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Exhibit 10.14  

 
 

FOURTH AMENDMENT TO
  FINANCING AGREEMENT    
    

        This FOURTH AMENDMENT TO FINANCING AGREEMENT (this "Amendment"),
dated as of March 10, 2007, is entered into by and between VIEWSONIC CORPORATION, a Delaware corporation
("Company"), and THE CIT GROUP/BUSINESS CREDIT, INC., a New York corporation, as Agent and Lender
("CIT"). 

RECITALS  

        A.    Company and CIT previously entered into that certain Financing Agreement dated as of December 18, 2001 (as amended, the
"Financing Agreement"), pursuant to which CIT provides loans and other financial accommodations to Company from time to time. 

        B.    Company
and CIT wish to amend certain terms of the Financing Agreement. 

        C.    Company
and CIT are willing to agree to such amendments to the Financing Agreement on the terms and subject to the conditions set forth below. 

AGREEMENT  

        NOW THEREFORE, in consideration of the foregoing and the terms and conditions hereof, the parties do hereby agree
as follows, effective as of the date set forth above: 

        1.    Definitions.    Capitalized terms used herein and not otherwise
defined herein, shall have the respective meanings set forth in the Financing Agreement. 

        2.    Amendments.    

        (a)   The
definition of "Inventory" in Section 1 the Financing Agreement is hereby amended and restated in its entirety
to read as follows: 

"Inventory shall mean all of the Company's and ViewSonic Display Limited's present and hereafter acquired inventory (as defined in the UCC) and
including, without limitation, all merchandise, inventory and goods, and all additions, substitutions and replacements thereof, wherever located, together with all goods and materials used or usable
in manufacturing, processing, packaging or shipping same in all stages of production from raw materials through work-in-process to finished goods and all proceeds thereof of
whatever sort." 

        (b)   The
definition of "Subsidiaries" in Section 1 the Financing Agreement is hereby amended to include ViewSonic
Display Limited, a Hong Kong company; ViewSonic Display Trading 1 Limited, a Hong Kong company; ViewSonic Display Trading 2 Limited, a Hong Kong company; and ViewSonic Mauritius Limited, a Mauritius
company. 

        (c)   Section 7.9(e)
of the Financing Agreement is hereby amended and restated in its entirety to read as follows: 

"Assume,
guarantee, endorse, or otherwise become liable upon the obligations of any person, firm, entity or corporation, except: (i) by the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; (ii) provided no Default has occurred and is continuing and no Event of Default has occurred unless, in the case of an
Event of Default, such Event of Default has been cured to the extent expressly curable under and in conformity with the terms of this Agreement, within six (6) months of the date of the Second
Amendment to Financing Agreement, by applying for and causing to be issued a stand-by Letter of 

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Credit
naming as beneficiary the revolving credit lender for ViewSonic China Ltd., which Letter of Credit must be in an amount not to exceed Eight Million Five Hundred Thousand Dollars
($8,500,000), must not be secured by any assets of Company other than cash, and otherwise must be in form and substance satisfactory to the Agent; and (iii) the guaranty by the Company of the
purchase orders of ViewSonic Display Limited pursuant to a guaranty, substantially in the form attached hereto as Exhibit A and as the same may be amended, renewed, restated or modified from
time to time." 

        3.    Waiver.    Compliance with Section 7.9(e) of the Loan Agreement is hereby waived as of the fiscal year
ending December 31, 2006 and through the date of this Amendment with respect to the Company complying with the restrictions on the issuance of a guaranty on behalf of ViewSonic Display Limited
which would have been permitted following the execution of this Amendment; this waiver is expressly limited to the facts and circumstances referred to herein and shall not operate as a waiver of or a
consent to non-compliance with any other section of the Loan Documents. 

        4.    Conditions to Effectiveness.    The foregoing amendment shall become effective only upon the satisfaction of all
of the following conditions precedent (the date of satisfaction of all such conditions being referred to as the "Amendment Effective Date"): 

        (a)   CIT shall have received this Amendment, duly executed and delivered by the Company. 

        (b)   Each of the representations and warranties set forth in this Amendment shall be true and correct as of the Amendment
Effective Date. 

        (c)   After giving effect to this Amendment, no Event of Default shall have occurred and be continuing or be existing. 

        5.    Representations and Warranties.    In order to induce CIT to enter into this Amendment and to amend the
Financing Agreement in the manner provided in this Amendment, Company represents and warrants to CIT as of the Amendment Effective Date as follows: 

        (a)   Power and Authority. Company has all requisite corporate power and
authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Financing Agreement as amended by this Amendment. 

        (b)   Authorization of Agreements. The execution and delivery of this Amendment
by Company and the performance by Company of the Financing Agreement, as amended hereby, have been duly authorized by all necessary action, and this Amendment has been duly executed and delivered by
Company. 

        (c)   Representations and Warranties in the Financing Agreement. Company
confirms that as of the Amendment Effective Date, the representations and warranties contained in Section 7 of the Financing Agreement are (after giving effect to this Amendment) true and
correct in all material respects (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date, in which case it shall be true and correct as
of such specific date) and that no Event of Default has occurred and is continuing. 

        6.    Miscellaneous.    

        (a)    Reference to and Effect on the Existing Financing
Agreement.    

          (i)  Except as specifically amended by this Amendment and the documents executed and delivered in connection herewith, the
Financing Agreement shall remain in full force and effect and is hereby ratified and confirmed. 

         (ii)  The execution and delivery of this Amendment and performance of the Financing Agreement shall not, except as expressly
provided herein, constitute a waiver of any provision 

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of,
or operate as a waiver of any right, power or remedy of CIT under, the Financing Agreement or any agreement or document executed in connection therewith. 

       (iii)  Upon the conditions precedent set forth herein being satisfied, this Amendment shall be construed as one with the
existing Financing Agreement, and the existing Financing Agreement shall, where the context requires, be read and construed throughout so as to incorporate this Amendment. 

        (b)    Fees and Expenses.    The Company acknowledges that all costs,
fees and expenses incurred in connection with this Amendment will be paid in accordance with Section 8 of the Financing Agreement. 

        (c)    Headings.    Section and subsection headings in this Amendment
are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 

        (d)    Counterparts.    This Amendment 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. 

        (e)    Governing Law.    This Amendment shall be governed by and
construed according to the laws of the State of California. 

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        IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first above written. 

	 	 	VIEWSONIC CORPORATION,
 a Delaware corporation
	

 	
 	

By:	

/s/ James A. Morlan

	 	 	Name:	JAMES A. MORLAN

	 	 	Title:	CHIEF FINANCIAL OFFICER

	

 	
 	
THE CIT GROUP/BUSINESS CREDIT, INC.,

a New York corporation
	

 	
 	

By:	

/s/ Kirk Wolverton

	 	 	Name:	Kirk Wolverton

	 	 	Title:	Vice President

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EXHIBIT
A 

Form
of Guaranty 

5

 
 
 

Letter of Guarantee    
    

Date:
[Date]                             

        The
undersigned hereby unconditionally and irrevocably guarantees the due and punctual payment of all obligations ("Obligations") of its subsidiary ViewSonic
Display Ltd. ("Subsidiary") due under that certain [Type of Agreement (LCD Panel Purchase Agreement, OEM,
etc.)] ("PPA Agreement"), invoice, purchase orders and account receivables between the Subsidiary and [Name of Supplier e.g. AU
Optronics Corporation, Innolux Display Corporation, etc.]which has assigned its rights, interests, and claims under the PPA Agreement, invoice, purchase orders and
account receivables to [Name of Lender e.g. Chinatrust Commercial Bank "CTCB")], including without limitation, the obligation to
reimburse all costs and expenses of enforcement, protection or preservation of the rights of CTCB under the PPA Agreement, invoice, purchase orders and account receivables and agrees with CTCB as
follows: 

	1.
	In
the event of non-payment by the Subsidiary of any of the Obligations when due, the undersigned shall pay the same to CTCB within 15 days after receiving the
written notice by CTCB at such place as CTCB may designate together with interest thereon from the due date thereof to the date of actual payment at the rate of LIBOR+4% (free and clear of, and
without set-off or deduction for, taxes or otherwise). A certificate from CTCB as to the amount of any of the obligations due and unpaid, in the absence of manifest errors, shall be
conclusive as against the undersigned.

	2.
	If
the undersigned shall be required by law to make any deduction from any payment hereunder, (1) the sum payable shall be increased as may be necessary so that after making all
required deductions (including deductions applicable to additional sums payable hereunder) CTCB receives an amount equal to the sum it would have received had no such deductions been made,
(ii) the undersigned shall make such deductions and (iii) the undersigned shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with
applicable law.

	3.
	CTCB
shall not be required to exhaust its rights or remedies or take any action against Subsidiary or their properties (collectively or respectively) with respect to the Obligations of
Subsidiary prior to enforcing its rights under this Guarantee against the undersigned.

	4.
	This
Letter of Guarantee ("Guarantee") is unlimited as to amount or duration and shall remain in full force and effect notwithstanding
any extension, compromise, adjustment, forbearance, waiver, release or discharge of any parry (obligor or guarantor), or release in whole or in part of any security granted for Obligations or
compromise or adjustment thereto. The guaranty hereunder shall be unconditional and absolute and the undersigned waives all rights of subrogation and set-off until all sums due under this
Guarantee are fully paid. The undersigned further waives against CTCB all suretyship defenses or defenses in the nature thereof, generally. The undersigned hereby waives diligence, presentment,
demand, protest and notice of any kind.

	5.
	The
undersigned shall pay to CTCB upon demand any and all reasonable and necessary costs and fees (including without limitation, attorneys fees, incurred by CTCB in the implementation
and enforcement of any and all CTCB's rights and interests under this Guarantee.

	6.
	This
Guarantee shall be binding upon the undersigned and its respective assigns and successors and shall inure to the benefit of CTCB, its respective successors and assigns; provided
that the undersigned shall not transfer or assign any of its rights or obligations hereunder without the prior written consent of CTCB. CTCB may, upon notice to but without 

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the
consent of the undersigned, assign this Guarantee, in whole or in part, to any person or entity holding or acquiring any interest in the obligations of Subsidiary. 

	7.
	Any
security or guarantee that the undersigned may have given or shall give to CTCB regarding present or future Obligations of the Subsidiary shall not be affected by the issuance,
performance, cancellation and/or termination of this Guarantee.

	8.
	The
undersigned warrants and represents to CTCB that:

	(1)
	The
execution and delivery of this Guarantee by the undersigned has been duly and validly authorized and necessary action has been taken in due course make this Guarantee a legal,
valid and binding obligation of the undersigned, enforceable in accordance with its terms,

	(2)
	The
undersigned has the full capacity and right to execute, deliver and perform this Guarantee.

	9.
	This
Guarantee is a continuing guarantee for any and all obligations of the Subsidiary and may not in any way be withdrawn, terminated, cancelled or replaced without the prior written
consent of CTCB.

	10.
	This
Guarantee shall be governed by and construed in accordance with the laws of the Republic of China. The undersigned hereby irrevocably submit to the non-exclusive
jurisdiction of the Taipei District Court in any proceedings relating to this Guarantee. 

For
and on behalf of (Guarantor): ViewSonic Corporation 

	 	 	 	 	 
	 	 	
 James A. Morlan, CFO
	

 	
 	

Corp address:	
 	

381 Brea Canyon Road

Walnut, California 91789

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FOURTH AMENDMENT TO FINANCING AGREEMENT

Letter of GuaranteeFiled by Automated Filing Services Inc. (604) 609-0244 - Clearly Canadian Beverage Corporation - Exhibit 4.7

- Execution Copy - 

SHARE PURCHASE AGREEMENT 

THIS AGREEMENT is dated for reference the
24th day of May, 2007 between Clearly Canadian Beverage Corporation,
a company incorporated under the laws of the Province of British Columbia with
an office at 2267 West 10th Avenue, Vancouver, B.C. V6K 2J1 (the
“Purchaser”), David Reingold, of 67 Gatcombe Circle, Richmond Hill,
Ontario L4C 9P5 (the “David”) and Orlee Muroff, of 49 Park Hill Road,
Toronto, Ontario, M6C 3N1 (“Orlee” and together with David, the
“Vendors”). 

WHEREAS: 

	A. 	
      My Organic Baby Inc. (“MOB”), a company
      incorporated under the laws of the Province of Ontario, operates and
      carries on, directly and indirectly, the business of distributing organic
      baby food (the “Business”);

	 	 
	B. 	
      the Vendors are collectively the legal and beneficial
      owners of 65 common shares in the capital of MOB, such shares being 100%
      of the issued and outstanding voting shares of MOB (the “MOB
      Shares”);

	 	 
	C. 	
      the Vendors have agreed to sell and the Purchaser has
      agreed to purchase the MOB Shares on the terms and subject to the
      conditions set forth herein; and

	 	 
	D. 	
      following completion of the purchase and sale of the MOB
      Shares and the redemption by MOB of the Class A Shares (as hereinafter
      defined) on the date hereof, the Purchaser will be the sole shareholder of
      MOB.

NOW THEREFORE, in consideration of the mutual covenants
and agreements contained in this Agreement and other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties
agree as follows: 

	1. 	INTERPRETATION

1.1 Definitions: In this Agreement and in any schedules
and amendments, the following terms will have the meanings set forth below
unless the context otherwise requires: 

	 	(a) 	
      “Agreement” means this Agreement including the
      Schedules attached as the same may be amended or supplemented from time to
      time;

	 	 	 	 
	 	(b) 	
      “Assets” means the rights, interests and assets of
      MOB, tangible and intangible and wherever located, which comprise the
      Business. Such rights, interests and assets will include, but are not
      limited to:

	 	 	 	 
	 		(i) 	
      all machinery, equipment, furniture, trade fixtures,
      computers, software, databases, inventory of raw materials, supplies, work
      in process and finished goods, trademarks, trade names, copyrights, and
      all other

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      intellectual and proprietary property owned by MOB and
      used in connection with the operation of the Business;

	 	 	 
	 	(ii) 	
      all rights under all contracts to which MOB is a
      party;

	 	 	 
	 	(iii) 	
      all prepaid items of MOB;

	 	 	 
	 	(iv) 	
      all transferable licenses and permits of MOB;

	 	 	 
	 	(v) 	
      all accounts receivable, loans receivable (and liens in
      the collateral therefore), and all other current assets of MOB;

	 	 	 
	 	(vi) 	
      all books, records, files and databases of MOB;

	 	 	 
	 	(vii) 	
      all rights of MOB under express or implied warranties
      from the suppliers of MOB with respect to the Assets, to the extent
      assignable;

	 	 	 
	 	(viii) 	
      all of MOB’ claims, causes of action, choices in action,
      rights of recovery and rights of set-off of any kind arising out of the
      operation of the Business;

	 	 	 
	 	(ix) 	
      all of MOB’ right to receive mail and other
      communications, including, without limitation, all telephone and facsimile
      numbers and electronic mail addresses of MOB;

	 	 	 
	 	(x) 	
      all certifications and approvals, if any, from all
      certifying agencies issued to MOB and all of MOB’ right to all data and
      records held by certifying agencies;

	 	 	 
	 	(xi) 	
      the Intangible Assets;

	 	 	 
	 	(xii) 	
      all goodwill of MOB as a going concern; and

	 	 	 
	 	(xiii) 	
      all other properties, tangible and intangible, not
      otherwise referred to above which are owned by MOB or in which they have
      any interest and which are used in the conduct of the
  Business;

but does not include the Excluded
Liabilities; 

	 	(c) 	
      “Assumed Liabilities” means those debts and
      liabilities of MOB that are not Excluded Liabilities and which are
      described in Schedule R hereto;

	 	 	 
	 	(d) 	
      “Bank” means Royal Bank of Canada;

	 	 	 
	 	(e) 	
      “Bank Debt” means the indebtedness as of the
      Closing Date of MOB to the Bank pursuant to the credit facilities
      described in Schedule J attached hereto;

	 	 	 
	 	(f) 	
      “Books and Records” means all files, ledgers,
      correspondence, lists, manuals, reports, texts, notes, memoranda,
      invoices, receipts, accounts, financial

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      statements, financial working papers, computer discs,
      tapes or other means of electronic storage, and all other records or
      documents of any nature or kind whatsoever belonging to MOB and used in
      connection with the Business;

	 	 	 	 
	 	(g) 	
      “Business Day” means any day except Saturday,
      Sunday or any statutory or civic holiday in the Provinces of British
      Columbia or Ontario;

	 	 	 	 
	 	(h) 	
      “Charter Documents” means articles, articles of
      incorporation, memorandum, memorandum of association, articles of
      association, by-laws, or any similar document of a corporate
  entity;

	 	 	 	 
	 	(i) 	
      “Claim” means any claim by the Purchaser against
      the Vendors, or the Vendors against the Purchaser, for any breach of
      representation, warranty, covenant or other agreement or obligation of the
      Vendors or Purchaser pursuant to this Agreement or any agreement
      contemplated hereby;

	 	 	 	 
	 	(j) 	
      “Class A Shares” means the 35 issued and
      outstanding class A non-voting special shares in the capital of MOB which
      have been redeemed by MOB as of the date hereof;

	 	 	 	 
	 	(k) 	
      “Clearly Shares” means the common shares of the
      Purchaser;

	 	 	 	 
	 	(l) 	
      “Closing” means the completion of the sale and
      purchase of the MOB Shares as provided in this Agreement;

	 	 	 	 
	 	(m) 	
      “Closing Date” means the date hereof or such other
      date as the parties may agree to in writing;

	 	 	 	 
	 	(n) 	
      “Closing Time” means 3:00 p.m. (Pacific Standard
      Time)/6:00 p.m. (Eastern Standard Time), or such other time on the Closing
      Date as the parties may agree in writing;

	 	 	 	 
	 	(o) 	
      “DMR” means DMR Food Corporation, an Ontario
      corporation wholly owned by the Purchaser;

	 	 	 	 
	 	(p) 	
      “DMR Share Purchase Agreement” means the share
      purchase agreement dated for reference as of February 5, 2007 between, the
      DMR Vendors and the Purchaser;

	 	 	 	 
	 	(q) 	
      “DMR Vendors” means David Reingold, Lisa Reingold
      and Mark Goodman, as vendors pursuant to the DMR Share Purchase
      Agreement;

	 	 	 	 
	 	(r) 	
      “Encumbrances” means and includes, whether or not
      registered or recorded, any and all:

	 	 	 	 
	 		(i) 	
      mortgages, assignments of rent, liens, licences, leases,
      charges, security interests, hypothecs, and pledges against property
      (whether real, personal, mixed, tangible or intangible), or conditional
      sales contracts or title

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	retention agreements or equipment trusts or financing
        leases relating thereto, or any subordination to any right or claim of
        others in respect thereof;

	 	 	 	 
	 		(ii) 	 claims, interests and estates against or in proper (whether
        real, personal, mixed, tangible or intangible) including easements, rights-of-way
        servitudes or other similar rights in property granted to or reserved
        or taken by any person or any governmental body or authority;

	 	 	 	 
	 		(iii) 	 any option, or other right to acquire, or acquire any
        interest in, any property; and

	 	 	 	 
	 		(iv) 	 other encumbrances of whatsoever nature and kind against
        property (whether real, personal, mixed, tangible or intangible);

	 	 	 	 
	 	(s) 	 “Employment Agreements” has
        the meaning ascribed to such term in Section 7.1(i) hereof;

	 	 	 	 
	 	(t) 	 “Equity Purchase Agreements”
        has the meaning ascribed to such term in Section 7.1(d) hereof; and

	 	 	 	 
	 	(u) 	 “Excluded Liabilities” means
        all liabilities of MOB of any kind whatsoever other than: (i) the Bank
        Debt; (ii) in respect of the Business up to the Closing Date, trade payables,
        commissions payable, employee remittances of every kind whatsoever, federal,
        provincial, municipal, and/or state taxes of any kind whatsoever and operating
        credit facilities secured against receivables; and (iii) accrued taxes
        that are due but not yet payable;

	 	 	 	 
	 	(v) 	 “Insurance Policies” means
        those insurance policies as set forth in Schedule A;

	 	 	 	 
	 	(w) 	 “Intangible Assets” means
        those registered and unregistered names, trade names, trademarks, designs,
        copyrights, patents and other intellectual property rights specifically
        listed in Schedule B;

	 	 	 	 
	 	(x) 	 “Lease” means the lease and
        the agreement to lease under which MOB leases any real property, as listed
        in Schedule C attached hereto;

	 	 	 	 
	 	(y) 	 “LOI” means the letter of
        intent dated March 15, 2007 between David, on behalf of the Vendors, and
        the Purchaser relating to the within transaction of purchase and sale,
        as amended;

	 	 	 	 
	 	(z) 	 “Market Value” in respect
        of the Clearly Shares means the ten (10) day average closing price of
        such shares of the NASD OTC, or other public securities exchange, for
        the ten (10) day period immediately preceding the Closing Date;

	 	 	 	 
	 	(aa) 	 “Material Contracts” means
        those contracts described in Schedule D;

5 

	 	(bb) 	
      “Non-Lock-Up Shares” has the meaning ascribed to
      that term in Section 2.6 hereof;

	 	 	 
	 	(cc) 	
      “Other Operating and Fixed Assets” means those
      operating and fixed assets set forth in Schedule E;

	 	 	 
	 	(dd) 	
      “Operating Entities” means any subsidiaries or
      affiliates of MOB;

	 	 	 
	 	(ee) 	
      “Permitted Encumbrances” means the security
      interest in respect of the Assets granted by MOB in favour of the Bank as
      security for the Bank Debt;

	 	 	 
	 	(ff) 	
      “Person” means an individual, a corporation, a
      partnership, a trust, an unincorporated organization or a government
      agency or instrumentality;

	 	 	 
	 	(gg) 	
      “Place of Closing” means the offices of Aird &
      Berlis LLP, Barristers and Solicitors, in Toronto, Ontario;

	 	 	 
	 	(hh) 	
      “Pledge Agreement” means the share pledge
      agreement to be entered into on the Closing Date between the Purchaser and
      Vendors in the form attached hereto as Schedule T;

	 	 	 
	 	(ii) 	
      “Proportionate Interests” means, with respect to
      David, 80% of the payments to be made by the Purchaser to the Vendors in
      accordance with the provisions of Section 2.2 hereof and, with respect to
      Orlee, 20% of the payments to be made by the Purchaser to the Vendors in
      accordance with the provisions of Section 2.2 hereof;

	 	 	 
	 	(jj) 	
      “Purchase Price” has the meaning ascribed thereto
      in Section 2.1 hereof;

	 	 	 
	 	(kk) 	
      “Reingold Guarantees” means the personal
      guarantees made by David and by Lisa Reingold in favour of the Bank as
      security for the Bank Debt and all related security for such
    Guarantee;

	 	 	 
	 	(ll) 	
      “Unaudited Financial Statements” means the
      unaudited financial statements of MOB relating to the Business for the
      year ended January 31, 2007 and for the three month period ended April 30,
      2007, copies of which are incorporated as Schedule G;

	 	 	 
	 	(mm) 	
      “Warrant Certificates” has the meaning ascribed to
      such term in Section 7.1(d) hereof;

	 	 	 
	 	(nn) 	
      “Warrants” has the meaning ascribed to such term
      in Section 2.2(d) hereof.

1.2 Schedules: The following are the schedules delivered
concurrently with, and incorporated in, this Agreement: 

	Schedule 	Description 
	A
    	List
      of Insurance Policies 

6 

	Schedule 	Description 
	B
    	List
      of Intangible Assets 
	C
    	Lease
    
	D
    	List
      of Material Contracts 
	E
    	List
      of Other Operating and Fixed Assets 
	F
    	Intentionally Deleted 
	G
    	Unaudited Financial Statements 
	H
    	List
      of 5 Largest Customers 
	I
    	List
      of 5 Largest Suppliers 
	J
    	List
      of Bank Facilities 
	K
    	Intentionally Deleted 
	L 
	Employment and Consulting 
Arrangements
  
	M
    	Employee Benefits 
	N
    	List
      of Material Contracts 
	O
    	List
      of Required Consents 
	P 
	Forms of Equity Purchase Agreement and
      
Warrant Certificate 
	Q 
	Form of Employment/Non-Compete 
Agreement
  
	R
    	List
      of Assumed Liabilities 
	S
    	Arbitration Agreement 
	T
    	Form
      of Pledge Agreement 
	U
    	Dividends, Distributions, Redemptions 
	V
    	Inventory Exceptions 

1.3 Division, Headings, Index: The division of this
Agreement into sections, subsections and paragraphs and the insertion of
headings and any index provided are for convenience of reference only and will
not affect the construction or interpretation of this Agreement. 

1.4 Gender and Number: Unless the context otherwise
requires, words importing the singular include the plural and vice versa and
words importing gender include both genders. 

1.5 Best Knowledge. Any reference herein to “the best of
the knowledge” of the Vendors will be deemed to mean the actual knowledge of
David. 

1.6 Currency: All dollar amounts referred to in this
Agreement are stated in lawful money of Canada, unless otherwise expressly
stated. 

7 

	2. 	PURCHASE AND PURCHASE PRICE
  

2.1 Purchase: On the Closing Date and subject to the
terms and conditions contained in this Agreement, the Vendors will sell, assign
and transfer the MOB Shares, free from any and all Encumbrances, and the
Purchaser will purchase the MOB Shares, free from any and all Encumbrances, for
a price (the “Purchase Price”) equal to the aggregate value of the
payments to be made to the Vendors pursuant to S.2.2 (and, if applicable, s.2.3)
plus the value of the Non-Lock-Up Shares to be issued to the Vendors in
accordance with the provisions of Section 2.6 hereof. 

2.2 Payment of Purchase Price: The Purchase Price will
be paid and satisfied by the Purchaser to the Vendors at the Closing Time as
follows: 

	 	(a) 	
      delivery by the Purchaser to the Vendors of a certified
      cheque, bank draft or other source of immediately available funds payable
      to Aird & Berlis LLP, in trust, in the amount of $400,000 (the
      “First Payment”);

	 	 	 
	 	(b) 	
      the issuance by the Purchaser to the Vendors, in
      proportion to their respective Proportionate Interests, of such number of
      Clearly Shares as have a Market Value equal to $300,000 (the “Second
      Payment”), provided, however, that the Vendors covenant and agree with
      the Purchaser that neither of them shall sell or otherwise dispose of such
      shares prior to the date which is 10 months following the Closing Date
      (such date being March 24, 2008), except in accordance with the provisions
      of Article 11 hereof;

	 	 	 
	 	(c) 	
      the issuance by the Purchaser to the Vendors, in
      proportion to their respective Proportionate Interests, of such number of
      Clearly Shares as have a Market Value equal to $300,000 (the “Third
      Payment”), provided, however, that the Vendors covenant and agree with
      the Purchaser that neither of them shall sell or otherwise dispose of such
      shares prior to the date which is 22 months following the Closing Date
      (such date being March 24, 2009 ), except in accordance with the
      provisions of Article 11 hereof; and

	 	 	 
	 	(d) 	
      the issuance by the Purchaser to the Vendors, in
      proportion to their respective Proportionate Interests, of warrants (the
      “Warrants”), vesting immediately and expiring in 3 years, that will
      give the Vendors the right (but not the obligation) to purchase an
      aggregate of 3,750,000 Clearly Shares at a purchase price of $4.00 USD per
      share.

	2.3 	
      Conditional Payment:

	 	 	 
		(a) 	
      In the event that the Vendors have not received, by no
      later than the date which is 13 months following Closing Date (the
      “First Benchmark Date”), an amount equal to the Second Payment,
      through the sale of all of the Clearly Shares (the “Second Payment
      Shares”) issued by the Purchaser to the Vendors in accordance with the
      provisions of Section 2.2(b) hereof, net of sales commissions and other
      costs of disposition (the “Second Payment Share Sale Proceeds”),
      the Vendors will have the right to demand that Purchaser make a payment to
      the

8 

	 		
      Vendors, within 15 business days of Purchaser receiving
      written notice from the Vendors of demand for such payment, by certified
      cheque, bank draft or other source of immediately available funds, an
      amount equal to the difference obtained by subtracting the Second Payment
      Share Sale Proceeds from the Second Payment (the “Second Payment
      Shortfall”). The Vendors will forfeit their right to receive the
      Second Payment Shortfall if the Vendors have not sold all of the Second
      Payment Shares prior to the First Benchmark Date.

	 	 	 
	 	(b) 	
      In the event that the Vendors have not received, by no
      later than the date which is 25 months following the Closing Date (the
      “Second Benchmark Date”), an amount equal to the Third Payment,
      through the sale of all of the Clearly Shares (the “Third Payment
      Shares”) issued by the Purchaser to the Vendors in accordance with the
      provisions of Section 2.2(c) hereof, net of sales commissions and other
      costs of disposition (the “Third Payment Share Sale Proceeds”), the
      Vendors will have the right to demand that Purchaser make a payment to the
      Vendors, within 15 business days of Purchaser receiving written notice
      from the Vendors of demand for such payment by certified cheque, bank
      draft or other source of immediately available funds, an amount equal to
      the difference obtained by subtracting the Third Payment Share Sale
      Proceeds from the Third Payment (the “Third Payment Shortfall”).
      The Vendors will forfeit their right to receive the Third Payment
      Shortfall if the Vendors have not sold all of the Third Payment Shares
      prior to the Second Benchmark Date.

	 	 	 
	 	(c) 	
      In the event that the Vendors have not received, by no
      later than the First Benchmark Date, a net amount of $3,750,000 through
      the purchase and sale of all, or any, of the Clearly Shares issuable upon
      exercise of the Warrants (the “Warrant Proceeds”), the Vendors will
      have the right, within 10 days of the First Benchmark Date, to demand that
      Purchaser pay the Vendors any positive amount (the “Fourth
      Payment”) which equals $3,750,000 less the Warrant Proceeds, if any.
      Subject to the provisions of section 9.5 hereof, one half of the Fourth
      Payment will be paid by the Purchaser to the Vendors by certified cheque,
      bank draft or other source of immediately available funds, within 10
      business days of Purchaser receiving written notice from the Vendors of
      demand for the Fourth Payment. The balance of the Fourth Payment will be
      paid by Purchaser to the Vendors by certified cheque, bank draft or other
      source of immediately available funds, on the date which is 18 months
      following the Closing Date. Upon receipt of the first installment of the
      Fourth Payment as aforesaid, the Vendors will return for cancellation, any
      Warrants not yet exercised by the Vendors. In the event that the Vendors
      do not notify Purchaser in writing of demand for the Fourth Payment within
      20 days of the First Benchmark Date, the Vendors will forfeit any further
      right to demand payment of the Fourth Payment.

2.4 Escrow Provisions: The Purchaser covenants and
agrees that it will deposit into escrow such portion of the proceeds received by
it, prior to the First Benchmark Date, from the exercise of the Warrants, from
the exercise of the warrants issued to the DMR Vendors, pursuant to the DMR
Share Purchase Agreement and any other warrants or options to purchase
securities of the Purchaser, as is necessary to satisfy the Purchaser’s payment
obligations to the Vendors pursuant 

9 

to this Article 2, and that the Purchaser will hold any and all
such proceeds in escrow pending payment by the Purchaser to the Vendors of all
such amounts due to the Vendors in accordance with the provisions of this
Article 2. The provisions of this Section 2.4 are additive to the rights and
obligations of the parties pursuant to the DMR Share Purchase Agreement and
nothing contained herein shall be construed in such a manner as to derogate from
the rights and obligations of the parties therein provided. 

2.5 Security for Payment. As security for the payment
obligations of the Purchaser to the Vendors pursuant to this Article 2, at the
Closing Time, the Purchaser shall execute and deliver to the Vendors, and shall
perform its obligations under, the Pledge Agreement. 

2.6 Non-Lock-Up Shares. As additional consideration for
the sale of the MOB Shares to the Purchaser hereunder, the Purchaser shall issue
to the Vendors, in proportion to their respective Proportionate Interests, at
the Closing Time, 215,000 Clearly Shares (the モNon-Lock-Up Sharesヤ). 

	3. 	REPRESENTATIONS AND WARRANTIES OF THE
      VENDORS 

The Vendors represent and warrant to the Purchaser as follows
and acknowledge that the Purchaser is relying upon such representations and
warranties in connection with the purchase of the MOB Shares: 

	3.1 	
      Assets:

	 	 	 
		(a) 	
      Ownership: MOB has good and marketable title to
      all of the Assets free and clear of all Encumbrances other than the
      Permitted Encumbrances;

	 	 	 
		(b) 	
      Authority: Each of the Vendors has the legal
      capacity, power and authority to enter into this Agreement and to transfer
      the legal and beneficial title and ownership of the MOB Shares to the
      Purchaser free of Encumbrances;

	 	 	 
		(c) 	
      Leased Equipment: MOB does not lease any equipment
      or other assets comprising the Assets;

	 	 	 
		(d) 	
      Condition of Assets: All fixed assets and
      equipment owned or used by MOB in the conduct of the Business, all of
      which is listed in either Schedules E or F, have been properly maintained
      and, other than normal wear and tear, are in good working order and
      contain no defects which could adversely affect the operation of the
      Business to any material degree;

	 	 	 
		(e) 	
      Rights to Assets: No present or former director,
      officer, shareholder or partner of MOB or any person not dealing at armメs
      length with any of the foregoing owns directly or indirectly or has any
      agreement, option or commitment to acquire or lease, any property, asset,
      right or license used by MOB in carrying on the Business;

	 	 	 
		(f) 	
      Intangible Assets: The list of the Intangible
      Assets set out in Schedule B accurately reflects all registered and
      unregistered names, trade names, trademarks,

10 

	 		
      designs, copyrights, patents and similar intellectual
      property rights, specifically including, but not limited to the trade
      names and any proprietary software used in connection with the Business
      and/or owned or held by MOB on the date hereof, free of Encumbrances;
      and

	 	 	 
	 	(g) 	
      Other Operating and Fixed Assets: The list of the
      Other Operating and Fixed Assets set out in Schedule E accurately reflects
      all operating and fixed assets owned or held by MOB having an original
      capital cost of $500 or more which are not disclosed elsewhere in this
      Agreement. Except for sales and purchases in the ordinary course of
      business since April 30, 2007, MOB owns such assets on the date hereof,
      free of Encumbrances.

	3.2 	
      Business Operations:

	 	 	 
		(a) 	
      Operating Authorities: To the best of the
      knowledge of the Vendors, MOB has acquired, and currently holds, all
      permits, licenses, consents, authorizations, approvals, privileges,
      waivers, exemptions, orders, certificates, rulings, agreements and other
      concessions granted by or entered into with any governmental or regulatory
      authority required in connection with the Assets or the Business, that are
      material to the Assets or the Business and all of the foregoing are in
      good standing and are being complied with in all material respects.
      Neither MOB or the Business is required to obtain, from any governmental
      or regulatory authority, or any other entity, any licences, permits,
      consents, approvals, certificates or registrations in connection with the
      change of ownership of the MOB Shares and the transactions as contemplated
      herein;

	 	 	 
		(b) 	
      Compliance with Laws: To the best of the knowledge
      of the Vendors, MOB is operating and using the Assets and is conducting
      the Business in compliance with all applicable laws and regulations of
      each jurisdiction in which the Assets are located or in which it conducts
      the Business;

	 	 	 
		(c) 	
      Operating Entities: MOB has no Operating
      Entities;

	 	 	 
		(d) 	
      Owner’s Criminal Records: Neither of the Vendors
      has a criminal record; and

	 	 	 
		(e) 	
      Jurisdictions in which Business is Carried On: MOB
      does not carry on the Business or own or lease any assets in any
      jurisdiction other than in the Province of Ontario which would require
      registration or licensing in such
jurisdiction.

	3.3 	
      Customers and Suppliers:

	 	 	 
		(a) 	
      Customers: The list of accounts described in
      Schedule H accurately represents the 5 largest customers of the Business,
      by sales volume, and the sales volume for each such customer, for the 12
      month period immediately preceding the date hereof.

	 	 	 
		(b) 	
      Suppliers: The list of accounts described in
      Schedule I accurately represents the 5 largest suppliers of the Business,
      by expense volume, and the expense volume of

11 

each such supplier, for the 12 month
period immediately preceding the date hereof. 

	3.4 	Financial: 

	 	(a) 	
      Unaudited Financial Statements: The Unaudited
      Financial Statements present fairly in all material respects the financial
      position of the Business as at the date of the said statements and the
      results of MOB’s operation of the Business for the applicable period then
      ended in accordance with accounting principles used by MOB consistently
      applied.

	 	 	 
	 	(b) 	
      No Material Change: Since April 30, 2007 and up to
      the Closing Time there has been no material adverse change in the nature
      or condition of the Assets or the Business, financial or otherwise, except
      changes occurring in the ordinary course of its business, nor has there
      been any development or threatened or probable development of which MOB is
      aware which materially and adversely affects the Assets or the Business.
      The Business has been carried on in the ordinary course as it had
      previously been carried on. In addition, save as disclosed in Schedule U
      attached hereto, since April 30, 2007 and up to the Closing Time, MOB has
      not:

	 	(i) 	
      issued any shares or other securities;

	 	 	 
	 	(ii) 	
      incurred any liability or obligation (absolute or
      contingent) save current liabilities incurred in the ordinary course of
      business which as to their nature and amount are not inconsistent with the
      Business as carried on;

	 	 	 
	 	(iii) 	
      discharged or satisfied any Encumbrance or paid any
      obligation or liability (absolute or contingent) except for current
      liabilities incurred in the ordinary course of business and except for
      regularly scheduled payments of term debt and lease payments;

	 	 	 
	 	(iv) 	
      declared, paid, authorized or made any dividend, payment
      or distribution of any kind or nature to its shareholders or redeemed or
      purchased or otherwise acquired any of its capital stock or agreed to do
      so;

	 	 	 
	 	(v) 	
      subjected any of the Assets to any
Encumbrances;

	 	 	 
	 	(vi) 	
      sold or transferred any of the Assets or cancelled or
      released any debts or claims, except, in each case, in the ordinary course
      of business;

	 	 	 
	 	(vii) 	
      waived any rights of material value;

	 	 	 
	 	(viii) 	
      entered into any transaction or into any contracts or
      agreements or modifications or cancellations thereof, other than in the
      ordinary course of business;

	 	 	 
	 	(ix) 	
      made or authorized any payment to officers, directors or
      employees in their capacity as such except in the ordinary course of
      business and at rates

12 

			  
	of salary, bonus or other remuneration consistent
        with remuneration of previous years;

	 	 	 	 
			(x) 	 used any funds other than in the ordinary course of
        business as theretofore carried on; and

	 	 	 	 
			(xi) 	 made any capital expenditures greater than $5,000 or
        entered into any lease with a capitalized value greater than $5,000;

	 	 	 	 
		(c) 	 Books and Records: The Books and Records
        fairly and correctly set out and disclose in all material respects the
        financial position of the Business and all material financial transactions
        of the Business have been accurately recorded in the Books and Records;

	 	 	 	 
		(d) 	 Liabilities: Since April 30, 2007 and
        up to the Closing Time, there has been no material adverse change in the
        debts or liabilities (whether accrued, contingent, absolute or otherwise
        and whether or not determined or determinable) of MOB or the Business;

	 	 	 	 
		(e) 	 Excluded Liabilities: At the Closing
        Time, MOB will not have any debts or liabilities (whether accrued, contingent,
        absolute or otherwise and whether or not determined or determinable),
        including liabilities which arise hereafter based on events which have
        occurred up to the date hereof, other than the Assumed Liabilities described
        in Schedule R;

	 	 	 	 
		(f) 	 Receivables: All receivables recorded
        on the books of the Business are due and payable and no right of set-off
        or counterclaim exists with respect to those accounts;

	 	 	 	 
		(g) 	 Accountants: MOB has not had any material
        disagreement or dispute with their auditors or accountants over the accounting
        or tax treatment of the financial information of the Business; and

	 	 	 	 
		(h) 	 Shareholder and Related Party Loans:
        Except as noted in Schedule R, at the Closing Time, MOB will not be indebted,
        directly or indirectly, to the Vendors or any present or former director,
        officer, shareholder, partner or employee of MOB or any person not dealing
        at arms length with any of the foregoing and none of such persons is indebted
        to MOB, including but not limited to those debts described in Schedule
        R, except for matters arising out of normal relations between employee
        and employer or the business and its suppliers.

	 	 	 	 
	3.5 	 Banking:

	 	 	 	 
		(a) 	 Loans and Credit Facilities: Other
        than the Bank Debt and except as otherwise disclosed in the Unaudited
        Financial Statements, MOB has not entered into, or otherwise arranged
        for, any loans, operating lines of credit or other credit facilities (including
        interest rate or currency swaps, hedging contracts, forward loan or rate
        agreements or other financial instruments), and does not have outstanding
        any

13 

		
       
	bonds, debentures, mortgages, notes or other similar
      indebtedness and MOB is not obligated to create or issue any bonds,
      debentures, mortgages, notes or other similar indebtedness;
	 	 	 
		(b) 	
      Bank Facilities: Schedule J contains a complete
      and accurate listing showing the name of each bank, trust company or
      similar financial institution in which MOB has an account, safety deposit
      box or other banking facility, including the names of all persons
      authorized to transact business in respect of such accounts;

	 	 	 
		(c) 	
      Guarantees/Indemnities: MOB has not guaranteed or
      indemnified, or agreed to guarantee or indemnify, or agreed to any other
      like commitment, in respect of any debt, liability or other obligation of
      any person.

	 	 	 
	3.6 	
      Insurance:

	 	 	 
		(a) 	
      List of Policies: Schedule A contains a complete
      and accurate listing of all insurance policies of MOB relating to the
      Assets and the Business including all property damage, general liability,
      motor vehicle, director and officer liability and life policies on which
      MOB has paid premiums from time to time;

	 	 	 
		(b) 	
      Good Standing: Each of the insurance policies
      listed in Schedule K is in good standing, all premiums required to be paid
      by MOB have been properly paid, there have been no misrepresentations or
      failures to disclose material facts, and there has been no refusal to
      renew any of the policies and the Vendors have no knowledge of any facts
      which might render any of the policies invalid, unenforceable or
      non-renewable; and

	 	 	 
		(c) 	
      Outstanding Claims: No threatened or actual claims
      against any of the policies described in Schedule A have been made in the
      last 3 years, except as otherwise noted in Schedule A. MOB has given
      notice of or has otherwise presented in a timely fashion every claim under
      each such insurance policy.

	 	 	 
	3.7 	
      Tax Matters:

	 	 	 
		(a) 	
      Filings: MOB has duly and timely filed all
      returns, elections and designations required to be filed by it with any
      taxation authority or if not filed on a timely basis, all fees, penalties,
      interest and other amounts payable as a result thereof have been paid or
      provided for. If any such returns, elections and designations have been
      filed by MOB, none of them contains any material misstatement or omits any
      material statements that should have been included therein, and any
      schedules or statements accompanying any such returns, elections or
      designations is true, correct and complete in all material
  respects;

	 	 	 
		(b) 	
      Payment: MOB has paid in full, or provided for,
      all amounts (including but not limited to sales, capital, use and
      consumption taxes and taxes measured on income and all instalments of
      taxes) owing to all federal, provincial and municipal taxation authorities
      due and payable by it up to the date of this
Agreement;

14 

		(c) 	
      Extensions: There are no agreements, waivers or
      other arrangements with any taxation authority providing for an extension
      of time with respect to the filing of any return, election or designation
      by, or any payment of any amount by or governmental charge against MOB nor
      with respect to the issuance of any assessment or reassessment;

	 	 	 
		(d) 	
      Adverse Proceedings: There are no actions, suits,
      proceedings, investigations or claims by any governmental authority
      pending or threatened against MOB relating to taxes, governmental charges
      or assessments. There are also no matters under discussion with any
      governmental authority relating to taxes, governmental charges or
      assessments asserted or to be asserted by such authority;

	 	 	 
		(e) 	
      Deductions/Remittances: MOB has withheld and
      remitted all amounts required to be withheld by it including without
      limitation, income tax, CPP contributions and Employment Insurance
      premiums and has paid such amounts including any penalties or interest due
      to the appropriate authority on a timely basis and in the form required
      under the appropriate legislation;

	 	 	 
		(f) 	
      Acquisitions: MOB has not acquired property from,
      or disposed of property to, any person, firm or corporation with whom MOB
      does not deal at arm’s length since April 30, 2007; and

	 	 	 
		(g) 	
      Other Jurisdictions: MOB has not filed or is not
      currently required to file any returns, elections or designations with any
      taxation authority located in any jurisdiction other than the Province of
      Ontario.

	 	 	 
	3.8 	
      Employee Matters:

	 	 	 
		(a) 	
      List of Employees and Consultants: The list of
      employees and consultants set out in Schedule L is a comprehensive list of
      the employees, consultants and commissioned sales people of the Business
      as at the Closing Date and includes an accurate description of the
      compensation and/or commission structure, position, length of employment
      or engagement and job classification;

	 	 	 
		(b) 	
      Employment and Consulting Contracts: Except as set
      forth in Schedule L, MOB is not a party to any oral or written consulting
      contract, management contract, labour services contract or similar
      agreement for the services of a particular individual and none of the
      employees of the Business are employed on other than an indefinite hiring
      basis terminable on reasonable notice according to law without further
      liability to the Business;

	 	 	 
		(c) 	
      Benefit Plans: Schedule M contains a complete and
      accurate listing of all benefit, bonus, profit-sharing, retirement income,
      termination or severance, dental, medical, disability, health or other
      plan, program, policy or other arrangement in place for the benefit or
      advantage of the salaried employees of the Business as at the Closing Date
      and there have been no material variations to this list since that date
      other than in the ordinary course of business. All contributions required
      to be made by MOB to such plans have been properly made and all retirement
      plans

15 

			are fully funded, and all returns and other documents
      have been filed and all amounts owing to any governmental or other
      regulatory authority relating to such plans, programs, policies or
      arrangements have been paid;
	 	 	 
		(d) 	
      Worker’s Compensation: MOB has paid in full all
      amounts owing by it under the Workers’ Compensation Act (Ontario).
      No claims have been made against MOB pursuant to the Workers’
      Compensation Act (Ontario);

	 	 	 
		(e) 	
      Pension Plans: MOB does not have nor has it ever
      had a pension plan for any of its employees; and

	 	 	 
		(f) 	
      Employer Associations: MOB is not a member of any
      employer, management, industry or other trade or business association
      under which the Business is obligated to contribute to any employee or
      contractor employee benefit fund, including any pension plans, health
      benefit plans or other similar employee entitlements.

	 	 	 
	3.9 	
      Litigation and Claims:

	 	 	 
		(a) 	
      Adverse Proceedings: Except as set forth in
      Schedule S hereto, there are no outstanding actions, claims, demands,
      lawsuits, prosecutions or governmental investigations by or against MOB
      and the Business and there is no other adverse proceeding which is pending
      or threatened by, against, or relating to MOB, the Assets or the Business.
      The Vendors are not aware of any basis for any other action, claim,
      demand, lawsuit, investigation or other adverse proceeding which, if
      pursued would have a significant likelihood of having a material adverse
      effect on any of the Assets or the Business;

	 	 	 
		(b) 	
      Compliance Directives: There are no outstanding
      compliance directives or work orders of relating to the Assets or the
      Business, from any police, fire department, sanitation or health
      authorities, environmental agencies, or from any other federal, state or
      municipal authority, department or agency, nor does MOB have notice that
      there are any matters under formal consideration by any such authorities
      relating to any of the Assets or the Business;

	 	 	 
		(c) 	
      Notice of Default/Claims: Except as expressly
      disclosed in this Agreement, MOB has not received any notice of any
      default, violation or termination of any of the Material Contracts, Lease
      or other contracts entered into by MOB which will, or is likely to, result
      in such a default, violation or termination;

	 	 	 
		(d) 	
      No Seizure: There is no appropriation,
      expropriation or seizure of any of the Assets that is pending or which has
      been threatened against MOB; and

	 	 	 
		(e) 	
      Trademark and Patent Infringement: The conduct of
      the Business by MOB does not infringe upon any patent, trademark or other
      proprietary right, domestic or foreign, of any person in respect of which
      there is any significant likelihood that it would have a material adverse
      effect on the Assets or the Business.

16 

	3.10 	
      Contracts and Commitments:

	 	 	 	 
		(a) 	
      Material Contracts: Other than the Lease, Schedule
      D contains a complete and accurate listing of all material contracts,
      agreements, leases, commitments, instruments or other dealings to which
      MOB is a party, by which MOB is bound or under which MOB is entitled to
      any benefits. For the purposes of this Agreement a contract will be
      material if:

	 	 	 	 
			(i) 	
      performance of any right or obligation by any party to
      such contract involves a payment by either party of $1,000 or more and
      having a term of more than one year; or

	 	 	 	 
			(ii) 	
      if an expenditure, receipt or transfer or other
      disposition of property with a value of greater than $1,000 may arise
      under such contract (other than a contract with a customer or supplier in
      the ordinary course of business); or

	 	 	 	 
			(iii) 	
      if such contract has been entered into out of the
      ordinary course of business; and

	 	 	 	 
		(b) 	
      Good Standing: Except as disclosed herein, MOB is
      not in breach or default of any of the terms of the Material Contracts,
      and the Vendors are not aware of any breach or default of any of the terms
      of the Material Contracts by any other party thereto, and each such
      contract is in good standing and in full force and effect without
      amendment thereto. No state of facts exists, which, after notice or lapse
      of time or both, would constitute such a default or breach where there is
      any significant likelihood that such breach or default referred to in this
      Section 3.10(b) would have a material adverse effect on the Assets or the
      Business.

	 	 	 	 
	3.11 	
      Contingency and Environmental
  Liabilities:

	 	 	 	 
		(a) 	
      Compliance: The Business is in compliance in all
      material respects with all federal, provincial and municipal environmental
      laws and regulations (the “Environmental Laws”). The existing
      activities of the Business and the uses and activities of property now or
      previously owned or operated by MOB, comply and at all times have complied
      with all Environmental Laws. MOB has filed all environmental reports and
      notifications required to be filed under applicable laws and
      regulations;

	 	 	 	 
		(b) 	
      Notice of Non-Compliance: To the best knowledge of
      the Vendors, MOB, or any prior owner or occupant of the property now
      leased or operated by MOB, has not received any notice or other
      communication alleging that they are not in compliance with any
      Environmental Laws, or alleging any liability under any Environmental
      Laws. MOB and the Business are not subject to, and have not been subject
      to, any claim, judgement, decree, order, writ, citation, fine, penalty,
      injunction, litigation or proceeding relating to any Environmental
      Laws;

	 	 	 	 
		(c) 	
      Hazardous Material: To the best knowledge the
      Vendors, neither MOB nor any other person or entity has engaged in or
      permitted any operations or activities

17 

			upon, or any use or occupancy of property now or
      previously owned or operated by MOB, resulting in the storage, emission,
      release, discharge or disposal of any hazardous materials on, in, under or
      from any property used for or by the Business; and
	 	 	 
		(d) 	
      No Expenditures: No expenditures will be required
      in order for the Assets to comply with Environmental Laws in connection
      with the current operation and continued operation of the activities of
      the Business.

	 	 	 
	3.12 	
      Corporate Status and Authority:

	 	 	 
		(a) 	
      Corporate Status: MOB has been duly organized and
      is validly subsisting under the laws of the Province of Ontario and has
      all requisite power and capacity to own or lease the Assets and to carry
      on the Business. MOB is duly qualified and licensed to carry on its
      business in all jurisdictions in which the nature of its business or the
      properties and assets owned or leased by it make such qualification and
      licensing necessary and where the failure to be so qualified and licensed
      would have a material adverse effect on the Business or the
  Assets;

	 	 	 
		(b) 	
      Authorization: Each of the Vendors have full
      power, capacity and authority to enter into this Agreement and to perform
      its obligations as herein contemplated;

	 	 	 
		(c) 	
      Amendments to Charter: MOB has not made any
      amendments to its Charter Documents other than those expressly reflected
      in its corporate records; and

	 	 	 
		(d) 	
      Corporate Records: The corporate records and
      minute books of MOB accurately reflect all material proceedings of its
      directors and shareholders and include complete and accurate minutes of
      all meetings of its directors and shareholders, copies of all resolutions
      passed, up-to-date and accurate shareholder and director registers,
      transfer registers and any other corporate registers required to be
      maintained by MOB. All meetings of shareholders and directors and partners
      were duly called and held and all resolutions, whether passed at meetings,
      or in writing, are valid and effectual in all cases where the matters
      dealt with at such meetings or in such resolutions could have a material
      effect on MOB.

	 	 	 
	3.13 	
      Share Capital:

	 	 	 
		(a) 	
      Share Capital: The authorized and issued share
      capital of MOB is as follows:

	 	Authorized: 	unlimited Common Shares 
	 	  	unlimited Class A Shares 
	 	Issued: 	65 Common Shares 
	 	  	Nil Class A Shares 
	 	Shareholders: 	  

18 

	 	         Name 	Number and Class of 
	 	  	Shares 
	 	  	 
	 	David Reingold 	52 Common Shares 
	 	Orlee Muroff 	13 Common Shares 

		  
	The shares shown as constituting the issued share
        capital of MOB have been duly issued and are outstanding as fully paid
        and non-assessable shares;

	 	 	 
		(b) 	 Class A Share Redemption: All of the issued and
        outstanding Class A Shares have been redeemed by MOB as of the date hereof,
        as disclosed in Schedule U attached hereto.

	 	 	 
		(c) 	 Rights to Acquire Securities: No person has any
        agreement, option, right or privilege (whether by law, pre-emptive, or
        contractual), or any interest capable of becoming an agreement, including
        convertible securities, warrants, or convertible obligations of any nature,
        for the purchase, subscription, allotment or issuance of any of the unissued
        shares of MOB.

	 	 	 
	3.14 	 Operations: With respect to the operations
        of the Business:

	 	 	 
		(a) 	 except as set forth in Schedule V attached hereto, all
        of the inventory reflected in the Unaudited Financial Statements and included
        in the Assets is in good working order;

	 	 	 
		(b) 	 it is possible that sales for the 2007 fiscal year will
        be a minimum of $4,500,000, based on the knowledge and belief of the Vendors
        as of the date hereof;

	 	 	 
		(c) 	 MOB has established a supply chain that, as of the date
        hereof, would be able to fill orders, in a timely manner, of a minimum
        of $4,500,000 for the 2007 fiscal year, subject to the general availability
        of the commodities necessary to manufacture MOB’s products;

	 	 	 
		(d) 	 a minimum of 30 MOB products have been listed for sale
        by Shoppers Drug Mart which, if MOB pays the required listing fees and
        related expenses in the aggregate amount of $150,000, Shoppers Drug Mart
        has represented planogram in approximately 750 stores;

	 	 	 
		(e) 	 a minimum of 24 MOB products have been listed for sale
        by Loblaws which, if MOB pays the required listing fees, Loblaws has represented
        planogram in approximately 250 stores;

	 	 	 
		(f) 	 no retailers who currently carry MOB products have advised
        the Vendors of any concerns which would give the Vendors reason to believe
        that the Business is not viable;

	 	 	 
		(g) 	 to the best knowledge of the Vendors, all receivables
        reflected in the books and records of MOB as of April 30, 2007 are collectible
        in all material respects;

19 

		(h) 	
      to the best knowledge of the Vendors, all of the payables
      reflected on the books and records of MOB as of April 30, 2007 are, in all
      material respects, as set out in Schedule R;

	 	 	 	 
		(i) 	
      aside from the payables listed in the unaudited financial
      statements of MOB for the three month period ended April 30, 2007, the
      list of material contracts attached hereto as Schedule D sets forth all
      commitments for expenditures in excess of $1,000 (excluding cost of goods
      sold), including expenditures in respect of salaries and marketing;
    and

	 	 	 	 
		(j) 	
      to the best knowledge of the Vendors, MOB products are
      currently sold in not less than 575 retail outlets, including
      approximately 200 Loblaws stores and approximately 375 Shoppers Drug Mart
      stores.

	 	 	 	 
	3.15 	
      Effect of this Transaction:

	 	 	 	 
		(a) 	
      No Adverse Implications: Except as disclosed in
      Schedule O with respect to certain required consents, neither the
      execution and delivery of this Agreement nor the completion and
      performance of the transactions contemplated hereby will:

	 	 	 	 
			(i) 	
      give any person, government or regulatory authority, or
      any other entity, the right to terminate or cancel any contractual or
      other rights with MOB where such termination or cancellation would have a
      material adverse effect on the Assets or the Business;

	 	 	 	 
			(ii) 	
      violate any restriction of any nature applicable to MOB
      or relating to the disposition of the MOB Shares;

	 	 	 	 
			(iii) 	
      result in the creation of any liens or encumbrances on
      the MOB Shares or the Assets or in the default under any agreement giving
      a third party security against the Assets or in the crystallization of any
      floating charge in a debenture as general security interest in a security
      agreement granted, issued or assumed by MOB where any of such events could
      have a material adverse effect on the Assets or the Business;
nor

	 	 	 	 
			(iv) 	
      violate any provision of any indenture, mortgage, lien,
      lease, agreement, instrument, order, arbitration award, judgment or decree
      to which MOB is a party or by which MOB or the Assets are bound the
      violation of which could have a material adverse effect on the Assets or
      the Business or impair the legality or enforceability of this Agreement or
      the transactions contemplated hereby.

	 	 	 	 
		(b) 	
      Notice Procedure: MOB may, at any time up to 5:00
      p.m. (EST) on the day which is two Business Days prior to the Closing
      Date, give notice to the Purchaser advising it of any fact which, except
      for this Section 3.15(b), would constitute a breach of any of the
      representations and warranties set out in this Article 3. Such notice will
      state that it is being given pursuant to this Section 3.15(b) and will set
      out sufficient information to enable the Purchaser to make
  a

20 

	 	 	reasoned business judgment
        with respect to the choices set out herein. Upon receipt of such notice,
        the Purchaser may:

	 	 	 	 
	 	 	(i) 	 postpone the Closing Date;

	 	 	 	 
	 	 	(ii) 	 complete the Closing on the Closing Date, in which case
        this Agreement will be deemed to be amended so that the representation
        and warranty in respect of which the notice was given will incorporate
        the disclosure set out in the notice; or

	 	 	 	 
	 	 	(iii) 	 terminate this Agreement without further obligation
        on the part of any party to this Agreement.

	4. 	COVENANTS OF THE VENDORS
  

The Vendors covenant and agree with the Purchaser as follows
and acknowledges that the Purchaser is relying upon such covenants and
agreements in connection with the purchase of the MOB Shares: 

4.1 Access to the Business: MOB will forthwith make
available to the Purchaser and its authorized representatives and, if requested
by the Purchaser, provide a copy to the Purchaser of all title documents,
contracts, financial statements, minute books, share certificate books, share
registers, plans, reports, licences, orders, permits, books of account,
accounting records, constating documents and all other documents, information or
data relating to MOB and the Business. The Vendors will afford the Purchaser and
its authorized representatives every reasonable opportunity to have free and
unrestricted access to the property, assets, undertaking, records and documents
of MOB. At the request of the Purchaser, the Vendors will execute or cause to be
executed such consents, authorizations and directions as may be necessary to
permit any inspection of any property of MOB or to enable the Purchaser or its
authorized representatives to obtain full access to all files and records
relating to any of the assets of MOB maintained by governmental or other public
authorities. At the Purchaser’s request, the Vendors will co-operate with the
Purchaser in arranging any such meetings as the Purchaser should reasonably
request with: 

	 	(a) 	
      all employees and consultants of MOB;

	 	 	 
	 	(b) 	
      customers, suppliers, distributors or others who have a
      business relationship with MOB; and

	 	 	 
	 	(c) 	
      auditors/accountants, solicitors or any other persons
      engaged or previously engaged to provide services to MOB who have
      knowledge of matters relating to the Business.

In particular, without limitation, the Vendors will permit the
Purchaser’s representatives or consultants to conduct such physical review of
the inventory of MOB as is reasonably necessary so as to enable the confirmation
of the condition of such inventory, to the reasonable satisfaction of the
Purchaser. In exercising its rights hereunder the Purchaser will use its
reasonable commercial efforts to avoid interfering with the Business to the
extent reasonably practical and 

21 

only to the extent that the exercise of such rights by the
Purchaser is consistent with the Purchaser’s need to complete its due diligence
review of MOB. 

4.2 Delivery of Books and Records: At the Closing Time
there will be delivered to the Purchaser by the Vendors all of the Books and
Records and Charter Documents. The Purchaser agrees that it will preserve the
Books and Records and Charter Documents so delivered to it for so long as such
items may be required to enable the Vendors to defend any claim against the
Vendors which could result in a Claim hereunder and at least until three years
following the Closing Date. The Purchaser will permit the Vendors or their
authorized representatives reasonable access thereto in connection with the
affairs of the Vendors. The Purchaser will not be responsible or liable to the
Vendors for or as a result of any accidental loss or destruction of or damage to
any such Books or Records or Charter Documents, unless the Purchaser’s
negligence caused the loss, destruction or damage. 

4.3 Conduct Prior to Closing: Without in any way
limiting any other obligations of the Vendors hereunder, during the period from
the date hereof to the Closing Time: 

	 	(a) 	
      Conduct Business in the Ordinary Course: The
      Vendors will cause MOB to conduct the Business in its ordinary and normal
      course and the Vendors will cause MOB to refrain from, without the prior
      written consent of the Purchaser (such consent not to be unreasonably
      withheld), entering into any transaction or take any action that would
      constitute a breach of any representation, warranty, covenant or other
      obligation of the Vendors contained herein. In particular the Vendors will
      cause MOB to refrain from entering into any contract or commitment which
      would, if entered into prior to the date hereof, constitute a Material
      Contract, Equipment Leases or Lease, save with the consent of the
      Purchaser (such consent not to be unreasonably withheld);

	 	 	 
	 	(b) 	
      Continue Insurance: The Vendors will cause MOB to
      continue to maintain in full force and effect all policies of insurance or
      renewals thereof now in effect, will take out, at the expense of the
      Purchaser, such additional insurance as may be reasonably requested by the
      Purchaser and will give all notices and present all claims under all
      policies of insurance in a due and timely fashion; and

	 	 	 
	 	(c) 	
      Preserve Goodwill: The Vendors will use reasonable
      commercial efforts to preserve, and cause MOB to preserve, intact the
      Assets, the Business and to promote and preserve for the Purchaser the
      goodwill of suppliers, customers and others having business relations with
      MOB and the Business.

4.4 Delivery of Documents: The Vendors will deliver to
the Purchaser all necessary transfers, assignments and other documentation
reasonably required to transfer to the Purchaser the MOB Shares with a good and
marketable title, free of Encumbrances and without any right of set-off. 

4.5 Vendors’ Taxes: The Vendors will each be responsible
for any federal, provincial or other taxes which may be payable by him or her in
connection with the completion of the transactions contemplated in this
Agreement. 

22 

	5. 	REPRESENTATIONS, WARRANTIES AND COVENANTS
      OF THE PURCHASER 

The Purchaser represents, warrants and covenants to and with
the Vendors as follows and acknowledges that the Vendors are relying upon such
representations, warranties and covenants in connection with the sale of the MOB
Shares: 

5.1 Corporate Status and Authority: The Purchaser is a
valid and subsisting corporation, duly incorporated and in good standing under
the laws of the Province of British Columbia and is duly qualified to carry on
its businesses as it presently carries on and is duly qualified and authorized
to carry on business and is in good standing as an extra-provincial or foreign
corporation in each jurisdiction in which the character of its properties or the
nature of its businesses makes such qualification or authorization necessary and
has all requisite power and authority to carry on its business as it is are now
carried on and to own, lease and operate its properties and assets. 

5.2 Authorization: The Purchaser has full corporate
power, capacity and authority to enter into this Agreement on the terms and
conditions hereof and all necessary corporate acts have been performed in order
to authorize this Agreement. 

5.3 Regulatory Approval: The Purchaser has complied and
will comply fully with the requirements of all applicable corporate and
securities laws in relation to the issue of the Warrants. The entering into and
performance of this Agreement and the transactions contemplated herein will not
result in the violation of any of the terms and provisions of the articles or
incorporation or bylaws of the Purchaser, any shareholders’ or directors’
resolution or of any indenture or other agreement, written or oral, to which the
Purchaser may be a party or by which the Purchaser may be bound or to which it
may be subject or any judgment, decree, order, rule or regulation of any court
or administrative body by which the Purchaser is bound or to the knowledge of
the Purchaser, any statute or regulation applicable to the Purchaser. 

5.4 Share Transfer Restrictions: No order ceasing or
suspending trading in securities of the Purchaser nor prohibiting the sale of
such securities has been issued to the Purchaser or its directors, officers or
promoters or to any other companies that have common directors, officers or
promoters and no investigations or proceedings for such purposes are pending or
threatened in writing by an officer or official of a competent authority. 

5.5 Issued Share Capital: As at March 31, 2007, 2007,
the authorized common share capital of Clearly Shares is unlimited, of which
19,047,545 shares are issued and 19,010,245 shares are outstanding. In addition,
as at March 31, 2007 the Purchaser has an obligation to issue 2,460,000 common
shares of Clearly, and 480,000 Variable Multiple Voting shares in respect of a
right of conversion from Class B Preferred shares owned by BG Capital Group
Ltd., and has 12,455,875 warrants and stock options outstanding as of March 31,
2007 which may by the Closing Time, or thereafter, be exercised to acquire or
may be converted into or exchanged for Clearly Common Shares. 

5.6 Operation of Business: The Purchaser will use
reasonable commercial efforts to preserve, or cause to be preserved, the
Purchaser, its operating business, MOB and the Business, to maximize MOB
Revenues and MOB EBITDA, and to promote and preserve, or cause to 

23 

promote and observe, the goodwill of suppliers, customers and
others having business relations with the Purchaser and MOB. 

5.7 Financial Covenant: Until such time as all amounts
payable or which may become payable by the Purchaser to the Vendors pursuant to
Article 2 hereof have been paid an satisfied in full by the Purchaser, the
Purchaser will not, and the Purchaser will not take any steps or permit any
steps to be taken to cause the Purchaser or MOB to declare or pay any dividends
or otherwise pay any amounts or make any distributions to any shareholder or
affiliate of MOB. 

5.8 Tax Elections:

	 	(a) 	
      As soon as reasonably practicable following the Closing
      Time, the Purchaser and the Vendors will execute such elections as may be
      permitted in accordance with the provisions of section 56.4(9) of the
      Income Tax Act (Canada), in form and substance satisfactory to the
      Purchaser and the Vendors, acting reasonably.

	 	 	 
	 	(b) 	
      It is the intention of the parties hereto that the
      purchase and sale of the MOB Shares take place at fair market value. The
      Vendors and the Purchaser agree that in the event that any governmental
      taxing authority having jurisdiction shall assert by assessment,
      reassessment or otherwise, that the fair market value of the MOB Shares as
      of the date hereof is an amount different than the Purchase Price, or
      issues or proposes to issue assessments or reassessments of additional
      liability for taxes or any other subject by reason of asserting that the
      fair market value of the MOB Shares as of the date hereof is greater than
      or less than the Purchase Price, then the Purchase Price shall be
      increased or decreased by the difference so determined, but only to the
      extent that the Purchase Price so revised is accepted by the taxing
      authority, the Vendors and the Purchaser, or, failing such acceptance, is
      established by a court having jurisdiction in the matter after all rights
      of appeal have been exhausted or all times for appeal have expired without
      appeals having been taken by such taxing authority, the Vendors or the
      Purchaser if the matter has been brought before a court for adjudication,
      and otherwise shall be as asserted by the taxing authority. In the event
      that there is an adjustment to the Purchase Price, such adjustment shall
      be deemed to be made nunc pro tunc with effect as at the date hereof.
      Further, the Purchaser and the respective Vendors shall jointly make,
      execute and file with the appropriate bodies the elections required under
      subsection 85(1) of the Income Tax Act (Canada) and the applicable
      provisions of the Corporations Tax Act (Ontario) in prescribed form
      and within the prescribed time.

	6. 	SURVIVAL OF REPRESENTATIONS AND
      WARRANTIES 

6.1 Survival of Warranties by the Vendors: The
representations and warranties made by the Vendors and contained in this
Agreement, or contained in any document or certificate given in order to carry
out the transactions contemplated hereby, will survive the closing of the
purchase of the MOB Shares provided for herein and, notwithstanding such closing
or any investigation made by or on behalf of the Purchaser or any other person
or any knowledge of the Purchaser or any other person, will continue in full
force and effect for the benefit of the Purchaser, provided, 

24 

however, that no Claim may be made or brought by the Purchaser
against the Vendors after the date which is three (3) years following the
Closing Date. After the expiration of the period of time referred to in this
section, the Vendors will be released from all obligations and liabilities in
respect of the representations and warranties made by the Vendors and contained
in this Agreement or in any document or certificate given in order to carry out
the transactions contemplated hereby save and except for Claims based on title
to the MOB Shares or which is based on intentional misrepresentation or fraud,
which may be made at any time. 

6.2 Survival of Warranties by Purchaser: The
representations and warranties made by the Purchaser and contained in this
Agreement or contained in any document or certificate given in order to carry
out the transactions contemplated hereby will survive the closing of the
purchase and sale of the MOB Shares provided for herein and, notwithstanding
such closing or any investigation made by or on behalf of the Vendors or any
other person or any knowledge of the Vendors or any other person, will continue
in full force and effect for the benefit of the Vendors. 

	7. 	CONDITIONS OF CLOSING
  

7.1 Conditions of Closing in Favour of the Purchaser:
The obligation of the Purchaser to complete the sale and purchase of the MOB
Shares is subject to the following terms and conditions for the exclusive
benefit of the Purchaser, to be fulfilled or performed at or prior to the
Closing Time or waived in whole or in part by the Purchaser at its sole
discretion without prejudice to any rights the Purchaser may otherwise have:

	 	(a) 	
      Contractual Consents: The Vendors will have
      delivered to the Purchaser such waivers, consents, terminations and
      certificates, including but not limited to those described in Schedule O,
      from parties having contractual relations with MOB as may be necessary
      including, without limitation, waivers and terminations under loan
      agreements and shareholder agreements to which MOB or any of the Vendors
      is a party;

	 	 	 
	 	(b) 	
      Representations and Warranties: The
      representations and warranties of the Vendors contained in this Agreement
      will be true and correct in all material respects at the Closing Time,
      with the same force and effect as if such representations and warranties
      were made at and as of such time, and a certificate of the Vendors dated
      the Closing Date to that effect will have been delivered to the Purchaser,
      such certificates to be in form and substance satisfactory to the
      Purchaser, acting reasonably;

	 	 	 
	 	(c) 	
      Covenants: All of the covenants and agreements of
      the Vendors and all other terms of this Agreement to be complied with or
      performed by the Vendors at or before the Closing Time will have been
      complied with or performed and certificates of the Vendors dated the
      Closing Date to that effect will have been delivered to the Purchaser,
      such certificates to be in form and substance satisfactory to the
      Purchaser, acting reasonably;

	 	 	 
	 	(d) 	
      Equity Purchase Agreement: The Vendors will each
      have delivered to the Purchaser a equity purchase agreement (the
      “Equity Purchase Agreement”)

25 

	 		
      providing for the issuance to the Vendors of the
      certificates (the “Warrant Certificate”) evidencing the securities
      issuable pursuant to Article 2 hereof, each in the form attached hereto as
      Schedule P;

	 	 	 
	 	(e) 	
      Material Adverse Change: There will have been no
      material adverse changes in the condition of the Assets or the Business
      (financial or otherwise) from the April 30, 2007 up to the Closing
      Time;

	 	 	 
	 	(f) 	
      No Action or Proceeding: No legal or regulatory
      action or proceeding will be pending or threatened by any person to
      enjoin, restrict or prohibit the purchase and sale of the MOB Shares
      contemplated hereby;

	 	 	 
	 	(g) 	
      No Material Damage: No damage by fire or other
      hazard to the whole or any material part of the Assets will have occurred
      from the date hereof to the Closing Time;

	 	 	 
	 	(h) 	
      No Agreements on Assets or Business: There is no
      fact not disclosed in this Agreement relating to the Assets or the
      Business which, if known to the Purchaser, might reasonably be expected to
      have a material adverse effect on the value of the MOB Shares;

	 	 	 
	 	(i) 	
      Employment/Non-Compete Agreements: The Vendors
      will each have entered into an employment and non-competition agreement
      (the “Employment Agreements”) in the forms attached as Schedule
      Q;

	 	 	 
	 	(j) 	
      Transfer of Purchased Shares: The Vendors will
      have caused all necessary steps and corporate proceedings to be taken in
      order to permit the MOB Shares to be duly and regularly transferred to the
      Purchaser;

	 	 	 
	 	(k) 	
      Resignation of Officers and Directors: David will
      have submitted his written resignation as a director or officer of MOB to
      the Corporation, effective at the Closing Time;

	 	 	 
	 	(l) 	
      Releases by the Vendors and Others: Each of the
      Vendors, Mark Goodman, Nathan Brown and Stacey Ogo will have executed and
      delivered to MOB and Clearly a release in a form reasonably satisfactory
      to the Purchaser; and

	 	 	 
	 	(m) 	
      Opinion of Vendors’ Solicitors: The Purchaser will
      have received legal opinions of the Vendors’ solicitors, dated as of the
      date of Closing, respecting the transactions contemplated in this
      Agreement, consistent with standard agreements for the purchase and sale
      of businesses similar to the Business.

If any of the conditions contained in this Section 7.1 will not
be performed or fulfilled at or prior to the Closing Time to the satisfaction of
the Purchaser, acting reasonably, the Purchaser may, by written notice to the
Vendors, terminate this Agreement and the obligations of the Purchaser under
this Agreement. Any such condition may be waived in whole or in part by the
Purchaser without prejudice to any claims it may have for breach of covenant,
representation or warranty. 

26 

7.2 Conditions of Closing in Favour of the Vendors: The
purchase and sale of the MOB Shares are subject to the following terms and
conditions for the exclusive benefit of the Vendors to be fulfilled or performed
at or prior to the Closing Time: 

	 	(a) 	
      Representations and Warranties: The
      representations and warranties of the Purchaser contained in this
      Agreement will be true and correct at the Closing Time, with the same
      force and effect as if such representations and warranties were made at
      and as of such time and a certificate of the Purchaser dated the Closing
      Date to that effect will have been delivered to the Vendors, such
      certificate to be in form and substance satisfactory to the Vendors acting
      reasonably;

	 	 	 
	 	(b) 	
      Covenants: All of the covenants and agreements of
      the Purchaser and all other terms of this Agreement to be complied with or
      performed by the Purchaser at or before the Closing Time will have been
      complied with or performed and certificates of the Purchaser dated the
      Closing Date to that effect will have been delivered to the Vendors, such
      certificates to be in form and substance satisfactory to the Vendors,
      acting reasonably;

	 	 	 
	 	(c) 	
      Securities Certificates: The Purchaser shall have
      issued, executed and delivered to the Vendors certificates for the Clearly
      Shares issuable to the Vendors in accordance with the provisions of
      Sections 2.2(b) and (c) and Section 2.6 hereof and the Warrant
      Certificates;

	 	 	 
	 	(d) 	
      No Action or Proceeding: No legal or regulatory
      action or proceeding will be pending or threatened by any person to
      enjoin, restrict or prohibit the purchase and sale of the MOB Shares
      contemplated hereby;

	 	 	 
	 	(e) 	
      Employment Agreements: The Purchaser shall have
      executed and delivered the Employment Agreements to each of the
      Vendors;

	 	 	 
	 	(f) 	
      Opinion of Purchaser’s Solicitors: The Vendors
      will have received legal opinions of the Purchaser’s solicitors, dated as
      of the Closing Date, respecting the transactions contemplated in this
      Agreement, which opinion shall address matters customary for a transaction
      similar to the within transactions;

	 	 	 
	 	(g) 	
      Indemnification: David and Lisa Reingold shall
      have been indemnified by the Purchaser and MOB with respect to the
      Reingold Guarantees, provided that such indemnity shall be in a form
      reasonably satisfactory to David;

	 	 	 
	 	(h) 	
      Releases by the Purchaser: The Purchaser and MOB
      shall have delivered to each of the Vendors, Mark Goodman, Nathan Brown
      and Stacey Ogo a release in a form reasonably satisfactory to David;
      and

	 	 	 
	 	(i) 	
      Share Pledge Agreement: The Purchaser shall have
      entered into the Share Pledge Agreement in relation to the MOB Shares
      containing, among other things, a general security interest in the
      Assets.

27 

If any of the conditions contained in this Section 7.2 will not
be performed or fulfilled at or prior to the Closing Time to the satisfaction of
the Vendors, acting reasonably, the Vendors may, by written notice to the
Purchaser, terminate this Agreement and the obligations of the Vendors under
this Agreement. Any such condition may be waived in whole or in part by the
Vendors without prejudice to any claims they may have for breach of covenant,
representation or warranty. 

7.3 Parties’ Efforts: The parties will use reasonable
commercial efforts to satisfy the conditions contained in this Article 7. 

	8. 	CLOSING ARRANGEMENTS
  

8.1 Place of Closing: The closing will take place at the
Closing Time at the Place of Closing. 

8.2 Transfer: At the Closing Time, upon fulfilment of
all the conditions set out in Article 7 that have not been waived in writing by
the Purchaser or the Vendors, as the case may be: 

	 	(a) 	
      the Purchaser will cause to be delivered to or to the
      order of the Vendors a certified cheque, bank draft or other source of
      immediately available funds in the aggregate amount of $400,000;

	 	 	 
	 	(b) 	
      the Vendors will cause to be delivered to the Purchaser a
      certificate or certificates representing the MOB Shares, duly endorsed in
      blank for transfer; and

	 	 	 
	 	(c) 	
      the Purchaser will cause to be delivered to the Vendors a
      certificate or certificates evidencing the MOB Shares, registered in the
      name of the Purchaser and duly endorsed in blank for transfer, pursuant to
      the Pledge Agreement.

8.3 Further Assurances: Each party to this Agreement
covenants and agrees that, from time to time subsequent to the Closing Date, it
will, at the request and expense of the requesting party, execute and deliver
all such documents, including, without limitation, all such additional
conveyances, transfers, consents and other assurances and do all such other acts
and things as any other party to this Agreement, acting reasonably, may from
time to time request be executed or done in order to better evidence or perfect
or effectuate the sale of the MOB Shares and the Business to the Purchaser, any
provision of this Agreement, any agreement or other document executed pursuant
to this Agreement or any of the respective obligations intended to be created by
this Agreement. 

	9. 	INDEMNITY AND SET-OFF
  

9.1 General Indemnification by Vendors: The Vendors
hereby indemnify and save harmless the Purchaser from and against any and all
losses, liabilities, damages, costs, tax assessments, charges, claims, increases
in insurance premiums not in the ordinary course of business, and expenses of
any kind whatsoever including, without limitation, the costs of defending,
cross-claiming or claiming against third parties in respect of any action, claim
or matter, including solicitor’s fees, costs and disbursements at all court and
administrative levels, on a solicitor and his own client basis, which at any
time or from time to time may be paid, incurred or asserted against the
Purchaser, as a result of any breach of representation, warranty or 

28 

covenant herein contained or in any document or agreement
contemplated hereby. The obligations of the Vendors set forth in this Section
9.1 will be subject to and limited by the following provisions: 

	 	(a) 	
      No Claim will be made following the expiry of the time
      period set forth in Section 6.1 hereof;

	 	 	 
	 	(b) 	
      The cumulative amount of all Claims which can be made
      against any Vendor hereunder will not exceed the amount of the Purchase
      Price actually paid by the Purchaser to that Vendor; and

	 	 	 
	 	(c) 	
      The Purchaser will give written notice to each of the
      Vendors stating specifically the basis for the Claim, the amount thereof,
      and will tender defence thereof to the Vendors as provided in Section 9.3
      below.

9.2 General Indemnification by Purchaser: The Purchaser
hereby indemnifies and saves harmless the Vendors against any and all losses,
liabilities, damages, costs, and expenses of any kind whatsoever, including,
without limitation, the cost of defending, cross-claiming, or claiming against
third parties in respect of any action, claim, or matter, including legal fees,
costs, and disbursements at all court and administrative levels, on a solicitor
and his own client basis, which at the time or from time to time may be paid,
incurred, or asserted against either of the Vendors as a result of any breach of
representation, warranty or covenant herein contained or in any document or
agreement contemplated hereby. The Vendors will give written notice to the
Purchaser stating specifically the basis for the Claim, the amount thereof, and
will tender defence thereof to the Purchaser as provided in Section 9.3 below.

9.3 Tender of Defenses: Promptly upon receipt by any
party of a notice of a Claim by a third-party which may give rise to a Claim
under this Section 9.3 the party seeking indemnification (the “Indemnified
Party”) will give written notice thereof to the party obligated to provide
indemnification (the “Indemnifying Party”). If the Indemnifying Party
gives to the “Indemnified Party” an agreement in writing, in a form reasonably
satisfactory to the Indemnified Party’s counsel, to defend such Claim, the
Indemnifying Party may, at its sole expense, undertake the defense against such
claim and may contest or settle such claim on such terms, at such time and in
such manner as the Indemnifying Party, in its sole discretion, will elect and
the Indemnified Party will execute such documents and take such steps as may be
reasonably necessary in the opinion of its counsel to enable it to conduct the
defense of such Claim. If the Indemnifying Party fails or refuses to defend any
claim hereunder, the Indemnifying Party may nevertheless, at its own expense,
participate in the defense of such Claim by the Indemnified Party in any and all
settlement negotiations relating thereto. In any and all events, the
Indemnifying Party will have such access to the records and files of the
Business relating to any Claim as may be reasonably necessary to effectively
defend or participate in the defense thereof. 

9.4 Right to Set-Off: The Purchaser shall have the right
to set-off any liquidated amount which has been, or which may be, determined by
a court of competent jurisdiction to be due and payable by the Vendors to the
Purchaser against any money due and payable to the Vendors from the Purchaser
under this or any other agreement between the Purchaser and the Vendors. For
greater certainty, the Purchaser’s right set forth in this Section 9.4 may be
exercised prior a court 

29 

of competent jurisdiction making a determination as to such
liquidated amount which may be due and payable by the Vendors. Unless otherwise
agreed, the Purchaser shall deposit any amounts set-off hereunder in escrow
pending a determination by a court of competent jurisdiction that the withheld
amount was properly set-off by the Purchaser. In the event that a court of
competent jurisdiction determines that the Purchaser improperly set-off any
amount payable to the Vendors hereunder, then that amount shall be paid
forthwith to the Vendors together with interest at the rate of 21% per annum
from the date on which said amount should properly have been paid to the Vendors
up to and including the date on which the payment is made as aforesaid.

9.5 Specific Indemnities: In addition to the provisions
of section 9.1 hereof, the Vendors hereby agree to the following specific
indemnities in favour of the Purchaser: 

	 	(a) 	
      Subject to the following provisions of this section 9.5,
      the Vendors agree to indemnify and save the Purchaser harmless from and
      against:

	 	 	 	 
	 		(i) 	
      all reasonable costs incurred in connection with, or
      awards made pursuant to the Arbitration Agreement; and

	 	 	 	 
	 		(ii) 	
      the cost, if any, of any inventory which is or becomes
      obsolete as a result of the matters described in Schedule V hereto to the
      extent that any such costs are not reasonably recoverable in cash or in
      kind from Toll Packaging Group.

	 	 	 	 
	 	(b) 	
      In the event that an award is made by an arbitrator
      pursuant to the Arbitration Agreement, or in the event that a settlement
      is reached between the parties with respect to the matters to which the
      Arbitration Agreement pertains, and such award or settlement is not paid
      and satisfied in full by the date on which the first half of the Fourth
      Payment becomes due and payable to the Vendors in accordance with the
      provisions of section 2.3(c) hereof, the Purchaser shall be entitled to
      holdback from such payment an amount equal to the total amount payable to
      Nathan Brown and/or Nathan Brown Holdings Ltd. pursuant to such award or
      settlement (but excluding any amounts which are identified by an
      arbitrator as damages for wrongful dismissal or which are agreed by the
      parties as being reasonably allocable to damages for wrongful dismissal in
      a settlement) (the “Holdback Amount”), and the Purchaser shall
      deposit the Holdback Amount in an interest bearing escrow account until
      such time as the subject award or settlement, as the case may be, has been
      paid and satisfied in full. Upon delivery to the Purchaser of reasonably
      satisfactory evidence that the matter to which the Arbitration Agreement
      relates has been settled or determined, the Purchaser shall forthwith
      release from escrow and pay to the Vendors such Holdback Amount, together
      with accrued interest thereon.

	 	 	 	 
	 	(c) 	
      The Purchaser shall not negotiate, settle, compromise or
      pay any amount in connection with the matters to which this section 9.5
      relates, except with the prior consent of the
Vendors.

30 

	 	(d) 	
      In any legal, administrative or other proceedings in
      connection with any of the matters to which this section 9.5 relates which
      the Arbitration Agreement pertains, the following procedures will
      apply:

	 	 	 	 
	 		(i) 	
      the Vendors will have the right to assume carriage of the
      compromise or settlement of the matter and the conduct of any related
      legal, administrative or other proceedings; and

	 	 	 	 
	 		(ii) 	
      the Vendors will co-operate with the Purchaser in
      relation to the matter, will keep it advised with respect
  thereto.

	 	 	 	 
	 	(e) 	
      The specific indemnities contained in this section 9.5
      shall constitute the Purchaser’s exclusive remedies against the Vendors in
      respect of the matters to which the Arbitration Agreement relates and the
      matters described in Schedule V attached
hereto.

	10. 	
      CROSS DEFAULTS

	 	 
	10.1 	
      Termination of Employment
  Agreements:

	 	(a) 	
      Provided that neither the Purchaser nor MOB is in default
      of any of their respective obligations to any of the Vendors, then in the
      event that the Purchaser terminates David’s Employment Agreement pursuant
      to sections 11(a), 11(c)-(f) and 11(i), David will be deemed to have
      forfeited his right to receive payment from the Purchaser of his
      Proportionate Interest in any and all amounts then payable or which may
      thereafter be determined to be payable by the Purchaser to the Vendors in
      accordance with the provisions of Article 2 of this Agreement. The
      provisions of this Section 10.1(a) will not apply in the event that David
      refuses to perform his duties under his Employment Agreement as a result
      of a material diminution by the Purchaser of the scope of the duties
      required to be performed by David as contemplated in his Employment
      Agreement.

	 	 	 
	 	(b) 	
      Provided that neither the Purchaser nor MOB is in default
      of any of their respective obligations to any of the Vendors, then in the
      event that the Purchaser terminates Orlee’s Employment Agreement pursuant
      to sections 10(a)-(d) and 10(g) of Orlee’s Employment, Orlee will be
      deemed to have forfeited her right to receive payment from the Purchaser
      of her Proportionate Interest in any and all amounts then payable or which
      may thereafter be determined to be payable by the Purchaser to the Vendors
      in accordance with the provisions of Article 2 of this Agreement. The
      provisions of this Section 10.1(b) will not apply in the event that Orlee
      refuses to perform her duties under her Employment Agreement as a result
      of a material diminution by the Purchaser of the scope of the duties
      required to be performed by Orlee as contemplated in her Employment
      Agreement.

	 	 	 
	 	(c) 	
      The remedies provided in this Article 10 are
      non-exclusive.

31 

	11. 	PROVISIONS RELATING TO RESALE OF CLEARLY
      SHARES 

11.1 The Clearly Shares issuable to the Vendors pursuant to
Sections 2.2(b) and (c) hereof shall be subject to the contractual restrictions
on resale noted in such sections, provided, however, that such contractual
resale restrictions shall be removed and the subject shares may be disposed of
by the Vendors prior to the dates specified in those sections under the
following circumstances: 

	 	(a) 	
      in the event that there is a take-over bid in respect of
      the Purchaser;

	 	 	 
	 	(b) 	
      in the event that the Purchaser is in default of its
      obligations to the Vendors hereunder or its obligations to David or Orlee
      under the Consulting Agreements and such default is not remedied by the
      Purchaser within 10 days of receipt of notice of such default from the
      Vendors; or

	 	 	 
	 	(c) 	
      in order to permit the Vendors to organize their
      respective affairs for tax planning purposes and the Purchaser has
      provided its prior written consent, which consent shall not be
      unreasonably withheld or delayed.

	12. 	GENERAL MATTERS

12.1 Governing Law: This Agreement will be governed by
and construed in accordance with the laws of the Province of British Columbia.
Any dispute arising out of or in connection with this Agreement, will be
referred to and finally resolved by, if required, the courts in British
Columbia. 

12.2 Entire Agreement: Except as may be otherwise
expressly agreed between the parties in writing, this Agreement, including any
agreements contemplated herein, constitutes the entire agreement between the
parties pertaining to the subject matter and there are no oral statements,
warranties, representations or other agreements between the parties in
connection with the subject matter except as specifically set forth or referred
to herein. No amendment, waiver or termination of this Agreement will be binding
unless executed in writing by the party or parties to be bound thereby. No
waiver of any provision of this Agreement will be deemed or will constitute a
waiver of any other provision nor will any such waiver constitute a continuing
waiver unless otherwise expressly provided. 

12.3 Assignment: The Vendors will not assign their
interests in this Agreement without prior written consent of the Purchaser.
Prior to payment of the Purchase Price in full, the Purchaser may not assign its
interests in this Agreement without any prior written consent of the Vendors.

12.4 Public Notices: Except as required by applicable
law, regulatory authority or any listing or trading agreement, no press release
or other announcement concerning this transaction will be made by the Vendors or
the Purchaser without the prior approval of the other, such approval not to be
unreasonably withheld. 

12.5 Confidential Information: The Purchaser and the
Vendors covenant to hold in strict confidence all information obtained in
connection with the transactions which are the subject matter of this Agreement.
If the transactions which are the subject matter of this Agreement are 

32 

not completed, this covenant will continue in full force and
effect. All confidentiality obligations of the Purchaser with respect to the
Vendors will cease upon Closing. Notwithstanding the Closing, the Vendors
covenants to maintain as confidential all confidential information respecting
the Purchaser in the Vendors’ possession prior to Closing and all information
obtained in connection with the transactions which are the subject matter of
this Agreement including all information concerning the Purchaser other than
information provided to the Vendors’ personal advisors for the purpose of filing
personal tax returns and other similar matters and other than as may be required
to be disclosed by law and other than information that becomes generally
available to the public other than as a result of a disclosure by the Vendors
and/or their representatives. 

12.6 Non-Waiver: No investigations made by or on behalf
of the Purchaser at any time will have the effect of waiving, diminishing the
scope of or otherwise affecting any representations or warranties made herein or
pursuant hereto. 

12.7 Indemnification in Respect of Brokers or Agents:
The Vendors indemnify and save harmless the Purchaser from and against any claim
for commission or other remuneration payable or alleged to be payable to any
broker, agent or other intermediary who claims to be so entitled by virtue of a
contract or other arrangement with the Vendors in connection with the
transaction contemplated herein. The Purchaser indemnifies and saves harmless
the Vendors from and against any claim for commission or other remuneration
payable or alleged to be payable to any broker, agent or other intermediary who
claims to be so entitled by virtue of a contract or other arrangement with the
Purchaser in connection with the transaction contemplated herein. 

12.8 Expenses: All costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby will be
paid by the party incurring such expense. The Purchaser will not bear any legal,
accounting or other costs incurred by the Vendors. The Vendors will not bear any
legal, accounting or other costs incurred by the Purchaser. 

12.9 Notices: Any notice or other communication required
or permitted to be given hereunder will be in writing and delivered or sent by
overnight mail, overnight delivery or telefax and, if telefaxed, will be deemed
to have been received on the next Business Day following transmittal and
acknowledgment of receipt by the recipient’s telefax machine or if delivered by
hand will be deemed to have been received at the time it is delivered. Notices
addressed to an individual will be validly given if left on the premises
indicated below. Notice of change of address will also be governed by this
Subsection. Notices will be delivered or addressed as follows: 

	 	(a) 	If to the Purchaser: 
	 	  	  
	 	  	           
             Clearly Canadian Beverage Corporation 
	 	  	           
             West 10th Avenue 
	 	 	                  
      Vancouver, B.C. V6K 2J1  
	 	  	           
             Attention: President 
	 	  	  
	 	(b) 	If to the Vendors: 

33 

	 	c/o David Reingold 
	 	67 Gatcombe Circle 
	 	Richmond Hill, Ontario L4C 9P5 
	 	 
	 	and with a copy (which copy shall not constitute notice)
      to: 
	 	 
	 	Orlee Muroff 
	 	46 Park Hill Road 
	 	Toronto, Ontario M6C 3N1 
	 	 
	 	and with a copy (which copy will not constitute notice) to:
    
	 	 
	 	Aird & Berlis LLP 
	 	BCE Place, Suite 1800 
	 	181 Bay Street 
	 	Toronto, Ontario M5J 2T9 
	 	Attention: Dennis Miller 

Any party may give written notice of change of address in the
same manner, in which event such notice will thereafter be given to it as above
provided at such changed address. All notices, waivers and consents herein
contemplated from the Vendors to the Purchaser shall be given to the Purchaser
by David on behalf of both of the Vendors. 

12.10 Time of the Essence: Time will be of the essence
of this Agreement. 

12.11 Further Assurances: Each of the parties hereto
agrees promptly to do, make, execute, deliver or cause to be done, made,
executed or delivered at their own expense all such further acts, documents and
things as the other party hereto may reasonably require for the purpose of
giving effect to this Agreement whether before or after the Closing. 

12.12 Severability: If any covenant, obligation or
agreement of this Agreement, or the application thereof to any person or
circumstance will, to any extent, be invalid or unenforceable, the remainder of
this Agreement or the application of such covenant, obligation or agreement to
persons or circumstances other than those as to which it is held invalid or
unenforceable, will not be affected thereby and each covenant, obligation and
agreement of this Agreement will be separately valid and enforceable to the
fullest extent permitted by the law. 

12.13 Counterparts: This Agreement may be executed in
any number of counterparts, each of which when delivered will be deemed to be an
original and all of which together will constitute one and the same document. A
signed facsimile or telecopied copy of this Agreement will be effectual and
valid proof of execution and delivery. 

12.14 Independent Legal Advice: The parties each
acknowledge having obtained their own independent legal advice with respect to
the terms of this agreement prior to its execution. Orlee further acknowledges
and confirms that Aird & Berlis LLP has represented David in connection with
the transaction of purchase and sale herein contemplated and that Aird &
Berlis LLP has not represented her in connection with the transaction of
purchase and sale herein contemplated 

34 

[Balance of page intentionally left blank] 

35 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the date first hereinabove written. 

	 	CLEARLY CANADIAN BEVERAGE
  
	 	CORPORATION 
	 	 
	 	Per: 	 
	 	 
	 	I have the authority to bind the
      Corporation. 

	SIGNED, SEALED AND DELIVERED 	) 	  
	           
             in the presence of 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	  	) 	 
    
	Witness: 	) 	DAVID REINGOLD 
	  	  	  
	  	  	  
	SIGNED, SEALED AND DELIVERED 	) 	  
	           
             in the presence of 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	  	) 	 
    
	Witness: 	) 	ORLEE MUROFF

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