Document:

ex106.htm

    EXHIBIT 10.6

    
 
b

    PURCHASE AND ASSIGNMENT
AGREEMENT

     

    THIS
PURCHASE AND ASSIGNMENT AGREEMENT (this "Agreement"), is made
on April 21, 2008, among Longview Fund, L.P. (“Longview” or the “Assignor”),
Medical Diagnostic Innovations Ltd. (the “Assignee”), and In
Veritas Medical Diagnostics, Inc. (the "Company").

     

    WHEREAS, the Company is
indebted to Longview in the aggregate sum of Three Hundred and Nine Thousand,
Three Hundred ($309,300) Dollars plus accrued interest  pursuant to
certain 18% Secured Convertible Debentures as set forth on Schedule I attached
hereto (collectively, the “Debentures”), issued on the dates and in the amounts
as indicated on Schedule I.

     

    WHEREAS, the Debentures were
originally issued pursuant to a Securities Purchase Agreement, as amended,
between Longview and the Company dated as of September 7, 2005 (the “Securities Purchase
Agreement”);

     

    WHEREAS, Assignor desires to
assign to Assignee and Assignee desires to accept from Assignor the Debentures
on the basis of the representations, warranties and agreements contained in this
Agreement, and upon the terms but subject to the conditions set forth
herein;

     

    WHEREAS,

     

    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

     

    1. Purchase
Price

     

    
      	
              a)  

            	
              As
      consideration for assignment set forth herein of the Debentures owned by
      Longview, the Assignee agrees to pay to Longview the aggregate sum
      of  Thirty Thousand, Nine Hundred and Thirty ($30,930) Dollars
      (the “Purchase
      Price”) payable within thirty (30) days of the execution of this
      Agreement.   If payment is not made within thirty (30) days
      of the execution of this Agreement this Agreement shall be null and
      void.

            

    

     

    2. Assignment.  

     

    
      	
              a)  

            	
              Upon
      receipt of the Purchase Price, the Assignor hereby absolutely, irrevocably
      and unconditionally sells, assigns, conveys, contributes and transfers to
      the Assignee (a) all of the Debentures owned by the Assignor and all of
      its rights and benefits thereunder and conferred therein, including
      without limitation the right to collect from the Company the principal
      amounts outstanding thereunder, plus accrued but unpaid interest, and (b)
      all rights and interests that Assignor has under the Transaction Documents
      and the Assignee accepts such
assignment.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
              b)  

            	
              Closing
      Procedures. The closing of the assignment contemplated hereunder
      shall take place on or before _____________(the “Closing Date”)
      or such other date as mutually agreed by the parties hereto, at the
      offices of Sichenzia Ross Friedman Ference LLP.  On the Closing
      Date, the following shall take
place:

            

    

     

    
      	
              i)  

            	
              The
      Assignee shall deliver Purchase Price;
and

            

    

     

    
      	
              ii)  

            	
              The
      Assignor shall deliver to the Assignor the original Debentures as set
      forth on Schedule I.

            

    

     

    3. Additional
Documents.  The Assignor and Assignee agree to take such
further action and to execute and deliver, or cause to be executed and
delivered, any and all other documents which are, in the reasonable opinion of
their counterparty, necessary to carry out the terms and conditions of this
Assignment.

     

    4. Effective
Date and Counterpart Signature.  This Agreement shall be
effective as of the date first written above.  This Agreement, and
acceptance of same, may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument. Confirmation of execution by telex or by telecopy or
telefax of a facsimile signature page shall be binding upon that party so
confirming.

     

    5. Representations
and Warranties of the Assignee.

     

    (a) Organization;
Authority.  The Assignee is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate, partnership or other applicable power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations thereunder, and the
execution, delivery and performance by the Assignee of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of the Assignee.  This
Agreement, when executed and delivered by the Assignee, will constitute a valid
and legally binding obligation of the Assignee, enforceable against the Assignee
in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other
laws of general application affecting enforcement of creditors’ rights
generally, (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (c) to the
extent the indemnification provisions contained herein may be limited by federal
or state securities laws.

    

    (b) Ownership. Assignee
owns and is conveying to Assignee all of its rights, title and interests to the
Shares and the Warrant, free and clear of all liens, mortgages, pledges,
security interests, encumbrances or charges of any kind or
description.

     

    
      
         

      

      
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    (c) Investment Experience;
Access to Information and Preexisting Relationship.  The
Assignee (a) either alone or together with its representatives, has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of this investment and make an informed decision
to so invest, and has so evaluated the risks and merits of such investment, (b)
has the ability to bear the economic risks of this investment and can afford a
complete loss of such investment, (c) understands the terms of and risks
associated with the acquisition of the Debentures, including, without
limitation, a lack of liquidity, price transparency or pricing availability and
risks associated with the industry in which the Company operates, (d) has had
the opportunity to review such disclosure regarding the Company, its business,
its financial condition and its prospects as the Assignee has determined to be
necessary in connection with the Assignment of the Debentures, including,
without limitation, the Company’s Annual Report on Form 10-K (or substantially
equivalent form) for its most recently completed fiscal year, the Company’s
Quarterly Reports on Form 10-Q (or substantially equivalent form) for the fiscal
quarters since the end of such completed fiscal year, and the Company’s Current
Reports on Form 8-K (or substantially equivalent form) since the end of such
completed fiscal year, each as amended.

    

    (d) Assignee
Status.  At the time the Assignee was offered the Debentures,
it was, and as of the date hereof it is, an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D under the Securities
Act.  The Assignee is not, and is not required to be registered as, a
broker-dealer under Section 15 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”).

    

    (e) Restrictions on
Transfer.  The Assignee understands that (a) the Debentures
(including the shares of Common Stock underlying such Debentures) have not been
registered under the Securities Act or the securities laws of any state, (b) the
Debentures (including the shares of Common Stock underlying such Debenture) are
and will be “restricted
securities” as said term is defined in Rule 144 of the Rules and
Regulations promulgated under the Securities Act (“Rule 144”), (c) the
Debentures (including the shares of Common Stock underlying such Debenture) may
not be sold, pledged or otherwise transferred unless a registration statement
for such transaction is effective under the Securities Act and any applicable
state securities laws, or unless an exemption from such registration provisions
is available with respect to such transaction, and (d) the Debentures (including
the shares of Common Stock underlying such Debentures) will bear a legend
substantially as set forth below:

    

    NEITHER
THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

     

    
      
         

      

      
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    (f) General
Solicitation.  The Assignee is not accepting such Assignment as
a result of any advertisement, article, notice or other communication regarding
the Debentures published in any newspaper, magazine or similar media or
broadcast over television or radio or presented at any seminar or any other
general solicitation or general advertisement.

    

    (g) No Conflicts;
Advice.  Neither the execution and delivery of this Agreement,
nor the consummation of the transactions contemplated hereby, does or will
violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge or other restriction of any government,
governmental agency, or court to which the Assignee is subject or any provision
of its organizational documents or other similar governing instruments, or
conflict with, violate or constitute a default under any agreement, credit
facility, debt or other instrument or understanding to which the Assignee is a
party.  The Assignee has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with the Assignment of the Debenture.

    

    (h) No
Litigation.  There is no action, suit, proceeding, judgment,
claim or investigation pending, or to the knowledge of the Assignee, threatened
against the Assignee which could reasonably be expected in any manner to
challenge or seek to prevent, enjoin, alter or materially delay any of the
transactions contemplated by this Agreement.

    

    (i) Consents.  No
authorization, consent, approval or other order of, or declaration to or filing
with, any governmental agency or body or other Person is required for the valid
authorization, execution, delivery and performance by the Assignee of this
Agreement and the consummation of the transactions contemplated
hereby.

    

    (j) Stop Transfer
Notices.   The Assignee agrees that, in order to ensure
compliance with the restrictions referred to herein, appropriate “stop transfer”
instructions may be issued to the Company’s transfer agent.

    

    (k) Equal Treatment.
Assignee hereby represents that, except for different terms agreed to with
Montgomery Equity Partners, Ltd., Assignee has not agreed to purchase
outstanding loans from any other note holder of the Company at terms that are
more favorable than that agreed to herein.

    

    6. Representations
and Warranties of the Assignor

     

    (a) Organization;
Authority.  The Assignor is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate, partnership or other applicable power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations thereunder, and the
execution, delivery and performance by the Assignor of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of the Assignor.  This
Agreement, when executed and delivered by the Assignor, will constitute a valid
and legally binding obligation of the Assignor, enforceable against the Assignor
in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other
laws of general application affecting enforcement of creditors' rights
generally, (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (c) to the
extent the indemnification provisions contained herein may be limited by federal
or state securities laws.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b) Ownership. Assignor
owns and is conveying to Assignee all of its rights, title and interests to the
assigned Debentures, free and clear of all liens, mortgages, pledges, security
interests, encumbrances or charges of any kind or description.

     

    (c) No Consents, Approvals,
Violations or Breaches. Neither the execution and delivery of this
Agreement by the Assignor, nor the consummation by Assignor of the transactions
contemplated hereby, will (i) require any consent, approval, authorization or
permit of, or filing, registration or qualification with or prior notification
to, any governmental or regulatory authority under any law of the United States,
any state or any political subdivision thereof applicable to Assignor, (ii)
violate any statute, law, ordinance, rule or regulation of the United States,
any state or any political subdivision thereof, or any judgment, order, writ,
decree or injunction applicable to Assignor or any of Assignor’s properties or
assets, the violation of which would have a material adverse effect upon
Assignor, or (iii) violate, conflict with, or result in a breach of any
provisions of, or constitute a default (or any event which, with or without due
notice or lapse of time, or both, would constitute a default) under, or result
in the termination of, or accelerate the performance required by, any of the
terms, conditions or provisions of any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which
Assignor is a party or by which Assignor or any of Assignor’s properties or
assets may be bound which would have a material adverse effect upon
Assignor.

    

    7. Governing
Law; Submission to Jurisdiction.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.  EACH PARTY AGREES THAT
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT
SHALL BE BROUGHT IN A U.S. FEDERAL OR STATE COURT OF COMPETENT JURISDICTION
SITTING IN NEW YORK COUNTY, IN THE STATE OF NEW YORK.  EACH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION OF SUCH
COURT AND HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY DEFENSE OF AN
INCONVENIENT FORUM OR A LACK OF PERSONAL JURISDICTION TO THE MAINTENANCE OF ANY
ACTION OR PROCEEDING AND ANY RIGHT OF JURISDICTION OR VENUE ON ACCOUNT OF THE
PLACE OF RESIDENCE OR DOMICILE OF ANY PARTY HERETO.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

     

    8. Amendments.  No
provision hereof may be waived or modified other than by an instrument in
writing signed by the party against whom enforcement is sought.

     

    9. Severability.  If
any provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other
jurisdiction.

     

    10. Consent.  Pursuant
to Section 9(g) of the Securities Purchase Agreement, the Company consents to
the assignment of the Debentures.

     

    
      
         

      

      
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    11. Release.  Upon
the execution of this Agreement by the Assignor, the Assignee, and the Company
and completion of the obligations contained in Paragraph 1 and 2 :

     

    
      	
              a)  

            	
              any
      and all commitments, rights and obligations to the Company by the Assignor
      set forth under the Debentures shall be terminated, and all amounts due
      and payable by the Company to the Assignor under the Debentures shall be
      deemed to be paid in full and complete satisfaction of all outstanding
      obligations;

            

    

     

    
      	
              b)  

            	
              the
      Assignee, on behalf of itself and on behalf of its affiliates, and its and
      their respective officers, directors, partners, general partner, limited
      partners, shareholders, associates, employees, members, parents,
      subsidiaries, affiliates, agents, predecessors, successors and assigns
      (collectively, the "Assignee Affiliated
      Parties"), hereby releases and forever discharges the Assignor and
      their affiliates, and their respective officers, directors, partners,
      general partner, limited partners, shareholders, associates, employees,
      members, parents, subsidiaries, affiliates, agents, predecessors,
      successors and assigns (collectively, the "Assignor Affiliated
      Parties"), of and from any and all claims, complaints, demands,
      obligations, causes of action, choices in action and/or damages
      whatsoever, at law or in equity (collectively, "Claims") which such
      parties ever had or now have based on or arising out of events or
      circumstances occurring, or actions taken or failed to be taken, in each
      case, that are known or unknown by an Assignee or an Assignee Affiliated
      Party as of the date hereof, in connection with the
      Debentures.

            

    

     

    
      	
              c)  

            	
              each
      of the Assignees, on its own behalf and on behalf of the Assignee
      Affiliated Parties, covenants, to the maximum extent permitted by law,
      that neither it nor any Assignee Affiliated Party shall at any time
      hereafter file, commence or maintain or authorize any third party to file,
      commence or maintain on its behalf, any suit, action or proceeding before
      any federal, state or local court, administrative body, agency, authority
      or arbitral organization or other tribunal against any of the Assignor
      Affiliated Parties with respect to any Claims released pursuant to
      Paragraph 11(b).

            

    

     

    
      	
              d)  

            	
              the
      Company, on behalf of itself and on behalf of its affiliates, and its and
      their respective officers, directors, partners, general partner, limited
      partners, shareholders, associates, employees, members, parents,
      subsidiaries, affiliates, agents, predecessors, successors and assigns,
      and anyone claiming by or through any of the foregoing (collectively, the
      "Company
      Affiliated Parties"), hereby releases and forever discharges the
      Assignor and the Assignor Affiliated Parties of and from any and all
      Claims which such parties ever had or now have based on or arising out of
      events or circumstances occurring, or actions taken or failed to be taken,
      in each case, that are known or unknown by the Company or a Company
      Affiliated Party as of the date hereof, in connection with the Debentures
      .

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              e)  

            	
              the
      Company, on its own behalf and on behalf of the Company Affiliated
      Parties, covenants, to the maximum extent permitted by law, that neither
      it nor any Company Affiliated Party shall at any time hereafter file,
      commence or maintain or authorize any third party to file, commence or
      maintain on its behalf, any suit, action or proceeding before any federal,
      state or local court, administrative body, agency, authority or arbitral
      organization or other tribunal against the Assignor or the Assignor
      Affiliated Parties with respect to any Claims released pursuant to
      Paragraph 11 (d).

            

    

     

    
      	
              f)  

            	
              the
      Assignor, on behalf of itself and the Assignor Affiliated Parties, hereby
      releases and forever discharges the Assignee Parties, the Assignee
      Affiliated Parties, the Company and the Company Affiliated Parties of and
      from any and all Claims, known or unknown, which such parties ever had,
      now have or may hereafter have based on or arising out of the
      Debentures.

            

    

     

    
      	
              g)  

            	
              the
      Assignor, on its own behalf and on behalf of the Assignor Affiliated
      Parties, covenants, to the maximum extent permitted by law, that neither
      it nor any Assignor Affiliated Party shall at any time hereafter file,
      commence or maintain or authorize any third party to file, commence or
      maintain on its behalf, any suit, action or proceeding before any federal,
      state or local court, administrative body, agency, authority or arbitral
      organization or other tribunal against the Assignee Parties, the Assignee
      Affiliated Parties, the Company or the Company Affiliated Parties with
      respect to any Claims released pursuant to Paragraph
  11(f).

            

    

     

    12. Assignment.
No party may assign any of its rights under this Agreement without the prior
consent of the other party hereto; provided that Assignee may, without the
consent of any other party, assign all or any portion of its rights hereunder
to any of its Affiliates. Subject to the preceding sentence, this Agreement
will apply to, be binding in all respects upon, and inure to the benefit of the
successors and permitted assigns of the parties.  Nothing expressed or
referred to in this Agreement will be construed to give any Person other than
the parties to this Agreement any legal or equitable right, remedy, or claim
under or with respect to this Agreement or any provision of this
Agreement.  This Agreement and all of its provisions and conditions
are for the sole and exclusive benefit of the parties to this Agreement and
their successors and assigns.

    

     

    [Signature
page follows]

     

     

     

    
 

     

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

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

     

    
       

      
        
          	ASSIGNOR	 	
                   

                	 	
                   

                
	 	 	 	 	 	 
	
                  LONGVIEW
      FUND, L.P.

                	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Brian
      Mazzella	 	 	 	
                   

                
	

                  Name:
      

                	 	 	 	 
	

                  Title:
      

                	 	 	 	 
	 	 	 	 	 
	

                  ASSIGNEE

                	 	 	 	 
	 	 	 	 	 
	
                  MEDICAL
      DIAGNOSTIC INNOVATIONS LTD.

                	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Graham
    Cooper	 	
                   

                	 	
                   

                
	

                  Name:  Graham
      Cooper

                	 	 	 	 
	

                  Title:
      Director

                	 	 	 	 
	 	 	 	 	 
	

                  AGREED AND
      ACKNOWLEDGED

                	 	 	 	 
	 	 	 	 	 
	

                  IN
      VERITAS MEDICAL DIAGNOSTICS, INC.

                	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Martin Thorp	 	
                   

                	 	
                   

                
	

                  Name:
      Martin Thorp

                	 	 	 	 
	Title:  Chief
      Financial Officer	 	 	 	 

        

      

    

    

    
      
         

      

      
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    SCHEDULE
I

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    9ex107.htm

    EXHIBIT 10.7

    

    PURCHASE AND ASSIGNMENT
AGREEMENT

     

    THIS
PURCHASE AND ASSIGNMENT AGREEMENT (this "Agreement"), is made
on April 21, 2008, among Whalehaven Capital Fund Limited (“Whalehaven” or the
“Assignor”), Medical Diagnostic Innovations Ltd. (the “Assignee”), and In
Veritas Medical Diagnostics, Inc. (the "Company").

     

    WHEREAS, the Company is
indebted to Whalehaven in the aggregate sum of Two Hundred One Thousand, Five
Hundred  ($201,500) Dollars plus accrued interest pursuant to certain
18% Secured Convertible Debentures as set forth on Schedule I attached hereto
(collectively, the “Debentures”), issued on the
dates and in the amounts as indicated on Schedule I.

     

    WHEREAS, the Debentures were
originally issued pursuant to a Securities Purchase Agreement, as amended,
between Whalehaven and the Company dated as of September 7, 2005 (the “Securities Purchase
Agreement”);

     

    WHEREAS, Assignor desires to
assign to Assignee and Assignee desires to accept from Assignor the Debentures
on the basis of the representations, warranties and agreements contained in this
Agreement, and upon the terms but subject to the conditions set forth
herein;

     

    WHEREAS,

     

    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

     

    1. Purchase
Price

     

    
      	
              a)  

            	
              As
      consideration for assignment set forth herein of the Debentures owned by
      Whalehaven, the Assignee agrees to pay to Whalehaven the aggregate sum of
      Twenty Thousand ($20,150) Dollars (the “Purchase
      Price”) payable within thirty (30) days of the execution of this
      Agreement.

            

    

     

    2. Assignment.  

     

    
      	
              a)  

            	
              Upon
      execution hereof the Assignor hereby absolutely, irrevocably and
      unconditionally sells, assigns, conveys, contributes and transfers to the
      Assignee (a) all of the Debentures owned by the Assignor and all of its
      rights and benefits thereunder and conferred therein, including without
      limitation the right to collect from the Company the principal amounts
      outstanding thereunder, plus accrued but unpaid interest, and (b) all
      rights and interests that Assignor has under the Transaction Documents and
      the Assignee accepts such
assignment.

            

    

     

    
      	
              b)  

            	
              Closing
      Procedures. The closing of the assignment contemplated hereunder
      shall take place on or beforeMay 21, 2008 (the “Closing Date”)
      or such other date as mutually agreed by the parties hereto, at the
      offices of Sichenzia Ross Friedman Ference LLP.  On the Closing
      Date, the following shall take
place:

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              i)  

            	
              The
      Assignee shall deliver the Purchase Price to the Assignor;
    and

            

    

     

    
      	
              ii)  

            	
              The
      Assignor shall deliver to the Assignor the original Debentures as set
      forth on Schedule I.

            

    

     

    3. Additional
Documents.  The Assignor and Assignee agree to take such
further action and to execute and deliver, or cause to be executed and
delivered, any and all other documents which are, in the reasonable opinion of
their counterparty, necessary to carry out the terms and conditions of this
Assignment.

     

    4. Effective
Date and Counterpart Signature.  This Agreement shall be
effective as of the date first written above.  This Agreement, and
acceptance of same, may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument. Confirmation of execution by telex or by telecopy or
telefax of a facsimile signature page shall be binding upon that party so
confirming.

     

    5. Representations
and Warranties of the Assignee.

     

    (a) Organization;
Authority.  The Assignee is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate, partnership or other applicable power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations thereunder, and the
execution, delivery and performance by the Assignee of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of the Assignee.  This
Agreement, when executed and delivered by the Assignee, will constitute a valid
and legally binding obligation of the Assignee, enforceable against the Assignee
in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other
laws of general application affecting enforcement of creditors’ rights
generally, (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (c) to the
extent the indemnification provisions contained herein may be limited by federal
or state securities laws.

    

    (b) Ownership. Assignee
owns and is conveying to Assignee all of its rights, title and interests to the
Shares and the Warrant, free and clear of all liens, mortgages, pledges,
security interests, encumbrances or charges of any kind or
description

    

    (c) Investment Experience;
Access to Information and Preexisting Relationship.  The
Assignee (a) either alone or together with its representatives, has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of this investment and make an informed decision
to so invest, and has so evaluated the risks and merits of such investment, (b)
has the ability to bear the economic risks of this investment and can afford a
complete loss of such investment, (c) understands the terms of and risks
associated with the acquisition of the Debentures, including, without
limitation, a lack of liquidity, price transparency or pricing availability and
risks associated with the industry in which the Company operates, (d) has had
the opportunity to review such disclosure regarding the Company, its business,
its financial condition and its prospects as the Assignee has determined to be
necessary in connection with the Assignment of the Debentures, including,
without limitation, the Company’s Annual Report on Form 10-K (or substantially
equivalent form) for its most recently completed fiscal year, the Company’s
Quarterly Reports on Form 10-Q (or substantially equivalent form) for the fiscal
quarters since the end of such completed fiscal year, and the Company’s Current
Reports on Form 8-K (or substantially equivalent form) since the end of such
completed fiscal year, each as amended.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    (d) Assignee
Status.  At the time the Assignee was offered the Debentures,
it was, and as of the date hereof it is, an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D under the Securities
Act.  The Assignee is not, and is not required to be registered as, a
broker-dealer under Section 15 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”).

    

    (e) Restrictions on
Transfer.  The Assignee understands that (a) the Debentures
(including the shares of Common Stock underlying such Debentures) have not been
registered under the Securities Act or the securities laws of any state, (b) the
Debentures (including the shares of Common Stock underlying such Debenture) are
and will be “restricted
securities” as said term is defined in Rule 144 of the Rules and
Regulations promulgated under the Securities Act (“Rule 144”), (c) the
Debentures (including the shares of Common Stock underlying such Debenture) may
not be sold, pledged or otherwise transferred unless a registration statement
for such transaction is effective under the Securities Act and any applicable
state securities laws, or unless an exemption from such registration provisions
is available with respect to such transaction, and (d) the Debentures (including
the shares of Common Stock underlying such Debentures) will bear a legend
substantially as set forth below:

    

    NEITHER
THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (f) General
Solicitation.  The Assignee is not accepting such Assignment as
a result of any advertisement, article, notice or other communication regarding
the Debentures published in any newspaper, magazine or similar media or
broadcast over television or radio or presented at any seminar or any other
general solicitation or general advertisement.

    

    (g) No Conflicts;
Advice.  Neither the execution and delivery of this Agreement,
nor the consummation of the transactions contemplated hereby, does or will
violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge or other restriction of any government,
governmental agency, or court to which the Assignee is subject or any provision
of its organizational documents or other similar governing instruments, or
conflict with, violate or constitute a default under any agreement, credit
facility, debt or other instrument or understanding to which the Assignee is a
party.  The Assignee has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with the Assignment of the Debenture.

    

    (h) No
Litigation.  There is no action, suit, proceeding, judgment,
claim or investigation pending, or to the knowledge of the Assignee, threatened
against the Assignee which could reasonably be expected in any manner to
challenge or seek to prevent, enjoin, alter or materially delay any of the
transactions contemplated by this Agreement.

    

    (i) Consents.  No
authorization, consent, approval or other order of, or declaration to or filing
with, any governmental agency or body or other Person is required for the valid
authorization, execution, delivery and performance by the Assignee of this
Agreement and the consummation of the transactions contemplated
hereby.

    

    (j) Stop Transfer
Notices.   The Assignee agrees that, in order to ensure
compliance with the restrictions referred to herein, appropriate “stop transfer”
instructions may be issued to the Company’s transfer agent.

    

    (k) Equal Treatment.
Assignee hereby represents that, except for different terms agreed to with
Montgomery Equity Partners, Ltd., Assignee has not agreed to purchase
outstanding loans from any other note holder of the Company at terms that are
more favorable than that agreed to herein.

    

    

    6. Representations
and Warranties of the Assignor

     

    (a) Organization;
Authority.  The Assignor is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate, partnership or other applicable power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations thereunder, and the
execution, delivery and performance by the Assignor of the transactions
contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of the Assignor.  This
Agreement, when executed and delivered by the Assignor, will constitute a valid
and legally binding obligation of the Assignor, enforceable against the Assignor
in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other
laws of general application affecting enforcement of creditors' rights
generally, (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (c) to the
extent the indemnification provisions contained herein may be limited by federal
or state securities laws.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b) Ownership. Assignor
owns and is conveying to Assignee all of its rights, title and interests to the
assigned Debentures, free and clear of all liens, mortgages, pledges, security
interests, encumbrances or charges of any kind or description.

     

    (c) No Consents, Approvals,
Violations or Breaches. Neither the execution and delivery of this
Agreement by the Assignor, nor the consummation by Assignor of the transactions
contemplated hereby, will (i) require any consent, approval, authorization or
permit of, or filing, registration or qualification with or prior notification
to, any governmental or regulatory authority under any law of the United States,
any state or any political subdivision thereof applicable to Assignor, (ii)
violate any statute, law, ordinance, rule or regulation of the United States,
any state or any political subdivision thereof, or any judgment, order, writ,
decree or injunction applicable to Assignor or any of Assignor’s properties or
assets, the violation of which would have a material adverse effect upon
Assignor, or (iii) violate, conflict with, or result in a breach of any
provisions of, or constitute a default (or any event which, with or without due
notice or lapse of time, or both, would constitute a default) under, or result
in the termination of, or accelerate the performance required by, any of the
terms, conditions or provisions of any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument or obligation to which
Assignor is a party or by which Assignor or any of Assignor’s properties or
assets may be bound which would have a material adverse effect upon
Assignor.

    

    7. Governing
Law; Submission to Jurisdiction.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.  EACH PARTY AGREES THAT
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT
SHALL BE BROUGHT IN A U.S. FEDERAL OR STATE COURT OF COMPETENT JURISDICTION
SITTING IN NEW YORK COUNTY, IN THE STATE OF NEW YORK.  EACH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION OF SUCH
COURT AND HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY DEFENSE OF AN
INCONVENIENT FORUM OR A LACK OF PERSONAL JURISDICTION TO THE MAINTENANCE OF ANY
ACTION OR PROCEEDING AND ANY RIGHT OF JURISDICTION OR VENUE ON ACCOUNT OF THE
PLACE OF RESIDENCE OR DOMICILE OF ANY PARTY HERETO.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

     

    8. Amendments.  No
provision hereof may be waived or modified other than by an instrument in
writing signed by the party against whom enforcement is sought.

     

    9. Severability.  If
any provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other
jurisdiction.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    10. Consent.  Pursuant
to Section 9(g) of the Securities Purchase Agreement, the Company consents to
the assignment of the Debentures.

     

    11. Release.  Upon
the execution of this Agreement by the Assignor, the Assignee, and the Company
and completion of the obligations contained in Paragraph 1 and 2 :

     

    
      	
              a)  

            	
              any
      and all commitments, rights and obligations to the Company by the Assignor
      set forth under the Debentures shall be terminated, and all amounts due
      and payable by the Company to the Assignor under the Debentures shall be
      deemed to be paid in full and complete satisfaction of all outstanding
      obligations;

            

    

     

    
      	
              b)  

            	
              the
      Assignee, on behalf of itself and on behalf of its affiliates, and its and
      their respective officers, directors, partners, general partner, limited
      partners, shareholders, associates, employees, members, parents,
      subsidiaries, affiliates, agents, predecessors, successors and assigns
      (collectively, the "Assignee Affiliated
      Parties"), hereby releases and forever discharges the Assignor and
      their affiliates, and their respective officers, directors, partners,
      general partner, limited partners, shareholders, associates, employees,
      members, parents, subsidiaries, affiliates, agents, predecessors,
      successors and assigns (collectively, the "Assignor Affiliated
      Parties"), of and from any and all claims, complaints, demands,
      obligations, causes of action, choices in action and/or damages
      whatsoever, at law or in equity (collectively, "Claims") which such
      parties ever had or now have based on or arising out of events or
      circumstances occurring, or actions taken or failed to be taken, in each
      case, that are known or unknown by an Assignee or an Assignee Affiliated
      Party as of the date hereof, in connection with the
      Debentures.

            

    

     

    
      	
              c)  

            	
              each
      of the Assignees, on its own behalf and on behalf of the Assignee
      Affiliated Parties, covenants, to the maximum extent permitted by law,
      that neither it nor any Assignee Affiliated Party shall at any time
      hereafter file, commence or maintain or authorize any third party to file,
      commence or maintain on its behalf, any suit, action or proceeding before
      any federal, state or local court, administrative body, agency, authority
      or arbitral organization or other tribunal against any of the Assignor
      Affiliated Parties with respect to any Claims released pursuant to
      Paragraph 11(b).

            

    

     

    
      	
              d)  

            	
              the
      Company, on behalf of itself and on behalf of its affiliates, and its and
      their respective officers, directors, partners, general partner, limited
      partners, shareholders, associates, employees, members, parents,
      subsidiaries, affiliates, agents, predecessors, successors and assigns,
      and anyone claiming by or through any of the foregoing (collectively, the
      "Company
      Affiliated Parties"), hereby releases and forever discharges the
      Assignor and the Assignor Affiliated Parties of and from any and all
      Claims which such parties ever had or now have based on or arising out of
      events or circumstances occurring, or actions taken or failed to be taken,
      in each case, that are known or unknown by the Company or a Company
      Affiliated Party as of the date hereof, in connection with the Debentures
      .

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              e)  

            	
              the
      Company, on its own behalf and on behalf of the Company Affiliated
      Parties, covenants, to the maximum extent permitted by law, that neither
      it nor any Company Affiliated Party shall at any time hereafter file,
      commence or maintain or authorize any third party to file, commence or
      maintain on its behalf, any suit, action or proceeding before any federal,
      state or local court, administrative body, agency, authority or arbitral
      organization or other tribunal against the Assignor or the Assignor
      Affiliated Parties with respect to any Claims released pursuant to
      Paragraph 11 (d).

            

    

     

    
      	
              f)  

            	
              the
      Assignor, on behalf of itself and the Assignor Affiliated Parties, hereby
      releases and forever discharges the Assignee Parties, the Assignee
      Affiliated Parties, the Company and the Company Affiliated Parties of and
      from any and all Claims, known or unknown, which such parties ever had,
      now have or may hereafter have based on or arising out of the
      Debentures.

            

    

     

    
      	
              g)  

            	
              the
      Assignor, on its own behalf and on behalf of the Assignor Affiliated
      Parties, covenants, to the maximum extent permitted by law, that neither
      it nor any Assignor Affiliated Party shall at any time hereafter file,
      commence or maintain or authorize any third party to file, commence or
      maintain on its behalf, any suit, action or proceeding before any federal,
      state or local court, administrative body, agency, authority or arbitral
      organization or other tribunal against the Assignee Parties, the Assignee
      Affiliated Parties, the Company or the Company Affiliated Parties with
      respect to any Claims released pursuant to Paragraph
  11(f).

            

    

     

    12. Assignment.
No party may assign any of its rights under this Agreement without the prior
consent of the other party hereto; provided that Assignee may, without the
consent of any other party, assign all or any portion of its rights hereunder
to any of its Affiliates. Subject to the preceding sentence, this Agreement
will apply to, be binding in all respects upon, and inure to the benefit of the
successors and permitted assigns of the parties.  Nothing expressed or
referred to in this Agreement will be construed to give any Person other than
the parties to this Agreement any legal or equitable right, remedy, or claim
under or with respect to this Agreement or any provision of this
Agreement.  This Agreement and all of its provisions and conditions
are for the sole and exclusive benefit of the parties to this Agreement and
their successors and assigns.

    

     

    [signature
page follows]

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    

     

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

     

     

    
      
        	ASSIGNOR	 	
                 

              	 	
                 

              
	 	 	 	 	 	 
	WHALEHAVEN CAPITAL FUND
      LIMITED	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Brian
      Mazzella	 	 	 	
                 

              
	

                Name:
      Brian Mazzella

              	 	 	 	 
	

                Title:
      Chief Financial Officer

              	 	 	 	 
	 	 	 	 	 
	

                ASSIGNEE

              	 	 	 	 
	 	 	 	 	 
	

                MEDICAL
      DIAGNOSTIC INNOVATIONS LTD.

              	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Graham
    Cooper	 	
                 

              	 	
                 

              
	

                Name:  Graham
      Cooper

              	 	 	 	 
	

                Title:
      Director

              	 	 	 	 
	 	 	 	 	 
	

                AGREED AND
      ACKNOWLEDGED

              	 	 	 	 
	 	 	 	 	 
	

                IN
      VERITAS MEDICAL DIAGNOSTICS, INC.

              	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Martin Thorp	 	
                 

              	 	
                 

              
	

                Name:
      Martin Thorp

              	 	 	 	 
	Title:  Chief
      Financial Officer	 	 	 	 

      

    

     

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
I

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    9

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