in this Agreement. There are no representations, warranties, covenants, conditions or other agreements among the parties except as herein specifically set forth, and none of the parties hereto shall rely on any statement by or on behalf of the other parties which is not contained in this Agreement.

7.           Governing Law.

Irrespective of the place of execution or performance of this Agreement, it shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in the State of Delaware, and cannot be changed, modified, amended or terminated except in writing, signed by the parties hereto.

8.           Benefit and Assignability.

This Agreement shall bind and inure to the benefit of the parties hereto and their respective legal representatives, successors and assigns, provided, however, that this Agreement cannot be assigned by any party except by or with the written consent of the others.  Nothing herein expressed or implied is intended or shall be construed to confer upon or to give any person, firm or corporation other than the parties hereto and their respective legal representatives, successors and assigns any rights or benefits under or by reason of this Agreement.

9.           Approval of Counsel.

The form of all legal proceedings and of all papers and documents used or delivered hereunder, shall be subject to the approval of counsels to Pegasus, Blue and Sellers.

10.           Costs.

Blue shall bear its own costs and expenses of the transaction.  The costs and expenses of Sellers in connection with this Agreement and the transactions contemplated hereby shall be borne and paid by Sellers.

Page 1 of 5                                |____JG__|                         |__JME___|

                                            Jerry Gruenbaum                   JM Erkelens

  

  

  

11.           Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

12.           Notices.

Any notices and other communications under this Agreement shall be in writing and shall be considered given if delivered personally or mailed by certified mail to the party, for whom such notice is intended, at the address indicated at the outset hereof (or at such other address as such party may specify by notice to the other parties hereto).

13.           Headings.

The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.

14.           Further Action.

Any further action required or permitted to be taken under this Agreement, including giving notices, executing documents, waiving conditions, and agreeing to amendments or modifications, may be taken on behalf of a party by its Board of Directors, its President or any other person designated by its Board of Directors, and when so taken shall be deemed the action of such party.

IN WITNESS WHEREOF, the parties hereto have respectively executed this Agreement the day and year first above written.

PEGASUS

Pegasus Tel, Inc.

By: __/s/ Jerry Gruenbaum___________

Jerry Gruenbaum, Chief Executive Officer

SELLERS

Total-Invest International B.V.

 

 

By:__/s/ JM Erkelens_______________

J.M. Erkelens, Managing Director

BLUE

Blue Bull Ventures, B.V.

By:__/s/ JM Erkelens________________

J.M. Erkelens, Managing Director

Page 1 of 5                                |____JG__|                         |__JME___|

                                            Jerry Gruenbaum                   JM Erkelens

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