Document:

snfca8k20091231ex10-5.htm

    
      

      

    

     

     

     

     

     

     

    EXHIBIT 10.5

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

    

    

    THIS
ASSIGNMENT (this "Assignment") is made and entered into effective the 31st day
of December, 2009, by and between CAPITAL RESERVE LIFE INSURANCE COMPANY, a
Missouri domiciled insurance company ("Capital Reserve"), and SECURITY NATIONAL
LIFE INSURANCE COMPANY, a Utah domiciled insurance company ("Security National")
(collectively, the "Parties").

    

    WITNESSETH:

    

    WHEREAS,
on December 4, 2009, Capital Reserve and Security National entered into an
Agreement and Plan of Complete Liquidation of Capital Reserve Life Insurance
Company into Security National Life Insurance Company (the "Agreement and Plan
of Complete Liquidation"), pursuant to which Capital Reserve would be liquidated
into Security National in essentially the same manner as the liquidation
described in the Internal Revenue Service Private Letter Ruling 9847027 in order
to achieve the same tax treatment and consequences under Section 332 of the
Internal Revenue Code of 1986, as amended, and other applicable provisions
described in said Letter Ruling; and

    

    WHEREAS,
on December 31, 2009, in order to complete the liquidation of Capital Reserve
and the transfer of its business to Security National under the terms of the
Agreement and Plan of Complete Liquidation, Security National exercised its
right of recapture pursuant to Article II, Section 3 of the Reinsurance
Agreement dated November 30, 2008, to recapture all the policies and risks under
that Reinsurance Agreement and, as a result, Security National became primarily
liable for the liabilities of Capital Reserve on the insurance contracts and
annuities originally issued by Capital Reserve to its policyholders; of which
the assets transferred to Security National pursuant to such right of recapture
have a fair market value of $4,955,000, which amount is equal to the amount of
assumed liabilities; and

    

    WHEREAS,
Capital Reserve and Security National desire to enter into an assignment to
transfer and distribute to Security National all of Capital Reserve's remaining
assets, except that the assets to be transferred hereunder will not include
certain retained assets (the "Retained Assets") described in Exhibit "A"
attached hereto and incorporated herein, such Retained Assists to consist of
Capital Reserve's corporate charter, insurance licenses, and capital and
surplus, including cash and bonds, necessary to preserve Capital Reserve's
corporate existence;

    

    NOW,
THEREFORE, in consideration of the mutual promises, agreements and covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereto agree as
follows:

    

    1.           Except
for the Retained Assets only, Capital Reserve hereby assigns, transfers and
conveys to Security National all of Capital Reserve's rights, title and
interests in and to all of the following assets:  (i) furniture and
equipment, including computer hardware and software; (ii) leases and contract
rights, including the license relating to the Rudd and Wisdom QL Admin policy
administration system; (iii) the Mizell Funeral Home Note in the principal
amount of $46,175; and (iv)  accounting and other
records.

    

    2.           This
Assignment may be modified or amended only in writing duly executed by each of
the Parties.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    3.           This
Assignment shall be governed and construed and enforced in accordance with the
laws of the State of Utah (without regard to the principles of conflicts of law)
applicable to a contract executed and performable in such state.

    

    4.           This
Assignment is binding upon and will inure to the benefit of the Parties and
their respective successors and permitted assigns.

    

    5.           Neither
this Assignment nor any right or obligation herein or part hereof may be
assigned by any party hereto with the prior written consent of the other party
hereto (and any attempt to do so will be void).

    

    6.           This
Assignment may be executed simultaneously in counterparts, each of which will be
deemed an original, but all of which, when taken together, will constitute one
and the same instrument.

    

    IN
WITNESS WHEREOF, each of the Parties hereto, intending to be legally bound
hereby, has duly executed this Assignment as of the date first above
written.

    

    
      	 
      	
              CAPITAL
      RESERVE LIFE INSURANCE COMPANY

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
                     /s/
      Scott M. Quist

            	 
      
	 
      	
              Its:

            	
                          President

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              SECURITY
      NATIONAL LIFE INSURANCE COMPANY

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
                     /s/
      Scott M. Quist

            	 
      
	 
      	
              Its:

            	
                          President

            	 
      

    

    

     

    
 

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    
      

        
          	Corporate
      Charter: 	 	 	 
	 	 	 	 
	
                  State
      of Missouri

                	 	 	 
	 
      	 	 	 
	
                  Insurance
      Licenses:

                	 	 	 
	 
      	 	 	 
	
                  States
      of Iowa, Kansas and Missouri

                	 	 	 
	 
      	 	 	 
	
                  Capital
      and Surplus:

                	 	 	 
	 
      	 	 	 
	
                  Cash:

                	 	 	 
	
                  Key
      Bank

                	 	$	1,038,000	 
	 
      	 	 	 	 
	
                  Total

                	 	 	 	 
	 
      	 	 	 	 
	
                  Bonds:

                	 	 	 	 
	
                  U.S.
      Treasury */

                	 	$	650,000	 
	 
      	 	 	 	 
	
                  Total
      Assets

                	 	$	1,688,000	 
	 
      	 	 	 	 
	
                  Total
      Capital and Surplus

                	 	$	1,688,000	 
	 
      	 	 	 	 
	
                  */  On
      deposit with the Missouri Department of Insurancepprg8k20100108ex10-1.htm

    
      

      

    

    
      	
              Exhibit
      10.1

            	
              Press
      Release

            

    

     

     

     

    January
11, 2010

     

    Patient
Portal Technologies, Inc. Finalizes Sale of Equipment Business Unit

     

    Baldwinsville,
NY, January 11, 2010 - Patient Portal Technologies, Inc. (OTCBB: PPRG) announced
today that closed January 8th on
the sale of its hospital equipment business unit to a former executive of the
Company, Tom Brunskole, for $820,000. The transaction included the sale of the
name TB&A as well as certain inventory and hospital equipment purchase
contracts. The sale price included cash as well as the assumption of certain
debt and obligations of the Company. The sale is expected to have an ongoing
favorable impact on the Company’s future operating profits.

    

    According
to Kevin Kelly, CEO, “The healthcare industry is in the midst of dramatic change
that is redefining the way hospital facilities impact patient satisfaction. This
is an ideal time to complete this transaction as we aggressively pursue our
Total Satisfaction platform which includes the expansion of our core high impact
and high margin services. This transaction allows us to free up additional
resources to support our goal of being the number one provider of patient
centric services in healthcare.”

    

    As part
of the transaction both Companies will continue share space and facilities in
Amherst New York. Patient Portal also executed a joint marketing services
agreement which will allow the Company to continue to provide hospital
television equipment to its customers under favorable market terms and it is
retaining its technical support capabilities.

    

    

    About Patient
Portal

    Patient
Portal is the nation’s first total satisfaction company, committed to helping
our hospital partners achieve the highest patient satisfaction scores in
healthcare. We accomplish this by providing a broad array of patient-centric,
non-medical services which are delivered before, during and after a hospital
stay.  The Company utilizes its proprietary technology and employee
staffed 24/7 Call Center to leverage a hospital’s existing infrastructure to
connect patients and their families to a whole suite of services that focus on
education, safety, entertainment, comfort and enhanced communication. The end
result is greater and total satisfaction: a more informed and pleasant
experience for the patient and their families, a more productive and satisfied
medical staff and a more marketable and profitable healthcare facility. Patient
Portal currently services over 60 hospitals nationwide, and actively engages
with patients over three million times a year.  

    

    

    

    To view
the website and obtain Company information go to http://www.patientportal.com.

    Patient
Portal Investor Relations Contact:

              Vanessa
Loysen

              Patient
Portal Investor Relations

              (315)638-6708

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