Document:

ex102.htm

 

 

SHARE EXCHANGE AGREEMENT

THIS SHARE EXCHANGE AGREEMENT ("Agreement") is made and entered into this 22nd day of April 2010,  by and among (a) DryerTech Industries Ltd., a corporation formed under the laws of the State of Nevada (the "Company"), on the one hand, and (b) Sanning Management Ltd., a corporation formed under the laws of Hong Kong ("Sanning"), on the other hand.

 

RECITALS:

WHEREAS, Sanning owns 12,500,000 shares of common stock (the "Vosco Shares") of Vosco Technologies Ltd., an entity formed under the laws of the Province of Alberta, Canada (“Vosco Alberta”); and

WHEREAS, each of Sanning and the Company desire to enter into a transaction (the "Exchange") whereby all of the Vosco Shares are transferred to the Company in exchange for shares of common stock in the Company ("Common Stock"), all upon the terms, provisions and conditions set forth herein;  and

WHEREAS, the Company and Sanning desire to memorialize in writing the terms, provisions and conditions of the Exchange and certain other matters relating thereto;

 

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual promises, covenants, agreements, representations and warranties set forth hereinafter, $10.00 and other good and valuable consideration (the receipt, adequacy and sufficiency of which each of the Company and Sanning hereby acknowledges) and subject to the terms, provisions and conditions hereof, each of the Company and Sanning hereby agrees as follows:

 

ARTICLE ONE

EXCHANGE

1.1           Exchange.  Subject to the terms, provisions and conditions set forth herein, Sanning agrees to transfer to the Company as of the date set forth herein, all of the Vosco Shares, free and clear of all liens, mortgages, security interests, encumbrances, claims and restrictions on the transfer thereof, in exchange for the DryerTech Shares, as defined below (the “Exchange”). The “DryerTech Shares” shall mean 12,500,000 shares of the Company’s Common Stock, par value $0.0001 (the “DryerTech Common Stock”) issued in the name of Sanning or its assigns.

ARTICLE TWO

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY

The Company hereby repre­sents and warrants to Sanning that:

2.1           Organization and Standing of the Company.  The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada.  The Company has full requisite corporate power and authority to carry on its business as it is now being con­ducted, and to own, oper­ate, and lease the properties now owned, operated, or leased by it.  The Company is duly authorized and qualified to carry on its business in the manner as now conducted in the jurisdiction in which authorization and qualification is required.  The Company has made available to Sanning true, correct and complete copies of the contents of its minute book, which are accurate in all respects and set forth fully and fairly all of the Company's transactions.

  

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2.2           Capitalization of the Company.  The authorized capital stock of the Company consists of 75,000,000 shares with par value of $0.0001, consisting of 70,000,000 Common Shares, of which 1,250,000 common shares are currently issued and outstanding, and 5,000,000 Preferred Shares, of which no shares are currently issued and outstanding. The DryerTech Common Stock is duly and validly authorized and issued and is fully paid and non-assessable, and was not issued in violation of the pre-emptive rights of any current or former shareholder.  No option, warrant, call, subscription, convertible security, or commitment of any kind obligating the Company to issue any shares of any class of Common Stock or Preferred Stock exists.  There is not any compensation plan applicable to any of the officers, directors, or employees of the Company under which compensation accrued or payable is determined, in whole or in part, by refer­ence to Common or Preferred Stock.  There are no agreements or commitments obligating the Company to repurchase or otherwise acquire any Common Stock.

2.3           Subsidiaries and Other Ventures.  The Company has no subsidiaries or affiliated corporations, and owns no capital stock, bond, or other security of, or has any equity or propri­etary interest in, any corporation, partnership, joint venture, trust, or unincorporated association.

2.4           Capacity to Enter into Agreement.  The Company has full right, power and authority to execute and deliver this Agreement and all other agreements, documents and instruments to be executed in connection herewith and perform such its obligations hereunder and thereunder.  The execution and delivery by the Company of this Agreement and all other agreements, documents and instruments to be executed by the Company in connection herewith have been authorized by all necessary entity action by the Company.  When this Agreement and all other agreements, documents and instruments to be executed by the Company in connection herewith are executed by the Company and delivered to Sanning, this Agreement and such other agreements, documents and instruments will constitute the valid and binding agreements of the Company enforceable against the Company in accordance with their respective terms.

2.5           Valid Issuance.  The DryerTech Common Stock to be issued to Sanning pursuant to this Agreement is duly and validly authorized and will (when issued) be duly and validly issued and fully paid and non-assessable, and will not be issued in violation of the pre-emptive rights of any current shareholder.

2.6           Conflicts.  The execution, delivery, and consummation of the transac­tions contemplated by this Agreement will not (a) violate, conflict with or result in the breach or termination of, or otherwise give any other contracting party the right to terminate, or constitute a default (by way of substitution, novation or otherwise) under the terms of, any contract to which the Company is a party or by which the Company is bound or by which any of the assets of the Company is bound or affected, (b) violate any judgment against, or binding upon, the Company or upon the assets of the Company, (c) result in the creation of any lien, charge or encumbrance upon any assets of the Company pursuant to the terms of any such contract, or (d) violate any provision in the charter documents, bylaws or any other agreement affecting the governance and control of the Company that is an entity.

2.7           Consents.  No consent from, or other approval of, any governmental entity or any other person, which has not been obtained, is necessary in connection with the execution, deliv­ery, or performance of this Agreement by the Company.

2.8           Litigation.  There is no pending suit, action, or legal, administrative, arbitration, or other proceeding or govern­mental investigation to which the Company is a party or which adversely affects or might adversely affect the Company.  The Company is not in default with respect to any judgment, order, writ, injunc­tion, decree, or award applic­able to it of any court or other govern­mental instru­mental­ity or arbitrator.  There is no action, suit, proceeding, or claim pending or, to the knowledge of the Company, threatened against the Company by persons not a party to this Agreement wherein an unfavorable decision, ruling, or finding would render unlawful or otherwise adversely affect the consummation of the transactions contemplated by this Agreement.

  

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ARTICLE THREE

REPRESENTATIONS, WARRANTIES, AND AGREEMENTS OF SANNING

Sanning hereby represents, warrants, and agrees to and with the Company, that:

3.1           Organization and Standing of Sanning.  Sanning is a corporation duly organized, validly existing, and in good standing under the laws of Hong Kong.  Sanning has full requisite power and authority to carry on its business as it is now being con­ducted, and has good and valid title to the Vosco Shares to be delivered pursuant to this Agreement.  Sanning is duly authorized and qualified to carry on its business in the manner as now conducted in state in which authorization and qualification is required.

3.2           Capacity to Enter into Agreement.  Sanning has full right, power and authority to execute and deliver this Agreement and all other agreements, documents and instruments to be executed in connection herewith and perform such its obligations hereunder and thereunder.  The execution and delivery by Sanning of this Agreement and all other agreements, documents and instruments to be executed by Sanning in connection herewith have been authorized by all necessary action by Sanning.  When this Agreement and all other agreements, documents and instruments to be executed by Sanning in connection herewith are executed by Sanning and delivered to Sanning, this Agreement and such other agreements, documents and instruments will constitute the valid and binding agreements of Sanning or enforceable against Sanning in accordance with their respective terms.

3.3           Consents.  No consent from, or other approval of, any governmental entity or any other person, which has not been obtained, is necessary in connection with the execution, deliv­ery, or performance of this Agreement by Sanning, nor the completion of the transactions contemplated herein.

3.4           Assets of Vosco. The Assets of Vosco as represented on the financial statements of Vosco are validly existing and in good standing and there are no claims, outstanding obligations or liabilities against the assets other than those represented on the financial statements of Vosco which Sanning has reviewed as of the date of this Agreement.

3.5           Title to Vosco Shares. Sanning has valid title to the Vosco Shares free and clear of any and all liens or encumbrances, including, without limitation, any community property claim.

ARTICLE FOUR

MISCELLANEOUS

4.1           Notices.  Any notices, requests, demands, or other communications herein required or permitted to be given shall be in writing and may be personally served or sent by mail and shall be deemed to have been given if personally served, when served, or if mailed, when deposited in the mail and shall be deemed to have been received if personally served, when served, or if mailed on the tenth business day after deposit in the mail with postage pre-paid by certified or registered mail and properly addressed.  As used in this Agreement, the term "business day" means days other than Saturdays, Sundays, and holidays recognized by Federal banks.  For purposes of this Agreement, the addresses of the parties hereto shall be the addresses as set forth on the signature pages of this Agreement until a party subsequently notifies all other parties in writing of a change of ad­dress.

4.2           Counterparts.  This Agreement may be executed in any number of counterparts and each such counterpart shall be deemed to be an original instrument, but all such coun­terparts together shall constitute but one and the same instrument.

  

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4.3           Amendments and Waivers.  This Agreement may be amended, modified, or superseded only by written instrument executed by all parties hereto.  Any waiver of the terms, provisions, cove­nants, representations, warranties, or conditions hereof shall be made only by a written instrument executed and delivered by the party waiving compliance.  Any waiver granted by a corporate party hereto shall be effec­tive only if executed and delivered by the chief executive officer, president, or any vice president of such party.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right to enforce the same.  No waiver by any party of any condition, or of the breach of any term, provision, covenant, representation, or warranty contained in this Agreement in one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or the breach of any other term, provision, covenant, representation, or warranty.

4.4           Time of Essence.  Time is of the essence in the perfor­mance of this Agreement.

4.5           Captions.  The captions contained in this Agree­ment are solely for con­venient reference and shall not be deemed to affect the meaning or interpretation of any Article, Section, or para­graph hereof.

4.6           Entire Agreement.  This Agreement (including the sche­dules and exhibits hereto and all support­ing agreements referred to herein, all of which are by this reference fully incorporated into this agree­ment) sets forth the entire agreement and understanding of the parties with respect to the transactions contemplated hereby, and super­sedes all prior agreements, arrangements, and understandings relating to the subject matter hereof.

4.7           Successors and Assigns.  All of the terms, provi­sions, covenants, representations, warranties, and condi­tions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective heirs, legal representatives, assigns, and successors.

4.8           Knowledge, Gender, and Certain References.  A represen­tation or statement made herein to the knowledge of any corporate party refers to the knowledge or belief of the companies' direc­tors, officers, and attorneys, regardless of whether the know­ledge of such person was obtained outside of the course and scope of his corporate employment or duties, and regardless of whether any such person's interests are adverse to such entity in respect of the matters as to which his knowledge is attributed.  Whenever from the context it appears appropriate, each term stated in either the singular or the plural shall include both the singular and the plural, and pronouns stated in the masculine or the neuter gender shall include the masculine, the feminine and the neuter gender.  The terms "hereof," "herein," or "here­under" shall refer to this Agreement as a whole and not to any parti­cular Article, Section, or paragraph hereof.

4.9           Applicable Law.  THIS AGREEMENT SHALL BE GOVERNED EXCLUSIVELY BY ITS TERMS AND BY THE LOCAL, INTERNAL LAWS OF THE State of Nevada.  Each party hereto hereby acknowledges and agrees that it has consulted legal counsel in connection with the negotiation of this Agreement and that it has bargaining power equal to that of the other parties hereto in connection with the negotiation and execution of this Agreement.  Accordingly, the parties hereto agree that the rule of contract construction that an agreement shall be construed against the draftsman shall have no application in the construction or interpretation of this Agreement.

4.10           Severability.  If any term, provision, covenant, or restriction of this Agreement is held by a court of compe­tent jurisdiction to be invalid, void, or unenforce­able, the remainder of the terms, provisions, covenants and restric­tions shall remain in full force and effect and shall in no way be affected, impaired, or invalidated.

4.11           Costs, Expenses and Fees.  Each party hereto agrees hereby to pay all costs, expenses, and fees incurred by it or him in connection with the transactions contemplated hereby, includ­ing, without limitation, all attorneys' and accountants' fees.

 

  

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

DRYERTECH INDUSTRIES LTD., a Nevada corporation

By:        /s/ Walter Romanchuk                                                                

Name:  Walter Romanchuk

Title:     President

SANNING MANAGEMENT LTD., a Hong Kong corporation

By:           /s/ Lau Tung Mui                                                      

Name:      Lau Tung Mui

Title:        President

  

5ex103.htm

SUB-LEASE AGREEMENT

Made this 1st day of June, 2010.

	
  

	
BETWEEN:

	
  

	
INTERNATIONAL CORPORATE SUPPORT SERVICES, LTD., a body corporate, incorporated under the laws of the State of Nevada, having an office in the City of Calgary, in the Province of Alberta.

(hereinafter referred to as the “Landlord”)

OF THE FIRST PART

AND

DRYERTECH INDUSTRIES LTD., a body corporate, having an office in the City of Calgary, in the Province of Alberta.

(hereinafter referred to as the Subtenant”)

OF THE SECOND PART

WHEREAS it is agreed on the 1st day of June 2010, between the Landlord and the Subtenant that the lease described below will be assigned to the Subtenant, for two (2) offices in the Landlord’s building located at 5614C Burbank Road SE, Calgary, Alberta.

           AND WHEREAS the parties hereto have agreed to enter into this Sublease on the terms and conditions hereinafter set forth:

           WITNESSETH in consideration of the rents, covenants, and agreements hereinafter observed and contained on the part of the Subtenant to be paid, observed and performed, the Landlord does sublease the Subleased Premises, on the terms and conditions hereinafter set forth;

1.           SUBLEASED PREMISES

The premises to be subleased shall consist of two offices being a portion of the first (1st) floor of the Building as outlined in yellow on the floor plan, attached hereto as Schedule “A.”  The Subtenant shall also have use of the Boardroom and the kitchen on the second floor.  Boardroom usage is to be booked in advance as required.  Two (2) keys will be provided to and the responsibility of Walter Romanchuk.

2.           TERM

The term of the Sublease (hereinafter referred to as the “Term” shall be for a period of one (1) year. The Term shall commence on July 1, 2010 and terminate on June 30, 2010 with an option to extend the lease on a month-by-month basis.

  

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        3.           RENT

(a)           Basic Annual Rent

Yielding and paying therefore unto the Landlord in lawful money for each and every month during the term hereof without deduction, setoff of abatement basic annual rent of Two Thousand Four Hundred Dollars ($2,400.00).

On the first day of each month during the term hereof, the Subtenant will pay to the Landlord in advance the basic monthly rent of Two Hundred ($200.00) Dollars, the first payment of such Basic monthly rent to be due and payable upon the commencement date.

The Subtenant shall pay to the Landlord the amount of:

	
(a)  

	
the minimum monthly rent;

	
(b)  

	
the Good and Services Tax (GST).

The Subtenant shall pay to the Landlord an amount equal to all Goods and Services Taxes imposed or to be imposed by any governmental authority with respect to base rent, additional rent and other charges payable by the Subtenant to the Landlord by the Subtenant with each payment of base rent, additional rent or other charges on the date such payment is otherwise due under this Sublease, without reference to any Goods and Services Tax remitted or to be remitted by the Landlord to the governmental authority in respect thereof.

4.           USE

The Subleased Premises shall be used solely for General Office purposes and the Subtenant shall not use, or permit the use of the Subleased Premises for a purpose other than the uses permitted and described in the Lease.

        5.           REPAIR, DAMAGE AND DESTRUCTION

The Subtenant covenants with the Landlord:

	
  

	
(a)

	
that except for reasonable wear and tear, to keep in good and substantial state of repair and decoration, the Subleased Premises including all Leasehold Improvements;

	
  

	
(b)

	
that the Landlord or the Landlord may from time to time enter and view the state of repair, and that the Subtenant will repair according to notice in writing;

	
  

	
(c)

	
that if any part of the Building, including without limitation the structure or the structural elements of the Building, or the systems for interior climate control or for the provision of utilities or services get out of repair, or become damaged or destroyed through the negligence or misuse by the Subtenant or its employees, invitees or others over whom the Subtenant can reasonably be expected to exercise control, which shall specifically include any Sub-Subtenant, the expense of repairs or replacements thereto necessitated thereby shall be paid by the Subtenant.

  

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(d)

	
the Subtenant shall during the continuance of this Sublease and at its expense repair and replace with as good quality and size any glass broken on the Subleased Premises, and such obligation shall include outside windows and doors on the perimeter of the Subleased Premises whenever such glass shall be broken by the Subtenant, its Servants, employees, agents or invitees; and,

	
  

	
(e)

	
That the Subtenant will notify the Landlord and the Landlord immediately upon the Subtenant becoming aware of any defect in the Subleased Premises or of any other condition which may cause damage to the Subleased Premises or the Building.

It is agreed between the Landlord and the Subtenant that if the Lease is terminated by virtue of damage or destruction to the building that this Sublease shall likewise be terminated. Rent shall abate in the event of such damage or destruction to the same extent that rent payable under the Lease is abated.

         6.           LANDLORD COVENANTS

The Landlord does hereby covenant and agree with the Subtenant as follows:

	
(a)  

	
to pay rent pursuant to the Lease;

	
  

	
(b)

	
to allow the Subtenant free access to the Subleased Premises in accordance with       the terms of the Lease;

	
(c)  

	
to pay its proportionate share of taxes and operating costs as required by the Lease;

	
(d)  

	
to perform and observe the covenants on its part contained in the Lease with respect to the Subleased Premises so far as such covenants are not required to be performed and observed by the Subtenant;

	
(e)  

	
to grant to the Subtenant quiet enjoyment of the Subleased Premises during the term hereof; and,

	
(f)  

	
To take such action as may be required and allowed for in the Lease to ensure that the Landlord acts reasonably in the exercise of any right it has with respect to the Subleased Premises.

         7.           TAXES, OPERATING AND ADDITIONAL COSTS

The Operating Costs are covered under Section 3 of this Agreement and shall be reviewed annually and either refunded or invoiced to the Subtenant on the same terms as the Lease Agreement between the Landlord and the Landlord.

The Subtenant shall pay all business taxes, telephone charges and other costs directly pertaining to the Subleased Premises or the use of the Subtenant thereof. In addition, the Landlord and the Subtenant may enter into a separate agreement for the costs associated with the sharing of certain equipment.

        8.           SECURITY DEPOSIT

The Subtenant and the Landlord agree that no security deposit shall be required.

  

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         9.           ASSIGNMENT OR SUBLETTING

The Subtenant shall not have any right to assign, sublet, or transfer the Subleased Premises without prior consent of the Landlord, and the Landlord, such consent not to be unreasonable withheld by the Landlord but shall be subject to the rights of the Landlord as set forth in the Lease.

        10.           INSURANCE

All insurance required to be obtained by the Landlord pursuant to the Lease in respect of the Subleased Premises shall also be obtained by the Subtenant and shall name the Landlord as an additional named insured. The Subtenant shall provide the Landlord with copies of the said policy of insurance and written notification of any changes thereto.

         11.           FIXTURES AND IMPROVEMENT

The subtenant will not make, erect, install or alter any Leasehold Improvements or trade fixtures in the Subleased Premises without having requested and obtained the prior written approval of the Landlord, which will not be unreasonably withheld, and any approvals required pursuant to the Lease. The Subtenant’s request for any approval hereunder shall be in writing and accompanied by an adequate description of the contemplated work and, where appropriate, working drawings and specifications therefore.

         12.           FORMAL LEASE

The Subtenant acknowledges that all the terms and conditions contained in the Lease have been disclosed to it and that the Subtenant covenants to observe and perform all such terms and conditions and make all payments required in respect of the Subleased Premises on the part of the Landlord under the provisions of the Lease other than the covenant to pay Basic Rent and Additional Rent hereunder, which are consistent with its position as Subtenant and will keep the Landlord indemnified against all actions, expenses, claims and demands in respect of such covenants as they relate to the Subleased Premises except as aforesaid. The Subtenant further acknowledges that all rights and remedies available to the Landlord with respect to the Tenant under the terms of the Lease shall be available to the Landlord with respect to the Sublease. Further, should the Landlord wish to exercise its rights or remedies under the Lease  then the Landlord will have the same rights and remedies as the as the Landlord under the Lease and the Subtenant will be bound in the same manner as if it was the Tenant under the Lease. The Landlord will use its best efforts to affect the Subtenant’s benefit all rights and remedies granted to it as the Tenant under the terms of the Lease.

    13.           REPRESENTATIONS

The Subtenant acknowledges that there are no representations, conditions, warranties, or collateral agreements made by or on behalf of the Landlord other than are expressed herein and in the Offer to Sublease.

        14.           DEFAULT

Should the Subtenant fail to perform its obligations or undertaking set out in his sublease, the Landlord may, at its option and without prejudice to any other remedy available to the Landlord herein, terminate the obligations of the Subtenant herein, by giving written notice of termination to the Subtenant in which case the Security Deposit shall be absolutely forfeited to the Landlord as liquidated damages.

         15.           APPROVAL

Upon execution by the Landlord this Sublease shall be binding upon the parties hereto.

  

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         16.           SPECIAL CLAUSES

	
  

	
(a)

	
The Landlord shall provide two (2) parking stalls in the surface parking lot at no charge to the Subtenant.

	
  

	
(b)

	
The subtenant shall have unfettered access to the common areas of the building, including but not limited to: washrooms, all building entrances and hallways, boardroom and kitchen.

        NOTICES

Any notices herein provided or permitted to be given under this Sublease shall be addressed as follows:

(i)           NOTICE BY THE LANDLORD TO THE SUBTENANT

DryerTech Industries Ltd.

5614C Burbank Road SE

Calgary, Alberta

T2H 1Z4

Attention: Walter Romanchuk

(ii)           NOTICED BY THE SUBTENANT TO THE LANDLORD

International Corporate Support Services Ltd.

5614D Burbank Road SE

Calgary, Alberta

T2H 1Z4

Attention: Jacqueline Danforth

EXECUTED by the Subtenant at the City of Calgary, in the Province of Alberta, as of this 1st day of June, 2010.

DRYERTECH INDUSTRIES LTD.

 

Per:           /s/ Walter Romanchuk                                                      

Walter Romanchuk

EXECUTED by the Landlord at the city of Calgary, in the Province of Alberta, as of this 1st day of June, 2010.

INTERNATIONAL CORPORATE SUPPORT SERVICES LTD.

 

Per:           /s/ Jacqueline Danforth                                                      

Jacqueline Danforth

  

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