<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-SB
GENERAL FORM FOR REGISTRATION OF SECURITIES
OF SMALL BUSINESS ISSUERS UNDER SECTION 12(b)
OR 12(g) OF THE SECURITIES EXCHANGE OF 1934
Integrated Food Resources, Inc.
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Name of Small Business Issuer in Its Charter)
State of Nevada 93- 1255001
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6700 S.W. Sandburg Rd., Tigard, Oregon 97223
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(Address of Principal Executive Offices)
(503) 598-4375
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Issuers telephone number
Securities to be registered pursuant to Section 12(b) of the Act: None
Securities to be registered pursuant to Section 12(g) of the Act:
Class A Voting Common Stock
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(Title of class)
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PART I
ITEM 1. DESCRIPTION OF THE BUSINESS
HISTORY
Integrated Food Resources, Inc., which we sometimes here refer to as
the Company, was organized in the State of Oregon on September 12, 1966 under
the name of The Oregon Trail Company. Our original business was the development
of a family-oriented recreational theme park on the Oregon coast. In May 1968,
our name was changed to Pixieland Corporation and the development of our theme
park continued under our new name. The theme park opened in 1968 and closed
in October 1978. At that time, we stopped all of our operations and we
remained inactive until May 1989. At various times since then, we have changed
our name to American Business Associates, Inc,; Cyberwin Corporation; and back
to Pixieland Corporation. In October 1996, we changed our state of
incorporation to Nevada.
On September 25, 1997, we changed our name to Integrated Food
Resources, Inc. On September 29, 1997, we signed a Share Exchange Agreement
with Seabourne Ventures, Inc., an Oregon corporation whereby Seabourne
became our wholly-owned subsidiary.
On July 31, 1998, we signed an Asset Acquisition Agreement and Plan of
Reorganization with Clipper Cubed Corporation, a Nevada corporation whereby we
purchased all of the assets of Clipper Cubed in exchange for our common stock.
As part of our agreement with Clipper Cubed, we formed an Oregon corporation as
our wholly-owned subsidiary under the name "ClipperNet Corporation" and we
transferred the assets we purchased from Clipper Cubed to ClipperNet
Corporation. ClipperNet Corporation is now a wholly-owned subsidiary of the
Company and Clipper Cubed has stopped doing business.
As used in this Registration Statement, whenever we refer to ourselves
or to the Company, we also mean to include Seabourne Ventures, Inc. and
ClipperNet Corporation, if the context is appropriate.
BUSINESS AND OPERATING PLAN
The Company is engaged in the business of procuring, processing,
marketing and distributing private-label food products for large food retail
chains in the United States and Canada, such as Kroger, Western Family Foods
and Safeway. We obtain our products from affiliated and non-affiliated sources
located throughout the world. We in turn supply these food products to our
retail food chain clients under a relationship with an affiliated company name
"International Trade Group, LLC", which we will refer to here as ITG. ITG was
formed in 1992 as an independent, privately-held central buying consortium
designed to coordinate and manage the international procurement needs of U.S.
food retail chains. These food retailers find it more economical and
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efficient to entrust their private label food product procurement to ITG, who
can, as the representative of the retailers as a collective group, negotiate
advantageous supplier contracts throughout the world. ITG provides product
sourcing, contract negotiations with suppliers, plant inspections, production
quality control and customs and U.S. Food and Drug Administration clearance.
In April 1998, the Company and the Republic of Guinea entered into three
separate Project Development Agreements covering agricultural and
aquacultural development. One of these agreements deals with the
establishment of prawn, farms; another covers the development of a pineapple
plantation and processing facility; and the third agreement covers the
issuance of fishing permits in Guinea's territorial waters. On July 25, 1998,
the Republic of Guinea transferred to the Company approximately 35,000 acres
of prime coastal agricultural and aquaculture land for the purpose of
implementing the previously described Project Development Agreements. The
land is owned by the Company free of encumbrances and obligations. The
development of the property will include construction of a tuna processing
cannery, the management of a shrimp farming and processing operation and the
development of tropical fruit plantations and rice farming. The Company
intends to begin development of the property in 1999 and will fund the
development through additional debt or equity financing. With such financing,
we expect to create viable commercial farming operations to maximize the land
use in phased-in farming projects.
Seabourne Ventures, Inc. is in the business of harvesting, processing,
marketing and distributing seafood products, principally canned tuna fish and
tuna-related products. Seabourne will use proprietary harvesting techniques for
catching tuna in the open seas and factory ships for initial processing of the
tuna. The harvesting and processing system to be used will allow Seabourne to
offer canned tuna that is superior in quality and priced below established
brands. Seabourne is a source of tuna products for the Company. Since the
canning plant in Mexico is not yet operational, ITG has entered into a
Toll-Packing Agreement for Canned Tuna with Agroindustrias Rowen, S.A. of C.V.
Ensenada, Mexico for its tuna products. The fishing permits issued to the
Company by the Republic of Guinea will be used by Seabourne to fish for tuna
in the territorial waters of the Republic of Guinea.
ClipperNet Corporation provides high-speed wireless Internet access
services to business and residential customers in Oregon's Williamette Valley.
To provide this service, ClipperNet uses point-to-point microwave technology
as an alternative to traditional Internet access. The microwave network
technology used by ClipperNet can be installed quickly and efficiently
in the service area. A small antenna installed on the roof of an office
building or a home communicates with a small microwave transceiver which in
turn is connected to a router which distributes incoming and outgoing data to
and from individual workstations. The system is suited for video conferencing,
Web hosting, Web browsing, e-mail and Internet faxing. ClipperNet will
facilitate our development and implementation of electronic commerce projects
related to the trading of food products.
In November 1998, ClipperNet purchased all of the assets of Netbridge
Internet Access Services, an Internet service provider located in Newport
and Lincoln City, Oregon. The purchase price for the assets was $150,000.
It was agreed that $60,000 of that purchase price would be satisfied by the
issuance of 20,000 shares of the Company's common stock. In addition, the
Company has guaranteed all of ClipperNets obligations to the seller in this
transaction.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS.
REVIEW OF OPERATING RESULTS
SEABOURNE VENTURES, INC.
Our revenue for fiscal year 1997-1998 was derived mainly from Seabourne in its
tuna processing and marketing operations. Seabourne entered into a toll
packing agreement with Agroindustrias Rowen, S.A. de C.V. ("Rowen") of Ensenada,
Mexico to process and can tuna fish for the U.S. marketplace. Essentially
all of this production was sold to ITG and eventually to ITG's customer
network of major U.S. food retailers (for example, The Kroger Company, Safeway,
Western Family Foods, and Aldi). These sales produced $5,378,691 in gross
revenue. Due to a limited supply of dolphin-safe raw material in Mexico,
Seabourne was able to fulfill less than 20% of the total demand for canned tuna
from the ITG members and other direct customers.
The Toll Packing Agreement calls for Seabourne to pay Rowen a fixed cost per
case. Seabourne has provided the fresh frozen whole tuna through contracts with
Mexican and U.S. tuna boat owners, and it supplied all direct manufacturing
materials (cartons, cans, lids, labels, hydrolized protein and pallets).
Seabourne hired a professional full-time, on-site staff to manage the plant's
production, quality control, procurement and engineering functions. It
invested $918,617 in new equipment and plant upgrades to meet U.S. Food and
Drug Administration regulatory requirements.
Seabourne has a three year option to acquire 100% of the outstanding shares of
Rowen's stock. Rowen currently operates under the bankruptcy protection of the
Mexican law equivalent to Chapter 11 under the United States Bankruptcy Code.
It is estimated that Seabourne will be able to settle with Rowen's creditors
for a fraction of the outstanding debt, said settlement being made in cash or
a combination of cash and stock. Rowen was recently appraised by a qualified
independent appraiser at $7 million. We intend to exercise the option on the
share acquisition once the funding is completed and Seabourne has access to a
dependable supply of raw material from its own fishing fleet and/or independent
sources.
CLIPPERNET CORPORATION, INC.
In July 1998, we acquired the assets and liabilities of Clipper Cubed
Corporation under a Share Exchange Agreement. The assets and liabilities were
transferred to a new company called ClipperNet Corporation which is a wholly-
owned subsidiary of the Company.
For our fiscal quarter ended October 31, 1999, ClipperNet Corporation had net
revenues of $163,021 and net loss of $ 40,415. A significant portion of the
loss is attributed to additional staffing
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to meet the requirements of the new Portland, Newport and Albany, Oregon
business sites. Sales are expected to grow at a very rapid pace during the next
year through domestic and global expansion of ClipperNet's existing network,
licensing agreements, acquisition of other Internet access companies and new
product introductions. In November, 1998, ClipperNet completed its first
acquisition of an Internet access company called Netbridge. Similar
acquisitions are anticipated for 1999.
CAPITAL NEEDS AND FUTURE REQUIREMENTS
CAPITAL-INTENSIVE PROJECTS
During fiscal year 1998-1999, we plan to expand our food processing operations
in different parts of the world. The following major projects and their
capitalization will be undertaken:
- - Two modernized tuna processing facilities (Mexico, Indonesia and/or
Thailand). Total projected investment will approximate $30 million in
1999. Plant acquisition is expected to be in the form of cash and stock.
Equipment will be financed through leases, equipment loans and outright
purchase.
- - Six new combination fishing/factory ships with an approximate cost of $180
million. Construction deposits and related expenses for 1999 will amount
to a maximum of $40 million. The balance will be due in the year 2000 when
the ships are delivered. We expect to finance 80% of this asset through
asset-backed loans. The balance will be financed through cash, ship
building subsidies, grants and clean irrevocable bank instruments of
guarantee. The shipyard will be expected to post a $180 million
completion bond to permit it to finance this project and to obtain a
take-out guarantee for the portion of cash contributed by the Company and
its asset-backed lender.
- - Twelve new bait boats for an estimated cost of $24 million. Construction
deposits and related expenses for 1999 will amount to a maximum of $10
million. The balance will be due in the year 2000 when the ships are
delivered. We expect to finance 70% of this asset through asset-backed
loans. The balance will be financed through cash and clean irrevocable
bank instruments of guarantee.
- - Sakoba Shrimp farm at an estimated cost of $30 million + $10 million for
land development in Guinea. Asset-backed loans are available to finance a
significant percentage of the capital cost related to these projects.
- - Acquisitions and new project development are budgeted $60 million. These
will be financed through a combination of cash, asset-backed loans and
stock.
We anticipate to complete a $15 million senior secured working capital loan
funding before the end of 1998. This funding will be used to finance our
activities and food operations in 1999. We are also
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negotiating a $400 million private offering with a major New York investment
banking firm. The offering is expected to be completed in the second quarter
of 1999.
ITEM 3. DESCRIPTION OF PROPERTY
We occupy approximately 700 square feet of office space in the Western
Family Foods Building at 6700 S. W. Sandburg Rd., Tigard, Oregon 97223, where
Seabourne also conducts its business. ClipperNet Corporation rents
approximately 1800 square feet of office space at 2295 Coburg Rd., Suite 105,
Eugene, Oregon. ClipperNet's network operations center occupies 400 square feet
of leased office space at 2300 Oakmont Way, Eugene, Oregon.
We also own approximately 35,000 acres of coastal land in the Republic
of Guinea which is located on the west coast of Africa. We intend to use that
land and its buildings and other improvements to develop and operate a tuna
processing plant and a shrimp farm and to produce and process tropical
fruits.
ITEM 4. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
This table describes the current ownership of the Company's outstanding
Common Stock by (i) each of our officers and directors; (ii) each person who is
known by us to own more than 5% of the Company's outstanding Common Stock; and
(iii) all of our officers and directors as a group:
<TABLE>
<CAPTION>
Amount and
Name and Address of Nature of Beneficial Percent of
Title of Class Beneficial Owner Owner Class
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<S> <C> <C> <C>
Common Stock Alain de la Motte 2,642,708 18.0%
6700 SW Sandburg Rd.
Tigard, OR 97223
Common Stock Brian E. Bittke 583,020 3.6%
6700 SW Sandburg Rd.
Tigard, OR 97223
Common Stock James McKenzie 595,000 3.6%
9615 SW Allen Blvd.
Portland, OR 97005
Common Stock Hugh Latif 38,000 *
135 Park Ave.
Toronto, Ontario, Canada
M2N 1W7
Common Stock Alan Resnik 75,000 *
1016 SW Davenport St.
Portland, OR 97201
Common Stock International Trade Group, LLC (i) 3,997,368 25.0%
6700 SW Sandburg Rd.
Tigard, OR 97223
Common Stock Harold Kvalo 1,623,200 10.0%
2334 West Plymouth St.
Seattle, WA 98119
All officers and Directors
as a group (5 persons) 3,933,728 24.0%
</TABLE>
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* refers to less than one percent
(i) International Trade Group, LLC is an Oregon limited liability company
organized in March 1994. Alain de la Motte is a member of this limited
liability company and directly and indirectly owns an 80% interest in it.
Brian Bittke is also a member of the limited liability company and owns a 10%
interest. The remaining 10% is owned by Sower Ministries, a tax-exempt
religious organization with which Mr. de la Motte is affiliated.
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ITEM 5. DIRECTORS, EXECUTIVE OFFICERS, PROMOTORS AND CONTROL PERSONS
This table describes our current directors and executive officers:
<TABLE>
<CAPTION>
Name Age Title
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<S> <C> <C>
Alain de la Motte 48 President, Chief Executive
Officer and Director
Brian E. Bittke 60 Executive Vice President and
Director
James McKenzie 55 Secretary and Director
Hugh Latif 46 Director
Alan J. Resnik 53 Director
</TABLE>
Alain de la Motte has been our Chief Executive Officer and Chairman of
the Board of Directors since the inception of the Company. Mr. de la Motte is
also Chief Executive Officer of International Trade Group, LLC ("ITG") which is
involved in world-wide sourcing and procuring of food products for the largest
grocery chains in the United States. ITG is a shareholder in the Company. Prior
to ITG, Mr. de la Motte served as founder, President and chairman of TRADE,
Inc., which amassed a proprietary database of all U.S. imports. Mr. de la Motte
was educated at L'Ecole Nationale de Commerce in Paris and is fluent in English
and French.
Brian E. Bittke has been Executive Vice President and a Director of the
Company since its inception. Since December 1993, Mr. Bittke has been Executive
Vice President of Sales and Marketing for ITG. Before joining ITG, Mr, Bittke
was President and Chief Operating Officer for Continental Companies, a private
label frozen food procurement company. He has also been an Executive Vice
President of Western Family Foods and President of Shurfine Central
Corporation. Mr. Bittke was educated at the University of Southern California
in marketing.
James McKenzie has been our corporate secretary and a director since
the Company began operations. Mr. McKenzie is the President of CUI Stack, Inc.,
a joint venture with Stack Electronics of Japan, which is involved in the
distribution of electronic components in the United States. Mr. McKenzie earned
a Masters of Business Administration in finance from the University of Chicago.
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Hugh Latif has been a director since the inception of the Company. Since
1996, Mr. Latif has been President of Hugh Latif & Associates, a management
consulting firm. From 1992 to 1996, he was managing director of A.C. Nielsen
Co. of Canada Ltd, a marketing research firm. Mr. Latif has also served as
General Manager of Dunn & Bradstreet France and Dun & Bradstreet Brazil. Mr.
Latif holds a BA in economics from Cairo University in Egypt.
Alan J. Resnik has been a director since the inception of the Company.
Mr. Resnik is currently a professor at Portland State University and since
1978, has been the President of Market Insights, Inc., a consulting firm.
From 1994 to 1995, Mr. Resnik was Executive Vice President of Widmer Brewing
Co., Portland, Oregon. From 1995-1996, Mr. Resnik was Senior Vice President of
Gentle Dental, a dental services company in Portland, Oregon. From 1992 to
1996, he was a director of Gentle Dental. Mr. Resnik received a BS degree in
economics from the Wharton School of the University of Pennsylvania, a Masters
of Business Administration from Tulane University and his Ph.D. from Arizona
State University. He is a professor of marketing in the School of Business
Administration, Portland State University.
Our directors serve in their positions until the next annual meeting of
stockholders or until the director's successors have been elected and
qualified. Our executive officers are appointed by our Board of Directors and
serve at the discretion of the Board.
ITEM 6. EXECUTIVE COMPENSATION
We have not paid any compensation to our executive officers since we
began our current business. We will enter into employment agreements with
each of our executive officers and begin paying appropriate salaries and other
compensation when we determine that we can afford to pay such salaries and
compensation.
ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
On July 1, 1997, our wholly-owned subsidiary, Seabourne Ventures, Inc.
purchased certain assets from International Trade Group, LLC for $1,765,000.
These assets consisted of certain office equipment and accounts receivable,
including cash. Seabourne also assumed the obligation on two leases for solid
pack tuna canning machines which International Trade Group, LLC was leasing
from an unrelated party. Seabourne gave International Trade Group, LLC a
subordinated unsecured convertible promissory note for $1,765,000 as payment
for the assets. The note is payable on December 31, 1998.
On July 1, 1997, ITG Finance, LLC, a subsidiary of International Trade
Group, LLC, loaned $2,500,000 to Seabourne for working capital purposes.
Seabourne gave ITG Finance, LLC a subordinated unsecured convertible
promissory note for the amount of the loan. The note is payable on December 31,
1998.
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On July 15, 1998, International Trade Group, LLC loaned $9,000 to Clipper
Cubed Corporation. The obligation was assumed by Integrated Food Resources,
Inc. as part of the Asset Acquisition Agreement and Plan of Reorganization
with Clipper Cubed. The obligation was subsequently assumed by our wholly-
owned subsidiary, ClipperNet Corporation, as part of the capitalization of
ClipperNet. This obligation is payable on July 15, 1999.
During our fiscal year ending July 31, 1998, Seabourne Ventures, Inc.
sold processed tuna and tuna-related products to International Trade Group, LLC
in the amount of $ 5,378,691.
ITEM 8. DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED.
We are authorized to issue 50,000,000 shares of Class A Common Stock
and 50,000,000 shares of Class B Common Stock. At this time, we have 16,084,643
shares of Class A Common Stock issued and outstanding. There are no shares of
Class B Common Stock issued and outstanding. Each share of Class A Common
Stock entitles the shareholder (i) to one non-cumulative vote for each share
held of record on all matters submitted to a vote of the stockholders; (ii) to
participate equally and to receive dividends as may be declared by the Board of
Directors; and, (iii) to participate pro rata in any distribution of assets
available for distribution upon liquidation of the Company. Our stockholders
have no preemptive rights to acquire additional shares of Common Stock or any
other securities. Our Common Stock is not subject to redemption and carries no
rights to purchase other securities of the Company. Our Common Stock is
non-assessable.
PART II
ITEM 1. MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND
RELATED STOCKHOLDER MATTERS
Our Common Stock has been thinly traded in the over-the-counter market
and prices for the Common Stock are published on the OTC Bulletin Board under
the symbol "IFGR". This market is extremely limited and the prices for our
Common Stock quoted by brokers is not a reliable indication of the value of the
Common Stock. The following is the range of high and low bid prices for our
Common Stock since trading began in January 1998.
<TABLE>
<CAPTION>
Quarter Ending High Low
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<S> <C> <C>
April 30, 1998 $2.00 $2.00
July 31, 1998 $3.00 $1.125
</TABLE>
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These prices reflect inter-dealer prices, without retail mark-up,
mark-down or commission and may not represent actual purchases and sales by
investors.
We have never paid cash dividends on our Common Stock; however, we may
pay dividends in the future if our earnings justify it.
As of November 24, 1998, we have approximately 4,100 shareholders of
the Company's common stock.
ITEM 2. LEGAL PROCEEDINGS
We are not a party to any pending legal proceedings.
ITEM 3. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Our original accountant was J. Paul Kenote, P.C., Portland, Oregon.
After the effective date of the Share Exchange Agreement between the Company
and Seabourne Ventures, Inc. MossAdams LLP, Portland, Oregon became our
accountants. We had no disagreements with J. Paul Kenote, P.C. on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure.
ITEM 4. RECENT SALES OF UNREGISTERED SECURITIES
On July 31, 1998, we issued 1,183,432 shares of our Class A Common
Stock to Clipper Cubed Corporation under the terms of the Asset Acquisition
Agreement and Plan of Reorganization. We relied on the exemption from
registration at Section 4(2) of the Securities Act of 1933 for non-public
offerings.
Effective June 3, 1998, we issued 11,736 shares of our Class A Common
Stock in conversion of our outstanding Series A Preferred Stock.
In January 1998, we issued 30,000 shares of our Class A Common Stock to
Grady and Hatch & Company, Inc. as compensation for services rendered under a
Consulting Agreement dated August 4, 1997.
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Effective September 29, 1997, we issued 10,523,620 shares of our Class
A Common Stock to the shareholders of Seabourne Ventures, Inc. under the terms
of the Share Exchange Agreement. We relied on the exemption from registration
at Section 4(2) of the Securities Act of 1933 for non-public offerings.
On September 15, 1996, under our previous name of Cyberwin, Inc., we
sold 4,000,000 shares of our Class A common stock to five purchasers for
$50,000. The offering was conducted under Regulation D Rule 504 of the
Securities Act of 1933.
ITEM 5. INDEMNIFICATION OF OFFICERS AND DIRECTORS
The Company is permitted under the Nevada Revised Statutes to indemnify
any person named as a party to a legal proceeding because they are, or were, a
director, officer, employee or agent of the Company. The indemnification
covers expenses, judgments, fines and amounts paid by the director, officer,
employee or agent in any settlement of the legal proceeding if they acted in
good faith and in a manner which they reasonably believed to be in the best
interest of the Company and they had no reason to believe their conduct was
unlawful.
The Company is required to indemnify a director, officer, employee or
agent of the Company who is successful in the defense of any legal proceeding
in which they are named as a party because they are, or were a director,
officer, employee or agent of the Company. The indemnification covers
expenses incurred by them in connection with the defense.
The Company's Articles of Incorporation eliminate the personal
liability of our directors, officers and stockholders for damages for breach of
fiduciary duty; however, the liability of a director or officer is not
eliminated for (a) actions or inactions which involve intentional misconduct,
fraud or a knowing violation of law, or for (b) the payment of distributions to
stockholders in violation of the applicable Nevada law.
The Company may make arrangements to pay the expenses of officers and
directors which are incurred in defending a civil or criminal proceeding,
either as the expenses are incurred and in advance of the final outcome of the
legal proceeding. If the Company pays these expenses, the director or officer
must agree to repay the amount if it is determined by the court that they are
not entitled to be indemnified by the Company.
Nevada law also permits the Company to buy and maintain liability
insurance or make other financial arrangements on behalf of any person who is
or was a director, officer, employee or agent of the Company to cover any
liability asserted against them and liability and expenses incurred by them in
their capacity as a director, officer, employee or agent, whether or not the
Company has the authority to indemnify them against such liability and
expenses.
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PART F/S
Attached hereto are the following financial statements:
(1) Independent Auditor's Report of MossAdams LLP
(2) Balance Sheet, Statement of Operations and Accumulated Deficit
Statement of Changes in Shareholder's Equity, Statement of Cash Flows, and
Notes to Consolidated Financial Statements for Integrated Food Resources, Inc.
for the year ended July 31, 1998.
(3) [BALANCE SHEET AND STATEMENT OF OPERATIONS FOR INTEGRATED FOOD
RESOURCES, INC. FOR THE THREE MONTHS ENDED OCTOBER 31, 1998 WILL BE
FILED BY AMENDMENT]
PART III
ITEM 1 Index to Exhibits
<TABLE>
<CAPTION>
Exhibit
Number Description
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<S> <C>
3.1 Articles of Incorporation of Integrated Food Resources, Inc.
and Amendments thereto.
3.2 Articles of Incorporation of Seabourne Ventures, Inc.
3.3 Articles of Incorporation of ClipperNet Corporation.
3.4 Bylaws of Integrated Food Resources, Inc.
3.5 Bylaws of Seabourne Ventures, Inc.
3.6 Bylaws of ClipperNet Corporation
4 Specimen Stock Certificate of Integrated Food Resources, Inc.
10.1 Asset Acquisition Agreement dated July 1,1997 between
International Trade Group, LLC and Seabourne Ventures, Inc.
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10.2 Share Exchange Agreement dated September 29, 1997 between
Pixieland Corporation and Seabourne Ventures, Inc.
10.3 Project Development Agreements each dated April 15, 1998
between Integrated Food Resources, Inc. and L'Agence Autonome
d'Assistance Integree aux Enterprises, an official agency of the
Republic of Guinea.
10.4 Asset Acquisition Agreement and Plan of Reorganization dated
July 31, 1998 between Integrated Food Resources, Inc. and Clipper
Cubed Corporation.
10.5 Asset Purchase Agreement and Security Agreement dated November 6,
1998 between ClipperNet Corporation and Netbridge Internet Access
Services.
21 Subsidiaries of Integrated Food Resources, Inc.
27 Financial Data Schedule
</TABLE>
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934,
the Registrant caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized.
Integrated Food Resources, Inc.
Date: November 25, 1998 By /s/ Alain de la Motte
------------------------------
Alain de la Motte, President
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INTEGRATED FOOD RESOURCES, INC.
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INDEPENDENT AUDITOR'S REPORT
AND
CONSOLIDATED FINANCIAL STATEMENTS
---------
JULY 31, 1998
<PAGE>
CONTENTS
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<TABLE>
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITOR'S REPORT 1
CONSOLIDATED FINANCIAL STATEMENTS
Balance sheet 2 - 3
Statement of operations and accumulated deficit 4
Statement of changes in stockholders' equity 5
Statement of cash flows 6
Notes to consolidated financial statements 7 - 17
</TABLE>
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INDEPENDENT AUDITOR'S REPORT
To the Board of Directors
Integrated Food Resources, Inc.
We have audited the accompanying consolidated balance sheet of Integrated
Food Resources, Inc., as of July 31, 1998, and the related consolidated
statements of operations and accumulated deficit, changes in stockholders'
equity, and cash flows for the year then ended. These consolidated financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of
Integrated Food Resources, Inc., as of July 31, 1998, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Portland, Oregon
October 2, 1998
1
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INTEGRATED FOOD RESOURCES, INC.
CONSOLIDATED BALANCE SHEET
JULY 31, 1998
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<TABLE>
<CAPTION>
ASSETS
<S> <C>
CURRENT ASSETS
Cash $ 215,097
Receivables:
Trade 63,458
Related-party 520,324
Employees 8,421
Inventory 223,883
Prepaid expenses 9,782
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Total current assets 1,040,965
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PLANT AND EQUIPMENT
Tuna packing plant 918,617
Equipment 296,051
Accumulated depreciation (36,757)
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1,177,911
------------
LAND HELD FOR FUTURE DEVELOPMENT 74,498,400
GOODWILL 4,411,434
OTHER ASSETS 19,496
------------
Total assets $ 81,148,206
------------
------------
</TABLE>
2
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
CONSOLIDATED BALANCE SHEET
JULY 31, 1998
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C>
CURRENT LIABILITIES
Accounts payable $ 254,657
Accrued liabilities 33,453
Related-party notes payable 4,261,500
Current portion of long-term debt 113,800
Current portion of capital lease obligation 6,425
------------
Total current liabilities 4,669,835
------------
LONG-TERM LIABILITIES
Long-term debt, net of current portion 407,507
Long-term capital lease obligation 8,032
------------
Total long-term liabilities 415,539
------------
DEFERRED INCOME TAX LIABILITY 25,329,456
COMMITMENTS AND CONTINGENCIES (Notes 7 and 12)
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value, 10,000,000 shares authorized,
799 issued and outstanding 1
Class A common stock, $.001 par value, 50,000,000 shares authorized,
16,084,643 issued and outstanding 16,079
Class B common stock, $.001 par value, 50,000,000 shares authorized,
none issued and outstanding -
Additional paid-in capital 4,054,084
Contributed capital - land grant from foreign government, net of taxes 49,168,944
Accumulated deficit (2,505,732)
------------
Total stockholders' equity 50,733,376
------------
Total liabilities and stockholders' equity $ 81,148,206
------------
------------
</TABLE>
See independent auditor's report and accompanying notes. 3
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE YEAR ENDED JULY 31, 1998
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
NET SALES $ 5,378,691
COST OF SALES 5,938,232
-----------
Gross loss (559,541)
SELLING, GENERAL, AND ADMINISTRATIVE
EXPENSES
Administrative and consulting (1,118,832)
Other selling and general (415,678)
-----------
Operating loss (2,094,051)
-----------
OTHER EXPENSES
Depreciation and amortization (36,757)
Interest (321,030)
-----------
Total other expenses (357,787)
-----------
NET LOSS (2,451,838)
ACCUMULATED DEFICIT, beginning of year (53,894)
-----------
ACCUMULATED DEFICIT, end of year $(2,505,732)
-----------
-----------
Primary loss per share $ (0.15)
-----------
-----------
Diluted loss per share $ (0.15)
-----------
-----------
</TABLE>
4 See independent auditor's report and accompanying notes.
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEAR ENDED JULY 31, 1998
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMON STOCK PREFERRED STOCK
-------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- -------- -------- --------
<S> <C> <C> <C> <C>
BALANCE, July 31, 1997 4,335,855 $ 4,336 6,667 $ 7
Issuance of shares to
Seabourne Ventures, Inc. 10,523,620 10,524 - -
Issuance of common stock
for professional services 30,000 30 - -
Issuance of common stock
for acquisition of Clipper
Cubed Corporation 1,183,432 1,183 - -
Conversion of preferred
stock to common stock 11,736 6 (5,868) (6)
Land grant from foreign
government, net of taxes - - - -
Net loss - - - -
---------- ------- ------ ------
BALANCE, July 31, 1998 16,084,643 $16,079 799 $ 1
---------- ------- ------ ------
---------- ------- ------ ------
<CAPTION>
ADDITIONAL TOTAL
PAID-IN ACCUMULATED CONTRIBUTED STOCKHOLDERS'
CAPITAL DEFICIT CAPITAL EQUITY
---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
BALANCE, July 31, 1997 $ 65,791 $ (53,894) $ - $ 16,240
Issuance of shares to
Seabourne Ventures, Inc. (10,524) - - -
Issuance of common stock
for professional services - - - 30
Issuance of common stock
for acquisition of Clipper
Cubed Corporation 3,998,817 - - 4,000,000
Conversion of preferred
stock to common stock - - - -
Land grant from foreign
government, net of taxes - - 49,168,944 49,168,944
Net loss - (2,451,838) - (2,451,838)
---------- ----------- ----------- ----------
BALANCE, July 31, 1998 $4,054,084 $(2,505,732) $49,168,944 50,733,376
---------- ----------- ----------- ----------
---------- ----------- ----------- ----------
</TABLE>
See independent auditor's report and accompanying notes. 5
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JULY 31, 1998
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
CASH FLOWS RELATED TO OPERATING ACTIVITIES
Net loss $ (2,451,838)
Adjustments to reconcile net loss to cash from operating activities:
Depreciation and amortization 36,757
Increase in:
Receivables (530,004)
Inventories (223,883)
Prepaid expenses (9,782)
Other assets 14,931
Accounts payable 216,062
Accrued liabilities 12,560
-----------
Net cash from operating activities (2,935,197)
-----------
CASH FLOWS RELATED TO INVESTING ACTIVITIES
Purchase of equipment (187,348)
Tuna packing plant costs (918,617)
-----------
Net cash from investing activities (1,105,965)
-----------
CASH FLOWS RELATED TO FINANCING ACTIVITIES
Issuance of common stock 30
Proceeds from long-term borrowings 799
Proceeds from related-party notes payable 5,059,500
Repayment of related-party notes payable (798,000)
Repayment of capital lease obligation (6,070)
-----------
Net cash from financing activities 4,256,259
-----------
NET INCREASE IN CASH 215,097
CASH, beginning of period -
-----------
CASH, end of period $ 215,097
-----------
-----------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid $ 321,030
-----------
-----------
SCHEDULE OF NONCASH INVESTING AND FINANCING TRANSACTIONS
Land held for future development $74,498,400
-----------
-----------
Purchase of Clipper Cubed Corporation's assets for 1,183,432 shares
of common stock $ 4,061,434
-----------
-----------
</TABLE>
6 See independent auditor's report and accompanying notes.
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
ORGANIZATION - Integrated Food Resources, Inc. (the Company) is a
Nevada corporation, headquartered in Tigard, Oregon. It is engaged in
food processing for private label companies in the food service
industry through its wholly-owned subsidiary, Seabourne Ventures, Inc.
(Seabourne), and in providing wireless Internet access services
through its wholly-owned subsidiary, ClipperNet Corporation
(ClipperNet). Substantially all of Seabourne's operations for the year
ended July 31, 1998, were derived from a tuna processing plant located
in Ensenada, Mexico (see Note 7). ClipperNet, based in Eugene, Oregon
and acquired by the Company in July 1998, has provided wireless
Internet access services since its inception in 1997 to customers
located in Oregon's Willamette Valley. All significant intercompany
accounts and transactions have been eliminated in the preparation of
the consolidated financial statements.
In July 1997, Seabourne Ventures, Inc., a newly organized company,
completed a Share Exchange Agreement with Pixieland Corporation, a
Nevada corporation and nonreporting public entity, pursuant to which
Seabourne exchanged 10,523,620 shares of its common stock
(representing 70.82% of then issued and outstanding common stock) for
an equal number of Pixieland common shares. Shortly thereafter,
Pixieland changed its name to Integrated Food Resources, Inc., and
completed a Share Exchange Agreement with Seabourne which then became
a wholly-owned subsidiary of the Company.
On July 28, 1998, the Company acquired the assets and assumed the
liabilities of Clipper Cubed Corporation, a provider of wireless
Internet access services (see Note 4). All operations of the acquired
business are currently provided through the Company's wholly-owned
subsidiary, ClipperNet Corporation.
SALES AND ACCOUNTS RECEIVABLE - As of July 31, 1998, and for the year
then ended, one customer, International Trade Group, LLC (a
related-party as explained in Note 7), accounted for approximately 99%
of accounts receivable and 97% of sales.
INVENTORIES - Inventories consist of frozen tuna, canned tuna, and
packaging materials. Inventories are valued at the lower of cost or
market by the first-in, first-out (FIFO) method.
PLANT AND EQUIPMENT - Plant and equipment are stated at cost.
Depreciation on plant and equipment is computed by the straight-line
method over estimated useful lives ranging from five to seven years.
Expenditures for normal maintenance and repairs are charged to
operations as incurred.
7
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES - (continued)
GOODWILL - Goodwill is amortized by the straight-line method over a
15-year period.
INCOME TAXES - The Company follows the asset and liability method of
accounting for income taxes whereby deferred tax assets and
liabilities are recognized for the future tax consequences of
differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases.
EARNINGS (LOSS) PER SHARE - Primary earnings (loss) per common share
is computed by dividing net income (loss) by the weighted average
number of common shares outstanding. There is no difference between
primary and diluted loss per share.
CASH AND CASH EQUIVALENTS - Cash and cash equivalents consist of
short-term, highly liquid investments with maturities of 90 days or
less.
USE OF ESTIMATES - Preparation of the consolidated financial
statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that
effect the amounts reported in the consolidated financial statements
and accompanying notes. Actual results could differ from those
estimates.
RECENTLY ISSUED ACCOUNTING STANDARDS - In June 1998 and October 1998,
the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities," and Statement of Financial Accounting
Standards No. 134 "Accounting for Mortgaged-Backed Securities Retained
after the Securitization of Mortgage Loans Held for Sale by a Mortgage
Banking Enterprise," respectively. Both statements, when they become
effective, are expected to have no effect on the consolidated
financial statements of the Company.
NOTE 2 - INVENTORIES
Inventories consisted of the following at July 31, 1998:
<TABLE>
<CAPTION>
<S> <C>
Finished goods $115,925
Raw material 860
Packaging material 107,098
--------
$223,883
--------
--------
</TABLE>
8
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 3 - LONG-TERM LIABILITIES
<TABLE>
<CAPTION>
<S> <C>
Long-term debt consisted of the following at July 31, 1998:
Unsecured note payable to International Trade Group,
LLC, a related-party, payable in full including
interest of 10%, on December 31, 1998 $1,765,000
Unsecured note payable to ITG Finance, LLC, a
related-party, payable in full including interest
at 10.5%, on December 31, 1998 2,487,500
Notepayable to Pacific Continental Bank, secured by inventory,
chattle paper, accounts, equipment, and general intangibles,
payable in full including interest of 11% per annum, on
September 16, 1998 100,000
Unsecured note payable to Business Systems Group, payable in
monthly installments of $1,500, including interest at 8%
amortizing over 30 years, payable on July 28, 2008 350,000
Unsecured note payable to International Trade Group, LLC, a
related-party, payable in full including interest
of 6% per annum, on July 15, 1999 9,000
Other unsecured notes of which $13,800 is payable on October 7,
1998, including interest at 8% and $57,707 is payable in full
on December 8, 2002, including interest at 8% 71,307
----------
4,782,807
Less current portion 4,375,300
----------
Long-term debt, net of current portion $ 407,507
----------
----------
</TABLE>
9
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 3 - LONG-TERM LIABILITIES - (continued)
The aggregate maturities of long-term debt are as follows:
<TABLE>
<CAPTION>
YEARS ENDING JULY 31,
---------------------
<S> <C>
1999 $4,375,300
2000 -
2001 -
2002 57,507
Thereafter 350,000
----------
$4,782,807
----------
----------
</TABLE>
NOTE 4 - ACQUISITION OF CLIPPER CUBED CORPORATION
On July 28, 1998, the Company purchased certain assets and assumed
liabilities from Clipper Cubed Corporation for $4 million. The
purchase price was comprised of 1,183,432 shares of the Company's
common stock valued at $3.38 per share in exchange for the net
liabilities assumed from Clipper Cubed Corporation. The Company placed
the acquired assets and assumed liabilities into a newly formed
subsidiary, ClipperNet Corporation. The acquisition was accounted for
as a purchase and resulted in the recognition of goodwill which will
be amortized to expense over 15 years. The assets purchased and
liabilities assumed are as follows:
<TABLE>
<CAPTION>
<S> <C>
Accounts receivable $ 62,199
Equipment 108,703
Goodwill 350,000
Other assets 18,186
Accounts payable (38,595)
Accrued liabilities (20,893)
Notes payable (520,507)
Capital lease obligation (20,527)
-----------
Net liabilities assumed in excess of assets purchased 61,434
Purchase price 4,000,000
-----------
Goodwill $ 4,061,434
-----------
-----------
</TABLE>
10
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 4 - ACQUISITION OF CLIPPER CUBED CORPORATION - (continued)
The accompanying income statement does not include the results of
operations of ClipperNet as the results of its operations for the
three days from the date of acquisition to July 31, 1998, were not
significant. The pro forma effects for the year ended July 31, 1998,
had ClipperNet's operations been combined with those of the Company
would have been as follows:
<TABLE>
<CAPTION>
<S> <C>
Net loss
Integrated Food Resources, Inc. $(2,451,808)
ClipperNet (61,434)
------------
Combined net loss $(2,513,242)
------------
------------
</TABLE>
NOTE 5 - INCOME TAXES
Deferred income taxes are recognized for all significant temporary
differences between tax and financial statement bases of assets and
liabilities. The classification of the resulting deferred tax assets
and liabilities is based upon the classification of the related
balance sheet asset or liability.
Deferred tax assets result principally from the Company's net
operating loss carryforward. The net operating loss carryforward of
approximately $830,000 for both federal and state income tax purposes
will expire in 2013 unless utilized in earlier years. The Company's
ability to utilize these net operating losses could be severely
limited under Section 382 of the Internal Revenue Code of 1986 if
significant ownership changes occur in the future. In addition, this
limitation could result in the expiration of the net operating losses
prior to their utilization. A valuation allowance is provided at July
31, 1998, since it is uncertain if the Company will be able to utilize
loss carryforwards and other deferred tax assets in future periods.
A deferred tax liability has been recognized to reflect the tax effect
of the land grant from the Republic of Guinea (see Note 9). The
liability, which has been recorded as long-term, will become payable
at such time as the Company sells the related property.
As described in Note 1, the Company completed a Share Exchange
Agreement with Pixieland Corporation in July 1997. The share exchange
transaction resulted in the Company assuming all of the tax attributes
of Pixieland's assets and liabilities and all
11
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 5 - INCOME TAXES - (continued)
actual or contingent tax liabilities previously incurred by Pixieland.
Management believes the tax effect of the share exchange transaction
was not significant and was immaterial to the consolidated financial
statements. However, as complete taxpayer records for Pixieland
Corporation are not available, it is uncertain if any liability to
local, state, or federal taxing authority exists.
Long-term deferred tax assets and liabilities as of July 31, 1998,
consisted of the following;
<TABLE>
<CAPTION>
<S> <C>
Deferred tax assets
Net operating loss carryforward $ 830,000
Valuation allowance (830,000)
-----------
Net long-term deferred tax asset $ -
-----------
-----------
Deferred tax liabilities
Liability related to foreign land grant $25,329,456
-----------
-----------
</TABLE>
NOTE 6 - PREFERRED STOCK RIGHTS AND PRIVILEGES
All holders of the Company's preferred stock have voting and dividend
rights equal to those of all common stockholders. In addition,
preferred shareholders enjoy liquidation preferences superior to
existing common shareholders and have rights to convert their holdings
into common stock. Preferred shares may be voluntarily exchanged for
common stock at a current rate of $2 per share, which is subject to
adjustment for changes in the Company's capitalization. Mandatory
conversion of preferred shares to common stock will occur upon the
earlier of a 30-day written notice from the Company or immediately
prior to the closing of a public offering by the Company.
12
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 7 - RELATED-PARTY TRANSACTIONS
As of July 31, 1998, and for the year then ended, the Company had the
following transactions with International Trade Group, LLC and ITG
Finance, LLC, which are related parties:
<TABLE>
<CAPTION>
<S> <C>
Deferred tax liabilities
Liability related to foreign land grant $25,329,456
-----------
-----------
</TABLE>
NOTE 6
InternationalTrade Group, LLC, a corporation controlled by the
Company's Chairman and Chief Executive, purchases substantially all of
the Company's tuna production for resale to its alliance of large U.S.
food retailers and private label distributors. ITG Finance, LLC, also
controlled by the Company's Chairman and Chief Executive, provides
short-term financing for the Company's tuna packing operations.
NOTE 8 - LEASE AND LEASE COMMITMENTS
The Company rents certain office facilities and vehicles under
operating leases. The Company also assumed a capital lease for
equipment with the acquisition of ClipperNet Cubed Corporation.
Minimum lease payments for all noncancellable operating leases and the
capital lease for the following five years, are as follows:
<TABLE>
<CAPTION>
<S> <C>
Accounts receivable due from International Trade Group, LLC $ 520,324
Notes payable (see Note 3) $4,261,500
</TABLE>
NOTE 8
<TABLE>
<CAPTION>
CAPITAL OPERATING
YEARS ENDING JULY 31, LEASE LEASES
--------------------- ---------- -----------
<S> <C> <C>
1999 $ 9,123 $ 95,411
2000 9,123 95,411
2001 2,281 81,736
2002 - 17,299
---------- -----------
Total minimum lease payments 20,527 $ 289,857
Less amount representing interest 6,070 -----------
---------- -----------
</TABLE>
13
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 8 - LEASE AND LEASE COMMITMENTS - (continued)
Total rental expense incurred on all operating leases for the year
ended July 31, 1998, was $33,637.
NOTE 9 - PURCHASE OF MEXICAN TUNA PACKING PLANT
The Company's subsidiary, Seabourne, has entered into an agreement to
purchase all of the outstanding stock of Agroindustrias Rowen S.A.
(Rowen), a Company that operates a tuna processing facility in
Ensenada, Mexico. Management expects the tuna processing facility,
which is currently in bankruptcy, will be acquired in late 1998 or
1999 once conditions of bankruptcy and terms of the purchase agreement
are completed.
To complete the acquisition, which is dependent in part on settlement
of Rowen's outstanding debts of approximately $8.5 million, the
Company has entered into a Consulting Agreement with Alvaro Romero
Wendlandt (Wendlandt), former owner and shareholder in Rowen. Pursuant
to the Consulting Agreement, the Company has engaged Wendlandt to
negotiate full and complete settlement of all of Rowen's bankruptcy
debts for an amount not to exceed $7 million. Of this amount, and
subject to shareholder approval, the Company will pay Rowen's
creditors up to $4 million in cash and a fee to Wendlandt of up to $3
million in Company stock. In the event Wendlandt negotiates settlement
with Rowen creditors for less than $4 million, his fee will be
increased by the amount of the difference. Conversely, in the event
Wendlandt negotiates settlement for an amount greater than $4 million,
but less than $7 million, his fee in Company stock will be reduced by
the difference.
During the year ended July 31, 1998, Rowen processed and packed all of
the Company's tuna production pursuant to a Toll Packing Agreement and
the Company invested $918,617 in plant equipment. The Company's
ability to acquire the Mexican tuna packing plant currently in
bankruptcy is dependent upon both settlement of existing creditor
claims and its obtaining sufficient financing or capital to meet
settlement obligations. Should the Company or its agent be
unsuccessful in either of these endeavors, the Company's ability to
continue to process and pack tuna production through the existing
Mexican facility as well as to realize the benefits of currently
capitalized assets is uncertain.
Management believes that once the acquisition of the Rowen plant is
complete, no significant additional costs will be required for plant
improvements, equipment purchases, or other items to continue
operations.
14
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 10 - ACQUISITION OF LAND IN THE REPUBLIC OF GUINEA
On July 25, 1998, the Company and the Republic of Guinea (the
Republic) entered into an agreement whereby the Republic deeded to the
Company 14,000 hectares (approx. 35,000 acres) of prime agricultural
and aquaculture land along its coastline. The parcels of land which
constitute the 14,000 hectares are spread throughout the coastal
region of the Republic and are not contiguous. The land is best suited
for shrimp farming, rice farming and/or tropical fruit production. In
addition, it is anticipated that a small portion of the land will be
used to construct a tuna processing facility. The land, with an
appraised value of $74,498,400, is owned by the Company free of
encumbrances and obligations. The Company intends to establish farming
projects on the property during 1999 and anticipates it will fund
these projects through the issuance of additional debt or capital. The
value of the foreign land deeded to the Company has been recorded at
fair market value as land held for future development and as
contributed capital, net of applicable taxes.
With the acquisition of additional capital and/or debt financing, the
Company expects to create viable commercial farming operations that
will maximize land use in phased-in farming projects. However, the
Company's ability to develop the property for its intended use and to
create viable commercial operations is dependent upon the acquisition
of additional capital and/or debt financing. Further, although the
Republic has no right to repatriate the land if the Company is unable
to fulfill its development commitments, this potential risk and
uncertainty may only be mitigated by the Company acquiring country
risk insurance through the OPIC (a division of Exim Bank), which the
Company has not obtained as of July 31, 1998.
15
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 11 - BUSINESS SEGMENTS
The Company operates in two business segments: food processing and
Internet access services. The food processing segment harvests,
processes, and distributes food products to private label customers
nationwide. The Internet access services segment provides wireless
Internet access services to customers domestically. The following
table discloses these business segments.
<TABLE>
<CAPTION>
INTERNET
SEAFOOD ACCESS
PROCESSING SERVICES CONSOLIDATED
------------ ------------ ------------
<S> <C> <C> <C>
Operating income $ (2,451,808) $ - $ (2,451,808)
Identifiable assets $ 80,609,118 $ 539,088 $ 81,148,206
Capital expenditures $ 997,262 $ 108,703 $ 1,105,965
Depreciation $ 36,757 $ - $ 36,757
</TABLE>
NOTE 12 - LIQUIDITY AND FUTURE OPERATIONS
As of July 31, 1998, the Company had current liabilities in excess of
current assets in the amount of $3,628,870, primarily as the result of
operating losses incurred during the year ended July 31, 1998, and
requirement to fund long-term capital expenditures. However, the
Company has reached agreements with its primary related-party
creditors (see Notes 3 and 7) to defer, if necessary, demand for
repayment until at least August 1999, while the Company seeks other
financing sources. At July 31, 1998, the Company did not have any
commitments from third parties to provide significant short-term or
long-term funding.
Management believes the fiscal 1998 operating loss was primarily
attributable to the start-up of operations and unusual weather
patterns which affected the worldwide volume of tuna processed and
created adverse price conditions.
16
- -------------------------------------------------------------------------------
<PAGE>
INTEGRATED FOOD RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 1998
- -------------------------------------------------------------------------------
NOTE 12 - LIQUIDITY AND FUTURE OPERATIONS - (continued)
Management believes most conditions that required the use of cash in
fiscal 1998 have been modified for 1999 and that completion of the
acquisition of the plant in Mexico and commencement of operations in
the Republic of Guinea have the ability to create positive cash flow
in future periods and to assist in the Company obtaining the necessary
short-term and long-term funding for future operations. However, a
detailed operating plan has not yet been developed for the Republic of
Guinea operations; there remain uncertainties regarding the
acquisition of the Mexico plant; and, there is no assurance that the
Company will obtain necessary short-term or long-term financing,
although subsequent to July 31, 1998, financing alternatives were
under review by several financial institutions.
17
- -------------------------------------------------------------------------------
<PAGE>
FILE NO. 79020
------------------------------------
FILED
IN THE OFFICE OF THE CORPORATION
COMMISSIONER OF THE STATE OF OREGON
SEP 12 1966
FRANK J. HEALY
CORPORATION COMMISSIONER
-------------------------------------
ARTICLES OF INCORPORATION
OF
THE OREGON TRAIL COMPANY
I, the undersigned natural person of the age of twenty-one years or
more, acting as incorporator under the Oregon Business Corporation Act, adopt
the following Articles of Incorporation:
ARTICLE I. The name of this corporation is THE OREGON TRAIL
COMPANY, and its duration is perpetual.
ARTICLE II. The initial registered office of this corporation in
the State of Oregon shall be located at 707 Corbett Building, Portland,
Oregon. The initial registered at said address shall be Robert N. Gygi.
ARTICLE III. The purposes and the powers of the corporation are:
1. To plan, promote, develop, operate and maintain amusement,
recreation and tourist facilities of all kinds, to prepare, dispense and vend
foods and refreshments, including alcoholic beverages, and to own, hold and
sell all types of merchandise, souvenirs, gifts and other goods.
2. To acquire, develop, plat, dedicate to public use, use, occupy,
manage, improve, subdivide, equip, furnish, rent, sell or otherwise dispose
of and deal in real property of every kind and all interests and estates
herein, including easements and licenses, and to erect structures of every
kind.
3. To design, develop, manufacture, acquire, purchase, hold,
store, sell and dispose of merchandise, inventory and products and other
tangible and intangible products of every kind.
4. To perform consulting, design, architectural, management,
development, engineering and other services for individuals, corporations,
associations, partnerships, governmental agencies, industries and other
persons.
5. To engage in the exploration for, development, improvement,
conservation and exploitation of natural resources of every kind and in every
place.
6. To lend and invest money and credit and finance any part of its
operations or transfers of its property, or that of its agents, affiliates,
suppliers or customers, for this corporation's purposes, and take any kind of
property, or interests therein, as security therefor and for property so
transferred.
Page 1 - ARTICLES OF INCORPORATION
<PAGE>
7. To buy, sell, trade or otherwise deal with and participate,
finance or invest in and dispose of securities of every kind created and
issued by itself or others, and interests therein, and every kind of business
or venture and interests therein, alone or with others by every kind of
participation, using any part of its capital and additional funds it may
obtain; and to promote, control, manage, finance and assume or guarantee the
obligations of any person, firm, corporation, association, syndicate or other
venture or entity by ownership of securities or otherwise.
8. To carry on all or any of its operations and business and
exercise any of its powers, in any of the states, districts, territories or
dependent areas of the United States, and in any and all foreign countries,
and to have one or more offices therein.
9. To sell, convey, lease, transfer, exchange, discount, encumber
and otherwise dispose of all or any part of this corporation's property,
income, good will, licenses, permits and other assets, tangible or
intangible, and to take therefor property or interests therein of all kinds;
to compromise, settle, waive, release or discharge claims, indebtedness and
liabilities of all kinds; to grant franchises, concessions and covenants; and
to make gifts of its property and assets for educational, charitable,
religious, civic and welfare purposes.
10. To apply for, develop, purchase, lease or otherwise acquire,
and register, own, hold, use, sell, assign and otherwise dispose of, and
generally deal in any and all kinds of copyrights, trade-marks, privileges,
licenses, trade secrets and processes, formulae, inventions and improvements
of every kind, patents, patent rights and letters patent and grants, both
foreign and domestic, and to use, operate and manufacture under the same, and
to sell, assign and grant licenses in respect thereto.
11. To purchase or otherwise acquire, hold, own, pledge, transfer
or otherwise dispose of shares and other securities of this corporation as
long as it shall not purchase, either directly or indirectly, its own shares
when such use would impair its capital contrary to the laws of the State of
Oregon.
12. To engage in any lawful activity and to do anything in the
operation of this corporation or for the accomplishment of any of its
purposes or for the exercise of any power herein set forth which shall appear
necessary or beneficial to this corporation in connection therewith; and to
do any and all of the things herein set forth either alone or jointly with
others, and either as principal for its own account, or as agent, trustee,
contractor, broker, factor or otherwise, or with or through subsidiaries and
affiliates of this corporation, through common officers and directors or
otherwise on any basis, with or without compensation, deemed in the best
interests of this corporation, and to enter long-term contracts with respect
thereto, including designation and election of officers and directors, and to
the same extent as a natural person might or could do in the State of Oregon
or elsewhere.
13. This corporation shall have in addition to those powers herein
enumerated, all of the powers now or hereafter conferred by the laws of the
State of Oregon and of any other state or country in which it may be
operating. The enumeration of specific purposes or powers shall not be held
to limit or restrict in any manner the powers of this corporation.
Page 2 - ARTICLES OF INCORPORATION.
<PAGE>
ARTICLE IV. The amount of total authorized capital of this corporation
is $100,000, consisting of 100,000 shares of the par value of $1 per share.
1. No shareholder of preferred or common stock as such shall have the
preferential or pre-emptive right to subscribe for or purchase any stock of
any class, any rights, warrants or options with respect thereto, or any
obligation convertible into or exchangeable for any such stock or other
security, whether out of unissued stock or other securities or out of stock
or other securities acquired by the corporation after the issue thereof,
regardless of the consideration therefor.
2. Each shareholder shall have one vote for each share held of record on
all matters submitted for shareholder approval, and no shareholder shall be
entitled to cumulate his votes for election of directors.
ARTICLE V. The members of the governing board shall be known as
directors, and the number thereof shall be fixed by the by-laws of this
corporation, but shall be not less than two. The number so fixed may be
increased or decreased within the limits above specified from time to time by
amendment to the by-laws. The initial board of directors shall consist of two
directors, and their names and post office addresses are:
Jerold Bryan Parks 3519 Highway 101
Lincoln City, Oregon
Lula B. Parks 3519 Highway 101
Lincoln City, Oregon
In futherance and addition to, and not in limitation of the powers
conferred on directors by statute, the board of directors is expressly
authorized:
1. To manage the business and offices of this corporation; to appoint
and remove all officers, agents, fiduciaries, employees, contractors,
counsel, auditors and others and fix their powers, duties and compensation;
and to appoint a manager with general powers, in the ordinary course of
business of this corporation to obligate this corporation, to buy, sell or
otherwise dispose of or encumber its property and to prosecute, compromise
and discharge its claims, to accomplish purposes of this corporation.
2. To exercise all powers conferred on this corporation, and not
expressly reserved to shareholders, by statute and these Articles of
Incorporation and amendments thereto, and all powers necessary or proper to
carry out the purposes of this corporation.
3. The board of directors shall provide generally or specifically for
the indemnification, exoneration, reimbursement or defense of any present or
former director, officer, employee, affiliate, agent or contractor of this
corporation for expenses, claims, liabilities, indebtedness, penalties,
damage or injury incurred by or caused by them in such capacity except for
their own negligence, knowing unauthorized acts, or defalcations not ratified,
confirmed or adopted or the benefit thereof received by this corporation.
Page 3 - ARTICLES OF INCORPORATION
<PAGE>
4. The board of directors shall prepare and send to each shareholder
within sixty days after the close of each fiscal year a statement of
financial condition at such date and an income statement for such period and
shall send comparable statements to each shareholder quarterly promptly after
close of each such interim period.
ARTICLE VI. No contract or other transaction between this corporation
and any other corporation or concern shall be invalid or voidable merely by
reason of the fact that the one or more shareholders, directors or officers
of this corporation are interested in or are directors or officers of such
corporation or concern, and any shareholder, director or officer of this
corporation may be a party to, interested in or profit from any contract or
transaction with this corporation, provided that the relationship, interest
or profit is disclosed to the board of directors of this corporation and the
contract or transaction is fully approved by action of a majority of the
directors present when such action is taken or consenting thereto (without
counting the vote of any director so interested or related, if cast;
provided, that such director may be counted for purposes of determining
existence of a quorum). No such shareholder, director or officer shall be
disqualified from acting as such, nor be liable for any loss incurred under
or by reason of such contract or transaction, merely by reason of such
relationship or interest. Where such director's vote is necessary to the
entering of such contract or transaction, the contract or transaction shall
be voidable if it is unfair to this corporation or its shareholders.
ARTICLE VII. No securities of this corporation or certificates
representing such securities shall be transferred in violation of any law or
of any restriction on such transfer set forth in the Articles of Incorporation
or amendments thereto, the by-laws or any buy-and-sell, right of first
refusal or other agreement restricting such transfer which has been filed
with the corporation, and, if certificates have been issued, reference to
which restrictions is made on the certificates representing such securities.
The corporation shall not be bound by any restriction not so filed and noted.
The corporation may rely
Page 4 - ARTICLES OF INCORPORATION
<PAGE>
in good faith upon the opinion of its counsel as to such legal or contractual
violation, unless the issue has been finally determined by a court of
competent jurisdiction. The corporation and any party to any such agreement
shall have the right to have a restrictive legend imprinted upon any such
certificates and any certificates issued in replacement or exchange therefor
or with respect thereto.
ARTICLE VIII. The corporation shall recognize as valid any agreement
among two or more of its shareholders which has the effect of binding one or
more of the parties thereto, and their successors in interest who acquire
such interest with notice of the agreement, to vote for or acquiesce in the
election of one or more directors, or any other matter properly submitted to
a vote of a voting trust, proxy or pooling arrangement, or to an agreement
restricting transfer of such shares or granting options, rights of first
refusal or buy-and-sell with respect to such shares, provided that a copy of
such agreement and all amendments and modifications thereof shall be kept on
file with the corporation. No such agreement shall be effective to the
extent that it violates any positive law of the State of Oregon or the United
States of America, nor shall it bind or require any director or officer to
act other than in conformity with his duties under the laws of the State of
Oregon.
ARTICLE IX. The name and post office address of the incorporator is:
Robert N. Gygi 3930 S.W. Pendleton Street
Portland, Oregon
These Articles of Incorporation have been adopted and executed this 2nd
day of September, 1966.
/s/ Robert N. Gygi
-----------------------------------
Robert N. Gygi
Page 5 - ARTICLES OF INCORPORATION
<PAGE>
STATE OF OREGON )
) ss.
County of Multnomah )
ROBERT N. GYGI, having been first duly sworn, deposes and says:
That he is the incorporator named in the foregoing Articles of
Incorporation and has executed the same, and that the statements therein
contained are true as he verily believes.
/s/ Robert N. Gygi
-----------------------------------
Robert N. Gygi
Subscribed and sworn to before me this 2nd day of September, 1966.
/s/ Bruce L. Eugel
-----------------------------------
Notary Public for Oregon
My Commission Expires: 10/27/68
Page 6 - ARTICLES OF INCORPORATION
<PAGE>
File No. 79020
------------------------------------
FILED
IN THE OFFICE OF THE CORPORATION
COMMISSIONER OF THE STATE OF OREGON
SEP 11 1967
FRANK J. HEALY
CORPORATION COMMISSIONER
-------------------------------------
ARTICLES OF AMENDMENT
THE OREGON TRAIL COMPANY
We, the undersigned, do hereby certify that the Articles of
Incorporation of The Oregon Trail Company, an Oregon corporation, have been
amended as follows:
I. Article IV is amended to provide as follows:
ARTICLE IV. The amount of total authorized capital of this
corporation is $1,000,000, consisting of 1,000,000 shares of the par
value of $1 per share.
1. No shareholder of preferred or common stock as such
shall have the preferential or pre-emptive right to subscribe for or
purchase any stock of any class, any rights, warrants or options
with respect thereto, or any obligation convertible into or
exchangeable for any such stock or other security, whether out of
unissued stock or other securities or out of stock or other
securities acquired by the corporation after the issue thereof,
regardless of the consideration therefor.
2. Each shareholder shall have one vote for each share
held of record on all matters submitted for shareholder approval,
and no shareholder shall be entitled to cumulate his votes for
election of directors.
II. The amendments were adopted by the shareholders at a special meeting
held on September 7, 1967.
III. 100 shares of common stock were issued and outstanding and entitled to
vote on the amendments.
IV. 100 shares were voted in favor of the amendments and none were voted
against same.
V. The stated capital of the corporation at the time of the amendment was
$500 and will not be changed upon recapitalization.
THE OREGON TRAIL COMPANY
By /s/ [ILLEGIBLE]
-----------------------------
Vice President
By /s/ Robert N. Gygi
------------------------------
Secretary
STATE OF OREGON ) ss
County of Multnomah )
I, ROBERT N. GYGI, being first duly sworn, say that I am the
secretary of The Oregon Trail Company, that I have read the foregoing Articles
Page 1 - ARTICLES OF AMENDMENT
<PAGE>
of Amendment to the Articles of Incorporation and the statements contained
therein are true.
/s/ Robert N. Gygi
-------------------------------
Robert N. Gygi
Subscribed and sworn to before me this 8th day of September, 1967.
/s/ Kathleen S. James
--------------------------------
Notary Public for Oregon
My commission expires: 9/15/70
--------
Page 2 - ARTICLES OF AMENDMENT
<PAGE>
[STAMP]
ARTICLES OF AMENDMENT
THE OREGON TRAIL COMPANY
We, the undersigned, do hereby certify that the Articles of Incorporation
of The Oregon Trail Company, an Oregon corporation, have been amended as
follows:
I. Article IV is amended to provide as follows:
ARTICLE IV. The amount of total authorized capital of this
corporation is $1,000,000, consisting of 4,000,000 shares of the par
value of $0.25 per share.
1. No shareholder of preferred or common stock as such
shall have the preferential or pre-emptive right to subscribe for or
purchase any stock of any class, any rights, warrants or options
with respect thereto, or any obligation convertible into ro
exchangeable for any such stock or other security, whether out of
unissued stock or other securities or out of stock or other
securities acquired by the corporation after the issue thereof,
regardless of the consideration therefor.
2. Each shareholder shall have one vote for each share held
of record on all matters submitted for shareholder approval, and no
shareholder shall be entitled to cumulate his votes for election of
directors.
II. The amendments were adopted by the shareholders at a special meeting
held on September 29, 1967.
III. 210,009 shares of common stock were issued and outstanding and entitled
to vote on the amendments.
IV. 210,009 shares were voted in favor of the amendments and none were voted
against same.
V. The amendment adopted by the shareholders provides for the surrender of
each issued share of $1 par value in exchange for issue of two new
25 CENTS par value shares.
VI. The stated capital of the corporation at the time of the amendment was
$210,009. The stated capital is reduced by virtue of a reduction in the
par value of the outstanding shares to $105,004.50, and the amount of
$105,004.50 is transferred to capital surplus.
THE OREGON TRAIL COMPANY
By /s/ Jerold Bryan Parks
---------------------------------
President
By /s/ Robert N. Gygi
---------------------------------
Secretary
STATE OF OREGON )
ss.
County of Multnomah )
I, ROBERT N. GYGI, being first duly sworn, say that I am the secretary
of The Oregon Trail Company, that I have read the foregoing Articles
Page 1 - ARTICLES OF AMENDMENT
<PAGE>
of Amendment to the Articles of Incorporation and the statements contained
therein are true.
/s/ Robert N. Gygi
------------------------------------
Robert N. Gygi
Subscribed and sworn to before me this 29th day of September, 1967.
/s/ Kathleen S. James
------------------------------------
Notary Public for Oregon
My commission expires: 9/15/70
Page 2 - ARTICLES OF AMENDMENT
<PAGE>
[STAMP]
ARTICLES OF AMENDMENT
THE OREGON TRAIL COMPANY
We, the undersigned, do hereby certify that the Articles of
Incorporation of The Oregon Trail Company, an Oregon corporation, have been
amended as follows:
I. Article I is amended to provide as follows:
ARTICLE I. The name of this corporation shall be Pixieland
Corporation, and its duration shall be perpetual.
II. The amendments were adopted by the shareholders at the annual meeting
held on April 21, 1968.
III. 925,082 shares of common stock were issued and outstanding and entitled
to vote on the amendments.
IV. 715,793 shares were voted in favor of the amendments and 1,575 were
voted against same.
V. The amendment makes no change in the stated capital.
THE OREGON TRAIL COMPANY
By /s/ Jerold Bryan Parks
---------------------------------
President
By /s/ Robert N. Gygi
---------------------------------
Secretary
STATE OF OREGON )
ss.
County of Multnomah )
I, ROBERT N. GYGI, being first duly sworn, say that I am the secretary
of The Oregon Trail Company, that I have read the foregoing Articles of
Amendment to the Articles of Incorporation and the statements contained
therein are true.
/s/ Robert N. Gygi
------------------------------------
Robert N. Gygi
SUBSCRIBED and sworn to before me this 1st day of May, 1968.
/s/ Marylou Y. Miller
------------------------------------
Notary Public for Oregon
My Commission Expires: 3-19-72
Page 1 - Articles of Amendment
<PAGE>
Submit the Original STATE OF OREGON THIS SPACE FOR OFFICE USE ONLY
And One True Copy CORPORATION DIVISION
No Fee Required 158 12th Street NE
Salem, OR 97310
Registry Number:
ARTICLES OF AMENDMENT
079020-18 By Directors of Shareholders
- ---------------
(If known)
PLEASE TYPE OR PRINT LEGIBLY IN BLANK INK
1. Name of the corporation prior to amendment:
AMERICAN BUSINESS ASSOCIATES, INC.
---------------------------------------------
2. State the article number(s) and set forth the article(s) as it is amended
to read. (Attach additional sheets, if necessary.)
ARTICLE NO. 2. The Corporation will have authority to issue
50,000,000 shares NPV
3. The amendment was adopted on October 24, 1988. (If more than one amendment
---------- --
was adopted, identify the date of adoption of each amendment.)
4. Shareholder action was required to adopt the amendment(s). The shareholder
vote was as follows:
<TABLE>
<CAPTION>
Class or Series Number of Shares Number of Votes Number of Votes Number of Votes
of Shares Outstanding Entitled to be Cast Cast For Cast Against
--------------- ---------------- ------------------- --------------- ---------------
<S> <C> <C> <C> <C>
Common 1,545,488 1,545,488 823,872 0
</TABLE>
5. / / Shareholder action was not required to adopt the amendment(s). The
amendment was adopted by the board of directors without shareholder
action.
6. Other provisions, if applicable (Attach additional sheets, if necessary).
Execution: /s/ James L. Barnard James L. Barnard President
-------------------- ---------------- ---------
Signature Printed Name Title
Person to contact about this filing: James L. Barnard (503) 225-0374
------------------ --------------------
Name Daytime Phone Number
Submit the original and a true copy to the Corporation Division, 158 12th
Street NE, Salem, Oregon 97310. There is no fee required. If you have
questions, please call (503) 378-4166.
- -3 (3/88)
<PAGE>
Submit the Original STATE OF OREGON
And One True Copy CORPORATION DIVISION
$10.00 Required 158 12th Street NE
Salem, OR 97310
Registry Number:
ARTICLES OF AMENDMENT
079020-18 By Directors or Shareholders
- ---------------
(If known)
PLEASE TYPE OR PRINT LEGIBLY IN BLACK INK
1. Name of the corporation prior to amendment:
American Business Associates, Inc.
-------------------------------------------
2. State the article number(s) and set forth the article(s) as it is amended
to read. (Attach additional sheets, if necessary.)
Article #2. The Corporation will have authority to issue 10,000,000 shares
of Preferred stock no par value.
3. The amendment was adopted on October 24, 1988. (If more than one amendment
---------- --
was adopted, identify the date of adoption of each amendment.)
4. Check the one appropriate statement:
/ / Shareholder action was not required to adopt the amendment(s). The
amendment was adopted by the board of directors without shareholder
action.
/x / Shareholder action was required to adopt the amendment(s). The
shareholder vote as follows:
<TABLE>
<CAPTION>
Class or Series Number of Shares Number of Votes Number of Votes Number of Votes
of Shares Outstanding Entitled to be Cast Cast For Cast Against
--------------- ---------------- ------------------- --------------- --------------
<S> <C> <C> <C> <C>
Common 1,545,488 1,545,488 823,782 -0-
</TABLE>
5. Other provisions, if applicable (Attach additional sheets, if necessary).
Execution: /s/ James L. Barnard James L. Barnard President
-------------------- ---------------- ---------
Signature Printed Name Title
Person to contact about this filing: James L. Barnard 503/620-1252
------------------ ---------------------
Name Daytime Phone Number
Submit the original and a true copy to the Corporation Division, 158 12th
Street NE, Salem, Oregon 97310. There is no fee required. If you have
questions, please call (503) 378-4166.
<PAGE>
[Stamp]
<TABLE>
<S> <C> <C>
Submit the original Corporation Division--Business Registry This Space For Office Use Only
and one true copy Public Service Building
$10.00 255 Capitol Street NE, Suite 151
Salem, OR 97310-1327
Registry Number: (503) 986-2200 Facsimile (503) 378-4381
079020-18
- ---------------
</TABLE>
ARTICLES OF AMENDMENT
By Incorporators, Directors or Shareholders
PLEASE TYPE OR PRINT LEGIBLY IN BLACK INK
1. Name of the corporation prior to amendment:
American Business Associates, INC.
-------------------------------------------
2. State the article number(s) and set forth the article(s) as it is amended
to read or attach a separate sheet.
Article 1 The name of corporation is Pixieland Corporation.
3. The amendment(s) was adopted on Sept. 5, 1995. (If more than one amendment
-------- --
was adopted, identify the date of adoption of each amendment.)
4. Check the appropriate statement:
/ / Shareholder action was required to adopt the amendment(s). The vote
was as follows:
<TABLE>
<CAPTION>
Class or Series Number of Shares Number of Votes Number of Votes Number of Votes
of Shares Outstanding Entitled to be Cast Cast For Cast Against
--------------- ---------------- ------------------- --------------- --------------
<S> <C> <C> <C> <C>
</TABLE>
/xx/ Shareholder action was not required to adopt the amendment(s). The
amendment(s) was adopted by the board of directors without
shareholder action.
/ / The corporation has not issued any shares of stock. Shareholder
action was not required to adopt the amendment(s). The amendment(s)
was adopted by the incorporators or by the board of directors.
Execution: /s/ James Barnard James Barnard Sept. 8, 1995
----------------- --------------- ---------------
Signature Printed Name Title
Person to contact about this filing: James Barnard 503-641-8337
------------- --------------------
Name Daytime phone number
MAKE CHECKS PAYABLE TO THE CORPORATION OR VISA OR MASTERCARD NUMBER AND
EXPIRATION DATE: SUBMIT THE COMPLETED FORM AND FEE TO
--------------------------
THE ABOVE ADDRESS OR FAX TO (503) 378-4381.
112 (11/93)
<PAGE>
- ---------------------------
FILED
IN THE OFFICE OF THE
SECRETARY OF STATE OF THE
STATE OF NEVADA
OCT 10 1996
C21213-96
- --------------------------
ARTICLES OF INCORPORATION
OF
CYBERWIN, INC.
THE UNDERSIGNED natural person, who is at least eighteen years of
age, for the purpose of forming a private corporation under and subject to the
provisions of NRS Section 78.010, et seq., hereby adopts the following
articles of incorporation.
ARTICLE 1
NAME AND BUSINESS ACTIVITES. The name of the corporation shall be
CYBERWIN, INC. (hereafter referred to as the "Corporation"). The purpose of
the Corporation shall be to engage in any lawful activity and any activities
necessary, convenient, or desirable to accomplish such purposes, not
forbidden by law or by these articles of incorporation.
ARTICLE 2
RESIDENT AGENT. The initial resident agent of the Corporation shall
be Robert L. Bolick, Esq., of the law firm of Robert L. Bolick, Ltd., a
professional corporation, whose address is 6060 West Elton Avenue, Suite A,
Las Vegas, Nevada 89107. The board of directors may establish, from time to
time, other places of business within and without the State of Nevada for the
conduct of its business.
ARTICLE 3
SHARES OF STOCK. The total number of authorized shares of the
Corporation is 60,000,000 non-assessable shares, 50,000,000 shares of which
shall be common voting stock with a par value of $0.001 per share, and
10,000,000 shares of which shall be preferred non-voting stock with a par
value of $0.001 per share. The consideration for the issuance of shares may
be paid in whole or in part, in money, labor, services, property, or other
thing of value. When payment of the consideration for the shares has been
received by the Corporation, such shares shall be deemed to be fully paid.
The judgment of the board of directors as to the value of the consideration
for the shares shall be conclusive.
<PAGE>
ARTICLE 4
DIRECTORS. The business and affairs of the Corporation shall be
conducted by a board of directors. The number of directors shall be set forth
in the bylaws of the Corporation and may be changed from time to time.
Directors need not be shareholders of the Corporation nor residents of Nevada,
but must be at least 18 years old.
There shall be three (3) directors. The following persons shall
constitute the initial board of directors until their successors are elected:
<TABLE>
<CAPTION>
NAME ADDRESS
---- -------
<S> <C>
Donald Wright 19762 MacArthur Boulevard, Suite 200
Irvine, California 92715
Norman Wright 19762 MacArthur Boulevard, Suite 200
Irvine, California 92715
James Brewer 19762 MacArthur Boulevard, Suite 200
Irvine, California 92715
</TABLE>
The directors may, at any time prior to the first meeting of the
board of directors, elect or appoint additional directors, not exceeding the
number set forth in the bylaws, to serve until their successors are elected
and qualified. Thereafter, vacancies on the board of directors, however
arising, may be filled at any time and from time to time by the remaining
directors.
The successors of the first board of directors shall be elected at
the annual meeting of the shareholders to be held on the date and at the
time provided in the bylaws. The directors shall hold office for one year, or
until they are removed or their successors shall have been duly elected and
qualified, as provided in the bylaws.
The board of directors shall elect or appoint a president, a
secretary, as treasurer, a resident agent, and such other officers or agents
for the administration of the business of the Corporation as it shall from
time to time determine. Such persons need not be shareholders of the
Corporation nor members of the board of directors.
ARTICLE 5
DIRECTORS' CONTRACTS. No contract or other transaction between
this Corporation and one or more of its directors or any other person,
partnership, corporation, firm, association, or entity in which one or more
of this Corporation's directors are directors or officers or are financially
interested, shall be either void or
2
<PAGE>
voidable because of such relationship or interest, or because such director or
directors are present at the meeting of the board of directors, or a committee
thereof, which authorizes, approves, or ratifies such contract or transaction,
or because his or their votes are counted for such purpose, and each such
director of this Corporation is hereby released from liability which might
otherwise exist from such contract if: (a) the committee which authorizes,
approves, or ratifies the contract or transaction; (b) the contract or
transaction is approved by sufficient vote or consent without counting the votes
or consents of such interested director; (c) the fact of such relationship or
interest is disclosed or known to the shareholders entitled to vote and they
authorize, approve, or ratify such contract or transaction by vote or written
consent; or (d) the contract or transaction is fair or reasonable to the
corporation. If the fact of such relationship or interest is known, then the
common or interested directors may be counted in determining the presence of a
quorum at the meeting of the board of directors or committee thereof which
authorizes, approves, or ratifies such contract or transaction.
ARTICLE 6
LIMITED LIABILITY OF OFFICERS AND DIRECTORS. No officer or director
of the Corporation shall be liable to the corporation or its shareholders for
damages for breach of fiduciary duty as a director or officer other than: (a)
acts or omissions which involve intentional misconduct, fraud, or a knowing
violation of the law; or (b) the payment of dividends in violation of NRS
Section 78.300.
The Corporation may purchase and maintain insurance or make other
financial arrangements on behalf of any person who is or was a director,
officer, employee, or agent of the Corporation, or is or was serving at the
request of the Corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise for any
liability asserted against him and liability and expenses incurred by him in his
capacity as a director, officer, employee, or agent, or arising of his status as
such, whether or not the Corporation has the authority to indemnify him against
such liability or expenses.
The Corporation shall indemnify all of its officers and directors,
past, present and future, against any and all expenses incurred by them and each
of them, including, but not limited to, legal fees, judgments, and penalties
which may be incurred, rendered or levied in any legal action or administrative
proceeding brought against them for any act or omission alleged to have been
committed while acting within the scope of their duties as officers or directors
of the Corporation. The expenses of officers and directors incurred in
defending any legal action or administrative proceeding must be paid by the
corporation as they are incurred and in advance of the final disposition of the
action or proceeding upon receipt of an undertaking by or on behalf of the
officer or director to repay the amount if it is ultimately determined by a
court of competent jurisdiction that he/she is not entitled to be indemnified by
the
3
<PAGE>
corporation. Such right of indemnification shall not be exclusive of any other
rights of indemnification which the officers and directors may have or hereafter
acquire. Without limitation of the foregoing, the board of directors may adopt
bylaws from time to time to provide the fullest indemnification permitted by the
laws of the State of Nevada.
ARTICLE 7
ASSESSMENTS. To the extent permitted by law, the private property of
each and every shareholder, officer, and director of the corporation, real or
personal, tangible or intangible, now owned or hereafter acquired by any of
them, is and shall be forever exempt from all debts and obligations of the
Corporation of any kind whatsoever. No paid-up stock and no stock issued as
fully paid-up shall be subject to any assessment to pay any debt of the
Corporation.
ARTICLE 8
NO PREEMPTIVE RIGHTS. Except as may otherwise be provided by the
board of directors of the Corporation, no holder of any shares of the stock of
the Corporation shall have any preemptive right to purchase, subscribe for , or
otherwise acquire any shares of stock of the Corporation of any class now or
hereafter authorized, or any securities exchangeable for or convertible into any
such shares, or any warrants or other instruments evidencing rights or options
to subscribe for, purchase, or otherwise acquire such shares.
ARTICLE 9
NO CUMULATIVE VOTING. Election of directors of the corporation shall
be by majority vote of the shareholders. There shall be no cumulative voting.
ARTICLE 10
INCORPORATOR. The name and address of the incorporator executing
these articles of incorporation is as follows:
NAME ADDRESS
---- -------
James P. Greene 6060 West Elton Avenue, Suite A
Las Vegas, Nevada 89107
4
<PAGE>
ARTICLE 11
AMENDMENT. These articles of incorporation may be amended by the
affirmative vote of a majority of the shares entitles to vote on each such
amendment.
IN WITNESS WHEREOF, the undersigned incorporator has executed these
articles of incorporation on this 7th day of October, 1996.
/s/ James P. Greene
--------------------------------
JAMES P. GREENE
STATE OF NEVADA )
) ss:
COUNTY OF CLARK )
On this 7th day of October, 1996, before me personally appeared JAMES P.
GREENE, who acknowledged to me that he executed the above articles of
incorporation.
/s/ Romona F. Shaw
--------------------------------
NOTARY PUBLIC
5
<PAGE>
CERTIFICATE OF ACCEPTANCE
OF APPOINTMENT BY RESIDENT AGENT
In the matter of CYBERWIN, INC., ROBERT L. BOLICK, ESQ., of the law firm of
Robert L. Bolick, Ltd., with an address of 6060 West Elton Avenue, Suite A, Las
Vegas, Clark County, Nevada 89107, hereby accepts the appointment as Resident
agent of the above-entitled corporation in accordance with NRS 78.090.
Furthermore, the mailing address for the above-registered office is 6060
West Elton Avenue, Suite A, Las Vegas, Nevada 89107.
IN WITNESS WHEREOF, I hereunto set my hand this 7th day of October, 1996.
By /s/ Robert L. Bolick
----------------------
ROBERT L. BOLICK,
Resident Agent
6
<PAGE>
[SEAL]
PHONE: (503) ???-?200
FAX: (503) 870-4381 ARTICLES OF MERGER
- -------------------------------------------------------------------------------
Secretary of State Check the appropriate box below: For office
Corporation Division /X/ BUSINESS/PROFESSIONAL/NONPROFIT use only
258 Capitol St. NE, CORPORATION
Suite 151 (Complete only 1, 2, 3, 4, 10, 11) FILED
Salem, OR 97310-1327 OCT 23 1996
/ / FOR PARENT AND 90% OWNED SUBSIDIARY Secretary of
WITHOUT SHAREHOLDER APPROVAL State
(Complete only 5, 6, 7, 8, 9, 10, 11)
Regulatory Number: 079020-18
-----------
Attach Additional Sheet If Necessary
Please Type or Print Legibly in Black Ink:
- -------------------------------------------------------------------------------
BUSINESS/PROFESSIONAL/NONPROFIT CORPORATION ONLY
1) NAMES OF THE CORPORATIONS PROPOSING TO MERGE
A. CYBERWIN, INC. (AN OREGON CORPORATION)
-----------------------------------------------------------------------
B. CYBERWIN, INC. (A NEVADA CORPORATION)
-----------------------------------------------------------------------
2) NAME OF THE SURVIVING CORPORATION CYBERWIN INC. (A NEVADA CORPORATION)
-----------------------------------------
/ / Check here if there is a name change in this plan of merger.
3) A COPY OF THE MERGER PLAN IS ATTACHED.
4) CHECK THE APPROPRIATE STATEMENTS FOR CORPORATION A AND CORPORATION B BELOW.
CORPORATION A
/ / Shareholder/membership approval was not required. The plan was approved
by a sufficient vote of the board of directors.
/X/ Shareholder/membership approval was required. The vote was as follows:
If Corporation A is a business/professional corporation:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Class or Number of votes Number of votes cast Number of votes cast
series of shares ??? to be cast FOR AGAINST
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON 335,855 235,021 1,000
- -------------------------------------------------------------------------------
</TABLE>
If Corporation A is a nonprofit corporation:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Class(es) Number of members Number of votes Number of votes Number of votes
entitled to vote ??? to vote ??? to be cast cast FOR cast AGAINST
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
</TABLE>
CORPORATION B
/X/ Shareholder/membership approval was not required. The plan was approved
by a sufficient vote of the board of directors.
/ / Shareholder/membership approval was required. The vote was as follows:
If Corporation B is a business/professional corporation:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Class or Number of votes Number of votes cast Number of votes cast
series of shares ??? to be cast FOR AGAINST
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------
</TABLE>
If Corporation B is a nonprofit corporation:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Class(es) Number of members Number of votes Number of votes Number of votes
entitled to vote ??? to vote ??? to be cast cast FOR cast AGAINST
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
FOR PARENT AND 90% OWNED SUBSIDIARY WITHOUT SHAREHOLDER APPROVAL
5) NAME OF PARENT CORPORATION
------------------------------------------------
Oregon Registry Number
----------------------------------------------------
6) NAME OF SUBSIDIARY CORPORATION
--------------------------------------------
Oregon Registry Number
----------------------------------------------------
7) NAME OF SURVIVING CORPORATION
---------------------------------------------
8) COPY OF PLAN
/ / A copy of the plan of merger setting forth the manner and basis of
converting shares of the subsidiary into shares, obligations, or other
securities of the parent corporation or any other corporation or into
cash or other property is attached.
9) CHECK THE APPROPRIATE BOX
/ / A copy of the plan of merger or summary was mailed to each shareholder
of record of the subsidiary corporation on or before 19 .
------------- ---
/ / The mailing of a copy of the plan or summary was waived by all outstanding
shares.
- -------------------------------------------------------------------------------
10) EXECUTION
PRINTED NAME SIGNATURE TITLE
Donald E. Wright /s/ Donald E. Wright President
- -------------------------------------------------------------------------------
11) CONTACT NAME DAYTIME PHONE NUMBER
James Green Esq. (702) 870 6060
- ------------------------------- ---------------------------------------
----------------------
FEES
Make checks for $18
payable to
"Corporation Division"
------------------
NOTE: Filing cost
may be paid with
VISA or MasterCard.
The card number and
expiration date should
be ???????????? on a
separate sheet for your
protection.
----------------------
<PAGE>
Registry Number
C21213-96
- --------------- [STAMP]
CERTIFICATE OF AMENDMENT
OF ARTICLES OF INCORPORATION
(AFTER ISSUANCE OF STOCK)
CYBERWIN, INC.
We the undersigned Donald Wright, President, and James Brewer,
Secretary, of Cyberwin, Inc. do hereby certify:
That the Board of Directors of said corporation at a meeting duly
convened, held on the 13th day of January, 1997, adopted a resolution to
amend the original articles as follows:
Article 1 is hereby amended to read as follows:
The name of the corporation shall be Pixieland Corporation.
The number of shares of the corporation outstanding and entitled to vote
on an amendment to the Articles of Incorporation is 11,935,555; that the said
change(s) and amendment have been consented to and approved by a majority
vote of the stockholders holding at least a majority of each class of stock
outstanding and entitled to vote thereon.
Donald Wright
-------------------------------
Donald Wright, President
James Brewer
-------------------------------
James Brewer, Secretary
State of California )
) ss.
County of Orange )
On May 1, 1997, personally appeared before me, Notary Public, Donald
Wright, who acknowledged that they executed the above instrument.
Beth Nelson
----------------------------------
(NOTARY STAMP OR SEAL) Signature of Notary
<PAGE>
Registry Number
C21213-96
- ---------------
CERTIFICATE OF AMENDMENT
OF ARTICLES OF INCORPORATION
(AFTER ISSUANCE OF STOCK)
PIXIELAND CORPORATION
We the undersigned Alain de la Motte, President, and James McKenzie,
Secretary, of Pixieland Corporation, do hereby certify:
That the Board of Directors of said corporation by unanimous consent
action without a meeting pursuant to NRS 78.315 on July 29, 1997, adopted
resolutions to amend the original articles as follows:
ARTICLE 1 IS HEREBY AMENDED TO READ AS FOLLOWS:
The name of the corporation is Integrated Food Resources, Inc.. The
purpose of the corporation shall be to engage in any lawful
activity and any activities necessary, convenient or desirable to
accomplish such purposes, not forbidden by law or these articles of
incorporation.
ARTICLES 3 IS HEREBY AMENDED TO READ AS FOLLOWS:
The authorized capital of the corporation shall consist of
50,000,000 shares of common stock, par value $0.001 per share and
10,000,000 shares of preferred stock, par value $0.001 per share.
The directors of the corporation shall have the authority, without
any further approval of the shareholders, to establish the voting
powers, designations, preferences, limitations, restrictions and
relative rights of any class or series of common stock or preferred
stock. The consideration for the issuance of any shares of capital
stock may be paid, in whole or in part, in money, services or other
thing of value. The judgment of the directors as to the value of
the consideration for the shares shall be conclusive. When the
payment of the consideration for the shares has been received by
the corporation, such shares shall be deemed fully paid and
nonassessable.
The number of shares of common stock of the corporation outstanding and
entitled to vote on the amendments to the Articles of Incorporation is
4,335,855; that the said changes and amendments have been consented to and
approved by the majority of the stockholders holding at least a majority of
each class of stock outstanding and entitled to vote thereon.
Alain de la Motte, President
------------------------------------
Alain de la Motte, President
James McKenzie, Secretary
------------------------------------
James McKenzie, Secretary
<PAGE>
State of Oregon
County of Washington
On September 12, 1997, personally appeared before me, a Notary Public,
Alain de la Motte and James McKenzie, who acknowledged that they executed the
foregoing instrument.
Orrie H. Olson
------------------------------
Notary Public for Oregon
9-12-97
[SEAL]
<PAGE>
Registry Number: C21213-96
CERTIFICATE OF AMENDMENT
OF ARTICLES OF INCORPORATION
(AFTER ISSUANCE OF STOCK)
INTEGRATED FOOD RESOURCES, INC.
We the undersigned Alain de la Motte, President, and James McKenzie,
Secretary, of Pixieland Corporation, do hereby certify:
That the Board of Directors of said corporation by unanimous consent
action without a meeting pursuant to NRS 78.315 on November 18, 1997, adopted
resolutions to amend the original articles as follows:
ARTICLE 3 IS HEREBY AMENDED TO READ AS DESCRIBED IN THE ATTACHED EXHIBIT
"A" WHICH IS INCORPORATED BY THIS REFERENCE.
No shareholder approval was required for the amendments to the Articles
of Incorporation since the Board of Directors have the authority to create
the rights, preferences and limitations of any class of common or preferred
stock.
Alain de la Motte
----------------------------
Alain de la Motte, President
James McKenzie
----------------------------
James McKenzie, Secretary
CORPORATION ACKNOWLEDGMENT
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
State of Oregon ) On this the 25th day of November 1997, before me,
County of Washington ) ss. Rowena I. Cole
--------------------------------------------------
the undersigned Notary Public, personally appeared
Alain de la Motte & James McKenzie
--------------------------------------------------
/ / personally known to me
/X/ proved to me on the basis of satisfactory
evidence to be the person(s) who executed the
within instrument as President & Secretary
-----------------------------
or on behalf of the corporation therein named,
and acknowledged to me that the corporation
executed it.
[SEAL] WITNESS my hand and official seal.
Rowena I. Cole
--------------------------------------------------
Notary's Signature
- -------------------------------------------------------------------------------
ATTENTION NOTARY: Although the information requested below is OPTIONAL, it
could prevent fraudulent attachment of this certificate
to another document.
Title or Type of Document Certificate of Amend of Article
THIS CERTIFICATE of Incorp.
MUST BE ATTACHED --------------------------------
TO THE DOCUMENT Number of Pages 7 Date of Document 11/18/97
DESCRIBED AT RIGHT: --- --------------------
Signer(s) Other Than Named Above NONE
-------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
3.1 ISSUANCE OF COMMON AND PREFERRED STOCK IN SERIES
The Common Stock and Preferred Stock may be issued from time to time in
one or more series, the shares of each series to have such voting powers, full
or limited, and such designations, preferences and relative, participating,
optional or other special rights and qualifications, limitations or restrictions
thereof as are stated and expressed herein or in the resolution or resolutions
providing for the issue of such series adopted by the board of directors.
3.1.1 DIVIDENDS
Subject to any preferential rights granted for any series of
Preferred Stock, the holders of shares of the Common Stock shall be entitled to
receive dividends out of the funds of the corporation legally available therefor
at the rate and at the time or times, whether cumulative or noncumulative, as
may be provided by the board of directors. The holders of shares of the
Preferred Stock shall be entitled to receive dividends to the extent provided
herein or by the board of directors in designating the particular series of
Preferred Stock. The holders of shares of the Common Stock shall not be entitled
to receive any dividends thereon other than the dividends referred to in this
section.
3.1.2 VOTING
To the extent provided herein or by resolution or resolutions of
the board of directors providing for the issue of a class or series of Common
Stock or Preferred Stock, the holders of each such class or series shall have
the right to vote for the election of members of the board of directors of the
corporation and the right to vote on all other matters, except those matters as
to which Nevada law or these Articles provide for a separate vote.
3.1.3 ISSUANCE OF SHARES
The corporation may from time to time issue any authorized and
unissued shares of Common Stock or Preferred Stock for such consideration as may
be fixed from time to time by the board of directors, without action by the
shareholders. The board of directors may provide for payment therefor to be
received by the corporation in cash, property, services or such other
consideration as is approved by the board of directors. Any and all such shares
of Common Stock or Preferred Stock, the issuance of which has been so
authorized, and for which consideration so fixed by the board of directors has
been paid or delivered, shall be deemed fully paid stock and shall not be liable
to any further call or assessment thereon.
3.2 DESIGNATION OF CLASS A COMMON STOCK AND CLASS B
COMMON STOCK
3.2.1 DESIGNATION
The series of Class A Common Stock, consisting of up to 50,000,000
shares, and the series of Class B Common Stock, consisting of up to 50,000,000
shall be designated herein as the "Class A Common Stock" and the "Class B Common
Stock", respectively. The Class A Common
Page 1 EXHIBIT "A"
<PAGE>
Stock and the Class B Common Stock are sometimes collectively referred to herein
as "Common Stock". The powers, preferences, rights and qualifications,
limitations and restrictions of the Common Stock are as follows:
3.2.2 DIVIDENDS
Dividends shall be declared and set aside for any shares of the
Common Stock only upon resolution of the Board of Directors.
3.2.3 LIQUIDATION RIGHTS
Upon the voluntary or involuntary dissolution, liquidation or
winding up of the corporation, the assets available for distribution to the
Common Stock shall be distributed as follows: subject to payment in full of any
Preferred Stock liquidation amount and any other preferred rights granted, the
holders of Common Stock shall be entitled to receive $1.00 (appropriately
adjusted for any stock dividend, split or combination of such Common Stock) for
each outstanding share of Common Stock held by them (the "Common Stock
Liquidation Amount"). If upon the occurrence of such event, the assets of the
corporation shall be insufficient to permit the payment of the full Common Stock
Liquidation Amount, then the assets of the corporation available for
distribution shall be distributed ratably among the holders of the Common Stock
in the same proportions as the aggregate of the Common Stock Liquidation Amount
each such holder would otherwise be entitled to receive bears to the total
Common Stock Liquidation Amount that would otherwise be payable to all such
holders, and no further distribution to other shareholders of the corporation
shall be made.
3.2.4 VOTING POWER
Each holder of Class A Common Stock shall be entitled to one vote
for each share of Common Stock held at the record date for the determination of
Common Stockholders entitled to vote on such matter or, if no such record date
is established, at the date on which notice of the meeting of shareholders at
which the vote is to be taken is marked, or the date any written consent of
shareholders is solicited if the vote is not to be taken at a meeting. Class B
Common Stock shall carry no voting power.
3.3 DESIGNATION OF SERIES A CONVERTIBLE PREFERRED STOCK
3.3.1 DESIGNATIONS
The series of Series A Convertible Preferred Stock, consisting of
6,667 shares, authorized herein, shall be designated herein as the "Series A
Stock." The powers, preferences and rights and the qualifications, limitations
and restrictions of the Series A Stock are as follows:
Page 2 EXHIBIT "A"
<PAGE>
3.3.2 DIVIDENDS
Dividends shall be declared and set aside for any shares of the
Series A Stock in the same manner as the Common Stock.
3.3.3 LIQUIDATION RIGHTS
Upon the voluntary or involuntary dissolution, liquidation or
winding up of the corporation, the assets of the corporation available for
distribution to its shareholders shall be distributed in the order and amounts
described in Section 3.3.8.
3.3.4 VOTING POWER
Each holder of Series A Stock shall be entitled to vote on all
matters and shall be entitled to that number of votes equal to the largest
number of whole shares of Common Stock into which such holder's shares of
Series A Stock could be converted at the record date for the determination of
shareholders entitled to vote on such matter or, if no such record date is
established, at the date on which notice of the meeting of shareholders at
which the vote is to be taken is mailed, or the date any written consent of
shareholders is solicited if the vote is not to be taken at a meeting. Except
as otherwise expressly provided by the Nevada Business Corporation Act, the
holders of shares of Series A Stock, any other series of Preferred Stock, and
Common Stock shall vote together as a single class on all matters.
3.3.5 CONVERSION RIGHTS
The holders of the Series A Stock shall have the following rights
with respect to the conversion of Series A Stock into shares of Common Stock:
a. GENERAL.
(i) VOLUNTARY CONVERSION. Shares of the Series A Stock
may, at the option of the holder, be converted at any time into such number of
fully paid and nonassessable shares of Common Stock as are equal to the product
obtained by multiplying the Series A Conversion Rate (determined under Section
3.3.5b) by the number of shares of Series A Stock being converted.
(ii) MANDATORY CONVERSION. Each share of Series A Stock
shall be converted automatically, without any further action by the holders of
such shares and whether or not the certificates representing such shares are
surrendered to the corporation or its transfer agent for the Common Stock, into
the number of shares of Common Stock into which such Series A Stock is
convertible pursuant to Section 3.3.5a(i) upon the earlier of, (A) immediately
prior to the closing of a firmly underwritten, public offering by the
corporation of its Common Stock, registered under the Securities Act of 1933, as
amended, or (B) upon the demand of the corporation upon thirty (30) day's
written notice.
Page 3
<PAGE>
b. CONVERSION RATE. The conversion rate for Series A Stock in
effect at any time (the "Series A Conversion Rate") shall equal $2.00 divided by
the Series A Conversion Price, calculated as provided in Section 3.3.5c.
c. CONVERSION PRICE. The conversion price for Series A Stock
shall initially be $1.00 (the "Series A Conversion Price"). The Series A
Conversion Price shall be adjusted from time to time in accordance with Section
3.3.5d.
d. CAPITAL REORGANIZATION OR RECLASSIFICATION. If the Common
Stock issuable upon the conversion of the Series A Stock shall be changed into
the same or different number of shares of any class or classes of stock of the
corporation, whether by capital reorganization, reclassification or otherwise
(other than an Extraordinary Common Stock Event provided for in Section
3.3.5d(I), then and in each such event the holders of each share of Series A
Stock shall have the right thereafter to convert such shares into the kind and
amount of shares of stock and other securities and property receivable upon such
reorganization, reclassification or other change by holders of the number of
shares of Common Stock into which such share of Series A Stock have been
converted immediately prior to such reorganization, reclassification or change,
all subject to adjustment as provided herein.
e. ACCOUNTANT'S CERTIFICATE AS TO ADJUSTMENTS; NOTICE BY THE
CORPORATION. In each case of an adjustment or readjustment of the Series A
Conversion Rate, the corporation at its expense will furnish each holder of
Series A Stock with a certificate, prepared by independent public accountants of
recognized standing if so required by such holder, showing such adjustment or
readjustment and stating in detail the facts upon which such adjustment or
readjustment is based.
f. EXERCISE OF CONVERSION PRIVILEGE. To exercise its
conversion privilege, each holder of Series A Stock shall surrender the
certificate or certificates representing the shares being converted to the
corporation at its principal office, and shall give written notice to the
corporation at that office that such holder elects to convert such shares. Such
notice shall also state the name or names (with address or addresses) in which
the certificate or certificates for shares of Common Stock issuable upon such
conversion shall be issued. The certificate or certificates for shares of Series
A Stock surrendered for conversion shall be accompanied by proper assignment
thereof to the corporation or in blank. The date when such written notice is
received by the corporation, together with the certificate or certificates
representing the shares of Series A Stock being converted, shall be the "Series
A Conversion Date." As promptly as practicable after the Series A Conversion
Date, the corporation shall issue and shall deliver to the holder of the shares
of Series A Stock being converted, or on its written order such certificate or
certificates as it may request for the number of whole shares of Common Stock
issuable upon the conversion of such shares of Series A Stock in accordance with
the provisions of this Section 3.3.5, cash in the amount of all declared and
unpaid dividends on such shares of Series A Stock up to and including the Series
A Conversion Date, and cash, as provided in Section 3.3.5g, in respect of any
fraction of a share of Common Stock issuable upon such conversion. Such
conversion shall be deemed to have been effected immediately prior to the close
of business on the Series A Conversion Date, and at such time the rights of the
holder as holder of the converted shares of Series A Stock shall cease and the
person or persons in whose name or names any certificate or certificates for
shares of Common Stock shall be issuable upon such
Page 4
<PAGE>
conversion shall be deemed to have become the holder or holders of record of the
shares of Common Stock represented thereby.
g. CASH IN LIEU OF FRACTIONAL SHARES. No fractional shares of
Common Stock or scrip representing fractional shares shall be issued upon the
conversion of shares of Series A Stock, but the corporation shall pay to the
holder of such shares a cash adjustment in respect of such fractional shares in
an amount equal to the same fraction of the market price per share of the Common
Stock (as determined in a reasonable manner prescribed by the board of
directors) at the close of business on the Series A Conversion Date. The
determination as to whether or not any fractional shares are issuable shall be
based upon the total number of shares of Series A Stock being converted at any
one time by any holder thereof, not upon each share of Series A Stock being
converted.
h. PARTIAL CONVERSION. In the event some but not all of the
shares of Series A Stock represented by a certificate or certificates
surrendered by a holder are converted, the corporation shall execute and deliver
to or on the order of the holder, at the expense of the corporation, a new
certificate representing the shares of Series A Stock that were not converted.
I. RESERVATION OF COMMON STOCK. The corporation shall at all
times reserve and keep available out of its authorized but unissued shares of
Common Stock, solely for the purpose of effecting the conversion of the shares
of the Series A Stock, such number of its shares of Common Stock as shall from
time to time be sufficient to effect the conversion of all outstanding shares of
the Series A Stock and, if at any time the number of authorized but unissued
shares of Common Stock shall not be sufficient to effect the conversion of all
then outstanding shares of the Series A Stock, the corporation shall take such
corporate action as may be necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purpose.
j. NO IMPAIRMENT. The corporation will not, by amendment of
its certificate of incorporation or through any reorganization, transfer of
assets consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the corporation, but
will at all times in good faith assist in the carrying out of all the provisions
of this Section 3.4 and in the taking of all such action as may be necessary or
appropriate in order to protect the conversion rights of the holders of the
Series A Stock against impairment.
3.3.6 REISSUANCE OF STOCK
No share or shares of Series A Stock redeemed, converted,
purchased or otherwise acquired by the corporation shall be reissued, and all
such shares shall be canceled, retired and eliminated from the shares which the
corporation shall be authorized to issue. The corporation may from time to time
take such appropriate corporate action as may be necessary to reduce the
authorized number of shares of the Series A Stock accordingly.
Page 5
<PAGE>
3.3.7 REDEMPTION
The corporation shall not have the right to call for redemption of
all or any part of the Series A Stock. However, the corporation shall have the
right to purchase shares of Series A Stock pursuant to agreements within the
holders thereof when such purchases are approved by the board of directors.
3.3.8 LIQUIDATION RIGHTS
Upon the voluntary or involuntary dissolution, liquidation or
winding up of the corporation, the assets of the corporation available for
distribution to its shareholders shall be distributed in the following order and
amounts:
a. GENERAL.
(i) SERIES A STOCK. Second, the holders of shares of
Series A Stock shall be entitled to receive $1.00 (appropriately adjusted for
any stock dividend, split or combination of such Series A Stock) for each
outstanding share of Series A Stock held by them plus any declared but unpaid
dividends per share on such outstanding shares of Series A Stock (the "Series A
Liquidation Amount"). If upon the occurrence of such event the assets of the
corporation shall be insufficient to permit the payment of the full Series A
Liquidation Amount, then the assets of the corporation available for
distribution shall be distributed ratably among the holders of the Series Stock
in the same proportions as the aggregate of the Series A Liquidation Amount each
such holder would otherwise be entitled to receive bears to the total Series A
Liquidation Amount that would otherwise be payable to all such holders, and no
distribution to other shareholders of the corporation shall be made. Upon the
completion of the distribution of the full Series A Liquidation Amount, if
assets remain in the corporation, such remaining assets shall be distributed as
set forth in Sections 3.3.8a(ii) and 3.3.8a(iii).
(ii) COMMON STOCK. Second, subject to payment in full of
the Series A Liquidation Amount, the holders of shares of Class A Common Stock
shall be entitled to receive $1.00, appropriately adjusted for any stock
dividend, split or combination of such Common Stock for each outstanding share
of Common Stock held by them (the "Class A Common Stock Liquidation Amount").
After payment of the Class A Common Stock Liquidation Amount, the holder of
Class B Common Stock shall be entitled to receive $1.00, appropriately adjusted
for any stock dividend, split or combination of such Common Stock for each
outstanding share of Common Stock held by them. If upon the occurrence of such
event, the assets of the corporation shall be insufficient to permit the payment
of the full Common Stock Liquidation Amount, then the assets of the corporation
available for distribution shall be distributed ratably among the holders of the
Common Stock in the same proportions as the aggregate of the Common Stock
Liquidation Amount each such holder would otherwise be entitled to receive bears
to the total Common Stock Liquidation Amount that would otherwise be payable to
all such holders, and no further distribution to other shareholders of the
corporation shall be made. Upon the completion of the preferential rights
granted for any subsequent series of Preferred Stock and the full Common Stock
Liquidation Amount, if assets remain in the corporation, such remaining assets
shall be distributed as set forth in Section
Page 6
<PAGE>
3.3.8a(iii).
(iii) PARTICIPATION. Finally, subject to the payment in
full of Series A Liquidation Amount, any other preferred rights granted for any
subsequent series of Preferred Stock, and the payment in full or the Common
Stock Liquidation Amount as provided in Section 3.3.8a(ii), if assets remain in
the corporation, such remaining assets shall be distributed to the holders of
shares of Common Stock together, who shall each be entitled to receive their Pro
Rata Amount; PROVIDED, that the rights of the holders of shares of Common Stock
are subject to any preferential rights granted for any subsequent series of
Preferred Stock. "Pro Rata Amount" means that portion of remaining assets to
which a group would be entitled based on its percentage of the number of shares
of Common Stock outstanding and the number of shares of Common Stock into which
the outstanding shares of Series B Stock could then be converted.
b. TREATMENT OF SALES OF ASSETS OR ACQUISITIONS. The sale of
all or substantially all of the assets of the corporation or the acquisition of
the corporation by another entity by means of merger, consolidation or
otherwise, resulting in the exchange of the outstanding shares of the
corporation for securities of or consideration issued, or caused to be issued,
by the acquiring entity or any of its affiliates, shall be regarded as a
liquidation within the meaning of this Section 3.3.8.
c. DISTRIBUTIONS OTHER THAN CASH. Whenever the distribution
provided for in this Section 3.3.8 shall be payable in property other than cash,
the value of such distribution shall be the fair market value of such property
as determined in good faith by the board of directors.
Page 7
<PAGE>
Exhibit 3.2-A
[SEAL OF THE STATE OF OREGON]
Phone: (503) 966-2200
Fax: (503) 378-4581 Articles of Incorporation--Business/Professional
- ------------------------------------------------------------------------------
Secretary of State Check the appropriate box below:
Corporation Division /x/ BUSINESS CORPORATION
255 Capitol St., NE, Suite 151 (Complete only 1,2,3,4,5,6,7,11,12,13)
Salem, OR 97310-1327 / / PROFESSIONAL CORPORATION
(Complete all items)
Registry Number: 578666-84
Attach Additional Sheet if Necessary
Please Type or Print Legibly in Black Ink
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1) NAME Seabourne Ventures, Inc.
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NOTE: For a BUSINESS CORPORATION, the name must contain the word
"Corporation," "Company," "Incorporated," or "Limited," or an abbreviation
of one of such words. For a PROFESSIONAL CORPORATION, the name must contain
the words "Professional Corporation," or abbreviations thereof, i.e.,
"P.C.," or "Prof. Corp."
/x/ CHECK HERE TO INDICATE ON YOUR REGISTRATION THAT YOU DO NOT WANT MAIL
SOLICITATION.
2) REGISTERED AGENT
Alain de la Motte
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3) ADDRESS OF REGISTERED AGENT (Must be an Oregon Street Address which is
identical to the registered agent's business office. Must include city,
state, zip: no PO Boxes.)
6700 SW Sandburg Rd.
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Tigard, OR 97223
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4) MAILING ADDRESS OF REGISTERED AGENT (Address, city, state, zip)
6700 SW Sandburg Rd.
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Tigard, OR 97223
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5) ADDRESS FOR MAILING NOTICES
6700 SW Sandburg Rd.
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Tigard, OR 97223
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6) OPTIONAL PROVISIONS (Attach a separate sheet)
7) NUMBER OF SHARES THE CORPORATION WILL HAVE THE AUTHORITY TO ISSUE
20,000,000
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PROFESSIONAL CORPORATION ONLY
8) INITIAL SHAREHOLDERS (Name and street address of initial shareholders and
designation of professional license or authority. Attach a separate sheet
if necessary.)
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9) PROFESSIONAL/BUSINESS SERVICES (List professional service(s) and other
business services. If applicable to be rendered.)
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10) INITIAL DIRECTORS (Name and street address of the initial directors and
designation of any professional license or authority. Attach a separate
sheet if necessary.)
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11) INCORPORATORS (List names and addresses of each incorporator. Attach a
separate sheet if necessary.)
James M. McKenzie
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6725 SW Neholem Lane
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Beaverton, OR 97007
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12) EXECUTION (All incorporators must sign. Attach a separate sheet if
necessary.)
Printed Name Signature
James M. McKenzie /s/ James M. McKenzie
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13) CONTACT NAME DAYTIME PHONE NUMBER
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FEES
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Business Corporation $50
Professional Corporation $40
Make check payable to
"Corporation Division"
NOTE: Filing fees may be paid
with VISA or MasterCard. The
card number and expiration date
should be submitted on a
separate sheet for your
protection.
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CR111 (Rev. 6/97)
<PAGE>
Phone: (503) 986-2200
Fax: (503)378-4381
Secretary of State ARTICLES OF AMENDMENT
Corporation Division For office use only
255 Capitol Street NE, Suite 151
Salem, OR 97310-1327 X BUSINESS/PROFESSIONAL CORPORATION
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Registry Number: 578666-84 [STAMP]
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1. Name of the corporation prior to amendment:
SEABOURNE VENTURES, INC.
2. State the article numbers and set forth the articles as it is amended to
The Amended and Restated Articles of Incorporation are
set forth in their entirety in attached EXHIBIT A.
3. The amendment was adopted on September 30, 1997
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BUSINESS/PROFESSIONAL CORPORATION ONLY
4. Check the appropriate statement:
/ / Shareholder action was required to adopt the amendments. The vote was
as follows:
<TABLE>
<CAPTION>
Class or Series Number of shares Number of Votes Number of Votes Number of Votes
of Shares Outstanding Entitled to be cast Cast For Cast Against
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common --------- --------- ---------- ---------
</TABLE>
/ / Shareholder action was not required to adopt the amendment(s). The
amendment(s) was adopted by the board of directors without
shareholder action.
/X/ The corporation has not issued any shares of stock. Shareholder
action was not to adopt the amendment(s). The amendment(s) was
adopted by the incorporators or by the board of directors.
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5. Execution:
Signature Printed Name Title
/s/ Alain de la Motte Alain de la Motte President
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6. Contact name Daytime phone number
Robert C. Laskowski (503) 241-0780
<PAGE>
AMENDED AND RESTATED
ARTICLES OF INCORPORATION [STAMP]
OF
SEABOURNE VENTURES, INC.
The undersigned natural person of the age of 18 years or more adopts the
following Amended and Restated Articles of Incorporation:
ARTICLE 1
NAME
The name of the Corporation is Seabourne Ventures, Inc.
ARTICLE 2
DURATION
The period of the Corporation's duration shall be perpetual.
ARTICLE 3
PURPOSES AND POWERS
The purpose for which the Corporation is organized is to engage in
any business, trade or activity which may be conducted lawfully by a
Corporation organized under the Oregon Business Corporation Act.
The Corporation shall have the authority to engage in any and all such
activities as are incidental or conducive to the attainment of the purposes
of the Corporation, and to exercise any and all powers authorized or
permitted under any laws that now or hereafter may be applicable or available
to the Corporation.
ARTICLE 4
AUTHORIZED CAPITAL
The Corporation is authorized to issue one class of stock, to be
designated "Common Stock." The total number of shares of this stock which the
Corporation shall have authority to issue shall be twenty million
(20,000,000), having no par value per share. The holders of shares of the
Common Stock shall be entitled to receive dividends out of funds of the
Corporation legally available by the Board of Directors. The holders of
shares of Common Stock, on the basis of one vote per share, shall have the
right to vote for the election of members of the Board of Directors of the
Corporation and the right to vote on all other matters and shall not have
cumulative voting rights. The holders of the shares of the Common Stock shall
be entitled to receive distributions legally payable to shareholders on the
liquidation of the Corporation and shall have no preemptive rights.
1. AMENDED AND RESTATED ARTICLES OF INCORPORATION
<PAGE>
ARTICLE 5
BYLAWS
The Board of Directors shall have the power to adopt, amend or repeal the
Bylaws of the Corporation and to adopt new Bylaws, subject to the power of the
shareholders to amend or repeal such Bylaws. The shareholders shall also have
the power to adopt, amend or repeal the Bylaws of the Corporation and to adopt
new Bylaws.
ARTICLE 6
REGISTERED OFFICE AND AGENT
The name of the registered agent of the Corporation and the address of its
registered office are as follows:
Robert C. Laskowski
1001 S.W. Fifth Avenue, Suite 1300
Portland, Oregon 97204-1151
The registered agent has consented to serve as the registered agent for the
Corporation.
ARTICLE 7
DIRECTORS
7.1 Number. The number of Directors of the Corporation shall be
determined in the manner provided in the Bylaws, and may be increased or
decreased from time to time in the manner provided therein.
7.2 Initial Board. The number of Directors constituting the initial Board
of Directors of the Corporation shall be designated by the incorporator at the
organizational meeting. The persons who will serve as directors until the first
annual meeting of shareholders, or until the election and qualification of their
successors, will be elected by the incorporator at the organizational meeting.
7.3 Vacancies. Any vacancy occurring on the Board of Directors may be
filled by the affirmative vote of a majority of the remaining Directors, though
less than a quorum of the Board of Directors, or by a sole remaining Director.
Any directorship to be filled by reason of an increase in the number of
Directors of the Corporation may be filled by the affirmative vote of an
majority of the number of Directors fixed by the Bylaws prior to such increase.
Any such directorship not so filled by the Directors shall be filled by election
at the next annual meeting of shareholders or at a special meeting of
shareholders called for that purpose.
ARTICLE 8
LIMITATION OF DIRECTOR LIABILITY
To the full extent that the Oregon Business Corporation Act, as it exists
on the date hereof or hereafter may be amended, permits the limitation or
elimination of the liability of Directors,
2 - AMENDED AND RESTATED ARTICLES OF INCORPORATION
a Director of the Corporation shall not be liable to the Corporation or its
shareholder for any monetary damages for conduct as a Director. Any amendment
to or repeal of this Article 8 or to the Oregon Business Corporation Act shall
not adversely affect any right or protection of a Director of the Corporation
for or with respect to any acts or omissions of such Director occurring prior to
such amendment or repeal.
<PAGE>
ARTICLE 9
INDEMNIFICATION
To the full extent permitted by the Oregon Business Corporation Act, as it
exists on the date hereof or hereafter may be amended or be restricted by other
applicable law then in effect, the Corporation: (I)shall indemnify any person
who is made, or threatened to be made, a party to an action, suit, or
proceeding, whether civil, criminal, administrative, investigative, or otherwise
(including an action, suit or proceeding by or in the right of the Corporation),
by reason of the fact that the person is or was a director of the Corporation,
or a fiduciary within the meaning of the Employee Retirement Income Security Act
of 1974 with respect to any employee benefit plan of the Corporation, or serves
or served at the request of the Corporation as a director, officer, or as a
fiduciary of an employee benefit plan of this or another Corporation,
partnership, joint venture, trust or other enterprise, and (ii) may indemnify
any person who is made, or threatened to be made, a party to an action, suit or
proceeding, whether civil, criminal, administrative, investigative, or otherwise
(including an action, suit or proceeding by or in the right of the Corporation),
by reason of the fact that the person is or was an officer, employee or agent of
the Corporation, or a fiduciary within the meaning of the Employee Retirement
Income security Act of 1974 with respect to any employee benefit plan of the
Corporation, or serves or served at the request of the Corporation as a
director, officer, or as a fiduciary of an employee benefit plan of this or
another Corporation, partnership, joint venture, trust or other enterprise.
This Article 9 shall not be deemed exclusive of any other provisions for the
indemnification of directors, officers, employees, or agents that may be
included in any statute, bylaw, agreement, resolution of shareholders or
directors or otherwise, both as to action in any official capacity and action in
any other capacity while holding office, or while an employee or agent of the
Corporation.
ARTICLE 10
AMENDMENTS TO ARTICLES OF INCORPORATION
The Corporation reserves the right to amend or repeal any of the
provisions contained in these Articles of Incorporation, in any manner now or
hereafter permitted by law, and the rights of the shareholders of the
Corporation are granted to this reservation.
3 - AMENDED AND RESTATED ARTICLES OF INCORPORATION
<PAGE>
ARTICLE 12
NOTICES
The address where the State of Oregon Corporation Division may mail notices
to the Corporation is:
Robert C. Laskowski
1001 S.W. Fifth Avenue, Suite 1300
Portland, Oregon 97204-1151
The undersigned declares under penalty of perjury that he has examined the
foregoing and, To the best of his knowledge and belief, it is true, correct and
complete.
Dated: September 30, 1997
SEABOURNE VENTURES, INC.
By:/s/ Alain de la Motte
-----------------------------
Alain de la Motte, President
4 - AMENDED AND RESTATED ARTICLES OF INCORPORATION
<PAGE>
Submit the Original STATE OF OREGON
And One True Copy CORPORATION DIVISION
(831.115) $50.00 255 Capital Street, N.E. [STAMP]
Suite 151
Salem, Oregon 97310
Registry Number:
ARTICLES OF INCORPORATION
BUSINESS CORPORATION
Article 1: Name of Corporation: ClipperNet Corporation
Article 2: Number of shares the corporation will have authority to issue:
50,000,000 shares of common stock, no par value and
10,000,000 shares of preferred stock. The Board of Directors
shall have the authority, without any further approval of the
shareholders, to establish, in whole or in part, the preferences,
limitations and relative rights of any class of shares before the
issuance of that class.
Article 3: Name of the initial registered agent:
Robert C. Laskowski
Address of the initial registered office:
Suite 1300
1001 S.W. Fifth Ave.
Portland, Oregon 97204-1151
Article 4: Address where the Division may mail notices:
Suite 1300
1001 S.W. Fifth Ave.
Portland, Oregon 97204-1151
Article 5: Name and address of each incorporator:
Robert C. Laskowski
Suite 1300
1001 S.W. Fifth Ave.
Portland, Oregon 97204-1151
Exhibit 3.3
<PAGE>
Article 6: The corporation shall have the power to indemnify to the
fullest extent permitted by law any person who is made, or
threatened to be made, a party to an action, suit or
proceeding, whether civil, criminal, administrative,
investigative, or otherwise (including action, suit or
proceeding by or in right of the corporation) by reason of
the fact that the person is or was a director, officer,
employee or agent of the corporation. Indemnification
specifically exclusive of any other rights to which such
director, officer, employee or agent may be entitled under
any bylaws, agreement, vote of shareholders, or
disinterested directors or otherwise. The corporation, its
officers, directors, employees, or agents shall be fully
protected in taking any action or making any payment under
this Article or in refusing to do so upon the advise of
counsel.
Article 7: No director of the corporation shall be personally liable to
the corporation or its shareholders for monetary damages for
conduct as a director, except that this provision shall not
apply to:
1. Any breach of the directors duty of loyalty to the
corporation or its shareholders;
2. Any acts or omissions not in good faith which involve
intentional misconduct or a knowing violation of law;
3. Any distribution which is unlawful under Oregon law;
4. Any transaction from which the director derived an
improper personal benefit; or
5. Any act or omission occurring prior to the date on
which these Articles of Incorporation are filed.
Execution: /s/ Robert C. Laskowski Robert C. Laskowski Incorporator
Signature Printed Name Title
Person to contact about this filing: Robert C. Laskowski (503) 241-0780
(Name) (Daytime Phone Number)
<PAGE>
BY-LAWS
OF
INTEGRATED FOOD RESOURCES, INC.
ARTICLE I
SHAREHOLDERS: MEETING AND VOTING
1.1 PLACE OF MEETINGS.
Meetings of the shareholders shall be held at the corporation's principal
office, or at such other location as shall be designated in the notice of
meeting.
1.2 ANNUAL MEETINGS.
The annual meeting of the shareholders shall be held on the second Monday
of March of each year, beginning with the year 1999, if not a legal holiday,
and if a legal holiday, then on the next succeeding business day, at the hour of
2:00 o'clock, p.m. The time and date of such meeting may be varied by the Board
of Directors provided that notice of the varied date and time of the annual
meeting is given in accordance with these By-Laws. At the annual meeting, the
shareholders shall elect by vote a Board of Directors, consider reports of the
affairs of the corporation, and transact such other business as may properly be
brought before the meeting.
1.3 SPECIAL MEETINGS.
Special meetings of the shareholders may be called at any time by the
President, the Board of Directors, by the holders of not less than one-tenth
(1/10th) of all the shares entitled to vote at such meeting, and as otherwise
provided in the Nevada Business Corporation Act, as amended (the "Act").
1.4 NOTICE OF MEETINGS.
1.4.1 Written or printed notice, in a comprehensible form, stating
the date, time and place of the meeting, and in case of a special meeting, a
description of the purpose or purposes for which the meeting is called, shall be
delivered not earlier than sixty (60) nor less than ten (10) days before the
meeting date, in person, telegraph, teletype, or other form of wire or wireless
communication, by mail or private carrier, by or at the direction of the
President, Secretary, other officer or persons calling the meeting. If mailed,
the notice is effective when deposited postpaid in the United States mail,
correctly addressed to the shareholder's address shown on the Corporation's
current record of shareholders. In all other cases, the notice shall be
effective when received by the shareholders.
1.4.2 If a shareholders' meeting is adjourned to a different date,
time or place, notice need not be given of the new date, time or place, if the
new date, time or place is announced at the meeting before adjournment, unless a
new record date for the adjourned meeting is or must be fixed under the Act, in
which event notice of the adjourned meeting must be given to the persons who are
shareholders as of the new record date.
1. By-Laws
Exhibit 3.4
<PAGE>
1.5 VOTING ENTITLEMENT OF SHARES.
Unless the Articles of Incorporation provide otherwise, or except as
provided by the Act, each outstanding share, regardless of class, is entitled to
one vote on each matter voted on at a shareholders' meeting. Only shares are
entitled to vote.
1.6 QUORUM AND VOTING.
1.6.1 Shares entitled to vote as a separate voting group may take
action on a matter at a meeting only if a quorum of those shares exists with
respect to that matter. Unless the Articles of Incorporation or the Act
provides otherwise, a majority of the votes entitled to be cast on the matter by
the voting group constitutes a quorum of that voting group for action on that
matter.
1.6.2 Once a share is represented for any purpose at a meeting, it
is deemed present for quorum purposes for the remainder of the meeting and for
any adjournment of that meeting, unless a new record date is or must be set for
that adjourned meeting.
1.6.3 If a quorum exists, action on a matter, other than the
election of directors, by a voting group, is approved if the votes cast within
the voting group favoring the action exceed the votes cast opposing the action,
unless the Articles of Incorporation or the Act requires a greater number of
affirmative votes.
1.6.4 Unless otherwise provided in the Articles of Incorporation,
Directors are elected by a plurality of the votes cast by the shares entitled to
vote in the election at a meeting at which a quorum is present.
1.6.5 If the Articles of Incorporation or the Act provides for
voting by a single group on a matter, action on that matter is taken when voted
upon by that voting group in accordance with these By-Laws.
1.6.6 If the Articles of Incorporation or the Act provides for
voting for two or more voting groups on a matter, action on that matter is taken
only when voted upon by each of those voting groups counted separately as
provided by these By-Laws.
1.7 PROXIES.
A shareholder may vote shares in person or by written proxy signed by the
shareholder or the shareholder's attorney in fact and delivered to the secretary
or other officer or agent of the Corporation authorized to tabulate votes.
1.8 RECORD DATE.
The record date for determining the shareholders entitled to notice of a
shareholders' meeting, to demand a special meeting, to vote or to take other
action, shall, unless otherwise determined by the Board of Directors in advance
of such action, be the date of such notice, demand, vote, or other action.
2. By-Laws
<PAGE>
1.9 SHAREHOLDERS' LIST FOR MEETING.
After fixing a record date for a meeting, the corporation shall prepare an
alphabetical list of the names of all of its shareholders who are entitled to
notice of a shareholders' meeting. The list must be arranged by voting group,
and within each voting group by class or series of shares, and show the address
of and number of shares held by each shareholder. The shareholders' list must
be available for inspection by any shareholder, beginning two business days
after notice of the meeting is given for which the list was prepared and
continuing through the meeting, at the corporation's principal office or at a
place identified in the meeting notice in the city where the meeting is to take
place. The corporation shall make the shareholders' list available at the
meeting, and any shareholder, the shareholder's agent, or attorney is entitled
to inspect the list at any time during the meeting or any adjournment thereof.
ARTICLE II
DIRECTORS
2.1 POWERS.
The business and affairs of the corporation shall be managed by a Board of
Directors which shall exercise or direct the exercise of all corporate powers
except to the extent shareholder authorization is required by the Act, the
Articles of Incorporation, or these By-Laws.
2.2 NUMBER.
The number of the members of the Board of Directors shall be not less than
one.
2.3 ELECTION AND TERM OF OFFICE.
Except as provided in the Articles of Incorporation, the directors shall be
elected at the annual meeting of the shareholders. The terms of office of the
directors shall begin immediately after election and shall expire at the next
annual shareholders' meeting following their election and when their successors
are duly elected and qualified. The directors need not be residents of this
state, or shareholders of the corporation.
2.4 VACANCIES.
2.4.1 A vacancy on the Board of Directors shall exist upon the
death, resignation, or removal of any director, in the event an amendment of the
By-Laws is adopted increasing the number of directors, or in the event that the
directors determine that it is desirable to elect one or more additional
directors within the variable-range of the number of directors established by
these By-Laws.
2.4.2 Unless the Articles of Incorporation provide otherwise, a
vacancy may be filled by the shareholders, the Board of Directors, or if the
Directors remaining in office constitute fewer than a quorum of the Board, they
may fill the vacancy by an affirmative vote of a majority of all of the
Directors remaining in office.
2.4.3 The term of a director elected to fill a vacancy expires at
the next shareholders' meeting at which directors are elected, and when his/her
successor has been duly elected and qualified.
3. By-Laws
<PAGE>
2.4.4 A vacancy that will occur at a specific later date, by
reason of a resignation submitted in accordance with the Act, may be filled
before the vacancy occurs, but the new director may not take office until the
vacancy occurs.
2.4.5 Except as provided by the Articles of Incorporation or the
Act, during the existence of any vacancy, the remaining directors shall possess
and may exercise all powers vested in the Board of Directors, notwithstanding
lack of a quorum of the board.
2.4.6 The shareholders may remove one or more directors with or
without cause at a special meeting of shareholders called for that purpose
pursuant to a meeting notice indicating removal as one of the purposes. If a
director is elected by a voting group of shareholders, only the shareholders of
that voting group may participate in the vote to remove the director. A
director may be removed only if the number of votes cast to remove the director
exceeds the number of votes cast not to remove the director.
2.5 MEETINGS.
2.5.1 The annual meeting of the Board of Directors of this
corporation shall be held immediately following the annual meeting of the
shareholders, which meeting shall be considered a regular meeting as to which no
notice is required.
2.5.2 Regular meetings of the Board of Directors may be held
without notice of the date, time, place or purpose of the meeting.
2.5.3 Special meetings of the Board of Directors for any purpose
or purposes may be called by an officer or director of the corporation in
accordance with the notice provisions of Section 2.6.1 of these By-Laws.
2.6 NOTICE OF SPECIAL MEETINGS.
Special meetings of the Board of Directors must be preceded by at least two
(2) days' notice of the date, time and place of the meeting. The notice need
not describe the purpose of such meetings. Notice of special meetings of the
Board of Directors may be in writing or oral, and may be communicated in person,
by telephone, telegraph, teletype, or other form of wire or wireless
communication, by mail or by private carrier. Written notice, if in
comprehensible form, is effective at the earliest of the following: (a) when
received; (b) five (5) days after its deposit in the U.S. Mail, as evidenced by
the postmark, if mailed postpaid and correctly addressed; or (c) on the date
shown on the return receipt, if sent by registered or certified mail, return
receipt requested, and the receipt is signed by or on behalf of the addressee.
Oral notice is effective when communicated, if communicated in a comprehensible
manner.
2.7 MANNER OF CONDUCTING MEETINGS.
The Board of Directors may permit any or all directors to participate in a
regular or special meeting by, or conduct the meeting through, use of any means
of communication by which all directors participating may simultaneously hear
each other during the meeting. A director participating in a meeting by this
means is deemed to be present in person at the meeting.
4. By-Laws
<PAGE>
2.8 QUORUM.
Unless the Articles of Incorporation or these By-Laws provide otherwise, a
quorum of the Board of Directors consists of a majority of the number in office
immediately before the meeting begins.
2.9 COMPENSATION.
Unless the Articles of Incorporation provide otherwise, the Board of
Directors may fix the compensation of directors, and authorize the corporation
to reimburse the directors for their reasonable expenses incurred while
attending meetings of the Board and while engaged in other activities on behalf
of the corporation.
ARTICLE III
OFFICERS
3.1 DESIGNATION, ELECTION AND QUALIFICATIONS.
The officers shall include a President, and a Secretary. The officers may
include Vice-President(s), Treasurer, Assistant Secretary, or Assistant
Treasurer as the Board of Directors shall, from time to time, appoint. Officers
need not be members of the Board of Directors. The officers shall be elected
by, and hold office at the pleasure of the Board of Directors. Any two offices
may be held by the same person.
3.2 COMPENSATION AND TERM OF OFFICE.
3.2.1 The compensation and term of office of the officers of the
corporation shall be fixed by the Board of Directors. Any officer may be
removed either with or without cause, by action of the Board of Directors.
3.2.2 An officer may resign at any time by delivering notice to
the corporation. A resignation is effective when the notice is effective under
the Act, unless the notice specifies a later effective date. If a resignation
is made effective at a later date and the corporation accepts the future
effective date, Board of Directors may fill the pending vacancy before the
effective date provided that the successor does not take office until the
effective date.
3.3 PRESIDENT.
The President shall be the chief executive officer of the corporation and
shall, subject to the control of the Board of Directors, have general
supervision, direction and control of the business affairs of the corporation.
He shall, when present, preside at all meetings of the shareholders and of the
Board of Directors. He shall be an ex-officio member of all committees, if any,
shall have the general powers and duties of management usually vested in the
office of President of a corporation, and shall have such other powers and
duties as may be prescribed by the Board of Directors or the By-Laws. He may
sign, with the Secretary or any other proper officer of the corporation
authorized by the Board of Directors, certificates for shares of the
corporation, deeds, mortgages, bonds, contracts, or other instruments which the
Board of Directors authorizes to be executed, except in cases where the signing
and execution thereof
5. By-Laws
<PAGE>
shall be expressly delegated by the directors or by these By-Laws to some other
officer or agent of the corporation, or shall be required by law to be otherwise
signed or executed.
3.4 VICE-PRESIDENT.
The Vice-President(s), if any, shall perform such duties as may be assigned
to him/her by the President or the Board of Directors. In the event of the
death, disability, inability or refusal to act of the President, the
Vice-President shall perform the duties and exercise the powers of the President
unless otherwise designated by the Board of Directors. In the event the
corporation has more than one Vice-President, the Executive Vice-President or,
if none, the Vice-President in charge of administration, shall be the officer
acting in the stead of the President as provided in this section.
3.5 SECRETARY.
3.5.1 The Secretary shall keep or cause to be kept at the
principal office of the corporation or such other place as the Board of
Directors may order, a book of minutes of all meetings of directors and
shareholders showing the time and place of the meeting, whether it was required
by the By-Laws of the corporation, how authorized, the notice given, the names
of those present at directors' meetings, the number of shares present or
represented at shareholders' meetings and the proceedings of each meeting.
3.5.2 The Secretary shall keep or cause to be kept at the
principal office or at the office of the corporation's transfer agent, a share
register or duplicate share register, showing the names of the shareholders and
their addresses, the number of shares of each class held by each, and the number
and date of cancellation of each certificate surrendered for cancellation.
3.5.3 The Secretary shall give or cause to be given such notice of
the meetings of the shareholders and of the Board of Directors as is required by
the By-Laws. He/she shall keep the seal of the corporation, if any, and affix
it to all documents requiring a seal, and shall have such other powers and
perform such other duties as may be prescribed by the Board of Directors or
By-Laws.
3.6 TREASURER.
The Treasurer, if any, shall be responsible for the funds of the
corporation, receive and give receipts for monies due and payable to the
corporation from any source whatsoever, deposit all such monies in the name of
the corporation in such banks, trust companies or other depositories as shall be
selected in accordance with these By-Laws, shall pay the funds of the
corporation out only on the checks of the corporation signed in the manner
authorized by the Board of Directors, and, in general, perform all of the duties
incident to the office of Treasurer and such other duties as, from time to time,
may be assigned to him/her by the President or the Board of Directors.
3.7 ASSISTANTS.
The Board of Directors may appoint or authorize the appointment of
assistants to any officer. Such assistants may exercise the power of such
officer and shall perform such duties as are prescribed by the Board of
Directors.
6. By-Laws
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ARTICLE IV
COMMITTEES
The Board of Directors may appoint from among its members one or more committees
of two (2) or more members, in accordance with and subject to the restrictions
of the Act.
ARTICLE V
CONTRACTS, CHECKS AND DEPOSITS
5.1 CHECKS, DRAFTS, ETC.
All checks, drafts, or other orders for the payment of money, notes or
other evidence of indebtedness, issued in the name of or payable to the
corporation, shall be signed by such person or persons and in the manner as
shall be determined from time to time by resolution of the Board of Directors.
5.2 DEPOSITS.
All funds of the corporation not otherwise employed shall be deposited,
from time to time, to the credit of the corporation in such banks, trust
companies, or other depositories as the Board of Directors may select.
5.3 CONTRACTS, INSTRUMENTS.
The Board of Directors may, except as otherwise provided in the By-Laws,
authorize any officer or agent to enter into any contract or execute any
instrument in the name of and on behalf of the corporation. Such authority may
be general or confined to specific instances. Unless so authorized by the Board
of Directors, no officer, agent, or employee shall have any power or authority
to bind the corporation by any contract or engagement or to pledge its credits,
or to render it liable for any purpose or for any amount.
ARTICLE VI
CERTIFICATES AND TRANSFER OF SHARES
6.1 CERTIFICATES FOR SHARES.
6.1.1 Certificates for shares shall be in such form as the Board
of Directors may designate and shall indicate the state law under which the
corporation is organized. The certificates shall state the name of the record
holder of the shares represented thereby, the number of the certificate, the
date of issuance and the number of shares for which it is issued, the par value
of such shares, if any, or that such shares are without par value, and the
series and class of such shares. If the corporation is authorized to issue
different classes of shares or different series of shares within a class, the
designations, relative rights, preferences and limitations of each class, the
variations in rights, preferences and limitations determined for each series,
and the authority of the Board of Directors to determine variations for future
series shall be summarized on the front or back of each certificate, or, each
certificate may state conspicuously on its front or back that the corporation
will furnish the shareholder with this
7. By-Laws
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information on request in writing, and without charge. Each certificate shall
state or make reference on its front or back to any liens, purchase options or
restrictions on transfer.
6.1.2 Each share certificate must be signed, either manually or in
facsimile, by the President or a Vice-President and the Secretary or an
Assistant Secretary.
6.2 TRANSFER ON THE BOOKS.
Upon surrender to the corporation of a certificate for shares duly endorsed
or accompanied by proper evidence of succession, assignment, or authority to
transfer, the corporation shall issue a new certificate to the person entitled
thereto, cancel the old certificate, and record the transaction upon its books.
6.3 LOST, STOLEN, OR DESTROYED CERTIFICATES.
If a certificate is represented as being lost, stolen, or destroyed, a new
certificate shall be issued in its place upon such proof of the loss, theft, or
destruction and upon the giving of such bond or other security as may be
required by the Board of Directors.
6.4 TRANSFER AGENTS AND REGISTRARS.
The Board of Directors may from time to time appoint one or more specific
transfer agents and one or more registrars for the shares of the corporation who
shall have such powers and duties as the Board of Directors may specify.
ARTICLE VII
INDEMNIFICATION AND LIABILITY
7.1 INDEMNIFICATION.
The corporation shall indemnify to the fullest extent not prohibited by law
any person who was or is a party or is threatened to be made a party to any
proceeding (as hereinafter defined) against all expenses (including attorney's
fees), judgments, fines, and amounts paid in settlement actually and reasonably
incurred by the person in connection with such proceeding.
7.2 ADVANCEMENT OF EXPENSES.
Expenses incurred by a director or officer in defending a proceeding shall,
in all cases, be paid by the corporation in advance of the final disposition of
such proceeding at the written request of such person, if the person:
7.2.1 Furnishes the corporation a written affirmation of the person's
good faith belief that such person is entitled to be indemnified by the
corporation under this article or under any other indemnification rights granted
by the corporation to such person; and
7.2.2 Furnishes the corporation a written undertaking to repay such
advance to the extent it is ultimately determined by a court that such person is
not entitled to be indemnified by the corporation
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under this article or under any other indemnification rights granted by the
corporation to such person. Such advances shall be made without regard to the
person's ultimate entitlement to indemnification under this article or
otherwise.
7.3 DEFINITION OF PROCEEDINGS.
The term "Proceeding" shall include any threatened, pending or completed
action, suit or proceeding, whether brought in the right of the corporation or
otherwise and whether of a civil, criminal, administrative or investigative
nature, in which a person may be or may have been involved as a party or
otherwise by reason of the fact that the person is or was a director or officer
of the corporation or a fiduciary within the meaning of the Employee Retirement
Income Security Act of 1974 with respect to any employee benefit plan of the
corporation, or is or was serving at the request of the corporation as a
director, officer or fiduciary of an employee benefit plan of another
corporation, partnership, joint venture, trust or other enterprise, whether or
not serving in such capacity at the time any liability or expense is incurred
for which indemnification or advancement of expenses can be provided under this
article.
7.4 NON-EXCLUSIVITY AND CONTINUITY OF RIGHTS.
The indemnification and entitlement to advancement of expenses provided by
this article shall not be deemed exclusive of any other rights to which those
indemnified may be entitled under the articles of incorporation or any statute,
agreement, general or specific action of the board of directors, vote of stock
holders or otherwise, shall continue as to a person who has ceased to be a
director or officer, shall inure to the benefit of the heirs, executors, and
administrators of such a person and shall extend to all claims for
indemnification of advancement of expenses after the adoption of this article.
7.5 AMENDMENTS.
Any repeal of this article shall only be prospective and no repeal or
modification hereof shall adversely affect the rights under this article in
effect at the time of the alleged occurrence of any action or omission to act
that is the cause of any proceeding.
7.6 DIRECTOR LIABILITY.
No director of the corporation shall be personally liable to the
corporation or its shareholders for monetary damages for conduct as a director;
provided that this section 7.6 shall not eliminate the liability of a director
for any act or omission for which sum elimination of liability is not permitted
under the Nevada Business Corporation Act. No amendment to the Nevada Business
Corporation Act that further limits the acts or omissions for which elimination
of liability is permitted shall affect the liability of a director for any act
or omission which occurs prior to the effective date of such amendment.
9. By-Laws
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ARTICLE VIII
GENERAL PROVISIONS
8.1 AMENDMENT OF BY-LAWS.
Except as otherwise provided by the Act or the Articles of Incorporation,
the By-Laws may be amended by the Board of Directors or the shareholders.
Whenever amendments or new By-Laws are adopted, they shall be placed in the
minute book with the original By-Laws in the appropriate place. If any By-Law
is repealed, the fact of repeal and the date on which the repeal occurred shall
be stated in such book and place.
8.2 DIVIDENDS.
Except as provided by the Act or the Articles of Incorporation, the
directors may, from time to time, declare and the corporation may pay, dividends
on its outstanding shares in the manner and upon the terms and conditions
provided by law.
8.3 SEAL.
The directors may provide a corporate seal which shall be circular in form
and shall have inscribed thereon the name of the corporation, the state of
incorporation, year of incorporation and the words "corporate seal".
8.4 ACTION WITHOUT MEETING.
Any action which the Act, the Articles of Incorporation or by the By-Laws
require or permit the shareholders or directors to take at a meeting may be
taken without a meeting if the action is taken by all of the shareholders or
directors entitled to vote on the matter, evidenced by one or more written
consents describing the action taken, signed by each shareholder or director, as
the case may be, and included in the minutes or filed with the corporate records
reflecting the action taken.
8.5 WAIVER OF NOTICE.
A shareholder or director may, at any time, waive any notice required by
the Act, the Articles of Incorporation or the By-Laws. Any such waiver shall be
in writing, signed by the shareholder or director entitled to the notice and
shall be delivered to the corporation for inclusion in the minutes or corporate
records.
I hereby certify that the foregoing By-Laws were adopted by the Board of
Directors on January 5, 1998.
Integrated Food Resources, Inc.
By: /s/ James McKenzie
---------------------------------
James McKenzie, Secretary
10. By-Laws
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BYLAWS
OF
SEABOURNE VENTURES, INC.
SECTION 1
OFFICES
The principal office of the corporation shall be located at the principal
place of business or such other place as the Board of Directors (the "Board")
may designate. The corporation may have such other offices, either within or
without the State of Oregon, as the Board may designate or as the business of
the corporation may require from time to time.
SECTION 2
SHAREHOLDERS
2.1 ANNUAL MEETING. The annual meeting of the shareholders shall be
held on the day chosen by the Board of Directors each year at the principal
office of the corporation or such other place as fixed by the Board, for the
purpose of electing Directors and transacting such other business as may
property come before the meeting. If the day fixed for the annual meeting is a
legal holiday, the meeting shall be held on the next succeeding business day. If
the annual meeting is not held at the designated time, the President or the
Board may call the annual meeting at a time fixed by them not more than sixty
(60) days after such designated time by proper notice designating the meeting as
the annual meeting. If the annual meeting is not held at the designated time or
during the sixty (60) day period thereafter, the annual meeting may be called by
the holders of not less than one-tenth (1/10th) of all the outstanding shares of
the corporation entitled to vote at the meeting. In such event, notice shall be
given not more than fifteen (15) days after the expiration of such sixty (60)
day period. Any such notice shall fix the time of the meeting at the earliest
date permissible under the applicable notice requirements.
2.2 SPECIAL MEETINGS. The Chairman of the Board, the President, or the
Board may call special meetings of the shareholders for any purpose and the
holders of not less than onetenth (1/10th) of all the outstanding shares of the
corporation entitled to vote on any issue proposed to be considered at the
proposed special meeting, if they date, sign and deliver to the corporation's
Secretary demand for a special meeting describing the purpose(s) for which it is
to be held, may call a special meeting of the shareholders for such stated
purpose(s).
2.3 PLACE OF MEETING. All meetings shall be held at the principal
office of the corporation or at such other place within or without the State of
Oregon designated by the Board, by any persons entitled to call a meeting
hereunder or by a waiver of notice signed by all of the shareholders entitled to
vote at the meeting.
1 - BYLAWS EXHIBIT 3.5
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2.4 MEETING NOTICE REQUIREMENTS.
2.4.1 NOTICE OF MEETING. The Chairman of the Board, the
President, the Secretary, the Board, or shareholders calling an annual or
special meeting of shareholders, as provided for herein, shall cause to be
delivered to each shareholder entitled to notice of or to vote at the meeting
either personally or by mail, not less than ten (10) nor more than sixty (60)
days before the meeting, written notice stating the place, day and hour of the
meeting, and in the case of a special meeting, the purpose(s) for which the
meeting is called. At any time, upon properly executed written demand of the
holders of not less than one-tenth (1/10th) of all of the outstanding shares of
the corporation entitled to vote on any issue proposed to be considered at the
proposed meeting, it shall be the duty of the Secretary to give notice of such
special meeting of shareholders to be held on such date and at such place and
hour as the Secretary may fix, not less than ten (10) nor more than sixty (60)
days after receipt of said request, and if the Secretary shall neglect or refuse
to issue such notice, the person(s) making the request may do so and may so fix
the date for such meeting. If such notice is mailed, it shall be deemed
delivered when deposited in the official government mail properly addressed to
the shareholder at his or her address as it appears on the stock transfer books
of the corporation with postage prepaid. If the notice is telegraphed, it shall
be deemed delivered when the content of the telegram is delivered to the
telegraph company.
2.4.2 NOTICE OF ADJOURNMENT OF MEETING. If a duly noticed annual
or special meeting of shareholders is adjourned to a later date, the Chairman of
the Board, the President, the Secretary, the Board, or shareholders calling such
meeting shall announce the date, time, and place of the adjoined meeting of
shareholders prior to the adjournment of the original meeting.
2.5 WAIVER OF NOTICE.
2.5.1 Whenever any notice is required to be given to any
shareholder under the provisions of these Bylaws, the Articles of Incorporation
or the Oregon Business Corporation Act, a waiver thereof in writing, signed by
the person or persons entitled to such notice, whether before or after the time
stated therein, and delivered to the corporation for inclusion in the minutes
for filing with the corporate records shall be deemed equivalent to the giving
of such notice.
2.5.2 The attendance of a shareholder at a meeting waives
objection to lack of, or defective notice of such meeting or consideration of a
particular matter at the meeting, except when a shareholder at the beginning of
the meeting or consideration of such matter objects to holding the meeting,
transacting business at the meeting or considering the matter when presented at
the meeting.
2.6 FIXING OF RECORD DATE FOR DETERMINING OF SHAREHOLDERS. For
purposes of determining shareholders entitled to notice of, or vote at any
meeting of shareholders or any adjournment thereof, or shareholders entitled to
demand a special meeting, or shareholders entitled to receive payment of any
dividend, or in order to make a determination of shareholders for any other
purpose, the board may fix in advance a date as the record date for any such
determination. Such record date shall be not more than seventy (70) days, and in
case of a meeting of shareholders, not less than ten (10) days, prior to the
date on which the particular
2 - BYLAWS
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action requiring such determination is to be taken. If no record date is fixed
for the determination of shareholders entitled to notice of or to vote at a
meeting, or to demand a special meeting or to receive payment of a dividend, the
date on which the notice of meeting is mailed or on which the resolution of the
Board declaring such dividend is adopted, as the case may be, shall be the
record date for such determination. Such determination shall apply to any
adjournment of the meeting.
2.7 SHAREHOLDERS' LIST.
2.7.1 THE LIST. Beginning two (2) business days after notice of a
meeting of shareholders is given, a complete alphabetical list of the
shareholders entitled to vote at such meeting, or any adjournment thereof, shall
be made, arranged by voting group, and within each voting group by class or
series, with the address of and number of shares held by each shareholder. This
record shall be kept on file at the corporation's principal office or at a place
identified in the meeting notice in the city where the meeting will be held and
on written demand shall be subject to inspection by any shareholder at any time
during normal business hours. Such record shall also be kept open at such
meeting for inspection by any shareholder.
2.7.2 COPYING. A shareholder may, on written demand, copy the
shareholders' list at such shareholder's expense during regular business hours
provided:
a. Such shareholder's demand is made in good faith and
for a proper purpose;
b. Such shareholder has described with reasonable
particularity his/her/its purpose in the written demand; and
c. The shareholders' list is directly connected with
such shareholder's purpose.
2.8 QUORUM. A majority of the votes entitled to be cast on a matter at
a meeting by a voting group, represented in person or by proxy, shall constitute
a quorum of that voting group for action on that matter at a meeting of the
shareholders. If the presiding officer at a meeting of the shareholders
determines that a quorum is not present, he shall not call the meeting to order.
If a quorum is present or represented at a reconvened meeting following an
adjournment, any business may be transacted that might have been transacted at
the meeting as originally called. The shareholders present at a duly organized
meeting may continue to transact business until adjournment, notwithstanding the
withdrawal of enough shareholders to leave less than a quorum.
2.9 MANNER OF ACTING.
2.9.1 GENERALLY. If a quorum exists, action on a matter, other
than the election of directors, by a voting group is approved if the votes cast
within the voting group favoring the action exceed the votes cast opposing the
action, unless the affirmative vote of a greater number is required by these
Bylaws, the Articles of Incorporation or the Oregon Business Corporation Act.
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2.9.2 SINGLE VOTING GROUP. If a matter is to be voted on by a
single group, action on that matter is taken when voted upon by that voting
group; if a matter is to be voted on by two (2) or more voting groups, action on
that matter is taken only when voted upon by each of those voting groups counted
separately. Action may be taken by one (1) voting group on a matter even though
no action is taken by another voting group entitled to vote on such matter.
2.10 PROXIES. A shareholder may vote by proxy executed in writing by
the shareholder or by his or her attorney-in-fact fact. Such proxy shall be
filed with the Secretary of the corporation before or at the time of the
meeting. A proxy shall become invalid eleven (11) months after the date of its
execution, unless otherwise expressly provided in the proxy. A proxy with
respect to a specified meeting shall entitle the holder thereof to vote at any
adjournment of such meeting but shall not be valid after the final adjournment
thereof.
2.11 VOTING OF SHARES. Each outstanding share entitled to vote shall be
entitled to one vote upon each matter submitted to a vote at a meeting of
shareholders.
2.12 VOTING FOR DIRECTORS. Unless the Articles of Incorporation permit
cumulative voting, each shareholder entitled to vote at an election of Directors
may vote, in person or by proxy, the number of shares owned by such shareholder
for each position on the Board of Directors that is to be filled by election,
and for which such shareholder has a right to vote. The candidate receiving the
plurality of the votes cast for that position on the Board of Directors shall be
deemed elected to that position; provided, however, that no candidate may be
elected to serve in more than one position on the Board of Directors at the same
time.
2.13 ACTION BY SHAREHOLDERS WITHOUT A MEETING. Any action which could
be taken at a meeting of the shareholders may be taken without a meeting if a
written consent setting forth the action so taken is signed by all shareholders
entitled to vote with respect to the subject matter thereof. The action shall be
effective on the date on which the last signature is placed on the consent, or
at such earlier or later time as is set forth therein. Such written consent,
which shall have the same force and effect as a unanimous vote of the
shareholders, shall be inserted in the minute book as if it were the minutes of
a meeting of the shareholders.
2.14 VOTING OF SHARES BY CERTAIN HOLDERS.
2.14.1 SHARES HELD BY ANOTHER CORPORATION. Shares standing
in the name of another corporation may be voted by such officer, agent or proxy
as the bylaws of such other corporation may prescribe, or, in the absence of
such provision, as the Board of Directors of such corporation may determine;
provided, however, such shares are not entitled to vote if the corporation owns,
directly or indirectly, a majority of the shares entitled to vote for Directors
of such other corporation.
2.14.2 SHARES HELD BY PERSONAL REPRESENTATIVE, GUARDIAN.
CONSERVATOR OR TRUSTEE. Shares held by a personal representative, administrator,
executor, guardian or conservator may be voted by the holder, either in person
or by proxy, without a transfer of such shares into the holder's name. Shares
standing in the name of a trustee may be voted by that
4 - BYLAWS
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trustee either in person or by proxy, but no trustee shall be entitled to vote
shares without a transfer of such shares into the trustee's name.
2.14.3 SHARES HELD BY RECEIVER OR TRUSTEE IN BANKRUPTCY.
Shares standing in the name of a receiver or trustee in bankruptcy may be voted
by such receiver or trustee in bankruptcy, and shares held by or under the
control of a receiver or trustee in bankruptcy may be voted by such receiver or
trustee in bankruptcy without the transfer thereof into the name of such
receiver or trustee if authority to do so is contained in an appropriate order
of the court by which such receiver or trustee in bankruptcy was appointed.
2.14.4 PLEDGED SHARES. A shareholder whose shares are
pledged shall be entitled to vote such shares until the shares have been
transferred into the name of the pledgee, and thereafter the pledgee shall be
entitled to vote the shares so transferred.
2.14.5 TREASURY SHARES; FIDUCIARY STOCK. Treasury shares
shall not be voted or counted for determining whether a quorum exists at any
meeting or counted in determining the total number of outstanding shares at any
given time; shares of its own stock held by the corporation in a fiduciary
capacity may be voted by the corporation.
SECTION 3
BOARD OF DIRECTORS
3.1 GENERAL POWERS. The business affairs of the corporation shall be
managed by the Board, except as may be otherwise provided in these Bylaws, the
Articles of Incorporation, or the Oregon Business Corporation Act.
3.2 NUMBER AND TENURE. The Board shall consist of not less than one
nor more than five Directors. The number of Directors may be changed from time
to time by amendment to these Bylaws, but no decrease in the number of Directors
shall have the effect of shortening the term of any incumbent Director. Unless a
Director dies, resigns, or is removed from office, he or she shall hold office
until the next annual meeting of shareholders or until his or her successor is
elected, whichever is later. Directors need not be shareholders of the
corporation or residents of the State of Oregon.
3.3 ANNUAL AND REGULAR MEETINGS. An annual Board meeting shall be held
without notice immediately after and at the same place as the annual meeting of
shareholders. By resolution the Board, or any committee thereof, may specify the
time and place either within or without the State of Oregon for holding regular
meetings thereof without other notice than such resolution.
3.4 SPECIAL MEETINGS. Special meetings of the Board or any committee
designated by the Board may be called by or at the request of the Chairman of
the Board, the President, the Secretary or any two (2) Directors and, in the
case of any special meeting of any committee designated by the Board, by the
Chairman thereof. The person or persons authorized to call special meetings may
fix any place either within or without the State of Oregon as the place for
holding any special Board or committee meeting called by them.
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3.5 MEETINGS BY TELEPHONE. Members of the Board or any committee
designated by the Board may participate in a meeting of such Board or committee
by means of a conference telephone or similar communications equipment by means
of which all persons participating in the meeting can hear each other.
Participation by such means shall constitute presence in person at a meeting.
3.6 NOTICE OF SPECIAL MEETINGS. Notice of a special Board or committee
meeting stating the place, day and hour of the meeting shall be given to a
Director in writing or orally by telephone or in person. Neither the business to
be transacted at, nor the purpose of, any special meeting need be specified in
the notice of such meeting.
3.6.1 PERSONAL DELIVERY. If delivery is by personal service, the
notice shall be effective if delivered at such address at least two (2) days
before the meeting.
3.6.2 DELIVERY BY MAIL. If notice is delivered by mail, the
notice shall be deemed effective if deposited in the official government mail at
least five days before the meeting properly addressed to a Director at his or
her address shown on the records of the corporation with postage prepaid.
3.6.3 DELIVERY BY ELECTRONIC MEANS. If notice is delivered by any
electronic means including, but not limited to, telegraph or facsimile, the
notice shall be deemed effective if the content thereof is delivered to the
telegraph company for delivery to a Director at his or her address shown on the
records of the corporation, or transmitted by facsimile machine to a facsimile
number for the Director shown on the records of the corporation, at least three
days before the meeting.
3.6.4 ORAL NOTICE. If notice is delivered orally, by telephone or
in person, the notice shall be effective if personally given to a Director at
least two days before the meeting.
3.7 WAIVER OF NOTICE.
3.7.1 WRITTEN WAIVER. Whenever any notice is required to be given
to any Director under the provisions of these Bylaws, the Articles of
Incorporation or the Oregon Business Corporation Act, a waiver thereof in
writing specifying the meeting for which notice is waived, signed by the person
or persons entitled to such notice, whether before or after the time stated
therein, shall be deemed equivalent to the giving of such notice. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting
of the Board or any committee appointed by the Board need be specified in the
waiver of notice of such meeting.
3.7.2 WAIVER BY ATTENDANCE. The attendance of a Director at a
Board or committee meeting shall constitute a waiver of notice of such meeting,
except when a Director, at the beginning of the meeting, or promptly upon such
Director's arrival, objects to holding the meeting or transacting any business
and does not thereafter vote for or assent to action taken at the meeting.
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3.8 QUORUM. A majority of the number of Directors fixed by or in the
manner provided by these Bylaws shall constitute a quorum for the transaction of
business at any Board meeting. If the Chairman of the Board determines that less
than a quorum is present he shall not call the meeting to order.
3.9 MANNER OF ACTING. The act of the majority of the Directors present
at a Board meeting at which there is a quorum shall be the act of the Board,
unless the vote of a greater number is required by these Bylaws, the Articles of
Incorporation or the Oregon Business Corporation Act.
3.10 PRESUMPTION OF ASSENT. A Director of the corporation present at a
Board or committee meeting at which action on any corporate matter is taken
shall be deemed to have assented to the action taken unless such Director
objects at the beginning of the meeting, or promptly upon such Director's
arrival, to holding the meeting or transacting business at the meeting, and his
or her dissent is entered in the minutes of the meeting, or unless such Director
delivers a written notice of dissent or abstention to such action with the
presiding officer of the meeting before the adjournment thereof, or forwards
such notice by registered mail to the Secretary of the corporation immediately
after the adjournment of the meeting. A Director who voted in favor of such
action may not thereafter dissent or abstain.
3.11 ACTION BY BOARD OR COMMITTEES WITHOUT A MEETING. Any action which
could be taken at a meeting of the Board or of any committee appointed by the
Board may be taken without a meeting if a written consent setting forth the
action so taken is signed by each of the Directors or by each committee member.
The action shall be effective on the date on which the last signature is placed
on the consent, or at such earlier time as is set forth therein. Such written
consent, which shall have the same effect as a unanimous vote of the Directors
or such committee, shall be inserted in the minute book as if it were the
minutes of a Board or committee meeting.
3.12 RESIGNATION. Any Director may resign at any time by delivering
written notice to the Chairman of the Board, the Board, or to the registered
office of the corporation. Any such resignation shall take effect at the time
specified therein, or if the time is not specified therein, upon delivery
thereof and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. Once delivered, a
notice of resignation is irrevocable unless revocation is permitted by the
Board.
3.13 REMOVAL. At a meeting of shareholders called expressly for that
purpose, one (1) or more members of the Board (including the entire Board) may
be removed, with or without cause, unless the Articles of Incorporation permit
removal for cause only, by a vote of the holders of a majority of the shares
then entitled to vote on the election of the Director(s). A Director may be
removed only if the number of votes cast to remove the Director exceeds the
number of votes cast to not remove the Director. If a Director is elected by a
voting group of shareholders, only the shareholders of that voting group may
participate in the vote to remove such Director.
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3.14 VACANCIES. Any vacancy occurring on the Board, including a vacancy
resulting from an increase in the number of Directors, may be filled by the
shareholders, the Board or the affirmative vote of a majority of the remaining
Directors though less than a quorum of the Board, or by a sole remaining
Director. A Director elected to fill a vacancy shall be elected for the
unexpired term of his or her predecessor in office. Any directorship to be
filled by reason of an increase in the number of Directors may be filled by the
affirmative vote of a majority of the number of Directors fixed by the Bylaws
prior to such increase for a term of office continuing only until the next
election of Directors by the shareholders. Any directorship not so filled by the
Directors shall be filled by election at the next annual meeting of shareholders
or at a special meeting of shareholders called for that purpose. If the vacant
directorship is filled by the shareholders and was held by a Director elected by
a voting group of shareholders, then only the holders of shares of that voting
group are entitled to vote to fill such vacancy. A vacancy that will occur at a
specific later date by reason of a resignation effective at such later date or
otherwise may be filled before the vacancy occurs, but the new Director may not
take office until the vacancy occurs.
3.15 EXECUTIVE AND OTHER COMMITTEES.
3.15.1 CREATION OF COMMITTEES. The Board, by resolution
adopted in the manner provided by these Bylaws by a majority of the number of
Directors in office when such action is taken, may appoint standing or temporary
committees, including an Executive Committee, from its own number and consisting
of no less than two (2) Directors and invest such committee(s) with such powers
as it may see fit, subject to such conditions as may be prescribed by the Board,
these Bylaws, the Articles of Incorporation and the Oregon Business Corporation
Act.
3.15.2 AUTHORITY OF COMMITTEES. Each committee shall have
and may exercise all of the authority of the Board to the extent provided in the
resolution of the Board designating the committee and any subsequent resolutions
pertaining thereto and adopted in like manner, except that no such committee
shall have the authority to: (a) authorize distributions; (b) approve or propose
to shareholders actions required by the Oregon Business Corporation Act to be
approved by shareholders; (c) fill vacancies on the Board or any committee
thereof; (d) adopt, amend or repeal these Bylaws; (e) amend the Articles of
Incorporation pursuant to the Oregon Business Corporation Act; (f) approve a
plan of merger not requiring shareholder approval; (g) authorize or approve
reacquisition of shares, except according to a formula or method prescribed by
the Board; or (h) authorize or approve the issuance or sale or contract for sale
of shares, or determine the designation of relative rights, preferences and
limitations of a class or series of shares, except that the Board may authorize
a committee or a senior executive officer of the corporation to do so within
limits specifically prescribed by the Board.
3.15.3 QUORUM AND MANNER OF ACTING. A majority of the
number of Directors composing any committee of the Board, as established and
fixed by resolution of the Board, shall constitute a quorum for the transaction
of business at any meeting of such committee. If the presiding officer
determines that less than a quorum is present, he shall not call the
meeting to order. Except as may be otherwise provided in the Oregon Business
Corporation Act, the Articles of Incorporation, or these Bylaws, the Act of a
majority of the members of a committee present shall be the act of the
committee.
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3.15.4 MINUTES OF MEETINGS. All committees so appointed
shall keep regular minutes of their meetings and shall cause them to be recorded
in books kept for that purpose.
3.15.5 RESIGNATION. Any member of any committee may resign
at any time by delivering written notice thereof to the Board, the Chairman of
the Board or the corporation. Any such resignation shall take effect at the time
specified therein, or if the time is not specified, upon delivery thereof and
the acceptance of such resignation shall not be necessary to make it effective.
Once delivered, a notice of resignation is irrevocable unless revocation is
permitted by the Board.
3.15.6 REMOVAL. The Board may remove from office any member
of any committee elected or appointed by it, but only by the affirmative vote of
not less than a majority of the number of Directors fixed by or in the manner
provided by these Bylaws.
3.16 COMPENSATION. By Board resolution, Directors and committee members
may be paid their expenses, if any, of attendance at each Board or committee
meeting, or a fixed sum for attendance at each Board or committee meeting, or a
stated salary as Director or a committee member, or a combination of the
foregoing. No such payment shall preclude any Director or committee member from
serving the corporation in any other capacity and receiving compensation
therefor.
3.17 TRANSACTIONS WITH DIRECTORS.
3.17.1 Any contract or other transaction or determination
between the corporation and one or more of its Directors, or between the
corporation and another party in which one or more of its Directors are
interested, shall be valid notwithstanding the relationship or interest or the
presence or participation of such Director(s) in a meeting of the Board or a
committee thereof which acts upon or in reference to such contract, transaction,
or determination, if: (a) the material facts of the transaction and the
Directors' interest(s) were disclosed or known to the Board or a committee of
the Board and the Board or committee authorized, approved, or ratified the
transactions; (b) the material facts of the transaction and the Directors or
Directors' interest(s) were disclosed or known to the shareholders entitled to
vote and they authorized, approved or ratified the transaction; or (c) the
transaction was fair to the corporation.
3.17.2 Common or interested Directors may be counted in
determining the presence of a quorum at a meeting of the Board or committee
which authorizes or ratifies such contract, transaction or determination. A
transaction with a Director may not be authorized, approved or ratified by a
single Director unless such Director is the sole Director and the sole
shareholder of the corporation and otherwise complies with the requirements of
Section 3.17 herein and applicable law. The interested Director(s) shall not be
disqualified from voting as shareholders for ratification or approval of such
contract, transaction or determination.
3.17.3 None of the provisions of this Section shall
invalidate any contract, transaction or determination which would otherwise be
valid under applicable law.
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<PAGE>
SECTION 4
OFFICERS
4.1 NUMBER. The officers of the corporation shall be a President and a
Secretary, each of whom shall be appointed by the Board. One or more Vice
Presidents, a Treasurer and such other officers and assistant officers,
including a Chairman of the Board, may be appointed by the Board; such officers
and assistant officers to hold office for such period, have such authority and
perform such duties as are provided in these Bylaws or as may be provided by
resolution of the Board. Any officer may be assigned by the Board any additional
title that the Board deems appropriate. The Board may delegate to any officer or
agent the power to appoint any such subordinate officers or agents and to
prescribe their respective terms of office, authority and duties and to remove
any subordinate officers or agents so appointed. Any two (2) or more offices may
be held by the same person.
4.2 APPOINTMENT AND TERM OF OFFICE. The officers of the corporation
shall be appointed annually by the Board at the Board meeting held after the
annual meeting of the shareholders. If the appointment of officers is not held
at such meeting, such appointment shall be held as soon thereafter as a Board
meeting conveniently may be held. Unless an officer dies, resigns, or is removed
from office, he or she shall hold office until the next annual meeting of the
Board or until his or her successor is appointed.
4.3 RESIGNATION. Any officer may resign at any time by delivering
written notice to the corporation. Any such resignation shall take effect at the
time specified therein, or if the time is not specified, upon delivery thereof
and, unless otherwise specified therein, the acceptance of such resignation
shall not be necessary to make it effective. Once delivered, a notice of
resignation is irrevocable unless revocation is permitted by the Board.
4.4 REMOVAL. Any officer or agent appointed by the Board may be
removed by the Board at any time, with or without cause, but such removal shall
be without prejudice to the contract rights, if any, of the person so removed.
Appointment of an officer or agent shall not of itself create contract rights.
4.5 VACANCIES. A vacancy in any office because of death, resignation,
removal, disqualification, creation of a new office or any other cause may be
filled by the Board for the unexpired portion of the term, or for a new term
established by the Board.
4.6 CHAIRMAN OF THE BOARD. If elected, the Chairman of the Board shall
per-form such duties as shall be assigned to him by the Board from time to time
and shall preside over meetings of the Board and shareholders unless another
officer is appointed or designated by the Board as Chairman of such meeting.
4.7 PRESIDENT. The President shall be the chief executive officer of
the corporation unless some other officer is so designated by the Board, shall
preside over meetings of the Board and shareholders in the absence of a Chairman
of the Board and, subject to the Board's control, shall supervise and control
all of the assets, business and affairs of the corporation. The President may
sign certificates for shares of the corporation, deeds, mortgages, bonds,
contracts, or other instruments, except when the signing and execution thereof
have been expressly
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delegated by the Board or by these Bylaws to some other officer or agent of the
corporation, or are required by law to be otherwise signed or executed by some
other officer or in some other manner. In general, the President shall perform
all duties incident to the office of President and such other duties as are
prescribed by the Board from time to time.
4.8 VICE PRESIDENT. In the event of the death of the President or his
or her inability to act, the Vice President (or if there is more than one (1)
Vice President, the Vice President who was designated by the Board as the
successor to the President, or if no Vice President is so designated, the Vice
President first elected to such office) shall perform the duties of the
President, except as may be limited by resolution of the Board, with all the
powers of and subject to all the restrictions upon the President. Any Vice
President may sign, with the Secretary or Assistant Secretary, certificates for
shares of the corporation. Vice Presidents shall have, to the extent authorized
by the President or the Board, the same powers as the President to sign deeds,
mortgages, bonds, contracts or other instruments. Vice Presidents shall perform
such other duties as from time to time may be assigned to them by the President
or the Board.
4.9 SECRETARY. The Secretary shall: (a) keep the minutes of meetings
of the shareholders and the Board in one (1) or more books provided for that
purpose; (b) see that all notices are duly given in accordance with the
provisions of these Bylaws or as required by law; (c) be custodian of the
corporate records and seal of the corporation; (d) keep registers of the post
office address of each shareholder and Director; (e) sign, with the President or
a Vice President, certificates for shares of the corporation; (f) have general
charge of the stock transfer books of the corporation; (g) sign, with the
President or other officer authorized by the President or the Board, deeds,
mortgages, bonds, contracts or other instruments; and (h) in general perform
all duties incident to the office of Secretary and such other duties as from
time to time may be assigned to him or her by the President or by the Board. In
the absence of the Secretary, an Assistant Secretary may perform the duties of
the Secretary.
4.10 TREASURER. If required by the Board, the Treasurer shall give a
bond for the faithful discharge of his or her duties in such amount and with
such surety or sureties as the Board shall determine. The Treasurer shall have
charge and custody of and be responsible for all funds and securities of the
corporation; receive and give receipts for moneys due and payable to the
corporation from any source whatsoever, and deposit all such moneys in the name
of the corporation in banks, trust companies or other depositories selected in
accordance with the provisions of these Bylaws; and in general perform all of
the duties incident to the office of Treasurer and such other duties as from
time to time may be assigned to him or her by the President or by the Board. In
the absence of the Treasurer, an Assistant Treasurer may perform the duties of
the Treasurer.
4.11 SALARIES. The salaries of the officers shall be fixed from time to
time by the Board or by any person or persons to whom the Board has delegated
such authority. No officer shall be prevented from receiving such salary by
reason of the fact that he or she is also a Director of the corporation.
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SECTION 5
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
5.1 CONTRACTS. The Board may authorize any officer or officers, or
agent or agents, to enter into any contract or execute and deliver any
instrument in the name of and on behalf of the corporation. Such authority may
be general or confined to specific instances.
5.2 LOANS TO THE CORPORATION. No loans shall be contracted on behalf
of the corporation and no evidences of indebtedness shall be issued in its name
unless authorized by a resolution of the Board. Such authority may be general or
confined to specific instances.
5.3 LOANS TO DIRECTORS. The corporation shall not lend money to or
guarantee the obligation of a Director unless: (a) the particular loan or
guarantee is approved by a majority of the votes represented by the outstanding
voting shares of all classes, voting as a single voting group, excluding the
votes of the shares owned by or voted under the control of the benefitted
Director; or (b) the Board determines that the loan or guarantee benefits the
corporation and either approves the specific loan or guarantee or a general plan
authorizing the loans and guarantees.
5.4 CHECKS, DRAFTS, ETC. All checks, drafts, or other orders for the
payment of money, notes or other evidences of indebtedness issued in the name of
the corporation shall be signed by such officer or officers, or agent or agents,
of the corporation and in such manner as is from time to time determined by
resolution of the Board.
5.5 DEPOSITS. All funds of the corporation not otherwise employed
shall be deposited from time to time to the credit of the corporation in such
banks, trust companies or other depositories as the Board may select.
SECTION 6
CERTIFICATES FOR SHARES AND THEIR TRANSFER
6.1 ISSUANCE OF SHARES. No shares of the corporation shall be issued
unless authorized by the Board, such authorization shall include the maximum
number of shares to be issued and the consideration to be received for each
share.
6.2 CERTIFICATES FOR SHARES. Certificates representing shares of the
corporation shall be in such form as shall be determined by the Board. Such
certificates shall be signed by the Chairman or Vice Chairman of the Board, or
the President or a Vice President, and by the Secretary or an Assistant
Secretary. Any or all of the signatures on a certificate may be a facsimile if
the certificate is manually signed on behalf of a transfer agent or a registrar
other than the corporation itself or an employee of the corporation. All
certificates shall include on their face written notice of any restrictions
which may be imposed on the transferability of such shares. All certificates
shall be consecutively numbered or otherwise identified.
6.3 STOCK RECORDS. The stock transfer books shall be kept at the
registered office or principal place of business of the corporation or at the
office of the corporation's transfer agent or registrar. The name and address of
each person to whom certificates for shares are issued,
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<PAGE>
together with the class and number of shares represented by each such
certificate and the date of issue thereof, shall be entered on the stock
transfer books of the corporation. The person in whose name shares stand on the
books of the corporation shall be deemed by the corporation to be the owner
thereof for all purposes.
6.4 RESTRICTION ON TRANSFER. Except to the extent that the corporation
has obtained an opinion of counsel acceptable to the corporation that transfer
restrictions are not required under applicable securities laws, or has otherwise
satisfied itself that such transfer restrictions are not required, all
certificates representing shares of the corporation shall bear the following
legend on the face of the certificate or on the reverse of the certificate if a
reference to the legend is contained on the face, which reads substantially as
follows:
The securities evidenced by this certificate have not been
registered under the Securities Act of 1933, as amended (the
"Act"), or any applicable state securities law, and no interest
therein may be sold, distributed, assigned, offered, pledged, or
otherwise transferred unless (a) there is an effective
registration statement under the Act and applicable state
securities laws covering any such transaction involving said
securities or (b) this corporation receives an opinion of legal
counsel for the holder of these securities (concurred in by legal
counsel for this corporation) stating that such transaction is
exempt from registration or this corporation otherwise satisfies
itself that such transaction is exempt from registration.
6.5 TRANSFER OF SHARES. Transfer of shares of the corporation shall be
made only on the stock transfer books of the corporation pursuant to
authorization or document of transfer made by the holder of record thereof or by
his or her legal representative, who shall furnish proper evidence of authority
to transfer, or by his or her attorney-in-fact authorized by power of attorney
duly executed and filed with the Secretary of the corporation. All certificates
surrendered to the corporation for transfer shall be cancelled and no new
certificate shall be issued until the former certificates for like number of
shares shall have been surrendered and cancelled.
6.6 LOST OR DESTROYED CERTIFICATES. In the case of a lost, destroyed
or mutilated certificate, a new certificate may be issued therefor upon such
terms and indemnity to the corporation as the Board may prescribe.
6.7 TRANSFER AGENT AND REGISTRAR. The Board may from time to time
appoint one (1) or more Transfer Agents and one (1) or more Registrars for the
shares of the corporation, with such powers and duties as the Board shall
determine by resolution.
6.8 OFFICER CEASING TO ACT. In case any officer who has signed or
whose facsimile signature has been placed upon a stock certificate shall have
ceased to be such officer before such certificate is issued, it may be issued by
the corporation with the same effect as if the signer were such officer at the
date of its issuance.
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<PAGE>
6.9 FRACTIONAL SHARES. The corporation shall not issue certificates
for fractional shares.
SECTION 7
BOOKS AND RECORDS
7.1 MAINTAINING CORPORATE RECORDS. The corporation shall keep correct
and complete books and records of account, stock transfer books, minutes of the
proceedings of its shareholders and Board and such other records as may be
necessary or advisable.
7.2 INSPECTION OF CORPORATE RECORDS. A shareholder is entitled to
inspect and copy during regular business hours those corporate books and records
described in ORS 60.774 and subject to the requirements therein.
SECTION 8
FISCAL YEAR
The fiscal year of the corporation shall be the calendar year, provided
that if a different fiscal year is at any time selected for purposes of federal
income taxes, the fiscal year shall be the year so selected.
SECTION 9
SEAL
The corporation may use a seal. If it does so, the seal of the
corporation shall consist of the name of the corporation, the year of its
incorporation and the state of its incorporation.
SECTION 10
INDEMNIFICATION
10.1 DEFINITION. As used in this Section 10:
10.1.1 "Director" means an individual who is or was a
Director of the corporation or an individual who, while a Director of the
corporation, is or was serving at the corporation's request as a Director,
officer, partner, trustee, employee, or agent of another foreign or domestic
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise. A Director is considered to be serving an employee benefit plan at
the corporation's request if the Director's duties to the corporation also
impose duties on or otherwise involve services by the Director to the plan or to
participants in or beneficiaries of the plan. "Director" includes, unless the
context requires otherwise, the estate or personal representative of a Director.
10.1.2 "Expenses" include counsel fees.
10.1.3 "Liability" means the obligation to pay a judgment,
settlement, penalty, fine, including an excise tax assessed with respect to an
employee benefit plan, or reasonable expenses incurred with respect to a
proceeding.
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10.1.4 "Officer" means an individual who is or was an
officer of the corporation or an individual who, while an officer of the
corporation, is or was serving at the corporation's request as a director,
officer, partner, trustee, employee or agent of another foreign or domestic
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise. An officer is considered to be serving an employee benefit plan at
the corporation's request if the officer's duties to the corporation also impose
duties on or include services by the officer to the employee benefit plan or to
participants in or beneficiaries of the plan. "Officer" includes, unless the
context requires otherwise, the estate or personal representative of an of
officer.
10.1.5 "Party" includes an individual who was, is or is
threatened to be made a named defendant or respondent in a proceeding.
10.1.6 "Proceeding" means any threatened, pending or
completed action, suit, or proceeding, whether civil, criminal, administrative,
or investigative and whether formal or informal.
10.2 RIGHT TO INDEMNIFICATION. Except as hereinafter provided, the
corporation shall indemnify an individual made a party to a proceeding because
the individual is or was a Director against liability incurred in the proceeding
if, as determined below:
10.2.1 The conduct of the individual was in good faith;
10.2.2 The individual reasonably believed that the
individual's conduct was in the best interest of the corporation, or at least
not opposed to its best interests; and
10.2.3 In the case of any criminal proceeding, the
individual had no reasonable cause to believe the individual's conduct was
unlawful.
10.3 NO INDEMNIFICATION. THE corporation shall not indemnify a Director
under Section 10.2 in connection with a proceeding by or in the right of the
corporation in which the Director is adjudged liable to the corporation, or in
connection with any other proceeding charging improper personal benefit to the
Director in which the Director was adjudged liable on the basis that personal
benefit was improperly received by the Director. However, the corporation may so
indemnify a Director pursuant to Section 10.9 hereof.
10.4 LIMITATION ON INDEMNIFICATION. Indemnification required under
Section 10.2 in connection with a proceeding by or in the right of the
corporation is limited to reasonable expenses actually incurred in connection
with the proceeding.
10.5 DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION. The
corporation shall not indemnify a Director under Section 10.2 unless authorized
in the specific case after a determination has been made that the
indemnification of the Director is permissible in the circumstances because the
Director has met the standard of conduct set forth in Section 10.2.
10.5.1 PERMISSIBLE. A determination that indemnification of
a Director is permissible shall be made:
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(a) By the Board of Directors by majority vote of a
quorum consisting of Directors not at the time parties to the
proceeding;
(b) If a quorum cannot be obtained under Section
10.5.1(a), by a majority vote of a committee duly designated by the Board
of Directors consisting solely of two (2) or more Directors not at the
time parties to the proceeding. However, Directors who are parties to
the proceeding may participate in designation of the committee;
(c) By special legal counsel selected by the Board of
Directors or its committee in the manner prescribed in Section 10.5.1
(a) or (b) if a quorum of the Board of Directors cannot be obtained under
Section 10.5.1(a) and a committee cannot be designated under Section 10.
5.1 (b), the special legal counsel shall be selected by majority vote of
the full Board of Directors, including Directors who are parties to the
proceeding; or
(d) By the shareholders.
10.5.2 AUTHORIZATION. Authorization of indemnification and
evaluation as to reasonableness of expenses shall be made in the same manner as
the determination that indemnification is permissible, except that if the
determination is made by special legal counsel, authorization of indemnification
and evaluation as to reasonableness of expenses shall be made by those entitled
under Section 10.5.1 (c) to select counsel.
10.6 ADVANCE FOR EXPENSES. The corporation shall pay for or reimburse
the reasonable expenses actually incurred by a Director who is a party to a
proceeding in advance of final disposition of the proceeding if:
10.6.1 The Director furnishes the corporation a written
affirmation of the Director's good faith belief that the Director has met the
standard of conduct described in Section 10.2; and
10.6.2 The Director furnishes the corporation a written
undertaking, executed personally or on the Director's behalf, to repay the
advance if it is ultimately determined that the Director did not meet the
required standard of conduct. Such an undertaking must be an unlimited general
obligation of the Director, but need not be secured and shall be accepted
without reference to financial ability to make repayment.
10.7 INDEMNIFICATION OF OFFICERS, EMPLOYEES AND AGENTS. The corporation
may, by action of its Board of Directors from time to time, provide
indemnification and pay expenses in advance of the final disposition of a
proceeding to Officers, employees and agents of the corporation to the same
extent and effect as provided in this Section with respect to the
indemnification and advancement of expenses of Directors of the corporation or
pursuant to rights granted pursuant to, or provided by, the Oregon Business
Corporation Act or otherwise.
10.8 INSURANCE. The corporation may, by action of its Board of
Directors from time to time, purchase and maintain insurance, even if the
corporation has no power to indemnify the
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individual against the same liability under the Act, on behalf of an individual
against liability asserted against or incurred by the individual who is or was a
Director, Officer, employee or agent of the corporation or who while a Director,
Officer, employee or agent of the corporation, is or was serving at the request
of the corporation as a Director, officer, partner, trustee, employee or agent
of another foreign or domestic corporation, partnership, joint venture, trust
employee benefit plan or other enterprise.
10.9 ADDITIONAL INDEMNIFICATION, NONEXCLUSIVITY OF RIGHTS. The right to
indemnification and the payment of expenses with respect to a proceeding
conferred in this Section shall not be exclusive of any other right which any
person may be entitled or hereafter acquire under any statute, provision of the
Articles of Incorporation, Bylaws, agreement, general or specific action of the
Board of Directors, vote of the shareholders or otherwise, and shall continue as
to a person who has ceased to be a Director, Officer, employee, or agent and
shall inure to the benefit of the heirs, executors, and administrators of such a
person.
The corporation may, upon action by the Board of Directors, make or agree
to make any further indemnification, including advancement of expenses, of any
Director, Officer, employee, or agent by general or specific action of the Board
of Directors, in the Bylaws or by contract or otherwise; provided, however, that
(i) to the extent such further indemnification applies to any Director, no such
further indemnification shall indemnify any Director from or on account of acts
or omissions for which liability is not eliminated under Article 8 of the
Articles of Incorporation, and (ii) to the extent such further indemnification
applies to any Officer, employee or agent, any determination as to any indemnity
in excess of that provided Directors pursuant to Section 10.2 under this Section
10.9 shall be made in accordance with Section 10.5 hereof. The corporation may
enter into a contract with any Director, Officer, employee or agent of the
corporation in furtherance of the provisions of this Section and may create a
trust fund, grant a security interest or use other means including, without
limitation, a letter of credit, to ensure the payment of such amounts as may be
necessary to effect indemnification as provided in this Section or otherwise.
SECTION 11
AMENDMENTS
These Bylaws may be altered, amended, or repealed and new Bylaws may be
adopted by the Board at any regular or special meeting of the Board. The
shareholders may also make, alter, amend and repeal the Bylaws of the
corporation at any annual meeting or at a special meeting called for that
purpose. All Bylaws made by the Board may be amended, repealed, altered or
modified by the shareholders at any regular or special meeting called for that
purpose.
The foregoing Bylaws were adopted by the Board of Directors of the
corporation effective September 30 , 1997.
/s/ James M. McKenzie
-------------------------------------
James M. McKenzie, Secretary
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<PAGE>
BYLAWS
OF
CLIPPERNET CORPORATION
ARTICLE I
Stockholders
A. ANNUAL MEETINGS:
1) The annual meeting of the stockholders of this corporation shall be
held during the month of August. It shall be held at a place designated by the
Board of Directors, and shall be for the purpose of electing directors for the
ensuing year, considering a report of the President, showing the condition of
the corporation at the close of the last fiscal year, and for the transaction of
such other business as may be brought before the meeting. The terms of office of
the directors so elected shall continue until the election and qualification of
their successors as provided in Article II hereof.
2) It shall be the duty of the Secretary to cause a written notice of the
annual meeting to be mailed to each stockholder at least ten, but not more than
fifty, days prior to the meeting. Such notice shall be deemed sufficient within
the meaning of this Article if deposited in the United States Mail addressed to
each stockholder at his/her last known address, ten days before the date of each
meeting.
3) Notice of any regular meeting or meetings may be waived by written
consent, whether executed before or subsequent to such meeting. The attendance
of any stockholder in person or his/her representative by proxy at such meeting
shall be deemed a waiver of the notice hereby prescribed.
4) In the event the annual meeting of the stockholders of this
corporation is not held as herein provided, the election of directors and all
other business which might have been transacted at such annual meeting may be
transacted at any adjournment of such meeting or at any special meeting of the
stockholders called for such purpose.
B. SPECIAL MEETING:
Special meetings of the stockholders may be called by any stockholder or
director of this corporation by giving the same notice as required for an annual
meeting. A brief statement of the object or objects of such special meeting
shall be included in the notice. Notice of any special meeting or meetings so
called may be waived by any or all of the stockholders by written consent,
whether executed before or subsequent to such meeting, and the attendance of any
stockholder in person or his/her
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Exhibit 3.6
<PAGE>
representative by proxy at such meeting shall be deemed a waiver of notice
hereby prescribed.
C. QUORUM:
1) At any meeting of the stockholders, the holders of a majority of all
the outstanding shares of the common stock of this corporation, present in
person or represented by proxy, shall constitute a quorum of the stockholders
for all purposes.
2) If the holders of the amount of stock necessary to constitute a quorum
shall fail to attend in person or by proxy at the time and place fixed by notice
as provided in Section B for special meetings, a majority interest of the
stockholders present in person or by proxy may adjourn from time to time without
notice other than by announcement at the meeting until holders of the amount of
stock requisite to constitute a quorum shall attend. At any such adjourned
meeting at which a quorum shall be present, any business may be transacted which
might have been transacted at the meeting originally called.
D. VOTING:
1) At every meeting of the stockholders, each stockholder holding shares
of common stock shall be entitled to vote in person or by proxy appointed by
instrument in writing subscribed by such stockholder or his/her duly authorized
attorney and delivered to the Chairperson of the meeting, and he/she shall have
one vote for each share of stock standing registered in his/her name at the time
of the closing of the transfer books for said meeting.
2) Shares of common stock standing in the name of another corporation may
be voted by such officer, agent or proxy as the bylaws of such corporation may
prescribe, or, in the absence of such provision, as the Board of Directors of
such corporation may determine.
3) Shares of common stock held by the administrator, executor, guardian
or conservator may be voted by him/her, either in person or by proxy, without a
transfer of such shares into his/her name. Shares standing in the name of a
trustee may be voted by him/her, either in person or by proxy, but no trustee
shall be entitled to vote shares held by him/her without a transfer of such
shares into his/her name.
4) Shares of common stock standing in the name of a receiver may be voted
by such receiver and shares held by or under the control of a receiver may be
voted by such receiver without the transfer thereof into his/her name if the
authority so to do be contained in an appropriate order of the court by which
such receiver was appointed.
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5) A shareholder whose shares of common stock are pledged shall be
entitled to vote such shares until the shares have been transferred into the
name of the pledgee, and thereafter the pledgee shall be entitled to vote the
shares so transferred.
6) Neither treasury shares, nor shares of its own stock held by the
corporation in a fiduciary capacity nor shares held by another corporation if a
majority of the shares entitled to vote for the election of directors of such
other corporation is held by the corporation shall be voted at any meeting or
counted in determining the total number of outstanding shares at any given time.
E. PREFERRED STOCK:
1) Pursuant to Articles of Incorporation, the Corporation is authorized
to issue 10,000,000 shares of preferred stock. Prior to the issuance of said
shares of preferred stock, the Board of Directors shall determine, by amendment
to the Bylaws, the relative preferences, rights, and limitations, including but
not limited to, voting rights, dividends and rights upon liquidation, of said
preferred class of stock.
F. CLOSING OF TRANSFER BOOKS:
1) The stock transfer books shall be closed for the meeting of the
stockholders and for the payment of dividends during such period (not to exceed
fifty days) as from time to time may be fixed by the Board of Directors. During
such periods, no stock shall be transferred.
ARTICLE II
Board of Directors
A. NUMBER:
1) The business and the property of the company shall be managed and
controlled by a Board of not less than four (4), nor more than seven (7)
Directors. Said Board shall have the power and authority to make rules and
regulations, not inconsistent with the laws of the State of Oregon and the
bylaws of this corporation, for the guidance of the officers and employees of
the corporation, and for the transaction of the corporation's business; to
declare dividends out of the surplus profits whenever they deem it expedient; to
prescribe and fix the compensation of the officers of the company; to call
meetings of the stockholders when deemed advisable; and generally to exercise
all powers necessary for the transaction of the corporation's business. It is
expressly understood that nothing herein contained shall be deemed to limit or
restrict the general authority vested in said Board for the management and
control of the corporation.
3 - BYLAWS
<PAGE>
B. ELECTION:
The directors shall be elected at annual meetings by a majority of all the
outstanding stock of the corporation and shall immediately thereafter qualify
and organize. The terms of office of such directors shall begin immediately
after election and qualification. Directors shall serve for one year until their
successors are elected and qualified.
C. VACANCIES:
Whenever any vacancy shall occur on the Board of Directors by death,
resignation, disqualification or from any other cause, the vacancy shall be
filled at the special meeting of the stockholders called for that purpose,
without undue delay. The director shall be elected at such special meeting by
the same majority and in the same manner as provided for in the annual election
of directors. The director so elected to fill the vacancy shall hold office for
the unexpired term of the director whom he/she succeeds, and until his/her
successor shall have been elected and shall have qualified. Vacancies may be
filled on an interim basis by the Board of Directors.
D. ANNUAL MEETINGS:
A regular meeting of the Board of Directors of this corporation shall be
held immediately following the annual meeting of the stockholders, and no notice
to the directors shall be required for the purpose of holding this meeting.
E. SPECIAL MEETING:
Special meetings of the Board of Directors may be called by any officer or
director of the company at any reasonable time by giving to each director
written notice at least two days before the date of the meeting. The notice
shall be deemed sufficient if deposited in the United States Mail, addressed to
the last known mailing address of the director, two days before the date of the
meeting. The attendance of any director at any such special meeting or his/her
written consent to the holder thereof executed previous to or at the beginning
of such meeting, shall be deemed a waiver of this notice.
F. QUORUM:
A majority of the members of the Board of Directors shall constitute a
quorum necessary for the transaction of any and all business of the corporation.
In the event there shall be in attendance at any meeting of the Board of
Directors a lesser number than a quorum, that number may adjourn the meeting to
another day, at which time of adjournment the members present shall give each of
the other members at least one day's notice.
4 - BYLAWS
<PAGE>
G. ORDER OF BUSINESS:
1) Business at the meetings of the Board of Directors shall be transacted
in such order as the Board of Directors from time to time may determine by
resolution.
2) At all meetings of the Board of Directors, the Chairperson of the
Board, or in his/her absence, the President of the corporation, or in his/her
absence, the Secretary or Treasurer of the corporation, shall preside.
3) At all meetings of the Board of Directors, each director present
shall have one vote, irrespective of the number of shares of stock, if any,
which he/she may hold.
H. CONTRACTS:
Inasmuch as the directors of this corporation may have interests in other
corporations with which this company may have business dealings, no contracts or
other transactions between this corporation and any other corporation shall be
affected by the fact that the directors of this corporation are interested in
and are directors or officers of such other corporation(s). Any director
individually may be a party to, or interested in, any contract or transaction
with this corporation, provided (a) the "interest" of the director is disclosed
to the Board; (b) the interested director does not vote in favor of the
transaction, although his/her presence may be counted toward a quorum, and
(c) the Board approves the transaction at a regular or special meeting.
I. RESIGNATION:
Any director may resign at any time by giving written notice to the Board
of Directors, the President or Secretary of the corporation. Unless otherwise
specified in such written notice, such resignation shall take effect upon
receipt thereof by the Board of Directors or such officer, and the acceptance of
such resignation shall not be necessary to make it effective.
ARTICLE III
Officers
A. COMPOSITION:
1) The officers of this corporation shall consist of a President and a
Secretary.
2) The Board of Directors in its discretion, at any time, may by
resolution appoint a Vice President and a Treasurer.
3) The same person may hold one or more of the offices of this company
as determined by the Board of Directors.
5 - BYLAWS
<PAGE>
4) The officers of the corporation shall be elected by the Board of
Directors at the regular annual meetings of the Board following the annual
meeting of shareholders.
5) Each officer shall hold office until the annual meeting of the Board
of Directors next succeeding his/her election, and until his/her successors
shall have been elected and qualified, or until his/her death, resignation or
removal.
B. REMOVAL:
All officers of the corporation shall be subject to removal for cause or
without cause at any time by the Board of Directors.
C. RESIGNATION:
Any officer may resign at any time by giving notice of such
resignation to the Board of Directors, or to the President or the Secretary of
the corporation. Unless otherwise specified in such written notice, such
resignation shall take effect upon receipt thereof by the Board of Directors or
by such officer, and the acceptance of such resignation shall not be necessary
to make it effective.
D. DUTIES:
1) The President shall preside at all meetings of the stockholders and
shall perform such other duties as the Board of Directors may from time to time
authorize.
2) The Secretary shall subscribe the minutes of all meetings of the
stockholders and the Board of Directors. The Secretary shall mail notices to
both the stockholders and the directors of the holding of any meetings as
prescribed by these bylaws. The Secretary shall be the custodian of the seal of
the corporation and shall affix the seal to the minutes and notices. The
Secretary shall likewise attest and affix the seal to other instruments executed
by the corporation as required. The Secretary shall perform such other duties as
the Board of Directors may authorize or direct.
3) The President shall have charge of all funds belonging to the
corporation and shall keep and deposit the same for and on behalf of the
corporation in a bank or banks to be designated by the Board of Directors. In
the absence of such designation, the President may select the bank or banks in
which to deposit such funds.
4) All funds of the corporation shall be under the supervision of the
Board of Directors and shall be handled and disposed of in such manner and by
such officers or agents of this corporation as the Board of Directors may by
proper resolution from time to time authorize.
6 - BYLAWS
<PAGE>
5) The Board of Directors may create such subordinate offices and employ
such subordinate officers or agents as it may from time to time deem expedient
and may fix the compensation of such officers or agents and define their powers
and duties, provided such powers and duties do not constitute a delegation of
such authority as is reposed in the directors by law, which shall be exercised
and performed exclusively by them.
ARTICLE IV
Capital Stock
A. CERTIFICATES OF SHARES:
1) Every holder of the stock of this corporation shall be entitled to a
stock certificate signed by the President and also by the Secretary. The
certificates of shares shall be in such form, not inconsistent with the
certificate of incorporation, and shall be prepared or approved by the Board of
Directors.
2) All certificates within each class of stock shall be consecutively
numbered. The name of the person owning the shares represented thereby, together
with the number of such shares, the date of issue and the class of stock
represented thereby shall be entered upon the corporation's stock records.
3) No certificate shall be valid unless it be signed by the President and
the Secretary and sealed with the corporate seal.
4) All certificates surrendered to the company shall be cancelled. No
new certificates shall be issued until the former certificates for the same
number of shares shall have been surrendered and cancelled, or some reason
acceptable to the Board of Directors be given for the failure to so present
and cancel the same, in the event of their loss or destruction.
ARTICLE V
Dividends and Working Capital
A. DIVIDENDS:
Dividends may be declared by the Board of Directors out of the surplus or
net profits of the company and shall be payable at such time as the Board of
Directors shall determine. All dividends shall be paid to shareholders in direct
proportion to their shares of stock. All dividends shall be paid to holders of
common stock. The right to dividends to holders of preferred stock shall be
determined pursuant to Articles I, Section E of the bylaws.
B. WORKING CAPITAL:
Before the payment of any dividends or the making of any distributions of
the net profits, the Board of Directors may set
7 - BYLAWS
<PAGE>
aside out of the net profits of the company such sum or sums as in its
discretion it thinks proper, as a working capital or as a reserve fund to meet
contingencies. The Board of Directors may increase, diminish or vary the capital
of such reserve fund in its discretion.
ARTICLE VI
Fiscal Year
A. FISCAL YEAR:
The fiscal year of the company shall be from August 1, to July 31.
ARTICLE VII
Restriction on Transfer
A. RESTRICTIONS ON TRANSFER OF SHARES:
No securities of this corporation or certificates representing such
securities shall be transferred without giving the corporation the right of
first refusal. The corporation shall have this right for period of thirty days,
at which time if it has not exercised its right, its right shall lapse. The
transferor must then offer the shares of stock to each of the other existing
shareholders for their rights of refusal. The existing shareholders shall have a
period of thirty days in which to exercise their rights, at which time if they
have not been exercised, the rights will lapse. The value of the stock shall be
determined by the Board of Directors at its annual meetings or by special
meetings. If agreement cannot be reached between the transferor of the shares of
the corporation and the Board of Directors on the value of said shares, then the
value shall be fixed by arbitration. If both the corporation and the existing
shareholders allow their rights of first refusal to lapse, then the transferor
shall be free to transfer the shares of stock, provided that, the shares of
stock, having not been registered under the Securities Act of 1933, as amended,
may not be sold or transferred unless compliance with the registration
provisions of such Act has been made, or availability of an exemption from such
registration has been established.
ARTICLE VIII
Amendment
A. AMENDMENT OF BYLAWS:
The bylaws may be modified or repealed and new bylaws may be adopted by the
Board of Directors.
ARTICLE IX
Records and Reports
8 - BYLAWS
<PAGE>
A. REPORTS:
The President, and through the President the other officers shall report on
the activities, commitments, plans, operating results and financial condition of
the company, including transactions in company securities, and the dealings of
officers, directors, shareholders, and agents with the corporation, to the
shareholders at least annually. The report to the shareholders shall include a
financial report. Similar reports shall be made by the officers to the Board of
Directors at least once each month. The financial report contained in these
monthly reports need not be audited.
B. RECORDS:
The corporation shall maintain adequate and correct books, records and
accounts of its business and properties. All such books, records and accounts
shall be kept in its place of business as fixed by the Board of Directors from
time to time, except as otherwise provided by law. All books, records and
accounts of the corporation shall be open to inspection by the shareholders in
the manner and to the extent required by law.
ARTICLE X
Facsimile Signatures
A. FACSIMILE SIGNATURES:
The officers may issue stock certificates by the use of facsimile
signatures in any name allowed by law and may use facsimile signatures for any
purpose authorized by the Board of Directors.
9 - BYLAWS
<PAGE>
STATE OF OREGON )
: ss.
County of Lane )
KNOW ALL PERSONS BY THESE PRESENTS:
That I, the undersigned directors of CLIPPERNET CORPORATION, do hereby
certify that the foregoing bylaws were duly adopted as the bylaws of CLIPPERNET
CORPORATION, by Resolution of the Board Of Directors dated August 18, 1998, and
that the same do now constitute the bylaws of said corporation.
BOARD OF DIRECTORS:
/s/ Alain de la Motte
------------------------------
ALAIN DE LA MOTTE
/s/ Brian Bittke
------------------------------
BRIAN BITTKE
/s/ Ransom R. Southerland
------------------------------
RANSOM R. SOUTHERLAND
/s/ F. James Nelson
------------------------------
F. JAMES NELSON
10 - BYLAWS
<PAGE>
Exhibit 4
<TABLE>
<S><C>
P 1266
------ INTEGRATED FOOD RESOURCES INC. -------
NUMBER Incorporated under the laws of the State of Nevada SHARES
CAPITALIZATION
------ 50,000,000 Shares Common $.001 Par Value ------
10,000,000 Shares Preferred $.001 Par Value
THIS CERTIFIES THAT CUSIP 45813P 10 6
SEE REVERSE FOR CERTAIN DEFINITIONS
is the owner of **
FULLY PAID AND NON-ASSESSABLE SHARES OF THE CAPITAL STOCK OF $.001 PAR VALUE SHARES OF
INTEGRATED FOOD RESOURCES INC.
transferable upon the books of the corporation upon surrender of this certificate properly endorsed. This certificate is not valid
until countersigned by the Transfer Agent and Registrar.
WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.
Date:
COUNTERSIGNED by Integrated Food Resources Inc.
Transfer Agent and Registrar /s/ Alain de la Motte
-------------------------------
Alain de la Motte President
/s/ [ILLEGIBLE]
- ---------------------------- /s/ James McKenzie
Authorized Officer [SEAL] -------------------------------
James McKenzie Secretary
</TABLE>
<PAGE>
ASSET ACQUISITION AGREEMENT
DATE : July 1, 1997
BETWEEN : International Trade Group, LLC,
an Oregon limited liability company
6700 S.W. Sandburg Rd.
Tigard, OR 97223 "SELLER"
AND : Seabourne Ventures, Inc., an Oregon corporation
6700 S.W. Sandburg Rd.
Portland, OR 97223 "BUYER"
RECITALS
A. Buyer desires to acquire certain assets of Seller.
B. Seller is willing to sell to Buyer certain of its assets pursuant to
the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, it is agreed as follows:
1. AGREEMENT TO SELL AND PURCHASE. Subject to the terms and conditions
herein set forth, Seller hereby agrees to sell, assign, transfer, convey and
deliver to Buyer and Buyer agrees to purchase and acquire from Seller, the
assets described in the attached Exhibit A which is incorporated by this
reference ("Assets").
2. ASSUMPTION OF LIABILITIES. Buyer shall assume all of Seller's
obligations ("Liabilities") described in the attached Exhibit B, which is
incorporated by this reference, and shall hold Seller harmless from any
liability thereon.
3. PURCHASE PRICE FOR THE ASSETS/ALLOCATION OF PURCHASE PRICE. In
consideration of the sale, assignment, transfer, conveyance and delivery of the
Assets by Seller to Buyer, Buyer shall pay to Buyer the sum of One Million
Seven Hundred Sixty Five Dollar ($1,765,000.00) represented by a Subordinated
Unsecured Convertible Promissory Note ("Note") attached hereto as Exhibit C and
incorporated by this reference. The Purchase Price shall be allocated as
follows:
<TABLE>
<S> <C>
Cash $ 59,983.27
Inventory 429,519.08
Accounts Receivable 304,672.41
Equipment 158,436.72
Prepaid expenses 43,442.20
Goodwill 768,946.32
--------------
TOTAL $ 1,765,000.00
</TABLE>
PAGE 1. ASSET ACQUISITION AGREEMENT
Exhibit 10.1
<PAGE>
4. CLOSING DATE AND CLOSING. This Agreement shall be closed ("Closing")
at Buyer's offices. Closing shall occur on or before July 1, 1997 ("Closing
Date"). On the Closing Date, the Parties, among other things, shall do the
following:
4.1 TRANSFER OF TITLE. Seller shall sell, assign, transfer, convey
and deliver to Buyer, the Assets being sold pursuant to this Agreement by
appropriate document of transfer, in a form acceptable to Buyer, containing
warranties of title, free and clear of encumbrances and security interests
(except as otherwise agreed to herein or related to the Liabilities).
4.2 DELIVERY OF NOTE. Buyer shall deliver to Seller the executed
Note.
4.3 MISCELLANEOUS. The Parties shall do all other things at Closing
to consummate and effectuate this Agreement, and all other agreements,
covenants and conditions set forth herein and therein.
4.4 FURTHER ACTS. If, at any time after the Closing Date, any
further action by any of the Parties to this Agreement is necessary or desirable
to carry out the purposes of this Agreement and/or to vest in Buyer full title
to the Assets sold hereunder, such party shall take all such necessary or
desirable action to cause such action to be taken.
5. REPRESENTATIONS AND WARRANTIES BY SELLER. Seller represents and
warrants to Buyer as of the date of this Agreement and as of the Closing Date as
follows:
5.1 EXISTENCE/GOOD STANDING. Seller is now and on the Closing Date
will be a limited liability company, duly organized, validly existing and active
under the laws of the State of Oregon. Seller has all requisite power and
authority to own the Assets, and to carry on its business as now being
conducted and is duly qualified to do business and is in good standing in all
jurisdictions where it owns or leases property, maintains employees or conducts
business.
5.2 AUTHORIZATION; VALIDITY AND EFFECT OF AGREEMENTS. Seller has
the requisite power and authority to execute and deliver this Agreement. The
consummation by Seller of the transactions contemplated hereby has been duly
authorized by all requisite corporate action. This Agreement constitutes the
valid and legally binding obligation of Seller, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, moratorium or other
similar laws relating to creditors' rights and general principles of equity.
5.3 TITLE. Seller owns absolute title to the Assets. On the
Closing Date, the same shall be conveyed to Buyer free and clear of all
mortgages, liens, pledges, security interests and encumbrances of any nature
whatsoever, except as related directly to the Liabilities.
5.4 COMPLIANCE WITH LAW. To the best of Seller's knowledge, Seller
has complied with, and is in compliance with, all federal, state, local and
foreign laws, rules, ordinances, decrees and orders applicable to the operation
if its business or to its owned or leased properties, including, without
limitation, applicable environmental, pollution control and land use provisions.
PAGE 2. ASSET ACQUISITION AGREEMENT
<PAGE>
Seller has obtained all necessary permits, licenses, variances, exemptions,
orders and approvals from federal, state, local and foreign regulatory bodies
in order to conduct its business as presently conducted.
5.5 NO APPROVAL OR NOTICES REQUIRED; NO CONFLICTS. To the best of
Seller's knowledge, the execution, delivery and performance of this Agreement
and each of the other agreements, exhibits and documents referred to herein or
necessary to effectuate this Agreement (collectively, the "Documents" or
individually, the "Document"), by Seller and the consummation of the
transactions contemplated hereby or thereby will not:
5.5.1 Constitute a violation of any provision of applicable
law;
5.5.2 Require any consent, approval, permit or authorization
of any person or governmental authority;
5.5.3 Result in a breach of or a default under (with or
without the giving of notice or lapse of time), acceleration or termination of,
or the creation in any party of the right to accelerate, terminate, modify or
cancel any agreement or other restriction, encumbrance, obligation or liability
to which Seller is a party or by which it is bound or to which any of the Assets
are subject; or
5.5.4 Conflict with, or result in a breach of, or constitute a
default under, any provision of Seller's Articles of Organization or Operating
Agreement, or of any applicable order, writ, injunction or decree of any court
or governmental instrumentality.
5.6 NO UNDISCLOSED LIABILITIES. Except for the Liabilities, there
are no liabilities or obligations of any nature, whether absolute, accrued,
contingent or otherwise, applicable to Seller which may have adverse
consequences on Buyer. Buyer acknowledges that some of the Liabilities are
estimates as of the date of this Agreement, such as accounts payable for which
no invoice as yet has been received by Seller, payroll and payroll taxes, and
other payables incurred in the ordinary course of business. Any variance between
the actual amount of the Liabilities and any estimates shall not constitute a
breach the representations and warranties of Seller in this Agreement.
5.7 TAXES. Seller has timely filed or will timely file with the
appropriate governmental agencies all tax returns, information returns and
reports required to have been filed with respect to all periods ending on or
before the Closing Date. Seller has paid, or will pay, in full, as of the
Closing Date, all taxes, interest, penalties, assessments, deficiencies and
other charges ("Taxes"), the non-payment of which could result in the imposition
of Taxes on Buyer or the imposition of a lien on or in any of the Assets, or
that could otherwise result in a risk of forfeiture of any of the Assets.
Seller has not filed or entered into any election, consent or extension
agreement which extends any applicable statute of limitations. Seller has made
adequate provisions for all accrued and unpaid Taxes of Seller. To the best of
Seller's knowledge, Seller is not a party to any action or proceeding pending or
threatened by any governmental authority for assessment or collection of Taxes,
no unresolved claims for assessment or collection of such Taxes has been
asserted against it, and no audit or investigation by governmental authorities
is underway.
PAGE 3. ASSET ACQUISITION AGREEMENT
<PAGE>
5.8 REPRESENTATIONS IN OTHER DOCUMENTS. The representations and
warranties of Seller in all documents executed by Seller in connection with the
sale, assignment, transfer, conveyance and delivery by Seller of the Assets and
the assumption by the Buyer of the Liabilities are, to the best of Seller's
knowledge, true and accurate in all material respects as of the date of such
representation and warranty and as of the Closing Date.
5.9 LEGAL PROCEEDINGS; CLAIMS. There are no claims, actions, suits,
arbitrations, proceedings or investigations pending or threatened against
Seller, before or by any governmental or nongovernmental department, commission,
board, bureau, agency or instrumentality, whether federal, state, local or
foreign, or any other person, and there are no outstanding or unsatisfied
judgments, orders, decrees or stipulations to which Seller is a party, which
relate to either the Assets or the transaction contemplated herein, or which
would alone or in the aggregate have a material adverse effect upon the
business, business prospects, assets or financial condition of Seller.
5.10 ACCURACY OF REPRESENTATIONS AND WARRANTIES. No representation or
warranty made or to be made by Seller in this Agreement or in any other Document
furnished or to be furnished from time to time in connection herewith, contains
or will contain any misrepresentation of a material fact or omits or will omit
to state any material fact necessary to make the statements herein or therein
not misleading. There is no fact known to Seller which would materially
adversely affect, or which would, in the future, materially adversely affect,
the business, prospects, assets, property or condition (financial or otherwise)
of Seller which has not been set forth in this Agreement, except those facts
concerning general economic, legislative, regulatory, or other matters such as
may generally impact all businesses of the type operated by Seller.
6. REPRESENTATIONS AND WARRANTIES OF BUYER. Buyer represents and
warrants to Seller as of the date of this Agreement and as of the Closing Date
as follows:
6.1 EXISTENCE; GOOD STANDING. Buyer is now and on the Closing Date
will be a corporation, duly organized, validly existing and active under the
laws of the State of Oregon. Seller has all requisite corporate power and
authority to carry on its business as now being conducted and is duly qualified
to do business and is in good standing in all jurisdictions where it owns or
leases property, maintains employees or conducts business.
6.2 AUTHORIZATION; VALIDITY AND EFFECT OF AGREEMENTS. Buyer has the
requisite corporate power and authority to execute and deliver this Agreement.
The consummation by Buyer of the transactions contemplated hereby has been duly
authorized by all requisite corporate action. This Agreement constitutes the
valid and legally binding obligation of Buyer, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, moratorium or other
similar laws relating to creditors' rights and general principles of equity.
6.3 NO APPROVAL OR NOTICES REQUIRED; NO CONFLICTS. To the best
of Buyer's knowledge, the execution, delivery and performance of this Agreement
and each of the other agreements, exhibits and documents referred to herein or
necessary to effectuate this Agreement
PAGE 4. ASSET ACQUISITION AGREEMENT
<PAGE>
(collectively, the "Documents" or individually, the "Document"), by Seller and
the consummation of the transactions contemplated hereby or thereby will not:
6.4.1 Constitute a violation of any provision of applicable
law;
6.4.2 Require any consent, approval, permit or authorization
of any person or governmental authority;
6.4.3 Result in a breach of or a default under (with or
without the giving of notice or lapse of time), acceleration or termination of,
or the creation in any party of the right to accelerate, terminate, modify or
cancel any agreement or other restriction, encumbrance, obligation or liability
to which Buyer is a party; or
6.4.4 Conflict with or result in a breach of or constitute a
default under any provision of Buyer's Articles of Incorporation or By-Laws, or
of any applicable order, writ, injunction or decree of any court or governmental
instrumentality.
6.5 REPRESENTATIONS IN OTHER DOCUMENTS. The representations and
warranties of Buyer in all documents executed by Buyer in connection with the
sale, assignment, transfer, conveyance and delivery of the Assets and the
assumption by Buyer of the Liabilities are, to the best of Buyer's knowledge,
are true and accurate in all material respects as of the date of such
representation and warranty and as of the Closing Date.
6.6 ACCURACY OF REPRESENTATIONS AND WARRANTIES. No representation or
warranty made or to be made by Buyer in this Agreement or in any other Document
furnished or to be furnished from time to time in connection herewith contains
or will contain any misrepresentation of a material fact or omits or will omit
to state any material fact necessary to make the statements herein or therein
not misleading. There is no fact known to Buyer which materially adversely
affects, or which would in the future materially adversely affect the ability of
Buyer to perform its obligations under this Agreement which has not been set
forth in this Agreement, except those factors concerning general economic,
legislative, regulatory or other matters such as may generally impact all
businesses of the type conducted by Buyer.
7. COVENANTS. Buyer and Seller each covenant and agree with the others
to perform and observe the following covenants:
7.1 COOPERATION. The Buyer and Seller each will fully cooperate with
the other and with the others' counsel and accountants in connection with any
steps required to be taken as part of its obligations under this Agreement. The
Buyer and Seller will use their respective best efforts to cause all conditions
to this Agreement to be satisfied as promptly as possible and to obtain all
consents and approvals necessary for its due and punctual performance of this
Agreement and for the satisfaction of the conditions hereof on its part to be
satisfied. Neither the Buyer nor the Seller shall undertake any course of
action inconsistent with this Agreement or which would make any
PAGE 5. ASSET ACQUISITION AGREEMENT
<PAGE>
representations, warranties or agreements made by it in this Agreement untrue or
render any conditions precedent to this Agreement unable to be satisfied at or
prior to the Closing Date.
7.2 PUBLICITY. The initial press release relating to this Agreement
shall be a joint press release and thereafter the Buyer and Seller shall consult
with each other, and use reasonable efforts to agree upon the text of any press
release, before issuing any such press release or otherwise making public
statements with respect to the transactions contemplated hereby.
8. CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER. The obligations of
Buyer to perform and observe the covenants, agreements and conditions hereof to
be performed and observed by it at or before the Closing Date shall be subject
to the satisfaction of the following conditions, any of which may be expressly
waived in writing by Buyer:
8.1 ACCURACY OF REPRESENTATIONS AND WARRANTIES; COMPLIANCE WITH
COVENANTS. The representations and warranties of Seller contained herein shall
have been true in all material respects when made and shall be true in all
material respects on and as of the Closing Date with the same force and effect
as though made on and as of such date, except to the extent that such
representations and warranties are made as of a specified date, in which case
such representations and warranties shall be true as of the specified date.
Seller shall have performed in all material respects all obligations and
agreements and complied in all material respects with all covenants and
conditions contained in this Agreement to be performed and complied with by it
or by them at or prior to the Closing Date.
8.3 LEGAL PROCEEDINGS. No order of any court or administrative
agency shall be in effect which enjoins, restrains or prohibits consummation of
this Agreement, and no litigation, investigation or administrative proceeding
shall be pending or threatened which would enjoin, restrain or prohibit
consummation of this Agreement.
8.4 TITLE. Seller shall have supplied to Buyer evidence satisfactory
to Buyer establishing Seller's good and marketable title to the Asset, free and
clear of all liens, mortgages, pledges, deeds of trust, security interests,
conditional sales agreements, charges, encumbrances and other adverse claims or
interests of any kind, except encumbrances arising out of the Liabilities
assumed by Buyer under Section 2.
9. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER. The obligations of
Seller perform and observe the covenants, agreements and conditions hereof to
be performed and observed by it at or before the Closing Date shall be subject
to the satisfaction of the following conditions, any of which it may expressly
waive in writing:
9.1 ACCURACY OF REPRESENTATIONS AND WARRANTIES. The representations
and warranties of Buyer contained herein shall have been true in all material
respects when made and shall be true in all material respects on and as of the
Closing Date with the same force and effect as though made on and as of such
date, except as affected by transactions contemplated hereby, and
PAGE 6. ASSET ACQUISITION AGREEMENT
<PAGE>
except to the extent that such representations and warranties are made as of a
specified date, in which case such representations and warranties shall be true
as of the specified date.
9.2 PERFORMANCE OF AGREEMENT. Buyer shall have performed in all
material respects all obligations and agreements and complied in all material
respects with all covenants and conditions contained in this Agreement to be
performed and complied with by it at or prior to the Closing Date.
9.3 APPROVALS AND CONSENTS. All approvals and consents from third
parties which are necessary for the consummation of the transactions
contemplated hereby shall have been obtained.
9.5 LEGAL PROCEEDINGS. No order of any court or administrative
agency shall be in effect which enjoins, restrains or prohibits consummation of
this Agreement, and no litigation, investigation or administrative proceeding
shall be pending or threatened which would enjoin, restrain or prohibit
consummation of this Agreement.
10. SURVIVAL AND INDEMNIFICATION
10.1 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made in this Agreement shall survive the Closing Date of this
Agreement. Any party learning of a misrepresentation or breach of warranty
under this Agreement shall as soon as practicable give notice in writing thereof
to the other party to this Agreement.
10.2 INDEMNIFICATION OF BUYER. Seller agree to defend, indemnify and
hold Buyer, its successors and assigns harmless from and against:
10.2.1 Any and all claims, liabilities, and obligations of any
kind and description, contingent or otherwise, including attorney's fees and
expenses of litigation, known or should have been known, arising out of or
related to the Seller's right, title and interest in the Assets, including but
not limited to any taxes, interest and penalties assessed against Seller in
relation to Seller's right, title and interest in the Assets.
10.2.2 If any claim is asserted against Buyer which would give
rise to a claim by Buyer against Seller for indemnification under the provisions
of this section, Buyer shall promptly give written notice to Seller and
Shareholders concerning such claim, and Seller shall, at no expense to Buyer,
defend the claim, to the point of nonappealable final judgment. If Seller
fails to take steps to defend said claim within ten (10) days of Buyer providing
written notice of said claim, or if Seller and fails to sooner defend said claim
when the nature of the claim or date of service requires immediate defensive
action, or if Seller at any time abandons defense of such a claim, Buyer may
undertake or continue the defense of any such claims, with counsel of its own
choosing, and shall be entitled to indemnity from Seller for all costs of such
defense, including but not limited to, reasonable attorney's fees, court costs
and incidental expenses of litigation. If Buyer becomes entitled to payment of
indemnity pursuant to this section, Seller shall immediately pay to Buyer the
PAGE 7. ASSET ACQUISITION AGREEMENT
<PAGE>
amount of said indemnity claim. Buyer shall not be entitled to indemnity from
Seller except for the obligations to defend set forth in this section, unless
and until Buyer has actually paid a claim, debt or other liability giving rise
to a right of indemnity under this section, or has incurred a legal obligation
to do so. In such event, Buyer shall be entitled to interest from Seller at
the rate of twelve (12%) percent per annum from the date of said payment until
the indemnity claim is paid.
10.3 INDEMNIFICATION OF SELLER. Buyer agrees to defend, indemnify and
hold Seller harmless from and against:
10.3.1 Any and all claims, liabilities and obligations of every
kind and description, contingent or otherwise, including attorney's fees and
expenses of litigation, known or unknown, arising out of or relating to Buyer's
acquisition of the Assets.
10.3.2 Any and all damages, claims, obligations or deficiencies
of any kind and description, contingent or otherwise, including attorney's fees
and expenses of litigation, known or should have been known, resulting from any
misrepresentation, breach of warranty or covenant, or nonfulfillment of any
agreement on the part of Buyer under this Agreement or any Document.
10.3.3 If any claim is asserted against Seller which would
give rise to a claim by Seller against Buyer for indemnification under the
provisions of this section, Seller shall promptly give notice to Buyer
concerning such claim, and Buyer shall, at no expense to Seller , defend the
claim, to the point of nonappealable final judgment. If Buyer fails to take
steps to defend said claim within ten (10) days of Seller providing written
notice of said claim, or if Buyer fails to sooner defend said claim when the
nature of the claim or date of service requires immediate defensive action, or
if Buyer at any time abandons defense of such a claim, Seller may undertake or
continue the defense of any such claims with counsel of their own choosing, and
shall be entitled to indemnity from Buyer for all costs of such defense,
including but not limited to, reasonable attorney's fees, court costs and
incidental expenses of litigation. If Seller becomes entitled to payment of
indemnity pursuant to this section, Buyer shall immediately pay to Seller the
amount of such indemnity claim. Seller shall not be entitled to indemnity from
Buyer, except for the obligations to defend set forth in this section, unless
and until Seller has actually paid a claim, debt or other liability giving rise
to a right of indemnity under this section, or have incurred a legal obligation
to pay such a claim, debt or other liability. In such event, Seller shall be
entitled to interest from Buyer at the rate of twelve (12%) percent per annum
from the date of said payment until the indemnity claim is paid.
10.4 SURVIVAL OF INDEMNIFICATION. The rights of each indemnified party
hereunder shall be in addition to any other rights such indemnified party may
have under the Articles of Incorporation or bylaws of either the Buyer or Seller
under applicable state law. The provisions of this Section 10 shall survive the
consummation of this Agreement and expressly are intended to benefit each of the
indemnified parties and will be binding on all successors and assigns of the
Buyer and Seller, respectively.
PAGE 8. ASSET ACQUISITION AGREEMENT
<PAGE>
11. MISCELLANEOUS PROVISIONS.
11.1 BENEFIT. Subject to the provisions set forth herein restricting
assignment, this Agreement shall be binding upon and inure to the benefit of the
heirs, executors, administrators, successors and assigns of Seller and Buyer.
11.2 NOTICES. Any notice required to be given hereunder shall be
sufficient if in writing, and sent by facsimile transmission and by courier
service (with proof of service), hand delivery or certified or registered mail
(return receipt requested and first-class postage prepaid), addressed as
follows:
IF TO BUYER, TO:
Seabourne Ventures, Inc.
6700 S.W. Sandburg Rd.
Tigard, OR 97223
Attention: Alain de la Motte
Fax: (503) 598-4391
IF TO THE SELLER, TO:
International Trade Group, LLC
6700 S.W. Sandburg Rd.
Portland, OR 97223
11.3 GOVERNING LAW. This Agreement shall be governed by the laws of
the State of Oregon without regard to its rules on conflict of laws.
11.4 DESCRIPTIVE HEADINGS. The descriptive headings herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Agreement.
11.5 COUNTERPARTS. This Agreement may be executed in separate
counterparts, each of will deemed to be an original and together shall
constitute one and same instrument.
11.6 INCORPORATION OF EXHIBITS. All exhibits attached hereto and
referred to herein are hereby incorporated herein and made a part of this
Agreement.
11.7 ATTORNEY'S FEES. In the event the services of an attorney at law
are necessary to enforce any of the terms of this Agreement or to resolve any
disputes arising under this Agreement through arbitration, the prevailing
Party shall be entitled to recover its attorney's fees from the losing Party in
such proceeding to the extent permitted by the arbitrator.
PAGE 9. ASSET ACQUISITION AGREEMENT
<PAGE>
11.8 ASSIGNMENT. The Parties may assign their rights and liabilities
arising under this Agreement or the Documents, only with the prior written
consent of the other parties, which consent shall not be unreasonably withheld,
provided, however, that any assignment of rights by the Seller or Shareholders
shall be subject to all of the terms and conditions of this Agreement, and any
rights of setoff, recoupment or defense of Buyer arising under this Agreement or
any of the Documents, and shall not relieve Seller or Shareholders of any
liabilities under this Agreement.
11.8 ARBITRATION/MEDIATION. If any controversy or claim arising out
of this Agreement cannot be settled by the parties hereto, the controversy or
claim shall be settled by mediation or arbitration in accordance with the rules
of the Arbitration Service of Portland, Inc. then in effect and judgment on the
award may be entered in any court having jurisdiction. Nothing herein, however,
shall prevent either party hereto from resort to a court of competent
jurisdiction in those instances where injunctive relief may be appropriate.
11.9 COMPLETE AGREEMENT. This Agreement and other agreements referred
to herein set forth the entire understanding of the parties hereto with respect
to the matters provided herein and supersede all prior agreements, covenants,
arrangements, communications, representations or warranties, whether oral or
written, by any of the parties or by any officer, employer or representative of
any party.
IN WITNESS WHEREOF, the parties have executed this Agreement by their
respective authorized officers as of the date first above written.
SELLER: BUYER:
International Trade Group, LLC Seabourne Ventures, Inc.
By: /s/ Alain L. De La Motte By: /s/ Brian E. Bittke
---------------------------- ----------------------------
Name: Alain L. De La Motte Name: Brian E. Bittke
-------------------------- --------------------------
Title: President/CEO Title: Executive V.P.
------------------------- -------------------------
PAGE 10. ASSET ACQUISITION AGREEMENT
<PAGE>
ASSETS
EXHIBIT A
<PAGE>
<TABLE>
<CAPTION>
SERIAL DEP. REM. BOOK
ITEM MODEL NUMBER LIFE LIFE COST VALUE DEPREC.
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
COMPUTER HARDWARE $8,534 $5,000 $3,534
Macintosh Performa 6360cd 8 3 3.0 $2,032 $2,025 $ 7
Memory Kingston 8 mb 8 3 3.0 $ 139 $ 138 $ 1
PC Card Hayes 28.8 8 3 3.0 $ 299 $ 298 $ 1
PC Card Hayes 28.8 8 3 3.0 $ 300 $ 299 $ 1
PC Laptop Toshiba 8 3 0.1 $3,101 $ 74 $3,027
PC Laptop Toshiba T2135 8 3 2.7 $1,998 $1,768 $ 230
Printer Stylewriter 2400 8 3 3.0 $ 349 $ 348 $ 1
Printer HP Deskjet 8 3 0.5 $ 316 $ 51 $ 265
- ----------------------------------------------------------------------------------------------------
------------------------------
------------------------------
GRAND TOTALS: $8,534 $5,000 $3,534
</TABLE>
PAGE 1 ASSET DEPRECIATION REPORT 1/20/98
<PAGE>
<TABLE>
<CAPTION>
ASSETS MODEL PURCHASED FROM LOCATION ORIGINAL COST PURCHASE DATE
------ ----- -------------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C>
1069 Moisture Test Lignomat Agroindustrias $ 396.25 10/22/96
1070 Scale Basculas Agroindustrias $ 4,499.80 10/28/96
1037 Compression Gauge Dillon Agroindustrias $ 862.31 11/1/96
1039-1045 Solenoid Valve McMaster-Carr Agroindustrias $ 801.55 11/20/96
1003-1013 Insect Light Gardner Mfg Agroindustrias $ 4,480.00 1/1/97
1021 Steam Cleaner Sanitech Corp. Agroindustrias $ 7,410.00 1/1/97
1047 Plastic Tubs Consolidated Plastics Agroindustrias $ 476.28 1/1/97
1036 Press Wght Machine Taller Industrial Agroindustrias $ 2,119.79 1/1/97
1035 Electric Can Opener Boxer Northwest Agroindustrias $ 350.00 1/1/97
1025 Forktruck Toyotalift Agroindustrias $ 29,825.00 1/1/97
1026 Push-Pull Attach. Toyotalift Agroindustrias $ 7,481.00 1/1/97
1014 Chill Room Kysor Kalt Agroindustrias $ 40,167.04 1/1/97
1038 Thermal Data Ellab Agroindustrias $ 6,623.00 1/1/97
1034 Box Imprinter L.A. Supply Label Agroindustrias $ 635.18 1/1/97
1039-1045 Thermometer (7 day) McMaster-Carr Agroindustrias $ 3,182.45 1/1/97
1046 Steel Table Nelson-Jameson Agroindustrias $ 1,964.35 1/1/97
1029 Fogging System Spraying System Agroindustrias $ 912.27 1/1/97
1048 Photocopier Serv Copias Agroindustrias $ 6,609.90 1/1/97
1001 Portable Scale Precision Scale Agroindustrias $ 1,847.00 1/1/97
1000 Butchering Scale Precision Scale Agroindustrias $ 6,140.00 1/1/97
1030-1033 Can Counter WESCO Agroindustrias $ 1,344.00 1/1/97
? Can Counter WESCO Agroindustrias $ 361.00 1/1/97
1021 Nozzles Sanitech Corp. Agroindustrias $ 168.50 1/1/97
1047 Plastic Tubs Consolidated Plastics Agroindustrias $ 1,144.01 1/1/97
? Can Counter WESCO Agroindustrias $ 288.00 1/1/97
1072 Spray Equipment Spraying System Agroindustrias $ 3,980.30 1/1/97
no Spring & Studs Luthi Agroindustrias $ 432.54 2/3/97
no Eyeglasses Dr. Velasco Agroindustrias $ 1,612.80 2/14/97
1052-1069 Steel Table Nelson-Jameson Agroindustrias $ 11,730.00 2/19/97
1071 Histamine System Neogen Agroindustrias $ 926.75 5/14/97
no Histamine Kit Neogen Agroindustrias $ 179.00 5/14/97
1049,1050 Ceiling Fan/Exhaust Grainger Agroindustrias $ 2,064.50 5/15/97
no Light Fixtures Grainger Agroindustrias $ 173.01 5/22/97
1051 Light Fixtures ESD Company Agroindustrias $ 1,297.84 5/27/97
no Fixtures Accessories ESD Company Agroindustrias $ 86.24 5/27/97
no Cutting boards Port Plastics Agroindustrias $ 186.00 5/28/97
no Cutting boards Port Plastics Agroindustrias $ 679.06 6/18/97
$153,436.72 -$15,416.88
</TABLE>
<PAGE>
SELLER'S RIGHT, TITLE AND INTEREST IN AND TO THE ATTACHED
TOLL-PACKING AGREEMENT FOR CANNED TUNA
<PAGE>
TOLL-PACKING AGREEMENT FOR CANNED TUNA
This agreement is entered into this 5th day of September 1996, by and between:
AGROINDUSTRIAS ROWEN S.A. DE C.V. a company duly organized and existing under
the laws of Mexico, in the state of Baja, having its registered office at
Fabrica Km. 104, Carretera Tecate, Ensenada, Baja, CA, Mexico, (hereinafter
referred to as "SELLER"), represented by its Director General, Ing. Alvaro
Romero Wendlandt.
AND
INTERNATIONAL TRADE GROUP, LLC, a Limited Liability Company duly organized
and existing under the laws of the State of Oregon (USA), having its
registered office at 6700 S.W. Sandburg Road, Tigard, Oregon 97223,
(hereinafter referred to as "BUYER"), represented by its President/CEO, Alain
L. de la Motte.
WHEREAS
SELLER is a tuna cannery specializing in the processing and packing of
frozen tuna fish into canned tuna products for the Mexican market.
SELLER is prepared to convert its production plant in Ensenada into a 100%
dolphin-safe operation as soon as this Agreement is signed.
SELLER is licensed by the Mexican Customs authorities to import raw
material required to pack canned tuna, warehouse it in SELLER's own bonded
facilities, and process it into finished products that can be reexported without
import duty or export levies of any kind.
BUYER is an international buying consortium which purchases imported
private label food products for the account of its members/partners, including
some of the largest US and international food chains, food service companies and
private label distributors. BUYER is interested in importing various types,
sizes and quality of canned tuna to meet the needs of its members/partners.
BUYER and SELLER are willing to enter into a toll-packing arrangement for
canned tuna Products on the terms and conditions hereinafter set forth.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. DEFINITIONS
1.1. In this agreement:
1.1.1. The word "PRODUCT (s)" or "FINISHED PRODUCT (s)" shall mean processed
flesh of canned tuna cooked and packed in water from frozen Raw
Material, in accordance with BUYER's specifications for Finished
Products, and the US Food & Drug Administration ("FDA") (and their
Canadian counterpart) Standard of Identity as defined in the latest
available Almanac (Exhibit A).
1.1.2. "RAW MATERIAL" shall refer to one metric ton of frozen tuna fish of
the Skipjack (KATSUWONUS PELAMIS), Yellowfin (THUNNUS ALBACARES),
or Albacore (THUNNUS ALALUNGA) species, graded by weight in
accordance with the classifications defined in paragraph 1.1.8 below
for each specie. For the purpose of this agreement, the Cost of Raw
Material shall always be calculated based on an average frozen weight
of a particular specie. It will be SELLER's
<PAGE>
IGC/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 2
and BUYER's joint responsibility to approve the quality of all
incoming Raw Material upon delivery at the dock and to ensure it
meets or exceeds BUYER's specifications. Once Raw Material has been
approved by SELLER and BUYER, the responsibility for the preservation
of such Raw Material in safe, secure and sanitary conditions in
SELLER's cold storage warehouses shall be that of SELLER.
1.1.3. "COST OF RAW MATERIAL" shall refer to the all-inclusive cost of Raw
Material delivered at the SELLER's packing plant in Ensenada, Baja CA,
Mexico, in units of one metric ton (1,000 kg). This price shall be
computed to include the cost of transporting the fish from the Ensenada
dock to SELLER's cannery, which cost shall not exceed $13.08 per ton,
including but not limited to the weighing of the fish, labor charges
to load the bins on the truck, securing the load, loading and unloading
supervision by SELLER, trucking. In the event savings can be achieved
by negotiating volume discounts, all such rebates shall accrue to BUYER
exclusively.
1.1.4. "CASE YIELD" shall refer to the number of cases of finished product
for a particular can size that SELLER agrees to deliver to BUYER for
each ton of Raw Material BUYER makes available to SELLER under this
Agreement. To calculate the Case Yield, the following formula shall
apply:
(Yield) X (1,000 grams)
------------------------------------ = No. of Cases per ton ("Case
(Fill Weight) X (# of Cans Per Case) Yield").
1.1.5. "COST OF RAW MATERIAL PER CASE" shall refer to the amount of Raw
Material used to produce one case of Finished Product, after processing
and cooking. To calculate the Cost of Raw Material per case, the
following formula shall apply:
(Cost of Raw Material Per ton)
------------------------------ = Cost of Raw Material Per Case
(Case Yield)
Unless otherwise specified, the word "Case of Finished Product" or
"Case" used in the calculation of the cost of Finished Product shall
specifically refer to a base unit of measurement consisting of 48
cans, 6 ounces each.
1.1.6. "FISH MEAL RECOVERY" shall refer to the cooked scrap byproduct
recovery that can be further processed into fish meal for each metric
ton of Raw Material. For calculation purposes, it is assumed that 27%
of the Raw Material weight shall be purchased by SELLER from BUYER for
further processing into fish meal. At BUYER's sole option, BUYER may
choose to sell scrap to SELLER or to require SELLER to process scrap
Raw Material into fish meal. In the latter case, BUYER shall pay
SELLER US $137 (one hundred thirty seven) per ton of finished fish
meal product delivered to BUYER, ex-factory. It is understood that it
will require 2.5 to 3 tons of scrap Raw Material to produce one ton
of fish meal with the following approximate specifications: 52%
protein, 12%-13% ash, 16% fat content, 8% to 9% water content.
1.1.7. "RAW MATERIAL COST AFTER RECOVERY" shall refer to the net cost per
metric ton of Raw Material after deducting US $5.40 per ton (27% of
$20 per ton of scrap) for revenue derived from Fish Meal Recovery.
1.1.8. The "YIELD" shall refer to the percentage derived by dividing the
total weight (in kilograms), of the longitudinal loins or other
striated muscular tissue of the fish ("Loins") which is usable to pack
Finished Products in accordance with BUYER's specifications, divided
by 1,000 kilograms. For calculation purposes the production Yields
guaranteed by SELLER for each fish variety and weight category shall
be as follow:
1.8/3.4 kg MORE THAN 3.4 kg
---------- ----------------
Skipjack (KATSUWONUS PELAMIS) 39% 41%
<PAGE>
IGC/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 3
1.8/3.4 kg 3.4/9 kg MORE THAN 9 Kg
---------- -------- --------------
Yellowfin (THUNNUS ALBACARES) 39% 42.5% 45.2
LESS THAN 5 Kg 5/10 Kg MORE THAN 10 Kg
-------------- ------- --------------
Albacore (THUNNUS ALALUNGA) 48% 51.7% 54.1%
1.1.9. "FILL WEIGHT" shall refer to the weight of a cooked tuna Loin portion
that is placed in each can prior to the addition of water and/or
Hydrolyzed Protein, and prior to the sealing of the can. Such weights
shall be added at a future date based on BUYER's specifications and
test runs, and shall become part of this Agreement.
<TABLE>
<CAPTION>
Fill Weights by Pack Type Skipjack Yellowfin Albacore
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fish Fill (CLW) grams/can (307 x 109) 100 100
Fish Fill (CLW) grams/can (307 x 205)-
Fish Fill (CLW) grams/can (401 x 204)-
Fish Fill (CLW) grams/can (6O3 x 408)
Fish Fill (SLW) grams/can (401 x 204)
Fish Fill (CWW) grams/can (603 x 408)
Fish Fill (SWW) grams/can (307 x 109)
Fish Fill (SWW) grams/can (211 x 106)-
Fish Fill (SWW) grams/can (401 x 204)
Fish Fill (SWW) grams/can (603 x 408)
</TABLE>
The above Fill Weights represent the fish weights prior to the
addition of HP. After the addition of HP, the resulting Pressed Weight
must be no less than that required by the FDA's Standard of Identity
and/or BUYER's specifications.
CLW = Chunk Light Tuna in Water (Skipjack or Yellowfin)
SLW = Solid Light Tuna in Water (Skipjack or Yellowfin)
CWW = Chunk White Tuna in Water (Albacore)
SWW = Solid White Tuna in Water (Albacore)
1.1.10. "PRESSED WEIGHT" shall refer to the average weight of the tuna in each
can after draining out all liquid from the can and pressing out any
liquid that has been absorbed by the fish, in accordance with
paragraph C (2) of the FDA's standard of Identity for Canned Tuna.
<TABLE>
<CAPTION>
Pressed Weights by Pack Type Skipjack Yellowfin Albacore
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
P.W. (CLW) grams/can (307 x 109)
P.W. (CLW) grams/can (307 x 205)-
P.W. (CLW) grams/can (401 x 204)-
P.W. (CLW) grams/can (603 x 408)
P.W. (SLW) grams/can (401 x 204)
P.W. (CWW) grams/can (603 x 408)
P.W. (SWW) grams/can (307 x 109)
P.W. (SWW) grams/can (211 x 106)-
P.W. (SWW) grams/can (401 x 204)
P.W. (SWW) grams/can (603 x 408)
</TABLE>
CLW = Chunk Light in Water
SLW - Solid Light in Water
CWW = Chunk White in Water
SWW = Solid White in Water
<PAGE>
ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 4
1.1.12. "CHUNK(s)" or "CHUNK PACK(s)" shall refer to tuna packed in accordance
with paragraph 3 (ii) of the FDA's Standard of Identity and according
to specifications supplied by BUYER.
1.1.13. "FLAKES" shall refer to tuna packed in accordance with
paragraph 3 (iii) of the FDA's Standard of Identity.
1.1.14. "HYDROLYZED PROTEIN" or "HP" shall refer to the solution derived from
adding Exelpro's 12% E-Pro-SB solution to the packing medium, in
accordance with Wescotek, Inc.'s specifications and recommendations.
1.1.15. The word "CAN(s)" shall refer to a two-piece or three-piece metal can
normally used to pack tuna. The following retail and food service can
sizes shall be available to BUYER AS SOON AS SELLER installs the Luthi
solid-packing machines, but no later than five months from the date of
signature of this Agreement: 6oz Cans (2 piece), 3 oz Cans (2 piece),
12 oz Cans (2 piece), 9 oz Cans (2 piece) and, at a later date,
66.6 oz Cans (3 piece).
1.1.16. The word "CARTONS" OR "CASE" shall refer to a case of the following
can sizes as follows:
(a) Retail: 48 cans of 6 oz ("48/6 oz"), or 24 cans of 6 oz
("24/6 oz")
(b) Retail: 16 (3 Pack) 3 oz ("16/3/3 oz")
(c) Retail: 24 cans of 12 oz ("24/12 oz")
(d) Retail: 24 cans of 9 oz ("24/9 oz")
(e) Production at a later date: Food Service: 6/66.6 oz (6/66.6 oz")
1.1.17. "DIRECT MATERIAL" shall refer to all material used to produce the
finished product, including, cans, lids, salt, spring water,
hydrolyzed protein, printed labels, and cartons, including reject
allowance, but excluding the frozen Raw Material. Unless otherwise
specified it shall specifically refer to the unit cost of one case of
Finished Product.
1.1.18. "SELLER'S FEE" shall refer to the fully-loaded, all-inclusive,
toll-packing cost charged by SELLER to BUYER to produce one Case of
48/6oz cans of Finished Product, on an ex-factory basis (loaded in the
container/ truck). Unless otherwise specified it shall specifically
refer to the unit cost of one case of finished product, regardless of
the specie of the fish, or the pack type. This fee includes all direct,
and indirect labor, administrative costs, factory overhead, interest,
depreciation and amortization. In the event BUYER is required to
guarantee of cost of the Luthi solid-packing machines and to pay the
manufacturer directly a per Case fee, SELLER's fee shall automatically
be reduced by that amount, which is currently $0.12 per Case, plus any
duties or taxes that must be paid to the authorities of Mexico or the
United States of America.
1.1.19. "CASES PER CONTAINER" shall refer to the maximum number of cases that
can be loaded on a 20' container or truck while remaining within the
maximum weight limit for the trade route in question.
1.1.20. "FIRST IN, FIRST OUT" shall refer to the accounting method used to
account for inventory. In this Agreement it shall also refer to the
inventory rotation of frozen raw material that is used to pack the
finished product.
2. AGREEMENT TO SELL AND PURCHASE
2.1. SELLER agrees to toll-pack canned tuna products exclusively for BUYER,
and BUYER agrees to purchase from SELLER, Finished Products upon the
terms and conditions set forth in this agreement.
2.2. SELLER shall allocate no less that 60% of its total capacity (measured
in either tons of Raw Material processed per day or in Cases of
Finished Products produced per day or per month) to produce Products
for BUYER. During the term of this Agreement or any renewal thereof,
<PAGE>
ITG/Rowen - Toll Packing Agreement for Canned Tuna. Cont'd. Page 5
SELLER shall produce Products for BUYER on an exclusive basis, it
being understood however that SELLER shall be free to use the
remainder of its capacity (up to a maximum of 40%) to continue
packing for its own brand (Lamar) and for other private label
distributors in Mexico, so long as such products are exclusively
for consumption within Mexico. In this respect, SELLER is
specifically prohibited from manufacturing, selling, trading,
exporting or supplying Raw Material or Finished Products to any
export market, directly or indirectly, and all export inquiries
shall be turned over to BUYER by SELLER when received. Furthermore,
SELLER shall not during the term of this Agreement and any renewal
thereof supply Products to Wal-Mart International in Mexico,
directly or indirectly, under the Wal-Mart's label, brand or mark
("Great Value") or any other brand or Trademark directly owned by
Wal-Mart, Inc or Wal-Mart International, Inc.
2.3. SELLER is prohibited from co-mingling BUYER's Raw Material with its
own during production. To that end and to ensure a clear separation of
assets, SELLER shall process and pack BUYER's Raw Material in
production units of one full shift or day of production at a time. In
no event can SELLER pack products for its own account at the same time
as BUYER's Products.
3. TERM, VALIDITY AND EXCLUSIVITY
3.1. This agreement shall come into force ("Effective Date") the later of
any of the following events occurring:
3.1.1 The date this Agreement is signed by both parties, or
3.1.2 The date the Judge in charge of the "Suspension de Pagos"
authorizes SELLER to enter into this transaction and SELLER
provides BUYER with an official certificate attesting to the
fact that this Agreement has been registered in Mexico with
the appropriate authorities in accordance with paragraph 19.5.
below, or
3.1.3 The date SELLER's factory is removed from the US Food and
Drug Administration "Automatic Detention" list, or
3.1.4 The date PhF issues a certificate that the plant has been
brought up to full BUYER and FDA standards, or
3.1.5 The date Ed Townsend, BUYER's consulting engineer, attests
in writing that SELLER's plant and equipment is up to
operating standard and that SELLER is capable of producing
products that meet or exceed BUYER's specifications, or
3.1.6 The date the Mexican Government's Fisheries division grants
the US flag fishing boats that are under contract with BUYER
the right to off load Raw Material in the ports of Ensenada
or San Carlos, Baja, Mexico.
It shall remain in force for a period of five years as of the
Effective Date. Thereafter it shall be automatically renewed for
additional equal terms, unless terminated by either party in
writing not less than 6 (six) months prior to its expiration or
any renewal/s thereof.
3.2. SELLER shall grant BUYER exclusive packing privileges encompassing
100% (one hundred percent) of SELLER's capacity made available for the
export market during the term of this Agreement and any renewal
thereof. BUYER shall have a 60 (sixty) day right of first refusal to
purchase any additional manufacturing capacity made available by
SELLER, at any time during the term of this Agreement and any renewal
thereof. In this respect, SELLER shall offer to BUYER any excess
capacity in writing at least two months prior to the anticipated time
when the excess capacity is scheduled to become available. In the
event BUYER fails to take-up the additional capacity, SELLER shall be
free to offer such additional capacity to buyers in markets other than
the United States of America or Canada, including Wal-Mart
International, their agents or representatives.
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ITG/Rowen - Toll Packing Agreement for Canned Tuna. Cont'd. Page 6
4. BUYER'S DUTIES
4.1. BUYER shall procure all Raw Material and Direct Material needed for
toll-packing. SELLER shall be responsible for the loading of bins onto
the truck, and transportation to SELLER's cold storage warehouse under
safe, sanitary and secure conditions, so as to prevent theft or
shortages in transit. All costs associated with the pick-up and
transportation of the Raw Material to the cold storage warehouse shall
be in accordance with paragraph 1.1.3 above.
4.2. BUYER shall procure and ship from the United States all Direct
Material needed for production at SELLER's custom-bonded facilities in
Ensenada, Mexico. BUYER shall pay for all costs of direct material and
its transport from the United States to SELLER's manufacturing plant.
4.3. BUYER shall communicate information monthly to SELLER regarding its
sales activities and inventory levels. Such information shall be kept
by SELLER in the strictest confidence and shall only be made available
to those within its organization specifically responsible for the
implementation of this Agreement.
4.4. BUYER shall immediately inform SELLER of any observation/s or
complaint/s received from customers in respect of the Products and
SELLER shall promptly correct its manufacturing processes to correct
such problem/s. Repeated failure to correct a problem in a timely
fashion shall constitute sufficient reason for early termination of
this Agreement by BUYER.
4.5. BUYER shall keep SELLER informed of (i) the laws and regulations
applicable to the importation of canned tuna and to the Products
including, INTER ALIA, import regulations, labeling & packing
specifications, food safety requirements, etc.
5. SELLER'S DUTIES
5.1. SELLER shall communicate information monthly to BUYER regarding the
current market price and market trends for Raw Material costs (low,
average and high) in Mexico, as well as information regarding
competitive activities.
5.2. SELLER shall pack tuna for and on behalf of BUYER in accordance with
BUYER's specifications and directives. SELLER shall handle all Direct
Material and Raw Material supplied by BUYER under this Toll Packing
Agreement with care and shall maintain safe and sanitary warehousing,
processing and canning facilities at all times in accordance with
established standards for Good Manufacturing Practices ("GMP"). SELLER
shall be responsible for the implementation without delay, of any
changes, modifications or processes required by BUYER's representative
on site to bring the packing in line with established GMP, FDA or
BUYER's guidelines. SELLER agrees to implement a Hazard Analysis
Critical Control Point ("HACCP") program as soon as deemed practical
and reasonable by BUYER, but no later than one year from the date this
Agreement is signed.
5.3. SELLER shall receive and hold at SELLER's Cold Storage warehouse at
the plant ("Cold Storage"), BUYER's Raw Material inventory in a secure
and locked part of the facility. SELLER guarantees that products will
only be stored in metal bins in secure rooms at an ambient temperature
of no more than -10 DEG C (minus ten degrees centigrade) and that all
generators shall be maintained in good working order at all times in
order to prevent power outages that could affect the quality of
BUYER's Raw Material. SELLER shall clearly mark the bins of Raw
Material that belong to BUYER and prevent BUYER's Raw Material from
being intermingled with other fish belonging to SELLER or that of any
other third party, both in cold storage and during the manufacturing
process. SELLER agrees that the approximately 900 square meters of cold
storage warehouse that contains BUYER's Raw Material shall be secured
by a double pad lock, with the keys for the first padlock held at all
times by BUYER's representative on site, and the key to the second
padlock by SELLER's employee.
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ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 7
5.4. SELLER shall receive and warehouse in its bonded warehouse, at no cost
to BUYER, all Direct Materials needed for toll-packing. SELLER shall
be responsible for all import and reexport formalities in Mexico so as
to enable materials to enter Mexico and to be reexported duty free.
Any custom brokerage costs associated with the importation of Direct
Material into Mexico shall be borne by BUYER.
5.5. SELLER shall submit to BUYER or to BUYER's representative on site, on
the Friday of each week, a form duly filled and signed by SELLER
showing the Raw Material receipt for each delivery, broken down by
fish specie and weights. The form shall contain specific annotation
relative to the quality of incoming Raw Material together with copies
of laboratory reports for histamine and salt content tests.
5.6. SELLER shall furnish BUYER at least once a week, on each Monday, for
the preceding week, a complete accounting of Raw Material, Direct
Material and rejects used in production, as well as an
inventory-on-hand report using the First-in First-out accounting
method. SELLER shall perform physical inventories at its own expense at
least once every two months. SELLER shall be responsible for the cost
of any inventory shortage after Direct and/ or Raw Materials are
received at SELLER's warehouse.
5.7. SELLER shall provide BUYER with proof of insurance, covering all
risks, no later than 30 (thirty) days prior to the first scheduled
pack time. The insurance policy shall be issued by an international
carrier with a AAA rating, and shall cover the full value Plus 10%
(ten percent) of Direct Material and Raw Material belonging to BUYER
while the product is under SELLER's control. BUYER shall be provided
with a certificate of endorsement issued by the insurance company
showing BUYER as the beneficiary. Upon expiration of the policy SELLER
shall cause a new one to be reissued without any time gap during which
BUYER's assets are unprotected.
5.8. SELLER shall inform BUYER immediately concerning any event that could
potentially affect production, capacity, delivery timing, or shipment
of Products purchased under this Agreement, as well as with any
information needed by BUYER for carrying out its obligations under
this Agreement
5.9. SELLER shall only process at its facilities dolphin-safe tuna as
currently defined by the US Maritime Fisheries, United States laws and
the environmental groups active in dolphin preservation.
6. ANNUAL VOLUMES AND CAPACITY
6.1. During the term of this agreement and any renewal thereof, BUYER
undertakes to purchase from SELLER, not less than 850,000 Cases of
Finished Products within a calendar year, subject to the availability
of Raw Material, and SELLER undertakes to manufacture for BUYER all of
BUYER's requirements up to an aggregate of 850,000 cases of Finished
Products per calendar year. This quantity may be increased or
decreased at any time by written agreement of the parties.
6.2. SELLER shall make available to BUYER a production capacity of no less
than 50 tons of Raw Material per day, per eight hour shift, based on
an average fish size of 5 kilos and up.
6.3. BUYER shall endeavor to provide steady production orders to SELLER
to ensure maximum capacity utilization, however it is clearly
understood that such orders will be subject to market conditions,
availability of frozen Raw Material, and the competitiveness of Raw
Material costs at any one point in time. For this reason, SELLER shall
work closely with BUYER to provide a flexible manufacturing schedule
to fit BUYER's needs and opportunities.
7. ORDERS
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ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 8
7.1. SELLER shall pack, label and warehouse Finished Products packed for
BUYER in accordance with BUYERS' written orders, instructions and
specifications.
7.2. Purchase Orders ("P/O") and Shipping Instructions ("S/I") shall be
submitted to SELLER on a regular basis by BUYER. Such S/I (Exhibit
"C") shall be submitted with as long a lead time as possible, but
shall only be binding upon BUYER when both the following documents
have been issued: (a) BUYER has issued a P/0 (Exhibit "D"), and (b)
BUYER has issued a S/I which contains specific shipping and delivery
instructions in support of the P/O for each container or truck load.
7.3. SELLER shall inform BUYER in writing within 48 hours of receipt of a
P/O or S/I if, for whatever reason, it is unable to meet the specified
delivery date. SELLER may not unreasonably reject or postpone delivery
of orders transmitted by BUYER. Any refusal of order/s contrary to
good faith shall be considered as a breach of contract. Furthermore
SELLER agrees that it shall not subcontract, farm out or assign any
part of the manufacturing process to outside vendors without BUYER'S
written approval.
7.4. SELLER shall make the first containers available for shipment to BUYER
during the Second week of October, 1996. BUYER shall issue Purchase
Orders and Shipping Orders no later than one month prior to the first
shipment.
7.5. SELLER undertakes, in good faith, to fill all orders placed by BUYER
within 10 (ten) days of receipt of a signed Purchase Order submitted
by fax or by mail.
7.6. BUYER agrees to order and take delivery of minimum quantities of one
truck or container load at a time, or in multiples thereof. It is
expressly agreed however that BUYER will be allowed to mix different
Products, labels and can sizes within the same container.
8. PRICES AND COST ACCOUNTING
8.1. BUYER shall pay SELLER a fee of US $3.75 (three dollars and seventy
five cents) net per Case of Finished Product ("Seller's Fee").
8.2. SELLER shall invoice BUYER monthly for Cold Storage at an all-inclusive
rate of US$ 28 per ton, per month, calculated based on the actual
average daily inventory held in cold storage. This cost shall include
all in and out, metal bin rental, and insurance for the greater of 125%
of the value of the Raw Material held in cold storage, or the actual
replacement cost.
8.3. At the end of each week, SELLER shall furnish to BUYER written records
of each lot of raw material ("Raw Material Inventory") used in
production and the production yields achieved for each lot in
accordance with BUYER's reporting format. Each lot shall indicate the
weight category per specie, total weight per category, the achieved
Yield based on fish size and specie, and the actual number of Cases of
Finished Products manufactured from each lot of raw material, by
applying the following formula:
(# of tons) X (Cost of Raw Material Per Ton) No. of Cases of
-------------------------------------------- = Finished Product
Case Yield
SELLER shall use the First In, First Out method to account for
BUYER's Raw Material used in manufacturing and to calculate the
Cost of Raw Material Per Case of Finished Product. An Excel
spreadsheet shall be maintained by SELLER and transmitted to BUYER
weekly to show the inventory movements of incoming raw material and
outgoing finished products.
The Cost of Raw Material Per Case shall be determined weekly and
applied to the calculation of the Finished Product. Even though BUYER
will source and procure the fish raw material, SELLER shall declare
the value of fish used on all invoices to BUYER in accordance with
the above formula.
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ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 9
8.4. BUYER shall be responsible for the cost of all Direct Material used in
production. BUYER and SELLER shall agree on an acceptable percentage
of rejects for each material and SELLER shall be responsible for the
accounting of all material used in production as well as for rejects.
Rejects shall be kept for BUYER's verification and only disposed of
after BUYER's representative has signed-off on it. In the event the
production rejects exceed mutually agreed threshold, SELLER shall
reimburse BUYER for the cost of excess material used in production,
and BUYER shall be free to deduct the fully-loaded value of such
excesses from any and all amounts owed SELLER by BUYER.
8.5. SELLER shall purchase from BUYER 100% (one hundred percent) of the
fish scrap for processing into fish meal. BUYER shall invoice SELLER
US $20 (twenty) per ton of fish scrap used in production. At BUYER's
sole option, BUYER may request a separate payment or request SELLER to
issue a credit note in favor of BUYER.
8.6. In the event actual production Yields are better than those specified
in paragraph 1.1.8 above, it is expressly agreed that one hundred
percent of the benefit of those improvements shall accrue to BUYER. In
this event SELLER shall deliver to BUYER a greater number of Cases per
ton of Raw Material than anticipated under this contract.
9. PAYMENT TERMS & METHODS
9.1. SELLER shall ship Products to BUYER weekly or bi-monthly in units of no
less than one truck load (1,960 cases) at a time. SELLER's Fee shall
be due and payable 30 days from receipt of invoice. BUYER shall pay
all invoices in US dollars by wire transfer or by check made payable
to SELLER.
9.2. BUYER agrees to help fund SELLER's cash flow for a period of up to six
months from the Effective Date of this Agreement, by opening in favor
of SELLER an irrevocable and transferable Letter of Credit covering
SELLER's Fees in connection with Finished Products manufactured for
BUYER and exported to BUYER.
9.3. SELLER's Fees shall be due and payable only after Products have been
approved by the US Food and Drug Administration for entry in the
United States. In the event that the US FDA rejects a particular
shipment, SELLER shall immediately reimburse BUYER all costs
associated with the production of the rejected shipment based on
BUYER's fully-loaded costs. Such payments shall be due and payable in
full within 70 days of BUYER's invoice to SELLER, on the understanding
that BUYER shall charge SELLER a financing cost of 11% per annum over
and above the fully-loaded cost, during the period the debt is
outstanding. Upon receipt of payment by BUYER, SELLER shall be free to
sell rejected Products in the Mexican market, after such Products have
been relabelled with the SELLER's own labels. All transport costs,
import fees, warehousing and tests associated with the delivery of a
rejected container shall be borne by SELLER.
9.4. At BUYER's sole option, BUYER shall either cause:
(a) an irrevocable letter of credit to be opened in favor of SELLER
in the amount of US$ 350,000, which SELLER shall use as collateral
to finance plant and capital improvements as well as new equipment
needed to: (a) bring SELLER's facilities up to BUYER's quality
standards and, (b) finance the implementation of a HACCP quality
assurance program, and (c) finance a Yield improvement program
("Capital Improvements"). The letter of credit shall allow SELLER
to draw an amount of US $0.10 (ten cents) per Case of Finished
Product exported to BUYER. This fee shall be payable over and above
the Seller's Fee. Drawings shall be in amounts of no less than
$5,000 at a time.
or
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ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 10
(b) payments to be made directly to suppliers of equipment and
services needed for the Capital Improvements. In this event, BUYER
shall be the sole owner of all Capital Improvements and no payment
will be due SELLER in connection with the use of such equipment.
9.5. SELLER may not at any time during the term of this Agreement or any
renewal thereof use or process for its own account, take possession
of, dispose of, or transfer BUYER's Direct Materials and/or Raw
Materials to satisfy any of BUYER's obligations or SELLER's claim
against BUYER.
9.6. SELLER shall keep all BUYER-financed Capital Improvements, Direct
Material and Equipment free and clear of any lien, encumbrances,
hypothecation or charge of any kind during the term of this Agreement
and any renewal thereof. It shall the the responsibility of SELLER to
cause BUYER's lien on Equipment and Direct Material to be registered
in the Official Registry in Ensenada within seven days of the
signature of this Agreement, and to provide BUYER with a copy of such
registration.
9.7. In the event this Agreement is terminated prematurely for any reason
whatsoever, or upon its expiry, SELLER shall have the option of either
(a) returning to BUYER all Capital Improvements belonging to BUYER, or
(b) reimbursing BUYER for all payments made, directly or indirectly,
by BUYER to finance such Capital Improvements and to pay for
inventoried Raw Material and Direct Material. At BUYER's sole option,
BUYER may convert SELLER's indebtedness toward BUYER into SELLER's
voting shares of preferred or common at the then prevailing book
value.
10. WARRANTIES AND INDEMNIFICATION
10.1. SELLER hereby guarantees that no Product shipped to BUYER shall be, as
of the date of such shipment or delivery, adulterated or misbranded or
unsafe within the meaning of the US Federal Food, Drug and Cosmetic
Act with all revisions and amendments pertaining thereto (including
the Pesticide and Food Additive Amendments of 1958) or within the
meaning of any substantially similar state law.
SELLER hereby agrees to defend, pay, indemnify and hold BUYER
harmless from and against any and all claims, demands, fines,
suits, actions, proceedings, orders, decrees and judgments of any
kind or nature by or in favor of anyone whomsoever and from and
against any and all costs and expenses, including reasonable
attorneys fees, resulting from or in connection with liability or
loss arising from use, distribution and marketing of any Products
furnished by SELLER.
SELLER agrees to indemnify and hold BUYER harmless from liability,
suits or actions of any kind arising from the use, distribution and
marketing of any products furnished by SELLER, however SELLER
shall not indemnify and hold BUYER harmless from any loss or
liability arising out of the negligent acts or omissions of BUYER,
its agents or employees.
10.2. BUYER and SELLER shall carry separately and at their own expense an
insurance policy providing INTER ALIA, product liability coverage in
an amount of at least US$1,000,000 (one million US dollars). SELLER
undertakes to name BUYER an additional insured party under SELLER's
policy no later than thirty (30) days from the date this Agreement is
signed, SELLER shall furnish BUYER with the original policy or
policies or duly executed certificates for the same together with
satisfactory evidence of payment of the premium thereof.
10.3. SELLER guarantees that at all times, during the term of this Agreement
and any renewal thereof, any Direct Material, Raw Materials, or
equipment belonging to BUYER (BUYER's Assets") shall at all times be
held in storage at SELLER's own facilities, free and clear of any
lien, encumbrances, hypothecation or charge of any kind. In this
respect, SELLER shall cause no later than 30 days from the date of this
agreement a filing to be made with the appropriate Mexican
authorities, a lien in favor of BUYER on all Direct Material and Raw
Material shipped by BUYER to SELLER for use in production.
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ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 11
11. QUALITY CONTROL
11.1. SELLER shall, at any time during performance of its obligations
hereunder, permit BUYER to maintain a representative in those areas of
the plant where Raw Material, ingredients, Direct Materials, or
Finished Products are stored, handled or processed, and to enable
BUYER to inspect said facilities and assess the procedures followed by
SELLER to assure that said plants, facilities and procedures are
consistent with BUYER's quality standards and with any other
requirement which may be agreed upon from time to time by and between
the parties.
11.2. SELLER shall provide at no cost to BUYER a furnished office, a phone
line and a fax line (overseas calls charged to BUYER) to permit
BUYER's full time representative to fulfill his duties relative to
quality assurance and production monitoring.
11.3. SELLER shall permit BUYER's representative to inspect each lot of
Finished Products prior to accepting the lot, in accordance with
BUYER's standard sampling procedures as defined in BUYER's or BUYER's
Specifications. In the event BUYER's representative rejects a
particular lot that is found to be sub-standard, it will be the
SELLER's responsibility to segregate rejected Products in its
warehouse and to maintain a separate accounting for rejected Products.
It is expressly agreed that BUYER's representative shall refrain from
giving orders to SELLER's employees and shall discuss quality issues
strictly with SELLER's Supervisor.
12. DELIVERY AND STORAGE
12.1. SELLER shall deliver Finished Products to BUYER on an ex-factory
basis, loaded and braced in the truck or container.
12.2. Container/truck loading inspection procedures shall be the sole
responsibility of SELLER. In this respect SELLER will undertake to
inspect every container/truck for leaks, damage or defects that could
result in damage to the Products in transit. SELLER shall only accept
from shipping lines and freight forwarders, containers or trucks that
meet or exceed BUYER's requirements for water-proofing and quality.
Any containers that does not meet BUYER's requirements shall be
replaced before loading. SELLER will load all containers in accordance
with BUYER's loading instructions and cause appropriate bracing to be
placed within the container in order to prevent cargo damage caused by
load shifts in transit.
12.3. SELLER shall store and warehouse Products in a moisture-free
environment, in accordance with generally accepted standards, so as to
minimize the risk of Product deterioration or contamination that could
render the Product unfit for consumption. SELLER's warehouse shall be
secure against theft and shall be free of rodent infestation.
12.4. All finished Products shall be warehoused by SELLER based on generally
accepted principles of stock rotation using the first-in, first-out
method, and no charge shall be made to BUYER for warehousing of Direct
Materials or Finished Products.
13. INSPECTION ACCEPTANCE CLAIMS
13.1. All Products shall be received at its final destination subject to
BUYER's inspection and acceptance. Claims regarding defective Products
shall be made in writing to SELLER no later than ninety (90) days
after delivery of the goods at its final destination.
13.2. All claims for shortage shall be reported in writing to SELLER within
30 (thirty) days of the arrival of the container/truck at its final
destination. SELLER shall correct shortages at no cost to BUYER or
refund BUYER within 10 days for the full cost of Product. SELLER and
BUYER shall cooperate with each other in presenting claims for bill of
lading shortages or for merchandise damaged in transit.
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13.3. In the event that certain Product codes are found to be defective
after delivery at its final destination and such codes have been
inspected by BUYER's quality assurance employees as part of BUYER's
pre-shipment organoleptic inspection, it is agreed that BUYER shall
bear the responsibility only for defects that can be detected during
the course of a normal organoleptic inspection involving a randomly
selected sample. However, any defects, whether hidden or not and/or
not otherwise easily identifiable during the course or a normal
pre-shipment organoleptic inspection of randomly selected samples (e.g.
honey combing, vacuum loss, or microbiological contamination), shall
automatically be the sole responsibility of SELLER.
14. PACKAGING AND LABELING
14.1. All preparation, packaging, containerization and loading necessary to
preserve quality and to ensure safe transportation of the Products to
the US shall be the SELLER's sole responsibility.
14.2. Unless otherwise agreed in writing, SELLER and BUYER shall cooperate to
identify and obtain the lowest freight rates for each shipment. All
shipping contracts shall be the responsibility of BUYER.
15. TERMINATION
15.1. Each party may terminate this agreement with immediate effect, by
notice given in writing by registered mail, in case of a substantial
breach by the other part of the obligations arising out of the
contract or in case of exceptional circumstances, as defined below,
justifying the earlier termination.
15.2. Any failure by a party to carry out all or part of its obligations
under the contract resulting in such detriment to the other party as
to substantially deprive it of what it is entitled to expect under the
contract, shall be considered as a substantial breach for the purpose
of article 15.1. above.
15.3. Any violation of the provisions under articles 4.4, 5, 6, 8, 9.4, 9.5,
9.6, 10, 11, 12, 13, 17, 18 and 19.5 of the present agreement shall
also be regarded as a substantial breach of contract.
15.4. Any violation of the contractual obligations may be considered as a
substantial breach, if such violation is repeated notwithstanding a
written request by the other party to fulfill the contract
obligations.
15.5. The parties further agree that the following situations shall be
considered as exceptional circumstances that justify the earlier
termination by the other party: unavailability of Raw Material at a
competitive price, unforeseen hikes in import duties, unforeseen
governmental regulations or trade barriers, withdrawal of Mexican
Government permits to off load fish in Baja, Mexico, bankruptcy,
moratorium, receivership, liquidation or any kind of composition
between the debtor and the creditors or any circumstances that are
likely to affect substantially one party's ability to carry out its
obligations under this contract.
15.6. In the event of termination, for any reason whatsoever, SELLER shall
immediately release to BUYER, or BUYER's representatives or agents,
all BUYER's Assets in its possession at the time of termination.
SELLER shall permit BUYER's representatives to enter and remove
BUYER's Assets from SELLER's facilities. In this respect, SELLER shall
make every effort to facilitate the immediate and efficient return of
BUYER's Assets and the loading of such assets in a container or truck.
16. FORCE MAJEURE
16.1. Either party may be released from its obligations hereunder in the
event that governmental regulations or any other causes beyond the
parties' control renders performance impossible. Such
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release shall, however, be exclusively limited to that period of time
when performance is made impossible.
16.2. Should performance by either party be prevented for more than six
consecutive months, then the damaged party shall be entitled to
terminate this agreement by written notice 30 (thirty) days before
effective termination.
17. ASSIGNMENT
17.1. The present agreement may not be assigned without the other party's
prior written consent.
17.2. In the event this contract is assigned to a third party, the new party
will be required to abide by all the terms and conditions of this
Agreement.
18. CONFIDENTIALITY
Both parties agree to keep all information exchanged during the term
of this agreement or any subsequent renewal thereof as strictly
confidential, including but not limited to information regarding
volume of sales, pricing, market intelligence, competitive offers,
systems and procedures, suppliers names and addresses, bills of
lading, financial information and Product specifications.
19. MISCELLANEOUS PROVISIONS
19.1. This contract supersedes any other preceding agreement between the
parties on the subject.
19.2. No addition or modification to this contract shall be valid unless
made in writing and signed by each party's legal representative.
19.3. The nullity of a particular clause of this contract for whatever
reason shall not entail the nullity of the whole agreement, unless the
clause is of such importance that the party to the benefit of which it
was made would not have entered into the contract had it known that
the clause would not have been valid.
19.4. In the event this Agreement is translated into Spanish, it is agreed
that only the English version shall be admissible in any arbitration
or court proceedings.
19.3 SELLER shall be responsible to register this Agreement with the
appropriate authorities in Mexico within seven days of its signature.
In this respect, SELLER shall undertake, at its sole expense, to cause
whatever legal steps or registration are required with the Federal,
State or City Government or the courts, to cause this Agreement to
become valid and binding in Mexico.
20. APPLICABLE LAW:
This contract shall be interpreted and construed in accordance with
the laws of the State of Oregon in the United States of America and
shall be governed by said law.
21. ARBITRATION
21.1. Any dispute arising out of or in connection with the present agreement
shall be finally settled in accordance with the Rules of Conciliation
and Arbitration of the International Chamber of Commerce by one or
more arbitrators appointed in accordance with said Rules. The venue of
proceedings shall be Portland, Oregon, in the United States, the
language of the arbitration shall be English and the substantive law
applicable shall be that of the United States. The
<PAGE>
ITG/Rowen - Toll Packing Agreement for Canned Tuna, Cont'd. Page 14
ruling of the arbitration panel shall be final and binding upon the
parties and may be enforced in any court of law deemed appropriate.
21.2. In the event the present Agreement has been translated into other
languages, it is expressly agreed that only the original English
version shall constitute the official contract. Arbitration
proceedings shall be based on the English version of the Agreement and
no other translation shall be admissible during such proceedings.
22. ANNEXES
The following annexes constitute an integral part of the present
agreement:
(i) Exhibit A....... FDA Almanac - Standard of Identity for Canned Tuna
(ii) Exhibit B....... Sample Purchase Order
(iii) Exhibit C....... Sample Shipping Instruction
Agro Industrial Rowen, S.A. de C.V. International Trade Group, LLC.
/s/ Alvaro Romero Wendlandt /s/ Alain L. de la Motte
- -------------------------------- -----------------------------
Ing. Alvaro Romero Wendlandt Alain L. de la Motte
General Manager President/CEO
<PAGE>
"Appendix A"
Page 1 of 7
Section 161.190 CANNED TUNA
PROMULGATED 2/7/57. REVISED 10/31/90, CORRECTED 2/15/91. REVISED 1/6/93.
*IDENTITY
(a)(1) Canned tuna is the food consisting of processed flesh of fish of
the species enumerated in paragrah (a)(2) of this section, prepared in one of
the optional forms of pack specified in paragraph (a)(3) of this section,
conforming to one of the color designations specified in paragraph (a)(4) of
this section, in one of the optional packing media specified in paragraph
(a)(5) of this section, and may contain one or more of the seasonings and
flavorings specified in paragraph (a)(6) of this section. For the purpose of
inhibiting the development of struvite crystals, sodium acid pyrophosphate
may be added in a quantity not in excess of 0.5 percent by weight of the
finished food. It is packed in hermetically sealed containers and so
processed by heat as to prevent spoilage. It is labeled in accordance with
the provisions of paragraph (a)(8) of this section.
(2)(AS REVISED 55 FR 45795. 10/31/90: EFFECTIVE 12/31/90: CORRECTED
2/15/91) The fish included in the class known as tuna fish are:
THUNNUS THYNNUS (Linnaeus. 1758)--
Northern bluefin tuna
THUNNUS MACCOYII (Casteinau. 1872)--
Southern bluefin tuna
THUNNUS ALALUNGA (Bonnaterre. 1788)--
Albacore
THUNNUS ATLANTICUS (Lesson. 1830)--
Blackfin tuna
THUNNUS OBESUS (Lowe. 1839)--
Bigeye tuna
THUNNUS ALBACARES (Bonnaterre. 1788)--
Yellowfin tuna
THUNNUS TONGGOL (Bleeker. 1851)--
Longtail tuna
KATSUWONUS PELAMIS (Linnaeus. 1758)--
Skipjack tuna
EUTHYNNUS ALLETTERATUS (Rafinesque. 1810)--
Spotted tunny
EUTHYNNUS LINEATUS Kishinouye. 1920--
Black skipjack tuna
EUTHYNNUS AFFINIS (Cantor. 1849)--
Kawakawa
ALLOTHUNNUS FALLAI Serventy. 1948--
Slender tuna
AUXIS ROCHEI (Risso. 1810)--
Bullet tuna
AUXIS THAZARD (Lacepede. 1800)--
Frigate tuna
STYLES
(3) The optional forms of processed tuna consist of loins and other
striated muscular tissue of the fish. The loin is the longitudinal quarter of
the great lateral muscle freed from skin, scales, visible blood clots, bones,
gills, viscera and from the nonstriated part of such muscle, which part
(known anatomically as the median superficial muscle) is highly vascular in
structure, dark in color because of retained blood, and granular in form.
Canned tuna is prepared in one of the following forms of pack, the identity
of which is determined in accordance with the methods prescribed in paragraph
(c)(2) of this section.
(i) Solid or solid pack consists of loins freed from any surface tissue
discolored by diffused hemolyzed blood, cut in transverse segments to which
no free fragments are added. In containers of 1 pound or less of net
contents, such segments are cut in lengths suitable for packing in one layer.
In containers of more than one pound net contents, such segments may be cut
in lengths suitable for packing in one or more layers of equal thickness.
Segments are placed in the can with the planes of their transverse cut ends
parallel to the ends of the can. A piece of segment may be added if necessary
to fill a container. The proportion of free flakes broken from loins in the
canning operations shall not exceed 18 percent.
(ii) Chunk, chunks, chunk style consists of a mixture of pieces of tuna in
which the original muscle structure is retained. The piecess may vary in
size, but not less than 50 percent of the weight of the pressed contents of a
container is retained on a 1/2 inch mesh screen.
___________
*FDA announced (49 FR 23769, 7/16/84) a temporary permit issued to Ralston
Purina Co. to market test, for a period of 15 months, beginning no later than
10/15/84, canned tuna in vegetable oil and canned tuna in water which
contains a blend of sodium tripolypnosonate and sodium hexametaonosonata. In
the processing steps prior to canning these ingredients will be used to
reduce loss of natural fluids and protein during cooking, to prevent
oxidative changes during product cool-down, and to facilitate separation of
loin meat. Ingredients will be used to prevent struvite crystal formation
during storage.
Name of the permit holder changed (50 FR 12/17/35) to Van Camp Seafood
Co., Inc. and expiration date of the permit changed to coincide with the
effective date of final rule resulting from a proposal to amend the standard
or 30 days after termination of such proposal.
FDA announced (54 FR 40245, 10/13/89) a temporary market test permit
issued to Starkist Seafood Co. for 300,000 cases of 48/6oz. canned tuna
products containing added natural smoke flavor. At FR 4/13/91 FDA announced
extension of the expiration date to coincide with the effective date of final
rule resulting from a proposal to amend the standard or 30 days after
termination of such proposal.
FDA announced (56 FR 48212, 9/24/91) a temporary market test permit issued
to Bumble Bee Seafoods, Inc. for 300,000 24/6 1/8 oz. cases each of canned
tuna with jalapeno peppers in spring water, and canned tuna with jalapeno
peppers in soybean oil. At FR 7/21/92 FDA announced amendment to the permit
to increase the distribution area, and increase the quantity of chunk light
tuna with jalapeno in oil to 400,000 cases.
416
THE ALAMANAC--Volume 1--1993
<PAGE>
Page 2 of 7
STANDARDS OF IDENTITY, FILL--CANNED TUNA FISH--Continued
(iii) Flake or flakes consist of a mixture of pieces of tuna in which
more than 50 percent of the weight of the pressed contents of the container
will pass through a 1/2 inch mesh screen, but in which the muscular structure
of the flesh is retained.
(iv) Grated consists of a mixture of particles of tuna that have been
reduced to uniform size, that will pass through a 1/2 inch mesh screen, and
in which the particles are discrete and do not comprise a paste.
(v) Any of the specified forms of pack of canned tuna may be smoked.
Canned smoked tuna shall be labeled in accordance with the provisions of
paragraph (a)(8)(v) of this section.
COLOR DESIGNATIONS
(4) Canned tuna, in any of the forms of pack specified in paragraph
(a)(3) of this section, falls within one of the following color
designations, measured by visual comparison with matte surface neutral
reflectance standards corresponding to the specified Munsell units of value,
determined in accordance with paragraph (a)(7) of this section.
(i) WHITE. This color disignation is limited to the species Thunnus
alalunga (albacore), and is not darker than Munsell value 6.3.
(ii) LIGHT. This color designation includes any tuna not darker than
Munsell value 5.3.
(iii) DARK. This color designation includes all tuna darker than Munsell
value 5.3.
(iv) BLENDED. This color designation may be applied only to tuna flakes
specified in paragraph (a)(3)(iii) of this section, consisting of a mixture
of tuna flakes of which not less than 20 percent by weight meet the color
standard for either white tuna or light tuna, and the remainder of which fall
within the color standard for dark tuna. The color designation for blended
tuna is determined in accordance with paragraph (a)(7) of this section.
PACKING MEDIA
(5) (AS REVISED 58FR 2850. 1/6/93) Canned tuna is packed in one of the
following optional packing media.
(i) Any edible vegetable oil other than olive oil, or any mixture of such
oils not containing olive oil.
(ii) Olive oil.
(iii) Water.
(6) Canned tuna may be seasoned or flavored with one or more of the
following:
(i) Salt.
(ii) Monosodium glutamate.
(iii) Hydrolyzed protein declared in accordance with the applicable
provisions of Section 101.22.
(iv) Spices or spice oils or spice extracts.
(v) Vegetable broth in an amount not in excess of 5 percent of the
volume capacity of the container, such broth to consist of a minimum of 0.5
percent by weight of vegetables: Beans, cabbage, carrots, celery, garlic,
onions, parsley, peas, potatoes, green bell peppers, red bell peppers,
spinach, and tomatoes.
(vi) Garlic.
(vii) Lemon flavoring to be prepared from lemon oil and citric acid
together with safe and suitable carriers for the lemon oil which are present
at nonfunctional and insignificant levels in the finished canned food. When
lemon flavoring is added, a safe and suitable solubilizing and dispersing
ingredient may be added in a quantity not exceeding 0.005 percent by weight
of the finished food. A substance used in accordance with this paragraph is
deemed to be suitable if it is used in an amount no greater than necessary
to achieve the intended flavor effect, and is deemed to be safe if it is not
a food additive as defined in section 201(s) of the Federal Food, Drug, and
Cosmetic Act (the act), or if it is a food additive as so defined, it is used
in conformity with regulations established pursuant to section 409 of the
act.
(viii) Edible vegetable oil or partially hydrogenated vegetable oil,
excluding olive oil, used alone or in combination in an amount not to exceed
5 percent of the volume capacity of the container, with or without any
suitable form of emulsifying and suspending ingredients that has been
affirmed as GRAS or approved as a food additive to aid in dispersion of the
oil, as seasoning in canned tuna packed in water.
DETERMINING COLOR
(7) For determination of the color designations specified in paragraph
(a)(4) of this section, the following method shall be used: Recombine the
separations of pressed cake resulting from the method prescribed in paragraph
(c)(2) of this section. Pass the combined portions through a sieve fitted
with woven-wire cloth of 1/4-inch mesh complying with the specifications of
such cloth set forth in "Official Methods of Analysis of the Association of
Official Analytical Chemists," 13th Ed. (1980), Table 1. "Nominal Dimensions
of Standard Test Sieves (U.S.A. Standard Series)," under the heading
"Definitions of Terms and Explanatory Notes," which is incorporated by
reference(1). Mix the sieved material and place a sufficient quantity into a
307 x 113 size container (bearing a top seam and having a false bottom
approximately 1/2 inch deep and painted flat black inside and outside) so
that after tamping and
- --------
(1) For availability of reference materials see beginning of Part 146, this
Almanac.
THE ALMANAC--Volume 1-- 1993 417
<PAGE>
Page 3 of 7
STANDARDS OF IDENTITY, FILL--CANNED TUNA FISH--Continued
smoothing the surface of the sample the material will be 1/8 inch to 1/4
inch below the top of the container. Within 10 minutes after sieving through
the 1/4 inch mesh wire-woven cloth, determine the Munsell value of sample
surface.
(i) Determine the Munsell value of the sample surface so prepared. The
following method may be used, employing an optical comparator, consisting of
a lens and prism system which brings two beams of light, reflected from equal
areas of sample surface and standard surface, respectively, together, within
an eyepiece, so as to show an equally divided optical field. The scanned
areas of sample and standard surface are not smaller than 2 square inches.
Light reaching the eye is rendered sufficiently diffuse, by design of
eyepiece and comparator, so that detail of the sample surface will remain
undefined, to a degree such as to avoid visual confusion in observation of a
match of over-all intensity of reflected light. The eyepiece contains a color
filter centering at a wave-length between 550 microns and 560 microns. The
filter does not pass appreciable visible radiation of wavelengths below 540
microns or above 570 microns. The passed wavelength band is of a
monochromaticity sufficient to cause a sample and a neutral standard of equal
reflectance to appear of the same hue. The comparator is rigidly mounted on a
vertical stand attached to the base in which arrangement is provided for
securely and accurately positioning two cans of size 307 x 113 in the two
fields of view. Mounted on the base are two shaded lamps, which direct the
center of their beams of light at about a 45 degree angle to the plane of the
sample and standard surfaces. The lamps are so positioned that light from one
bears mainly upon the sample surface and light from the other mainly on the
standard surface, and are so placed in relation to sample and standard that
no shadows, as from the can rims, appear in the fields of view. The lamps are
strong enough to furnish adequate and convenient illumination through
eyepiece and filter. Means is provided to alter the light intensity of one
lamp in relation to the other, as may conveniently be achieved by using a 100
watt tungsten filament bulb in one lamp and using, in the other, a similar
150-watt bulb connected with the power source through a suitable rheostat.
The stand is equipped with nonglossy black curtains on the side of the
observer, to exclude variation in extraneous light reflected from the person
of the observer.
(ii) To adjust the comparator, place a pair of matte surface standards
of Munsell value 5.3, mounted as described in paragraph (a)(7)(iv) of this
section, in position in the comparator base, and adjust the intensity of the
variable lamp until the two halves of the optical field, viewed through the
eyepiece, are of equal brightness. Then remove one of the standards and
replace it with the prepared sample. Without altering any other adjustments,
observe through the eyepiece whether the sample appears lighter or darker
than the standard. In case of examination of albacore designated "white",
conduct the procedure using standards of Munsell value 6.3.
(iii) The standards with which comparisons are made are essentially
neutral matte-finish standards, equivalent in luminous reflectance of light
of 555 microns wavelength to 33.7 percent of the luminous reflectance of
magnesium oxide (for Munsell value 6.3) and 22.6 percent of the luminous
reflectance of magnesium oxide (for Munsell value 5.3), as given by the
relationship between Munsell value and luminous reflectance derived by a
subcommittee of the Optical Society of America and published in the "Journal
of the Optical Society of America" Volume 33, page 406 (1943), which is
incorporated by reference.(1)
(iv) These standards shall be cut in circles 3-1/4 inches in diameter and
shall be mounted in 307 x 113 size containers, bearing a top seam and painted
flat black inside and outside, so that the surfaces of the standards are 3/16
inch below the top of the containers in which they are mounted.
(v) In the case of blended tuna, the foregoing method shall be varied by
first separating the tuna flakes of the two different colors before passing
them through the 1/4 inch mesh sieve, then proceeding with each portion
separately for the determination of its color value, employing, if necessary,
a sample container with false bottom greater than 1/2 inch deep.
LABELING
(8)(i) The specified names of the canned tuna for which definitions and
standards of identity are prescribed by this section, except where water is
the packing medium or where the tuna is smoked, are formed by combining the
designation of form of pack with the color designation of the tuna; for
example, "Solid pack white tuna", "Grated dark tuna", etc. In the case of
blended tuna, there shall be used both applicable color designations of the
blended flakes, in precedence determined in accordance with the predominating
portion found in the container; for example, "Blended white and dark and tuna
flakes", "Blended dark and light tuna flakes".
(ii) The specified name of canned tuna when water is used as the packing
medium is
THE ALMANAC -- Volume 1 -- 1993
418
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(1) For availability of reference materials see beginning of Part 145,
this Almanac.
418
<PAGE>
Page 4 of 7
STANDARDS OF IDENTITY, FILL--CANNED TUNA FISH--Continued
formed as described in paragraph (a)(8)(i) of this section, followed by the
words "in water"; for example, "Grated light tuna in water".
(iii) When the packing medium is vegetable oil or olive oil, the label
shall bear the name of the optional packing medium used, as specified in
paragraph (a)(5) of this section, preceded by the word "in" or the words
"packed in". In case of the optional ingredient specified in paragraph
(a)(5)(i) of this section, the name or names of the oil used may be stated,
or the general term "vegetable oil" may be used.
(iv) In case solid pack tuna is packed in olive oil, the designation
"Tonno" may also appear.
(v) In case any of the specified forms of canned tuna are smoked, the
word "smoked" shall appear as a part of the name on the label; for example,
"Smoked light tuna flakes".
+(vi) (AS REVISED 58 FR 2850, 1/6/93) Where the canned tuna contains one
or more of the ingredients provided for in paragraph (a)(6) of this section,
the label shall bear the statement "Seasoned with _______", the blank being
filled in with the name or names of the ingredient or ingredients used,
except that if the ingredient designated in paragraph (a)(6)(v) of this
section is used, the blank shall be filled in with the term "vegetable
broth", and if the ingredients designated in paragraph (a)(6)(viii) of this
section are used, the blank may be filled in with the term "oil", and if the
ingredient designated in paragraph (a)(6)(iv) of this section is used alone,
the label may alternatively bear either the statement "spiced" or the
statement "with added spice"; and if salt is the only seasoning ingredient
used, the label may alternatively bear any of the statements "salted", "with
added salt", or "salt added". If the flavoring ingredients designated in
paragraph (a)(6)(vii) of this section are used, the words "lemon flavored" or
"with lemon flavoring" shall appear as part of the name on the label; for
example, "lemon flavored chunk light tuna". Citric acid and any optional
solubilizing and dispersing agent used as specified in paragraph (a)(6)(vii)
of this section in connection with lemon flavoring ingredients or emulsifying
and suspending ingredients used as specified in paragraph (a)(6)(viii) of
this section shall be designated on the label by their common or usual name.
(vii) Where the canned tuna contains the optional ingredient sodium acid
pyrophosphate as provided in paragraph (a)(1) of this section, the label
shall bear the statement "pyrophosphate added" or "with added pyrophosphate".
(viii) Wherever the name of the food appears on the label so
conspicuously as to be easily seen under customary conditions of purchase,
the names of the optional ingredients used, as specified in paragraphs
(a)(8)(iii), (vi), and (vii) of this section (except if lemon flavoring is
added, this subparagraph applies only to the terms "lemon flavored" or "with
lemon flavoring", not to the constituent ingredients of that flavoring or to
any optional solubilizing or dispersing ingredient used in connection with
lemon flavoring ingredients), shall immediately and conspicuously precede or
follow such name without intervening, written, printed, or graphic matter,
except that the common name of the species of tuna fish may so intervene; but
the species name "albacore" may be employed only for canned tuna of that
species which meets the color designation "white" as prescribed by paragraph
(a)(4)(i) of this section.
(ix) Statements of optional ingredients present required by paragraph
(a)(8)(vi) of this section, but not subject to the provisions of paragraph
(a)(8)(vii) of this section shall be set forth on the label with such
prominence and conspicuousness as to render them likely to be read and
understood by the ordinary individual under customary conditions of purchase.
(b) (Reserved)
FILL OF CONTAINER
(c)(1) The standard of fill of container for canned tuna is a fill such
that the average weight of the pressed cake from 24 cans, as determined by
the method prescribed by paragraph (c)(2) of this section, is not less than
the minimum value specified for the corresponding can size and form of tuna
ingredient in the following table:
<TABLE>
<CAPTION>
I. II.
Can size and Minimum value for
form of tuna weights of pressed cake
ingredient (average of 24 cans)
OUNCES
<S> <C>
211 x 109:
Solid.......................................................... 2.25
Chunks......................................................... 1.98
Flakes......................................................... 1.98
Grated......................................................... 2.00
307 x 113:
Solid.......................................................... 4.47
Chunks......................................................... 3.92
Flakes......................................................... 3.92
Grated......................................................... 3.96
401 x 206:
Solid.......................................................... 8.76
Chunks......................................................... 7.58
Flakes......................................................... 7.58
Grated......................................................... 7.76
603 x 408:
Solid.......................................................... 43.2
Chunks......................................................... 37.9
Flakes......................................................... 37.9
Grated......................................................... 38.3
</TABLE>
- ----------
+See copy regarding FDA's proposed revision immediately following this
standard.
THE ALMANAC--Volume 1--1993 419
<PAGE>
Page 5 of 7
STANDARDS OF IDENTITY, FILL--CANNED TUNA FISH--Continued
If the can size in question is not listed, calculate the value for column II
as follows: From the list select as the comparable can size that one having
nearest the water capacity of the can size in question, multiply the value
listed in column II for the same form of tuna ingredient by the water
capacity of the can size in question, and divide by the water capacity of the
comparable can size. Water capacities are determined by the general method
provided in Section 130.12(a) of this chapter. For the purposes of this
section, cans of dimensions 211 x 109 shall be deemed to have a water
capacity of 68 degrees Fahrenheit of 3.55 avoirdupois ounces of water; cans of
dimensions 307 x 113, a water capacity of 7.05 avoirdupois ounces of water,
cans of dimensions 401 x 206, a water capacity of 13.80 avoirdupois ounces of
water; and cans of dimensions 603 x 408, a water capacity of 68.15
avoirdupois ounces of water.
TESTING METHODS
(2) The methods referred to in paragraph (c)(1) of this section for
determining the weight of the pressed cake and referred to in paragraph
(a)(3)(i) of this section for determining the percent of free flakes and the
percent of pieces that pass through a 1/2 inch mesh sieve are as follows:
(i) Have each of the 24 cans and contents at a temperature of 75 degrees
Fahrenheit within equals 5 degrees Fahrenheit. Test each can in turn as
follows:
(ii) Cut out the top of the can (code end), using a can opener that does
not remove nor distort the double seam.
(iii) With the cut top held on the can contents, invert the can, and
drain the free liquid by gentle finger pressure on the cut lid so that most
of the free liquid drains from the can.
(iv) With the cut lid still in place, cut out the bottom of the can with
the can opener, then turn the can upright and remove the cut can top (code
end). Scrape off any adhering tuna particles into the tuna mass in the can.
(v) Place the proper size of press cylinder as provided in paragraph
(c)(3)(i) of this section in a horizontal position on a table; then, using
the cut bottom of the can as a pusher, gently force the can contents from the
can into the cylinder so that the flat side of the can contents lies in
contact with the bottom of the cylinder. Remove the bottom of the can that
was used as the pusher and scrape any adhering particles from the can body
and bottom of the can, and put them in the cylinder.
(vi) Place the cylinder plunger on top of the can contents in the
cylinder. Remove the eyebolt and put the cylinder and plunger in position on
the press (paragraph (c)(3)(iii) of this section).
(vii) Begin the operation of the press and as soon as liquid is observed
coming from the cylinder start timing the operation. Apply pressure to the
plunger slowly and at a uniform rate, so that a full minute is used to reach
a pressure of 384 pounds per square inch of plunger face in contact with the
can contents. Hold this pressure for 1 additional minute and then release the
pressure and disengage the plunger from the press shaft. Tip the press
cylinder so that any free liquid is drained out.
(viii) Remove press cylinder with plunger from the press, insert eyebolt
in plunger and withdraw it from the cylinder. Loosen the pressed cake from
the cylinder with a thin blade and remove the entire press cake as gently as
possible, to keep the mass in a single cake during this operation. Place the
pressed cake and any pieces that adhered to the plunger and cylinder in a
tared receiving pan and determine the weight of the pressed material.
(ix) For cans larger than 401 x 206, cut out the top of the can and
drain off free liquid from the can contents as in operations described in
paragraphs (c)(2)(ii) and (iii) of this section. Determine the gross weight of
the can and remaining contents. Using a tared core cutter as provided for in
paragraph (c)(3)(ii) of this section, cut vertically a core of the drained
material in the can. Determine the weight of the core. With a thin spatula
transfer the core to the pressing cylinder for 401 x 206 cans. Determine the
weight of the pressed cake as in the operations described in paragraphs
(c)(2)(v) through (viii) of this section. Remove the remaining drained
contents of the can, reserving the contents for the determination of free
flakes (paragraph (c)(2)(xi) of this section), weigh the empty can, and
calculate the weight of the total drained material. Calculate the weight of
pressed cake on the entire can basis by multiplying the weight of the pressed
cake of the core by the ratio of the weight of the drained contents of the
can to the weight of the core before pressing.
(x) Repeat the determination of weight of pressed cake on the remainder
of the 24 cans and determine the average weight of pressed cake for the
purpose of paragraph (c)(1) of this section.
(xi) Determination of free flakes: If the optional form of tuna
ingredient is solid pack, determine the percent of free flakes. Any flakes
resulting from the operations described in this paragraph (c)(2)(xi) or in
other parts of this paragraph are to be weighed as free flakes. Only
fragments that were broken in the canning procedure are considered to be free
flakes. If the can is of such size that its entire drained contents were
pressed as described in paragraphs (c)(2)(i) to (viii) of this section,
inclusive, examine the pressed
420 THE ALMANAC--Volume 1--1993
<PAGE>
Page 6 of 7
STANDARDS OF IDENTITY. FILL--CANNED TUNA FISH--Continued
cake carefully for free flakes. Using a spatula, scrape free flakes gently
from the outside of the cake. Weigh the aggregate free flakes that were
broken from the loin segments in the canning procedure and calculate their
percentage of the total weight of pressed cake. If the can is of such size
that a core was cut for pressing as described in paragraph (c)(2)(ix) of this
section, make the examination for free flakes on a weighted portion of the
drained material remaining after the core was removed. The weight of the
portion examined should be approximately equal the weight of the core before
pressing. Calculate the weight of the free flakes that were broken from the
loins in the canning procedure as a percentage of the weight of the portion
examined.
(xii) Determination of particle size: If the optional form of tuna
ingredient is chunks, flakes, or grated, the pressed cake resulting from the
operations described in paragraphs (c)(2)(i) to (ix) of this section,
inclusive, is gently separated by hand, care being taken to avoid breaking
the pieces. The separated pieces are evenly distributed over the top sieve of
the screen separation equipment described in paragraph (c)(3)(iv) of this
section. Beginning with the top sieve, lift and drop each sieve by its open
edge three times. Each time, the open edge of the sieve is lifted the full
distance permitted by the device. Combine and weigh the material remaining on
the three top sieves (1-1/2 inch, 1 inch, 1/2 inch screens), and determine
the combined percentage retention by weight in relation to the total weight
of the pressed cake.
TESTING EQUIPMENT
(3)(i) The press cylinder and plunger referred to in paragraph (c)(2) of
this section are made of stainless steel. The press cylinders are made with a
lip to facilitate drainage of the liquid. Plungers have a threaded center
hole, about half as deep as the thickness of the plunger, for receiving a
ringbolt to assist in removing the plunger from the press cylinder.
Dimensions for press cylinders and plungers are as follows:
FOR CAN SIZE 211 X 109
Press cylinder:
Inside depth, approximately 3-3/4 inches.
Inside diameter, 2.593 inches.
Wall thickness, approximately 3/8 inch.
Plunger:
Thickness, approximately 1 inch.
Diameter, 2.568 inches.
FOR CAN SIZE 307 X 113
Press cylinder:
Inside depth, approximately 4 inches.
Inside diameter, 3.344 inches.
Wall thickness, approximately 3/8 inch.
Plunger:
Thickness, approximately 1-1/4 inches.
Diameter, 3.319 inches.
FOR CAN SIZE 401 X 206
Press cylinder:
Inside depth, approximately 4-1/8 inches.
Inside diameter, 3.969 inches.
Wall thickness, approximately 1/2 inch.
Plunger:
Thickness, approximately 1-1/4 inches.
Diameter, 3.944 inches.
For can sizes where the diameter is greater than 401, the core cutter
described in paragraph (c)(3)(ii) of this section shall be used and the
resulting core pressed in the press cylinder for can size 401 x 206. For can
sizes differing from those specified in this paragraph (c)(3)(i), special
press cylinders and plungers may be used. Special press cylinders have inside
diameters 1/10 inch less than the outside diameters, at the double seam, for
the can sizes for which the cylinders are used; plunger diameters are 0.025
inch less than the inside diameters of the press cylinders.
(ii) The core cutter referred to in paragraph (c)(2)(ix and (xi) of this
section and paragraph (c)(3)(i) of this section is made from a previously
sealed 300 x 407 can. The cover, including the top seam, is cut out. The edge
is smoothed and sharpened. A small hole to permit passage of air is made in
the bottom.
(iii) The hydraulic press referred to in paragraph (c)(2)(vi) to (x) of
this section, inclusive, is made by so mounting a hydraulic jack, in a strong
frame, that it will press horizontally against the center of the plunger in
the press cylinder used. The frame is so braced that it does not change shape
when pressure is applied. The gauge on the hydraulic jack is so calibrated
that it will indicate, for the plunger being used, when the plunger is
pressing against the contents of the press cylinder with a pressure of 384
pounds per square inch of plunger face.
(iv) The sieving device referred to in paragraph (c)(2)(xii) of this
section consists of three sieves, each approximately 1 foot square, loosely
mounted, one above the other, in a metal frame. The mesh in the top sieve
complies with the specifications for 1-1/2 inch woven-wire cloth as set forth
in "Standard Specifications for Sieves," as published March 1, 1940, in L.C.
584 of the U.S. Department of Commerce, National Bureau of Standards, which
is incorporated by reference(1). The meshes in the sieves below comply with
similar specifications for 1 inch and 1/2 inch woven-wire cloth as set forth
in the same pub-
- ----------------
(1) For availability of reference materials see beginning of Part 145, this
Almanac.
THE ALMANAC--Volume 1--1993
421
<PAGE>
Page 7 of 7
STANDARDS OF IDENTITY, FILL--CANNED TUNA FISH--(Continued)
lication. The sides of each sieve are formed, in a raised rim, from 3/4
inch x 1/8 inch metal strap. The frame has tracks made of 3/8 inch angle
metal to support each sieve under each side. The tracks are so positioned as
to permit each sieve a free vertical travel of 1-3/4 inches.
(4) If canned tuna falls below the applicable standard of fill of
container prescribed in paragraph (c)(1) of this section, the label shall
bear the general statement of substandard fill provided in Section 130.14(b)
of this chapter, in the manner and form therein specified.
- -------------------------------------------------------------------------------
FDA PROPOSAL
TUNA INGREDIENT LABELING
At 58 FR 2950, 1/6/93 FDA proposed to add two sentences to the end of Section
161.190(a)(8)(vi) to read as follows:
(vi) * * * If the vegetable extractives used in manufacturing the
vegetable broth include extractives of soybeans, the designation of vegetable
broth in the ingredient statement shall be followed by a parenthetical
listing as follows: "vegetable broth (includes soybeans)." Alternatively, if
vegetable broth containing soybean extractives serves as a flavor and has no
flavor enhancing function, it may be listed in the ingredient statement as:
"flavoring (includes soybeans)."
FDA'S PROPOSED EFFECTIVE DATE FOR A FINAL RULE IS 5/8/94.
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<S> <C> <C> <C>
International Trade Group, LLC PURCHASE ORDER P. 1 of 1
[LOGO] 6700 SW Sandburg Rd Note: purchase order number must appear on all packages, Print Date: 9/4/96
Tigard, OR 97223 invoices, correspondence and bills of lading.
USA
Ph: (503) 598-9884 Fax: (503)
598-4391
</TABLE>
<TABLE>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Supplier Vendor No. 177 Ship To Purchase Order #
Tuna Packers Extraordinaire, S.A. de C.V. W.T. Young Storage B6-1398-A
Ensanada, Mexico The Kroger Company -----------------------------
1850 Mercer Road Date
Lexington, Kentucky 40511 September 4, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Ordered Via Confirming To Ship Via Requisitioner
ITQ Plant Manager Overland Carrier w/Interchange at Border Dal Norris
- -----------------------------------------------------------------------------------------------------------------------------------
Minimum Cases per Container Terms of Sale Payment Terms Buyer
1800 C&F West Coast Draft Acceptance at 60 days from BOL Date Brian Brackinreed
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
1. 5400 24/6 oz 11110-22222 24/6 oz Chunk Light Tuna in Water, Kroger label US$ 15.000 US$81,000.00
3. 60 Empty Cartons Please inlclude 20 empty cartons per container for US$ 0.000 US$ 0.00
repackaging damaged cases
4. ((NOTE: THIS IS EXHIBIT B, NOT A VALID PURCHASE ORDER.))
5.
</TABLE>
<TABLE>
<S> <C> <C>
FOR PRE-SHIPMENT INSPECTION, CONTACT:
DAL NORRIS PHONE: (503) 598-9884
6700 SW SANDBURG ROAD
TIGARD, OR 97223 Total Cost > US$81,000.00
</TABLE>
PURCHASE ORDER CONDITIONS:
Products should be manufactured, packed and labelled in accordance with
attached specifications and meet US FDA standards of identity typical of this
product. Labelling should be under the label mentioned in each Shipping
Instructions for the specified item number found on the bar code. Each
shipment is to be inspected by our agent prior to delivery to the carrier.
Purchase order is subject to our standard Product and Packaging Agreement
with the Supplier mentioned above. Draft acceptance and documentation should
be addressed immediately after shipment in one lot by express courier to our
bank: U.S. National Bank of Oregon, Attn: Robert North, International
Banking, 111 S.W. Fifth Avenue, T-16, Portland, Oregon 97204.
AUTHORIZED SIGNATURE: [ILLEGIBLE]
IMPORTANT:
This purchase order and Seller's acceptance hereof is subject to and is
expressly limited to the terms and conditions set forth on the front and back
side of this purchase order. Any additional or different terms in Seller's
acceptance or confirmation forms must be approved in writing by Purchaser or
authorized agent thereof.
<PAGE>
Exhibit "C"
International Trade Group, LLC Shipping Instruction S6-1387B
6700 SW Sandburg Road
[LOGO] Tigard, OR 97223 Page 1 of 1
USA
Ph: (503) 598-9884 FAX: (503) 598-4391
<TABLE>
<S> <C>
CONTAINER TYPE: 20 Foot Dry PREFERRED CARRIER: Shipper's preferred carrier
PORT OF LOADING: Haimen CARRIER's CONTRACT:
PLACE OF DELIVERY: Louisville, Kentucky FREIGHT TERMS: C&F Louisville, KY
Shipper pays FAF, etc.
</TABLE>
<TABLE>
<S> <C> <C>
CONSIGNEE FOREIGN SHIPPER
- --------- ---------------
International Trade Group Dal Norris Jinhua Import & Export Corporation (L7)
6700 SW Sandburg Road Phone: (503) 598-9884 60 Hong Hu Road
Tigard, OR 97223 Fax: (503) 598-4391 Jinhua, Zhejiang PRC
TO ARRANGE PICK-UP CONTACT NOTIFY PARTY
- -------------------------- ------------
International Trade Group, LLC International Trade Group
Liu Yong-Ping 6700 SW Sandburg Road
Phone: 22-368-5812 Tigard, OR 97223
Fax: 22-368-2194
SEND ORIGINAL DOCUMENTS TO REQUIRED DOCUMENTS
- -------------------------- ------------------
Star Bank International Trade Group Please refer to Draft Acceptance for required
Attn: International Banking 6700 SW Sandburg Road documents.
425 Walnut Street Tigard, OR 97223
Cincinnati, OH 45201
SPECIAL SHIPPING AND LOADING INSTRUCTIONS
- -----------------------------------------
Arrange for delivery to Louisville, Kentucky via US West Coast Port. Check
container for water-leaking holes. Floor-load cases in interlocking and
overlapping pattern to avoid in-transit damage.
</TABLE>
--THE FOLLOWING ITEMS MUST BE SHIPPED--
<TABLE>
<S> <C> <C> <C> <C>
Earliest Latest Arrival
Order# Ship Date Date at POD UPC Code Commodity Description
- ------------------------------------------------------------------------------------------------------------------------
1387B-01 Jun 15, 1996 Jul 21, 1996 11110-8548 4800 cases of 12/8 oz Sliced Waterchestnuts, Kroger label
- ------------------------------------------------------------------------------------------------------------------------
1387B-02 Jun 15, 1996 Jul 21, 1996 11110-85481 4800 cases of 12/8 oz Whole Waterchestnuts, Kroger label
</TABLE>
Issue Date: May 24, 1996
NOTE: PURCHASE ORDER MUST APPEAR ON ON ALL CASES,
INVOICES, CORRESPONDENCE AND BILLS OF LADING
Authorized
Signature: [illegible] IMPORTANT: This order is subject to price quotations
and terms received from seller. Seller's acceptance
of this order constitutes an acknowledgment that
transport will be arranged as specified within
established price guidelines.
<PAGE>
[LETTERHEAD]
FAX MESSAGE
TO: (FIRM) I.T.G. FAX NO. 1-503-598-4391
- --------------------------------------------------------------------------------
LOCALE: OREGON DATE: 4 September 1996
- --------------------------------------------------------------------------------
ATTENTION: MR. ALAIN DE LA MOTTE TOTAL PAGES: 4
- --------------------------------------------------------------------------------
DEAR ALAIN:
FURTHER TO OUR TELEPHONE CONVERSATION OF EARLIER TODAY!
ATTACHED ARE COPIES OF THE TECHNICAL INFORMATION THAT I AM FORWARDING TO
ED!
OUR BASIC LEASE TERMS ARE AS FOLLOWS:
1. TERM: FIVE (5) YEAR INITIAL TERM, WITH TWO (2) YEAR RENEWAL
OPTIONS THEREAFTER
2. ANNUAL MINIMUM RENTAL: U.S. $25,000.00 PAYABLE IN TWELVE (12)
EQUAL PAYMENTS OF U.S. $2083.33. FIRST YEAR PAID IN ADVANCE!
3. OVERAGE RENTAL: U.S. $O.12 PER CASE (48/6oz cans) FOR ALL
PRODUCTION IN EXCESS OF 208,333 CASES IN ANY LEASE YEAR OVER-
AGE IS PAYABLE ON AN AS-ACCRUED BASIS.
4. INSURANCE IS REQUIRED IN THE AMOUNT OF U.S. $225,000.00!
NOTE: ALL PAYMENTS ARE "NET" OF ANY APPLICABLE TAXES!
WE HAVE CONTACTED OUR LEGAL COUNSEL IN BAJA, AND HE IS EXPECTING TO HERE
FROM YOU. MR. MANUEL PASERO TIJUANA, B.C. 011-52-66-865557!
PLEASE ADVISE IF WE CAN PROVIDE ADDITIONAL INFORMATION, PRIOR TO SENDING A
"COPY" OF OUR LEASE AGREEMENT FOR YOUR REVIEW!
BEST REGARDS
/s/ Frank Islas
FRANK ISLAS
<PAGE>
LIABILITIES ASSUMED
EXHIBIT B
<PAGE>
LEASE AGREEMENT
FOR
SOLID PACK TUNA CANNING MACHINE
(For 307 Diameter Size Can)
THIS LEASE AGREEMENT, made and executed in the State of
California, United States of America ("U.S.A."), as of this 30th day of
September, 1996, between LUTHI MACHINERY & ENGINEERING CO., INC., a California
corporation, whose mailing address is P.O. Box 2679, Gardena, California, 90247,
U.S.A., hereinafter called "LESSOR"; and INTERNATIONAL TRADE GROUP, LLC., an
Oregon limited liability company, whose principal office address is 6700 S.W.
Sandburg Rd., Tigard, Oregon, 97223, hereinafter referred to as "LESSEE":
W I T N E S S E T H:
WHEREAS, Lessor is the holder of Letters Patent of the United
States, Spain, Italy, and Japan, and has constructed a machine capable of being
used for the solid packing of tuna and other fish in the fish canning industry,
and has made other inventions and discoveries as are revealed in the following
documents and drawings:
30 SEPTEMBER 1996
1
<PAGE>
(1) United States Letters Patent No. 4,166,140, entitled
"Method of Canning Fish";
(2) United States Letters Patent No. 5,199,241, entitled
"Can Star Drive for Solid Pack Tuna Canning Machines";
(3) Spanish Letters Patent No. 465,109, entitled
"Solid Pack Tuna Canning Machine";
(4) Italian Letters Patent No. 1,083,748, entitled
"Solid Pack Tuna Canning Machine";
(5) Japanese Letters Patent No. 1,380,477, entitled
"Solid Pack Tuna Canning Machine."
WHEREAS, Lessee desires to lease from Lessor the Solid Pack Tuna
Canning Machine described in Paragraph 1 of this Agreement ("Machine"), and to
place said Machine in the custody of Agroindustrias Rowen S.A. de C.V. ("Rowen")
pursuant to a Toll-Packing Agreement between Lessee and Rowen dated September 5,
1996.
WHEREAS, Lessor is willing to lease said Machine to Lessee under
such circumstances, but only if all of the terms and conditions applicable to
such circumstances are met.
NOW, THEREFORE, in consideration of the promises made herein and
intending to be legally bound, the parties hereto agree as follows:
30 SEPTEMBER 1996
2
<PAGE>
1. LEASE
Lessor hereby leases to Lessee, and Lessee hereby hires from
Lessor, a machine for use in the packing of tuna and other fish products in the
fish canning industry described as a Solid Pack Tuna Canning Machine, Machine
No. SP182-96, hereinafter referred to as the "Machine," upon the terms and
conditions and for the terms hereinafter stated. Said Machine shall be used in
the filling of 307 diameter size cans as described in Exhibit "A" included
herewith.
2. TERM
This Lease shall be for a term of five (5) years to commence on
the earlier of (a) the date of first actual use of the Machine by Lessee; or
(b) thirty (30) days after arrival of the Machine at Rowen's plant. Provided
Lessee is not in default under this Lease, Lessee may renew this Lease for an
additional two (2) year term on expiration of the initial five (5) year term
upon the same terms and conditions of the Lease, except as otherwise provided
herein. Thereafter, the term of this Lease may be renewed for successive two
(2) year periods upon the same terms and conditions of the Lease, except as
otherwise provided herein. Lessee shall notify Lessor in writing as to
renewal or termination of this Lease not later than sixty (60) days before
the end of the initial five (5) year term, and sixty (60) days before the end
of each two (2) year renewal term. If no written notice of Lessee's
determination to renew or terminate is given, the term of this Lease shall be
deemed to have been renewed as hereinabove provided.
30 SEPTEMBER 1996
3
<PAGE>
3. RENT
3.1 Lessee agrees to pay to Lessor as rental for the use of the
Machine an annual minimum rental at the rate of Twenty-Five Thousand United
States Dollars (U.S. $25,000.00) for each lease year of the initial five (5)
year term of this Lease, or any renewal thereof, net after any applicable local
or other taxes (the "Annual Minimum Rental"). The Annual Minimum Rental shall be
paid by Lessee to Lessor in twelve (12) monthly installments of Two Thousand
Eighty-Three United States Dollars and Thirty-Three United States Cents (U.S.
$2,083.33) net after any applicable local or other taxes, on or before the
twentieth (20th) day following each month of each lease year of the initial five
(5) year term of this Lease, or any renewal thereof.
3.2 In addition to the Annual Minimum Rental, Lessee agrees to
pay to Lessor for the use of the Machine during each lease year of the initial
five (5) year term of this Lease, or any renewal thereof, net after any
applicable local or other taxes, a per case (a case for purposes of this Lease
shall consist of forty-eight (48) cans) rental ("Overage Rental") at the rate of
Twelve United States Cents (U.S. $.12) for each case of 307 diameter size cans,
for all such production from the Machine exceeding Two Hundred Eight Thousand
Three Hundred Thirty-Three (208,333) cases.
Overage Rental shall be paid on an as-accrued, monthly basis,
concurrently with the monthly installment of the Annual Minimum Rental.
30 SEPTEMBER 1996
4
<PAGE>
3.3 Lessee, upon execution of this Lease, notwithstanding
Paragraph 3.1, hereinabove, agrees to pay to Lessor Twenty-Five Thousand United
States Dollars (U.S. $25,000.00) as advanced payment of the Annual Minimum
Rental ("Advanced Deposit") for the first (1st) lease year of the initial five
(5) year term of the Lease, net after any applicable local or other taxes. In
the event that the Lease is terminated within its first (1st) lease year as a
result of a default by Lessee under terms of the Lease, or by mutual agreement,
or by Lessee for any reason, no refund of any portion of the Advanced Deposit
shall be due then by Lessor. The Lease shall not be considered in full force and
effect until after the Advanced Deposit received by Lessor in Gardena,
California, U.S.A.
During the first (1st) lease year of the initial five (5) year
term of the Lease, Lessee shall not make monthly installments of the Annual
Minimum Rental as specified in Paragraph 3.1 of the Lease. In the event that
production exceeds the quantity stipulated in the Lease, Overage Rental incurred
shall be paid on an as-accrued, monthly basis, as specified in Paragraph 3.2,
hereinabove.
3.4 The Annual Minimum Rental and the per case charge for Overage
Rental remain subject to the terms and conditions of Section 3.6 of this Lease,
or any renewal thereof.
30 SEPTEMBER 1996
5
<PAGE>
3.5 On or before the twentieth (20th) day following each month of
this Lease, or any renewal thereof, and concurrently with the payment of the
monthly installment of the Annual Minimum Rental and any Overage Rental due,
Lessee shall render to Lessor a true and correct monthly production report,
certified by an official of the Lessee, giving an account of the number of cases
and can sizes filled or packed on the Machine during the preceding month. Within
twenty (20) days after the end of each lease year, Lessee shall render to Lessor
a true and correct annual report, certified by an official of the Lessee, giving
an account of the number of cases and can sizes filled or packed on the Machine
during the preceding lease year.
3.6 At the end of the initial five (5) year term of this Lease
and at the end of each subsequent two (2) year renewal term of this Lease,
Lessor may, at its option, and upon at least ninety (90) days written notice to
Lessee prior to the end of such term, increase the Annual Minimum Rental and/or
the Overage Rental case rate to the extent of any percentage increase in the
Consumer Price Index for all urban consumers (base year 1967=100) for the
U.S.A., published by the United States Department of Labor, Bureau of Labor
Statistics (the "CPI") which may have taken place since the date the initial
term of this Lease commenced (the "Initial Date"). The base period for purposes
hereof shall be the CPI published most recently prior to the Initial Date ("Base
Index"). The determination of any increase shall be made by comparing the Base
Index with the CPI published most recently prior to the end of the initial five
(5) year term or each subsequent two (2) year renewal term, as the case may be.
30 SEPTEMBER 1996
6
<PAGE>
3.7 Lessee agrees to keep accurate books and records of the
number of cases and the number and sizes of cans filled or packed on the Machine
during the term of this Lease, or any renewal thereof, and agrees to permit such
books and records to be examined by Lessor and its duly accredited agents,
servants and employees to the extent necessary to verify the aforesaid monthly
and annual reports. If Lessor disputes the certified annual report of Lessee for
any lease year during the term of this Lease or any renewal thereof, Lessor
shall have the right to have an independent accounting firm of its choice review
such report and examine the books and records of Lessee pertaining thereto. The
cost of such independent accounting firm's examination shall be borne by Lessor
unless the Overage Rental determined as a result thereof to be due for the lease
year in question is more than five percent (5%) higher than the amount thereof
first determined to be payable by Lessee, in which case the costs of such
examination, as well as any additional monies due, shall be promptly paid by
Lessee.
4. SHIPPING
4.1 Lessor shall deliver the Machine to Lessee within 120 days
after receipt of signed Lease Agreement, a signed counterpart Bailment Agreement
set forth in Exhibit "B" attached hereto ("Bailment Agreement"), and Advanced
Deposit as specified in Paragraph 3.3, hereinabove, F.O.B. Gardena, California,
U.S.A. (INCOTERMS, 1990), who shall thereupon deliver the Machine to Rowen. Upon
delivery of the Machine to Rowen, Lessee shall provide to Lessor any and all
documents, instruments, and proof satisfactory to Lessor that the Machine
has been imported and delivered to Rowen in compliance with all applicable laws
and regulations. Lessor shall not be responsible for
30 SEPTEMBER 1996
7
<PAGE>
any loss occasioned by any delay in delivery of the Machine that is the result
of fire, earthquake, water damage, tornado and wind storm, explosion, smoke and
smudge, aircraft, motor vehicle or ship damage, collapse of building or
structure, strikes, riots and civil commotion, vandalism and malicious mischief,
burglary and theft, government interference or other matters over which Lessor
has no control. Lessee shall pay all fees, local or other taxes, freight,
insurance and all transportation costs. All replacement parts which Lessor
agrees to provide Lessee, pursuant to Paragraph 8 hereinbelow, shall be
delivered to Lessee F.O.B. (INCOTERMS, 1990), Gardena, California, U.S.A. Lessee
shall pay all fees, local or other taxes, freight, insurance and all
transportation costs.
4.2 On the expiration or termination of this Lease, or expiration
or termination of any renewal thereof, Lessee shall, within ten (10) days
thereafter, promptly crate and ship the Machine, together with any and all spare
parts, manuals and accessories, to Lessor via surface freight at Lessee's sole
cost and expense to ensure arrival at Lessor's facility in Gardena, California,
U.S.A. within sixty (60) days after such termination or expiration. Lessee shall
pay all fees and local or other taxes necessary to accomplish full delivery to
Gardena, California, U.S.A. Lessee shall obtain and maintain appropriate
insurance with respect to the Machine pending and until its actual return to
Lessor in Gardena, California, U.S.A. Such insurance shall provide coverage
against loss or damage to the Machine in an amount not less than its replacement
cost of Two Hundred Twenty-Five Thousand United States Dollars (U.S.
$225,000.00), net after any applicable local or other taxes. If for any reason,
upon the expiration or termination of this Lease, or expiration or termination
of any renewal thereof, Lessee is unable
30 SEPTEMBER 1996
8
<PAGE>
to return the Machine to Lessor as specified, Lessee shall pay to Lessor the
stipulated loss value of the Machine of Two Hundred Twenty-Five Thousand United
States Dollars (U.S. $225,000.00), net after any applicable local or other
taxes.
5. BARE RIGHT OF USE: APPROPRIATE GOVERNMENTAL FILINGS
Lessee hereby acquires no right in or to the Machine other than
the bare right of use in accordance with this Lease, or any renewal thereof, and
no right in any application for patent or any patent relating to the Machine or
any element thereof which Lessor now has or may hereafter acquire. The Machine
is and shall remain the property of Lessor. The Machine shall be plainly marked
as the property of Lessor, and Lessee agrees not to remove, obliterate or
conceal that marking. The Machine is, and shall at all times be and remain
personal property of the Lessor notwithstanding that the Machine or any part
thereof may be in any manner affixed or attached to, or embedded in, or
permanently resting on, real property or any building thereon. Lessee agrees to
execute or otherwise assist Lessor in the filing with the appropriate
governmental agencies or authorities for the location where the Machine is
located, and provide all documentation which may be necessary to put third (3rd)
parties on notice that the Machine is the personal property of Lessor, and to
protect Lessor's ownership interest therein.
6. INSTALLATION
Lessee agrees to provide a safe, suitable and sufficient place
for installation of the Machine, being one which maintains and preserves the
operability, condition and normal period of use of the Machine. The Machine
30 SEPTEMBER 1996
9
<PAGE>
shall be installed at Rowen's cannery in accordance with the Bailment Agreement.
Lessee shall not permit the Machine to be removed from such location without the
prior written consent of Lessor.
7. USE OF MACHINE
Lessee shall use the Machine in a careful and proper manner, in
accordance with all oral, written or other form of instructions supplied by
Lessor concerning operation of the Machine, and shall comply with and conform to
all national, state, municipal, police and other laws, ordinances and
regulations in effect in anywise relating to the possession, use, or maintenance
of the Machine; and shall, subject to the prior written approval of Lessor, make
any alterations required by such laws, ordinances and regulations at Lessee's
cost and expense. Lessee shall not otherwise alter or modify the Machine without
the prior written consent of Lessor. Lessee agrees to use the Machine for the
purpose of canning fish and fish products only. Lessor, its duly accredited
agents, servants and employees, shall at all reasonable times during business
hours have the right to enter into and on the premises where the Machine may be
located for the purpose of inspecting the Machine or observing its use.
8. REPAIRS AND MAINTENANCE
Lessee at its own cost and expense shall keep the Machine in good
repair, condition and working order including routine adjustment and lubrication
and other maintenance requirements as may be specified by any oral, written or
other form of instructions supplied by Lessor. Due to the
30 SEPTEMBER 1996
10
<PAGE>
reciprocating nature of the mechanism and the speed limitations inherent in this
type of equipment, the maximum operating speed of the Machine shall be clearly
displayed on the Machine. If parts become worn or damaged as a result of Lessee
operating the Machine in excess of the displayed maximum speed, cost of all
labor, repairs and replacement parts shall be paid for by Lessee. Lessor agrees
to replace, at Lessor's cost, and as soon as possible after receiving written
notice thereof, any defective parts; provided, however, that Lessor shall not be
liable to Lessee whatsoever for any damages or loss of product arising directly
or indirectly out of a breakdown of the Machine due to such defective part.
Lessor further agrees to replace, at Lessor's cost, and as soon as possible
after receiving written notice thereof, any part that becomes inoperative due to
normal wear and tear. Parts which become inoperative due to reasons other than
defectiveness or normal wear and tear shall be replaced by Lessor, as soon as
possible after receiving written notice thereof, but at Lessee's own cost.
Lessee shall pay all labor costs for the installation of any replacement part
furnished by Lessor under this Paragraph. Notwithstanding the foregoing, Lessor
shall have no obligation to replace or repair the Machine's main drive electric
motor unless same is defective and Lessor is notified in writing thereof within
thirty (30) days of first (1st) use of the Machine.
9. NO PHOTOGRAPHING OR OTHER COPYING OF MACHINE
Lessee shall prevent any photographing, drawing, modeling,
molding or any other type of reproduction, duplication, copying, illustration or
representation or any measuring or examination of the Machine or any component
of the Machine unless such photographing, drawing, modeling, molding
30 SEPTEMBER 1996
11
<PAGE>
or other type of reproduction, duplication, copying, illustration,
representation, measuring or examination is necessary for the operation,
maintenance, or repair of the Machine or component thereof. In such event,
Lessee shall maintain in its possession or ensure the return of any photograph,
drawing, model, mold, or other type of reproduction, duplication, copy,
illustration, representation or measurement or results of any examination and
shall not exhibit or disclose same to any person or persons without the express
written approval of Lessor.
10. SURRENDER
On the expiration or termination of this Lease, or on the
expiration or termination of any renewal thereof, Lessee shall (unless Lessee
has paid Lessor in cash the stipulated loss value of the Machine pursuant to
Paragraph 11 hereinbelow) return the Machine to Lessor in good repair, condition
and working order, ordinary wear and tear resulting from proper use thereof
alone excepted, and in the manner specified in Paragraph 4.2 hereinabove.
11. LOSS AND DAMAGE; STIPULATED LOSS VALUE
Lessee hereby assumes and shall bear the entire risk of loss and
damage to the Machine from any and every cause whatsoever. No loss or damage to
the Machine or any part thereof shall impair any obligation of Lessee under this
Lease, or any renewal thereof, which shall continue in full force and effect. In
the event of irreparable damage to the Machine such that for practical business
purposes it cannot be used again, or total destruction
30 SEPTEMBER 1996
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of the Machine, or total loss of the Machine due to any other reason, including
but not limited to, loss of the Machine or loss of use of the Machine by reason
of the operation of the laws of the U.S.A. or Mexico, during the term of this
Lease or any renewal thereof, Lessee shall pay to Lessor the sum of Two Hundred
Twenty-Five Thousand United States Dollars (U.S. $225,000.00), net after any
applicable local or other taxes, representing the stipulated loss value of the
Machine during the term of this Lease, or any renewal thereof. Upon such payment
in full by Lessee to Lessor this Lease, or any renewal thereof, shall terminate.
Any such amount due by Lessee to Lessor shall be reduced by any payments made to
Lessor from insurance maintained by Lessee as provided in Paragraph 12
hereinbelow.
12. INSURANCE
Lessee shall provide at Lessee's cost, insurance, including but
not limited to fire insurance, on the Machine against all risks of loss or
damage from every cause whatsoever for an amount not less than the stipulated
loss value of the Machine specified in Paragraph 11 hereinabove. Lessee agrees
to designate Lessor as the beneficiary under all such policies of insurance, and
to provide Lessor with adequate evidence thereof upon request.
13. INDEMNITY
Lessor shall not be liable for, and Lessee shall indemnify Lessor
against and hold Lessor harmless from, any and all claims, actions, suits,
proceedings (including, but not limited to, those relating to patent disputes),
costs, expenses, damages and liabilities, including attorneys'
30 SEPTEMBER 1996
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fees, arising out of, connected with, or resulting from, the delivery,
possession, use, operation, or return of the Machine by Lessee, its agents,
servants, and employees.
14. DEFAULT
The failure of Lessee to make any payment of rent or any other
amount required under this Lease, or any renewal thereof, within fifteen (15)
days after the same is due and payable, or to observe or perform any of the
provisions of this Lease, or any renewal thereof, to be observed or performed by
Lessee or Rowen for a period of twenty (20) days after written notice thereof by
Lessor, shall constitute a material default and a breach of this Lease, or any
renewal thereof, by Lessee. In the event of any such material default by Lessee,
Lessor shall have the right to exercise any one or more of the following
remedies concurrently or separately:
A. To terminate this Lease;
B. To enter the premises of Lessee and take possession of the
Machine pursuant to legal proceedings, or to any notice provided by
law, without terminating this Lease and re-rent the Machine for the
account of Lessee either in Lessor's name or otherwise, for such
period as Lessor may deem advisable; in which event the rents received
on any such re-rental during the balance of the term of this Lease
shall be applied first (1st) to the expense of the re-rental and
removal including necessary renovation and reconditioning of the
Machine, and thereafter toward payment of all sums due or to become
due Lessor hereunder. Lessee shall pay to
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Lessor any deficiency. Any said taking of possession shall not
constitute a termination of this Lease unless Lessor expressly so
notifies Lessee in writing;
C. To declare the entire amount of rent hereunder immediately due
and payable without notice or demand to Lessee;
D. To sue for and recover all rents and other payments then
accrued or thereafter accruing;
E. To pursue any other remedy at law or in equity.
Notwithstanding any said repossession or any other action which
Lessor may take, Lessee shall be and remain liable for the full performance of
all obligations on the part of Lessee to be performed under this Lease. Any and
all costs of removal, repair, reconditioning, trading, freight and other charges
shall be paid by Lessee.
15. TAXES AND ASSESSMENTS
Lessee shall keep the Machine free and clear of all levies,
liens, encumbrances and shall pay all license fees, registration fees,
assessments, charges, duties and local or other taxes of any kind whatsoever
imposed by any governmental agency or authority, which may now or hereafter be
imposed upon the use, operation, or possession of the Machine. In case of
Lessee's failure to pay said fees, assessments, charges, and local or other
taxes, Lessor shall have the right, but not the obligation, to pay any said
fees, assessments, charges, and local or other taxes, as the case may be. In
that event, the cost thereof shall be repayable to Lessor with the next
installment of rent and failure to repay the same by Lessee may be treated by
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Lessor as a default by Lessee. Copies of local or other tax receipts, if
applicable, are to be sent to Lessor annually indicating timely and proper
payments of local or other taxes.
16. BANKRUPTCY; ASSIGNMENT
Neither this Lease, nor any renewal thereof, nor any interest
therein is assignable or transferable by operation of law, through receivership,
bankruptcy or otherwise. Without the prior written consent of Lessor, Lessee
shall not (a) assign, transfer, pledge or hypothecate this Lease, or any renewal
thereof, the Machine, or any part thereof, or any interest therein; or (b)
sublet or lend the Machine or any part thereof, or permit the Machine or any
part thereof to be used by anyone other than Lessee or Lessee's employees.
Consent to any of the foregoing prohibited acts applies only in the given
instant, and is not a consent to any subsequent like act by Lessee or any other
person. Subject to the foregoing, this Lease, or any renewal thereof, inures to
the benefit of, and is binding on, the heirs, legatees, personal representatives
and successors, of the parties hereto.
17. LESSOR'S NON-EXCLUSIVE ROYALTY-FREE LICENSE
Lessee agrees that if, during the term of this Lease, or any
renewal thereof, and for a period of two (2) years thereafter, it shall acquire
any patents as a result of its agents, servants and employees inventing any
improvements or modifications, or developing any method or methods, machine or
machines adapted to affect the purpose of the Machine, then and in such event
Lessor shall have a non-exclusive royalty-free license
30 SEPTEMBER 1996
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covering such improvements, methods or machines. The term of any such
non-exclusive royalty-free license under the provisions of this Paragraph shall
be perpetual.
18. CORPORATE EXISTENCE; AUTHORITY
Lessee represents and warrants to Lessor that it is a limited
liability company duly organized and validly existing under the laws of the
State of Oregon, U.S.A.; that it has full power and authority to enter into this
Lease; that it has obtained all governmental consents and/or approvals necessary
to enable it to perform its obligations hereunder; and that the execution by it
of this Lease and the performance of its obligations under this Lease does not
violate any law, rule, regulation or order of any government, governmental
agency or court and does not breach any agreement to which it is a party. The
undersigned individual purporting to execute this Lease on behalf of Lessee
represents and warrants that he has been duly authorized and directed to execute
this Lease on behalf of Lessee.
19. INTEREST
Should Lessee fail to pay any part of the rent herein reserved or
any other sum required by Lessee to be paid to Lessor, within fifteen (15) days
after the due date thereof, Lessee shall pay unto the Lessor interest on such
delinquent payment from the expiration of said fifteen (15) days until paid at
the average U.S. prime rate, plus one percent (1%), per lease year.
30 SEPTEMBER 1996
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20. CONCURRENT REMEDIES
No right or remedies herein conferred on or reserved to Lessor is
exclusive of any other right or remedy herein or at law or in equity provided or
permitted; but each shall be cumulative of every other right or remedy given
hereunder or now or hereafter existing at law or in equity or by statute or
otherwise, and may be enforced concurrently therewith or from time to time.
21. NON-WAIVER
No covenant or condition of this Lease may be waived except by
the written consent of Lessor. Forbearance or indulgence by Lessor in any regard
whatsoever shall not constitute a waiver of the covenant or condition to be
performed by Lessee to which the same may apply, and, until complete performance
by Lessee of said covenant or condition, Lessor shall be entitled to invoke any
remedy available to Lessor under this Lease or at law or in equity despite said
forbearance or indulgence.
22. ENTIRE AGREEMENT
This instrument constitutes the entire agreement between Lessor
and Lessee; it shall not be amended, altered, or changed except by a written
agreement signed by the parties hereto.
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23. ATTORNEYS' FEES
In the event either party shall bring any action or proceeding
for damages for an alleged breach of any provision of this Lease, to recover
rents, or to enforce, protect or establish any right or remedy of either party,
the prevailing party shall be entitled to recover as a part of such action or
proceeding reasonable attorneys' fees and court costs.
24. REMITTANCES
24.1 All payments of Annual Minimum Rental and Overage Rental;
and charges for any prepaid freight and transportation costs on the Machine or
parts, as well as charges for parts, service, and service expenses, that are the
responsibility of Lessee hereunder, shall be remitted by International Trade
Group, LLC.
24.2 All rents and charges payable by Lessee to Lessor hereunder
shall be paid to Lessor at any of the following: at P.O. Box 2679, Gardena,
California, 90247, U.S.A.; directly to Lessor's bank account, which is held as
of the date of this agreement, at 1st Business Bank, Gateway III Building, 2nd
Floor, ABA #122038442, 970 West 190th Street, Torrance, California, 90502,
U.S.A., and is Account No. 020-611812; or at such other place as Lessor may
hereafter designate in writing.
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25. NOTICES
All notices provided for in this Lease or which either party may
desire to give shall be in writing. Any notice to be given by either of the
parties hereto to the other may be delivered in person or to an officer of
Lessee or Lessor, or may be deposited in the appropriate governmental air mail
registered or certified with postage pre-paid, addressed to the party for whom
intended at the address set forth above, or at such other address as either of
the parties hereto may hereafter designate by notice in writing served in the
manner provided under this Paragraph. Service of any such written notice shall
be deemed complete at the time of personal delivery or within seven (7) business
days after the mailing thereof as hereinabove provided.
26. TITLES
The titles to the Paragraphs of this Lease are solely for the
convenience of the parties, and are not an aid in the interpretation of the
instrument.
27. CHOICE OF LAW
This Lease shall be deemed to have been made and executed in the
State of California, U.S.A., and the rights of the parties hereunder shall be
construed, enforced and governed according to the laws of that State. As a
material part of the consideration to the parties for entering into this
Agreement, each party (1) agrees that, at the option of Lessor, all actions and
proceedings based upon, arising out of or relating in any way directly or
indirectly to, this Lease shall be litigated exclusively in courts located
30 SEPTEMBER 1996
20
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within Los Angeles County, California, (2) consents to the jurisdiction of any
such court and consents to the service of process in any such action or
proceeding by personal delivery, first-class mail, or any other method permitted
by law, and (3) waives any and all rights to transfer or change the venue of any
such action or proceeding to any court outside Los Angeles County, California.
28. CURRENCY OF ACCOUNT
The parties intend and agree that the currency of account for
transactions hereunder shall be United States Dollars. Any and all payments
hereunder shall be in United States Dollars.
IN WITNESS WHEREOF, the parties hereto have caused this Lease
Agreement to be signed and executed by their company officers thereunto duly
authorized as of the day and year first above written.
"LESSOR" "LESSEE"
LUTHI MACHINERY & INTERNATIONAL TRADE GROUP, LLC.
ENGINEERING CO., INC.
By /s/ Fred H. Avers By /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Fred H. Avers
Title President Title President/CEO
---------------------------- ---------------------------
Date 30 September 1996 Date 10/1/96
----------------------------- ---------------------------
30 SEPTEMBER 1996
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<PAGE>
[DIAGRAM]
307 X 109 CAN
TWO PIECE TIN PLATE
SP182-96
EXHIBIT "A"
<PAGE>
LEASE AGREEMENT
FOR
SOLID PACK TUNA CANNING
MACHINE
(For 307 Diameter Size Can)
THIS LEASE AGREEMENT, made and executed in the State of California,
United States of America ("U.S.A."), as of this 6th day of February, 1997,
between LUTHI MACHINERY & ENGINEERING CO., INC., a California corporation, whose
mailing address is P.O. Box 2679, Gardena, California, 90247, U.S.A.,
hereinafter called "LESSOR"; and INTERNATIONAL TRADE GROUP, LLC., an Oregon
limited liability company, whose principal office address is 6700 S.W. Sandburg
Rd., Tigard, Oregon, 97223, hereinafter referred to as "LESSEE":
W I T N E S S E T H:
WHEREAS, Lessor is the holder of Letters Patent of the United States,
Spain, Italy, and Japan, and has constructed a machine capable of being used for
the solid packing of tuna and other fish in the fish canning industry, and has
made other inventions and discoveries as are revealed in the following documents
and drawings:
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(1) United States Letters Patent No. 4,166,140, entitled "Method of
Canning Fish";
(2) United States Letters Patent No. 5,199,241, entitled "Can Star Drive
for Solid Pack Tuna Canning Machines";
(3) Spanish Letters Patent No. 465,109, entitled "Solid Pack Tuna Canning
Machine";
(4) Italian Letters Patent No. 1,083,748, entitled "Solid Pack Tuna
Canning Machine";
(5) Japanese Letters Patent No. 1,380,477, entitled "Solid Pack Tuna
Canning Machine."
WHEREAS, Lessee desires to lease from Lessor the Solid Pack Tuna
Canning Machine described in Paragraph 1 of this Agreement ("Machine"), and to
place said Machine in the custody of Agroindustrias Rowen S.A. de C.V. ("Rowen")
pursuant to a Toll-Packing Agreement between Lessee and Rowen dated September 5,
1996.
WHEREAS, Lessor is willing to lease said Machine to Lessee under such
circumstances, but only if all of the terms and conditions applicable to such
circumstances are met.
NOW, THEREFORE, in consideration of the promises made herein and
intending to be legally bound, the parties hereto agree as follows:
6 FEBRUARY 1997
2
<PAGE>
1. LEASE
Lessor hereby leases to Lessee, and Lessee hereby hires from Lessor, a
machine for use in the packing of tuna and other fish products in the fish
canning industry described as a Solid Pack Tuna Canning Machine, Machine No.
SP195-96, hereinafter referred to as the "Machine," upon the terms and
conditions and for the terms hereinafter stated. Said Machine shall be used in
the filling of 307 diameter size cans as described in Exhibit "A" included
herewith.
2. TERM
This Lease shall be for a term of five (5) years to commence on the
earlier of (a) the date of first actual use of the Machine by Lessee: or (b)
thirty (30) days after arrival of the Machine at Rowen's plant. Provided Lessee
is not in default under this Lease, Lessee may renew this Lease for an
additional two (2) year term on expiration of the initial five (5) year term
upon the same terms and conditions of the Lease, except as otherwise provided
herein. Thereafter, the term of this Lease may be renewed for successive two (2)
year periods upon the same terms and conditions of the Lease, except as
otherwise provided herein. Lessee shall notify Lessor in writing as to renewal
or termination of this Lease not later than sixty (60) days before the end of
the initial five (5) year term, and sixty (60) days before the end of each two
(2) year renewal term. If no written notice of Lessee's determination to renew
or terminate is given, the term of this Lease shall be deemed to have been
renewed as hereinabove provided.
6 FEBRUARY 1997
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<PAGE>
3. RENT
3.1 Lessee agrees to pay to Lessor as rental for the use of the
Machine an annual minimum rental at the rate of Twenty-Five Thousand United
States Dollars (U.S. $25,000.00) for each lease year of the initial five (5)
year term of this Lease, or any renewal thereof, net after any applicable local
or other taxes (the "Annual Minimum Rental"). The Annual Minimum Rental shall be
paid by Lessee to Lessor in twelve (12) monthly installments of Two Thousand
Eighty-Three United States Dollars and Thirty-Three United States Cents (U.S.
$2,083.33) net after any applicable local or other taxes, on or before the
twentieth (20th) day following each month of each lease year of the initial five
(5) year term of this Lease, or any renewal thereof.
3.2 In addition to the Annual Minimum Rental, Lessee agrees to pay to
Lessor for the use of the Machine during each lease year of the initial five (5)
year term of this Lease, or any renewal thereof, net after any applicable local
or other taxes, a per case (a case for purposes of this Lease shall consist of
forty-eight (48) cans) rental ("Overage Rental") at the rate of Twelve United
States Cents (U.S. $.12) for each case of 307 diameter size cans, for all such
production from the Machine exceeding Two Hundred Eight Thousand Three Hundred
Thirty-Three (208,333) cases.
Overage Rental shall be paid on an as-accrued, monthly basis,
concurrently with the monthly installment of the Annual Minimum Rental.
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3.3 Lessee, upon execution of this Lease, notwithstanding Paragraph
3.1, hereinabove, agrees to pay to Lessor Twenty-Five Thousand United States
Dollars (U.S. $25,000.00) as advanced payment of the Annual Minimum Rental
("Advanced Deposit") for the first (1st) lease year of the initial five (5) year
term of the Lease, net after any applicable local or other taxes. In the event
that the Lease is terminated within its first (1st) lease year as a result of a
default by Lessee under terms of the Lease, or by mutual agreement, or by Lessee
for any reason, no refund of any portion of the Advanced Deposit shall be due
then by Lessor. The Lease shall not be considered in full force and effect until
after the Advanced Deposit is received by Lessor in Gardena, California, U.S.A.
During the first (1st) lease year of the initial five (5) year term of
the Lease, Lessee shall not make monthly installments of the Annual Minimum
Rental as specified in Paragraph 3.1 of the Lease. In the event that production
exceeds the quantity stipulated in the Lease, Overage Rental incurred shall be
paid on an as-accrued, monthly basis, as specified in Paragraph 3.2,
hereinabove.
3.4 The Annual Minimum Rental and the per case charge for Overage
Rental remain subject to the terms and conditions of Section 3.6 of this Lease,
or any renewal thereof.
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3.5 On or before the twentieth (20th) day following each month of this
Lease, or any renewal thereof, and concurrently with the payment of the monthly
installment of the Annual Minimum Rental and any Overage Rental due, Lessee
shall render to Lessor a true and correct monthly production report, certified
by an official of the Lessee, giving an account of the number of cases and can
sizes filled or packed on the Machine during the preceding month. Within twenty
(20) days after the end of each lease year, Lessee shall render to Lessor a true
and correct annual report, certified by an official of the Lessee, giving an
account of the number of cases and can sizes filled or packed on the Machine
during the preceding lease year.
3.6 At the end of the initial five (5) year term of this Lease and at
the end of each subsequent two (2) year renewal term of this Lease, Lessor may,
at its option, and upon at least ninety (90) days written notice to Lessee prior
to the end of such term, increase the Annual Minimum Rental and/or the Overage
Rental case rate to the extent of any percentage increase in the Consumer Price
Index for all urban consumers (base year 1967=100) for the U.S.A., published by
the United States Department of Labor, Bureau of Labor Statistics (the "CPI")
which may have taken place since the date the initial term of this Lease
commenced (the "Initial Date"). The base period for purposes hereof shall be the
CPI published most recently prior to the Initial Date ("Base Index"). The
determination of any increase shall be made by comparing the Base Index with the
CPI published most recently prior to the end of the initial five (5) year term
or each subsequent two (2) year renewal term, as the case may be.
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<PAGE>
3.7 Lessee agrees to keep accurate books and records of the number of
cases and the number and sizes of cans filled or packed on the Machine during
the term of this Lease, or any renewal thereof, and agrees to permit such books
and records to be examined by Lessor and its duly accredited agents, servants
and employees to the extent necessary to verify the aforesaid monthly and annual
reports. If Lessor disputes the certified annual report of Lessee for any lease
year during the term of this Lease or any renewal thereof, Lessor shall have the
right to have an independent accounting firm of its choice review such report
and examine the books and records of Lessee pertaining thereto. The cost of such
independent accounting firm's examination shall be borne by Lessor unless the
Overage Rental determined as a result thereof to be due for the lease year in
question is more than five percent (5%) higher than the amount thereof first
determined to be payable by Lessee, in which case the costs of such examination,
as well as any additional monies due, shall be promptly paid by Lessee.
4. SHIPPING
4.1 Lessor shall deliver the Machine to Lessee within 120 days after
receipt of signed Lease Agreement, a signed counterpart Addendum to the Bailment
Agreement signed by Rowen on November 2, 1996 set forth in Exhibit "B" attached
hereto, "Addendum to the Bailment Agreement," and Advanced Deposit as specified
in Paragraph 3.3, hereinabove, F.O.B. Gardena, California, U.S.A. (INCOTERMS,
1990), who shall thereupon deliver the Machine to Rowen. Upon delivery of the
Machine to Rowen, Lessee shall provide to Lessor any and all documents,
instruments, bonds, and proof satisfactory to Lessor that the machine has been
imported and delivered to Rowen in compliance
6 FEBRUARY 1997
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<PAGE>
with all applicable laws and regulations. Lessor shall not be responsible for
any loss occasioned by any delay in delivery of the Machine that is the result
of fire, earthquake, water damage, tornado and wind storm, explosion, smoke and
smudge, aircraft, motor vehicle or ship damage, collapse of building or
structure, strikes, riots and civil commotion, vandalism and malicious mischief,
burglary and theft, government interference or other matters over which Lessor
has no control. Lessee shall pay all fees, local or other taxes, freight,
insurance and all transportation costs. All replacement parts which Lessor
agrees to provide Lessee, pursuant to Paragraph 8 hereinbelow, shall be
delivered to Lessee F.O.B. (INCOTERMS, 1990), Gardena, California, U.S.A. Lessee
shall pay all fees, local or other taxes, freight, insurance and all
transportation costs.
4.2 On the expiration or termination of this Lease, or expiration or
termination of any renewal thereof, Lessee shall, within ten (10) days
thereafter, promptly crate and ship the Machine, together with any and all spare
parts, manuals and accessories, to Lessor via surface freight at Lessee's sole
cost and expense to ensure arrival at Lessor's facility in Gardena, California,
U.S.A. within sixty (60) days after such termination or expiration. Lessee shall
pay all fees and local or other taxes necessary to accomplish full delivery to
Gardena, California, U.S.A. Lessee shall obtain and maintain appropriate
insurance with respect to the Machine pending and until its actual return to
Lessor in Gardena, California, U.S.A. Such insurance shall provide coverage
against loss or damage to the Machine in an amount not less than its replacement
cost of Two Hundred Twenty-Five Thousand United States Dollars (U.S.
$225,000.00), net after any applicable local or other taxes. If for any reason,
upon the expiration or termination of this
6 FEBRUARY 1997
8
<PAGE>
Lease, or expiration or termination of any renewal thereof, Lessee is unable to
return the Machine to Lessor as specified, Lessee shall pay to Lessor the
stipulated loss value of the Machine of Two Hundred Twenty-Five Thousand United
States Dollars (U.S. $225,000.00), net after any applicable local or other
taxes.
5. BARE RIGHT OF USE; APPROPRIATE GOVERNMENTAL FILINGS
Lessee hereby acquires no right in or to the Machine other than the
bare right of use in accordance with this Lease, or any renewal thereof, and no
right in any application for patent or any patent relating to the Machine or any
element thereof which Lessor now has or may hereafter acquire. The Machine is
and shall remain the property of Lessor. The Machine shall be plainly marked as
the property of Lessor, and Lessee agrees not to remove, obliterate or conceal
that marking. The Machine is, and shall at all times be and remain personal
property of the Lessor notwithstanding that the Machine or any part thereof may
be in any manner affixed or attached to, or embedded in, or permanently resting
on, real property or any building thereon. Lessee agrees to execute or otherwise
assist Lessor in the filing with the appropriate governmental agencies or
authorities for the location where the Machine is located, and provide all
documentation which may be necessary to put third (3rd) parties on notice that
the Machine is the personal property of Lessor, and to protect Lessor's
ownership interest therein.
6 FEBRUARY 1997
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<PAGE>
6. INSTALLATION
Lessee agrees to provide a safe, suitable and sufficient place for
installation of the Machine, being one which maintains and preserves the
operability, condition and normal period of use of the Machine. The Machine
shall be installed at Rowen's cannery in accordance with the signed counterpart
Addendum to the Bailment Agreement. Lessee shall not permit the Machine to be
removed from such location without the prior written consent of Lessor.
7. USE OF MACHINE
Lessee shall use the Machine in a careful and proper manner, in
accordance with all oral, written or other form of instructions supplied by
Lessor concerning operation of the Machine, and shall comply with and conform to
all national, state, municipal, police and other laws, ordinances and
regulations in effect in anywise relating to the possession, use, or maintenance
of the Machine; and shall, subject to the prior written approval of Lessor, make
any alterations required by such laws, ordinances and regulations at Lessee's
cost and expense. Lessee shall not otherwise alter or modify the Machine without
the prior written consent of Lessor. Lessee agrees to use the Machine for the
purpose of canning fish and fish products only. Lessor, its duly accredited
agents, servants and employees, shall at all reasonable times during business
hours have the right to enter into and on the premises where the Machine may be
located for the purpose of inspecting the Machine or observing its use.
6 FEBRUARY 1997
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<PAGE>
8. REPAIRS AND MAINTENANCE
Lessee at its own cost and expense shall keep the Machine in good
repair, condition and working order including routine adjustment and lubrication
and other maintenance requirements as may be specified by any oral, written or
other form of instructions supplied by Lessor. Due to the reciprocating nature
of the mechanism and the speed limitations inherent in this type of equipment,
the maximum operating speed of the Machine shall be clearly displayed on the
Machine. If parts become worn or damaged as a result of Lessee operating the
Machine in excess of the displayed maximum speed, cost of all labor, repairs and
replacement parts shall be paid for by Lessee. Lessor agrees to replace, at
Lessor's cost, and as soon as possible after receiving written notice thereof,
any defective parts; provided, however, that Lessor shall not be liable to
Lessee whatsoever for any damages or loss of product arising directly or
indirectly out of a breakdown of the Machine due to such defective part. Lessor
further agrees to replace, at Lessor's cost, and as soon as possible after
receiving written notice thereof, any part that becomes inoperative due to
normal wear and tear. Parts which become inoperative due to reasons other than
defectiveness or normal wear and tear shall be replaced by Lessor, as soon as
possible after receiving written notice thereof, but at Lessee's own cost.
Lessee shall pay all labor costs for the installation of any replacement part
furnished by Lessor under this Paragraph. Notwithstanding the foregoing, Lessor
shall have no obligation to replace or repair the Machine's main drive electric
motor unless same is defective and Lessor is notified in writing thereof within
thirty (30) days of first (1st) use of the Machine.
6 FEBRUARY 1997
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<PAGE>
9. NO PHOTOGRAPHING OR OTHER COPYING OF MACHINE
Lessee shall prevent any photographing, drawing, modeling, molding or
any other type of reproduction, duplication, copying, illustration or
representation or any measuring or examination of the Machine or any component
of the Machine unless such photographing, drawing, modeling, molding or other
type of reproduction, duplication, copying, illustration, representation,
measuring or examination is necessary for the operation, maintenance, or repair
of the Machine or component thereof. In such event, Lessee shall maintain in its
possession or ensure the return of any photograph, drawing, model, mold, or
other type of reproduction, duplication, copy, illustration, representation or
measurement or results of any examination and shall not exhibit or disclose same
to any person or persons without the express written approval of Lessor.
10. SURRENDER
On the expiration or termination of this Lease, or on the expiration
or termination of any renewal thereof, Lessee shall (unless Lessee has paid
Lessor in cash the stipulated loss value of the Machine pursuant to Paragraph 11
hereinbelow) return the Machine to Lessor in good repair, condition and working
order, ordinary wear and tear resulting from proper use thereof alone excepted,
and in the manner specified in Paragraph 4.2 hereinabove.
6 FEBRUARY 1997
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<PAGE>
11. LOSS AND DAMAGE; STIPULATED LOSS VALUE
Lessee hereby assumes and shall bear the entire risk of loss and
damage to the Machine from any and every cause whatsoever. No loss or damage to
the Machine or any part thereof shall impair any obligation of Lessee under this
Lease, or any renewal thereof, which shall continue in full force and effect. In
the event of irreparable damage to the Machine such that for practical business
purposes it cannot be used again, or total destruction of the Machine, or total
loss of the Machine due to any other reason, including but not limited to, loss
of the Machine or loss of use of the Machine by reason of the operation of the
laws of the U.S.A. or Mexico, during the term of this Lease or any renewal
thereof, Lessee shall pay to Lessor the sum of Two Hundred Twenty-Five Thousand
United States Dollars (U.S. $225,000.00), net after any applicable local or
other taxes, representing the stipulated loss value of the Machine during the
term of this Lease, or any renewal thereof. Upon such payment in full by Lessee
to Lessor this Lease, or any renewal thereof, shall terminate. Any such amount
due by Lessee to Lessor shall be reduced by any payments made to Lessor from
insurance maintained by Lessee as provided in Paragraph 12 hereinbelow.
12. INSURANCE
Lessee shall provide at Lessee's cost, insurance, including but not
limited to fire insurance, on the Machine against all risks of loss or damage
from every cause whatsoever for an amount not less than the stipulated loss
value of the Machine specified in Paragraph 11 hereinabove. Lessee agrees to
designate Lessor as the beneficiary under all such policies of insurance, and to
provide Lessor with adequate evidence thereof upon request.
6 FEBRUARY 1997
13
<PAGE>
13. INDEMNITY
Lessor shall not be liable for, and Lessee shall indemnify Lessor
against and hold Lessor harmless from, any and all claims, actions, suits,
proceedings (including, but not limited to, those relating to patent disputes),
costs, expenses, damages and liabilities, including attorneys' fees, arising out
of, connected with, or resulting from, the delivery, possession, use, operation,
or return of the Machine by Lessee, its agents, servants, and employees.
14. DEFAULT
The failure of Lessee to make any payment of rent or any other amount
required under this Lease, or any renewal thereof, within fifteen (15) days
after the same is due and payable, or to observe or perform any of the
provisions of this Lease, or any renewal thereof, to be observed or performed by
Lessee or Rowen for a period of twenty (20) days after written notice thereof by
Lessor, shall constitute a material default and a breach of this Lease, or any
renewal thereof, by Lessee. In the event of any such material default by Lessee,
Lessor shall have the right to exercise any one or more of the following
remedies concurrently or separately:
A. To terminate this Lease;
B. To enter the premises of Lessee and take possession of the Machine
pursuant to legal proceedings, or to any notice provided by law, without
terminating this Lease and re-rent the Machine for the account of Lessee
either in Lessor's name or otherwise, for such period as Lessor may deem
advisable; in which event the rents received on any such re-rental during
the balance of the term of
6 FEBRUARY 1997
14
<PAGE>
this Lease shall be applied first (1st) to the expense of the re-rental and
removal including necessary renovation and reconditioning of the Machine,
and thereafter toward payment of all sums due or to become due Lessor
hereunder. Lessee shall pay to Lessor any deficiency. Any said taking of
possession shall not constitute a termination of this Lease unless Lessor
expressly so notifies Lessee in writing;
C. To declare the entire amount of rent hereunder immediately due and
payable without notice or demand to Lessee;
D. To sue for and recover all rents and other payments then accrued or
thereafter accruing;
E. To pursue any other remedy at law or in equity.
Notwithstanding any said repossession or any other action which Lessor
may take, Lessee shall be and remain liable for the full performance of all
obligations on the part of Lessee to be performed under this Lease. Any and all
costs of removal, repair, reconditioning, trading, freight and other charges
shall be paid by Lessee.
15. TAXES AND ASSESSMENTS
Lessee shall keep the Machine free and clear of all levies, liens,
encumbrances and shall pay all license fees, registration fees, assessments,
charges, duties and local or other taxes of any kind whatsoever imposed by any
governmental agency or authority, which may now or hereafter be imposed upon the
use, operation, or possession of the Machine. In case of Lessee's failure to pay
said fees, assessments, charges, and local or other taxes, Lessor shall have the
right, but not the obligation, to pay any said
6 FEBRUARY 1997
15
<PAGE>
fees, assessments, charges, and local or other taxes, as the case may be. In
that event, the cost thereof shall be repayable to Lessor with the next
installment of rent and failure to repay the same by Lessee may be treated by
Lessor as a default by Lessee. Copies of local or other tax receipts, if
applicable, are to be sent to Lessor annually indicating timely and proper
payments of local or other taxes.
16. BANKRUPTCY; ASSIGNMENT
Neither this Lease, nor any renewal thereof, nor any interest therein
is assignable or transferable by operation of law, through receivership,
bankruptcy or otherwise. Without the prior written consent of Lessor, Lessee
shall not (a) assign, transfer, pledge or hypothecate this Lease, or any renewal
thereof, the Machine, or any part thereof, or any interest therein; or (b)
sublet or lend the Machine or any part thereof, or permit the Machine or any
part thereof to be used by anyone other than Lessee or Lessee's employees.
Consent to any of the foregoing prohibited acts applies only in the given
instant, and is not a consent to any subsequent like act by Lessee or any other
person. Subject to the foregoing, this Lease, or any renewal thereof, inures to
the benefit of, and is binding on, the heirs, legatees, personal representatives
and successors, of the parties hereto.
17. LESSOR'S NON-EXCLUSIVE ROYALTY-FREE LICENSE
Lessee agrees that if, during the term of this Lease, or any renewal
thereof, and for a period of two (2) years thereafter, it shall acquire any
patents as a result of its agents, servants and employees
6 FEBRUARY 1997
16
<PAGE>
inventing any improvements or modifications, or developing any method or
methods, machine or machines adapted to affect the purpose of the Machine, then
and in such event Lessor shall have a non-exclusive royalty-free license
covering such improvements, methods or machines. The term of any such
non-exclusive royalty-free license under the provisions of this Paragraph shall
be perpetual.
18. CORPORATE EXISTENCE; AUTHORITY
Lessee represents and warrants to Lessor that it is a limited
liability company duly organized and validly existing under the laws of the
State of Oregon, U.S.A.; that it has full power and authority to enter into this
Lease; that it has obtained all governmental consents and/or approvals necessary
to enable it to perform its obligations hereunder; and that the execution by it
of this Lease and the performance of its obligations under this Lease does not
violate any law, rule, regulation or order of any government, governmental
agency or court and does not breach any agreement to which it is a party. The
undersigned individual purporting to execute this Lease on behalf of Lessee
represents and warrants that he has been duly authorized and directed to execute
this Lease on behalf of Lessee.
19. INTEREST
Should Lessee fail to pay any part of the rent herein reserved or any
other sum required by Lessee to be paid to Lessor, within fifteen (15) days
after the due date thereof, Lessee shall pay unto the Lessor interest on such
delinquent payment from the expiration of said fifteen (15) days until paid at
the average U.S. prime rate, plus one percent (1%), per lease year.
6 FEBRUARY 1997
17
<PAGE>
20. CONCURRENT REMEDIES
No right or remedies herein conferred on or reserved to Lessor is
exclusive of any other right or remedy herein or at law or in equity provided or
permitted; but each shall be cumulative of every other right or remedy given
hereunder or now or hereafter existing at law or in equity or by statute or
otherwise, and may be enforced concurrently therewith or from time to time.
21. NON-WAIVER
No covenant or condition of this Lease may be waived except by the
written consent of Lessor. Forbearance or indulgence by Lessor in any regard
whatsoever shall not constitute a waiver of the covenant or condition to be
performed by Lessee to which the same may apply, and, until complete performance
by Lessee of said covenant or condition, Lessor shall be entitled to invoke any
remedy available to Lessor under this Lease or at law or in equity despite said
forbearance or indulgence.
22. ENTIRE AGREEMENT
This instrument constitutes the entire agreement between Lessor and
Lessee; it shall not be amended, altered, or changed except by a written
agreement signed by the parties hereto.
6 FEBRUARY 1997
18
<PAGE>
23. ATTORNEYS' FEES
In the event either party shall bring any action or proceeding for
damages for an alleged breach of any provision of this Lease, to recover rents,
or to enforce, protect or establish any right or remedy of either party, the
prevailing party shall be entitled to recover as a part of such action or
proceeding reasonable attorneys' fees and court costs.
24. REMITTANCES
24.1 All payments of Annual Minimum Rental and Overage Rental; and
charges for any prepaid freight and transportation costs on the Machine or
parts, as well as charges for parts, service, and service expenses, that are the
responsibility of Lessee hereunder, shall be remitted by International Trade
Group, LLC.
24.2 All rents and charges payable by Lessee to Lessor hereunder shall
be paid to Lessor at any of the following: at P.O. Box 2679, Gardena,
California, 90247, U.S.A.; directly to Lessor's bank account, which is held as
of the date of this agreement, at 1st Business Bank, Gateway III Building, 2nd
Floor, ABA #122038442, 970 West 190th Street, Torrance, California, 90502,
U.S.A., and is Account No. 020-611812; or at such other place as Lessor may
hereafter designate in writing.
6 FEBRUARY 1997
19
<PAGE>
25. NOTICES
All notices provided for in this Lease or which either party may
desire to give shall be in writing. Any notice to be given by either of the
parties hereto to the other may be delivered in person or to an officer of
Lessee or Lessor, or may be deposited in the appropriate governmental air mail
registered or certified with postage pre-paid, addressed to the party for whom
intended at the address set forth above, or at such other address as either of
the parties hereto may hereafter designate by notice in writing served in the
manner provided under this Paragraph. Service of any such written notice shall
be deemed complete at the time of personal delivery or within seven (7) business
days after the mailing thereof as hereinabove provided.
26. TITLES
The titles to the Paragraphs of this Lease are solely for the
convenience of the parties, and are not an aid in the interpretation of the
instrument.
27. CHOICE OF LAW
This Lease shall be deemed to have been made and executed in the State
of California, U.S.A., and the rights of the parties hereunder shall be
construed, enforced and governed according to the laws of that State. As a
material part of the consideration to the parties for entering into this
Agreement, each party (1) agrees that, at the option of Lessor, all actions and
proceedings based upon, arising out of or relating in any way directly or
indirectly to, this Lease shall be litigated exclusively in courts located
6 FEBRUARY 1997
20
<PAGE>
within Los Angeles County, California, (2) consents to the jurisdiction of any
such court and consents to the service of process in any such action or
proceeding by personal delivery, first-class mail, or any other method permitted
by law, and (3) waives any and all rights to transfer or change the venue of any
such action or proceeding to any court outside Los Angeles County, California.
28. CURRENCY OF ACCOUNT
The parties intend and agree that the currency of account for
transactions hereunder shall be United States Dollars. Any and all payments
hereunder shall be in United States Dollars.
6 FEBRUARY 1997
21
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Lease
Agreement to be signed and executed by their company officers thereunto duly
authorized as of the day and year first above written.
"LESSOR" "LESSEE"
LUTHI MACHINERY & INTERNATIONAL TRADE GROUP, LLC.
ENGINEERING CO., INC.
By /s/ Fred H. Avers By /s/ [ILLEGIBLE]
------------------------- ---------------------------------
Fred H. Avers
Title President Title President/CEO
------------------------- --------------------------------
Date 6 February 1997 Date February 18, 1997
------------------------- --------------------------------
6 FEBRUARY 1997
22
<PAGE>
[DIAGRAM]
307 x 109 CAN
TWO PIECE TIN PLATE
EXHIBIT "A"
SP195-96
<PAGE>
SUBORDINATED UNSECURED CONVERTIBLE PROMISSORY NOTE
EXHIBIT C
<PAGE>
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION
STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT AND
APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
- --------------------------------------------------------------------------------
SEABOURNE VENTURES, INC.
SUBORDINATED UNSECURED CONVERTIBLE PROMISSORY NOTE
Tigard, Oregon
$1,765,000 + Interest July 1, 1997
FOR VALUE RECEIVED, the undersigned a Corporation duly registered in the
State of Oregon with its principal place of business at 6700 S.W. Sandburg
Road, Tigard, Oregon 97223 ("Borrower") promises to pay to the order of
International Trade Group, LLC at its offices in the City of Tigard, Oregon
("Holder"), or at Holder's option, at such other place as may be designated
from time to time by the Holder, $1,765,000 (one million seven hundred sixty
five thousand US dollars) with interest on unpaid principal computed from
July 1, 1997 at the rate of prime (as published in the Wall Street Journal) +
1.5% (150 basis points) per annum. The full principal and accumulated
interest will become due and payable on December 31, 1998.
Payment of any installment of principal or interest owing on this note may be
made prior to the maturity date without penalty, however Borrower shall
provide Holder with written notice of intent to prepay any portion of this
loan at least ten (10) days in advance of the anticipated prepayment date,
and Holder shall have obtained the audited financial statements of Borrower
for the most recently ended fiscal year as well as the unaudited financial
statements of Borrower for each quarter then ended, certified by Borrower's
chief financial officer.
All amounts due hereunder shall immediately become due and payable without
notice or demand, upon the appointment of a receiver or liquidator, whether
voluntary or involuntary, for Borrower or for any of its property, upon the
filing of a petition by or against Borrower under the provisions of any
insolvency law or federal
<PAGE>
bankruptcy law, upon the making by Borrower of an assignment for the benefit of
its creditors or upon the dissolution or termination of existence of borrower.
(1) Holder may elect to declare all or any part of the indebtedness
immediately due and payable upon the occurrence of any of the following
events:
1.1 failure to pay any part of the indebtedness when due; or
1.2 nonperformance by Borrower of any agreement with, or any condition
imposed by, Holder with respect to the indebtedness; or
(2) Holder may elect to declare all or any part of the indebtedness
immediately due and payable prior to any of the following events occurring:
2.1 the sale or transfer of substantially all the stocks of the borrower
to a third party; or
2.2 the sale, in cash, stock swap or any other consideration, directly or
indirectly, of substantially all of the borrower's assets to a third party;
or
2.3 the merger or amalgamation of the borrower's assets with a third
party, or the sale or transfer, for cash, stock swap or other
consideration, directly or indirectly, of any part or all of Borrower's
activities to another company, unless agreed in writing by a majority of
Borrower's stockholders.
Holder may assign this Promissory Note and upon such assignment, the Assignee
shall be entitled, after notification to Borrower, to performance of all
Borrower's obligations hereunder and said Assignee shall be entitled to all
rights and remedies of Holder as set forth herein.
CONVERSION RIGHTS:
Upon the occurrence of any of the above event or when this Note becomes due on
December 31, 1998, Holder shall have the right to convert the principal of this
note into 1,765,000 shares of ordinary voting common shares of stock of the
Company.
Such conversion assumes that Holder shall have received Borrower's regular
audited financial statements and that of its most recent completed fiscal year.
Upon Holder's election to convert this note into shares of stock, Borrower shall
cause to be issued and
<PAGE>
delivered to Holder the amount of stock designated above within five business
days of receipt of written notice of Holder's election. Borrower shall also
submit a computation of accrued interest due Holder under the terms of this
Agreement and cause a check to be issued for such interest.
Executed the date and year first set forth above.
SEABOURNE VENTURES, INC.
By: /s/ Alain L. de la motte
-------------------------------
Alain L. de la motte
President/CEO
ATTEST:
By: /s/ James McKenzie
--------------------------
James McKenzie
Secretary
<PAGE>
Exhibit 10.2
SHARE EXCHANGE AGREEMENT
DATED: September 29, 1997
BETWEEN: Pixieland Corporation, a Nevada corporation
10550 S.W. Allen Blvd., Suite 100
Beaverton, OR 97005 "Pixieland"
AND: Seabourne Ventures, Inc., an Oregon corporation
6700 S.W. Sandburg Rd.
Tigard, OR 97223 "Seabourne"
AND: Those persons whose names appear on the
attached Schedule A as Seabourne Shareholders
"Seabourne Shareholders" or
"Seabourne Shareholder"
RECITALS
A. Pixieland desires to acquire One Hundred Percent (100%) of the
issued and outstanding common stock of Seabourne and all of the assets of ITG.
B. The Seabourne Shareholders are willing to exchange their shares of
common stock in Seabourne ( "Seabourne Securities) for shares of common stock
of Pixieland ("Pixieland Securities") pursuant to the terms and conditions of
this Agreement and with the understanding and intention that the exchange of
shares will qualify as a tax-free reorganization under Section 368(a)(1)(B) of
the Internal Revenue Code of 1986, as amended.
C. It is the intention of the parties to this Agreement that, upon the
consummation of the share exchange described herein, Seabourne will be a
wholly-owned subsidiary of Pixieland.
NOW, THEREFORE, the parties hereto agree as follows:
I. THE EXCHANGE.
(a) COMMON SHARE EXCHANGE. Each Seabourne Shareholder will exchange
one (1) share of the issued and outstanding common stock of Seabourne for one
(1) share of common stock of Pixieland Corporation. A schedule of all
Seabourne Shareholders executing this Agreement is attached hereto as Schedule A
and incorporated herein by this reference. Pixieland will issue to the Seabourne
Shareholders Ten Million Five Hundred Twenty Three Thousand Six Hundred Twenty
(10,523,620) shares of Pixieland common stock.
Page 1 - SHARE EXCHANGE AGREEMENT
<PAGE>
(b) PROCEDURE. The Seabourne Shareholders, by executing this
Agreement, agree to surrender all their respective Seabourne Securities for
exchange pursuant to this Agreement.
II. ACQUISITION OF AGRO INDUSTRIES.
Pixieland acknowledges that, as of the date of this Agreement,
Seabourne is negotiating for the acquisition of all of the issued and
outstanding common stock of Agro Industries, Rowen, S.A.de C.V. Ensenada, Mexico
("Agro Industries"). Pixieland is prepared to assist Seabourne in acquiring Agro
Industries and will, for that purpose, issue to Seabourne Three Million
(3,000,000) shares of its common stock ("Mexico Shares) to be used by Seabourne
to acquire Agro Industries. In the event that an agreement cannot be reached to
acquire Agro Industries, Seabourne will immediately return the Mexico Shares to
Pixieland for cancellation.
III. REPRESENTATIONS AND WARRANTIES OF SEABOURNE SHAREHOLDERS.
The Seabourne Shareholders represent and warrant that:
(a) By executing this Agreement, the Seabourne Shareholders
represent and warrant that they own all of the Seabourne Securities listed
opposite their names on Schedule A free and clear of any lien, encumbrance or
claim of others and may freely transfer, assign and exchange the same.
(b) The Seabourne Shareholders represent and warrant that they are
exchanging their Seabourne Securities for the Pixieland Securities for
investment purposes only, and not with a view to distribute and acknowledge that
the Pixieland Securities will not be registered and only may be sold or
transferred pursuant to a registration statement or an exemption from
registration under the Securities Act of 1933. The Seabourne Shareholders
acknowledge that the Pixieland Securities may be issued to them with a legend
setting forth this restriction on transfer.
IV. REPRESENTATIONS AND WARRANTIES OF PIXIELAND.
Pixieland hereby represents and warrants that:
(a) Pixieland is a corporation duly organized under the laws of the
State of Nevada, validly existing, and authorized to exercise all its corporate
powers, rights and privileges;
(b) Pixieland has the corporate power and authority to own and
operate its properties and to carry on its businesses now conducted;
(c) Pixieland has all requisite legal and corporate power to execute
and deliver this Agreement;
Page 2 - SHARE EXCHANGE AGREEMENT
<PAGE>
(d) Pixieland will have at Closing all required legal and corporate
power to issue the Pixieland Securities called for by this Agreement.
(e) All corporate actions on the part of Pixieland necessary for the
authorization, execution, delivery and performance of all obligations under this
Agreement and for the issuance and delivery of the Pixieland Securities has been
taken, and this Agreement constitutes a valid obligation of Pixieland.
(f) The Pixieland Securities, when sold and delivered in accordance
with the terms of this Agreement and for the consideration expressed herein,
shall be duly and validly issued, fully paid and non-assessable;
(g) Pixieland is a non-reporting public corporation within the
meaning of the Securities Exchange Act of 1934;
(h) There is no action, proceeding, or investigation pending or
threatening, or any basis therefor known to Pixieland to question the validity
of this Agreement or the accuracy of the representations and warranties
contained herein;
(i) To its best knowledge, there are no undisclosed contingent
liabilities to which it or its assets may be subject;
(j) The authorized capital stock of Pixieland consists of Fifty
Million (50,000,000) shares of common stock, of which Four Million Three
Hundred Thirty Five Thousand Eight Hundred Fifty-Five (4,335,855) shares are
issued and outstanding as of the date of this Agreement and Ten Million
(10,000,000) shares of preferred stock, of which Six Thousand Six Hundred Sixty
Eight (6,668) shares are issued and outstanding as of the date of this
Agreement. Except as contemplated in this Agreement, there are no other
securities, options, warrants, or other rights to purchase any securities of
Pixieland outstanding. All outstanding securities of Pixieland are duly and
validly issued, fully paid and non-assessable;
(k) As soon as practicable after the execution of this Agreement, but
prior to the exchange described in Section I herein, Pixieland will hold a
Special Meeting of its shareholders for the following purposes:
(i) Approval and ratification of prior actions of the current
Board of Directors;
(ii) Approval of the share exchange described in this
Agreement;
(iii) Approval of the change of the name of Pixieland to
"Integrated Food Resources, Inc.";
Page 3 - SHARE EXCHANGE AGREEMENT
<PAGE>
(iv) Re-election of the following persons to the Board of
Directors of Pixieland:
Alain de la Motte Brian Bittke
Alan Resnick James McKenzie
Hugh Latif
V. REPRESENTATIONS AND WARRANTIES OF SEABOURNE.
Seabourne represents and warrants that:
(a) Seabourne is a corporation duly organized under the laws the
State of Oregon, validly existing and authorized to exercise all its corporate
powers, rights and privileges;
(b) Seabourne has the corporate power and authority to own and
operate its properties and to carry on its business as now conducted;
(c) Seabourne has all requisite legal and corporate power to execute
and deliver this Agreement;
(d) All corporate actions on the part of Seabourne necessary for the
authorization, execution, delivery and performance of all obligations under this
Agreement have been taken and this Agreement constitutes a valid obligation of
Seabourne.
(e) Seabourne is a non-reporting corporation within the meaning of
the Securities Exchange Act of 1934.
(f) There is no action, proceeding or investigation pending or
threatening or any basis thereof known to Seabourne to question the validity of
this Agreement or the accuracy of the representations and warranties contained
herein.
VI. CLOSING.
Closing shall take place on or about September 29, 1997. Upon
receipt of the Agreement executed by all parties or in counterparts and when
in possession of not less than one hundred percent (100%) of Seabourne
Securities, Pixieland may complete the transaction by transferring the
Pixieland Securities to the Seabourne Shareholdersand Seabourne Ventures,
respectively.
VII. MISCELLANEOUS.
(a) This Agreement may be signed in any number of counterparts, each
of which will be considered an original.
Page 4 - SHARE EXCHANGE AGREEMENT
<PAGE>
(b) The representations and warranties herein contained will survive
Closing.
(c) This Agreement, together with all schedules attached hereto,
constitutes the entire agreement between and among the parties and supersedes
all previous agreements, understandings, negotiations and discussions, whether
written or oral, between the parties concerning its subject matter.
(d) This Agreement will be governed by the laws of the state of
Nevada.
(e) Any controversy or claim arising out of, or related to this
Agreement, or the breach thereof, shall be settled by arbitration in accordance
with the rules of the America Arbitration Association and judgement upon the
award rendered by the arbitrator(s) may be entered in any court have
jurisdiction thereof. Seabourne hereby submits to the jurisdiction of any local,
state or federal court in the United States for purposes of enforcing any
judgement described in this section.
(f) In any arbitration proceeding initiated under this Agreement, the
prevailing party shall be entitled to an award of its reasonable attorneys fees
and costs.
THIS AGREEMENT IS EFFECTIVE AS OF THE DATE FIRST ABOVE WRITTEN.
Pixieland Corporation Seabourne Ventures, Inc.
By:/s/ Alain De La Motte By: /s/ Alain De La Motte
---------------------------- ----------------------------
President President
Seabourne Shareholders
/s/ [ILLEGIBLE]
- -------------------------------- -------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ Terry Hickman (Terry Hickman)
- -------------------------------- ------------------------------------
/s/ Peter Cocotas, PhF Specialist, Inc
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ Guilermo Gomez (Guilermo Gomez) 10/13/97
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
Wester Family Foods Inc
- -------------------------------- ------------------------------------
by /s/ /s/ [ILLEGIBLE] SR V.P.
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ Betty M. Sorensen
- -------------------------------- ------------------------------------
/s/ Cheryl Frisch
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ Brian E. Bittke
- -------------------------------- ------------------------------------
/s/ Alain de la Motte p.p. Lilia de la Motte
- -------------------------------- ------------------------------------
/s/ Alain de la Motte p.p. Dominique de la Motte
- -------------------------------- ------------------------------------
/s/ Alain de la Motte p.p. Bertrand & Chantel Navarre
- -------------------------------- ------------------------------------
/s/ Alain de la Motte p.p. Laurence & T. de [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ Alain de la Motte /s/ Alain de la Motte President
- -------------------------------- ------------------------------------
[ILLEGIBLE] MINISTRIES INT'L.
/s/ Marc de la Motte
- -------------------------------- ------------------------------------
/s/ Inez Melland
- -------------------------------- ------------------------------------
5000 Shares each
- -------------------------------- ------------------------------------
Certificates #60 + #61
- -------------------------------- ------------------------------------
10-13-97
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
Oct. 14-1997 (JOSERAKON HERNANDEZ) /s/ Joserakon Hernandez
- -------------------------------- ------------------------------------
J&B Associates by
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
Education Business Service
- -------------------------------- ------------------------------------
by /s/ James Barnard Trustee
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
/s/ [ILLEGIBLE]
- -------------------------------- ------------------------------------
Page 5 - SHARE EXCHANGE AGREEMENT
<PAGE>
PROJECT DEVELOPMENT AGREEMENT
Project Development Agreement made this 15th day of April, 1998 by and between,
l'Agence Autonome d'Assistance Integree aux Enterprises (hereinafter referred to
as "Agence,") an official agency of the Government of Guinea and Integrated Food
Resources, Inc., a Nevada Corporation (hereinafter referred to as IFR).
- - Whereas Agence desires to promote projects dedicated to establishing the
economic self sufficiency of the Republic of Guinea;
- - Whereas, the Republic of Guinea is dedicated to environmentally responsible
economic expansion and stability;
- - Whereas, the Republic of Guinea desires the improvement of the economic
standards of its country and its people;
- - Whereas, Integrated Food Resources, Inc., a Nevada Corporation (hereinafter
referred to as IFR), has as its primary interest, the desire to assist the
Republic of Guinea and its people in accomplishing these objectives;
- - Whereas, IFR and Agence have and will continue to operate under the
guidance of the national economic policies of the Republic of Guinea and
established protocols, agreements and documents established between the
parties covering fish resources, fish processing and canning;
- - Whereas, IFR will assist in raising capital to support projects to be
enumerated herein;
- - Whereas, discussions and activities have progressed to the stage that both
parties are ready to solidify their mutual intent; it is hereby agreed as
follows:
1. AGENCE AGREES TO:
1.1 Establish a sea front development zone that is approximately 15km by 3km in
area. This land shall be used for fish and shellfish farming as well as for
the establishment of a cannery. It shall be "titled" subject to an
environmental impact study. Once the precise information is received, the
sea front property shall be identified, quantified, surveyed and titled.
For purposes of this agreement, it is estimated that the value of this land
is approximately $12,000,000 (USD). At the proper time, a final evaluation
of the land will be done by a recognized accounting firm such as Arthur
Anderson or Price Waterhouse. This property will be deeded to IFR or its
assign(s).
Tuna Fishing/Canning Agreement - Page 1
Integrated Food Resources, Inc./ Rep. of Guinea
& Agence Autonome d'Assistance Integree aux Entreprises
EXHIBIT 10.3
<PAGE>
1.2 Grant fishing licenses for tuna and mackerel. Irrevocable and unrestricted
fishing permits will be issued in the favor of IFR or Seabourne Ventures,
Inc. and/or F.E.S. Inc. to support tuna fishing/processing vessels. These
licenses will be issued as needed to support fishing/canning programs. The
vessels will operate in Guinean territorial and international waters.
2. IFR AGREES THAT IT WILL:
2.1 With its partners arrange financing, develop, and build a "state of the
art" fish processing facility and cold storage plant in Conakry, Guinea.
Appropriate land with access to a sea port facility will be donated by the
government with title transferred free and clear to IFR for a nominal
payment of $1. The plant will be owned and operated by IFR and/or its
subsidiaries or affiliates.
It is estimated that the following capital investments will need to be made
to conclude these projects:
<TABLE>
Recommended Projects Est. Capital Work. Cap.
-------------------- ------------ ----------
<S> <C> <C>
Two tuna seiners $25,000,000 $ 6,000,000
Two factory trawlers $40,000,000 $ 9,000,000
Tuna cannery $18,000,000 $20,000,000
----------- -----------
$83,000,000 $35,000,000
</TABLE>
2.2 Based on these estimates, IFR will enter into agreements with its partners
and lenders to capitalize these projects. Agence may be called upon to
issue certain unconditional guarantees in support of this project funding.
Agence is willing to undertake to issue such guarantees at the appropriate
time if needed. It is understood that the final amounts raised may be a
function of the assets that are placed into IFR. It is also understood that
the reception of the value of these assets by the investment community is
not yet known.
The tentative action plan for these projects is as follows:
<TABLE>
<S> <C>
Finalize agreement with IFR/Agence March 30, 1998
Finalize finance documents April 15, 1998
Commence finance models April 30, 1998
Commence executive summary for tuna operations: April 30, 1998
Cannery, seiners, trawlers
Finish financial models May 15, 1998
Finish executive summaries for tuna operation May 15, 1998
Conclusion of property exchange May 30, 1998
</TABLE>
It is understood that information requested by IFR to prepare such
summaries may be extensive. Accordingly, Agence agrees to make every effort
to expedite any requests for information that will be used in these
projects. It is also
2
<PAGE>
understood that the ability to finance the enumerated projects is a
function of the value of assets.
3. This agreement shall be interpreted under the laws of the Republic of
Guinea. Any claims or controversy arising out of or related to this
Agreement, or breach thereof shall be settled wherever possible by
arbitration.
4. This Agreement constitutes the entire agreement between the parties
pertaining to the subjects contained herein, and supersedes all prior and
contemporaneous agreements, representations, warranties and understanding
of the parties. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by all parties hereto. No
waiver of any of the provisions of this agreement shall be deemed, or shall
constitute any waiver of any other provision, whether similar or not
similar, nor shall any waiver constitute a continuing waiver.
5. The parties have signed this Agreement as of the date and year first above
written
/s/ Alain de la Motte /s/ El Hadj Abdourahmane Bah
---------------------------------- --------------------------------------
Alain de la Motte El Hadj Abdourahmane Bah
Chairman of the Board, CEO President Directeur General
Integrated Food Resources, Inc. Agence Autonome d'Assistance Integree
aux Enterprises, Republic of Guinea
--------------------------------------
| OFFICIAL SEAL |
| ORRIE H. OLSON |
| NOTARY PUBLIC - OREGON |
| COMMISSION NO. 047443 |
| MY COMMISSION EXPIRES SEPT. 26, 1999 |
--------------------------------------
/s/ Orrie H. Olson
4-15-98
3
<PAGE>
PROJECT DEVELOPMENT AGREEMENT
Project Development Agreement made this 15th day of April, 1998 by and between,
l'Agence Autonome d'Assistance Integree aux Enterprises (hereinafter referred
to as "Agence,") an official agency of the Government of Guinea and Integrated
Food Resources, Inc., a Nevada Corporation (hereinafter referred to as IFR).
- - Whereas Agence desires to promote projects dedicated to establishing the
economic self sufficiency of the Republic of Guinea;
- - Whereas, the Republic of Guinea is dedicated to environmentally responsible
economic expansion and stability;
- - Whereas, the Republic of Guinea desires the improvement of the economic
standards of its country and its people;
- - Whereas, Integrated Food Resources, Inc., a Nevada Corporation (hereinafter
referred to as IFR), has as its primary interest, the desire to assist the
Republic of Guinea and its people in accomplishing these objectives;
- - Whereas, IFR and Agence have and will continue to operate under the
guidance of the national economic policies of the Republic of Guinea and
established protocols, agreements and documents established between the
parties covering fish resources, fish processing and canning,
- - Whereas, IFR will assist in raising capital to support projects to be
enumerated herein;
- - Whereas, discussions and activities have progressed to the stage that both
parties are ready to solidify their mutual intent; it is hereby agreed as
follows:
1. AGENCE AGREES TO:
1.1. Deed to IFR 14,000 hectares of land designated for establishing 10
mini prawn farms, a catfish farm and an eel farm ("Property"). This
Property shall tentatively be located near the village of Koba. Value
of the land is estimated at about $70,000,000 USD based on a valuation
of $5,000 per hectare (2.5 acres). At the proper time, a final
appraisal of the Property will be done by a recognized accounting firm
such as Arthur Anderson or Price Waterhouse. This property will be
deeded to IFR or its assign(s) by the government with title
transferred free and clear to IFR for a nominal payment of $1.
2. IFR AGREES TO:
Shrimp Farming/Process. Agreement - Page 1
Integrated Food Resources, Inc./ Rep. of Guinea
& Agence Autonome d'Assistance Integree aux Entreprises
<PAGE>
2.1. purchase and manage (with assistance from its partners-F.E.S. Inc.),
the Sakoba Shrimp farm. Its final valuation shall be based on a
facilities survey, cash flow analysis and audit. IFR will bring in
production, engineering and biological expertise to "turn around" the
profitability of the Sakoba operation. Currently the Sakoba operation
consists of:
- 2,000 ton cold storage plant,
- one 200 million egg hatching production unit,
- one 450 hectare farm, and
- one approved technical feasibility study.
It is estimated that the following capital investments will need to be
made to conclude these projects:
<TABLE>
<CAPTION>
Est. Capital Work. Cap.
------------ ----------
<S> <C> <C>
Sakoba prawn farm $40,000,000 $5,000,000
Ten mini prawn farms $50,000,000 $12,000,000
----------- -----------
$90,000,000 $17,000,000
----------- -----------
----------- -----------
</TABLE>
2.2. Based on these estimates, IFR will enter into agreements with its
partners and lenders to capitalize these projects. Agence may be
called upon to issue certain unconditional guarantees in support of
this project funding. Agence is willing to undertake to issue such
guarantees at the appropriate time if needed. It is understood that
the amounts raised may be a function of the assets that are placed
into IFR. It is also understood that the reception of the value of
these assets by the investment community is not yet known.
The tentative action plan for these projects are as follows:
<TABLE>
<S> <C>
Finalize agreement with IFR/Agence March 30, 1998
Finalize financing documents April 15, 1998
Commence finance models April 30, 1998
Commence executive summary for prawn projects April 30, 1998
Finish financial models May 15, 1998
Finish executive summaries for prawn operation May 15, 1998
Conclude property exchange May 30, 1998
</TABLE>
It is understood that information requested by IFR to prepare such
summaries may be extensive. Accordingly, the Republic of Guinea agrees
to make every effort to expedite any requests for information that
will be used in these projects. It is also understood that the ability
to finance the enumerated projects is a function of the value of
assets.
3. This agreement shall be interpreted under the laws of the Republic of
Guinea. Any claims or controversy arising out of or related to this
Agreement, or breach thereof shall be settled wherever possible by
arbitration.
2
<PAGE>
4. This Agreement constitutes the entire agreement between the parties
pertaining to the subjects contained herein, and supersedes all prior and
contemporaneous agreements, representations, warranties and understanding
of the parties. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by all parties hereto. No
waiver of any of the provisions of this agreement shall be deemed, or shall
constitute any waiver of any other provision, whether similar or not
similar, nor shall any waiver constitute a continuing waiver.
3. The parties have signed this Agreement as of the date and year first above
written
/s/ Alain de la Motte /s/ El Hadj Abdourahmane Bah
---------------------------------- --------------------------------------
Alain de la Motte El Hadj Abdourahmane Bah
Chairman of the Board, CEO President Directeur General
Integrated Food Resources, Inc. Agence Autonome d'Assistance Integree
aux Enterprises, Republic of Guinea
--------------------------------------
| OFFICIAL SEAL |
| ORRIE H. OLSON |
| NOTARY PUBLIC - OREGON |
| COMMISSION NO. 047443 |
| MY COMMISSION EXPIRES SEPT. 26, 1999 |
--------------------------------------
/s/ Orrie H. Olson
4-15-98
3
<PAGE>
PROJECT DEVELOPMENT AGREEMENT
Project Development Agreement made this 15th day of April, 1998 by and between,
l'Agence Autonome d'Assistance Integree aux Enterprises (hereinafter referred to
as "Agence,") an official agency of the Government of Guinea and Integrated Food
Resources, Inc., a Nevada Corporation (hereinafter referred to as IFR).
- - Whereas Agence desires to promote projects dedicated to establishing the
economic self sufficiency of the Republic of Guinea;
- - Whereas, the Republic of Guinea is dedicated to environmentally responsible
economic expansion and stability;
- - Whereas, the Republic of Guinea desires the improvement of the economic
standards of its country and its people;
- - Whereas, Integrated Food Resources, Inc., a Nevada Corporation (hereinafter
referred to as IFR), has as its primary interest, the desire to assist the
Republic of Guinea and its people in accomplishing these objectives;
- - Whereas, IFR and Agence have and will continue to operate under the
guidance of the national economic policies of the Republic of Guinea and
established protocols, agreements and documents established between the
parties covering fish resources, fish processing and canning,
- - Whereas, IFR will assist in raising capital to support projects to be
enumerated herein;
- - Whereas, discussions and activities have progressed to the stage that both
parties are ready to solidify their mutual intent; it is hereby agreed as
follows:
1 AGENCE AGREES TO:
1.1. Deed to IFR of 10,000 hectares of land designated for establishing a
pineapple cultivation and harvesting operation.
1.2. Deed to IFR such properties as may be mutually agreeable for the
cultivation of mangoes, coffee, cashews, and/or other economically
favorable projects.
2. IFR AGREES TO:
2.1. With its partners arrange financing, develop, and build fruit cannery
meeting the latest international health standards. The land will
be donated by the
Pineapple Agreement - Page 1
Integrated Food Resources, Inc./ Rep. of Guinea
& Agence Autonome d'Assistance Integree aux Entreprises
<PAGE>
government and title transferred free and clear for a nominal payment
of $1. The plant will be owned and operated by IFR and/or its
partners.
2.2. With its partners arrange financing, develop, and build a fruit juice
concentrate production facility to support USA and European market
demand.
2.3. Investigate the feasibility of establishing other fruit processing
export facilities such as guavas, mangoes, oranges and bananas.
It is estimated that the following capital investments will need to be
made to conclude these projects:
<TABLE>
<CAPTION>
Recommended Projects Est. Capital Working Capital
------------ ---------------
<S> <C> <C>
Pineapple fields, ponds $8,000,000 $4,000,000
Pineapple cannery $12,000,000 $6,000,000
Other fruits $20,000,000 $10,000,00
----------- -----------
$40,000,000 $20,000,000
</TABLE>
2.4. Based on these estimates, IFR will enter into agreements with its
partners and lenders to capitalize these projects. Agence may be
called upon to issue certain unconditional guarantees in support of
this project funding. Agence is willing to undertake to issue such
guarantees at the appropriate time if needed. It is understood that
the amounts raised may be a function of the assets that are placed
into IFR It is also understood that the reception of the value of
these assets by the investment community is not yet known.
The tentative action plan for these projects is as follows:
<TABLE>
<S> <C>
Finalize agreement with IFR/Agence March 30, 1998
Finalize financing documents April 15, 1998
Commence finance models April 30, 1998
Commence executive summary for pineapple projects May 30, 1998
Finish financial models June 15, 1998
Finish executive summaries for pineapple operation July 15, 1998
Conclude property exchange July 30, 1998
Begin other fruit feasibility studies July 30, 1998
</TABLE>
It is understood that information requested by IFR to prepare such
summaries may be extensive. Accordingly, the Republic of Guinea agrees
to make every effort to expedite any requests for information that
will be used in these projects. It is also understood that the ability
to finance the enumerated projects is a function of the value of
assets.
3. This agreement shall be interpreted under the laws of the Republic of
Guinea. Any claims or controversy arising out of or related to this
Agreement, or breach thereof shall be settled wherever possible by
arbitration.
<PAGE>
4. This Agreement constitutes the entire agreement between the parties
pertaining to the subjects contained herein, and supersedes all prior and
contemporaneous agreements, representations, warranties and understanding
of the parties. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by all parties hereto. No
waiver of any of the provisions of this agreement shall be deemed, or shall
constitute any waiver of any other provision, whether similar or not
similar, nor shall any waiver constitute a continuing waiver.
5. The parties have signed this Agreement as of the date and year first above
written.
/s/ Alain de la Motte /s/ El Hadj Abdourahmane Bah
---------------------------------- --------------------------------------
Alain de la Motte El Hadj Abdourahmane Bah
Chairman of the Board, CEO President Directeur General
Integrated Food Resources, Inc. Agence Autonome d'Assistance Integree
aux Enterprises, Republic of Guinea
--------------------------------------
| OFFICIAL SEAL |
| ORRIE H. OLSON |
| NOTARY PUBLIC - OREGON |
| COMMISSION NO. 047443 |
| MY COMMISSION EXPIRES SEPT. 26, 1999 |
--------------------------------------
/s/ Orrie H. Olson
4-15-98
<PAGE>
RELEASE AND INDEMNIFICATION AGREEMENT
AGREEMENT made this 15th day of April, 1998, by and between Integrated Food
Resources, Inc., a corporation organized and existing under the laws of the
State of Nevada, U.S.A. ("IFR") and Agence Autonome d'Assistance Integree aux
Enterprises ("AAAIE"), an agency of the Government of the Republic of Guinea.
IN CONSIDERATION of the mutual promises contained herein and other valuable
consideration, the parties hereby agree as follows:
1. RELEASE OF CLAIMS. IFR hereby release and forever discharges AAAIE and
its principals, agents, representatives, employees, executors, administrators,
successors, and assigns from all claims and demands, rights, and causes of
action of any kind IFR now has or hereafter may have on account of or in any way
arising out of the Agreement entered into by and between IFR and AAAIE of even
date hereof, a copy of which is attached hereto, and into which terms these
terms are duly incorporated as if set forth therein, or from claims resulting
from guarantees issued or to be issued in favor of IFR or third parties
regarding a $400 million financing package for project funding in the Republic
of Guinea.
2. INDEMNIFICATION. IFR hereby covenants to indemnify and hold harmless
AAAIE and its principals, agents, representatives, employees, executors,
administrators, successors, and assigns of and from all and any liability
including that arising from all manner of action and actions, cause and causes
of action, suits, debts, dues, sums of money, accounts, reckonings, bonds,
bills, specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, executions, claims, and demands
whatsoever, in law, in admiralty, or in equity, that against AAAIE the said IFR
ever had, now has, or that its officers, directors, shareholders, employees,
agents, representatives, assigns, executors, or administrators, hereafter can,
shall, or may have for, upon, or by reason of, from or arising out of the
Agreement entered into by and between IFR and AAAIE of even date hereof, a copy
of which is attached hereto, and into which terms these terms are duly
incorporated as if set forth therein.
<PAGE>
3. BINDING EFFECT. This Agreement and all of the terms, covenants and
conditions herein contained, shall be binding upon and inure to the benefit of
the parties hereto and their respective principals, officers, directors,
shareholders, agents, successors, heirs, executors, administrators, and assigns.
4. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties with respect to the matters referred to herein and no prior
to contemporaneous agreement or understanding shall be effective for any
purpose.
5. COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall constitute one and the same instrument.
IN WITNESS WHEREOF, IFR and AAAIE each have caused this Agreement to be executed
by a duly authorized representative as of the date and year first above written.
- -------------------------------------------------------------------------------
Integrated Food Resources, Inc. Agence Autonome d'Assistance Integree
aux Enterprises
By: /s/ Alain L. de la Motte By: /s/ El Hadj Abdourahmane Bah
---------------------------- ------------------------------
Name: Alain L. de la Motte Name: El Hadj Abdourahmane Bah
-------------------------- ------------------------------
Title: Chairman/CEO. Title: [ILLEGIBLE]
------------------------ ----------------------------
- -------------------------------------------------------------------------------
[NOTARY ACKNOWLEDGMENT]
--------------------------------------
| OFFICIAL SEAL |
| ORRIE H. OLSON |
| NOTARY PUBLIC - OREGON |
| COMMISSION NO. 047443 |
| MY COMMISSION EXPIRES SEPT. 26, 1999 |
--------------------------------------
/s/ Orrie H. Olson
4-15-98
<PAGE>
ASSET ACQUISITION AGREEMENT
AND
PLAN OF REORGANIZATION
DATE : July 31, 1998
BETWEEN : Integrated Food Resources, Inc. a Nevada corporation
6700 S.W. Sandburg Rd.
Tigard, OR 97223 "BUYER"
AND : Clipper Cubed Corporation, a Nevada corporation
2295 Coburg Road, Suite 105
Eugene, OR 97401 "SELLER"
RECITALS
A. Buyer desires to acquire substantially all the assets of Seller.
B. Seller is willing to sell to Buyer substantially all of its assets
pursuant to the terms and conditions of this Agreement and with the
understanding and intention that the acquisition of assets will qualify as a
tax-free reorganization under Section 368(a)(1)(C) of the Internal Revenue Code
of 1986, as amended.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, it is agreed as follows:
1. AGREEMENT TO SELL AND PURCHASE. Subject to the terms and conditions
herein set forth, Seller hereby agrees to sell, assign, transfer, convey and
deliver to Buyer and Buyer agrees to purchase and acquire from Seller, the
assets, described in the attached Exhibit A which is incorporated by this
reference ("Assets").
2. ASSUMPTION OF LIABILITIES. Buyer shall assume all of Seller's
obligations ("Liabilities") described in the attached Exhibit B, which is
incorporated by this reference, and shall hold Seller harmless from any
liability thereon.
3. PURCHASE PRICE FOR THE ASSETS. In consideration of the sale,
assignment, transfer, conveyance and delivery of the Assets by Seller to Buyer,
which Assets are valued at Four Million Dollar ($ 4,000,000), Buyer shall issue
to Seller One Million One Hundred Eighty Three Thousand Four Hundred Thirty Two
(1,183,432) shares of Buyer's common stock ("Buyer's Shares"), valued at $ 3.38
per share, represented by an appropriate stock certificate or certificates to
be delivered to Seller at the Closing, as described in Section 4 herein.
Page 1. Asset Acquisition Agreement and Plan of Reorganization
Exhibit 10.4
<PAGE>
4. CLOSING DATE AND CLOSING. This Agreement shall be closed
("Closing") at the offices of Seller's Counsel, Buyer's Counsel or such other
place as is mutually agreed upon by the Parties hereto. Closing shall occur on
or before July 31, 1998 ("Closing Date"). On the Closing Date, the Parties,
among other things, shall do the following:
4.1 TRANSFER OF TITLE. Seller shall sell, assign, transfer,
convey and deliver to Buyer, the Assets being sold pursuant to this Agreement by
appropriate document of transfer, in a form acceptable to Buyer, containing
warranties of title, free and clear of encumbrances and security interests
(except as otherwise agreed to herein or related to the Liabilities).
4.2 DELIVERY OF SHARES. Buyer shall deliver to Seller a stock
certificate or certificates for Buyer's Shares.
4.3 MISCELLANEOUS. The Parties shall do all other things at
Closing to consummate and effectuate this Agreement, and all other agreements,
covenants and conditions set forth herein and therein.
4.4 FURTHER ACTS. If, at any time after the Closing Date, any
further action by any of the Parties to this Agreement is necessary or desirable
to carry out the purposes of this Agreement and/or to vest in Buyer full title
to the Assets sold hereunder, such party shall take all such necessary or
desirable action to cause such action to be taken.
5. FORMATION OF SUBSIDIARY BY BUYER. As soon a practicable after the
Closing Date, Buyer will organize an Oregon corporation as a wholly-owned
subsidiary under the name "Clipper Net Corporation"("Subsidiary") to which Buyer
will sell, assign, transfer and delivery the Assets acquired hereunder. In
addition, the Subsidiary will assume the Liabilities described in Section 2
herein. It is the intention of Buyer to continue the business of the Seller
through the Subsidiary and for the Subsidiary to enter into employment
agreements with certain management personnel of Seller wherein said management
personnel will be allowed sufficient time to wind up the affairs of the Seller,
including accounting and tax preparation, liquidation and dissolution.
6. DISSOLUTION OF SELLER. As soon as practicable after the Closing
Date, Seller will prepare, approve and file Articles of Dissolution under the
Nevada Business Corporation Act with the intention of distributing to its
shareholders Buyer's Shares acquired hereunder.
7. REPRESENTATIONS AND WARRANTIES BY SELLER. Seller represents and
warrants to Buyer as of the date of this Agreement and as of the Closing Date as
follows:
7.1 EXISTENCE/GOOD STANDING. Seller is now and on the Closing
Date will be a corporation, duly organized, validly existing and active under
the laws of the State of Nevada. Seller has all requisite corporate power and
authority to own the Assets, and to carry on its business as now being
conducted and is duly qualified to do business and is in good standing in all
jurisdictions where it owns or leases property, maintains employees or conducts
business.
Page 2. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
7.2 AUTHORIZATION; VALIDITY AND EFFECT OF AGREEMENTS. Seller
has the requisite corporate power and authority to execute and deliver this
Agreement. The consummation by Seller of the transactions contemplated hereby
has been duly authorized by all requisite corporate action. This Agreement
constitutes the valid and legally binding obligation of Seller, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium or other similar laws relating to creditors' rights and general
principles of equity.
7.3 TITLE. Seller owns absolute title to the Assets. On the
Closing Date, the same shall be conveyed to Buyer free and clear of all
mortgages, liens, pledges, security interests and encumbrances of any nature
whatsoever, except as related directly to the Liabilities.
7.4 COMPLIANCE WITH LAW. To the best of Seller's knowledge,
Seller has complied with, and is in compliance with, all federal, state, local
and foreign laws, rules, ordinances, decrees and orders applicable to the
operation if its business or to its owned or leased properties, including,
without limitation, applicable environmental, pollution control and land use
provisions. Seller has obtained all necessary permits, licenses, variances,
exemptions, orders and approvals from federal, state, local and foreign
regulatory bodies in order to conduct its business as presently conducted.
7.5 NO APPROVAL OR NOTICES REQUIRED; NO CONFLICTS. To the best
of Seller's knowledge, the execution, delivery and performance of this Agreement
and each of the other agreements, exhibits and documents referred to herein or
necessary to effectuate this Agreement (collectively, the "Documents" or
individually, the "Document"), by Seller and the consummation of the
transactions contemplated hereby or thereby will not:
7.5.1 Constitute a violation of any provision of applicable
law;
7.5.2 Require any consent, approval, permit or authorization
of any person or governmental authority, except the consents, approvals,
permits or authorizations described in the attached Exhibit C, which is
incorporated by this reference;
7.5.3 Result in a breach of or a default under (with or
without the giving of notice or lapse of time), acceleration or termination of,
or the creation in any party of the right to accelerate, terminate, modify or
cancel any agreement or other restriction, encumbrance, obligation or liability
to which Seller is a party or by which it is bound or to which any of the Assets
are subject; or
7.5.4 Conflict with or result in a breach of or constitute a
default under any provision of Seller's Articles of Incorporation or By-Laws, or
of any applicable order, writ, injunction or decree of any court or governmental
instrumentality.
7.6 NO UNDISCLOSED LIABILITIES. Except for the Liabilities,
there are no liabilities or obligations of any nature, whether absolute,
accrued, contingent or otherwise, applicable to Seller which may have adverse
consequences on Buyer. Buyer acknowledges that some of the Liabilities are
estimates as of the date of this Agreement, such as accounts payable for which
no invoice as yet
Page 3. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
has been received by Seller, payroll and payroll taxes, and other payables
incurred in the ordinary course of business. Any variance between the actual
amount of the Liabilities and any estimates shall not constitute a breach the
representations and warranties of Seller in this Agreement.
7.7 TAXES. Seller has timely filed or will timely file with the
appropriate governmental agencies all tax returns, information returns and
reports required to have been filed with respect to all periods ending on or
before the Closing Date. Seller has paid, or will pay, in full, as of the
Closing Date, all taxes, interest, penalties, assessments, deficiencies and
other charges ("Taxes"), the non-payment of which could result in the imposition
of Taxes on Buyer or the imposition of a lien on or in any of the Assets, or
that could otherwise result in a risk of forfeiture of any of the Assets.
Seller has not filed or entered into any election, consent or extension
agreement which extends any applicable statute of limitations. Seller has made
adequate provisions for all accrued and unpaid Taxes of Seller. To the best of
Seller's knowledge, Seller is not a party to any action or proceeding pending or
threatened by any governmental authority for assessment or collection of Taxes,
no unresolved claims for assessment or collection of such Taxes has been
asserted against it, and no audit or investigation by governmental authorities
is underway.
7.8 REPRESENTATIONS IN OTHER DOCUMENTS. The representations and
warranties of Seller in all documents executed by Seller in connection with the
sale, assignment, transfer, conveyance and delivery by Seller of the Assets and
the assumption by the Buyer of the Liabilities are, to the best of Seller's
knowledge, true and accurate in all material respects as of the date of such
representation and warranty and as of the Closing Date.
7.9 LEGAL PROCEEDINGS; CLAIMS. There are no claims, actions,
suits, arbitrations, proceedings or investigations pending or threatened against
Seller, before or by any governmental or nongovernmental department, commission,
board, bureau, agency or instrumentality, whether federal, state, local or
foreign, or any other person, and there are no outstanding or unsatisfied
judgments, orders, decrees or stipulations to which Seller is a party, which
relate to either the Assets or the transaction contemplated herein, or which
would alone or in the aggregate have a material adverse effect upon the
business, business prospects, assets or financial condition of Seller.
7.10 ACCURACY OF REPRESENTATIONS AND WARRANTIES. No
representation or warranty made or to be made by Seller in this Agreement or in
any other Document furnished or to be furnished from time to time in connection
herewith, contains or will contain any misrepresentation of a material fact or
omits or will omit to state any material fact necessary to make the statements
herein or therein not misleading. There is no fact known to Seller which would
materially adversely affect, or which would, in the future, materially adversely
affect, the business, prospects, assets, property or condition (financial or
otherwise) of Seller which has not been set forth in this Agreement, except
those facts concerning general economic, legislative, regulatory, or other
matters such as may generally impact all businesses of the type operated by
Seller.
Page 4. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
8. REPRESENTATIONS AND WARRANTIES OF BUYER. Buyer represents and
warrants to Seller as of the date of this Agreement and as of the Closing Date
as follows:
8.1 EXISTENCE; GOOD STANDING. Buyer is now and on the Closing
Date will be a corporation, duly organized, validly existing and active under
the laws of the State of Nevada. Seller has all requisite corporate power and
authority to carry on its business as now being conducted and is duly qualified
to do business and is in good standing in all jurisdictions where it owns or
leases property, maintains employees or conducts business.
8.2 CAPITALIZATION. The authorized capital stock of Buyer
consists of 50,000,000 shares of Class A Common Stock, 50,000,000 of Class B
Common Stock and 10,000,000 shares of preferred stock, par value $0.001
(collectively "Shares"). As of the date of this Agreement, there are 16,084,663
shares of Class A Common Stock issued and outstanding and 6,667 shares of
Series A Convertible Preferred Stock issued and outstanding. All issued and
outstanding shares of Common Stock are duly authorized, validly issued, fully
paid, non-assessable and free of preemptive rights. Except as set forth herein,
(i) Buyer is not a party to or bound by any written or oral contract or
agreement which grants to any person an option, warrant or right of first
refusal or other right of any character to acquire at any time, or upon the
happening of any stated events. any shares of or interest in Buyer, whether or
not presently authorized, issued or outstanding, and (ii) there are outstanding
(a) no other shares of capital stock or other voting securities of Buyer, (b) no
securities of Buyer or any of its subsidiaries convertible into or exchangeable
for shares of capital stock or voting securities of Buyer, (c) no options or
other rights to acquire from Buyer or any of its subsidiaries, and no obligation
of Buyer or any of its subsidiaries to issue, any capital stock, voting
securities or securities convertible into or exchangeable for capital stock or
voting securities of Buyer, and (d) no equity equivalents, interests in the
ownership or earnings of Buyer or any of its subsidiaries or other similar
rights. Upon issuance of the Buyer's Shares, such Buyer's Shares shall be duly
authorized, validly issued, fully paid, non-assessable, and free of preemptive
rights.
8.3 AUTHORIZATION: VALIDITY AND EFFECT OF AGREEMENTS. Buyer has
the requisite corporate power and authority to execute and deliver this
Agreement. The consummation by Buyer of the transactions contemplated hereby
has been duly authorized by all requisite corporate action. This Agreement
constitutes the valid and legally binding obligation of Buyer, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium or other similar laws relating to creditors' rights and general
principles of equity.
8.4 NO APPROVAL OR NOTICES REQUIRED; NO CONFLICTS. To the best
of Buyer's knowledge, the execution, delivery and performance of this Agreement
and each of the other agreements, exhibits and documents referred to herein or
necessary to effectuate this Agreement (collectively, the "Documents" or
individually, the "Document"), by Seller and the consummation of the
transactions contemplated hereby or thereby will not:
Page 5. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
8.4.1 Constitute a violation of any provision of applicable
law;
8.4.2 Require any consent, approval, permit or authorization
of any person or governmental authority;
8.4.3 Result in a breach of or a default under (with or
without the giving of notice or lapse of time), acceleration or termination of,
or the creation in any party of the right to accelerate, terminate, modify or
cancel any agreement or other restriction, encumbrance, obligation or liability
to which Buyer is a party; or
8.4.4 Conflict with or result in a breach of or constitute a
default under any provision of Buyer's Articles of Incorporation or By-Laws, or
of any applicable order, writ, injunction or decree of any court or governmental
instrumentality.
8.5 REPRESENTATIONS IN OTHER DOCUMENTS. The representations and
warranties of Buyer in all documents executed by Buyer in connection with the
sale, assignment, transfer, conveyance and delivery of the Assets and the
assumption by Buyer of the Liabilities are, to the best of Buyer's knowledge,
are true and accurate in all material respects as of the date of such
representation and warranty and as of the Closing Date.
8.6 ACCURACY OF REPRESENTATIONS AND WARRANTIES. No
representation or warranty made or to be made by Buyer in this Agreement or in
any other Document furnished or to be furnished from time to time in connection
herewith contains or will contain any misrepresentation of a material fact or
omits or will omit to state any material fact necessary to make the statements
herein or therein not misleading. There is no fact known to Buyer which
materially adversely affects, or which would in the future materially adversely
affect the ability of Buyer to perform its obligations under this Agreement
which has not been set forth in this Agreement, except those factors concerning
general economic, legislative, regulatory or other matters such as may generally
impact all businesses of the type conducted by Buyer.
9. COVENANTS. Buyer and Seller each covenant and agree with the others
to perform and observe the following covenants:
9.1 COOPERATION. The Buyer and Seller each will fully cooperate
with the other and with the others' counsel and accountants in connection with
any steps required to be taken as part of its obligations under this Agreement.
The Buyer and Seller will use their respective best efforts to cause all
conditions to this Agreement to be satisfied as promptly as possible and to
obtain all consents and approvals necessary for its due and punctual performance
of this Agreement and for the satisfaction of the conditions hereof on its part
to be satisfied. Neither the Buyer nor the Seller shall undertake any course of
action inconsistent with this Agreement or which would make any representations,
warranties or agreements made by it in this Agreement untrue or render any
conditions precedent to this Agreement unable to be satisfied at or prior to the
Closing Date.
Page 6. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
9.2 PUBLICITY. The initial press release relating to this
Agreement shall be a joint press release and thereafter the Buyer and Seller
shall consult with each other, and use reasonable efforts to agree upon the text
of any press release, before issuing any such press release or otherwise making
public statements with respect to the transactions contemplated hereby.
10. CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER. The obligations of
Buyer to perform and observe the covenants, agreements and conditions hereof to
be performed and observed by it at or before the Closing Date shall be subject
to the satisfaction of the following conditions, any of which may be expressly
waived in writing by Buyer:
10.1 ACCURACY OF REPRESENTATIONS AND WARRANTIES; COMPLIANCE WITH
COVENANTS. The representations and warranties of Seller contained herein shall
have been true in all material respects when made and shall be true in all
material respects on and as of the Closing Date with the same force and effect
as though made on and as of such date, except to the extent that such
representations and warranties are made as of a specified date, in which case
such representations and warranties shall be true as of the specified date.
Seller shall have performed in all material respects all obligations and
agreements and complied in all material respects with all covenants and
conditions contained in this Agreement to be performed and complied with by it
or by them at or prior to the Closing Date.
10.2 OPINION OF COUNSEL FOR SELLER. Buyer shall have received an
opinion letter of counsel from counsel for Seller, dated the Closing Date,
substantially in the form attached hereto as Exhibit D.
10.3 LEGAL PROCEEDINGS. No order of any court or administrative
agency shall be in effect which enjoins, restrains or prohibits consummation of
this Agreement, and no litigation, investigation or administrative proceeding
shall be pending or threatened which would enjoin, restrain or prohibit
consummation of this Agreement.
10.4 TITLE. Seller shall have supplied to Buyer evidence
satisfactory to Buyer establishing Seller's good and marketable title to the
Asset, free and clear of all liens, mortgages, pledges, deeds of trust, security
interests, conditional sales agreements, charges, encumbrances and other adverse
claims or interests of any kind, except encumbrances arising out of the
Liabilities assumed by Buyer under Section 2.
10.5 APPROVALS AND CONSENTS. All consents, approvals, permits and
authorizations described in Exhibit C, which are necessary for the consummation
of the transactions contemplated hereby, shall have been obtained, including but
not limited to the assumption by Buyer, of the Liabilities described in Section
2.
11. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER. The obligations of
Seller perform and observe the covenants, agreements and conditions hereof to
be performed and observed by it at or before the Closing Date shall be subject
to the satisfaction of the following conditions, any of which it may expressly
waive in writing:
Page 7. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
11.1 ACCURACY OF REPRESENTATIONS AND WARRANTIES. The
representations and warranties of Buyer contained herein shall have been true
in all material respects when made and shall be true in all material respects on
and as of the Closing Date with the same force and effect as though made on and
as of such date, except as affected by transactions contemplated hereby, and
except to the extent that such representations and warranties are made as of a
specified date, in which case such representations and warranties shall be true
as of the specified date.
11.2 PERFORMANCE OF AGREEMENT. Buyer shall have performed in all
material respects all obligations and agreements and complied in all material
respects with all covenants and conditions contained in this Agreement to be
performed and complied with by it at or prior to the Closing Date.
11.3 APPROVALS AND CONSENTS. All approvals and consents from
third parties which are necessary for the consummation of the transactions
contemplated hereby shall have been obtained.
11.4 OPINION OF COUNSEL FOR BUYER. Seller shall have received an
opinion of counsel for Buyer, dated the Closing Date, substantially in the form
of Exhibit E hereto.
11.5 LEGAL PROCEEDINGS. No order of any court or administrative
agency shall be in effect which enjoins, restrains or prohibits consummation of
this Agreement, and no litigation, investigation or administrative proceeding
shall be pending or threatened which would enjoin, restrain or prohibit
consummation of this Agreement.
12. SURVIVAL AND INDEMNIFICATION
12.1 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made in this Agreement shall survive the Closing
Date of this Agreement. Any party learning of a misrepresentation or breach of
warranty under this Agreement shall as soon as practicable give notice in
writing thereof to the other party to this Agreement.
12.2 INDEMNIFICATION OF BUYER. Seller agree to defend, indemnify
and hold Buyer, its successors and assigns harmless from and against:
12.2.1 Any and all claims, liabilities, and obligations of
any kind and description, contingent or otherwise, including attorney's fees and
expenses of litigation, known or should have been known, arising out of or
related to the Seller's right, title and interest in the Assets, including but
not limited to any taxes, interest and penalties assessed against Seller in
relation to Seller's right, title and interest in the Assets.
12.2.2 If any claim is asserted against Buyer which would
give rise to a claim by Buyer against Seller for indemnification under the
provisions of this section, Buyer shall promptly give written notice to Seller
and Shareholders concerning such claim, and Seller shall, at no expense to
Buyer, defend the claim, to the point of nonappealable final judgment. If
Seller fails to take steps
Page 8. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
to defend said claim within ten (10) days of Buyer providing written notice of
said claim, or if Seller and fails to sooner defend said claim when the nature
of the claim or date of service requires immediate defensive action, or if
Seller at any time abandons defense of such a claim, Buyer may undertake or
continue the defense of any such claims, with counsel of its own choosing, and
shall be entitled to indemnity from Seller for all costs of such defense,
including but not limited to, reasonable attorney's fees, court costs and
incidental expenses of litigation. If Buyer becomes entitled to payment of
indemnity pursuant to this section, Seller shall immediately pay to Buyer the
amount of said indemnity claim. Buyer shall not be entitled to indemnity from
Seller except for the obligations to defend set forth in this section, unless
and until Buyer has actually paid a claim, debt or other liability giving rise
to a right of indemnity under this section, or has incurred a legal obligation
to do so. In such event, Buyer shall be entitled to interest from Seller at
the rate of twelve (12%) percent per annum from the date of said payment until
the indemnity claim is paid.
12.3 INDEMNIFICATION OF SELLER. Buyer agrees to defend, indemnify
and hold Seller harmless from and against:
12.3.1 Any and all claims, liabilities and obligations of
every kind and description, contingent or otherwise, including attorney's fees
and expenses of litigation, known or unknown, arising out of or relating to
Buyer's acquisition of the Assets.
12.3.2 Any and all damages, claims, obligations or
deficiencies of any kind and description, contingent or otherwise, including
attorney's fees and expenses of litigation, known or should have been known,
resulting from any misrepresentation, breach of warranty or covenant, or
nonfulfillment of any agreement on the part of Buyer under this Agreement or any
Document.
12.3.3 If any claim is asserted against Seller which would
give rise to a claim by Seller against Buyer for indemnification under the
provisions of this section, Seller shall promptly give notice to Buyer
concerning such claim, and Buyer shall, at no expense to Seller, defend the
claim, to the point of nonappealable final judgment. If Buyer fails to take
steps to defend said claim within ten (10) days of Seller providing written
notice of said claim, or if Buyer fails to sooner defend said claim when the
nature of the claim or date of service requires immediate defensive action, or
if Buyer at any time abandons defense of such a claim, Seller may undertake or
continue the defense of any such claims with counsel of their own choosing, and
shall be entitled to indemnity from Buyer for all costs of such defense,
including but not limited to, reasonable attorney's fees, court costs and
incidental expenses of litigation. If Seller becomes entitled to payment of
indemnity pursuant to this section, Buyer shall immediately pay to Seller the
amount of such indemnity claim. Seller shall not be entitled to indemnity from
Buyer, except for the obligations to defend set forth in this section, unless
and until Seller has actually paid a claim, debt or other liability giving rise
to a right of indemnity under this section, or have incurred a legal obligation
to pay such a claim, debt or other liability. In such event, Seller shall be
entitled to interest from Buyer at the rate of twelve (12%) percent per annum
from the date of said payment until the indemnity claim is paid.
Page 9. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
12.4 SURVIVAL OF INDEMNIFICATION. The rights of each indemnified
party hereunder shall be in addition to any other rights such indemnified party
may have under the Articles of Incorporation or bylaws of either the Buyer or
Seller under applicable state law. The provisions of this Section 12 shall
survive the consummation of this Agreement and expressly are intended to benefit
each of the indemnified parties and will be binding on all successors and
assigns of the Buyer and Seller, respectively.
13. MISCELLANEOUS PROVISIONS.
13.1 BENEFIT. Subject to the provisions set forth herein
restricting assignment, this Agreement shall be binding upon and inure to the
benefit of the heirs, executors, administrators, successors and assigns of
Seller and Buyer.
13.2 NOTICES. Any notice required to be given hereunder shall be
sufficient if in writing, and sent by facsimile transmission and by courier
service (with proof of service), hand delivery or certified or registered mail
(return receipt requested and first-class postage prepaid), addressed as
follows:
IF TO BUYER, TO:
Integrated Food Resources, Inc.
6700 S.W. Sandburg Rd.
Tigard, OR 97223
Attention: Alain de la Motte
Fax: (503) 598-4391
WITH A COPY TO:
Robert C. Laskowski
Attorney at Law
1001 S.W. Fifth Ave., Suite 1300.
Portland, OR 97204
Fax: (503) 226-6278
IF TO THE SELLER, TO:
Clipper Cubed Corporation
2295 Coburg Road, Suite 105
Eugene, OR 97401
Attention: Dean Bilyeu
Fax: (541) 431-1176
WITH A COPY TO:
Hamilton W. Budge, Jr.
Attorney at Law
725 Country Club Rd.
Eugene, OR 97401
Fax: (541) 344-8102
Page 10. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
13.3 GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Nevada without regard to its rules on conflict of laws.
13.4 DESCRIPTIVE HEADINGS. The descriptive headings herein are inserted
for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Agreement.
13.5 COUNTERPARTS. This Agreement may be executed in separate
counterparts, each of will deemed to be an original and together shall
constitute one and same instrument.
13.6 INCORPORATION OF EXHIBITS. All exhibits attached hereto and
referred to herein are hereby incorporated herein and made a part of this
Agreement.
13.7 ATTORNEY'S FEES. In the event the services of an attorney at law
are necessary to enforce any of the terms of this Agreement or to resolve any
disputes arising under this Agreement through arbitration, the prevailing
Party shall be entitled to recover its attorney's fees from the losing Party in
such proceeding to the extent permitted by the arbitrator.
13.8 ASSIGNMENT. The Parties may assign their rights and liabilities
arising under this Agreement or the Documents, only with the prior written
consent of the other parties, which consent shall not be unreasonably withheld,
provided, however, that any assignment of rights by the Seller or Shareholders
shall be subject to all of the terms and conditions of this Agreement, and any
rights of setoff, recoupment or defense of Buyer arising under this Agreement or
any of the Documents, and shall not relieve Seller or Shareholders of any
liabilities under this Agreement.
13.8 ARBITRATION/MEDIATION. If any controversy or claim arising out of
this Agreement cannot be settled by the parties hereto, the controversy or claim
shall be settled by mediation or arbitration in accordance with the rules of the
Arbitration Service of Portland, Inc. then in effect and judgment on the award
may be entered in any court having jurisdiction. Nothing herein, however, shall
prevent either party hereto from resort to a court of competent jurisdiction in
those instances where injunctive relief may be appropriate.
Page 11. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
13.9 COMPLETE AGREEMENT. This Agreement and other agreements referred to
herein set forth the entire understanding of the parties hereto with respect to
the matters provided herein and supersede all prior agreements, covenants,
arrangements, communications, representations or warranties, whether oral or
written, by any of the parties or by any officer, employer or representative of
any party.
IN WITNESS WHEREOF, the parties have executed this Agreement by their
respective authorized officers as of the date first above written.
INTEGRATED FOOD RESOURCES, INC.
By: /s/ Alain De La Motte
---------------------------------------
CLIPPER CUBED CORPORATION
By: /s/ [ILLEGIBLE]
---------------------------------------
Page 12. Asset Acquisition Agreement and Plan of Reorganization
<PAGE>
CLIPPER CUBED CORPORATION
EXHIBIT A
ASSETS
<TABLE>
<S> <C>
Accounts receivable $ 63,118
Unbilled receivables 20,000
Fixed Assets (attached list-book value) 164,281
Wireless Contracts 350,000
Other miscellaneous assets 20,000
Proprietary technology Buyer Allocated
Key employee & Shareholders Confidentiality & Non-Compete Agreements Buyer Allocated
Goodwill Buyer Allocated
---------------
$ 4,000.000
---------------
---------------
</TABLE>
<PAGE>
CLIPPERNET INTERNET ACCESS SERVICES
DEPRECIATION SCHEDULE
MAY 31, 1997
<TABLE>
<CAPTION>
EQUIPMENT
DESCRIPTION DATE ACQ COST ACCU DEPREC CURRENT DEPREC
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ingram Micro/Server 5/13/96 $ 444.04 $ 88.81 $ 142.09
Livingston Comm 5/16/98 2,490.07 498.01 796.82
Server 5/10/98 3,600.00 720.00 1,152.00
Server 5/10/98 2,700.00 540.00 864.00
Modems 5/16/98 458.00 91.60 146.56
Modems 6/10/98 935.85 187.17 299.47
Modems 6/10/98 914.70 182.94 292.70
Modems 6/25/98 2,054.00 410.80 657.28
Modems 8/20/98 950.00 190.00 304.00
Livingston Comm 9/10/96 572.41 114.48 183.17
Scanner 9/18/96 810.99 162.20 259.52
Lucky Computer 10/21/96 249.00 49.80 79.68
VOS Hard Drive 10/23/96 289.99 58.00 92.80
Lucky Computer 11/2/96 120.00 24.00 38.40
Cyclades 10/23/96 627.24 125.45 200.72
VOS-POP 10/31/96 1,509.92 301.98 483.17
Lucky Computer 11/8/96 258.00 51.60 82.56
Lucky -Unix O/S 11/8/96 76.00 15.20 24.32
Lucky -CD Rom 11/12/96 89.00 17.80 28.48
NW Computer 11/13/96 42.30 8.46 13.54
Modems 12/9/96 89.97 17.99 28.79
Novac 12/16/96 28.00 5.60 8.96
Modems-Cardinal 12/12/96 711.75 142.35 227.76
Modem 12/9/96 50.02 10.00 16.01
Ingram Micro 1/3/97 428.43 85.69 137.10
Ingram Micro 1/6/97 2,936.75 587.35 939.76
VOS 1/17/97 219.99 44.00 70.40
Ram/Mother Board 1/27/97 297.00 59.40 95.04
KMTR Ant Site 1/5/97 9,186.00 1,837.20 2,939.52
Modems 1/27/98 799.75 159.95 255.92
Equip-BSG 1/31/97 36,801.90 7,360.38 11,776.61
Wireless Equip 2/1/97 357.29 71.46 114.33
Wireless Equip 2/15/97 110.93 22.19 35.50
Omnitek-Wireless 2/24/97 1,578.00 315.60 504.96
Misc Equip 3/4/97 140.00 28.00 44.80
NW Computer 3/4/97 195.28 39.06 62.49
Omnitek-Wireless 4/1/97 5,309.00 1,061.80 1,698.88
Wireless Equip 4/1/97 643.70 128.74 205.98
UPS 4/2/97 485.00 97.00 155.20
BSG Equip 4/4/97 281.49 56.30 90.08
Equip(Ransom) 4/11/97 250.00 50.00 80.00
NW Computer 4/18/97 216.50 43.30 69.28
Lucky Computer 4/18/97 777.00 155.40 248.64
Omnitek-Wireless 4/23/97 5,641.00 1,128.20 1,805.12
Wireless Equip-BSG 4/25/97 1,000.00 200.00 320.00
<PAGE>
Modem 4/22/97 199.98 40.00 63.99
PM3 5/16/97 7,822.85 1,564.57 2,503.31
Wireless Equip-BSG 5/20/97 500.00 100.00 160.00
CPU 5/29/97 199.99 40.00 64.00
Equip-Norvac 5/30/97 159.35 31.87 50.99
------------------------------- ------------
TOTAL FY 96 $ 96,608.43 $ 19,321.69 $ 30,914.70
------------------------------- --------------
------------------------------- --------------
Omnitek-Wireless 6/20/97 $ 3,000.00 $ 600.00
NW Computers 7/7/98 175.00 35.00
Monitor-Lucky Comp 7/11/97 334.00 66.80
Omnitek-Wireless 7/12/97 1,900.00 380.00
Equip-Lucky Comp 7/12/97 588.00 117.60
Hard Drives 8/4/97 235.00 47.00
Network Cards 8/7/97 213.00 42.60
Equip-Lucky Comp 8/28/97 148.00 29.60
Hub 9/3/97 105.00 21.00
Equip-Ingram Micro 9/3/97 1,750.00 350.00
Equip-Comtrol 9/5/97 753.30 150.66
Omnitek-Wireless 9/11/97 2,362.00 472.40
Modem 9/17/97 85.00 17.00
Costco 9/26/97 329.99 66.00
Equip-Lucky Comp 9/30/97 458.50 91.70
Comtrol 10/6/97 917.85 183.57
Equip-Lucky Comp 10/9/97 923.00 184.60
NW Computers 10/9/97 243.80 48.76
2 ea 3comm Routers 10/14/97 1,000.00 200.00
Equip-Lucky Comp 10/15/97 875.00 175.00
Equip-Digicom 10/16/97 1,181.25 236.25
Equip-Lucky Comp 10/28/97 1,554.00 310.80
Equip-Lucky Comp 10/28/67 645.00 129.00
NW Computers 10/28/97 243.80 48.76
Equip-Lucky Comp 10/30/97 2,630.00 526.00
Equip-Jerry Nichols 10/9/97 1,076.44 215.29
Equip-Costco 10/6/97 469.95 93.99
Switched Hub 1/22/98 1,334.75 266.95
CSU/DSU 1/28/98 900.00 180.00
Video CAMS 1/30/98 259.98 52.00
Equip-Lucky Comp 2/5/98 450.00 90.00
Equip-Lucky Comp 2/10/98 335.00 67.00
18 Modems 2/13/98 1,016.00 203.20
Equip-Lucky Comp 2/16/98 154.00 30.80
Server 2/20/98 292.66 58.53
Supra Modem 2/25/98 99.99 20.00
Hard Drives 2/6/98 439.98 88.00
Hard Drives 2/16/98 244.15 48.83
Hard Drives 2/19/98 249.15 49.83
Computer Workstations 2/23/98 2,196.00 439.20
RAM 2/27/98 550.63 110.13
Equip for Portland 3/11/98 129.40 25.88
Switched Hub 3/11/98 335.73 67.15
RAM 3/17/98 120.00 24.00
Computers 3/17/98 2,121.00 424.20
<PAGE>
Hard Drives 3/26/98 339.99 68.00
RAM 3/31/98 115.81 23.16
Hard Drives 3/24/98 219.99 44.00
7ea Equip Racks 3/24/98 700.00 140.00
Lazer printer 3/27/98 399.99 80.00
Norvac-foxhound 4/3/98 72.00 14.40
Computer Workstations 4/8/98 1,025.00 205.00
Advansys isa 4/29/98 222.98 44.60
Equip-VOS 4/29/98 160.00 32.00
Sound cards 4/10/98 199.98 40.00
Server-card (Znyx) 4/10/98 208.25 41.65
Sangoma Equipment 4/10/98 1,243.17 248.63
Computer Workstations 4/10/98 715.00 143.00
Router 4/16/98 1,747.85 349.57
Server-card (Znyx) 4/17/98 214.25 42.85
Hard Drives 4/23/98 319.99 64.00
Eq rack shelves 4/24/98 2,400.00 480.00
UPS for NOC 4/29/98 538.60 107.72
Van transmission 5/7/98 150.00 30.00
CC Purchased Equip 1/31/98 5,284.68 1,056.94
Wireless Eq per Inventory 11/15/98 7,548.08 1,509.62
TOTAL FY 97 59,250.91 11,850.18
----------- -----------
Total Equipment $155,859.34 $ 42,764.88
----------- -----------
----------- -----------
<CAPTION>
FURN & FIX
<S> <C> <C> <C> <C>
Workstations 2/27/98 $ 819.90 $ 117.13
Workstations 3/10/98 199.98 28.57
Office Art Work 3/11/98 553.01 79.00
Furniture 3/13/98 240.98 34.43
Cabinet/files 3/16/98 229.96 32.85
Workstations 3/18/98 199.99 28.57
Office Art Work 3/27/98 100.80 14.40
Desk 4/8/98 180.00 25.71
Chair 4/14/98 249.99 35.71
Office Art Work 4/14/98 316.77 45.25
Workstations 4/14/98 159.77 22.82
Desk/Chairs 5/18/98 1,047.00 149.57
Sign 5/31/98 369.20 52.74
Refridgerator 5/31/98 271.20 38.74
----------- -----------
$ 4,938.55 $ 705.51
----------- -----------
----------- ----------
<CAPTION>
LEASEHOLD IMPROVEMENTS
<S> <C> <C> <C> <C>
Tel/Network Wiring 4/2/98 $ 1,649.00 $ 52.35
----------- -----------
----------- -----------
<PAGE>
Costco/hard drives 6/3/98 579.98
Camper Shell 6/9/98 527.00
Costco/hard drives 6/12/98 289.99
Office Depot/Modems 6/24/98 258.00
Cell Phone 7/6/98 179.00
- ----------------------------------------------------------------------------------------------------
GRAND TOTALS $ 164,280.86 $ 19,321.69 $ 43,522.74
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
OPTIONS
Clippernet Internet ACCOUNTS RECEIVABLE Phone Number
Access Services AGING SUMMARY (541) 431-3360
2295 Coburg Rd #105
Eugene, OR 97401
<TABLE>
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ABRA0002 Abracadata Contact: Dave Wyatt Phone: 541/342-3030
Current: 80.95 30: 0.00 60: 0.00 90+: 0.00 Total: 80.95
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Cust.#: ACAC0002 Acacia Teleservices International Contact: Chris May Phone: 541/484-5545
Current: 695.00 30: 0.00 60: 0.00 90+: 0.00 Total: 695.00
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Cust.#: ACEB0002 ACE Buyers Contact: Rebecca Winker Phone: 541/484-0933
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ACOU0002 Acoustic Sciences Corporation Contact: Phone: 541/343-9727
Current: 66.35 30:66.35 60:66.35 90+: 0.00 Total: 199.05
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Cust.#: ADAI0002 Debbie Adair Contact: Phone: 541/345-0885
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ADAM0002 Lila Adams Contact: Lila Adams Phone: 541/461-2373
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ADAM0004 Cynthia Adams Contact: Phone: 541/746-9755
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: ADEL0002 Pat Adelman Contact: Pat Phone: 541/998-1336
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ADGR0002 Ad Group, Inc. Contact: J.P. Dusseault Phone: 541/345-2300
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: AEBY0002 John Aeby Contact: John Aeby Phone: 541/683-3442
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: AFSC0002 AFSCME Local 1724 Contact: Gary Gillespie Phone: 541/682-5053
Current: 34.95 30: 0.00 60: 0.00 90+: 0.00 Total: 34.95
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Cust.#: AIRL0002 Air Liquide Contact: Phone: extension 8718
Current: 0.00 30: 156.00 60: 0.00 90+: 0.00 Total: 156.00
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Cust.#: AIRM0002 Airmaetics Contact: Karene Gottfried Phone: 541/726-0560
Current: 39.95 30:39.95 60: 0.00 90+: 0.00 Total: 79.90
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Cust.#: AJNA0002 Ajna Media Contact: Jai Damion Phone: 541-726-2116
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ALBE0002 Robin Albert Contact: Rob Albert Phone: 541/998-6260
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ALDE0002 Dale Alderman Contact: Phone: 541/746-6483
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ALLA0002 All American Fabricating Inc. Contact: Corey Smith Phone: none
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ALLE0002 Kenneth Allen Contact: Kenneth Phone: 541/935-5513
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ALLE0004 Joe Allen Contact: Joe Phone: 541/461-2494
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: ALLW0002 Larry and Judy Allwander Contact: Larry or Judy Phone: 541/688-5986
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ALLW0004 All Ways Travel Contact: Debbie Dethleff Phone: 541/338-1199
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ALME0002 Peter and Lillian Almeida Contact: Phone: 541/896-0830
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: AMER0002 American Home Funding Contact: Todd Kelley Phone: 541/485-3000
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: AMER0004 American Youth Soccer Org Contact: Bill Dunn Phone: 541/726-9233
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
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Cust.#: ANCI0002 Ancient Rites Contact: White Wind Swan Fisher Phone: 744-1295
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ANDE0004 Duane Anderson Contact: Duane Anderson Phone: 541/726-8534
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ANDE0006 Gordon Anderson Contact: Gordon Phone: 541/485-1361
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ANDE0008 Robert Anderson Contact: Phone: 541/744-5668
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ANDR0002 Steve Andreason Contact: Steve Andreason Phone: 541/747-6945
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: APAZ0002 APAZ Architects Contact: Artemio Paz Phone: 541/744-2046
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ARCO0002 The Arc of Oregon Contact: Clark Hansen Phone: 541/579-1602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ARIA0002 Tony Arias Contact: Phone: 541/995-1022
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ARLI0002 David Arlington Contact: Phone: 541/484-5126
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ARNO0002 Barbara Arnold Contact: Phone: 541/484-0346
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: ASHE0002 Bruce and Barbara Ashenbrenner Contact: Phone: 541/424-3161
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ASOK0002 Asok Enterprises Contact: Phone: 541/344-8646
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: ATWM0004 ATW Manufacturing Contact: Tom Drew Phone: 541/484-2111
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: ATWO0004 Starlett Atwood Contact: Phone: 541/746-8912
Current: 16.40 30: 16.40 60: 16.40 90+: 0.00 Total: 49.20
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Cust.#: AULT0002 Molly Aultz Contact: Phone: 541/747-5641
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: AUT00004 AutoPros Contact: Buzz Forbes Phone: 541/344-0007
Current: 85.00 30: 0.00 60: 0.00 90+: 0.00 Total: 85.00
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Cust.#: BABE0002 Marc Baber Contact: Marc Phone: 541/485-8446
Current: 50.00 30: 50.00 60: 0.00 90+: 0.00 Total: 100.00
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Cust.#: BAJL0004 James Bailey Contact: Phone: 541/942-2920
Current: 94.85 30: 0.00 60: 0.00 90+: 0.00 Total: 94.85
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Cust.#: BAKE0008 Todd Baker Contact: Phone: 541/688-7264
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
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Cust.#: BALD0008 Larry Balding Contact: Phone: 541/341-1700
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BALL0002 Richard Ballinger Contact: Phone: 541/942-9278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BANG0002 Brian Bang Contact: Phone: 541/343-7072
Current: 125.00 30: 125.00 60: 0.00 90+: 0.00 Total: 250.00
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Cust.#: BART0002 Peggy Bart Contact: Peggy Phone: 541/344-5255
Current: 19.95 30: 19.95 60: 39.90 90+: 0.00 Total: 79.80
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Cust.#: BART0004 Tadd Barton Contact: Tadd Phone: 541/744-1230
Current: 0.00 30: 0.00 60: 19.35 90+: 0.00 Total: 19.35
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Cust.#: BASK0002 Basket of Dreams Contact: Erin Schlesinger Phone: 954-2602
</TABLE>
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Current: 0.00 30:1,530.00 60: 0.00 90+: 0.00 Total: 1,530.00
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BASS0002 Darrell Bassett Contact: Phone: 541/465-9847
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BAUE0002 Martin L. Bauer Contact: Phone: 541/747-5602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BEAC0002 Dick Beachdel Contact: Dick Beachdel Phone: 541/485-3574
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BEGE0002 Barry Beget Contact: Phone: 541/687-2442
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BELL0004 James Bell Contact: Phone: 541/746-6740
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BELL0006 Stephen Bell Contact: Phone: 541/741-8772
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BENN0002 Bradley Bennett Contact: Bradley Bennett Phone: 541/688-4802
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BENN0004 Don Bennett Contact: Phone: 541/937-4342
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BENN0006 Jim Bennett Contact: Phone: 541/343-6937
Current: 0.00 30:19.95 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BERG0002 Eric Bergock Contact: Phone: 541/896-3313
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BERN0004 Chris Berner Contact: Phone: 541-484-9220
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BETH0002 Bethel Technology Center Contact: Barry or Paula Phone: 541/689-9959
Current: 474.98 30: 0.00 60: 0.00 90+: 0.00 Total: 474.98
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Cust.#: BEVI0002 Shirley Bevill Contact: Phone: 541/726-9799
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BIEL0002 Karl and Susan Bielefeldt Contact: Karl/Susan Phone: 541/747-3098
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BILI0002 Steven Bilinski Contact: Phone: 541/484-2157
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BIND0002 Beau Binder Contact: Beau Phone: 541/671-3418
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BIRC0002 George Birchman Contact: George Birchman Phone: 541/747-1062
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BIRD0002 BirdTracs Emboridery Contact: Gib Firneisz Phone: 541/688-6036
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BLAC0002 Lynn Black Contact: Lynn Black Phone: 541/689-3082
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BLUE0002 Blue Moose Graphics Contact: Phone: 541/687-7889
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: BLUM0002 Vern Blumhagen Contact: Vern Blumhagen Phone: 541/896-3814
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BODD0002 Kiya Bodding Contact: Phone: 541/688-6180
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BOGG0004 Darlene Boggs Contact: Darlene Phone: 541/747-9755
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOMAR002 Bo Mar Ventures Contact: Bob Klohn Phone: 541/937-2697
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BONH0002 Harry Bonham Contact: Harry Phone: none
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOON0002 Boone Insurance Associates Contact: Stanley Boone Phone: 541/689-6223
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOSW0002 Todd Bosworth Contact: Phone: 541/342-2189
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOTT0002 Lee Bottemiller Contact: Lee Phone: 541/942-8804
Current: 81.40 30: 0.00 60: 0.00 90+: 0.00 Total: 81.40
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Cust.#: BOTT0004 Kathy Bottemiller Contact: Kathy Phone: 541/942-8807
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOUN0002 Marilyn Bounds Contact: Marilyn Phone: 541/688-0591
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
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Cust.#: BOWE0004 Benjamin Bowen Contact: Benjamin Phone: 541/935-2778
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOYE0002 David Boyer Contact: David Boyer Phone: 541/461-8102
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOYE0004 Bill Boyer Contact: Phone: 541-485-8088
Current: 44.95 30: 0.00 60: 0.00 90+: 0.00 Total: 44.95
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Cust.#: BRAD0004 Bradford's HiFi Contact: Phone: 343-2914
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: BRAN0002 Brand Solutions Contact: Phone: 541/942-2210
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BRAY0002 John Braymer Contact: Phone: 541/344-4038
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BREW0002 Joe Brewer Contact: Phone: 541/942-3943
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BRIN0002 Bill Brincefield Contact: Phone: 541/726-6407
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BRIT0002 Bright Star Press, Inc. Contact: Sadie Elliot Phone: 541/836-7440
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
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Cust.#: BROA0002 Craig Broadley Contact: Phone: 541/847-5274
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROO0002 Jan Brooks Contact: Jan Phone: 541/688-7921
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BROO0006 Rachel Brooks Contact: Phone: 541-607-5796
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROS0002 Chris Brosmer Contact: Phone: 541/746-6612
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BROW0002 Gabe and Sandra Brown Contact: Phone: 541/345-0428
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROW0004 Karen Brownwood Contact: Karen Phone: 541/747-1824
Current: 16.40 30:16.40 60: 0.00 90+: 0.00 Total: 32.80
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Cust.#: BROW0006 I. Mary Brown Contact: I. Mary Phone: 541/689-3607
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BROW0008 Jill Brown Contact: Phone: 541/747-6939
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
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Cust.#: BROW0010 David L. Brown Contact: Phone: 541/342-7804
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROW0012 June Brown Contact: Phone: 541-689-4135
Current: 16.40 30:10.00 60: 0.00 90+: 0.00 Total: 26.40
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Cust.#: BUCK0002 Deanna Buckem Contact: Phone: 541/726-1252
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C>
Cust.#: BUDG0002 Hamilton W. Budge Jr., P.C. Contact: Phone: 541/687-9001
Current: 19.95 30: 0.00 60: 0.00 90+:0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: BURD0002 Paramount Sewing and Vacume Contact: Karen Phone: 541/484-4905
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: BUSH0002 Doug Bushwar Contact: Doug Phone: 541/484-1043
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: BUSI0002 Business Programming & Systems Contact: Phone: 541/688-9671
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BUSI0004 Business Systems Group, Inc. Contact: Phone: 541/741-2385
Current: 0.00 30: 30.00 60: 30.00 90+: 0.00 Total: 60.00
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Cust.#: BUSS0002 Cinder Buss Contact: Phone: 541/746-3083
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
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Cust.#: BYDE0002 By Design Contact: Phone: 338-7594
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: CALB0002 Joseph Calbraith Contact: Joseph Phone: 541/726-9025
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CALD0002 Christopher Calder Contact: Christopher Phone: 541/345-6372
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CALL0002 Wendy Callison Contact: Wendy Callison Phone: 541/345-5117
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CAME0002 Christopher Cameron Contact: Christopher Phone: 541/342-8294
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: CAME0004 Nile B. Cameron Contact: Phone: 541/935-1630
Current: 16.40 30: 16.40 60: 16.40 90+: 0.00 Total: 49.50
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Cust.#: CAMP0006 Rod Campbell Contact: Phone: 541/607-6845
Current: 0.00 30: 10.00 60: 0.00 90+: 0.00 Total: 10.00
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Cust.#: CAPP0002 Cappel & Associates Contact: Bob Cappel Phone: 541/338-9110
Current: 13.60 30: 0.00 60: 0.00 90+: 0.00 Total: 13.60
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Cust.#: CAPT0002 Captain's Models Contact: Bob Kyle Phone: 541/942-4782
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
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Cust.#: CARD0004 Cardinal Services Contact: Ty Button or Larry Holt Phone: 541/888-9795
Current: 79.90 30: 0.00 60: 0.00 90+: 0.00 Total: 79.90
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Cust.#: CARH0002 800 CarHelp Contact: Larry Peterson Phone: 541/688-1815
Current: 66.35 30: 66.35 60: 66.35 90+: 0.00 Total: 199.05
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Cust.#: CARH0004 888 CarHelp Contact:Mike Henson or Sally Durham Phone: 541/912-7799
Current: 429.50 30: 117.00 60: 0.00 90+: 0.00 Total: 546.50
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Cust.#: CARL0002 Alan Carlson Contact: Phone: 541/746-3793
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CART0002 Bill Carter Contact: Bill Carter Phone: 541/302-9682
Current: 0.00 30: 49.20 60: 0.00 90+: 0.00 Total: 49.20
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CASC0002 Cascade Candle company Contact: Al Roeske Phone: 541/461-9861
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CAST0002 Bill Castillo Contact: Bill Castillo Phone: 541/689-3432
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CAVE0002 Scott Cave Contact: Scott Phone: 988-9772
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CCCO0002 C & C Court Reporting Contact: Leslye Phone: 485-0926
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CERB0002 Brandon Franklin Contact: Brandon Franklin Phone: 541/349-1806
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHAN0002 Robin Chance Contact: Robin Chance Phone: 541/687-1582
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: CHAP0002 Christine Chaplin Contact: Christine Chaplin Phone: 541/747-3880
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHER0002 Lacey Cherry Contact: Lacey Cherry Phone: 541/995-3410
Current: 26.40 30: 0.00 60: 0.00 90+: 0.00 Total: 26.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHIE0002 Janet Chiesna Contact: Phone: 541/895-2077
Current: 29.95 30: 0.00 60: 0.00 90+: 0.00 Total: 29.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHRI0002 Chris Christensen Contact: Chris Christensen Phone: 541/689-6656
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHRI0004 Gail Christensen Contact: Gail Christensen Phone: 541/485-4582
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CITA0002 Citadel Broadcasting Co. Contact: Bill/April Phone: 541/485-5846
Current: 274.00 30: 3,744.03 60: 1,047.00 90+: 0.00 Total: 5,065.03
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAG0002 Steven Claggett Contact: Steven Claggett Phone: 541/741-4764
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAR0002 Chris Clark Contact: Chris Clark Phone: 541/741-8806
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAR0004 Rick Clark Contact: Rick Clark Phone: 541/302-3268
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAY0004 Mary Clayton Contact: Mary Clayton Phone: 541/343-0348
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLIN0002 Dale & Charlotte Cline Contact: Dale & Charlotte Cline Phone: 541/937-8265
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLIN0004 Sonia Cline Contact: Sonia Cline Phone: 541/485-0801
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CODY0002 Philip Cody Contact: Philip Cody Phone: 541/344-5259
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COFF0002 Howard Coffin Contact: Howard Coffin Phone: 541/726-8866
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COFF0004 Nicholas Coffey Contact: Phone: 741/8852
Current: 39.90 30: 0.00 60: 0.00 90+: 0.00 Total: 39.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COLD0002 Cold Comfort.com Contact: Phone: 686-0455
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COLE0004 Nathan Coleman Contact: Nathan Coleman Phone: 541/726-9994
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COLU0002 Columbia Northwest Enterprises Contact: Bob Demers Phone: 541/935-1168
Current: 55.10 30: 0.00 60: 0.00 90+: 0.00 Total: 55.10
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COMP0002 Computer Ease Contact: Phone: 714/838-6245
Current: 0.00 30: 42.50 60: 400.00 90+: 0.00 Total: 442.50
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CONL0002 Stacey Conlon Contact: Stacey Conlon Phone: 541/344-1722
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COOK0004 Trish Zonkel Contact: Trish Zonkel Phone: 541/431-4896
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COTT0002 Mike Cotton Contact: Mike Cotton Phone: 541/345-1235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COUL0004 Hiram Coulter Contact: Hiram Coulter Phone: 541/741-4978
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COUN0002 Country Coach Contact: John Logan Phone: 541/998-3720
Current: 597.98 30: 0.00 60: 0.00 90+: 0.00 Total: 597.98
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COX00002 Larry and Flores Cox Contact: Larry and Flores Cox Phone: 541/726-9847
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CRAI0002 Larry Craig Contact: Larry Craig Phone: 541/745-0375
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CRAN0002 Curtis E. Crane Contact: Ed or Marlene Phone: 998/252-9
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CRAN0004 Donna L. Crane Contact: Donna L. Crane Phone: 541/998-1599
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CROS0002 David Croskrey Contact: David Croskrey Phone: 541/683-8309
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUNL0002 Ed Cunliffe Contact: Ed Phone: 541/933-2729
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CURS0002 Sierra Truck Company Contact: Phone: 541/686-4510
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUSH0002 Ryan Cushing Contact: Ryan Cushing Phone: 541/998-5247
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUTZ0002 Dave Cutz Contact: Phone: 744-5933
Current: 204.02 30: 0.00 60:0.00 90+:0.00 Total: 204.02
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DALT0002 Ben and Carol Dalton Contact: Ben Dalton Phone: 541/935-4113
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DANI0002 Judith Daniels Contact: Judith Daniels Phone: 541/689-8467
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DARC0002 Jim Darcy Contact: Phone: 541/988-3560
Current: 32.45 30: 0.00 60:0.00 90+:0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DARR0002 Jim Darrough Contact: Jim Darrough Phone: 541/726-0503
Current: 12.50 30: 0.00 60:0.00 90+:0.00 Total: 12.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DAY10002 Day-1 Systems Contact: Phone: 541/683-4176
Current: 49.95 30: 0.00 60:0.00 90+:0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEAL0002 Lance Deal Contact: Lance Deal Phone: 541/688-8111
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEFT0002 Jeff Defty Contact: Jeff Defty Phone: 541/689-9113
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELA0002 Chris Delay Contact: Phone: 541/685-9175
Current: 32.45 30: 0.00 60:0.00 90+:0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELM0002 Lynn A. Delmore Contact: Lynn A. Delmore Phone: 541/688-8680
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELT0002 Delta Environmental Contact: Phone: 541/689-5104
Current: 41.35 30: 0.00 60:0.00 90+:0.00 Total: 41.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEMA0002 Roger DeMarsh Contact: Roger DeMarsh Phone: 541/342-7013
Current: 16.40 30: 16.40 60:0.00 90+:0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEMA0004 Vincent J. DeMartine Contact: Shirhea or Vincent Phone: 338-8944
Current: 0.00 30: 10.00 60:0.00 90+:0.00 Total: 10.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DESI0002 D.E. Sign Contact: David Emrich Phone: 541/485-3433
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DESP0002 Robert L. DeSpain Contact: Robert L. DeSpain Phone: 541/935-7815
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEST0002 Destination Fitness Contact: Jim Jaqua Phone: 541/485-5265
Current: 39.95 30: 0.00 60:0.00 90+:0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEVO0004 Yann Devouassoux Contact: Yann Devouassoux Phone: 541/689-3523
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEWI0002 John DeWitt Contact: John DeWitt Phone: 541/747-5479
Current: 12.50 30: 0.00 60:0.00 90+:0.00 Total: 12.50
- ---------------------------------------------------------------------------------------------------------------------------------
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Cust.#: DIBA0002 Daniel Diballa Contact: Daniel Diballa Phone: 541/726-0379
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DICE0002 Carrie Dice Contact: Carrie Dice Phone: 541/741-1790
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DILL0002 Lee Dillon Contact: Lee Dillon Phone: 541/746-3984
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DILL0004 Mike Dillon Contact: Phone: 541/461-8035
Current: 175.00 30: 1,310.00 60:0.00 90+:0.00 Total: 1,485.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DINI0002 Avis Dininio Contact: Avis Phone: 461-8600
Current: 49.20 30: 0.00 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DONA0002 Bob Donahue Contact: Phone: 541/485-5631
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DORM0002 Dorman Construction Contact: Steve Dorman Phone: 541/984-0012
Current: 125.00 30: 0.00 60:0.00 90+:0.00 Total: 125.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DORS0002 Ann Dorsey Contact: Phone: 541/607-1727
Current: 22.90 30: 0.00 60:0.00 90+:0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DRUM0002 Eliza Drummond Contact: Eliza Drummond Phone: 541/935-2522
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUNC0002 Duncan And Brown Contact: Corey Phone: 541/687-1938
Current: 89.85 30: 0.00 60:0.00 90+:0.00 Total: 89.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUSE0002 Diana Dusenbery Contact: Diana Dusenbery Phone: 541/744-2061
Current: 49.20 30: 0.00 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUST0002 Dustin's Repair Contact: Phone: 541/343-1254
Current: 59.85 30: 0.00 60:0.00 90+:0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DYNA0002 Dynamix Inc. Contact: Andrew Binder Phone: 541/334-4941
Current: 56.35 30: 0.00 60:0.00 90+:0.00 Total: 56.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EAST0002 Mike East Contact: Phone: 541/461-5905
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ECOW0002 Eco Water Systems Contact: Phone: 998-9631
Current: 39.95 30: 39.95 60:79.90 90+:0.00 Total: 159.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDEW0002 Michelle Edewaard Contact: Phone: 541/741-7483
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDMA0002 Edman Furniture Co. Contact: Phone: 541/683-1886
Current: 49.95 30: 49.95 60:0.00 90+:0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDMA0004 Edman Furniture Contact: Phone: 484-1069
Current: 0.00 30: 599.95 60:0.00 90+:0.00 Total: 599.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDSO0002 Dave Edson Contact: Phone: 541/342-5311
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EILE0002 Mary Eiler Contact: Phone: 541/343-6037
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELKI0002 Wendy and Mike Elkins Contact: Wendy or Mike Phone: 541/689-6804
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELLA0002 Jean Ella Contact: Phone: 541/726-3814
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELYT0002 Tim Ely Contact: Phone: 541/484-7133
Current: 0.00 30: 49.20 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EMER0004 Lloyd Emerson Contact: Phone: 541/343-4297
Current: 32.80 30: 0.00 60:0.00 90+:0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EMER0006 Emerald Valley Alpaca Assoc. Contact: Phone: 541/682-5069
Current: 12.95 30: 0.00 60:0.00 90+:0.00 Total: 12.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENDE0002 Carol Enders Contact: Phone: 541/461-6809
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENGL0002 Diana English Contact: Phone: 541-998-1062
Current: 22:90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENNI0002 Charles Ennion Contact: Charles Phone: 541/344-3351
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EPMI0002 EPM Inc. Contact: Phone: 541/895-5990
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EPPE0002 Teri Epperly Contact: Phone: 541/431-0032
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EQUI0002 Equity BH&G Contact: Steve Haye Phone: 541/710-3503
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ERDM0002 Paul Erdman Contact: Phone: 338-8732
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ERIC0002 Don Erickson Contact: Phone: 541/688-5001
Current: 59.85 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0006 Eugene Chemical Contact: Penny Lilly Phone: 541/995-6025
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0008 Eugene Bible College Contact: Michael Hayes Phone: 541/485-1780
Current: 72.25 30: 0.00 60: 0.00 90+: 0.00 Total: 72.25
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0010 Eugene Super Sales Contact: John Andrews Phone: 541-341-1215
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EVAN0002 Wenzl Evans Contact: Wenzel Evans Phone: 541/461-5611
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EZRA0002 Ezra The Bookfinder Contact: Ezra Tishman Phone: 541/683-3131
Current: 49.95 30:49.95 60: 0.00 90+:112.50 Total: 212.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FAJA0002 Robert A. Fajardo Contact: Phone: 541/689-8480
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARI0002 Jimmy and Maria Faris Contact: Jimmy or Maria Phone: 541/935-7101
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARM0002 Michelle Farmer Contact: Michelle Farmer Phone: 541/895-4764
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARR0002 Barbara Farris Contact: Phone: 541-747-6673
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARW0002 Far West Steel Contact: Phone: 541/686-2000 335
Current: 0.00 30:59.85 60:59.85 90+: 0.00 Total: 119.70
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FERR0002 John Ferry Contact: Phone: 541/746-0830
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FETR0002 Rebecca Fetrow Contact: Phone: 541/485-2711
Current: 16.40 30:16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FINK0002 Mike Fink Contact: Mike Fink Phone: 541/896-0911
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FIRE0002 City of Springfield-FireMed Contact: John Garitz Phone: 541/726-3636
Current: 49.95 30:49.95 60:49.95 90+: 0.00 Total: 149.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FISH0002 Joseph and Liz Fisher Contact: Phone: 541/607-0071
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FISK0002 Larry Fisk Contact: Phone: 541/682-5703
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FITC0002 Tami Fitch Contact: Phone: 541/747-6287
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FITZ0002 Carole L. Fitzgerald Contact: Phone: 541/741-7751
Current: 21.35 30: 0.00 60: 0.00 90+: 0.00 Total: 21.35
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Cust.#: FLAN0002 Elizabeth Flannery Contact: Phone: 541/689-4034
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FLEE0002 Greg Fleener Contact: Greg Phone: 541/431-4412
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FLEI0002 Charles Fleishman Contact: Phone: 541-689-9278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORB0004 Forbes Seed, Inc. Contact: Michelle Belcher Phone: 541-998-8086
Current:101.90 30: 0.00 60: 0.00 90+: 0.00 Total: 101.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORE0002 Forefront Design Contact: Doug Mansfield Phone: 726-3872
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORT0004 Fortune Machinery Contact: Phone: 203/367-5150
Current: 49.95 30:49.95 60: 0.00 90+: 0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOST0004 Linda Foster Contact: Linda Phone: 541-935-1773
Current: 0.00 30: 0.00 60:16.40 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOWL0002 Rich Fowler Contact: Phone: 541/935-6401
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOXR0002 Rex Fox Contact: Rex Fox Phone: 541/344-4767
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRAN0002 Leah Frankel-Podolsky Contact: Phone: 541/485-1449
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRAN0004 Rick Franklin Contact: Rick Phone: 541/747-7146
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRIE0002 Friends Landing Contact: White Wind Swan Phone: 744-1295
Fisher
Current:115.55 30:555.55 60: 0.00 90+: 0.00 Total: 671.10
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRYD0002 Aric Frydendall Contact: Aric Phone: 541/935-5920
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FUNK0002 Funk & Associates Contact: Marcia Phone: 541/485-1932
Current:507.00 30:39.00 60:78.00 90+:97.50 Total: 721.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GADS0002 Chris Gadsby Contact: Phone: 541/343-0999
Current: 0.00 30:49.20 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GARD0004 Diane Gardner Contact: Phone: 541/896-0290
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GATT0002 Jack Gattie Contact: Jack Gattie Phone: 541/726-1231
Current: 19.95 30:39.90 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GATT0004 Barry Gattie Contact: Barry Gattie Phone: 541/343-5690
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GERI0002 Donald Gerig Contact: Donald Phone: 541/485-4946
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GESI0002 Cheryl Gesik Contact: Cheryl Phone: 541/684-4932
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILB0002 Janice Gilbertson Contact: Phone: 541/747-5873
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILL0002 Dennis Gillett Contact: Phone: 541/998-6546
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILL0004 Chris Gillard Contact: Chris Gillard Phone: 541/741-3147
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GING0002 Gary Gingrich Contact: Gary Phone: 541/485-1639
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GOGG0002 Bob Goggin Contact: Phone: 541/726-1053
Current: 16.40 30:40.60 60: 0.00 90+: 0.00 Total: 57.00
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Cust.#: GRAD0002 Kevin Grady Contact: Phone: 541/465-9820
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAH0002 Dan Graham Contact: Phone: 541/747-7784
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAH0004 Bev Graham Contact: Bev or Rick Phone: 541-689-7146
Current: 42.45 30: 0.00 60: 0.00 90+: 0.00 Total: 42.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAY0002 Marci Gray-Farthing Contact: Phone: 541/683-1950
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GREE0002 Laura Green Contact: Phone: 541/683-8278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRIM0002 Gino Grimaldi Contact: Gino Phone: 541/726-2176
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRIS0002 Tami Griswold Contact: Tami Phone: 741-3862
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GROS0002 Pete Grossnicklaus Contact: Phone: 344-4683
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAAS0002 Margie Haas Contact: Phone: 541/896-3145
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HACK0002 Robert J. Hacker Contact: Robert Hacker Phone: 541/342-6996
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HALE0002 Dean Hale Contact: Phone: 541/683-2985
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANE0002 Roger Haney Contact: Roger Phone: 541/345-4717
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANS0004 Lester B Hanson Contact: Lester Phone: 541/344-5349
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANS0006 Chris Hanson Contact: Phone: 541/746-1333
Current: 0.00 30: 19.95 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARD0002 Carolyn R Harding Contact: Phone: 541/461-4292
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARD0004 Steve Hardt Contact: Phone: 541/988-0354
Current: 0.00 30: 0.00 60: 95.00 90+: 0.00 Total: 95.00
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARK0002 Eileen Harkins Contact: Phone: 541/937-3464
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARP0002 Susan Harper Contact: Phone: 541/741-8489
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARR0002 Lyle Harris Contact: Lyle Harris Phone: 541/302-9211
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARR0004 Cheri Harry Contact: Cheri Phone: 541/726-3212
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARV0002 Harvest House Publishers, Inc. Contact: Mark Dietz Phone: 541/343-0123
Current: 226.50 30: 0.00 60: 0.00 90+: 0.00 Total: 226.50
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HATF0002 Tucker Hatfield Contact: Tucker Hatfield Phone: 541/744-2569
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAWO0002 Frank Haworth Contact: Frank Haworth Phone: 541/726-5957
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYF0002 Jason Hayford Contact: Phone: 541-689-7178
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYL0002 Elizabeth and Bruce Hayler Contact: Phone: 541/689-7317
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYN0002 Kirsten Haynes Contact: Phone: 541-935-6316
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Current: 14.95 30: 0.00 60: 0.00 90+: 0.00 Total: 14.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HEAC0002 James Heacock Contact: Phone: 541/686-3381
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HEIN0002 James and Shirley Heintz Contact: Phone: 541/998-9657
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HELI0002 Helitech Contact: Dave Weil Phone: 541/344-2304
Current: 65.40 30: 130.40 60: 0.00 90+: 0.00 Total: 195.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENR0002 Henry Mfg. Contact: Greg Dealy Phone: 541/485-1963
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENR0006 Paul Henrichs Contact: Phone: 726-1723
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENS0002 Michael Henshaw Contact: Michael Phone: 541/744-1514
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERB0002 Greg Herbert Contact: Phone: 541/343-7879
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERB0004 Juanita Herbst Contact: Phone: 541/895-5194
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERR0002 Tim Herrmann Contact: Tim Herrmann Phone: 541/683-8654
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERR0004 Michael Herrett Contact: 0 Phone: 541/988-1303
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HICK0002 Carol Ann Hickman Contact: Carol Hickman Phone: 541/998-9300
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HINK0002 Susan Hinkle Contact: Susan Phone: 345-9334
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HINM0002 David Hinman Contact: David Phone: 541/461-2364
Current: 27.45 30: 0.00 60: 0.00 90+: 0.00 Total: 27.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOFF0004 Paul Hoffman Contact: Phone: 541/998-8414
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLL0002 Darrin Hollyman Contact: Darrin Phone: 541/338-0760
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLL0004 Helen Hollyer Contact: Helen Hollyer Phone: 541/895-3003
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLT0002 Holt International Children's Services Contact: Robert Goodness Phone: 541/687-2202
Current: 539.65 30: 0.00 60: 0.00 90+: 0.00 Total: 539.65
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLV0002 Lynn Holvey Contact: Lynn Holvey Phone: 541/485-3426
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOPE0002 Michael Hopewell Contact: Michael Hopewell Phone: 541/998-8876
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOPI0002 Carla Hopie Contact: Phone: 541/318-1702
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOSK0002 Florence Hoskinson Contact: Phone: 541-607-1809
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOYL0002 Thomas Hoyle Contact: Thomas Phone: 541/689-4377
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOYM0002 Shirley Hoyman Contact: Shirley Hoyman Phone: 541/687-1077
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUBB0002 Jeff Hubbard Contact: Phone: 349-0963
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUBE0002 Rick Huber Contact: Rick Phone: 541/345-4545
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: HUFF0002 Jean Huffman Contact: Phone: 7466-4364
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUMA0002 Human Machine Interfaces Contact: Phone: 541/687-6509
Current: 144.95 30: 144.95 60: 49.95 90+: 0.00 Total: 339.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0002 Tillie Hunter Contact: Phone: 541/689-5200
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0004 Don Hunter Contact: Don Phone: 541/744-5749
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0008 Jonathan Hunt Contact: Phone: 541-935-2280
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HYUN0002 Hyundai Semiconductor of America Contact: Liz Geis Phone: 541/338-5031
Current: 19.95 30: 19.95 60: 19.95 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INMA0002 Craig Inman Contact: Phone: 541/935-1492
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INST0002 Institute/Rev. Heart Disease Contact: Bill Klevith Phone: 541/345-9970
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INTE0002 International Trade Group (ITG) Contact: Alain De La Motte Phone: 503/648-9358
Current: 58.80 30: 1.00 60: 0.00 90+: 0.00 Total: 59.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IRWI0002 Gary Irwin Contact: Phone: 541-349-0756
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ISLE0002 Isler & Co CPAs Contact: Phone: 541/342-5161
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ISME0002 Larry Ismert Contact: Phone: 541/688-2958
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IVES0002 Steve Ives Contact: Steve Ives Phone: 541/344-2100
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IZZI0002 Anthony Izzi Contact: Antholy Phone: 541/345-8032
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACK0002 Faith Jackson Contact: Faith Jackson Phone: 541/836-7073
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACK0004 Kevin Jackson Contact: Phone: 541-343-9763
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACO0002 Kris Jacobson Contact: Phone: 485-1560
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JAME0002 Jerry James Contact: Phone: 541/461-2728
Current: 0.00 30:19.95 60:39.60 90+: 0.00 Total: 59.55
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JAME0004 Joseph James Contact: Phone: 541/836-2995
Current: 19.95 30: 39.90 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JANI0002 Janisse Wholesale Distributors Contact: Phone: 541/461-3773
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JANU0002 Janus Management Service Contact: Gerald Jansen Phone: 541/746-0627
Current: 12.85 30: 0.00 60: 0.00 90+: 0.00 Total: 12.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JENS0002 Linda Jensen Contact: Linda Phone: 541/399-2444
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JENS0004 Scott Jensen Contact: Phone: 541/688-2604
Current: 59.95 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JERR0002 Jerry's Home Improvement Contact: Phone: 541/689-1911
Current: 66.35 30: 132.70 60: 0.00 90+: 0.00 Total: 199.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JHSN0002 JHS Natural Products Contact: John Seleen Phone: 541/344-1396
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
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<S> <C> <C> <C> <C> <C>
Cust.#: JOHN0008 Melvin Johnson Contact: Phone: 541/689-9630
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0010 Tim Johnson Contact: Tim Phone: 541/937-3448
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0014 Linda J Johnson Contact: Phone: 541/338-4140
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0600 David L Johnson Contact: Phone: 541/683-1611
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JONE0002 Brian Jones Contact: Phone: 541/895-4502
Current: 27.90 30: 0.00 60: 0.00 90+: 0.00 Total: 55.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JONE0004 Robert Jones Contact: Robert Phone: 541/935-7527
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JUDY0002 Lee Judy Contact: Lee Judy Phone: 541/687-4802
Current: 19.95 30: 19.85 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAGE0002 Kim Kagelaris Contact: Phone: 541/937-8545
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KASP0002 Mike Kasper Contact: Mike Phone: 541/942-9129
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAST0002 Dale Kast Contact: Dale Phone: 541/345-9876
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAUL0002 Linda Kau Contact: Phone: 541/935-1909
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KEEV0002 Jeannine Keevert Contact: Phone: 541/485-1139
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0004 Veronica Kelley Contact: Phone: 541/686-3894
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0006 Mike Kelly Contact: Mike Kelly/Meade Kelly Phone: -
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0008 William Kellsay Contact: Phone: 541/744-7044
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KENS0002 Ken's PC Services Contact: Ken Alvord Phone: 461-8469
Current: 72.75 30: 72.75 60: 50.00 90+: 0.00 Total: 195.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KERN0002 Bob Kern Contact: Bob Kern Phone: 541/935-7945
Current: 22.90 30: 22.90 60: 0.00 90+: 0.00 Total: 45.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KESN0002 Michael Kesner Contact: Phone: 541/744-6995
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIEN0002 Marie Kienlen Contact: Marie Kienlen Phone: 541/998-8759
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KILW0002 Barbara Kilwien Contact: Barbara/David Phone: 541/895-2822
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIND0004 Lloyd A Kindt Contact: Lloyd Kindt Phone: 541/686-9509
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0002 Yvonne King Contact: Phone: 541/747-9006
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0004 Daniel King Contact: Phone: 541/744-2173
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0006 Christian Kinglsey Contact: Phone: 541-344-8344
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIRK0004 Kim Kirkwood Contact: Phone: 541/687-2202
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KOCH0002 Gary & Kay Koch Contact: Gary or Kay Phone: 541/998-8158
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Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KRUG0002 Linda Krueger Contact: Phone: 541-485-4649
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUGL0002 Lori Kugler Contact: Lori Phone: 541/726-8984
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUHA0002 Joe Kuharik Contact: Joe Kuharik Phone: 541/746-3143
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUMA0002 Kumaco Contact: John Weaver Phone: 334-2402
Current: 49.95 30: 2,489.90 60: 125.00 90+: 0.00 Total: 2,664.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KYCE0002 John Kycek Contact: John Kycek Phone: 541/343-1640
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAAK0002 Bobbie Laaksonen Contact: Bobbie Phone: 541/689-9613
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LACE0002 Malcolm Lacey Contact: Phone: 541/746-5295
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAND0002 Landmark Designs Contact: Scott McAllexander Phone: 541/767-0660
Current: 49.95 30: 50.95 60: 0.00 90+: 0.00 Total: 100.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAND0004 Roy Land Contact: Phone: 541/998-8440
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANE0004 Lane Leaders Association Contact: Rhonda Hendricks Phone: 541/687-0072
Current: 30.00 30: 0.00 60: 0.00 90+: 0.00 Total: 30.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANG0002 Ted Langton Contact: Phone: 541/461-9459
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANI0002 Robert Lanier Contact: Phone: 541/302-6595
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAPA0004 Charles LaPalme Contact: Phone: 541-688-0887
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LARG0002 Benjamin Largent Contact: Benjamin Phone: 541/344-3798
Current: 0.00 30: 0.00 60: 7.45 90+: 0.00 Total: 7.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAUE0002 Dan Lauer Contact: Phone: 541-683-1229
Current: 28.90 30: 0.00 60: 0.00 90+: 0.00 Total: 28.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAWR0008 Dean Lawrence Contact: Phone: 541/685-0751
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAWT0002 Jeff Lawton Contact: Phone: 541/689-9408
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEAN0002 Amber Leanna Contact: Amber Phone: 541/344-4828
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEEJ0002 Julie Lee Contact: Phone: 541/965-1024
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEEP0002 Paula Lee Contact: Phone: 541/689-6458
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEGA0002 Legal Software Systems, Inc. Contact: Phone: 541/683-3341
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEIG0002 Katherine Leighty Contact: Katherine or Dennis Phone: 541/942-5168
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LENH0002 Jerry Lenhard Contact: Jerry Phone: 541/998-1601
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LENM0002 Jolene Lenmark Contact: Phone: 541/998-3727
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEWE0002 Raymond Lewellyn Contact: Raymond Phone: 541/342-8422
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: LICH0002 Todd Lichienwalter Contact: Todd Phone: 541/345-4563
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOCK0002 Barry Locklear Contact: Phone: 541/747-6206
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOGI0002 Logic Tools Contact: Edith Simchi-Levi Phone: 847/564-8457
Current: 360.00 30: 0.00 60: 0.00 90+: 0.00 Total: 360.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LONI0002 Holly Lonigan Contact: Phone: 541/607-0967
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOPE0002 Steve Lopez Contact: Steve/Julie Lopez Phone: 541/747-1913
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LORA0002 Lorane Fire Dept. Contact: Joe Brewer Phone: 541/942-3943
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOUD0002 Loudmouth Inc. Contact: Chris Stevens Phone: 541/726-8447
Current: 57.45 30: 0.00 60: 0.00 90+: 0.00 Total: 57.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOVE0002 David Loveall Contact: Phone: 726-4753
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LUND0006 Jon E. Lundquist Contact: Jon Phone: 541/946-1036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MALA0002 William Malak Contact: Phone: 541/744-0901
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MANT0002 Bernice and Gregory Mantell Contact: Phone: 607-0664
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MARN0002 Leroy Marney Contact: Phone: 541-689-6112
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0002 Andy Martin Contact: Andy Martin Phone: 541/343-1840
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0004 Pete Martini Contact: Phone: 541/836-2000
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0006 Sharon Martin Contact: Sharon Phone: 541/744-0809
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0008 Rick & Joy Martin Contact: Rick or Joy Phone: 541/683-4556
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MATT0004 Melissa Mattick Contact: Phone: 541/465-1400
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MATT0006 Orion Matthews Contact: Orion Matthews Phone: 541/687-5701
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MAZY0002 Mike Mazy Contact: Mike Phone: 541/338-7084
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCAL0002 Barbara McAlister Contact: Phone: 541/688-7554
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCAU0002 Roxanne McAulay Contact: Roxanne Phone: 541/935-3572
Current: 0.00 30: 49.20 60: 49.20 90+: 0.00 Total: 98.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCL0002 Pam McClelland Contact: Phone: 541/726-7977
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCO0002 Dennis McConkey Contact: Dennis Phone: 541/741-1887
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCO0004 Daniel McConkey Contact: Daniel Phone: 541/744-2047
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCU0004 Sue McCumsey Contact: Phone: 541/747-3040
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
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Cust.#: MCDA0002 Fred McDaniel Contact: Fred Phone: 541/746-1558
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCDO0002 Larae McDonald Contact: Phone: 541/344-8955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCDO0004 Dena McDowell Contact: Phone: 541/744-5606
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCGU0002 Barbara McGuire Contact: Barbara Phone: 541/935-6013
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKA0002 McKay Investments Contact: Kim Phone: 541/485-4711
Current: 124.85 30: 0.00 60: 0.00 90+: 0.00 Total: 124.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0002 McKenzie Oaks Contact: Phone: 541/485-5265
Current: 39.95 30: 39.95 60: 39.95 90+: 0.00 Total: 119.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0004 Mac Exchange, LLC Contact: Todd McKelvie Phone: 541/345-8676
Current: 65.00 30: 0.00 60: 0.00 90+: 0.00 Total: 65.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0006 Karen McKendrick Contact: Phone: 541/995-8482
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0008 McKenzie Willamette Hospital Contact: Kent Henriksen Phone: 541/726-4399
Current: 749.80 30: 0.00 60: 0.00 90+: 0.00 Total: 749.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0012 Craig McKern Contact: Phone: 541/345-0744
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCLA0002 Anne McLaughlin Contact: Anne McLaughlin Phone: 541/302-9452
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCLA0004 Alisa McLaughlin Contact: Alisa Phone: 541/342-4467
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCMA0002 Mary McMartin/McMartin Enterprises Contact: Mary Phone: 541/937-2235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCMA0004 Gary McMahon Contact: Phone: 541/683-4109
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCME0002 Moria Software Inc. Contact: Phone: 541/342-7086
Current: 39.95 30: 39.95 60: 0.00 90+: 0.00 Total: 79.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCNA0002 Nathan McNary Contact: Nathan Phone: 541/726-6970
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCRE0002 Nathan McReynolds Contact: Phone: 541/998-2510
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MEST0002 Larry Meston Contact: Larry Meston Phone: 541/683-6082
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: METZ0002 Chris Metzger Contact: Chris Metzger Phone: 541/741-2626
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: METZ0004 Edward Metzler Contact: Edward Metzler Phone: 541/746-7145
Current: 0.00 30: 0.00 60: 0.00 90+: 45.30 Total: 45.30
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MEYE0006 Bob Meyers Contact: Phone: 541/895-4079
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MICH0002 Tani Michaud Contact: Tani Phone: 541/344-7805
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MICR0002 Micro Vertisoft Contact: Margie Mathews Phone: 541/689-6954
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0002 Paul Millard Contact: Paul Millard Phone: 541/344-2350
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0006 Peggy Schultz Contact: Phone: 541/933-2462
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0008 Robert Miller Contact: Phone: 541/683-2004
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0012 Doug Miller Contact: Phone: 541/484-5225
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOIR0002 Lynetta Moir Contact: Steve Moir Phone: 541/741-1136
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOLO0002 Martin Molof Contact: Phone: 541/345-5163
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MONA0002 Kathie L. Monaghan Contact: Kathie Phone: 541/688-6408
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0002 Camille Moore Contact: Phone: 541/747-8291
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0004 Pat and Lewis Moore Contact: Phone: 541/688-9197
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0006 Manuel L. Moore Contact: Phone: 541/726-7470
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORA0002 Dave Moran Contact: Phone: 541/747-6815
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORG0002 Donnie Morgan Contact: Phone: 541/942-1079
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORN0002 Will Morningson Contact: Phone: 541/302-6490
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORR0002 Debbie Morrow Contact: Debbie Phone: 541/741-5171
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORR0004 Mary Anne Morrison Contact: Mary Anne Phone: 541/342-4251
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOTI0002 Motion Analysis Inc. Contact: Phone:
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOVI0002 Movierama Contact: Jack See Phone: 541/231-8294
Current: 49.95 30: 1.00 60: 0.00 90+: 0.00 Total: 50.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOWE0002 Richard Mower Contact: Phone: 953-1102
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MUES0002 Patricia Muesse Contact: Phone: 541/607-6697
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MURP0004 Michael Murphy Contact: Michael Murphy Phone: 541/746-6078
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MUTU0002 Mutual of New York Contact: Thomas McAulay/Rae Lyons Phone: 541/342-2607
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MYOB0002 M. YOB Contact: Phone: 541/687-7250
Current: 130.00 30: 0.00 60: 0.00 90+: 0.00 Total: 130.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NAUK0002 Kathleen Nau Contact: Kathleen Nau Phone: 541/741-2341
Current: 12.50 30: 0.00 60: 0.00 90+: 0.00 Total: 12.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEAL0002 Neal And Eng Law Offices Contact: Dan Neal Phone: 541/484-7311
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEIL0002 Dawn M Neilsen Contact: Phone: 541/896-3036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0006 Robert G Nelson Contact: Phone: 541/461-7916
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0010 Sandra L. Nelson Contact: Sandra Phone: 541/935-8104
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0012 Conrad Nelson Contact: Phone: 541/998-9593
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
</TABLE>
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Cust.#: NEUR0002 Oregon Neurosurgery Specialists Contact: Phone: 541-343-7748
Current: 6,125.00 30: 0.00 60: 0.00 90+: 0.00 Total: 6,125.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWO0002 Newood Display Fixture Mfg. Contact: Marilynn or Mick Phone: 541-688-0907
Current: 2,503.75 30: 164.75 60: 0.00 90+: 0.00 Total: 2,695.50
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWP0002 Shuska Newport Contact: Phone: 541-342-2759
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWT0002 Bob Newton Contact: Phone: 541/687-8222
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0006 James Nichols Contact: James Phone: 541/747-2286
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0010 Eric Nichols Contact: Phone: 774-9035
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0012 Mellisa Nichelson Contact: Phone: 541-302-2650
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICO0002 Dan Nicoson Contact: Dan Phone: 541/744-2313
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORN0002 Ken Norness Contact: Ken Phone: 541/686-0235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0002 Northwest Stamping Inc Contact: Jim Creech Phone: 541/747-4269
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0004 Northland Real Estate Contact: Phone: 541/345-2361
Current: 64.70 30: 0.00 60: 0.00 90+: 0.00 Total: 64.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0006 Northwest Direct Radio Network Contact: Phone: 541/485-5846
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OAKT0002 Oaktree Publications Contact: Sherrie Zimmerman Phone: 541/688-4044
Current: 54.90 30: 0.00 60: 0.00 90+: 0.00 Total: 54.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBAD0002 Ruth Obadal Contact: Phone: 541/687-9361
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBER0002 Dusty C. Oberbeck Contact: Phone: 541/461-3700
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBER0004 Larry Oberbeck Contact: Larry Phone: 541/345-3771
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBIE0002 Obie Media Contact: Jim Callahan Phone: 541/683-3212
Current: 500.00 30: 0.00 60: 0.00 90+: 0.00 Total: 500.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OCON0002 Ina O'Conner Contact: Ina O Phone: 541-683-8065
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OCON0004 Mike O'Connel Contact: Mike O'Connel Phone: 541/344-5860
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OFFI0002 Office World Inc. Contact: Brent Combs Phone: 541/687-9704
Current: 69.30 30: 0.00 60: 0.00 90+: 0.00 Total: 69.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OHPL0002 OHP Linefinder Contact: Maria Wach Phone: na
Current: 49.95 30: 63.00 60: 0.00 90+: 0.00 Total: 112.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OKAN0002 Joseph O'Kane Contact: Joseph Phone: 541/461-4075
Current: 19.95 30: 19.95 60: 19.95 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OLIE0002 William L. Olietti Contact: Phone: 541-688-7647
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OLSO0002 Donald Olson Contact: Phone: 541/465-0185
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OMNI0002 InfoGroup Northwest Contact: Matt Moreno Phone: 541/342-1298
Current: 516.95 30: 0.00 60: 0.00 90+: 0.00 Total: 516.95
- -----------------------------------------------------------------------------------------------------------------------------------
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Cust.#: OREG0002 Oregon Lox Contact: Phone: 541/726-7824
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0006 Oregon Medical Group Contact: Martin Lenk Phone: 541/687-4900
Current: 147.60 30: 0.00 60: 0.00 90+: 0.00 Total: 147.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0012 Oregon Flavor Rack Contact: Phone: 541/461-3035
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0014 Oregon Cotton Mill Contact: Ed Reiman Phone: 683-9711
Current: 49.95 30: 799.95 60: 0.00 90+: 0.00 Total: 849.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ORTI0002 Israel Ortiz Contact: Phone: 541/683-4349
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OWEN0002 Dan Owen Contact: Phone: 541/741-0604
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OZAN0002 Barbara Ozanich Contact: Barbara Phone: 541/741-8766
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0002 Pacific 9 Motor Hotel Contact: Aaron or Phone: 541/726-9266
Mike Gillette
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0004 Pacific Continental Bank Contact: Roger Deming Phone: 541/686-8685
Current: 367.60 30: 0.00 60: 0.00 90+: 0.00 Total: 367.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0006 Pacific Radiology Contact: Jeannie Herriott Phone: 344-1578
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PARC0002 Tonya Parcell Contact: Tonya Parcell Phone: 541/741-4782
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PARI0002 Dunkin & Bush Contact: Mike Parish Phone: 541/689-0070
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PASC0002 Paschelke Massage Center Contact: Phone: 541/933-1606
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PATR0002 PatRick Environmental Contact: Jerry Esser Phone: 541/746-7528
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PERS0002 Personnel Source Contact: Todd Nadeau Phone: 541/342-5310
Current: 295.00 30: 0.00 60: 0.00 90+: 0.00 Total: 295.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PETE0002 Jim Peterson Contact: Jim Peterson Phone: 541/461-5997
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PETO0002 Jason Petorak Contact: Phone: 541/988-0194
Current: 0.00 30: 0.00 60: 0.00 90+: 59.85 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHEL0002 Kim Phelps Contact: Kim Phone: 541/345-3544
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHIL0002 Harry Phillipo Contact: Harry Phone: 541/344-4978
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHIP0004 Mark Phipps Contact: Mark Phone: 541/344-8242
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PLAN0002 Allan and Linda Plant Contact: Allan Plant Phone: 541/747-7798
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PLEG0002 Lorne & Lois Pieger Contact: Lorne or Lois Phone: 541/746-9956
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PODO0002 Bob Podolsky Contact: Phone: 541-485-1449
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: POLE0002 The Dollar Store Contact: Larry Polen Phone: 541/746-6965
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: POPO0002 Mandy Popovec Contact: Phone: 541/684-8214
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PRAT0002 Jerry D Pratt Contact: Phone: 541/688-1466
</TABLE>
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<S> <C> <C> <C> <C> <C>
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PRAT0006 Patrice Prater Contact: Phone: 541/302-5827
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PREF0002 Karl Prefontaine Contact: Karl Prefontaine Phone: 541/767-0147
Current: 9.60 30: 0.00 60: 0.00 90+: 0.00 Total: 9.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PROU0002 Bill Proix Contact: Phone: 541/342-2220
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PSCI0002 PSC Inc. Contact: Chuck Bake Phone:
Current: 703.90 30: 0.00 60: 0.00 90+: 0.00 Total: 703.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: QUES0004 Quest Marketing Contact: Karen Pappel Phone: 541/302-2832
Current: 398.80 30: 5,430.00 60: 0.00 90+: 0.00 Total: 5,828.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: QUIC0002 Allan Quick Contact: Allan Quick Phone: 541/726-8646
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RACE0002 George Racette Contact: Phone: 541/896-3304
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RECT0002 Rob & Ronda Rector Contact: Rob & Ronda Rector Phone: 541/465-1376
Current: 0.00 30: 16.40 60: 16.40 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: REDD0004 Dana Reddington Contact: Phone: 541/344-2739
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RESC0002 Marlene Resch Contact: Phone: 541/345-7681
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RETI0002 Retirement Planning Group Contact: Marty Bauer Phone: 541/345-7466
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RHAY0002 Stephan M. Rhay Contact: Stephen Rhay Phone: 541/484-5490
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RHOL0002 Gary Rholl Contact: Phone: 541/484-0955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RICE0002 Wayne Rice Contact: Wayne Rice Phone: 541/688-0955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RIGG0002 Amy Riggins Contact: Phone: 541/747-5901
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RITC0002 Lonnie Ritchie Contact: Phone: 541/686-9404
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RIVE0002 River Runner Supply Contact: Phone: 541-343-6883
Current: 150.00 30: 0.00 60: 0.00 90+: 0.00 Total: 150.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROBE0002 Elva Roberts Contact: Phone: 541/746-7151
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROCH0004 LuAnne Roche Contact: Phone: 541/746-1979
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RODE0002 Stephanie Rodebaugh Contact: Phone: 541/746-9447
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RONE0002 Gwen Roner Contact: Phone: 541/942-4078
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROPE0002 Barry Roper Contact: Barry Roper Phone: 541/746-3380
Current: 0.00 30: 0.00 60: 39.90 90+: 39.90 Total: 79.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROSE0002 Tracey Rose Contact: Tracy Phone: 541/686-3344
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROSE0004 Nancy Rose Contact: Phone: 541/686-1690
Current: 94.95 30: 0.00 60: 0.00 90+: 0.00 Total: 94.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RUDD0002 Sally Ruddock Contact: Phone: 541/935-0944
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: SALA0002 Joe Sala Contact: Joe Sala Phone: 541/744-9561
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SAVA0002 Rusty Savage - Eugenenet.com Contact: Phone: 541/465-9645
Current: 251.40 30: 251.40 60: 0.00 90+: 0.00 Total: 502.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHA0002 Fred Schad Contact: Fred Phone: 541/689-2609
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHE0002 Nolan Scheid Contact: Nolan Scheid Phone: 541/683-4167
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHE0004 Fred Schenfeld Contact: Phone: 541/688-7660
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHI0002 Carol Schirmer Contact: Phone:
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHI0004 Joyce Schiro Contact: Phone: 541/726-7256
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHL0002 Eran Schlesinger Contact: Phone: 541/954-2602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHU0002 Penny Schultz Contact: Phone: 541/343-8230
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHW0002 Gail Schwieger Contact: Phone: 541/686-8622
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCOF0002 Scofield Electric Contact: Bob Scofield Phone:
Current: 0.00 30: 97.50 60: 0.00 90+: 0.00 Total: 97.50
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SELL0002 Richard Sellers Contact: Richard Sellers Phone: 541-338-9395
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SENN0002 Jeff Senn Contact: Jeff Phone: 541/726-7036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SERV0002 Service Business Solutions Inc. Contact: Steve Fuller Phone: 541-988-1498
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SEVE0002 Odis and Shirley Severe Contact: Odis or Shirley Phone: 541/689-8880
Current: 0.00 30: 49.20 60: 0.00 90+: 0.00 Total: 49.20
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHAF0004 Gerald Shafer Contact: Phone: 541-741-8583
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHAW0002 Mitch Shaw Contact: Phone: 541/302-2986
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHER0002 Robert A. Sherman Contact: Phone: 541/344-7433
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHIR0002 Rob Shirey Contact: Phone: 541/465-9218
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIBB0002 Mark Sibbald Contact: Mark Sibbald Phone: 541/484-4064
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SILV0002 Steve Silver Contact: Phone: 541/688-5097
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIMM0002 Nadyne Simmons Contact: Nadyne Phone: 541/726-9398
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIMO0002 Stephen Simons Contact: Phone: 541/896-0547
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SING0004 Sharon Singleterry Contact: Phone: 541/995-6784
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SINK0002 Jack Sinkowski Contact: Phone: 541/343-0021
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
22 of 27
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Cust.#: SIRO0002 Karen Siroshton Contact: Phone: 541/686-6142
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SKIN0002 Marilyn Skinner Contact: Phone: 541/302-6595
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SKOL0002 Ana Skolnik-Strong Contact: Phone: 541-345-6345
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0006 Adam Smith Contact: Phone: 541/485-1850
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0008 Dan Smith Contact: Dan Smith Phone: 541/687-1866
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0010 Leon Smith Contact: Leon Smith Phone: 541/689-8409
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0012 Ruby Smith Contact: Ruby Smith Phone: 541/895-2431
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0018 Bob & Linda Smith Contact: Phone: 726-0705
Current: 39.90 30: 0.00 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0020 Shara Smith Contact: Phone: 343-3024
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0022 Karen Smith Contact: Phone: 541-689-8455
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SOLW0002 Barry Solway Contact: Phone: 541/465-8988
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SOYK0002 Jennifer M. Soyke Contact: Jennifer Soyke or Phone: 541-988-1182
Jeff Willenky
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SPAR0002 Ann Sparks Contact: Phone: 541/485-8177
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SPOR0002 Sports Car Shop Contact: Phone: 541/342-1520
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STAN0002 Stangeland & Assoc. Inc. Contact: Phone: 541/484-7367
Current: 36.35 30: 36.35 60: 0.00 90+: 0.00 Total: 72.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STCL0002 Cindy StClair Contact: Phone: 746-4812
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEI0006 Virgil C Stein Contact: Phone: 541/484-9001
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEP0002 Stephenson & Stephenson Contact: Dr. Stephenson Phone: 541/349-0808
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEP0004 Roger Stephen Contact: Phone: 541-338-0610
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEV0002 Marilyn Stevenson Contact: Marilyn Phone: 541/836-2490
Current: 35.00 30: 0.00 60: 0.00 90+: 0.00 Total: 35.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STIL0002 Valerie Stilwell Contact: Phone: 541/334-6965
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STOL0002 Luther Stole Contact: Luther Phone: 541/342-3440
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STRE0002 Bill Stredde Contact: Bill Phone: 541/485-6330
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STRU0002 Dave Strutin Contact: Dave Phone: 343-7537
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STUB0002 Gary Stuber Contact: Phone: 541/686-2474
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STUC0002 Judith L Stucky Contact: Phone: 541/747-6496
- -----------------------------------------------------------------------------------------------------------------------------------
23 of 27
<PAGE>
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SUCL0002 Gigi Suclescly Contact: Phone: 541/485-7538
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SULL0002 Rolly Sullivan Contact: Phone: 541/461-3610
Current: 0.00 30: 65.60 60: 0.00 90+: 0.00 Total: 65.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SUPE0002 Superior Steel Contact: Zef Davis Phone: 541/461-1764
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWAD0002 Sara Swader Contact: Phone: 541/461-3785
Current: 59.85 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWAN0002 Swanson's Pest Management Contact: Phone: 541/688-2323
Current: 99.90 30: 0.00 60: 0.00 90+: 0.00 Total: 99.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWEE0002 Kevin Sweeney Contact: Kevin Sweeney Phone: 541/484-9176
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWIN0002 Carmella Swinney Contact: Phone: 541/747-6470
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SYNA0002 SynapTech Contact: Phone: 541/342-7865
Current: 24.95 30: 0.00 60: 0.00 90+: 0.00 Total: 24.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TACO0002 TacoTime International, Inc. Contact: Clark Brown Phone: 541/687-8222
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEMP0002 Chuck & Bonnie Temple Contact: Chuck or Bonnie Phone: 541/747-7050
Current: 16.40 30: 81.40 60: 0.00 90+: 0.00 Total: 97.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEMP0004 Templex Technology Contact: Phone: 541/683-7474
Current: 150.00 30: 150.00 60: 0.00 90+: 0.00 Total: 300.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEST0004 Test Testerman Contact: Phone: 123-1234
Current: 0.00 30: 0.00 60: 80.00 90+: 0.00 Total: 80.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THAX0002 Mick Thaxton Contact: Mick Thaxton Phone: 541/895-5434
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THIE0002 Deborah Thiessen Contact: Deborah Thiessen Phone: 541/343-7118
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0002 Martha Warren Thomas Contact: Phone: 541/741-8073
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0004 Stan Thomas Contact: Stan Phone: 541/687-9043
Current: 19.35 30: 16.40 60: 0.00 90+: 0.00 Total: 35.75
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0010 Neil J Thompson Contact: Phone: 541/998-8791
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0016 Randy Thompson Contact: Randy Phone: 541/942-2601
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0018 Ben Thompson Contact: Phone: 541/726-8659
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0022 Mike Thompson Contact: Phone: 541.461.9815
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0024 Marilyn Thoms Contact: Phone: 541-942-7564
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOR0002 Christel Thorin Contact: Christel Phone: 541/345-4680
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TICK0002 Arthur Ticknor Contact: Phone: 541/343-0636
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TIND0002 Brad Tindall Contact: Brad Tindall Phone: 541/484-6824
Current: 0.00 30: 0.00 60: 32.80 90+: 16.40 Total: 49.20
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TINN0002 Richard Tinney Contact: Richard Tinney Phone: 541/343-1720
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
</TABLE>
24 of 27 7 27 98 1:5
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Cust.#: TOMI0002 Gradh Tomic Contact: Phone: 541/367-6600
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TOMP0002 Gabe Tompkins Contact: Phone: 541/687-8451
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAC0002 Michael W Tracy Contact: Mike Tracy Phone: 541/995-8009
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAN0002 Transport Engineering Inc. Contact: Rhonda McKinney Phone: 541/937-4249
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAV0002 Travel Team Contact: Aggie Wild Phone: 541/343-1219
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRIP0002 Michael Tripp Contact: Phone: 541/345-3975
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRUP0002 James Trupp Contact: Phone: 541/744-8939
Current: 0.00 30: 0.00 60: 0.00 90+: 39.90 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TURN0002 Susan Turnbow Contact: Susan Trunbow Phone: 541/683-8622
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TURN0004 Les Turner Contact: Phone: 541/726-0630
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UEMU0002 Yoshiko Uemura Contact: Phone: 541-683-3248
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: URLI0002 Sue Ulrich Contact: Sue Ulrich Phone: 541/485-8623
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: URLI0004 Dave Ulrickson Contact: Phone: 541/461-9382
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UNDE0002 Chris Underwood Contact: Chris Phone: 541/744-9674
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UNIV0002 University Cyber Shops Contact: Phone: 541/338-9221
Current: 649.80 30: 0.00 60: 0.00 90+: 0.00 Total: 649.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VALE0002 Dee Valenti Contact: Dee Valenti Phone: 541/746-2673
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VAND0002 Kim Vanderkley Contact: Kim Vanderkley Phone: 541/431-1506
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VAND0004 Martin Vanderzwan Contact: Martin Phone: 541/343-4814
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANH0002 Julie VanHandel Contact: Phone: 541/683-5548
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANM0002 John VanMeter Contact: John VanMeter Phone: 541/688-5798
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANN0002 Lynn Van Norman Contact: Lynn Phone: 541/344-6759
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VERO0002 Paul Veronin Contact: Paul Veronin Phone: 541/896-0158
Current: 13.35 30: 0.00 60: 0.00 90+: 0.00 Total: 13.35
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VERS0002 VersaLogic Corporation Contact: Randall Phone: 541/485-8575
Current: 0.00 30: 2,550.00 60: 0.00 90+: 0.00 Total: 2,550.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VIEW0002 Viewtouch Inc Contact: Phone: (541)344-7990
Current: 123.20 30: 123.20 60: 272.50 90+: 320.40 Total: 839.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VINC0002 Nancy Vincent Contact: Phone: 541/683-2155
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VINE0002 Joel Viney Contact: Joel Viney Phone: 541/744-2637
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
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<PAGE>
Cust.#: VISI0002 Visions Contact: Phone: 541/985-8131
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VITO0002 Vitos Cork Reporter Contact: Tom Robertson Phone: 342-4552
Current: 49.95 30: 1,124.90 60: 0.00 90+: 0.00 Total: 1,174.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VOLK0002 Vickie Volkman Contact: Vickie Phone: 541/607-9046
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VUHU0002 Huy Vu Contact: Phone: 541/344-8670
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALK0002 Bridget Walker Contact: Phone: 541/607-5668
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALK0004 George Walker Contact: George Phone: 541/747-8151
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALL0002 Mike Wallin Contact: Mike Phone: 541/687-1481
Current: 0.00 30: 16.40 60: 32.80 90+: 12.80 Total: 62.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WAND0002 Lisa Wandler Contact: Lisa Wandler Phone: 541/998-9584
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WARR0004 James Warren Contact: Phone: 541/302-6837
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WASH0002 Don Washington Contact: Don Phone: 541/747-3527
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0002 Micky Waters Contact: Phone: 541/687-9338
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0004 Richard Waterson Contact: Richard Phone: 541/341-3920
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0006 Water Brothers Construction Inc. Contact: Phone: 541-485-8006
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATK0002 KC Watkins Contact: KC Watkins Phone: 541/688-1644
Current: 0.00 30: 0.00 60: 19.95 90+: 92.30 Total: 112.25
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WAYL0002 Ken Wayland Contact: Phone: 541/302-1843
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEAV0002 Pam Weaver Contact: Pam Phone: 541/302-1801
Current: 29.95 30: 0.00 60: 0.00 90+: 0.00 Total: 29.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEBE0002 Charles Weber Contact: Phone: 541/687-0860
Current: 0.00 30: 0.00 60: 0.00 90+: 89.40 Total: 89.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEHR0002 Jia Wehrman Contact: Phone: 541/431-0273
Current: 0.00 30: 0.00 60: 45.80 90+: 22.90 Total: 68.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEIS0002 Elaine Weiss Contact: Elaine Weiss Phone: 541/726-8826
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEIT0002 Edward Weitzel Contact: Edward Phone: 541-746-1418
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WELC0004 Marcus and Janet Welch Contact: Phone: 541/937-2775
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WELL0002 Benjamin John Wells Contact: Phone: 541/607-6869
Current: 0.00 30: 98.40 60: 0.00 90+: 0.00 Total: 98.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEST0002 Lanny West Contact: Phone: 541-484-5776
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHAT0002 WhatIUse/Creative Clock Contact: J.D. Olson/Mick Thaxton Phone: 541/344-3445
Current: 0.00 30: 149.85 60: 149.85 90+: 0.00 Total: 299.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHEE0004 Estate Planning Services Contact: Robert Wheeler Phone: 541/344-5620
Current: 69.30 30: 0.00 60: 0.00 90+: 0.00 Total: 69.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHIP0002 David Whipple Contact: Phone: 541/683-2772
</TABLE>
26 of 27
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0004 Suzane Whittington Contact: Ransom Phone: 541/461-0207
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0008 James C White Contact: Phone: 541/687-1441
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0010 Scott Whiteford Contact: Phone: 541/431-0554
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILH0002 Gerald Wilheim Contact: Phone: 541/683-5941
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILL0008 Willamalane Parks and Contact: David Pierpoint Phone: 541/726-4335
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILL0012 Willamette Beverage Co. Contact: Tim Luck Phone: 541/687-0251
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILS0004 Rita Wilson Contact: Rita Wilson Phone: 541/689-3086
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WINE0002 Barry Winebrenner Contact: Phone: 541/484-6268
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WISW0002 Wiswall & Walsh Contact: Phone: 541/484-6630
Current: 74.95 30: 0.00 60: 0.00 90+: 0.00 Total: 74.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WITT0002 Kevin Witt Contact: Phone: 541/345-3487
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOBB0002 Debbie Wobbe Contact: Phone: 541/689-9541
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOOD0002 Peter Woods Contact: Phone: 541/998-1832
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOOD004 Kenneth Woods Contact: Phone: 541/688-7154
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WRIG0004 Jennifer Wright Contact: Phone: 541-338-0882
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: YOUN0004 Joyce and Jim Young Contact: Phone: 541/345-6749
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: YOUN0006 Judy Young Contact: Phone: 541-942-7833
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: ZART0002 David Zartman Contact: Phone: 541/485-9123
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT 30 60 90+ TOTAL DUE
GRAND TOTALS: 33,572.28 25,035.98 3,501.30 1,009.00 63,118.56
</TABLE>
27 of 27
<PAGE>
EXHIBIT B
LIABILITIES
<TABLE>
<S> <C>
Accounts Payable $ 36,587
Accrued payroll and payroll taxes 22,393
Note to Pacific Continental Bank 100,000
Lease payable to Bilyeu Miller Insurance 21,287
Note to shareholder-Dean Bilyue 14,538
Note to shareholder-Ransom Southerland 30,655
Note to shareholder-Bill Southerland 12,313
Note to shareholder-Mike Henson 14,000
Long-term note to Business Systems Group 336,000
---------
$587,774
---------
---------
</TABLE>
Closed end leases held by Clipper Cubed Corp-Asset is NOT listed above
<TABLE>
<CAPTION>
LESSOR ASSET # OF PMTS PAY AMT
<S> <C> <C> <C>
US Bancorp 2ea Comm Servers 36 $676.95
FELCO AutoLease 1998 Buick 48 387.89
FELCO AutoLease 1998 Durango 60 438.98
IOS Capital Canon Photocopier 36 132.60
</TABLE>
Exhibit B
<PAGE>
CLIPPERNET INTENET ACCESS SERVICES
ACCOUNTS PAYABLE
7/30/98
<TABLE>
<CAPTION>
VENDOR AMOUNT
- ------ -----------
<S> <C>
Dahl Craft 210.00
Schofield Electric 123.65
Lan Tel 983.00
Pacific Care 1,576.28
Security life 119.05
TeleComm Services 344.33
US West-Z-bill 12,396.90
US West-T31-3239 103.51
US West-T61-0317 119.21
US West-T21-3686 255.70
US West Comm 1,361.80
US West Comm 1,323.61
Shared Comm 131.64
Sprint 20.19
Nextel 548.86
US West Interact 5,500.00
Pitney Bowes 268.04
Pitney Bowes 103.50
IKON 43.40
IOS Capital 397.80
US Bancorp 676.95
BMI 760.25
Fed Ex 43.75
Business News 666.40
Transport Logic 1,000.00
ZNYX 1,219.80
The Hartford 53.16
American Express 4,699.57
Lane County Fair 480.00
Pacific Continental 951.89
Network Solutions 105.00
----------
Total $36,587.24
----------
----------
</TABLE>
<PAGE>
EXPRESS FINANCE [U.S. BANCORP LOGO]
E-Z LEASE
TERMS SHEET AND
LEASE AGREEMENT
LESSOR: U.S. BANCORP LEASING & FINANCIAL DATE: MAY 13, 1998
7659 S.W. MOHAWK STREET
TUALATIN, OR 97062
LESSEE: CLIPPER CUBED CORP
[NOTICE/BILLING ADDRESS] [PROPERTY LOCATION]
2295 COBURG ROAD SUITE 105
PO BOX 70105
EUGENE OR 97401-
COUNTY: LANE
- -------------------------------------------------------------------------------
PROPERTY DESCRIPTION:
TWO (2) NEW MODEL 8000 DUAL WAN 48 PORT REMORT ACCESS CONCENTRATOR WITH 46
BAY DSP MODOME SERIAL NO. CU1004E22/RA800013091/RA80001307 AND QC MS
together with all replacements, parts, repairs, additions, accessions and
accessories incorporated therein or affixed or attached thereto and any and
all proceeds of the foregoing, including, without limitation, insurance
recoveries.
<TABLE>
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
SALES TAX ON
PROPERTY COST: $19,794.00 PROPERTY COST: N/A PLEASE INITIAL HERE: _________
AMOUNT FINANCED: $19,497.00 RESIDUAL PAYMENT: $1,979.40 ADVANCE RENTALS: $1,353.90
GUARANTEED
PERIODIC RENTAL: $676.95 INSURANCE WAIVER: N/A PRO RATA RENTALS: $0.00 PER DAY
FIRST PAYMENT DUE DATE: UPON DELIVERY & ACCEPTANCE NUMBER OF PAYMENTS DUE: THIRTY SIX (36)
SALES TAX: YES X NO EXEMPT (CERT.REQ'D) PAID UP FRONT FINANCED PAID ON RENTALS
----- ----- ----- ----- ----- -----
SALES TAX DUE AT SIGNING: N/A DOCUMENT FEE: $150.00 OTHER FEES: N/A
DUE ON SIGNING: $1,503.90
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
U.S. BANCORP LEASING & FINANCIAL CLIPPER CUBED CORP
(LESSOR) (LESSEE)
BY: BY:
----------------------------------- ----------------------------------
AN AUTHORIZED OFFICER THEREOF MICHAEL D. HENSON
PRESIDENT
</TABLE>
<PAGE>
<TABLE>
<S> <C>
[LTS LOGO] PURCHASE AGREEMENT
BILL TO: NO.: 980709L-1
-------------------
CLIPPERNET
----------------------------------
Name
2295 COBURG ROAD #105
LAN TEL SERVICES ----------------------------------
---------------- INSTALL AT: Mailing Address
INCORPORATED CLIPPERNET
----------------------------------
Name
541-688-1427 541-773-6568 2295 COBURG ROAD #105
FAX: 541-688-4642 A FAX: 541-773-2399 ----------------------------------
1900 IRVING RD., BLDG. C. TELECO 906 CHEVY WAY, SUITE C Street Address
EUGENE, OREGON 97402 COMPANY MEDFORD, OREGON 97504 EUGENE OR 97401
----------------------------------
City State Zip
SYSTEM TYPE LUGENT ACS RANSOM SOUTHERLAND 431-3360
---------------- ----------------------------------
Contact Name Phone No.
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
QUANTITY PART NUMBER DESCRIPTION
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
1 6054-PR11 CONTROL UNIT EQUIPPED FOR 3 C.O. LINES & 8 STATIONS.
- --------- ----------- --------------------------------------------------------
1 1326-002 RELEASE 2.0 SOFTWARE.
- --------- ----------- --------------------------------------------------------
1 60624 EXPANSION CARRIER.
- --------- ----------- --------------------------------------------------------
2 60555 308EC EXPANSION MODULE EQUIPPED W/3 LINES & 8 STATIONS.
- --------- ----------- --------------------------------------------------------
1 3158-08W WHITE 34 BUTTON DISPLAY/SPEAKERPHONE.
- --------- ----------- --------------------------------------------------------
12 3158-05W WHITE 18 BUTTON SPEAKERPHONE.
- --------- ----------- --------------------------------------------------------
1 4 PORT 4 HOUR VOICE MAIL.
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
- --------- ----------- --------------------------------------------------------
ESTIMATED CUT-OVER DATE: WARRANTY:
--------------
PARTS: 18 MO
------------
/ / CASH TERMS:
40% Down Payment
---------------------------
30% Upon Delivery LABOR: 18 MO TOTAL PRICE: $7,810.00
--------------------------- ------------- -------------
30% Due Day of Cutover 592.00
--------------------- -------------
$8,402.00
</TABLE>
Lan Tel shall retain from the down payment a restocking fee equal to 15 percent
of the TOTAL PRICE on orders canceled prior to installation or delivery,
regardless of the reason for cancellation. Returns and cancellations after
delivery or installation are not permitted.
/X/ LEASE TERMS: As written in attached lease agreement.
DEPOSIT RECEIVED
---------------------------------
THE ONLY WARRANTIES OF SELLER ARE THOSE SET FORTH ON THE REVERSE SIDE OF THIS
AGREEMENT. BUYER ACKNOWLEDGES THAT THE ADDITIONAL TERMS AND CONDITIONS SET FORTH
ON THE REVERSE SIDE ARE A PART OF THIS AGREEMENT.
<TABLE>
<S> <C> <C>
/s/ F James Nelson CFO 7/9/98
- ----------------------------------------- ------------------- ----------------------------
CUSTOMER'S SIGNATURE TITLE DATE
F James Nelson
- ----------------------------------
PRINT OR TYPE NAME
LAN TEL SERVICES /s/ [ILLEGIBLE] President 7/13/98
---------------------------------- ------------------ ---------------------
SIGNATURE TITLE DATE
CUSTOMER COPY
</TABLE>
<PAGE>
CORPORATE RESOLUTION TO BORROW
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
- ---------------------------------------------------------------------------------------------
</TABLE>
References in the shaded area are for Lender's use only and do not limit
the applicability of this document to any particular loan or item.
- -------------------------------------------------------------------------------
BORROWER: CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET
ACCESS SERVICE
2300 OAKMONT WAY, SUITE 203/P.O. BOX 70104
EUGENE, OR 97401
LENDER: PACIFIC CONTINENTAL BANK
P.O. BOX 10727
EUGENE, OR 97440
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
I, THE UNDERSIGNED SECRETARY OR ASSISTANT SECRETARY OF CLIPPER CUBED
CORPORATION DBA CLIPPERNET INTERNET ACCESS SERVICE (THE "CORPORATION"), HEREBY
CERTIFY that the Corporation is organized and existing under and by ILLEGIBLE
TEXT of the laws of the State of Nevada as a corporation for profit, with its
principal office at 2300 Oakmont Way, Suite 203/P.O. Box 70104, Eugene, OR
97401 and is duly authorized to transact business in the State of Oregon.
I FURTHER CERTIFY that at a meeting of the Directors of the Corporation, duly
called and held on March 20, 1998, at which a quorum was present and voting,
or by other duly authorized corporate action in lieu of a meeting, the
following resolutions were adopted:
BE IT RESOLVED, that ANY TWO (2) of the following named officers, employees,
or agents of this Corporation, whose actual signatures are shown below:
<TABLE>
<CAPTION>
NAMES POSITIONS ACTUAL SIGNATURES
- ----- --------- -----------------
<S> <C> <C>
Dean Bilyeu President X
--------------------------------
Ransom Southerland Vice President X
--------------------------------
Rosalie Wolfe Secretary X
--------------------------------
</TABLE>
acting for and on behalf of the Corporation and as its act and deed be, and
they hereby are, authorized and empowered:
BORROW MONEY. To borrow from time to time from Pacific Continental Bank
("Lender"), on such terms as may be agreed upon between the Corporation
and Lender, such sum or sums of money as in their judgment should be
borrowed; however, not exceeding at any one time the amount of ONE
HUNDRED THOUSAND & 00/100 DOLLARS ($100,000.00), in addition to such sum
or sums of money as may be currently borrowed by the Corporation from
Lender.
EXECUTE NOTES. To execute and deliver to Lender the promissory note or
notes, or other evidence of credit accommodations of the Corporation, on
Lender's forms, at such rates of interest and on such terms as may be
agreed upon, evidencing the sums of money so borrowed or any
indebtedness of the Corporation to Lender, and also to execute and
deliver to Lender one or more renewals, extensions, modifications,
refinancings, consolidations, or substitutions for one or more of the
notes, any portion of the notes, or any other evidence of credit
accommodations.
GRANT SECURITY. To mortgage, pledge, transfer, endorse, hypothecate, or
otherwise encumber and deliver to Lender, as security for the payment of
any loans or credit accomodation so obtained, any promissory notes so
executed (including any amendments to or modifications, renewals and
extensions of such promissory notes), or any other or further
indebtedness of the Corporation to Lender at any time owing, however the
same may be evidenced, any property now or hereafter belonging to the
Corporation or in which the Corporation now or hereafter may have an
interest, including without limitation all real property and all
personal property (tangible or intangible) of the Corporation. Such
property may be mortgaged, pledged, transferred, endorsed, hypothecated,
or encumbered at the time such loans are obtained or such indebtedness
is incurred, or at any other time or times, and may be either in
addition to or in lieu of any property theretofore mortgaged, pledged,
transferred, endorsed, hypothecated or encumbered.
EXECUTE SECURITY DOCUMENTS. To execute and deliver to Lender the
ILLEGIBLE TEXT, pledge agreement, hypothecation agreement, and other
security agreements and financing statements which may be submitted by
Lender, and which shall evidence the terms and conditions under and
pursuant to which such liens and encumbrances, or any of them, are
given; and also to execute and deliver to Lender any other written
instruments, any chattel paper, or any other collateral, of any kind or
nature, which they may in their discretion deem reasonably necessary or
proper in connection with or pertaining to the giving of the liens and
encumbrances. Notwithstanding the foregoing, any one of the above
authorized persons may execute, deliver, or record financing statements.
NEGOTIATE ITEMS. To draw, endorse, and discount with Lender all drafts,
trade acceptances, promissory notes, or other evidences of indebtedness
payable to or belonging to the Corporation in which the Corporation may
have an interest, and either to receive cash for the same or to cause
such proceeds to be credited to the account of the Corporation with
Lender, or to cause such other disposition of the proceeds derived
therefrom as they may deem advisable.
FURTHER ACTS. In the case of lines of credit, to designate additional or
alternate individuals as being authorized to request advances
thereunder, and in all cases, to do and perform such other acts and
things, to pay any and all fees and costs, and to execute and deliver
such other documents and agreements, INCLUDING AGREEMENTS WAIVING THE
RIGHT TO A TRIAL BY JURY, as they may in their discretion deem
reasonably necessary or proper in order to carry into effect the
provisions of these Resolutions. The following person or persons
currently are authorized to request advances and authorize payments
under the line of credit until Lender receives written notice of
revocation of their authority: Dean Bilyeu, President; Ransom
Southerland, Vice President; and Rosalie Wolfe, Secretary.
BE IT FURTHER RESOLVED, that any and all acts authorized pursuant to these
Resolutions and performed prior to the passage of these Resolutions are hereby
ratified and approved, that these Resolutions shall remain in full force and
effect and Lender may rely on these Resolutions until written notice of their
revocation shall have been delivered to and received by Lender. Any such
notice shall not affect any of the Corporation's agreements or commitments in
effect at the time notice is given.
BE IT FURTHER RESOLVED, that the Corporation will notify Lender ILLEGIBLE
TEXT may designate from time to time) prior to any (a) change in the name of
the Corporation, (b) change in the assumed business name(s) of the
Corporation, (c) change in the management of the Corporation, (d) change in
the authorized signer(s), (e) conversion of the Corporation to a new or
different type of business entity, or (f) change in any other aspect of the
Corporation that directly or indirectly relates to any agreements between the
Corporation and Lender. No change in the name of the Corporation will take
effect until after Lender has been notified.
I FURTHER CERTIFY that the officers, employees, and agents named above are
duly elected, appointed, or employed by or for the Corporation, as the case
may be, and occupy the positions set opposite their respective names; that
the foregoing Resolutions now stand or record on the books of the
Corporation; and that the Resolutions are in full force and effect and have
not been modified or revoked in any manner whatsoever. The Corporation has no
corporate seal, and therefore, no seal is affixed to this certificate.
<PAGE>
Loan No 43251 (Continued)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
IN TESTIMONY WHEREOF, I have hereunto set my hand on March 20, 1998 and
attest that the signatures set opposite the names listed above are their
genuine signatures.
CERTIFIED TO AND ATTESTED BY:
X
-----------------------------------------
X
-----------------------------------------
NOTE: In case the Secretary or other certifying officer is designated by the
foregoing resolutions as one of the signing officers ??? ??? ??? ??? ???
second Officer or Director of the Corporation.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LASER PRO, Reg. U.S. Pat. & T.M. Off., Ver. 3.24(c) 1998 CFI ProServices, Inc.
All rights reserved. (OR-C10 CLIPPER.LN)
<PAGE>
AGREEMENT TO PROVIDE INSURANCE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
- ------------------------------------------------------------------------------------------------------------------------
References in the shaded area are for Lender's use only and do not limit the applicability of this document
to any particular loan or item.
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
BORROWER: CLIPPER CUBED CORPORATION LENDER: PACIFIC CONTINENTAL BANK
DBA: CLIPPERNET INTERNET P.O. BOX 10727
ACCESS SERVICE EUGENE, OR 97440
2300 OAKMONT WAY,
SUITE 203/P.O. BOX 70104
EUGENE, OR 97401
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
INSURANCE REQUIREMENTS. Clipper Cubed Corporation dba: Clippernet Internet
Access Service ("Grantor") understands that insurance coverage is required
in connection with the extending of a loan or the providing of other
financial accommodations to Grantor by Lender. These requirements are set
forth in the security documents. The following minimum insurance coverages
must be provided on the following described collateral (the "Collateral"):
COLLATERAL: ALL INVENTORY AND EQUIPMENT.
TYPE. All risks, including fire, theft and liability.
AMOUNT. Full insurable value.
BASIS. Replacement value.
ENDORSEMENTS. Lender's loss payable clause with stipulation that
coverage will not be cancelled or diminished without a minimum
of ten (10) days' prior written notice to Lender.
DEDUCTIBLES. $500.00
INSURANCE COMPANY. Grantor may obtain insurance from any insurance company
Grantor may choose that is reasonably acceptable to Lender.
PROVISION OF INSURANCE. Grantor agrees to deliver to Lender, ten (10) days
from the date of this Agreement, evidence of the required insurance as
provide above, with an effective date of March 20, 1998, or earlier.
- -------------------------------------------------------------------------------
WARNING
Unless GRANTOR provides Lender with evidence of the insurance coverage as
required by Grantor's security documents, Lender may purchase insurance at
Grantor's expense to protect Lender's interest. This insurance may, but need
not, also protect Grantor's interest. If the collateral becomes damaged, the
coverage Lender purchases may not pay any claim Grantor makes or any claim
made against Grantor. Grantor may later cancel this coverage by providing
evidence that Grantor has obtained property coverage elsewhere. Grantor will
be responsible for the cost of any insurance purchased by Lender. The cost of
this insurance may be added to Grantor's Indebtedness. If the cost is added
to Grantor's Indebtedness, the interest rate on the underlying indebtedness
will apply to this added amount. The effective date of coverage may be the
date Grantor's prior coverage lapsed or the date Grantor failed to provide
proof of coverage. The coverage Lender purchases may be considerably more
expensive than insurance Grantor can obtain on Grantor's own and may not
satisfy any need for property damage coverage or any mandatory liability
insurance requirements imposed by applicable law.
- -------------------------------------------------------------------------------
AUTHORIZATION. For purposes of insurance coverage on the Collateral, Grantor
authorizes Lender to provide to any person (including any insurance agent or
company) all information Lender deems appropriate, whether regarding the
Collateral, the loan or other financial accommodations, or both.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS AGREEMENT TO
PROVIDE INSURANCE AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED MARCH 20,
1998.
GRANTOR:
CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE
By:_______________________________ By:_______________________________
DEAN BILYEU, PRESIDENT ROSALLE WOLFE, SECRETARY
- -------------------------------------------------------------------------------
FOR LENDER USE ONLY
INSURANCE VERIFICATION
DATE:____________________ PHONE:_______________________
AGENT'S NAME:____________________________________
INSURANCE COMPANY:_____________________________________________________________
POLICY NUMBER:_________________________________________________________________
EFFECTIVE DATES:_______________________________________________________________
COMMENTS:______________________________________________________________________
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LASER PRO, Reg. U.S. Pat. & T.M. Off.; Ver 3.24 (c) 1998 CFI Pro Services, Inc.
All rights reserved. [OR - 110 CLIPPER, LN]
<PAGE>
ILLEGIBLE LINE ON COPY
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
- ------------------------------------------------------------------------------------------------------------------------
References in the shaded area are for Lender's use only and do not limit the applicability of this document
to any particular loan or item.
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
BORROWER: CLIPPER CUBED CORPORATION LENDER: PACIFIC CONTINENTAL BANK
DBA: CLIPPERNET INTERNET P.O. BOX 10727
ACCESS SERVICE EUGENE, OR 97440
2300 OAKMONT WAY,
SUITE 203/P.O. BOX 70104
EUGENE, OR 97401
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN TYPE. This is a Variable Rate (2.500% over Pacific Continental Bank
Prime Rate, with an interest rate floor of 10.500% making an initial rate of
11.000%). Revolving Line of Credit Loan to a Corporation for $100,000.00 due
on September 16, 1998.
PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:
/ / PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR PERSONAL INVESTMENT.
/X/ BUSINESS (INCLUDING REAL ESTATE INVESTMENT).
SPECIFIC PURPOSE. The specific purpose of this loan is: Provide funds for
Working Capital.
DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be
disbursed until all of Lender's conditions for making the loan have been
satisfied. Please disburse the loan proceeds of $100,000.00 as follows:
<TABLE>
<S> <C>
UNDISBURSED FUNDS: $99,425.00
OTHER CHARGES FINANCED: $40.00
$10.00 UCC Filing Fee
$30.00 UCC Search Fees
TOTAL FINANCED PREPAID FINANCE CHARGES: $535.00
$500.00 Loan Fees
$35.00 Documentation Preparation Fee
-----------
NOTE PRINCIPAL: $100,000.00
</TABLE>
FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND
WARRANTS TO LENDER THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT
AND THAT HERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER'S FINANCIAL
CONDITION AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO
LENDER. THIS AUTHORIZATION IS DATED MARCH 20, 1998.
BORROWER:
CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE
BY: BY:
-------------------------------- -------------------------------
DEAN BILYEU, PRESIDENT ROSALIE WOLFE, SECRETARY
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Variable Rate. Line of Credit. LASER PRO, Reg. U.S. Pat. & T.M. Off., Ver.
5.24(c) 1998 CFI ProServices, Inc. All rights
reserved. (OR-120 CLIPPER.LN)
<PAGE>
PROMISSORY NOTE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
- -----------------------------------------------------------------------------------------------
</TABLE>
References in the shaded area are for Lender's use only and do not limit the
applicability of this document to any particular loan or item.
- -------------------------------------------------------------------------------
BORROWER: CLIPPER CUBED CORPORATION LENDER: PACIFIC CONTINENTAL
DBA: CLIPPERNET INTERNET BANK
ACCESS SERVICE P.O. BOX 10727
2300 OAKMONT WAY, SUITE 203/ EUGENE, OR 97440
P.O. BOX 70104
EUGENE, OR 97401
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
PRINCIPAL AMOUNT: $100,000.00 INITIAL RATE: 11.000% DATE OF NOTE: March 20, 1998
</TABLE>
PROMISE TO PAY. Clipper Cubed Corporation dba: Clippernet Internet Access
Service ("Borrower") promises to pay to Pacific Continental Bank ("Lender"),
or order, in lawful money of the United States of America, the principal
amount of One Hundred Thousand & 00/100 Dollars ($100,000.00) or so much as
may be outstanding, together with interest on the unpaid outstanding
principal balance of each advance. Interest shall be calculated from the date
of each advance until repayment of each advance.
PAYMENT. BORROWER WILL PAY THIS LOAN IN ONE PAYMENT OF ALL OUTSTANDING
PRINCIPAL PLUS ALL ACCRUED UNPAID INTEREST ON SEPTEMBER 16, 1998. IN
ADDITION, BORROWER WILL PAY REGULAR MONTHLY PAYMENTS OF ACCRUED UNPAID
INTEREST BEGINNING APRIL 16, 1998, AND ALL SUBSEQUENT INTEREST PAYMENTS ARE
DUE ON THE SAME DAY OF EACH MONTH AFTER THAT. Interest on this Note is
computed on a 365/365 simple interest basis; that is, by applying the ratio
of the annual interest rate over the number of days in a year, multiplied by
the outstanding principal balance, multiplied by the actual number of days the
principal balance is outstanding. Borrower will pay Lender at Lender's
address shown above or at such other place as Lender may designate in
writing. Unless otherwise agreed or required by applicable law, payments will
be applied first to any unpaid collection costs and any late charges, then to
any unpaid interest, and any remaining amount to principal.
VARIABLE INTEREST RATE. The interest rate on this Note is subject to change
from time to time based on changes in an index which is Lender's Prime Rate
(the "Index"). This is the rate Lender charges, or would charge, on 90-day
unsecured loans to the most creditworthy corporate customers. This rate may
or may not be lowest rate available from Lender at any given time. Lender
will tell Borrower the current Index rate upon Borrower's request. Borrower
understands that Lender may make loans based on other rates as well. The
interest rate change will not occur more often than each DAY THE PRIME
CHANGES. THE INDEX CURRENTLY IS 8.500% PER ANNUM. THE INTEREST RATE TO BE
APPLIED TO THE UNPAID PRINCIPAL BALANCE OF THIS NOTE WILL BE AT A RATE OF
2.500 PERCENTAGE POINTS OVER THE INDEX, ADJUSTED IF NECESSARY FOR THE MINIMUM
AND MAXIMUM RATE LIMITATIONS DESCRIBED BELOW, RESULTING IN AN INITIAL RATE
OF 11.000% PER ANNUM. NOTWITHSTANDING ANY OTHER PROVISION OF THIS NOTE, THE
VARIABLE INTEREST RATE OR RATES PROVIDED FOR IN THIS NOTE WILL BE SUBJECT TO
THE FOLLOWING MINIMUM AND MAXIMUM RATES. NOTICE: Under no circumstances will
the interest rate on this Note be less than 10.500% per annum or more than
the maximum rate allowed by applicable law.
PREPAYMENT; MINIMUM INTEREST CHARGE. Borrower agrees that all loan fees and
other prepaid finance charges are earned fully as of the date of the loan and
will not be subject to refund upon early payment (whether voluntary or as a
result of default), except as otherwise required by law. In any event, even
upon full prepayment of this Note, Borrower understands that Lender is
entitled to a minimum interest charge of $5.00. Other than Borrower's
obligation to pay any minimum interest charge, Borrower may pay without
penalty all or a portion of the amount owed earlier than it is due. Early
payments will not, unless agreed to by Lender in writing, relieve Borrower of
Borrower's obligation to continue to make payments of accrued UNPAID interest.
Rather, they will reduce the principal balance due.
LATE CHARGE. If a payment is 16 DAYS OR MORE LATE, Borrower will be charged
5.000% OF THE REGULARLY SCHEDULED PAYMENT.
DEFAULT. Borrower will be in default if any of the following happens: (a)
Borrower fails to make any payment when due. (b) Borrower breaks any promise
Borrower has made to Lender, or Borrower fails to comply with or to perform
when due any other term, obligation, covenant, or condition contained in this
Note or any agreement related to this Note, or in any other agreement or loan
Borrower has with Lender. (c) Borrower defaults under any loan, extension of
credit, security agreement, purchase or sales agreement, or any other
agreement, in favor of any other creditor or person that may materially
affect any of Borrower's property or Borrower's ability to repay this Note or
perform Borrower's obligations under this Note or any of the Related
Documents. (d) Any representation or statement made or furnished to Lender by
Borrower or on Borrower's behalf is false or misleading in any material
respect either now or at the time made or furnished. [illegible text]
property, Borrower makes an assignment for the benefit of creditors, or any
proceeding is commenced either by Borrower or against Borrower under any
bankruptcy or insolvency laws. (f) Any creditor tries to take any of
Borrower's property on or in which Lender has a lien or security interest.
This includes a garnishment of any of Borrower's accounts with Lender. (g)
Any guarantor dies or any of the other events described in this default
section occurs with respect to any guarantor of this Note. (h) A material
adverse change occurs in Borrower's financial condition, or Lender believes
the prospect of payment or performance of the indebtedness is impaired. (i)
Lender in good faith deems itself insecure.
If any default, other than a default in payment is curable and if Borrower
has not been given a notice of a breach of the same provision of this Note
within the preceding twelve (12) months, it may be cured (and no event of
default will have occurred) if Borrower, after receiving written notice from
Lender demanding cure of such default: (a) cures the default within fifteen
(15) days; or (b) if the cure requires more than fifteen (15) days immediately
initiates steps which Lender deems in Lender's sole discretion to be
sufficient to cure the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as
reasonably practical.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued UNPAID interest immediately due, without
notice, and then borrower will pay that amount. Upon default, including
failure to pay upon final maturity, Lender, at its option, may also, if
permitted under applicable law, increase the variable interest rate on this
Note to 5.500 percentage points over the Index. The interest rate will not
exceed the maximum rate permitted by applicable law. Lender may hire or pay
someone else to help collect this Note, if Borrower does not pay. Borrower
also will pay Lender that amount. This includes, subject to any limits under
applicable law, Lender's attorneys' fees and Lender's legal expenses whether
or not there is a lawsuit, including attorneys' fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic
stay or injunction), appeals, and any anticipated post-judgment collection
services. If not prohibited by applicable law. Borrower also will pay any
court costs, in addition to all other sums provided by law. THIS NOTE HAS
BEEN DELIVERED TO LENDER AND ACCEPTED BY LENDER IN THE STATE OF OREGON. IF
THERE IS A LAWSUIT, BORROWER AGREES UPON LENDER'S REQUEST TO SUBMIT TO THE
JURISDICTION OF THE COURTS OF LANE COUNTY, THE STATE OF OREGON. LENDER AND
BORROWER HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY ACTION, PROCEEDING,
OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR BORROWER AGAINST THE OTHER. THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH LAWS OF THE STATE
OF OREGON.
DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $18.50 if Borrower
makes a payment on Borrower's loan and the check or preauthorized charge with
which Borrower pays is later dishonored.
RIGHT OF SETOFF. Borrower grants to Lender a contractual possessory security
interest in, and hereby assigns, conveys, delivers, pledges, and transfers to
Lender all Borrower's right, title and interest in and to, Borrower's
accounts with Lender (whether checking, savings, or some other account),
including without limitation all accounts held jointly with someone else and
all accounts Borrower may open in the future, excluding however all IRA and
Keogh accounts, and all trust accounts for which the grant of a security
interest would be prohibited by law. Borrower authorizes Lender to the extent
permitted by applicable law, to charge or setoff all sums owing on this Note
against any and all such accounts.
<PAGE>
03-20-1998 COMMERCIAL SECURITY AGREEMENT Page 2
Loan No 43251 (Continued)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LINE OF CREDIT. This Note evidences a revolving line of credit. Advances
under this Note may be requested orally by Borrower or by an authorized
person. Lender may, but need not, require that all oral requests be confirmed
in writing. All communications, instructions, or directions by telephone or
otherwise to Lender are to be directed to Lender's office shown above. The
following party or parties are authorized to request advances under the line
of credit until Lender receives from Borrower at Lender's address shown above
written notice of revocation of their authority: DEAN BILYEU, PRESIDENT;
RANSOM SOUTHERLAND, VICE PRESIDENT; AND ROSALIE WOLFE, SECRETARY. Borrower
agrees to be liable for all sums either: (a) advanced in accordance with the
instructions of an authorized person or (b) credited to any of Borrower's
accounts with Lender, regardless of the fact that persons other than those
authorized to borrow have authority to draw against the accounts. The unpaid
principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender's internal records, including daily
computer print-outs. Lender will have no obligation to advance funds under
this Note if: (a) Borrower or any guarantor is in default under the terms of
this Note or any agreement that Borrower or any guarantor has with Lender,
including any agreement made in connection with the signing of this Note; (b)
Borrower or any guarantor ceases doing business or is insolvent; (c) any
guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
guarantor's guarantee of this Note or any other loan with Lender; (d)
Borrower has applied funds provided pursuant to this Note for purposes other
than those authorized by Lender; or (e) Lender in good faith deems itself
insecure under this Note or any other agreement between Lender and Borrower.
GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person
who signs, guarantees or endorses this Note, to the extent allowed by law,
waive presentment, demand for payment, protest and notice of dishonor. Upon
any change in the terms of this Note, and unless otherwise expressly stated
in writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability. All such
parties agree that Lender may renew or extend (repeatedly and for any length
of time) this loan, or release any party or guarantor or collateral; or
impair, fail to realize upon or perfect Lender's security interest in the
collateral; and take any other action deemed necessary by Lender without the
consent of or notice to anyone. All such parties also agree that Lender may
modify this loan without the consent of or notice to anyone other than the
party with whom the modification is made.
UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY US
(LENDER) AFTER OCTOBER 3, 1989 CONCERNING LOANS AND OTHER CREDIT EXTENSIONS
WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLEY BY
THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE
SIGNED BY US TO BE ENFORCEABLE.
PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS
OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER
AGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY
OF THE NOTE.
BORROWER:
CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE
BY: BY:
------------------------------------ -------------------------------
DEAN BILYEU, PRESIDENT ROSALIE WOLFE, SECRETARY
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<PAGE>
COMMERCIAL SECURITY AGREEMENT
<TABLE>
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PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
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</TABLE>
References in the shaded area are for Lender's use only and do not limit the
applicability of this document to any particular loan or item.
BORROWER: CLIPPER CUBED CORPORATION LENDER: PACIFIC CONTINENTAL
DBA: CLIPPERNET INTERNET BANK
ACCESS SERVICE P.O. BOX 10727
2300 OAKMONT WAY, SUITE 203/ EUGENE, OR 97440
P.O. BOX 70104
EUGENE, OR 97401
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THIS COMMERCIAL SECURITY AGREEMENT IS ENTERED INTO BETWEEN CLIPPER CUBED
CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE (REFERRED TO BELOW AS
"GRANTOR"); AND PACIFIC CONTINENTAL BANK (REFERRED TO BELOW AS "LENDER").
FOR VALUABLE CONSIDERATION, GRANTOR GRANTS TO LENDER A SECURITY INTEREST IN
THE COLLATERAL TO SECURE THE INDEBTEDNESS AND AGREES THAT LENDER SHALL HAVE
THE RIGHTS STATED IN THIS AGREEMENT WITH RESPECT TO THE COLLATERAL, IN
ADDITION TO ALL OTHER RIGHTS WHICH LENDER MAY HAVE BY LAW.
DEFINITIONS. The following words shall have the following meanings when used
in this Agreement. Terms not otherwise defined in this Agreement shall have
the meanings attributed to such terms in the Uniform Commercial Code. All
references to dollar amounts shall mean amounts in lawful money of the United
States of America.
AGREEMENT. The word "Agreement" means this Commercial Security
Agreement, as this Commercial Security Agreement may be amended or
modified from time to time, together with all exhibits and
schedules attached to this Commercial Security Agreement from time
to time.
COLLATERAL. The word "Collateral" means the following described
property of Grantor, whether now owned or hereafter acquired,
whether now existing or hereafter arising, and wherever located:
ALL INVENTORY, CHATTEL PAPER, ACCOUNTS, EQUIPMENT AND GENERAL
INTANGIBLES
In addition, the word "Collateral" includes all the following,
whether now owned or hereafter acquired, whether now existing or
hereafter arising, and wherever located:
(a) All attachments, accessions, accessories, tools, parts,
supplies, increases and additions to and all replacements of
and substitutions for any property described above.
(b) all products and produce of any of the property described in
this Collateral section.
(c) All accounts, general intangibles, instruments, rents,
monies, payments, and all other rights, arising out of a sale,
lease, or other disposition of any of the property described in
this Collateral section.
(d) All proceeds (including insurance proceeds) from the sale,
destruction, loss, or other disposition of any of the property
described in this Collateral section.
(e) All records and data relating to any of the property
described in this Collateral section, whether in the form of a
writing, photograph, microfilm, microfiche, or electronic
media, together with all of Grantor's right, title, and
interest in and to all computer software required to utilize,
create, maintain, and process any such records or data on
electronic media.
EVENT OF DEFAULT. The words "Event of Default" mean and include
without limitation any of the Events of Default set forth below in
the section titled "Events of Default."
GRANTOR. The word "Grantor" means Clipper Cubed Corporation dba:
Clippernet Internet Access Service, its successors and assigns.
GUARANTOR. The word "Guarantor" means and includes without
limitation each and all of the guarantors, sureties, and
accommodation parties in connection with the indebtedness.
INDEBTEDNESS. The word "Indebtedness" means the indebtedness
evidenced by the Note, including all principal and interest,
together with all other indebtedness and costs and expenses for
which Grantor is responsible under this Agreement or under any of
the Related Documents. In addition, the word "indebtedness" includes
all other obligations, debts and liabilities, plus interest thereon,
of Grantor, or any one or more of them, to Lender, as well as all
claims by Lender against Grantor, or any one or more of them,
whether existing now or later; whether they are voluntary or
involuntary, due or not due, direct or indirect, absolute or
contingent, liquidated or unliquidated; whether Grantor may be
liable individually or jointly with others; whether Grantor may be
obligated as guarantor, surety, accommodation party or otherwise;
whether recovery upon such indebtedness may be or hereafter may
become barred by any statute of limitations; and whether such
indebtedness may be or hereafter may become otherwise unenforceable.
LENDER. The word "Lender" means Pacific Continental Bank, its
successors and assigns.
NOTE. The word "Note" means the note or credit agreement dated March
20, 1998, in the principal amount of $100,000.00 from Clipper Cubed
Corporation dba: Clippernet Internet Access Service to Lender,
together with all renewals of, extensions of, modifications of,
refinancings of, consolidations of and substitutions for the note or
credit agreement.
RELATED DOCUMENTS. The words "Related Documents" mean and include
without limitation all promissory notes, credit agreements, loan
agreements, environmental agreements, guaranties, security
agreements, mortgages, deeds of trust, and all other instruments,
agreements and documents, whether now or hereafter existing,
executed in connection with the indebtedness.
RIGHT OF SETOFF. Grantor hereby grants Lender a contractual possessory
security interest in and hereby assigns, conveys, delivers, pledges, and
transfers all of the Grantor's right, title and interest in and to Grantor's
accounts with Lender(whether checking, savings, or some other account),
including all accounts held jointly with someone else and all accounts
Grantor may open in the future, excluding, however, all IRA and
Keogh accounts, and all trust accounts for which the grant of a security
interest would be prohibited by law. Grantor authorizes Lender, to the extent
permitted by applicable law, to charge or setoff all indebtedness
against any and all such accounts.
OBLIGATIONS OF GRANTOR. Grantor warrants and covenants to Lender as follows:
PERFECTION OF SECURITY INTEREST. Grantor agrees to execute such
financing statements and to take whatever other actions are requested
by Lender to perfect and continue Lender's security interest in the
Collateral. Upon request of Lender, Grantor will deliver to Lender
any and all of the documents evidencing or constituting the
Collateral, and Grantor will note Lender's interest upon any and
all chattel paper if not delivered to Lender for possession by
Lender. Grantor hereby appoints Lender as its irrevocable
attorney-in-fact for the purpose of executing any documents
necessary to perfect or to continue the security interest granted in
this Agreement. Lender may at any time, and without further
authorization from Grantor, file a carbon, photographic or other
reproduction of any financing statement or of this Agreement for use
as a financing statement. Grantor will reimburse Lender for all
expenses for the perfection and the continuation of the perfection
of Lender's security
<PAGE>
Loan No 43251 (Continued)
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interest in the Collateral. Grantor promptly will notify Lender before any
change in Grantor's name including any change to the assumed business names of
Grantor. THIS IS A CONTINUING SECURITY AGREEMENT AND WILL CONTINUE IN EFFECT
EVEN THOUGH ALL OR ANY PART OF THE INDEBTEDNESS IS PAID IN FULL AND EVEN
THOUGH FOR A PERIOD OF TIME GRANTOR MAY NOT BE INDEBTED TO LENDER.
NO VIOLATION. The execution and delivery of this Agreement will not violate
any law or agreement governing Grantor or to which Grantor is a party, and
its certificate of articles of incorporation and bylaws do not prohibit any
term or condition of this Agreement.
ENFORCEABILITY OF COLLATERAL. To the extent the Collateral consists of
accounts, chattel paper, or general intangibles, the Collateral is
enforceable in accordance with its terms, is genuine, and complies with
applicable laws concerning form, content and manner of preparation and
execution, and all persons appearing to be obligated on the Collateral have
authority and capacity to contract and are in fact obligated as they appear
to be on the Collateral. At the time any account becomes subject to a
security interest in favor of Lender, the account shall be a good and valid
account representing an undisputed, bona fide indebtedness incurred by the
account debtor, for merchandise held subject to delivery instructions or
theretofore shipped or delivered pursuant to a contract of sale, or for
services theretofore performed by Grantor with or for the account debtor;
there shall be no setoffs or counterclaims against any such account; and no
agreement under which any deductions or discounts may be claimed shall have
been made with the account debtor except those disclosed to Lender in writing.
LOCATION OF THE COLLATERAL. Grantor, upon request of Lender, will deliver to
Lender in form satisfactory to Lender a schedule of real properties and
Collateral locations relating to Grantor's operations, including without
limitation the following: (a) all real property owned or being purchased by
Grantor; (b) all real property being rented or leased by Grantor; (c) all
storage facilities owned, rented, leased, or being used by Grantor; and (d)
all other properties where Collateral is or may be located. Except in the
ordinary course of its business, Grantor shall not remove the Collateral from
its existing locations without the prior written consent of Lender.
REMOVAL OF COLLATERAL. Grantor shall keep the Collateral (or to the extent the
Collateral consists of intangible property such as accounts, the records
concerning the Collateral) at Grantor's address shown above, or at such other
locations as are acceptable to Lender. Except in the ordinary course of its
business, including the sales of inventory, Grantor shall not remove the
Collateral from its existing locations without the prior written consent of
Lender. To the extent that the Collateral consists of vehicles, or other
titled property, Grantor shall not take or permit any action which would
require application for certificates of title for the vehicles outside the
State of Oregon, without the prior written consist of Lender.
TRANSACTIONS INVOLVING COLLATERAL. Except for inventory sold or accounts
collected in the ordinary course of Grantor's business, Grantor shall not
sell, offer to sell, or otherwise transfer or dispose of the Collateral. While
Grantor is not in default under this Agreement, Grantor may sell inventory,
but only in the ordinary course of its business and only to buyers who
qualify as a buyer in the ordinary course of business. A sale in the ordinary
course of Grantor's business does not include a transfer in partial or total
satisfaction of a debt or any bulk sale. Grantor shall not pledge, mortgage,
encumber or otherwise permit the Collateral to be subject to any lien,
security interest, encumbrance, or charge, other than the security interest
provided for in this Agreement, without the prior written consent of Lender.
This includes security interests even if junior in right to the security
interests granted under this Agreement. Unless waived by Lender, all proceeds
from any disposition of the Collateral (for whatever reason) shall be held in
trust for Lender and shall not be commingled with any other funds; provided
however, this requirement shall not constitute consent by Lender to any sale
or other disposition. Upon receipt, Grantor shall immediately deliver any such
proceeds to Lender.
TITLE. Grantor represents and warrants to Lender that it holds good and
marketable title to the Collateral, free and clear of all liens and
encumbrances except for the lien of this Agreement. No financing statement
covering any of the Collateral is on file in any public office other than
those which reflect the security interest created by this Agreement or to
which Lender has specifically consented. Grantor shall defend Lender's
rights in the Collateral against the claims and demands of all other persons.
COLLATERAL SCHEDULES AND LOCATIONS. As often as Lender shall require, and
insofar as the Collateral consists of accounts and general intangibles.
Grantor shall deliver to Lender schedules of such Collateral, including such
information as Lender may require, including without limitation names and
addresses of account debtors and agings of accounts and general intangibles.
Insofar as the Collateral consists of inventory and equipment, Grantor shall
deliver to Lender, as often as Lender shall require, such lists,
descriptions, and designations of such Collateral as Lender may require to
identify the nature, extent, and location of such Collateral. Such
information shall be submitted for Grantor and each of its subsidiaries or
related companies.
MAINTENANCE AND INSPECTION OF COLLATERAL. Grantor shall maintain all tangible
Collateral in good condition and repair. Grantor will not commit or permit
damage to or destruction of the Collateral or any part of the Collateral.
Lender and its designated representatives and agents shall have the right at
all reasonable times to examine, inspect, and audit the Collateral wherever
located. Grantor shall immediately notify Lender of all cases involving the
return, rejection, repossession, loss or damage of or to any Collateral; of
any request for credit or adjustment or of any other dispute arising with
respect to the Collateral; and generally of all happenings and events
affecting the Collateral or the value or the amount of the Collateral.
TAXES AND ASSESSMENTS AND LIENS. Grantor will pay when due all taxes,
assessments and liens upon the Collateral, its use or operation, upon this
Agreement, upon any promissory note or notes evidencing the indebtedness, or
upon any of the other Related Documents. Grantor may withhold any such
payment or may elect to contest any lien if Grantor is in good faith
conducting an appropriate proceeding to contest the obligation to pay and so
long as Lender's interest in the Collateral is not jeopardized in Lender's
sole opinion. If the Collateral is subjected to a lien which is not discharged
within fifteen (15) days, Grantor shall deposit with Lender cash, a
sufficient corporate surety bond or other security satisfactory to Lender in
an amount adequate to provide for the discharge of the lien plus any
interest, costs, attorneys' fees or other charges that could accrue as a
result of foreclosure or sale of the Collateral. In any contest Grantor shall
defend itself and Lender and shall satisfy any final adverse judgment before
enforcement against the Collateral. Grantor shall name Lender as an
additional obligee under any surety bond furnished in the contest proceedings.
COMPLIANCE WITH GOVERNMENTAL REQUIREMENTS. Grantor shall comply promptly with
all laws, ordinances, rules and regulations of all governmental authorities,
now or hereafter in effect, applicable to the ownership, production,
disposition, or use of the Collateral. Grantor may contest in good faith any
such law, ordinance or regulation and withhold compliance during any
proceedings, including appropriate appeals, so long as Lender's interest in
the Collateral, in Lender's opinion, is not jeopardized.
HAZARDOUS SUBSTANCES. Grant represents and warrants that the Collateral never
has been, and never will be so long as this Agreement remains a lien on the
Collateral, used for the generation, manufacture, storage, transportation,
treatment, disposal, release or threatened release of any hazardous waste or
substance, as those terms are defined in the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C.
Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization
Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials
Transportation Act, 49 U.S.C. Section 1801, et. seq., the Resource
Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other
applicable state or Federal laws, rules, or regulations adopted pursuant to
any of the foregoing or intended to protect human health or the environment
("Environmental Laws"). The terms "hazardous waste" and "hazardous substance"
shall also include, without limitation, petroleum and petroleum by-products
or any fraction thereof and asbestos. The representations and warrants
contained herein are based on Grantor's due diligence in investigating the
Collateral for hazardous wastes and substances. Grantor hereby (a) releases
and waives any future claims against Lender for indemnity or contribution in
the event Grantor becomes liable for cleanup or other costs under any
Environmental Laws, and (b) agrees to indemnify and hold harmless Lender
against any and all claims and losses resulting from a breach of
<PAGE>
03-20-1998 COMMERCIAL SECURITY AGREEMENT Page 4
Loan No 43251 (Continued)
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proceeding and if Grantor gives Lender written notice of the
creditor or forfeiture proceeding and deposits with Lender monies
or a surety bond for the creditor or forfeiture proceeding, in an
amount determined by Lender, in its sole discretion, as being an
adequate reserve or bond for the dispute.
EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with
respect to any Guarantor of any of the Indebtedness or such
Guarantor dies or become incompetent. Lender, at its option, may,
but shall not be required to, permit the Guarantor's estate to
assume unconditionally the obligations arising under the guaranty in
a manner satisfactory to Lender, and, in doing so, cure the Event of
Default.
ADVERSE CHANGE. A material adverse change occurs in Grantor's
financial condition, or Lender believes the prospect of payment or
performance of the Indebtedness is impaired.
INSECURITY. Lender, in good faith, deems itself insecure.
RIGHT TO CURE. If any default, other than a Default of Indebtedness,
is curable and if Grantor has not been given a prior notice of a
breach of the same provision of this Agreement, it may be cured (and
no Event of Default will have occurred) if Grantor, after Lender
sends written notice demanding cure of such default, (a) cures the
default within fifteen (15) days or (b), if the cure requires more
than fifteen (15) days, immediately initiates steps which Lender
deems in Lender's sole discretion to be sufficient to cure the default
and thereafter continues to completes all reasonable and necessary
steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this
Agreement, at any time thereafter, Lender shall have all the rights of a
secured party under the Oregon Uniform Commercial Code. In addition and
without limitation, Lender may exercise any one or more of the following
rights and remedies:
ACCELERATE INDEBTEDNESS. Lender may declare the entire Indebtedness,
including any prepayment penalty which Grantor would be required to
pay, immediately due and payable, without notice.
ASSEMBLE COLLATERAL. Lender may require Grantor to deliver to Lender
all or any portion of the Collateral and any and all certificates of
title and other documents relating to the Collateral. Lender may
require Grantor to assemble the Collateral and make it available to
Lender at a place to be designated by Lender. Lender also shall have
full power to enter upon the property of Grantor to take possession
of and remove the Collateral. If the Collateral contains other goods
not covered by this Agreement at the time of repossession, Grantor
agrees Lender may take such other goods, provided that Lender makes
reasonable efforts to return them to Grantor after repossession.
SELL THE COLLATERAL. Lender shall have full power to sell, lease,
transfer, or otherwise deal with the Collateral or proceeds thereof
in its own name or that of Grantor. Lender may sell the Collateral
at public auction or private sale. Unless the Collateral threatens
to decline speedily in value or is of a type customarily sold on a
recognized market, Lender will give Grantor reasonable notice of the
time after which any private sale or any other intended disposition
of the Collateral is to be made unless Grantor has signed, after an
Event of Default occurs, a statement renouncing or modifying
Grantor's right to notification of sale. The requirements of
reasonable notice shall be met if such notice is given at least ten
(10) days before the time of the sale or disposition. All expenses
relating to the disposition of the Collateral, including without
limitation the expenses of retaking, holding, insuring, preparing
for sale and selling the Collateral, shall become a part of the
Indebtedness secured by this Agreement and shall be payable on
demand, with interest at the Note rate from date of expenditure
until repaid.
APPOINT RECEIVER. To the extent permitted by applicable law, Lender
shall have the following rights and remedies regarding the
appointment of a receiver: (a) Lender may have a receiver appointed
as a matter of right, (b) the receiver may be an employee of Lender
and may serve without bond, and (c) all fees of the receiver and his
or her attorney shall become part of the Indebtedness secured by
this Agreement and shall be payable on demand, with interest at the
Note rate from date of expenditure until repaid.
COLLECT REVENUES, APPLY ACCOUNTS. Lender, either itself or through a
receiver, may collect the payments, rents, income and revenues from
the Collateral. Lender may at any time in its discretion transfer
any Collateral into its own name or that of its nominee and receive
the payments, rents, income, and revenues therefrom and hold the
same as security for the Indebtedness or apply it to payment of the
indebtedness in such order of preference as Lender may determine.
Insofar as the Collateral consists of accounts, general intangibles,
insurance policies, instruments, chattel paper, chooses in action,
or similar property, Lender may demand, collect, receipt for,
settle, compromise, adjust, sue for foreclose, or realize on the
Collateral as Lender may determine, whether or not Indebtedness or
Collateral is then due. For these purposes, Lender may, on behalf of
and in the name of Grantor, receive, open and dispose of mail
addressed to Grantor change any address to which mail and payments
are to be sent; and endorse notes, checks, drafts, money orders,
documents of title, instruments and items pertaining to payment,
shipment, or storage of any Collateral. To facilitate collection,
Lender may notify account debtors and obligors on any Collateral to
make payments directly to Lender.
OBTAIN DEFICIENCY. If Lender chooses to sell any or all of the
Collateral, Lender may obtain a judgment against Grantor for any
deficiency remaining on the Indebtedness due to Lender after
application of all amounts received from the exercise of the rights
provided in this Agreement. Grantor shall be liable for a deficiency
event if the transaction described in this subsection is a sale of
accounts or chattel paper.
OTHER RIGHTS AND REMEDIES. Lender shall have all the rights and
remedies of a secured creditor under the provisions of the Uniform
Commercial Code, as may be amended from time to time. In addition,
Lender shall have and may exercise any or all other rights and
remedies it may have available at law, in equity, or otherwise.
CUMULATIVE REMEDIES. All of Lender's rights and remedies, whether
evidenced by this Agreement or the Related Documents or by any other
writing, shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Grantor
under this Agreement, after Grantor's failure to perform, shall not
affect Lender's right to declare a default and to exercise its
remedies.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part
of this Agreement:
AMENDMENTS: This Agreement, together with any Related Documents,
constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Agreement. No alteration of or
amendment to this Agreement shall be effective unless given in
writing and signed by the party or parties sought to be charged or
bound by the alteration or amendment.
APPLICABLE LAW. This Agreement has been delivered to Lender and
accepted by Lender in the State of Oregon. If there is a lawsuit,
Grantor agrees upon Lender's request to submit to the jurisdiction
of the courts of the State of Oregon. Lender and Grantor hereby
waive the right to any jury trial in any action, proceeding, or
counterclaim brought by either Lender or Grantor against the other.
This Agreement shall be governed by and construed in accordance with
the laws of the State of Oregon.
ATTORNEYS' FEES; EXPENSES. Grantor agrees to pay upon demand all of
Lender's costs and expenses, including attorneys' fees and Lender's
legal expenses, incurred in connection with the enforcement of this
Agreement. Lender may pay someone else to help enforce this
Agreement, and Grantor shall pay the costs and expenses of such
enforcement. Costs and expenses include Lender's attorney's fees and
legal expenses whether or not there is a lawsuit, including
attorneys' fees and legal expenses for bankruptcy proceedings (and
including efforts to modify or vacate any automatic stay or
injunction), appeals, and any anticipated post-judgment collection
services. Grantor also shall pay all court costs and such additional
fees as may be directed by the court.
<PAGE>
03-20-1998 COMMERCIAL SECURITY AGREEMENT Page 5
Loan No 43251 (Continued)
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CAPTION HEADINGS. Caption headings in this Agreement are for convenience
purposes only and are not to be used to interpret or define the provisions of
this Agreement.
MULTIPLE PARTIES; CORPORATE AUTHORITY. All obligations of Grantor under this
Agreement shall be joint and several, and all references to Grantor shall
mean each and every Grantor. This means that each of the persons signing
below is responsible for all obligations in this Agreement.
NOTICES. All notices required to be given under this Agreement shall be given
in writing, may be sent by telefacsimile (unless otherwise required by law),
and shall be effective when actually delivered or when deposited with a
nationally recognized overnight courier or deposited in the United States
mail, first class, postage prepaid, addressed to the party to whom the notice
is to be given at the address shown above. Any party may change its address
for notices under this Agreement by giving formal written notice to the other
parties, specifying that the purpose of the notice is to change the party's
address. To the extent permitted by applicable law if there is more than one
Grantor, notice to an Grantor will constitute notice to all Grantors. For
notice purposes, Grantor will keep Lender informed at all times of Grantor's
current address(es).
POWER OF ATTORNEY. Grantor hereby appoints Lender as its true and lawful
attorney-in-fact, irrevocably, with full power of substitution to do the
following: (a) to demand, collect, receive, receipt for, sue and recover all
sums of money or other property which may now or hereafter become due, owing or
payable from the Collateral; (b) to execute, sign and endorse any and all
claims, instruments, receipts, checks, drafts or warrants issued in payment
for the Collateral; (c) to settle or compromise any and all claims arising
under the Collateral, and, in the place and stead of Grantor, to execute and
deliver its release and settlement for the claim; and (d) to file any claim
or claims or to take any action or institute or take part in any proceedings,
either in its own name or in the name of Grantor, or otherwise, which in the
discretion of Lender may seem to be necessary or advisable. This power is
given as security for the indebtedness, and the authority hereby conferred is
and shall be irrevocable and shall remain in full force and effect until
renounced by Lender.
PREFERENCE PAYMENTS. Any monies Lender pays because of an asserted preference
claim in Borrower's bankruptcy will become a part of the indebtedness and, at
Lender's option, shall be payable by Borrower as provided above in the
"EXPENDITURES BY LENDER" paragraph.
SEVERABILITY. If a court of competent jurisdiction finds any provision of
this Agreement to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or
unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits
of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of the Agreement
in all other respects shall remain valid and enforceable.
SUCCESSOR INTERESTS. Subject to the limitations set forth above on transfer
of the Collateral, this Agreement shall be binding upon and inure to the
benefit of the parties, their successors and assigns.
WAIVER. Lender shall not be deemed to have waived any rights under this
Agreement unless such waiver is given in writing and signed by Lender. No
delay or omission on the part of Lender in exercising any right shall operate
as a waiver of such right or any other right. A waiver by Lender of a
provision of this Agreement shall not prejudice or constitute a waiver of
Lender's right otherwise to demand strict compliance with that provision or
any other provision of this Agreement. No prior waiver by Lender, nor any
course of dealing between Lender and Grantor, shall constitute a waiver of
any of Lender's rights or of any of Grantor's obligations as to any future
transactions. Whenever the consent of Lender is required under this
Agreement, the granting of such consent by Lender in any instance shall not
constitute continuing consent to subsequent instances where such consent is
required and in all cases such consent may be granted or withheld in the sole
discretion of Lender.
WAIVER OF CO-OBLIGOR'S RIGHTS. If more than one person is obliged for the
indebtedness, Borrower irrevocably waives, disclaims and relinquishes all
claims against such other person which Borrower has or would otherwise have
by virtue of payment of the indebtedness or any part thereof, specifically
including but not limited to all rights of indemnity, contribution or
exoneration.
GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS COMMERCIAL
SECURITY AGREEMENT, AND GRANTOR AGREES TO ITS TERMS. THIS AGREEMENT IS DATED
MARCH 20, 1998.
GRANTOR:
CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE
BY: BY:
---------------------------------- --------------------------------
DEAN BILYEU, PRESIDENT ROSALIE WOLFE, SECRETARY
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<PAGE>
COMMERCIAL PLEDGE AND SECURITY AGREEMENT
<TABLE>
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PRINCIPAL LOAN DATE MATURITY LOAN NO CALL COLLATERAL ACCOUNT OFFICER INITIALS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$100,000.00 03-20-1998 09-16-1998 43251 4 430 TDH
- ----------------------------------------------------------------------------------------------------------------
References in the shaded area are for Lender's use only and do not limit the applicability
of this document to any particular loan or item.
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
BORROWER: CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET LENDER: PACIFIC CONTINENTAL BANK
ACCESS SERVICE P.O. BOX 10727
2300 OAKMONT WAY, SUITE 203/P.O. BOX 70104 EUGENE, OR 97440
EUGENE, OR 97401
GRANTOR: ALAIN L. DE LA MOTTE AND ELIZABETH L. DE LA MOTTE, AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP AND NOT AS TENANTS IN
COMMON
6700 S.W. SANDBURG ROAD
TIGARD, OR 97223
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- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
THIS COMMERCIAL PLEDGE AND SECURITY AGREEMENT is entered into among Clipper
Cubed Corporation dba: Clippernet Internet Access Service (referred to below
as "Borrower"); Alain L. de la Motte and Elizabeth de la Motte, as joint
tenants with right of survivorship and not as tenants in common (referred to
below as "Grantor"); and Pacific Continental Bank (referred to below as
"Lender").
GRANT OF SECURITY INTEREST. FOR VALUABLE CONSIDERATION, GRANTOR GRANTS TO
LENDER A SECURITY INTEREST IN THE COLLATERAL TO SECURE THE INDEBTEDNESS AND
AGREES THAT LENDER SHALL HAVE THE RIGHTS STATED IN THIS AGREEMENT WITH
RESPECT TO THE COLLATERAL, IN ADDITION TO ALL OTHER RIGHTS WHICH LENDER MAY
HAVE BY LAW.
DEFINITIONS. The following words shall have the following meanings when used
in this Agreement:
AGREEMENT. The word "Agreement" means this Commercial Pledge and
Security Agreement, as this Commercial Pledge and Security Agreement may
be amended or modified from time to time, together with all exhibits and
schedules attached to this Commercial Pledge and Security Agreement from
time to time.
BORROWER. The word "Borrower" means each and every person or entity
signing the Note, including without limitation Clipper Cubed Corporation
dba: Clippernet Internet Access Service.
COLLATERAL. The word "Collateral" means the following specifically
described property, which Grantor has delivered or agrees to deliver (or
cause to be delivered or appropriate book-entries made) immediately to
Lender, together with all Income and Proceeds as described below:
202500.000 SHARES OF INTEGRATED FOOD RESOURCES, INC. STOCK
CERTIFICATE NUMBER P 1231, CUSIP#45813P 10 6
ONE STOCK POWER SIGNED IN BLANK
In addition, the word "Collateral" includes all property of Grantor
(however owned), in the possession of Lender (or in the possession of a
third party subject to the control of Lender), whether now or hereafter
existing and whether tangible or intangible in character, including
without limitation each of the following:
(a) ALL PROPERTY TO WHICH LENDER ACQUIRES TITLE OR DOCUMENTS OF TITLE.
(b) ALL PROPERTY ASSIGNED TO LENDER.
(c) ALL PROMISSORY NOTES, BILLS OF EXCHANGE, STOCK CERTIFICATES,
BONDS, SAVINGS PASSBOOKS, TIME CERTIFICATES OF DEPOSIT, INSURANCE
POLICIES, AND ALL OTHER INSTRUMENTS AND EVIDENCES OF AN OBLIGATION.
(d) ALL RECORDS RELATING TO ANY OF THE PROPERTY DESCRIBED IN THIS
COLLATERAL SECTION, WHETHER IN THE FORM OF A WRITING, MICROFILM,
MICROFICHE, OR ELECTRONIC MEDIA.
EVENT OF DEFAULT. The words "Event of Default" mean and include without
limitation any of the Events of Default set forth below in the section
titled "Events of Default."
GRANTOR. The word "Grantor" means Alain L. de la Motte and Elizabeth L.
de la Motte, as joint tenants with right of survivorship and not as
tenants in common. Any Grantor who signs this Agreement, but does not
sign the Note, is signing this Agreement only to grant a security interest
in Grantor's interest in the Collateral to Lender and is not personally
liable under the Note except as otherwise provided by contract or law
(e.g., personal liability under a guaranty or as a surety).
GUARANTOR. The word "Guarantor" means and includes without limitation
each and all of the guarantors, sureties, and accommodation parties in
connection with the Indebtedness.
INCOME AND PROCEEDS. The words "Income and Proceeds" mean all present and
future income, proceeds, earnings, increases, and substitutions from or
for the Collateral of every kind and nature, including without limitation
all payments, interest, profits, distributions, benefits, rights, options,
warrants, dividends, stock dividends, stock splits, stock rights,
regulatory dividends, distributions, subscriptions, monies, claims for
money due and to become due, proceeds of any insurance on the Collateral,
shares of stock of different par value or no par value issued in
substitution or exchange for shares included in the Collateral, and all
other property Grantor is entitled to receive on account of such
Collateral, including accounts, documents, instruments, chattel paper, and
general intangibles.
INDEBTEDNESS. The word "Indebtedness" means the indebtedness evidenced by
the Note, including all principal and interest, together with all other
Indebtedness and costs and expenses for which Borrower or Grantor is
responsible under this Agreement or under any of the Related Documents.
In addition, the word "Indebtedness" includes all other obligations, debts
and liabilities, plus interest thereon, of Borrower, or any one or more of
them, to Lender, as well as all claims by Lender against Borrower, or any
one or more of them, whether existing now or later, whether they are
voluntary or involuntary, due or not due, direct or indirect, absolute or
contingent, liquidated or unliquidated; whether Borrower may be liable
individually or jointly with others; whether Borrower may be obligated as
guarantor, surety, accommodation party or otherwise; whether recovery upon
such indebtedness may be or hereafter may become barred by any statute of
limitations; and whether any such indebtedness may be or hereafter may
become otherwise unenforceable.
LENDER. The word "Lender" means Pacific Continental Bank, its successors
and assigns.
NOTE. The word "Note" means the note or credit agreement dated March 20,
1998, in the principal amount of $100,000.00 from Borrower to Lender,
together with all renewals of, extensions of, modifications of,
refinancings of, consolidations of and substitutions for the note or
credit agreement.
OBLIGOR. The word "Obligor" means and includes without limitation any and
all persons or entities obligated to pay money or to perform some other act
under the Collateral.
<PAGE>
03-20-1998 COMMERCIAL PLEDGE AND SECURITY AGREEMENT Page 2
Loan No 43251 (Continued)
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RELATED DOCUMENTS. The words "Related Documents" mean and include without
limitation all promissory notes, credit agreements, loan agreements,
environmental agreements, guaranties, security agreements, mortgages, deeds
of trust, and all other instruments, agreements and documents, whether now
or hereafter existing, executed in connection with the indebtedness.
BORROWER'S WAIVERS AND RESPONSIBILITIES. Except as otherwise required under
this Agreement or by applicable law, (a) Borrower agrees that Lender need not
tell Borrower about any action or inaction Lender takes in connection with
this Agreement; (b) Borrower assumes the responsibility for being and keeping
informed about the Collateral; and (c) Borrower waives any defenses that may
arise because of any action or inaction of Lender, including without
limitation any failure of Lender to realize upon the Collateral or any delay
by Lender in realizing upon the Collateral and Borrower agrees to remain
liable under the Note no matter what action Lender takes or fails to take
under this Agreement.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this
Agreement is executed at Borrower's request and not at the request of Lender;
(b) Grantor has the full right, power and authority to enter into this
Agreement and to pledge the Collateral to Lender; (c) Grantor has established
adequate means of obtaining from Borrower on a continuing basis information
about Borrower's financial condition; and (d) Lender has made no
representation to Grantor about Borrower or Borrower's creditworthiness.
GRANTOR'S WAIVERS. Grantor waives all requirements of presentment, protest,
demand and notice of dishonor or non-payment to Grantor, Borrower, or any
other party to the indebtedness or the Collateral. Lender may do any of the
following with respect to any obligation of any Borrower, without first
obtaining the consent of Grantor: (a) grant any extension of time for any
payment; (b) grant any renewal; (c) permit any modification of payment terms
or other terms; or (d) exchange or release any Collateral or other security.
No such act or failure to act shall affect Lender's rights against Grantor or
the Collateral.
If now or hereafter (a) Borrower shall be or become insolvent, and (b) the
indebtedness shall not at all times until paid be fully secured by collateral
pledged by Borrower, Grantor hereby forever waives and relinquishes in favor
of Lender and Borrower, and their respective successors, any claim or right
to payment Grantor may now have or hereafter have or acquire against
Borrower, by subrogation or otherwise, so that at no time shall Grantor be or
become a "creditor" of Borrower within the meaning of 11 U.S.C. section
547(b), or any successor provision of the Federal bankruptcy laws.
RIGHT OF SETOFF. Grantor hereby grants Lender a contractual possessory
security interest in and hereby assigns, conveys, delivers, pledges, and
transfers all of Grantor's right, title and interest in and to the Grantor's
accounts with Lender (whether checking, savings, or some other account),
including all accounts held jointly with someone else and all accounts Grantor
may open in the future, excluding, however, all IRA and Keogh accounts, and
all trust accounts for which the grant of a security interest would be
prohibited by law. Grantor authorizes Lender, to the extent permitted by
applicable law, to charge or setoff all indebtedness against any and all such
accounts.
GRANTOR'S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL.
Grantor represents and warrants to Lender that:
OWNERSHIP. Grantor is the lawful owner of the Collateral free and clear of
all security interests, liens, encumbrances and claims of others except as
disclosed to and accepted by Lender in writing prior to execution of this
Agreement.
RIGHT TO PLEDGE. Grantor has the full right, power and authority to enter
into this Agreement and to pledge the Collateral.
BINDING EFFECT. This Agreement is binding upon Grantor, as well as
Grantor's heirs, successors, representatives and assigns, and is legally
enforceable in accordance with its terms.
NO FURTHER ASSIGNMENT. Grantor has not, and will not, sell, assign,
transfer, encumber or otherwise dispose of any of Grantor's rights in the
Collateral except as provided in this Agreement.
NO DEFAULTS. There are no defaults existing under the Collateral, and
there are no offsets or counterclaims to the same. Grantor will strictly
and promptly perform each of the terms, conditions, covenants and
agreements contained in the Collateral which are to be performed by
Grantor, if any.
NO VIOLATION. The execution and delivery of this Agreement will not
violate any law or agreement governing Grantor or to which Grantor is a
party.
LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO COLLATERAL. Lender may hold
the Collateral until all the indebtedness has been paid and satisfied and
thereafter may deliver the Collateral to any Grantor. Lender shall have the
following rights in addition to all other rights it may have by law:
MAINTENANCE AND PROTECTION OF COLLATERAL. Lender may, but shall not be
obligated to, take such steps as it deems necessary or desirable to
protect, maintain, insure, store, or care for the Collateral, including
payment of any liens or claims against the Collateral. Lender may charge
any cost incurred in so doing to Grantor.
INCOME AND PROCEEDS FROM THE COLLATERAL. Lender may receive all Income and
Proceeds and add it to the Collateral. Grantor agrees to deliver to Lender
immediately upon receipt, in the exact form received and without
commingling with other property, all Income and Proceeds from the
Collateral which may be received by, paid, or delivered to Grantor or for
Grantor's account, whether as an addition to, in discharge of, in
substitution of, or in exchange for any of the Collateral.
APPLICATION OF CASH. At Lender's option, Lender may apply any cash,
whether included in the Collateral or received as Income and Proceeds or
through liquidation, sale or retirement, of the Collateral, to the
satisfaction of the Indebtedness or such portion thereof as Lender shall
choose, whether or not matured.
TRANSACTIONS WITH OTHERS. Lender may (a) extend time for payment or other
performance,(b) grant a renewal or change in terms or conditions, or (c)
compromise, compound or release any obligation, with any one or more
Obligors, endorsers, or Guarantors of the Indebtedness as Lender deems
advisable, without obtaining the prior written consent of Grantor, and
no such act or failure to act shall affect Lender's rights against
Grantor or the Collateral.
ALL COLLATERAL SECURES INDEBTEDNESS. All Collateral shall be security for
the Indebtedness, whether the Collateral is located at one or more offices
or branches of Lender and whether or not the office or branch where the
indebtedness is created is aware of or relies upon the Collateral.
COLLECTION OF COLLATERAL. Lender, at Lender's option may, but need not,
collect directly from the Obligors on any of the Collateral all Income and
Proceeds or other sums of money and other property due and to become due
under the Collateral, and Grantor authorizes and directs the Obligors, if
Lender exercises such option, to pay and deliver to Lender all Income and
Proceeds and other sums of money and other property payable by the terms of
the Collateral and to accept Lender's receipt for the payments.
POWER OF ATTORNEY. Grantor irrevocably appoints Lender as Grantor's
attorney-in-fact, with full power of substitution, (a) to demand, collect,
receive, receipt for, sue and recover all Income and Proceeds and other
sums of money and other property which may now or hereafter become
due, owing or payable from the Obligors in accordance with the terms of
the Collateral; (b) to execute, sign and endorse any and all instruments,
receipts, checks, drafts and warrants issued in payment for the Collateral;
(c) to settle or compromise any and all claims arising under the
Collateral, and in the place and stead of Grantor, execute and deliver
Grantor's release and acquittance for Grantor; (d) to file any claim or
claims or to take any action or institute or take part in any proceedings;
either in Lender's own name or in the name of Grantor, or otherwise, which
in the discretion of Lender may seem to be necessary or advisable; and
(e) to execute in Grantor's name and to deliver to the Obligors on
Grantor's behalf, at the time and in the manner specified by the Collateral,
any necessary instruments or documents.
<PAGE>
03-20-1998 COMMERCIAL PLEDGE AND SECURITY AGREEMENT Page 3
Loan No 43251 (Continued)
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PERFECTION OF SECURITY INTEREST. Upon request of Lender, Grantor will
deliver to Lender any and all of the documents evidencing or
constituting the Collateral. When applicable law provides more than one
method of perfection of Lender's security interest. Lender may choose
the method(s) to be used. Upon request of Lender, Grantor will sign and
deliver any writings necessary to perfect Lender's security interest. If
the Collateral consists of securities for which no certificate has been
issued. Grantor agrees, at Lender's option, either to request issuance
of an appropriate certificate or to execute appropriate instructions on
Lender's forms instructing the issuer, transfer agent, mutual fund
company, or broker, as the case may be, to record on its books or
records, by book-entry or otherwise, Lender's security interest in the
Collateral. Grantor hereby appoints Lender as Grantor's irrevocable
attorney-in-fact for the purpose of executing any documents necessary to
perfect or to continue the security interest granted in this Agreement.
THIS IS A CONTINUING SECURITY AGREEMENT AND WILL CONTINUE IN EFFECT EVEN
THOUGH ALL OR ANY PART OF THE INDEBTEDNESS IS PAID IN FULL AND EVEN
THOUGH FOR A PERIOD OF TIME BORROWER MAY NOT BE INDEBTED TO LENDER.
EXPENDITURES BY LENDER. If not discharged or paid when due, Lender may (but
shall not be obligated to) discharge or pay any amounts required to be
discharged or paid by Grantor under this Agreement, including without
limitation all taxes, liens, security interests, encumbrances, and other
claims, at any time levied or placed on the Collateral. Lender also may (but
shall not be obligated to) pay all costs for insuring, maintaining and
preserving the Collateral. All such expenditures incurred or paid by Lender
for such purposes will then bear interest at the rate charged under the Note
from the date incurred or paid by Lender to the date of repayment by Grantor.
All such expenses shall become a part of the indebtedness and at Lender's
option, will (a) be payable on demand, (b) be added to the balance of the
Note and be apportioned among and be payable with any installment payments to
become due during either (i) the term of any applicable insurance policy or
(ii) the remaining term of the Note, or (c) be treated as a balloon payment
which will be due and payable at the Note's maturity. This Agreement also
will secure payment of these amounts. Such right shall be in addition to all
other rights and remedies to which Lender may be entitled upon the occurrence
of an Event of Default.
LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable
care in the physical preservation and custody of the Collateral in Lender's
possession, but shall have no other obligation to protect the Collateral or
its value. In particular, but without limitation, Lender shall have no
responsibility for (a) any depreciation in value of the Collateral or for the
collection or protection of any Income and Proceeds from the Collateral, (b)
preservation of rights against parties to the Collateral or against third
persons, (c) ascertaining any maturities, calls, conversions, exchanges,
offers, tenders, or similar matters relating to any of the Collateral, or (d)
informing Grantor about any of the above, whether or not Lender has or is
deemed to have knowledge of such matters. Except as provided above, Lender
shall have no liability for depreciation or deterioration of the
Collateral.
EVENTS OF DEFAULT. Each of the following shall constitute an Event of Default
under this agreement:
DEFAULT ON INDEBTEDNESS. Failure of Borrower to make any payment when
due on the indebtedness.
OTHER DEFAULTS. Failure of Borrower or Grantor to comply with or to
perform any other term, obligation, covenant or condition contained in
this Agreement or in any of the Related Documents or failure of Borrower
to comply with or to perform any term, obligation, covenant or condition
contained in any other agreement between Lender and Borrower.
DEFAULT IN FAVOR OF THIRD PARTIES. Should Borrower or any Grantor default
under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor
or person that may materially affect any of Borrower's property or
Borrower's or any Grantor's ability to repay the Loans or perform their
respective obligations under this Agreement or any of the Related
Documents.
FALSE STATEMENTS. Any warranty, representation or statement made or
furnished to Lender by or on behalf of Borrower or Grantor under this
Agreement, the Note or the Related Documents is false or misleading in
any material respect, either now or at the time made or furnished.
DEFECTIVE COLLATERALIZATION. This Agreement or any of the Related
Documents ceases to be in full force and effect (including failure of
any collateral documents to create a valid and perfected security
interest or lien) at any time and for any reason.
INSOLVENCY. The dissolution or termination of Borrower or Grantor's
existence as a going business, the insolvency of Borrower or Grantor,
the appointment of a receiver for any part of Borrower or Grantor's
property, any assignment for the benefit of creditors, any type of
creditor workout, or the commencement of any proceeding under any
bankruptcy or insolvency laws by or against Borrower or Grantor.
CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by an creditor of Borrower or Grantor
or by any governmental agency against the Collateral or any other
collateral securing the indebtedness. This includes a garnishment of any
of Borrower or Grantor's deposit accounts with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by
Borrower or Grantor as to the validity or reasonableness of the claim
which is the basis of the creditor or forfeiture proceeding and if
Borrower or Grantor gives Lender written notice of the creditor or
forfeiture proceeding and deposits with Lender monies or a surety bond
for the creditor or forfeiture proceeding, in an amount determined by
Lender, in its sole discretion, as being an adequate reserve or bond for
the dispute.
EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with
respect to any Guarantor of any of the indebtedness or such Guarantor
dies or becomes incompetent. Lender, at its option, may, but shall not
be required to, permit the Guarantor's estate to assume unconditionally
the obligations arising under the guaranty in a manner satisfactory to
Lender, and, in doing so, cure the Event of Default.
ADVERSE CHANGE. A material adverse change occurs in Borrower's financial
condition, or Lender believes the prospect of payment or performance of
the indebtedness is impaired.
INSECURITY. Lender, in good faith, deems itself insecure.
RIGHT TO CURE. If any default, other than a Default on Indebtedness, is
curable and if Borrower or Grantor has not been given a prior notice of
a breach of the same provision of this Agreement, if may be cured (and
no Event of Default will have occurred) if Borrower or Grantor, after
Lender sends written notice demanding cure of such default, (a) cures
the default within fifteen (15) days; or (b), if the cure requires more
than fifteen (15) days, immediately initiates steps which Lender deems
in Lender's sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps
sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this
Agreement, at any time thereafter, Lender may exercise any one or more of the
following rights and remedies:
ACCELERATE INDEBTEDNESS. Declare all indebtedness, including any
prepayment penalty which Borrower would be required to pay, immediately
due and payable, without notice of any kind to Borrower or Grantor.
COLLECT THE COLLATERAL. Collect any of the Collateral and, at Lender's
option and to the extent permitted by applicable law, retain possession
of the Collateral while suing on the indebtedness.
SELL THE COLLATERAL. Sell the Collateral, at Lender's discretion, as a
unit or in parcels, at one or more public or private sales. Unless the
Collateral is perishable or threatens to decline speedily in value or is
of a type customarily sold on a recognized market. Lender shall give or
mail to Grantor, or any of them, notice at least ten (10) days in advance
of the time and place of any public sale, or of the date after which any
private sale may be made unless Grantor has signed after an Event of
Default occurs, a statement renouncing or modifying Grantor's right to
notification of sale. Grantor agrees that any requirement of reasonable
notice is satisfied if Lender mails notice by ordinary mail addressed to
Grantor, or any of them, at the last address Grantor has given Lender in
writing. If a public sale is held, there shall be sufficient compliance
with all requirements of notice
<PAGE>
03-20-1998 COMMERCIAL PLEDGE AND SECURITY AGREEMENT Page 4
Loan No 43251 (Continued)
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to the public by a single publication in any newspaper of general
circulation in the county where the Collateral is located, setting forth
the time and place of sale and a brief description of the property to be
sold. Lender may be a purchaser at any public sale.
REGISTER SECURITIES. Register any securities included in the Collateral
in Lender's name and exercise any rights normally incident to the ownership
of securities.
SELL SECURITIES. Sell any securities included in the Collateral in a
manner consistent with applicable federal and state securities laws,
notwithstanding any other provision of this or any other agreement. If,
because of restrictions under such laws, Lender is or believes it is
unable to sell the securities in an open market transaction, Grantor
agrees that Lender shall have no obligation to delay sale until the
securities can be registered, and may make a private sale to one or more
persons or to a restricted group of persons, even though such sale may
result in a price that is less favorable than might be obtained in an
open market transaction, and such a sale shall be considered commercially
reasonable. If any securities held as Collateral are "restricted
securities" as defined in the Rules of the Securities and Exchange
Commission (such as Regulation D or Rule 144) or state securities
departments under state "Blue Sky" laws, or if Borrower or Grantor is an
affiliate of the issuer of the securities, Borrower and Grantor agree
that neither Grantor nor any member of Grantor's family will sell or
dispose of any securities of such issuer without obtaining Lender's
prior written consent.
FORECLOSURE. Maintain a judicial suit for foreclosure and sale of the
Collateral.
TRANSFER TITLE. Effect transfer of title upon sale of all or part of the
Collateral. For this purpose, Grantor irrevocably appoints Lender as its
attorney-in-fact to execute endorsements, assignments and instruments in
the name of Grantor and each of them (if more than one) as shall be
necessary or reasonable.
OTHER RIGHTS AND REMEDIES. Have and exercise any or all of the rights
and remedies of a secured creditor under the provisions of the Uniform
Commercial Code, at law, in equity, or otherwise.
APPLICATION OF PROCEEDS. Apply any cash which is part of the Collateral,
or which is received from the collection or sale of the Collateral, to
reimbursement of any expenses, including any costs for registration of
securities, commissions incurred in connection with a sale, attorney
fees as provided below, and court costs, whether or not there is a
lawsuit and including any fees on appeal, incurred by Lender in
connection with the collection and sale of such Collateral and to the
payment of the Indebtedness of Borrower to Lender, with any excess funds
to be paid to Grantor as the interests of Grantor may appear. Borrower
agrees, to the extent permitted by law, to pay any deficiency after
application of the proceeds of the Collateral to the Indebtedness.
CUMULATIVE REMEDIES. All of Lender's rights and remedies, whether
evidenced by this Agreement or by any other writing, shall be cumulative
and may be exercised singularly or concurrently. Election by Lender to
pursue any remedy shall not exclude pursuit of any other remedy, and an
election to make expenditures or to take action to perform an obligation
of Grantor under this Agreement, after Grantor's failure to perform,
shall not affect Lender's right to declare a default and to exercise its
remedies.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part
of this Agreement:
AMENDMENTS. This Agreement, together with any Related Documents,
constitutes the entire understanding and agreement of the parties as to
the matters set forth in this Agreement. No alteration of or amendment
to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration
or amendment.
APPLICABLE LAW. THIS AGREEMENT HAS BEEN DELIVERED TO LENDER AND ACCEPTED
BY LENDER IN THE STATE OF OREGON. IF THERE IS A LAWSUIT, BORROWER AND
GRANTOR AGREE UPON LENDER'S REQUEST TO SUBMIT TO THE JURISDICTION OF THE
COURTS OF LANE COUNTY, THE STATE OF OREGON. LENDER, BORROWER AND GRANTOR
HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY ACTION, PROCEEDING, OR
COUNTERCLAIM BROUGHT BY EITHER LENDER, BORROWER OR GRANTOR AGAINST THE
OTHER. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF OREGON.
ATTORNEYS' FEES; EXPENSES. Borrower and Grantor agree to pay upon demand
all of Lender's costs and expenses, including attorneys' fees and
Lenders legal expenses, incurred in connection with the enforcement of
this Agreement. Lender may pay someone else to help enforce this
Agreement, and Borrower and Grantor shall pay the costs and expenses of
such enforcement. Costs and expenses include Lender's attorneys' fees
and legal expenses whether or not there is a lawsuit, including
attorneys' fees and legal expenses for bankruptcy proceedings (and
including efforts to modify or vacate any automatic stay or injunction),
appeals, and any anticipated post-judgment collection services. Borrower
and Grantor also shall pay all court costs and such additional fees as may
be directed by the court.
CAPTION HEADINGS. Caption headings in this Agreement are for convenience
purposes only and are not to be used to interpret or define the
provisions of this Agreement.
MULTIPLE PARTIES; CORPORATE AUTHORITY. All obligations of Borrower and
Grantor under this Agreement shall be joint and several, and all
references to Borrower shall mean each and every Borrower, and all
references to Grantor shall mean each and every Grantor. This means that
each of the persons signing below is responsible for all obligations in
this Agreement.
NOTICES. All notices required to be given under this Agreement shall be
given in writing, may be sent by telefacsimile (unless otherwise
required by law), and shall be effective when actually delivered or when
deposited with a nationally recognized overnight courier or deposited in
the United States mail, first class, postage prepaid, addressed to the
party to whom the notice is to be given at the address shown above. Any
party may change its address for notices under this Agreement by giving
formal written notice to the other parties, specifying that the purpose
of the notice is to change the party's address. To the extent permitted
by applicable law, if there is more than one Borrower or Grantor, notice
to any Borrower or Grantor will constitute notice to all Borrower and
Grantors. For notice purposes, Borrower and Grantor will keep Lender
informed at all times of Borrower and Grantor's current address(es).
SEVERABILITY. If a court of competent jurisdiction finds any provision
of this Agreement to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or
unenforceable as to any other persons or circumstances. If feasible, any
such offending provision shall be deemed to be modified to be within the
limits of enforceability or validity; however, if the offending
provision cannot be so modified, it shall be stricken and all other
provisions of this Agreement in all other respects shall remain valid
and enforceable.
SUCCESSOR INTERESTS. Subject to the limitations set forth above on
transfer of the Collateral, this Agreement shall be binding upon and
inure to the benefit of the parties, their successors and assigns.
WAIVER. Lender shall not be deemed to have waived any rights under this
Agreement unless such waiver is given in writing and signed by Lender.
No delay or omission on the part of Lender in exercising any right shall
operate as a waiver of such right or any other right. A waiver by
Lender of a provision of this Agreement shall not prejudice or
constitute a waiver of Lender's right otherwise to demand strict
compliance with that provision or any other provision of this Agreement.
No prior waiver by Lender, nor any course of dealing between Lender and
Grantor, shall constitute a waiver of any of Lender's rights or of any
of Grantor's obligations as to any future transactions. Whenever the
consent of Lender is required under this Agreement, the granting of such
consent by Lender in any instance shall not constitute continuing
consent to subsequent instances where such consent is required and in
all cases such consent may be granted or withheld in the sole discretion
of Lender.
<PAGE>
03-20-1998 COMMERCIAL PLEDGE AND SECURITY AGREEMENT Page 5
Loan No 43251 (Continued)
BORROWER AND EACH GRANTOR ACKNOWLEDGE HAVING READ ALL THE PROVISIONS OF THIS
PLEDGE AND SECURITY AGREEMENT, AND BORROWER AND EACH GRANTOR AGREE TO ITS
TERMS. THIS AGREEMENT IS DATED MARCH 20, 1998.
BORROWER:
CLIPPER CUBED CORPORATION DBA: CLIPPERNET INTERNET ACCESS SERVICE
BY: BY:
----------------------------- ----------------------------
DEAN BITYEU, PRESIDENT ROSALLE WOLFE, SECRETARY
GRANTOR:
X
--------------------------------------------------------------------------
ALAIN DE LA MOTTE
X
--------------------------------------------------------------------------
ELIZABETH L. DE LA MOTTE, AS JOINT TENANTS WITH RIGHT OF SURVIVORSHIP AND
NOT AS TENANTS IN COMMON
<PAGE>
[FELCO LOGO] CONSUMER MOTOR VEHICLE LEASE
(CLOSED END)
----------------------------------------
(FOR FELCO USE ONLY)
DATE 2/17/98 B-
----------------------------------------
1. PARTIES. This lease agreement ("Lease") is entered into between FELCO
AutoLease and the below-named Lessee. For purposes of this Lease, "you",
"your" and "Lessee" shall refer to the Lessee(s) named below and "we", "us",
"our" and "Lessor" shall mean FELCO AutoLease or its assignee. OREGON ROADS,
INC. ("Dealer") having arranged for this Lease, is an additional lessor
hereunder for the limited purpose of disclosure under the Federal Consumer
Leasing Act. Lessor and Lessee agree that Dealer is acting as the Lessor's
representative for the sole purpose of (1) supplying the leased Vehicle (2)
executing this Lease on behalf of Lessor and (3) providing Lessee with the
disclosures required under the Federal Consumer Leasing Act. You acknowledge
that Dealer is not our agent for purposes of making any representations
inducing you to enter into this Lease or any warranties with respect to the
Vehicle.
<TABLE>
<S><C>
- ---------------------------------------------------------------------------------------------------------------------------------
LESSOR - NAME AND BUSINESS ADDRESS LESSEE(S) - NAME(S) AND ADDRESS
- ---------------------------------------------------------------------------------------------------------------------------------
FELCO AutoLease Clipper Cubed Corp.
11625 SW 66th Ave. P.O. Box 70105
Portland, OR 97223 Eugene, OR 97401
- ---------------------------------------------------------------------------------------------------------------------------------
2. THE LEASED PROPERTY (the "Vehicle")
- ---------------------------------------------------------------------------------------------------------------------------------
INTENDED PRIMARY USE OF VEHICLE: CHECK ONE: / / Personal, Family or Household /X/ Business, Commercial or Agricultural
- ---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION OF THE VEHICLE
- ---------------------------------------------------------------------------------------------------------------------------------
NEW USED CYL YR MAKE MODEL BODY STYLE VEHICLE IDENTIFICATION NO. COLOR ODOMETER
x 6 98 Buick Regal LS Sedan 2G4WB52K5W1494459 Green 184
- ---------------------------------------------------------------------------------------------------------------------------------
3. FEDERAL CONSUMER LEASING ACT DISCLOSURES
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT OTHER CHARGES TOTAL OF PAYMENTS [ILLEGIBLE]
LEASE SIGNING MONTHLY PAYMENTS [ILLEGIBLE] (Not part of your (The amount you will have paid
(Itemized below)* monthly payments) by the end of the Lease)
- ---------------------------------------------------------------------------------------------------------------------------------
Your first monthly payment of $ 387.89 is due on 2/17/98 Termination fee (if
followed by 47 payments of $ 387.89 due on the you do not purchase
/ / 1st / / 5th / / 10th / / 15th /X/ 20th day of the Vehicle at the
each month, commencing on March . The total of your end of the Lease term
monthly payments is $18,618.72 and it is not a
casualty loss) $250.
$ 430.89 Total $250 $ 18,911.72
- ---------------------------------------------------------------------------------------------------------------------------------
*ITEMIZATION OF AMOUNT DUE AT LEASE SIGNING OR DELIVERY
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT LEASE SIGNING OR DELIVERY HOW THE AMOUNT DUE AT LEASE SIGNING OR DELIVERY
WILL BE PAID:
Capitalized cost reduction $ -0-
-------------
Taxes $ -0-
-------------
First monthly payment $ 387.89 Net trade-in allowance $ -0-
------------- -------------
Pro-rata rental payment $ -0-
-------------
Last monthly payment $ -0- Rebates and noncash credits $ -0-
------------- -------------
Refundable security deposit $ -0-
-------------
Title fees $ 10.00 Amount to be paid in cash $ 430.89
------------- -------------
Registration fees $ 33.00
-------------
Mechanical breakdown protection contract -0-
(if purchased and not capitalized) $
-------------
Administrative fee (if not capitalized) $ -0-
-------------
$ -0-
------------------------------------------ -------------
Total $ 430.89 Total $ 430.89
------------- -------------
- ---------------------------------------------------------------------------------------------------------------------------------
YOUR MONTHLY PAYMENT IS DETERMINED AS SHOWN BELOW:
GROSS CAPITALIZED COST. The agreed upon value of the Vehicle ($ 23,325.00) and any items you pay over the Lease
term (such as service contracts, mechanical breakdown contracts, insurance, and any outstanding prior credit or
lease balance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,750.00
----------
If you want an itemization of this amount, please check this box. / /
CAPITALIZED COST REDUCTION. The amount of any net trade-in allowance, rebate, noncash credit, or cash you pay that
reduces the gross capitalized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -0-
----------
ADJUSTED CAPITALIZED COST. The amount used in calculating your base monthly payment. . . . . . . . . . . . . . . . = 23,750.00
----------
RESIDUAL VALUE. The value of the Vehicle at the end of the Lease used in calculating your base monthly payment . . - 10,962.75
----------
DEPRECIATION AND ANY AMORTIZED AMOUNTS. The amount charged for the Vehicle's decline in value through normal use
and for any other items paid over the Lease term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 12,787.25
----------
RENT CHARGE. The amount charged in addition to the depreciation and any amortized amounts. . . . . . . . . . . . . + 5,831.52
----------
TOTAL OF BASE MONTHLY PAYMENTS. The depreciation and any amortized amounts plus the rent charge. . . . . . . . . . = 18,618.77
----------
LEASE TERM. The number of months in your Lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + 48
----------
BASE MONTHLY PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 387.89
----------
MONTHLY SALES/USE TAX[ILLEGIBLE] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
___________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
TOTAL MONTHLY PAYMENT.[ILLEGIBLE] = $ 387.89
----------
- ---------------------------------------------------------------------------------------------------------------------------------
EARLY TERMINATION. YOU MAY HAVE TO PAY A SUBSTANTIAL CHARGE IF YOU END THIS LEASE EARLY. THE CHARGE MAY BE UP TO SEVERAL THOUSAND
DOLLARS. THE ACTUAL CHARGE WILL DEPEND ON WHEN THE LEASE IS TERMINATED. THE EARLIER YOU END THE LEASE, THE GREATER THIS CHARGE IS
LIKELY TO BE.
- ---------------------------------------------------------------------------------------------------------------------------------
EXCESSIVE WEAR AND USE. You may be charged for excessive wear based on our standards for normal use. You will be charged 12 cents
per mile for mileage in excess of /X/ 1250 miles per month / / ____________ miles per month.
PURCHASE OPTION AT END OF LEASE. You have an option to purchase the Vehicle "AS IS" at the end of the Lease term for cash at a
purchase price equal to any unpaid amounts due under this Lease plus the greater of (1) the residual value (shown above) or (2)
the Vehicle's then trade-in value (with accessories) as set forth in the Central Region edition of the N.A.D.A. Used Car Guide.
The purchase option price does not include fees for tags, taxes or registration.
OTHER IMPORTANT TERMS. See your Lease documents for additional information on early termination, purchase options and maintenance
responsibilities, warranties, late and default charges, insurance, and any security interest, if applicable.
The symbol [ILLEGIBLE] means that the amount indicated is an estimate. Tax rates may change during the term of the Lease. You are
responsible for any amounts exceeding this estimate.
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
4. OFFICIAL FEES AND TAXES. The estimated fees and taxes you will pay over the Lease term, whether included with your monthly
payment or assessed otherwise are:
- ---------------------------------------------------------------------------------------------------------------------------------
Estimated Registration & License Estimated Sales Tax Estimated Property Luxury Tax/ Estimated Total Fee and
Fees for the Lease Term Obligation Tax Obligation Other Taxes Tax Obligation
- ---------------------------------------------------------------------------------------------------------------------------------
$ 73.00 + $ -0- + $ -0- + $ -0- = $ 73.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tax rates and charges may change during the term of the Lease. You are responsible for the payment of all taxes relating to this
Lease including any amounts exceeding this estimate.
5. OPTIONAL PRODUCTS AND SERVICES.
MECHANICAL BREAKDOWN. Although not required under this Lease, you may purchase a contract for the repair of certain major mechanical
vehicle breakdowns and some related expenses. If purchased, you have reviewed the terms of coverage which are contained in a
separate contract, a completed copy of which you have or will receive.
Cost: Term/Miles: N/A
------------------ -------------------------------------------
Initial one of the following only if you want to purchase mechanical breakdown protection:
_____ You will be paying for mechanical breakdown protection _____ You will be paying for
by advance payment. mechanical breakdown protection
during the Lease term as part of
the monthly payment.
6. WARRANTIES: You are leasing the vehicle "AS IS" from us. The Vehicle is subject to the following express warranties:
If the Vehicle is new, it is covered by the standard new vehicle warranty provided by the manufacturer. The manufacturer's warranty
is available from the Dealer.
If the Vehicle is not new it is not covered by a warranty and is being leased "AS IS" unless indicated otherwise below:
/ / The following express warranty or guaranty applies: N/A
---------------------------------------------------------------------------
CONTINUED ON THE OTHER SIDE OF THIS LEASE.
NOTICES. NOTICE TO LESSEE: DO NOT SIGN THIS LEASE IF IT CONTAINS ANY BLANK SPACES OR BEFORE YOU READ IT. YOU ARE ENTITLED TO A
COMPLETELY FILLED-IN COPY OF THIS LEASE. THIS LEASE CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES. ANY MODIFICATION OR AMENDMENT TO
THIS LEASE MUST BE IN WRITING AND SIGNED BY YOU AND US. BY SIGNING THIS LEASE YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND READ BOTH
SIDES OF THIS LEASE AND ACKNOWLEDGE RECEIPT OF A COMPLETELY FILLED IN COPY. YOU ALSO HEREBY ACKNOWLEDGE DELIVERY OF AND [ILLEGIBLE].
</TABLE>
<PAGE>
[FELCO LOGO] CONSUMER MOTOR VEHICLE LEASE
(CLOSED END)
----------------------------------------
(FOR FELCO USE ONLY)
DATE 4/27/98 B-
----------------------------------------
1. PARTIES. This lease agreement ("Lease") is entered into between FELCO
AutoLease and the below-named Lessee. For purposes of this Lease, "you",
"your" and "Lessee" shall refer to the Lessee(s) named below and "we", "us",
"our" and "Lessor" shall mean FELCO AutoLease or its assignee. OREGON ROADS,
INC. ("Dealer") having arranged for this Lease, is an additional lessor
hereunder for the limited purpose of disclosure under the Federal Consumer
Leasing Act. Lessor and Lessee agree that Dealer is acting as the Lessor's
representative for the sole purpose of (1) supplying the leased Vehicle (2)
executing this Lease on behalf of Lessor and (3) providing Lessee with the
disclosures required under the Federal Consumer Leasing Act. You acknowledge
that Dealer is not our agent for purposes of making any representations
inducing you to enter into this Lease or any warranties with respect to the
Vehicle.
<TABLE>
<S><C>
- ---------------------------------------------------------------------------------------------------------------------------------
LESSOR - NAME AND BUSINESS ADDRESS LESSEE(S) - NAME(S) AND ADDRESS
- ---------------------------------------------------------------------------------------------------------------------------------
FELCO AutoLease Clipper Cubed Corp.
11625 SW 66th Ave. P.O. Box 70105
Portland, OR 97223 Eugene, OR 97401
- ---------------------------------------------------------------------------------------------------------------------------------
2. THE LEASED PROPERTY (the "Vehicle")
- ---------------------------------------------------------------------------------------------------------------------------------
INTENDED PRIMARY USE OF VEHICLE: CHECK ONE: / / Personal, Family or Household /X/ Business, Commercial or Agricultural
- ---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION OF THE VEHICLE
- ---------------------------------------------------------------------------------------------------------------------------------
NEW USED CYL YR MAKE MODEL BODY STYLE VEHICLE IDENTIFICATION NO. COLOR ODOMETER
x 8 98 Dodge Durango Utility 1B4HS28Y6WF182681 Red
- ---------------------------------------------------------------------------------------------------------------------------------
3. FEDERAL CONSUMER LEASING ACT DISCLOSURES
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT OTHER CHARGES TOTAL OF PAYMENTS [ILLEGIBLE]
LEASE SIGNING MONTHLY PAYMENTS[ILLEGIBLE] (Not part of your (The amount you will have paid
(Itemized below)* monthly payments) by the end of the Lease)
- ---------------------------------------------------------------------------------------------------------------------------------
Your first monthly payment of $ 438.98 is due on 4/27/98 Termination fee (if
followed by 59 payments of $ 438.98 due on the you do not purchase
/X/ 1st / / 5th / / 10th / / 15th / / 20th day of the Vehicle at the
each month, commencing on June 1, 1998. The total of your end of the Lease term
monthly payments is $26,338.80 and it is not a
casualty loss) $250.
$ 481.98 Total $250 $ 26,631.50
- ---------------------------------------------------------------------------------------------------------------------------------
*ITEMIZATION OF AMOUNT DUE AT LEASE SIGNING OR DELIVERY
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT LEASE SIGNING OR DELIVERY HOW THE AMOUNT DUE AT LEASE SIGNING OR DELIVERY
WILL BE PAID:
Capitalized cost reduction $ -0-
-------------
Taxes $ -0-
-------------
First monthly payment $ 438.98 Net trade-in allowance $ -0-
------------- -------------
Pro-rata rental payment $ -0-
-------------
Last monthly payment $ -0- Rebates and noncash credits $ -0-
------------- -------------
Refundable security deposit $ -0-
-------------
Title fees $ 10.00 Amount to be paid in cash $ 481.98
------------- -------------
Registration fees $ 33.00
-------------
Mechanical breakdown protection contract
(if purchased and not capitalized) $ -0-
-------------
Administrative fee (if not capitalized) $ -0-
-------------
$ -0-
------------------------------------------ -------------
Total $ 481.98 Total $ 481.98
------------- -------------
- ---------------------------------------------------------------------------------------------------------------------------------
YOUR MONTHLY PAYMENT IS DETERMINED AS SHOWN BELOW:
GROSS CAPITALIZED COST. The agreed upon value of the Vehicle ($ 30,890.00) and any items you pay over the Lease
term (such as service contracts, mechanical breakdown contracts, insurance, and any outstanding prior credit or
lease balance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,315.00
----------
If you want an itemization of this amount, please check this box. / /
CAPITALIZED COST REDUCTION. The amount of any net trade-in allowance, rebate, noncash credit, or cash you pay that
reduces the gross capitalized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -0-
----------
ADJUSTED CAPITALIZED COST. The amount used in calculating your base monthly payment. . . . . . . . . . . . . . . . = 31,315.00
----------
RESIDUAL VALUE. The value of the Vehicle at the end of the Lease used in calculating your base monthly payment . . - 16,304.75
----------
DEPRECIATION AND ANY AMORTIZED AMOUNTS. The amount charged for the Vehicle's decline in value through normal use
and for any other items paid over the Lease term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 15,010.25
----------
RENT CHARGE. The amount charged in addition to the depreciation and any amortized amounts. . . . . . . . . . . . . + 11,328.60
----------
TOTAL OF BASE MONTHLY PAYMENTS. The depreciation and any amortized amounts plus the rent charge. . . . . . . . . . = 26,338.85
----------
LEASE TERM. The number of months in your Lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + 60
----------
BASE MONTHLY PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 438.98
----------
MONTHLY SALES/USE TAX[ILLEGIBLE] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
___________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
TOTAL MONTHLY PAYMENT.[ILLEGIBLE] = $ 438.98
----------
- ---------------------------------------------------------------------------------------------------------------------------------
EARLY TERMINATION. YOU MAY HAVE TO PAY A SUBSTANTIAL CHARGE IF YOU END THIS LEASE EARLY. THE CHARGE MAY BE UP TO SEVERAL THOUSAND
DOLLARS. THE ACTUAL CHARGE WILL DEPEND ON WHEN THE LEASE IS TERMINATED. THE EARLIER YOU END THE LEASE, THE GREATER THIS CHARGE IS
LIKELY TO BE.
- ---------------------------------------------------------------------------------------------------------------------------------
EXCESSIVE WEAR AND USE. You may be charged for excessive wear based on our standards for normal use. You will be charged 12 cents
per mile for mileage in excess of /X/ 1250 miles per month / / ____________ miles per month.
PURCHASE OPTION AT END OF LEASE. You have an option to purchase the Vehicle "AS IS" at the end of the Lease term for cash at a
purchase price equal to any unpaid amounts due under this Lease plus the greater of (1) the residual value (shown above) or (2) the
Vehicle's then trade-in value (with accessories) as set forth in the Central Region edition of the N.A.D.A. Used Car Guide. The
purchase option price does not include fees for tags, taxes or registration.
OTHER IMPORTANT TERMS. See your Lease documents for additional information on early termination, purchase options and maintenance
responsibilities, warranties, late and default charges, insurance, and any security interest, if applicable.
The symbol [ILLEGIBLE] means that the amount indicated is an estimate. Tax rates may change during the term of the Lease. You are
responsible for any amounts exceeding this estimate.
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
4. OFFICIAL FEES AND TAXES. The estimated fees and taxes you will pay over the Lease term, whether included with your monthly
payment or assessed otherwise are:
- ---------------------------------------------------------------------------------------------------------------------------------
Estimated Registration & License Estimated Sales Tax Estimated Property Luxury Tax/ Estimated Total Fee and
Fees for the Lease Term Obligation Tax Obligation Other Taxes Tax Obligation
- ---------------------------------------------------------------------------------------------------------------------------------
$ 103.00 + $ -0- + $ -0- + $ -0- = $ 103.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tax rates and charges may change during the term of the Lease. You are responsible for the payment of all taxes relating to this
Lease including any amounts exceeding this estimate.
5. OPTIONAL PRODUCTS AND SERVICES.
Mechanical Breakdown. Although not required under this Lease, you may purchase a contract for the repair of certain major mechanical
vehicle breakdowns and some related expenses. If purchased, you have reviewed the terms of coverage which are contained in a
separate contract, a completed copy of which you have or will receive.
Cost: Term/Miles: N/A
------------------ -------------------------------------------
Initial one of the following only if you want to purchase mechanical breakdown protection:
_____ You will be paying for mechanical breakdown protection _____ You will be paying for
by advance payment. mechanical breakdown protection
during the Lease term as part of
the monthly payment.
6. WARRANTIES: You are leasing the vehicle "AS IS" from us. The Vehicle is subject to the following express warranties:
If the Vehicle is new, it is covered by the standard new vehicle warranty provided by the manufacturer. The manufacturer's warranty
is available from the Dealer.
If the Vehicle is not new it is not covered by a warranty and is being leased "AS IS" unless indicated otherwise below:
/ / The following express warranty or guaranty applies: N/A
---------------------------------------------------------------------------
CONTINUED ON THE OTHER SIDE OF THIS LEASE.
NOTICES. NOTICE TO LESSEE: DO NOT SIGN THIS LEASE IF IT CONTAINS ANY BLANK SPACES OR BEFORE YOU READ IT. YOU ARE ENTITLED TO A
COMPLETELY FILLED-IN COPY OF THIS LEASE. THIS LEASE CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES. ANY MODIFICATION OR AMENDMENT TO
THIS LEASE MUST BE IN WRITING AND SIGNED BY YOU AND US. BY SIGNING THIS LEASE YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND READ BOTH
SIDES OF THIS LEASE AND ACKNOWLEDGE RECEIPT OF A COMPLETELY FILLED IN COPY. YOU ALSO HEREBY ACKNOWLEDGE DELIVERY OF AND [ILLEGIBLE].
</TABLE>
<PAGE>
[FELCO LOGO] CONSUMER MOTOR VEHICLE LEASE
(CLOSED END)
----------------------------------------
(FOR FELCO USE ONLY)
DATE 2/17/98 B-
----------------------------------------
1. PARTIES. This lease agreement ("Lease") is entered into between FELCO
AutoLease and the below-named Lessee. For purposes of this Lease, "you",
"your" and "Lessee" shall refer to the Lessee(s) named below and "we", "us",
"our" and "Lessor" shall mean FELCO AutoLease or its assignee. OREGON ROADS,
INC. ("Dealer") having arranged for this Lease, is an additional lessor
hereunder for the limited purpose of disclosure under the Federal Consumer
Leasing Act. Lessor and Lessee agree that Dealer is acting as the Lessor's
representative for the sole purpose of (1) supplying the leased Vehicle (2)
executing this Lease on behalf of Lessor and (3) providing Lessee with the
disclosures required under the Federal Consumer Leasing Act. You acknowledge
that Dealer is not our agent for purposes of making any representations
inducing you to enter into this Lease or any warranties with respect to the
Vehicle.
<TABLE>
<S><C>
- ---------------------------------------------------------------------------------------------------------------------------------
LESSOR - NAME AND BUSINESS ADDRESS LESSEE(S) - NAME(S) AND ADDRESS
- ---------------------------------------------------------------------------------------------------------------------------------
FELCO AutoLease Clipper Cubed Corp.
11625 SW 66th Ave. P.O. Box 70105
Portland, OR 97223 Eugene, OR 97401
- ---------------------------------------------------------------------------------------------------------------------------------
2. THE LEASED PROPERTY (the "Vehicle")
- ---------------------------------------------------------------------------------------------------------------------------------
INTENDED PRIMARY USE OF VEHICLE: CHECK ONE: / / Personal, Family or Household /X/ Business, Commercial or Agricultural
- ---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION OF THE VEHICLE
- ---------------------------------------------------------------------------------------------------------------------------------
NEW USED CYL YR MAKE MODEL BODY STYLE VEHICLE IDENTIFICATION NO. COLOR ODOMETER
x 6 98 Buick Regal LS Sedan 2G4WB52K5W1494459 Green 184
- ---------------------------------------------------------------------------------------------------------------------------------
3. FEDERAL CONSUMER LEASING ACT DISCLOSURES
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT OTHER CHARGES TOTAL OF PAYMENTS[ILLEGIBLE]
LEASE SIGNING MONTHLY PAYMENTS[ILLEGIBLE] (Not part of your (The amount you will have paid
(Itemized below)* monthly payments) by the end of the Lease)
- ---------------------------------------------------------------------------------------------------------------------------------
Your first monthly payment of $ 387.89 is due on 2/17/98 Termination fee (if
followed by 47 payments of $ 387.89 due on the you do not purchase
/ / 1st / / 5th / / 10th / / 15th /X/ 20th day of the Vehicle at the
each month, commencing on March . The total of your end of the Lease term
monthly payments is $18,618.72 and it is not a
casualty loss) $250.
$ 430.89 Total $250 $ 18,911.72
- ---------------------------------------------------------------------------------------------------------------------------------
*ITEMIZATION OF AMOUNT DUE AT LEASE SIGNING OR DELIVERY
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT LEASE SIGNING OR DELIVERY HOW THE AMOUNT DUE AT LEASE SIGNING OR DELIVERY
WILL BE PAID:
Capitalized cost reduction $ -0-
-------------
Taxes $ -0-
-------------
First monthly payment $ 387.89 Net trade-in allowance $ -0-
------------- -------------
Pro-rata rental payment $ -0-
-------------
Last monthly payment $ -0- Rebates and noncash credits $ -0-
------------- -------------
Refundable security deposit $ -0-
-------------
Title fees $ 10.00 Amount to be paid in cash $ 430.89
------------- -------------
Registration fees $ 33.00
-------------
Mechanical breakdown protection contract -0-
(if purchased and not capitalized) $
-------------
Administrative fee (if not capitalized) $ -0-
-------------
$ -0-
------------------------------------------ -------------
Total $ 430.89 Total $ 430.89
------------- -------------
- ---------------------------------------------------------------------------------------------------------------------------------
YOUR MONTHLY PAYMENT IS DETERMINED AS SHOWN BELOW:
GROSS CAPITALIZED COST. The agreed upon value of the Vehicle ($ 23,325.00) and any items you pay over the Lease
term (such as service contracts, mechanical breakdown contracts, insurance, and any outstanding prior credit or
lease balance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,750.00
----------
If you want an itemization of this amount, please check this box. / /
CAPITALIZED COST REDUCTION. The amount of any net trade-in allowance, rebate, noncash credit, or cash you pay that
reduces the gross capitalized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -0-
----------
ADJUSTED CAPITALIZED COST. The amount used in calculating your base monthly payment. . . . . . . . . . . . . . . . = 23,750.00
----------
RESIDUAL VALUE. The value of the Vehicle at the end of the Lease used in calculating your base monthly payment . . - 10,962.75
----------
DEPRECIATION AND ANY AMORTIZED AMOUNTS. The amount charged for the Vehicle's decline in value through normal use
and for any other items paid over the Lease term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 12,787.25
----------
RENT CHARGE. The amount charged in addition to the depreciation and any amortized amounts. . . . . . . . . . . . . + 5,831.52
----------
TOTAL OF BASE MONTHLY PAYMENTS. The depreciation and any amortized amounts plus the rent charge. . . . . . . . . . = 18,618.77
----------
LEASE TERM. The number of months in your Lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + 48
----------
BASE MONTHLY PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 387.89
----------
MONTHLY SALES/USE TAX[ILLEGIBLE] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
___________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
TOTAL MONTHLY PAYMENT.[ILLEGIBLE] = $ 387.89
----------
- ---------------------------------------------------------------------------------------------------------------------------------
EARLY TERMINATION. YOU MAY HAVE TO PAY A SUBSTANTIAL CHARGE IF YOU END THIS LEASE EARLY. THE CHARGE MAY BE UP TO SEVERAL THOUSAND
DOLLARS. THE ACTUAL CHARGE WILL DEPEND ON WHEN THE LEASE IS TERMINATED. THE EARLIER YOU END THE LEASE, THE GREATER THIS CHARGE IS
LIKELY TO BE.
- ---------------------------------------------------------------------------------------------------------------------------------
EXCESSIVE WEAR AND USE. You may be charged for excessive wear based on our standards for normal use. You will be charged 12 cents
per mile for mileage in excess of /X/ 1250 miles per month / / ____________ miles per month.
PURCHASE OPTION AT END OF LEASE. You have an option to purchase the Vehicle "AS IS" at the end of the Lease term for cash at a
purchase price equal to any unpaid amounts due under this Lease plus the greater of (1) the residual value (shown above) or (2)
the Vehicle's then trade-in value (with accessories) as set forth in the Central Region edition of the N.A.D.A. Used Car Guide.
The purchase option price does not include fees for tags, taxes or registration.
OTHER IMPORTANT TERMS. See your Lease documents for additional information on early termination, purchase options and maintenance
responsibilities, warranties, late and default charges, insurance, and any security interest, if applicable.
The symbol [ILLEGIBLE] means that the amount indicated is an estimate. Tax rates may change during the term of the Lease. You are
responsible for any amounts exceeding this estimate.
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
4. OFFICIAL FEES AND TAXES. The estimated fees and taxes you will pay over the Lease term, whether included with your monthly
payment or assessed otherwise are:
- ---------------------------------------------------------------------------------------------------------------------------------
Estimated Registration & License Estimated Sales Tax Estimated Property Luxury Tax/ Estimated Total Fee and
Fees for the Lease Term Obligation Tax Obligation Other Taxes Tax Obligation
- ---------------------------------------------------------------------------------------------------------------------------------
$ 73.00 + $ -0- + $ -0- + $ -0- = $ 73.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tax rates and charges may change during the term of the Lease. You are responsible for the payment of all taxes relating to this
Lease including any amounts exceeding this estimate.
5. OPTIONAL PRODUCTS AND SERVICES.
MECHANICAL BREAKDOWN. Although not required under this Lease, you may purchase a contract for the repair of certain major mechanical
vehicle breakdowns and some related expenses. If purchased, you have reviewed the terms of coverage which are contained in a
separate contract, a completed copy of which you have or will receive.
Cost: Term/Miles: N/A
------------------ -------------------------------------------
Initial one of the following only if you want to purchase mechanical breakdown protection:
_____ You will be paying for mechanical breakdown protection _____ You will be paying for
by advance payment. mechanical breakdown protection
during the Lease term as part of
the monthly payment.
6. WARRANTIES: You are leasing the vehicle "AS IS" from us. The Vehicle is subject to the following express warranties:
If the Vehicle is new, it is covered by the standard new vehicle warranty provided by the manufacturer. The manufacturer's warranty
is available from the Dealer.
If the Vehicle is not new it is not covered by a warranty and is being leased "AS IS" unless indicated otherwise below:
/ / The following express warranty or guaranty applies: N/A
---------------------------------------------------------------------------
CONTINUED ON THE OTHER SIDE OF THIS LEASE.
NOTICES. NOTICE TO LESSEE: DO NOT SIGN THIS LEASE IF IT CONTAINS ANY BLANK SPACES OR BEFORE YOU READ IT. YOU ARE ENTITLED TO A
COMPLETELY FILLED-IN COPY OF THIS LEASE. THIS LEASE CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES. ANY MODIFICATION OR AMENDMENT TO
THIS LEASE MUST BE IN WRITING AND SIGNED BY YOU AND US. BY SIGNING THIS LEASE YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND READ BOTH
SIDES OF THIS LEASE AND ACKNOWLEDGE RECEIPT OF A COMPLETELY FILLED IN COPY. YOU ALSO HEREBY ACKNOWLEDGE DELIVERY OF AND [ILLEGIBLE].
</TABLE>
<PAGE>
[FELCO LOGO] CONSUMER MOTOR VEHICLE LEASE
(CLOSED END)
----------------------------------------
(FOR FELCO USE ONLY)
DATE 4/27/98 B-
----------------------------------------
1. PARTIES. This lease agreement ("Lease") is entered into between FELCO
AutoLease and the below-named Lessee. For purposes of this Lease, "you", "your"
and "Lessee" shall refer to the Lessee(s) named below and "we", "us", "our" and
"Lessor" shall mean FELCO AutoLease or its assignee. OREGON ROADS, INC. ("Dealer
having arranged for this Lease, is an additional lessor hereunder for the
limited purpose of disclosure under the Federal Consumer Leasing Act. Lessor and
Lessee agree that Dealer is acting as the Lessor's representative for the sole
purpose of (1) supplying the leased Vehicle (2) executing this Lease on behalf
of Lessor and (3) providing Lessee with the disclosures required under the
Federal Consumer Leasing Act. You acknowledge that Dealer is not our agent for
purposes of making any representations inducing you to enter into this Lease or
any warranties with respect to the Vehicle.
<TABLE>
<S><C>
- ---------------------------------------------------------------------------------------------------------------------------------
LESSOR - NAME AND BUSINESS ADDRESS LESSEE(S) - NAME(S) AND ADDRESS
- ---------------------------------------------------------------------------------------------------------------------------------
FELCO AutoLease Clipper Cubed Corp.
11625 SW 66th Ave. P.O. Box 70105
Portland, OR 97823 Eugene, OR 97401
- ---------------------------------------------------------------------------------------------------------------------------------
2. THE LEASED PROPERTY (the "Vehicle")
- ---------------------------------------------------------------------------------------------------------------------------------
INTENDED PRIMARY USE OF VEHICLE: CHECK ONE: / / Personal, Family or Household /X/ Business, Commercial or Agricultural
- ---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION OF THE VEHICLE
- ---------------------------------------------------------------------------------------------------------------------------------
NEW USED CYL YR MAKE MODEL BODY STYLE VEHICLE IDENTIFICATION NO. COLOR ODOMETER
x 8 98 Dodge Durango Utility 1B4HS28Y6WF182681 Red
- ---------------------------------------------------------------------------------------------------------------------------------
3. FEDERAL CONSUMER LEASING ACT DISCLOSURES
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT OTHER CHARGES TOTAL OF PAYMENTS[ILLEGIBLE]
LEASE SIGNING MONTHLY PAYMENTS[ILLEGIBLE] (Not part of your (The amount you will have paid
(Itemized below) monthly payments) by the end of the Lease)
- ---------------------------------------------------------------------------------------------------------------------------------
Your first monthly payment of $ 438.98 is due on 4/27/98 Termination fee (if
followed by 59 payments of $ 438.98 due on the you do not purchase
/X/ 1st / / 5th / / 10th / / 15th / / 20th day of the Vehicle at the
each month, commencing on June 1, 1998. The total of your end of the Lease term
monthly payments is $26,338.80 and it is not a
casualty loss) $250.
$ 481.98 Total $250 $ 26,631.50
- ---------------------------------------------------------------------------------------------------------------------------------
*ITEMIZATION OF AMOUNT DUE AT LEASE SIGNING OR DELIVERY
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT DUE AT LEASE SIGNING OR DELIVERY HOW THE AMOUNT DUE AT LEASE SIGNING OR DELIVERY
WILL BE PAID:
Capitalized cost reduction $ -0-
-------------
Taxes $ -0-
-------------
First monthly payment $ 438.98 Net trade-in allowance $ -0-
------------- -------------
Pro-rata rental payment $ -0-
-------------
Last monthly payment $ -0- Rebates and noncash credits $ -0-
------------- -------------
Refundable security deposit $ -0-
-------------
Title fees $ 10.00 Amount to be paid in cash $ 481.98
------------- -------------
Registration fees $ 33.00
-------------
Mechanical breakdown protection contract
(if purchased and not capitalized) $ -0-
-------------
Administrative fee (if not capitalized) $ -0-
-------------
$ -0-
------------------------------------------ -------------
Total $ 481.98 Total $ 481.98
------------- -------------
- ---------------------------------------------------------------------------------------------------------------------------------
YOUR MONTHLY PAYMENT IS DETERMINED AS SHOWN BELOW:
GROSS CAPITALIZED COST. The agreed upon value of the Vehicle ($ 30,890.00) and any items you pay over the Lease
term (such as service contracts, mechanical breakdown contracts, insurance, and any outstanding prior credit or
lease balance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,315.00
----------
If you want an itemization of this amount, please check this box. / /
CAPITALIZED COST REDUCTION. The amount of any net trade-in allowance, rebate, noncash credit, or cash you pay that
reduces the gross capitalized cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - -0-
----------
ADJUSTED CAPITALIZED COST. The amount used in calculating your base monthly payment. . . . . . . . . . . . . . . . = 31,315.00
----------
RESIDUAL VALUE. The value of the Vehicle at the end of the LEASE used in calculating your base monthly payment . . - 16,304.75
----------
DEPRECIATION AND ANY AMORTIZED AMOUNTS. The amount charged for the Vehicle's decline in value through normal use
and for any other items paid over the Lease term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 15,010.25
----------
RENT CHARGE. The amount charged in addition to the depreciation and any amortized amounts. . . . . . . . . . . . . + 11,328.60
----------
TOTAL OF BASE MONTHLY PAYMENTS. The depreciation and any amortized amounts plus the rent charge. . . . . . . . . . = 26,338.85
----------
LEASE TERM. The number of months in your Lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + 60
----------
BASE MONTHLY PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = 438.98
----------
MONTHLY SALES/USE TAX[ILLEGIBLE] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
___________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . + -0-
----------
TOTAL MONTHLY PAYMENT.[ILLEGIBLE] = $ 438.98
----------
- ---------------------------------------------------------------------------------------------------------------------------------
EARLY TERMINATION. YOU MAY HAVE TO PAY A SUBSTANTIAL CHARGE IF YOU END THIS LEASE EARLY. THE CHARGE MAY BE UP TO SEVERAL THOUSAND
DOLLARS. THE ACTUAL CHARGE WILL DEPEND ON WHEN THE LEASE IS TERMINATED. THE EARLIER YOU END THE LEASE, THE GREATER THIS CHARGE IS
LIKELY TO BE.
- ---------------------------------------------------------------------------------------------------------------------------------
EXCESSIVE WEAR AND USE. You may be charged for excessive wear based on our standards for normal use. You will be charged 12 cents
per mile for mileage in excess of /X/ 1250 miles per month / / ____________ miles per month.
PURCHASE OPTION AT END OF LEASE. You have an option to purchase the Vehicle "AS IS" at the end of the Lease term for cash at a
purchase price equal to any unpaid amounts due under this Lease plus the greater of (1) the residual value (shown above) or (2) the
Vehicle's then trade-in value (with accessories) as set forth in the Central Region edition of the N.A.D.A. Used Car Guide. The
purchase option price does not include fees for tags, taxes or registration.
OTHER IMPORTANT TERMS. See your Lease documents for additional information on early termination, purchase options and maintenance
responsibilities, warranties, late and default charges, insurance, and any security interest, if applicable.
The symbol [ILLEGIBLE] means that the amount indicated is an estimate. Tax rates may change during the term of the Lease. You are
responsible for any amounts exceeding this estimate.
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
4. OFFICIAL FEES AND TAXES. The estimated fees and taxes you will pay over the Lease term, whether included with your monthly
payment or assessed otherwise are:
- ---------------------------------------------------------------------------------------------------------------------------------
Estimated Registration & License Estimated Sales Tax Estimated Property Luxury Tax/ Estimated Total Fee and
Fees for the Lease Term Obligation Tax Obligation Other Taxes Tax Obligation
- ---------------------------------------------------------------------------------------------------------------------------------
$ 103.00 + $ -0- + $ -0- + $ -0- = $ 103.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tax rates and charges may change during the term of the Lease. You are responsible for the payment of all taxes relating to this
Lease including any amounts exceeding this estimate.
5. OPTIONAL PRODUCTS AND SERVICES.
Mechanical Breakdown. Although not required under this Lease, you may purchase a contract for the repair of certain major mechanical
vehicle breakdowns and some related expenses. If purchased, you have reviewed the terms of coverage which are contained in a
separate contract, a completed copy of which you have or will receive.
Cost: Term/Miles: N/A
------------------ -------------------------------------------
Initial one of the following only if you want to purchase mechanical breakdown protection:
_____ You will be paying for mechanical breakdown protection _____ You will be paying for
by advance payment. mechanical breakdown protection
during the Lease term as part of
the monthly payment.
6. WARRANTIES: You are leasing the vehicle "AS IS" from us. The Vehicle is subject to the following express warranties:
If the Vehicle is new, it is covered by the standard new vehicle warranty provided by he manufacturer. The manufacturer's warranty
is available from the Dealer.
If the Vehicle is not new it is not covered by a warranty and is being leased "AS IS" unless indicated otherwise below:
/ / The following express warranty or guaranty applies: N/A
---------------------------------------------------------------------------
CONTINUED ON THE OTHER SIDE OF THIS LEASE.
NOTICES. NOTICE TO LESSEE: DO NOT SIGN THIS LEASE IF IT CONTAINS ANY BLANK SPACES OR BEFORE YOU READ IT. YOU ARE ENTITLED TO A
COMPLETELY FILLED-IN COPY OF THIS LEASE. THIS LEASE CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES. ANY MODIFICATION OR AMENDMENT TO
THIS LEASE MUST BE IN WRITING AND SIGNED BY YOU AND US. BY SIGNING THIS LEASE YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND READ BOTH
SIDES OF THIS LEASE AND ACKNOWLEDGE RECEIPT OF A COMPLETELY FILLED IN COPY. YOU ALSO HEREBY ACKNOWLEDGE DELIVERY OF AND [ILLEGIBLE].
</TABLE>
<PAGE>
ASSET ACQUISITION AGREEMENT
AND
PLAN OF REORGANIZATION
EXHIBIT C
Liabilities Requiring or which may Require Consent or Approval
1 Pacific Continental Bank - Loan No. 43251 dated March 20, 1998 in the
principal sum of $100,000 - Maturity Date - 09/16/98
2. Lease dated 04/27/98 with Felco AutoLease/Oregon Roads, Inc. for 1998
Doge Durango
Term of Lease - 60 months
Monthly payment - $438.98
3. Lease dated 02/17/98 with Felco AutoLease/Oregon Roads, Inc. for 1998
Buick Regal
Term of lease - 48 months
Monthly payment - $387.89
4. Lease dated 05/13/98 with U.S. Bancorp for two (2) Model 8000 Servers
Term of lease - 36 months
Monthly payment - $676.95
5. Lease dated May 1, 1998 with IOS Capitol for Canon Photocopier
Term of lease - 36 months
Monthly payment - $132.60
(Note: Verbal approval has been obtained.)
6. Lease of office space at 2295 Coburg Road, Suite 105, Eugene, Oregon dated
March 1, 1998 with Chambers Communications
Term of lease - 36 months
Monthly rent - $2,147.82 (includes current rent operating expense
adjustment - 2.81% of total operating expense)
(Note: Verbal approval has been obtained.)
7. Lease of office space at 2300 Oakmont Way, Suite 203, Eugene, Oregon 97401
with McKay Investment Co.
(Note: Lease expired 07/31/98 - currently operating on a month to month
basis pending renegotiation of lease.)
8. Lease of telephone system purchased from LanTel Services, Incorporated on
July 13, 1998 for $8,402.00.
(Note: Lease has not been presented - terms unknown.)
EXHIBIT C
<PAGE>
[LETTERHEAD]
July 31, 1998
Alain L. de la Motte, President Robert Laskowski
Integrated Food Resources, Inc. Attorney at Law
6700 S.W. Sandburg Road 1001 S.W. Fifth Ave., Suite 1300
Tigard, OR 97223 Portland, OR 97204-1151
Re: Clipper Cubed Corporation
Sale of Assets to Integrated Food Resources, Inc.
Dear Messrs. de la Motte and Laskowski:
This firm has acted as legal counsel to Clipper Cubed Corporation
("Seller"), a Nevada corporation authorized to transact business in the state of
Oregon, in connection with the sale of substantially all of its assets (the
"Sale") to Integrated Food Resources, Inc. ("Purchaser") pursuant to an Asset
Acquisition Agreement and Plan of Reorganization dated July 31, 1998 (the
"Purchase Agreement"). This opinion is furnished to you pursuant to Section 10.2
of the Purchase Agreement.
Capitalized terms not otherwise specifically defined herein shall have
the meanings given them in the Purchase Agreement.
In rendering our opinions, we have reviewed and are relying on the
following documents:
(1) The Purchase Agreement together with all Exhibits attached thereto;
and
(2) Stock Certificate No. _____ representing 1,183,432 shares of common
stock of Integrated Food Resources, Inc. in the name of Clipper Cubed
Corporation.
The documents identified in clauses (1) and (2) above are herein referred
to as the "Purchase Documents."
In addition to the foregoing, we have reviewed and relied upon the
following documents and certificates (collectively the "Certificates"):
(1) The Articles of Incorporation of Seller filed with the office of the
Secretary of State of the State of Nevada on July 9, 1996;
EXHIBIT D
<PAGE>
July 31, 1998
Page - 2
(2) Corporate Charter of Seller issued by the office of the Secretary of
State of the State of Nevada on July 9, 1996;
(3) Bylaws of Seller approved by the Board of Directors of Seller on July
10, 1996;
(4) Certificate of Existence with Status in Good Standing issued by the
office of the Secretary of State of the State of Nevada on November 14, 1997;
(5) Filed Application for Authority to Transact Business (Foreign
Corporation) filed with the office of the Secretary of State of the State of
Oregon on November 25, 1997;
(6) Certificate of Dean Bilyeu, president of Seller affirming certain
factual matters related to the Sale and to the Seller as of July 31, 1998; and
(7) Consent resolutions of the Board of Directors and Shareholders of
Seller dated July 31, 1998, approving certain actions of the Seller relative to
the Sale.
We disclaim any responsibility for any changes that may have occurred with
respect to the status of Seller or any other factual matters addressed in the
Certificates from and after the respective dates of the Certificates. We also
assume that the Certificates from public officials and the records on which they
are based are accurate and complete.
In rendering these opinions, we have assumed the following to be true:
(1) The authenticity and completeness of all documents submitted to us as
originals and the conformity to original documents of all documents submitted to
us as copies;
(2) Regarding documents (including, but not limited to the Purchase
Documents) executed by parties other than Seller, that such other parties have
the corporate power to enter into and perform all obligations under those
documents, the due authorization by all requisite corporate action of the
execution, delivery, and performance of the documents by such other parties, and
the validity, enforceability, and binding effect of those documents on such
other parties;
(3) Physical delivery of the Purchase Documents where delivery is a
prerequisite to their enforceability;
(4) The capacity of all natural persons; and
(5) Purchaser is qualified to do business in the state of Oregon, has
obtained all necessary permits in this state to consummate the Sale, and is
otherwise in compliance with all federal, state, and local laws applicable to it
and its business.
Based upon the foregoing, and in reliance on and subject to the
assumptions, qualifications, exceptions, and limitations set forth in the
letter, we are of the opinion that:
<PAGE>
July 31, 1998
Page - 3
(1) Seller is a corporation duly incorporated and validly existing under
the laws of the state of Nevada, and is duly qualified to transact business as a
foreign corporation in the state of Oregon.
(2) Seller has all requisite corporate power and authority to own its
properties and assets, to carry on its business as now conducted, and to enter
into and perform the Purchase Documents.
(3) The execution, delivery, and performance by Seller of each Purchase
Document, and the consummation by Seller of the transactions contemplated
thereby, have been duly authorized and approved by the Board of Directors and
Shareholders of Seller and no other corporate action of the part of Seller is
necessary.
(4) The execution, delivery, and performance of the Purchase Documents are
not in contravention of or do not and will not violate any term of provision of
Seller's Articles of Incorporation or Bylaws.
(5) The Purchase Documents are legal, valid, and binding obligations of
Seller, enforceable against Seller in accordance with their terms.
(6) Based upon the Certificate of Dean Bilyeu referenced above, and to the
best of our knowledge the execution, delivery, and performance of the Purchase
Documents by Seller will not breach or constitute to default under, or grounds
for acceleration of the maturity of, any agreement or undertakings to which
Seller is a party; except as set forth on Exhibit "C" of the Purchase Agreement.
(7) Based upon the Certificate of Dean Bilyeu referenced above and to the
best of our knowledge, the execution, delivery, and performance of the Purchase
Documents by Seller will not result in the creation or imposition of any lien,
charge, or encumbrance on, or security interest in, any of Seller's property,
and is not prohibited by, and will not result in the imposition of any fine,
penalty, or other sanction under any law, statute, judicial or administrative
decision, or any rule or regulation of any governmental authority.
(8) Based upon the Certificate of Dean Bilyeu referenced above and to the
best of our knowledge there exists no claims, actions, suits, arbitrations,
proceedings or investigations pending or threatened against Seller, before or by
any governmental or nongovernmental department, commission, board, bureau,
agency or instrumentality, whether federal, state, local or foreign, or any
other person, and there are no outstanding or unsatisfied judgments, orders,
decrees or stipulations to which Seller is a party, which relate to the Sale, or
which would alone or in the aggregate have a material adverse effect upon the
business, business prospects, assets or financial condition of Seller.
(9) Based upon the Certificate of Dean Bilyeu referenced above, the
execution, delivery, or performance of the Purchase Documents by Seller will not
conflict with or result in the violation of any judgment, order, or decree of
any court or arbiter, known to us, to which the Seller is a party.
<PAGE>
July 31, 1998
Page - 4
The opinions expressed in this letter are qualified to the extent that the
validity, binding effect, or enforceability of the Purchase Documents against
Seller may be limited or affected by the following:
(1) Bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, equity or redemption, or other similar statues, laws,
rules of law, or court decisions now or hereafter in effect affecting the rights
of creditor generally;
(2) General principles of equity and public policy under applicable law,
including among other things, implied obligations or materiality,
reasonableness, good faith, and fair dealing, and equitable principles that may
limit or prohibit the specific enforceability of some remedies, covenants, or
other provisions of the Purchase Documents or that may limit or prohibit the
availability of specific performance, injunctive relief, or other equitable
remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law; and
(3) Procedural requirements, not otherwise reflected in the Purchase
Documents, that may restrict or condition rights and remedies otherwise therein
stated to be available.
This opinion is provided to Integrated Food Resources, Inc. as a legal
opinion and not as a guarantee of the matters discussed herein. Our opinion is
limited to the matters expressly stated herein, and no other opinions may be
implied or inferred. Moreover, regardless of the states in which members of this
firm are licensed to practice, we express no opinion as to the laws of any
jurisdiction other than the state of Oregon and applicable federal law.
This opinion is rendered as of the date set forth above. We expressly
disclaim any obligation to advise you of any changes in the circumstances, laws,
or events that may occur after this date or otherwise to update this opinion.
This opinion has been rendered to Integrated Food Resources, Inc.
transaction described herein solely for its information and assistance in
connection with the Sale, and is not to be quoted in whole or in part or
otherwise furnished, disclosed, or referred to, used, or relied on by any person
or entity other than Integrated Food Resources, Inc., other than in connections
with regulatory requirements or in response to a court order without our prior
written consent in each case.
Very truly yours,
LOMBARD, GARDNER, HONSOWETZ,
POTTER & BUDGE
/s/ Hamilton W. Budge, Jr.
HAMILTON W. BUDGE, JR.
HWB:vr
cc: Clipper Cubed Corporation
<PAGE>
ROBERT C. LASKOWSKI
ATTORNEY AT LAW
SUITE 1300
1001 S.W. FIFTH AVENUE
PORTLAND, OREGON 97204-1151
------
TELEPHONE: (503) 241-0780
FACSIMILE: (503) 226-6278
July 31, 1998
Board of Directors
Clipper Cubed Corporation
2295 Coburg Road, Suite 105
Eugene, OR 97401
Gentlemen:
This office has acted as counsel to Integrated Food Resources, Inc. (the
"Company"), in connection with that certain Asset Acquisition Agreement and Plan
of Reorganization dated July 31, 1998 (the "Agreement"), between Clipper Cubed
Corporation ("Clipper") and the Company.
This opinion is being rendered pursuant to Section 11.4 of the Agreement.
Unless otherwise defined herein, the definitions of capitalized terms used in
this opinion shall be the same as those set forth in the Agreement.
The documents we have examined in rendering this opinion and upon which we
have relied include the following:
1. Executed copy of the Agreement and the Exhibits thereto;
2. Certificate of Existence with Status in Good Standing of the Company
issued by the Secretary of State of the State of Nevada on June 16, 1998;
3. Application for Authority to Transact Business as filed by the Company
with the Secretary of State Corporation Division of the State of Oregon on July
8, 1998;
4. Certificate of Incorporation of the Company issued by the Secretary of
State of the State of Nevada on October 10, 1996;
5. Certificate of Amendment of the Company filed by the Company with the
Secretary of State of the State of Nevada on December 5, 1997;
6. Certificate of Amendment of the Company filed by the Company with the
Secretary of State of the State of Nevada on September 18, 1997;
EXHIBIT E
<PAGE>
Board of Directors
Clipper Cubed Corporation
July 31, 1998
Page 2
7. Certificate of Amendment of the Company filed by the Company with the
Secretary of State of the State of Nevada on May 22, 1997;
8. Officer's Certificate executed by Alain de la Motte, as President of
the Company.
9. Such other records, documents and papers as we deemed necessary to
examine for purposes of this opinion.
The documents listed above are collectively referred to herein as the
"Governing Documents". Unless the context clearly indicates, all terms used in
this opinion have the same meaning as in any of the Governing Documents, whether
by definition therein or by the context in which such terms are used.
Our representation of the Company in connection with this opinion has been
limited to the review of the Governing Documents and such constitutional,
legislative, judicial and administrative provisions, statutes, regulations,
rulings and decisions as we have deemed pertinent or necessary to render the
opinions expressed herein. Although we have examined the public records of the
Secretary of State of the State of Oregon and the Secretary of State of the
State of Nevada, we have not made an independent search of the books and records
of the Company, nor of the public records, statutes, ordinances, rules and
regulations of any state or municipality outside the State of Oregon and the
State of Nevada.
We base certain of the opinions set forth in this letter on "our
knowledge". The words "our knowledge" and similar language used herein, signify
that in the course of our representation of the Company, no fact or set of
circumstances has come to our attention that would give us actual knowledge or
actual notice that such opinions or other matters are not accurate or that any
documents contain any untrue statement of a material fact or in any other manner
are not accurate or complete. We caution that we have not undertaken any
investigation or verification with respect to such matters and have conducted no
due diligence or made other inquiries with respect thereto or to the Governing
Documents, other than our review of the Governing Documents.
In rendering our opinions as set forth below, we have assumed, and to our
knowledge, there are no facts inconsistent with the following:
a. The legal capacity of all natural persons whose signatures appear in
the Governing Documents;
b. The authenticity of all documents submitted to us as originals;
c. The completeness and conformity to original documents of all documents
submitted to us as certified, conformed or photostatic copies, and the
authenticity of the originals of all such documents;
<PAGE>
Board of Directors
Clipper Cubed Corporation
July 31, 1998
Page 3
d. That the terms and conditions of the Governing Documents have not been
amended, modified or supplemented by any other agreement or understanding of the
parties or waiver of any of the material provisions of the Governing Documents;
e. That the status of the Company has not changed since the dates of the
certifications in the Governing Documents.
Based on the foregoing, and in reliance therein and subject to the
assumptions, qualifications and limitations stated in this letter, it is our
opinion that:
1. The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Nevada and has full power to carry
on its business as it is now being conducted and is duly qualified to do
business and is in good standing as a foreign corporation in all other states
where the nature of such Company's business or the location of such Company's
assets make such qualification necessary and where the failure to so qualify
would have a material adverse effect on such Company or its assets.
2. The Company has full corporate power and authority to enter into the
Agreement, and perform its obligations thereunder, and the execution, delivery
and performance of the Agreement by the Company have been duly and validly
authorized by all requisite corporate action and the Agreement has been duly
executed and delivered by the Company.
3. The Agreement is valid and binding upon the Company and is enforceable
against the Company in accordance with its terms except as limited by
bankruptcy, insolvency or other similar laws affecting the enforcement of
creditors' rights in general. The enforceability of the obligations of the
Company under the Agreement is, with respect to the availability of equitable
remedies, also subject to general principles of equity and the discretion of the
court having jurisdiction thereof.
4. Neither the execution nor delivery of the Agreement by the Company nor
the consummation of the transactions contemplated thereby will constitute a
default or an event which would with notice or lapse of time or both constitute
a default under or violation or breach of (i) the Company's Articles of
Incorporation or Bylaws, or (ii) to our knowledge, any material indenture,
license, lease, agreement or other instrument or any writ, judgment, or decree
to which any Company is a party or by which any Company or its properties may be
bound nor would such execution, delivery or consummation constitute an event
which would permit any party to any agreement or instrument to terminate it or
to accelerate the maturity of any indebtedness or obligation of any Company or
an event that would result in the creation or imposition of any lien or
encumbrance on any asset of any Company.
5. No action of or filing with any governmental or public body or
authority is required to authorize, or is otherwise required for, the validity
of the execution, delivery and performance by the Company of the Agreement.
<PAGE>
Board of Directors
Clipper Cubed Corporation
July 31, 1998
Page 4
6. We do not know of, or have reason to believe, that the Company is a
party to any pending suit, action, investigation or inquiry by any governmental
body, or arbitration proceedings or any material labor dispute relating to or
affecting the Company, its assets or its business.
7. To our knowledge, there is no governmental permit, license,
certificate of inspection, authorization, filing or registration which is
material to the Company's business and which has not been secured or made. None
of the transactions contemplated by the Agreement will terminate or violate,
either by virtue of the terms thereof or because of the non-assignability
thereof, any governmental permit, license, certificate of inspection, other
authorization, filing or registration necessary to the conduct of the Company's
business.
8. No fact or circumstance has come to our attention which gives us cause
to believe that any representation or warranty by the Company set forth in the
Agreement is untrue in any material respect.
The foregoing opinions are subject to the following qualifications:
a. We express no opinion as to the laws of any jurisdiction other than
the State of Oregon and the federal law of the United States of America to the
extent applicable;
b. We have made no examination of, and express not opinion as to, any
matters of title or description of any property, whether real, personal or
mixed, or the priority of liens.
This opinion letter is limited to the matters expressly set forth herein
and no other opinion is implied or is to be inferred beyond the matters
expressly stated herein. The opinions expressed herein are delivered solely for
your benefit and for the benefit of your successors and assigns and until such
time as the Agreement is terminated, may be relied upon only by you, your
counsel, your successors and assigns.
Neither the opinion expressed herein, nor any extract herefrom or reference
hereto, may be published or delivered by any other person or relied on for any
other purpose without our prior written consent. This opinion letter is given as
of the date hereof, and we assume no obligation to update or supplement this
opinion letter to reflect any change in fact or law which may hereafter occur.
Very truly yours,
/s/ Robert C. Laskowski
Robert C. Laskowski
cc: Integrated Food Resources, Inc.
<PAGE>
BILL OF SALE
KNOW ALL PERSONS BY THESE PRESENTS, that Clipper Cubed Corporation, a
corporation duly organized and existing under and by virtue of the laws of the
State of Nevada, hereafter referred to as "Seller," for a valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, paid
by Integrated Food Resources, Inc., a corporation duly organized and existing
under the laws of the State of Nevada, hereinafter referred to as "Purchaser,"
does hereby bargain, convey, sell, and deliver unto Purchaser the following
described personal property, to-wit:
1. All equipment, fixtures and leasehold improvements, including, but not
limited to, that listed in the Depreciation Schedule, attached hereto as
Exhibit "A" and incorporated by reference as though fully set forth herein;
2. All cash on hand in bank accounts in the name of Seller or Seller
doing business as ClipperNet Internet Access Services;
3. All accounts receivable as more particularly described in Exhibit "B"
attached hereto and incorporated by reference;
4. All leasehold rights to the following real property and equipment:
a. The office space commonly known as 2295 Coburg Rd., Suite 105,
Eugene, Oregon, pursuant to that certain lease dated March 1, 1998, with
Chambers Communications;
b. The office space commonly known as 2300 Oakmont Way, Suite 203,
Eugene, Oregon, pursuant to that certain lease dated July 31, 1997, with
McKay Investment Co.;
c. 1998 Dodge Durango, VIN 1B4H528Y6WF182681 pursuant to that
certain lease dated April 27, 1998, with Felco Autolease;
d. 1998 Buick Regal, VIN 2G4WB52K5W1494459, pursuant to that lease
dated February 17, 1998 with Felco Autolease;
e. Two (2) Model 8000 Series pursuant to that lease dated May 13,
1998, with U.S. Bancorp;
f. Cannon Photocopier pursuant to that certain lease dated May 1,
1998, with IOS Capitol; and
g. Telephone System pursuant to an unexecuted lease agreement with
Lantel Services, Incorporated.
5. All contract rights and benefits of that agreement with Business Systems
Group where Seller acquired the rights and certain technology, subject to the
obligations therein contained;
1 - Bill of Sale
<PAGE>
6. All miscellaneous assets of Seller, including inventory, supplies,
proprietary technology, and wireless contract rights;
7. All goodwill and rights to the assumed business name "ClipperNet
Internet Access Services";
To have and to hold the same unto the said Purchaser, its executors,
administrators and assigns forever.
And it hereby covenants with the said Purchaser that it is the lawful owner
of said personal property; that said property is free from all encumbrances
except as set forth above; that it has good right to sell the same as aforesaid;
and that it will and its successors shall warrant and defend the title thereto
unto the said Purchaser, it executors, administrators and assigns, against the
lawful claims and demands of all persons whomsoever.
Done by order of the Board of Directors as of July 31, 1998, this 14 day of
August, 1998.
CLIPPER CUBED CORPORATION
By: /s/ Dean Bilyeu
---------------------------
DEAN BILYEU
President
STATE OF OREGON )
: ss.
County of Lane )
On the 14th day of August, 1998, personally appeared the above-named Dean
Bilyeu, who being sworn, did say that he is the President of Clipper Cubed
Corporation, and said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors; and he acknowledged said
instrument to be its voluntary act and deed. Before me:
/s/ Hamilton W. Budge, Jr.
---------------------------
Notary Public for Oregon
[SEAL]
OFFICIAL SEAL
HAMILTON W BUDGE JR
NOTARY PUBLIC - OREGON
COMMISSION NO. 310617
MY COMMISSION EXPIRES MARCH 16, 2002
2 - Bill of Sale
<PAGE>
CLIPPERNET INTERNET ACCESS SERVICES
DEPRECIATION SCHEDULE
MAY 31, 1997
<TABLE>
<CAPTION>
EQUIPMENT
DESCRIPTION DATE ACQ COST ACCU DEPREC CURRENT DEPREC
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ingram Micro/Server 5/13/96 $ 444.04 $ 88.81 $ 142.09
Livingston Comm 5/16/98 2,490.07 498.01 796.82
Server 5/10/98 3,600.00 720.00 1,152.00
Server 5/10/98 2,700.00 540.00 864.00
Modems 5/16/98 458.00 91.60 146.56
Modems 6/10/98 935.85 187.17 299.47
Modems 6/10/98 914.70 182.94 292.70
Modems 6/25/98 2,054.00 410.80 657.28
Modems 8/20/98 950.00 190.00 304.00
Livingston Comm 9/10/96 572.41 114.48 183.17
Scanner 9/18/96 810.99 162.20 259.52
Lucky Computer 10/21/96 249.00 49.80 79.68
VOS Hard Drive 10/23/96 289.99 58.00 92.80
Lucky Computer 11/2/96 120.00 24.00 38.40
Cyclades 10/23/96 627.24 125.45 200.72
VOS-POP 10/31/96 1,509.92 301.98 483.17
Lucky Computer 11/8/96 258.00 51.60 82.56
Lucky -Unix O/S 11/8/96 76.00 15.20 24.32
Lucky -CD Rom 11/12/96 89.00 17.80 28.48
NW Computer 11/13/96 42.30 8.46 13.54
Modems 12/9/96 89.97 17.99 28.79
Novac 12/16/96 28.00 5.60 8.96
Modems-Cardinal 12/12/96 711.75 142.35 227.76
Modem 12/9/96 50.02 10.00 16.01
Ingram Micro 1/3/97 428.43 85.69 137.10
Ingram Micro 1/6/97 2,936.75 587.35 939.76
VOS 1/17/97 219.99 44.00 70.40
Ram/Mother Board 1/27/97 297.00 59.40 95.04
KMTR Ant Site 1/5/97 9,186.00 1,837.20 2,939.52
Modems 1/27/98 799.75 159.95 255.92
Equip-BSG 1/31/97 36,801.90 7,360.38 11,776.61
Wireless Equip 2/1/97 357.29 71.46 114.33
Wireless Equip 2/15/97 110.93 22.19 35.50
Omnitek-Wireless 2/24/97 1,578.00 315.60 504.96
Misc Equip 3/4/97 140.00 28.00 44.80
NW Computer 3/4/97 195.28 39.06 62.49
Omnitek-Wireless 4/1/97 5,309.00 1,061.80 1,698.88
Wireless Equip 4/1/97 643.70 128.74 205.98
UPS 4/2/97 485.00 97.00 155.20
BSG Equip 4/4/97 281.49 56.30 90.08
Equip(Ransom) 4/11/97 250.00 50.00 80.00
NW Computer 4/18/97 216.50 43.30 69.28
Lucky Computer 4/18/97 777.00 155.40 248.64
Omnitek-Wireless 4/23/97 5,641.00 1,128.20 1,805.12
Wireless Equip-BSG 4/25/97 1,000.00 200.00 320.00
<PAGE>
Modem 4/22/97 199.98 40.00 63.99
PM3 5/16/97 7,822.85 1,564.57 2,503.31
Wireless Equip-BSG 5/20/97 500.00 100.00 160.00
CPU 5/29/97 199.99 40.00 64.00
Equip-Norvac 5/30/97 159.35 31.87 50.99
------------------------------- ------------
TOTAL FY 96 $ 96,608.43 $ 19,321.69 $ 30,914.70
------------------------------- --------------
------------------------------- --------------
Omnitek-Wireless 6/20/97 $ 3,000.00 $ 600.00
NW Computers 7/7/98 175.00 35.00
Monitor-Lucky Comp 7/11/97 334.00 66.80
Omnitek-Wireless 7/12/97 1,900.00 380.00
Equip-Lucky Comp 7/12/97 588.00 117.60
Hard Drives 8/4/97 235.00 47.00
Network Cards 8/7/97 213.00 42.60
Equip-Lucky Comp 8/28/97 148.00 29.60
Hub 9/3/97 105.00 21.00
Equip-Ingram Micro 9/3/97 1,750.00 350.00
Equip-Comtrol 9/5/97 753.30 150.66
Omnitek-Wireless 9/11/97 2,362.00 472.40
Modem 9/17/97 85.00 17.00
Costco 9/26/97 329.99 66.00
Equip-Lucky Comp 9/30/97 458.50 91.70
Comtrol 10/6/97 917.85 183.57
Equip-Lucky Comp 10/9/97 923.00 184.60
NW Computers 10/9/97 243.80 48.76
2 ea 3comm Routers 10/14/97 1,000.00 200.00
Equip-Lucky Comp 10/15/97 875.00 175.00
Equip-Digicom 10/16/97 1,181.25 236.25
Equip-Lucky Comp 10/28/97 1,554.00 310.80
Equip-Lucky Comp 10/28/67 645.00 129.00
NW Computers 10/28/97 243.80 48.76
Equip-Lucky Comp 10/30/97 2,630.00 526.00
Equip-Jerry Nichols 10/9/97 1,076.44 215.29
Equip-Costco 10/6/97 469.95 93.99
Switched Hub 1/22/98 1,334.75 266.95
CSU/DSU 1/28/98 900.00 180.00
Video CAMS 1/30/98 259.98 52.00
Equip-Lucky Comp 2/5/98 450.00 90.00
Equip-Lucky Comp 2/10/98 335.00 67.00
18 Modems 2/13/98 1,016.00 203.20
Equip-Lucky Comp 2/16/98 154.00 30.80
Server 2/20/98 292.66 58.53
Supra Modem 2/25/98 99.99 20.00
Hard Drives 2/6/98 439.98 88.00
Hard Drives 2/16/98 244.15 48.83
Hard Drives 2/19/98 249.15 49.83
Computer Workstations 2/23/98 2,196.00 439.20
RAM 2/27/98 550.63 110.13
Equip for Portland 3/11/98 129.40 25.88
Switched Hub 3/11/98 335.73 67.15
RAM 3/17/98 120.00 24.00
Computers 3/17/98 2,121.00 424.20
<PAGE>
Hard Drives 3/26/98 339.99 68.00
RAM 3/31/98 115.81 23.16
Hard Drives 3/24/98 219.99 44.00
7ea Equip Racks 3/24/98 700.00 140.00
Lazer printer 3/27/98 399.99 80.00
Norvac-foxhound 4/3/98 72.00 14.40
Computer Workstations 4/8/98 1,025.00 205.00
Advansys isa 4/29/98 222.98 44.60
Equip-VOS 4/29/98 160.00 32.00
Sound cards 4/10/98 199.98 40.00
Server-card (Znyx) 4/10/98 208.25 41.65
Sangoma Equipment 4/10/98 1,243.17 248.63
Computer Workstations 4/10/98 715.00 143.00
Router 4/16/98 1,747.85 349.57
Server-card (Znyx) 4/17/98 214.25 42.85
Hard Drives 4/23/98 319.99 64.00
Eq rack shelves 4/24/98 2,400.00 480.00
UPS for NOC 4/29/98 538.60 107.72
Van transmission 5/7/98 150.00 30.00
CC Purchased Equip 1/31/98 5,284.68 1,056.94
Wireless Eq per Inventory 11/15/98 7,548.08 1,509.62
TOTAL FY 97 59,250.91 11,850.18
----------- -----------
Total Equipment $155,859.34 $ 42,764.88
----------- -----------
----------- -----------
<CAPTION>
FURN & FIX
<S> <C> <C> <C> <C>
Workstations 2/27/98 $ 819.90 $ 117.13
Workstations 3/10/98 199.98 28.57
Office Art Work 3/11/98 553.01 79.00
Furniture 3/13/98 240.98 34.43
Cabinet/files 3/16/98 229.96 32.85
Workstations 3/18/98 199.99 28.57
Office Art Work 3/27/98 100.80 14.40
Desk 4/8/98 180.00 25.71
Chair 4/14/98 249.99 35.71
Office Art Work 4/14/98 316.77 45.25
Workstations 4/14/98 159.77 22.82
Desk/Chairs 5/18/98 1,047.00 149.57
Sign 5/31/98 369.20 52.74
Refridgerator 5/31/98 271.20 38.74
----------- -----------
$ 4,938.55 $ 705.51
----------- -----------
----------- ----------
<CAPTION>
LEASEHOLD IMPROVEMENTS
<S> <C> <C> <C> <C>
Tel/Network Wiring 4/2/98 $ 1,649.00 $ 52.35
----------- -----------
----------- -----------
<PAGE>
Costco/hard drives 6/3/98 579.98
Camper Shell 6/9/98 527.00
Costco/hard drives 6/12/98 289.99
Office Depot/Modems 6/24/98 258.00
Cell Phone 7/6/98 179.00
- ----------------------------------------------------------------------------------------------------
GRAND TOTALS $ 164,280.86 $ 19,321.69 $ 43,522.74
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
OPTIONS
Clippernet Internet ACCOUNTS RECEIVABLE Phone Number
Access Services AGING SUMMARY (541) 431-3360
2295 Coburg Rd #105
Eugene, OR 97401
<TABLE>
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ABRA0002 Abracadata Contact: Dave Wyatt Phone: 541/342-3030
Current: 80.95 30: 0.00 60: 0.00 90+: 0.00 Total: 80.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ACAC0002 Acacia Teleservices International Contact: Chris May Phone: 541/484-5545
Current: 695.00 30: 0.00 60: 0.00 90+: 0.00 Total: 695.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ACEB0002 ACE Buyers Contact: Rebecca Winker Phone: 541/484-0933
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ACOU0002 Acoustic Sciences Corporation Contact: Phone: 541/343-9727
Current: 66.35 30:66.35 60:66.35 90+: 0.00 Total: 199.05
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ADAI0002 Debbie Adair Contact: Phone: 541/345-0885
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ADAM0002 Lila Adams Contact: Lila Adams Phone: 541/461-2373
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ADAM0004 Cynthia Adams Contact: Phone: 541/746-9755
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ADEL0002 Pat Adelman Contact: Pat Phone: 541/998-1336
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ADGR0002 Ad Group, Inc. Contact: J.P. Dusseault Phone: 541/345-2300
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AEBY0002 John Aeby Contact: John Aeby Phone: 541/683-3442
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AFSC0002 AFSCME Local 1724 Contact: Gary Gillespie Phone: 541/682-5053
Current: 34.95 30: 0.00 60: 0.00 90+: 0.00 Total: 34.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AIRL0002 Air Liquide Contact: Phone: extension 8718
Current: 0.00 30: 156.00 60: 0.00 90+: 0.00 Total: 156.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AIRM0002 Airmaetics Contact: Karene Gottfried Phone: 541/726-0560
Current: 39.95 30:39.95 60: 0.00 90+: 0.00 Total: 79.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AJNA0002 Ajna Media Contact: Jai Damion Phone: 541-726-2116
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALBE0002 Robin Albert Contact: Rob Albert Phone: 541/998-6260
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALDE0002 Dale Alderman Contact: Phone: 541/746-6483
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALLA0002 All American Fabricating Inc. Contact: Corey Smith Phone: none
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALLE0002 Kenneth Allen Contact: Kenneth Phone: 541/935-5513
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALLE0004 Joe Allen Contact: Joe Phone: 541/461-2494
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALLW0002 Larry and Judy Allwander Contact: Larry or Judy Phone: 541/688-5986
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALLW0004 All Ways Travel Contact: Debbie Dethleff Phone: 541/338-1199
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ALME0002 Peter and Lillian Almeida Contact: Phone: 541/896-0830
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AMER0002 American Home Funding Contact: Todd Kelley Phone: 541/485-3000
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
1 of 27
<PAGE>
Cust.#: AMER0004 American Youth Soccer Org Contact: Bill Dunn Phone: 541/726-9233
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ANCI0002 Ancient Rites Contact: White Wind Swan Fisher Phone: 744-1295
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ANDE0004 Duane Anderson Contact: Duane Anderson Phone: 541/726-8534
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ANDE0006 Gordon Anderson Contact: Gordon Phone: 541/485-1361
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ANDE0008 Robert Anderson Contact: Phone: 541/744-5668
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ANDR0002 Steve Andreason Contact: Steve Andreason Phone: 541/747-6945
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: APAZ0002 APAZ Architects Contact: Artemio Paz Phone: 541/744-2046
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ARCO0002 The Arc of Oregon Contact: Clark Hansen Phone: 541/579-1602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ARIA0002 Tony Arias Contact: Phone: 541/995-1022
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ARLI0002 David Arlington Contact: Phone: 541/484-5126
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ARNO0002 Barbara Arnold Contact: Phone: 541/484-0346
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ASHE0002 Bruce and Barbara Ashenbrenner Contact: Phone: 541/424-3161
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ASOK0002 Asok Enterprises Contact: Phone: 541/344-8646
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ATWM0004 ATW Manufacturing Contact: Tom Drew Phone: 541/484-2111
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ATWO0004 Starlett Atwood Contact: Phone: 541/746-8912
Current: 16.40 30: 16.40 60: 16.40 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AULT0002 Molly Aultz Contact: Phone: 541/747-5641
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: AUT00004 AutoPros Contact: Buzz Forbes Phone: 541/344-0007
Current: 85.00 30: 0.00 60: 0.00 90+: 0.00 Total: 85.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BABE0002 Marc Baber Contact: Marc Phone: 541/485-8446
Current: 50.00 30: 50.00 60: 0.00 90+: 0.00 Total: 100.00
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Cust.#: BAJL0004 James Bailey Contact: Phone: 541/942-2920
Current: 94.85 30: 0.00 60: 0.00 90+: 0.00 Total: 94.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BAKE0008 Todd Baker Contact: Phone: 541/688-7264
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BALD0008 Larry Balding Contact: Phone: 541/341-1700
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BALL0002 Richard Ballinger Contact: Phone: 541/942-9278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BANG0002 Brian Bang Contact: Phone: 541/343-7072
Current: 125.00 30: 125.00 60: 0.00 90+: 0.00 Total: 250.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BART0002 Peggy Bart Contact: Peggy Phone: 541/344-5255
Current: 19.95 30: 19.95 60: 39.90 90+: 0.00 Total: 79.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BART0004 Tadd Barton Contact: Tadd Phone: 541/744-1230
Current: 0.00 30: 0.00 60: 19.35 90+: 0.00 Total: 19.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: BASK0002 Basket of Dreams Contact: Erin Schlesinger Phone: 954-2602
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Current: 0.00 30:1,530.00 60: 0.00 90+: 0.00 Total: 1,530.00
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BASS0002 Darrell Bassett Contact: Phone: 541/465-9847
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BAUE0002 Martin L. Bauer Contact: Phone: 541/747-5602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BEAC0002 Dick Beachdel Contact: Dick Beachdel Phone: 541/485-3574
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BEGE0002 Barry Beget Contact: Phone: 541/687-2442
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BELL0004 James Bell Contact: Phone: 541/746-6740
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BELL0006 Stephen Bell Contact: Phone: 541/741-8772
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BENN0002 Bradley Bennett Contact: Bradley Bennett Phone: 541/688-4802
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BENN0004 Don Bennett Contact: Phone: 541/937-4342
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BENN0006 Jim Bennett Contact: Phone: 541/343-6937
Current: 0.00 30:19.95 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BERG0002 Eric Bergock Contact: Phone: 541/896-3313
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BERN0004 Chris Berner Contact: Phone: 541-484-9220
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BETH0002 Bethel Technology Center Contact: Barry or Paula Phone: 541/689-9959
Current: 474.98 30: 0.00 60: 0.00 90+: 0.00 Total: 474.98
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BEVI0002 Shirley Bevill Contact: Phone: 541/726-9799
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BIEL0002 Karl and Susan Bielefeldt Contact: Karl/Susan Phone: 541/747-3098
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BILI0002 Steven Bilinski Contact: Phone: 541/484-2157
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BIND0002 Beau Binder Contact: Beau Phone: 541/671-3418
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BIRC0002 George Birchman Contact: George Birchman Phone: 541/747-1062
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BIRD0002 BirdTracs Emboridery Contact: Gib Firneisz Phone: 541/688-6036
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BLAC0002 Lynn Black Contact: Lynn Black Phone: 541/689-3082
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BLUE0002 Blue Moose Graphics Contact: Phone: 541/687-7889
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: BLUM0002 Vern Blumhagen Contact: Vern Blumhagen Phone: 541/896-3814
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BODD0002 Kiya Bodding Contact: Phone: 541/688-6180
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BOGG0004 Darlene Boggs Contact: Darlene Phone: 541/747-9755
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOMAR002 Bo Mar Ventures Contact: Bob Klohn Phone: 541/937-2697
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BONH0002 Harry Bonham Contact: Harry Phone: none
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOON0002 Boone Insurance Associates Contact: Stanley Boone Phone: 541/689-6223
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOSW0002 Todd Bosworth Contact: Phone: 541/342-2189
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOTT0002 Lee Bottemiller Contact: Lee Phone: 541/942-8804
Current: 81.40 30: 0.00 60: 0.00 90+: 0.00 Total: 81.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BOTT0004 Kathy Bottemiller Contact: Kathy Phone: 541/942-8807
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BOUN0002 Marilyn Bounds Contact: Marilyn Phone: 541/688-0591
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
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Cust.#: BOWE0004 Benjamin Bowen Contact: Benjamin Phone: 541/935-2778
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOYE0002 David Boyer Contact: David Boyer Phone: 541/461-8102
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BOYE0004 Bill Boyer Contact: Phone: 541-485-8088
Current: 44.95 30: 0.00 60: 0.00 90+: 0.00 Total: 44.95
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Cust.#: BRAD0004 Bradford's HiFi Contact: Phone: 343-2914
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: BRAN0002 Brand Solutions Contact: Phone: 541/942-2210
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BRAY0002 John Braymer Contact: Phone: 541/344-4038
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: BREW0002 Joe Brewer Contact: Phone: 541/942-3943
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BRIN0002 Bill Brincefield Contact: Phone: 541/726-6407
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BRIT0002 Bright Star Press, Inc. Contact: Sadie Elliot Phone: 541/836-7440
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
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Cust.#: BROA0002 Craig Broadley Contact: Phone: 541/847-5274
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROO0002 Jan Brooks Contact: Jan Phone: 541/688-7921
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROO0006 Rachel Brooks Contact: Phone: 541-607-5796
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROS0002 Chris Brosmer Contact: Phone: 541/746-6612
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROW0002 Gabe and Sandra Brown Contact: Phone: 541/345-0428
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROW0004 Karen Brownwood Contact: Karen Phone: 541/747-1824
Current: 16.40 30:16.40 60: 0.00 90+: 0.00 Total: 32.80
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Cust.#: BROW0006 I. Mary Brown Contact: I. Mary Phone: 541/689-3607
Current: 19.95 30:19.95 60: 0.00 90+: 0.00 Total: 39.90
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROW0008 Jill Brown Contact: Phone: 541/747-6939
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- ----------------------------------------------------------------------------------------------------------------------------------
Cust.#: BROW0010 David L. Brown Contact: Phone: 541/342-7804
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BROW0012 June Brown Contact: Phone: 541-689-4135
Current: 16.40 30:10.00 60: 0.00 90+: 0.00 Total: 26.40
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Cust.#: BUCK0002 Deanna Buckem Contact: Phone: 541/726-1252
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: BUDG0002 Hamilton W. Budge Jr., P.C. Contact: Phone: 541/687-9001
Current: 19.95 30: 0.00 60: 0.00 90+:0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: BURD0002 Paramount Sewing and Vacume Contact: Karen Phone: 541/484-4905
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: BUSH0002 Doug Bushwar Contact: Doug Phone: 541/484-1043
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: BUSI0002 Business Programming & Systems Contact: Phone: 541/688-9671
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: BUSI0004 Business Systems Group, Inc. Contact: Phone: 541/741-2385
Current: 0.00 30: 30.00 60: 30.00 90+: 0.00 Total: 60.00
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Cust.#: BUSS0002 Cinder Buss Contact: Phone: 541/746-3083
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
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Cust.#: BYDE0002 By Design Contact: Phone: 338-7594
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: CALB0002 Joseph Calbraith Contact: Joseph Phone: 541/726-9025
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CALD0002 Christopher Calder Contact: Christopher Phone: 541/345-6372
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: CALL0002 Wendy Callison Contact: Wendy Callison Phone: 541/345-5117
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CAME0002 Christopher Cameron Contact: Christopher Phone: 541/342-8294
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: CAME0004 Nile B. Cameron Contact: Phone: 541/935-1630
Current: 16.40 30: 16.40 60: 16.40 90+: 0.00 Total: 49.50
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Cust.#: CAMP0006 Rod Campbell Contact: Phone: 541/607-6845
Current: 0.00 30: 10.00 60: 0.00 90+: 0.00 Total: 10.00
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Cust.#: CAPP0002 Cappel & Associates Contact: Bob Cappel Phone: 541/338-9110
Current: 13.60 30: 0.00 60: 0.00 90+: 0.00 Total: 13.60
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Cust.#: CAPT0002 Captain's Models Contact: Bob Kyle Phone: 541/942-4782
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
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Cust.#: CARD0004 Cardinal Services Contact: Ty Button or Larry Holt Phone: 541/888-9795
Current: 79.90 30: 0.00 60: 0.00 90+: 0.00 Total: 79.90
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Cust.#: CARH0002 800 CarHelp Contact: Larry Peterson Phone: 541/688-1815
Current: 66.35 30: 66.35 60: 66.35 90+: 0.00 Total: 199.05
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CARH0004 888 CarHelp Contact:Mike Henson or Sally Durham Phone: 541/912-7799
Current: 429.50 30: 117.00 60: 0.00 90+: 0.00 Total: 546.50
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Cust.#: CARL0002 Alan Carlson Contact: Phone: 541/746-3793
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
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Cust.#: CART0002 Bill Carter Contact: Bill Carter Phone: 541/302-9682
Current: 0.00 30: 49.20 60: 0.00 90+: 0.00 Total: 49.20
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Cust.#: CASC0002 Cascade Candle company Contact: Al Roeske Phone: 541/461-9861
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CAST0002 Bill Castillo Contact: Bill Castillo Phone: 541/689-3432
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: CAVE0002 Scott Cave Contact: Scott Phone: 988-9772
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: CCCO0002 C & C Court Reporting Contact: Leslye Phone: 485-0926
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CERB0002 Brandon Franklin Contact: Brandon Franklin Phone: 541/349-1806
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHAN0002 Robin Chance Contact: Robin Chance Phone: 541/687-1582
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: CHAP0002 Christine Chaplin Contact: Christine Chaplin Phone: 541/747-3880
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHER0002 Lacey Cherry Contact: Lacey Cherry Phone: 541/995-3410
Current: 26.40 30: 0.00 60: 0.00 90+: 0.00 Total: 26.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHIE0002 Janet Chiesna Contact: Phone: 541/895-2077
Current: 29.95 30: 0.00 60: 0.00 90+: 0.00 Total: 29.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHRI0002 Chris Christensen Contact: Chris Christensen Phone: 541/689-6656
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CHRI0004 Gail Christensen Contact: Gail Christensen Phone: 541/485-4582
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CITA0002 Citadel Broadcasting Co. Contact: Bill/April Phone: 541/485-5846
Current: 274.00 30: 3,744.03 60: 1,047.00 90+: 0.00 Total: 5,065.03
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAG0002 Steven Claggett Contact: Steven Claggett Phone: 541/741-4764
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAR0002 Chris Clark Contact: Chris Clark Phone: 541/741-8806
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAR0004 Rick Clark Contact: Rick Clark Phone: 541/302-3268
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLAY0004 Mary Clayton Contact: Mary Clayton Phone: 541/343-0348
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLIN0002 Dale & Charlotte Cline Contact: Dale & Charlotte Cline Phone: 541/937-8265
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CLIN0004 Sonia Cline Contact: Sonia Cline Phone: 541/485-0801
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CODY0002 Philip Cody Contact: Philip Cody Phone: 541/344-5259
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
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Cust.#: COFF0002 Howard Coffin Contact: Howard Coffin Phone: 541/726-8866
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COFF0004 Nicholas Coffey Contact: Phone: 741/8852
Current: 39.90 30: 0.00 60: 0.00 90+: 0.00 Total: 39.90
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Cust.#: COLD0002 Cold Comfort.com Contact: Phone: 686-0455
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COLE0004 Nathan Coleman Contact: Nathan Coleman Phone: 541/726-9994
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COLU0002 Columbia Northwest Enterprises Contact: Bob Demers Phone: 541/935-1168
Current: 55.10 30: 0.00 60: 0.00 90+: 0.00 Total: 55.10
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COMP0002 Computer Ease Contact: Phone: 714/838-6245
Current: 0.00 30: 42.50 60: 400.00 90+: 0.00 Total: 442.50
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: CONL0002 Stacey Conlon Contact: Stacey Conlon Phone: 541/344-1722
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COOK0004 Trish Zonkel Contact: Trish Zonkel Phone: 541/431-4896
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COTT0002 Mike Cotton Contact: Mike Cotton Phone: 541/345-1235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: COUL0004 Hiram Coulter Contact: Hiram Coulter Phone: 541/741-4978
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- --------------------------------------------------------------------------------------------------------------------------------
Cust.#: COUN0002 Country Coach Contact: John Logan Phone: 541/998-3720
Current: 597.98 30: 0.00 60: 0.00 90+: 0.00 Total: 597.98
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Cust.#: COX00002 Larry and Flores Cox Contact: Larry and Flores Cox Phone: 541/726-9847
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: CRAI0002 Larry Craig Contact: Larry Craig Phone: 541/745-0375
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CRAN0002 Curtis E. Crane Contact: Ed or Marlene Phone: 998/252-9
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CRAN0004 Donna L. Crane Contact: Donna L. Crane Phone: 541/998-1599
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CROS0002 David Croskrey Contact: David Croskrey Phone: 541/683-8309
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUNL0002 Ed Cunliffe Contact: Ed Phone: 541/933-2729
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CURS0002 Sierra Truck Company Contact: Phone: 541/686-4510
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUSH0002 Ryan Cushing Contact: Ryan Cushing Phone: 541/998-5247
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: CUTZ0002 Dave Cutz Contact: Phone: 744-5933
Current: 204.02 30: 0.00 60:0.00 90+:0.00 Total: 204.02
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DALT0002 Ben and Carol Dalton Contact: Ben Dalton Phone: 541/935-4113
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DANI0002 Judith Daniels Contact: Judith Daniels Phone: 541/689-8467
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DARC0002 Jim Darcy Contact: Phone: 541/988-3560
Current: 32.45 30: 0.00 60:0.00 90+:0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DARR0002 Jim Darrough Contact: Jim Darrough Phone: 541/726-0503
Current: 12.50 30: 0.00 60:0.00 90+:0.00 Total: 12.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DAY10002 Day-1 Systems Contact: Phone: 541/683-4176
Current: 49.95 30: 0.00 60:0.00 90+:0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEAL0002 Lance Deal Contact: Lance Deal Phone: 541/688-8111
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEFT0002 Jeff Defty Contact: Jeff Defty Phone: 541/689-9113
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELA0002 Chris Delay Contact: Phone: 541/685-9175
Current: 32.45 30: 0.00 60:0.00 90+:0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELM0002 Lynn A. Delmore Contact: Lynn A. Delmore Phone: 541/688-8680
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DELT0002 Delta Environmental Contact: Phone: 541/689-5104
Current: 41.35 30: 0.00 60:0.00 90+:0.00 Total: 41.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEMA0002 Roger DeMarsh Contact: Roger DeMarsh Phone: 541/342-7013
Current: 16.40 30: 16.40 60:0.00 90+:0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEMA0004 Vincent J. DeMartine Contact: Shirhea or Vincent Phone: 338-8944
Current: 0.00 30: 10.00 60:0.00 90+:0.00 Total: 10.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DESI0002 D.E. Sign Contact: David Emrich Phone: 541/485-3433
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DESP0002 Robert L. DeSpain Contact: Robert L. DeSpain Phone: 541/935-7815
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEST0002 Destination Fitness Contact: Jim Jaqua Phone: 541/485-5265
Current: 39.95 30: 0.00 60:0.00 90+:0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEVO0004 Yann Devouassoux Contact: Yann Devouassoux Phone: 541/689-3523
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DEWI0002 John DeWitt Contact: John DeWitt Phone: 541/747-5479
Current: 12.50 30: 0.00 60:0.00 90+:0.00 Total: 12.50
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Cust.#: DIBA0002 Daniel Diballa Contact: Daniel Diballa Phone: 541/726-0379
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DICE0002 Carrie Dice Contact: Carrie Dice Phone: 541/741-1790
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DILL0002 Lee Dillon Contact: Lee Dillon Phone: 541/746-3984
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DILL0004 Mike Dillon Contact: Phone: 541/461-8035
Current: 175.00 30: 1,310.00 60:0.00 90+:0.00 Total: 1,485.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DINI0002 Avis Dininio Contact: Avis Phone: 461-8600
Current: 49.20 30: 0.00 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DONA0002 Bob Donahue Contact: Phone: 541/485-5631
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DORM0002 Dorman Construction Contact: Steve Dorman Phone: 541/984-0012
Current: 125.00 30: 0.00 60:0.00 90+:0.00 Total: 125.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DORS0002 Ann Dorsey Contact: Phone: 541/607-1727
Current: 22.90 30: 0.00 60:0.00 90+:0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DRUM0002 Eliza Drummond Contact: Eliza Drummond Phone: 541/935-2522
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUNC0002 Duncan And Brown Contact: Corey Phone: 541/687-1938
Current: 89.85 30: 0.00 60:0.00 90+:0.00 Total: 89.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUSE0002 Diana Dusenbery Contact: Diana Dusenbery Phone: 541/744-2061
Current: 49.20 30: 0.00 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DUST0002 Dustin's Repair Contact: Phone: 541/343-1254
Current: 59.85 30: 0.00 60:0.00 90+:0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: DYNA0002 Dynamix Inc. Contact: Andrew Binder Phone: 541/334-4941
Current: 56.35 30: 0.00 60:0.00 90+:0.00 Total: 56.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EAST0002 Mike East Contact: Phone: 541/461-5905
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ECOW0002 Eco Water Systems Contact: Phone: 998-9631
Current: 39.95 30: 39.95 60:79.90 90+:0.00 Total: 159.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDEW0002 Michelle Edewaard Contact: Phone: 541/741-7483
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDMA0002 Edman Furniture Co. Contact: Phone: 541/683-1886
Current: 49.95 30: 49.95 60:0.00 90+:0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDMA0004 Edman Furniture Contact: Phone: 484-1069
Current: 0.00 30: 599.95 60:0.00 90+:0.00 Total: 599.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EDSO0002 Dave Edson Contact: Phone: 541/342-5311
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EILE0002 Mary Eiler Contact: Phone: 541/343-6037
Current: 19.95 30: 0.00 60:0.00 90+:0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELKI0002 Wendy and Mike Elkins Contact: Wendy or Mike Phone: 541/689-6804
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELLA0002 Jean Ella Contact: Phone: 541/726-3814
Current: 16.40 30: 0.00 60:0.00 90+:0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ELYT0002 Tim Ely Contact: Phone: 541/484-7133
Current: 0.00 30: 49.20 60:0.00 90+:0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EMER0004 Lloyd Emerson Contact: Phone: 541/343-4297
Current: 32.80 30: 0.00 60:0.00 90+:0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EMER0006 Emerald Valley Alpaca Assoc. Contact: Phone: 541/682-5069
Current: 12.95 30: 0.00 60:0.00 90+:0.00 Total: 12.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENDE0002 Carol Enders Contact: Phone: 541/461-6809
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENGL0002 Diana English Contact: Phone: 541-998-1062
Current: 22:90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ENNI0002 Charles Ennion Contact: Charles Phone: 541/344-3351
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EPMI0002 EPM Inc. Contact: Phone: 541/895-5990
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EPPE0002 Teri Epperly Contact: Phone: 541/431-0032
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EQUI0002 Equity BH&G Contact: Steve Haye Phone: 541/710-3503
Current: 36.35 30: 0.00 60: 0.00 90+: 0.00 Total: 36.35
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ERDM0002 Paul Erdman Contact: Phone: 338-8732
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ERIC0002 Don Erickson Contact: Phone: 541/688-5001
Current: 59.85 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0006 Eugene Chemical Contact: Penny Lilly Phone: 541/995-6025
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0008 Eugene Bible College Contact: Michael Hayes Phone: 541/485-1780
Current: 72.25 30: 0.00 60: 0.00 90+: 0.00 Total: 72.25
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EUGE0010 Eugene Super Sales Contact: John Andrews Phone: 541-341-1215
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EVAN0002 Wenzl Evans Contact: Wenzel Evans Phone: 541/461-5611
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: EZRA0002 Ezra The Bookfinder Contact: Ezra Tishman Phone: 541/683-3131
Current: 49.95 30:49.95 60: 0.00 90+:112.50 Total: 212.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FAJA0002 Robert A. Fajardo Contact: Phone: 541/689-8480
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARI0002 Jimmy and Maria Faris Contact: Jimmy or Maria Phone: 541/935-7101
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARM0002 Michelle Farmer Contact: Michelle Farmer Phone: 541/895-4764
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARR0002 Barbara Farris Contact: Phone: 541-747-6673
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FARW0002 Far West Steel Contact: Phone: 541/686-2000 335
Current: 0.00 30:59.85 60:59.85 90+: 0.00 Total: 119.70
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FERR0002 John Ferry Contact: Phone: 541/746-0830
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FETR0002 Rebecca Fetrow Contact: Phone: 541/485-2711
Current: 16.40 30:16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FINK0002 Mike Fink Contact: Mike Fink Phone: 541/896-0911
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FIRE0002 City of Springfield-FireMed Contact: John Garitz Phone: 541/726-3636
Current: 49.95 30:49.95 60:49.95 90+: 0.00 Total: 149.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FISH0002 Joseph and Liz Fisher Contact: Phone: 541/607-0071
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FISK0002 Larry Fisk Contact: Phone: 541/682-5703
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FITC0002 Tami Fitch Contact: Phone: 541/747-6287
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FITZ0002 Carole L. Fitzgerald Contact: Phone: 541/741-7751
Current: 21.35 30: 0.00 60: 0.00 90+: 0.00 Total: 21.35
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Cust.#: FLAN0002 Elizabeth Flannery Contact: Phone: 541/689-4034
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FLEE0002 Greg Fleener Contact: Greg Phone: 541/431-4412
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FLEI0002 Charles Fleishman Contact: Phone: 541-689-9278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORB0004 Forbes Seed, Inc. Contact: Michelle Belcher Phone: 541-998-8086
Current:101.90 30: 0.00 60: 0.00 90+: 0.00 Total: 101.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORE0002 Forefront Design Contact: Doug Mansfield Phone: 726-3872
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FORT0004 Fortune Machinery Contact: Phone: 203/367-5150
Current: 49.95 30:49.95 60: 0.00 90+: 0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOST0004 Linda Foster Contact: Linda Phone: 541-935-1773
Current: 0.00 30: 0.00 60:16.40 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOWL0002 Rich Fowler Contact: Phone: 541/935-6401
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FOXR0002 Rex Fox Contact: Rex Fox Phone: 541/344-4767
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRAN0002 Leah Frankel-Podolsky Contact: Phone: 541/485-1449
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRAN0004 Rick Franklin Contact: Rick Phone: 541/747-7146
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRIE0002 Friends Landing Contact: White Wind Swan Phone: 744-1295
Fisher
Current:115.55 30:555.55 60: 0.00 90+: 0.00 Total: 671.10
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FRYD0002 Aric Frydendall Contact: Aric Phone: 541/935-5920
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: FUNK0002 Funk & Associates Contact: Marcia Phone: 541/485-1932
Current:507.00 30:39.00 60:78.00 90+:97.50 Total: 721.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GADS0002 Chris Gadsby Contact: Phone: 541/343-0999
Current: 0.00 30:49.20 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GARD0004 Diane Gardner Contact: Phone: 541/896-0290
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GATT0002 Jack Gattie Contact: Jack Gattie Phone: 541/726-1231
Current: 19.95 30:39.90 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GATT0004 Barry Gattie Contact: Barry Gattie Phone: 541/343-5690
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GERI0002 Donald Gerig Contact: Donald Phone: 541/485-4946
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GESI0002 Cheryl Gesik Contact: Cheryl Phone: 541/684-4932
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILB0002 Janice Gilbertson Contact: Phone: 541/747-5873
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILL0002 Dennis Gillett Contact: Phone: 541/998-6546
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GILL0004 Chris Gillard Contact: Chris Gillard Phone: 541/741-3147
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GING0002 Gary Gingrich Contact: Gary Phone: 541/485-1639
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: GOGG0002 Bob Goggin Contact: Phone: 541/726-1053
Current: 16.40 30:40.60 60: 0.00 90+: 0.00 Total: 57.00
- ---------------------------------------------------------------------------------------------------------------------------------
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Cust.#: GRAD0002 Kevin Grady Contact: Phone: 541/465-9820
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAH0002 Dan Graham Contact: Phone: 541/747-7784
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAH0004 Bev Graham Contact: Bev or Rick Phone: 541-689-7146
Current: 42.45 30: 0.00 60: 0.00 90+: 0.00 Total: 42.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRAY0002 Marci Gray-Farthing Contact: Phone: 541/683-1950
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GREE0002 Laura Green Contact: Phone: 541/683-8278
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRIM0002 Gino Grimaldi Contact: Gino Phone: 541/726-2176
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GRIS0002 Tami Griswold Contact: Tami Phone: 741-3862
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: GROS0002 Pete Grossnicklaus Contact: Phone: 344-4683
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAAS0002 Margie Haas Contact: Phone: 541/896-3145
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HACK0002 Robert J. Hacker Contact: Robert Hacker Phone: 541/342-6996
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HALE0002 Dean Hale Contact: Phone: 541/683-2985
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANE0002 Roger Haney Contact: Roger Phone: 541/345-4717
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANS0004 Lester B Hanson Contact: Lester Phone: 541/344-5349
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HANS0006 Chris Hanson Contact: Phone: 541/746-1333
Current: 0.00 30: 19.95 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARD0002 Carolyn R Harding Contact: Phone: 541/461-4292
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARD0004 Steve Hardt Contact: Phone: 541/988-0354
Current: 0.00 30: 0.00 60: 95.00 90+: 0.00 Total: 95.00
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARK0002 Eileen Harkins Contact: Phone: 541/937-3464
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARP0002 Susan Harper Contact: Phone: 541/741-8489
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARR0002 Lyle Harris Contact: Lyle Harris Phone: 541/302-9211
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARR0004 Cheri Harry Contact: Cheri Phone: 541/726-3212
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HARV0002 Harvest House Publishers, Inc. Contact: Mark Dietz Phone: 541/343-0123
Current: 226.50 30: 0.00 60: 0.00 90+: 0.00 Total: 226.50
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HATF0002 Tucker Hatfield Contact: Tucker Hatfield Phone: 541/744-2569
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAWO0002 Frank Haworth Contact: Frank Haworth Phone: 541/726-5957
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYF0002 Jason Hayford Contact: Phone: 541-689-7178
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYL0002 Elizabeth and Bruce Hayler Contact: Phone: 541/689-7317
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HAYN0002 Kirsten Haynes Contact: Phone: 541-935-6316
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Current: 14.95 30: 0.00 60: 0.00 90+: 0.00 Total: 14.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HEAC0002 James Heacock Contact: Phone: 541/686-3381
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HEIN0002 James and Shirley Heintz Contact: Phone: 541/998-9657
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HELI0002 Helitech Contact: Dave Weil Phone: 541/344-2304
Current: 65.40 30: 130.40 60: 0.00 90+: 0.00 Total: 195.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENR0002 Henry Mfg. Contact: Greg Dealy Phone: 541/485-1963
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENR0006 Paul Henrichs Contact: Phone: 726-1723
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HENS0002 Michael Henshaw Contact: Michael Phone: 541/744-1514
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERB0002 Greg Herbert Contact: Phone: 541/343-7879
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERB0004 Juanita Herbst Contact: Phone: 541/895-5194
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERR0002 Tim Herrmann Contact: Tim Herrmann Phone: 541/683-8654
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HERR0004 Michael Herrett Contact: 0 Phone: 541/988-1303
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HICK0002 Carol Ann Hickman Contact: Carol Hickman Phone: 541/998-9300
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HINK0002 Susan Hinkle Contact: Susan Phone: 345-9334
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HINM0002 David Hinman Contact: David Phone: 541/461-2364
Current: 27.45 30: 0.00 60: 0.00 90+: 0.00 Total: 27.45
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOFF0004 Paul Hoffman Contact: Phone: 541/998-8414
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLL0002 Darrin Hollyman Contact: Darrin Phone: 541/338-0760
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLL0004 Helen Hollyer Contact: Helen Hollyer Phone: 541/895-3003
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLT0002 Holt International Children's Services Contact: Robert Goodness Phone: 541/687-2202
Current: 539.65 30: 0.00 60: 0.00 90+: 0.00 Total: 539.65
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOLV0002 Lynn Holvey Contact: Lynn Holvey Phone: 541/485-3426
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOPE0002 Michael Hopewell Contact: Michael Hopewell Phone: 541/998-8876
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOPI0002 Carla Hopie Contact: Phone: 541/318-1702
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOSK0002 Florence Hoskinson Contact: Phone: 541-607-1809
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOYL0002 Thomas Hoyle Contact: Thomas Phone: 541/689-4377
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HOYM0002 Shirley Hoyman Contact: Shirley Hoyman Phone: 541/687-1077
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUBB0002 Jeff Hubbard Contact: Phone: 349-0963
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUBE0002 Rick Huber Contact: Rick Phone: 541/345-4545
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
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Cust.#: HUFF0002 Jean Huffman Contact: Phone: 7466-4364
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUMA0002 Human Machine Interfaces Contact: Phone: 541/687-6509
Current: 144.95 30: 144.95 60: 49.95 90+: 0.00 Total: 339.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0002 Tillie Hunter Contact: Phone: 541/689-5200
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0004 Don Hunter Contact: Don Phone: 541/744-5749
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HUNT0008 Jonathan Hunt Contact: Phone: 541-935-2280
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: HYUN0002 Hyundai Semiconductor of America Contact: Liz Geis Phone: 541/338-5031
Current: 19.95 30: 19.95 60: 19.95 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INMA0002 Craig Inman Contact: Phone: 541/935-1492
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INST0002 Institute/Rev. Heart Disease Contact: Bill Klevith Phone: 541/345-9970
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: INTE0002 International Trade Group (ITG) Contact: Alain De La Motte Phone: 503/648-9358
Current: 58.80 30: 1.00 60: 0.00 90+: 0.00 Total: 59.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IRWI0002 Gary Irwin Contact: Phone: 541-349-0756
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ISLE0002 Isler & Co CPAs Contact: Phone: 541/342-5161
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: ISME0002 Larry Ismert Contact: Phone: 541/688-2958
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IVES0002 Steve Ives Contact: Steve Ives Phone: 541/344-2100
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: IZZI0002 Anthony Izzi Contact: Antholy Phone: 541/345-8032
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACK0002 Faith Jackson Contact: Faith Jackson Phone: 541/836-7073
Current: 0.00 30: 0.00 60: 0.00 90+: 19.95 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACK0004 Kevin Jackson Contact: Phone: 541-343-9763
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JACO0002 Kris Jacobson Contact: Phone: 485-1560
Current: 22.90 30: 0.00 60: 0.00 90+: 0.00 Total: 22.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JAME0002 Jerry James Contact: Phone: 541/461-2728
Current: 0.00 30:19.95 60:39.60 90+: 0.00 Total: 59.55
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JAME0004 Joseph James Contact: Phone: 541/836-2995
Current: 19.95 30: 39.90 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JANI0002 Janisse Wholesale Distributors Contact: Phone: 541/461-3773
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JANU0002 Janus Management Service Contact: Gerald Jansen Phone: 541/746-0627
Current: 12.85 30: 0.00 60: 0.00 90+: 0.00 Total: 12.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JENS0002 Linda Jensen Contact: Linda Phone: 541/399-2444
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JENS0004 Scott Jensen Contact: Phone: 541/688-2604
Current: 59.95 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JERR0002 Jerry's Home Improvement Contact: Phone: 541/689-1911
Current: 66.35 30: 132.70 60: 0.00 90+: 0.00 Total: 199.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JHSN0002 JHS Natural Products Contact: John Seleen Phone: 541/344-1396
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
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Cust.#: JOHN0008 Melvin Johnson Contact: Phone: 541/689-9630
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0010 Tim Johnson Contact: Tim Phone: 541/937-3448
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0014 Linda J Johnson Contact: Phone: 541/338-4140
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JOHN0600 David L Johnson Contact: Phone: 541/683-1611
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JONE0002 Brian Jones Contact: Phone: 541/895-4502
Current: 27.90 30: 0.00 60: 0.00 90+: 0.00 Total: 55.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JONE0004 Robert Jones Contact: Robert Phone: 541/935-7527
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: JUDY0002 Lee Judy Contact: Lee Judy Phone: 541/687-4802
Current: 19.95 30: 19.85 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAGE0002 Kim Kagelaris Contact: Phone: 541/937-8545
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KASP0002 Mike Kasper Contact: Mike Phone: 541/942-9129
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAST0002 Dale Kast Contact: Dale Phone: 541/345-9876
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KAUL0002 Linda Kau Contact: Phone: 541/935-1909
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KEEV0002 Jeannine Keevert Contact: Phone: 541/485-1139
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0004 Veronica Kelley Contact: Phone: 541/686-3894
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0006 Mike Kelly Contact: Mike Kelly/Meade Kelly Phone: -
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KELL0008 William Kellsay Contact: Phone: 541/744-7044
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KENS0002 Ken's PC Services Contact: Ken Alvord Phone: 461-8469
Current: 72.75 30: 72.75 60: 50.00 90+: 0.00 Total: 195.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KERN0002 Bob Kern Contact: Bob Kern Phone: 541/935-7945
Current: 22.90 30: 22.90 60: 0.00 90+: 0.00 Total: 45.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KESN0002 Michael Kesner Contact: Phone: 541/744-6995
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIEN0002 Marie Kienlen Contact: Marie Kienlen Phone: 541/998-8759
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KILW0002 Barbara Kilwien Contact: Barbara/David Phone: 541/895-2822
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIND0004 Lloyd A Kindt Contact: Lloyd Kindt Phone: 541/686-9509
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0002 Yvonne King Contact: Phone: 541/747-9006
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0004 Daniel King Contact: Phone: 541/744-2173
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KING0006 Christian Kinglsey Contact: Phone: 541-344-8344
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KIRK0004 Kim Kirkwood Contact: Phone: 541/687-2202
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KOCH0002 Gary & Kay Koch Contact: Gary or Kay Phone: 541/998-8158
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Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KRUG0002 Linda Krueger Contact: Phone: 541-485-4649
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUGL0002 Lori Kugler Contact: Lori Phone: 541/726-8984
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUHA0002 Joe Kuharik Contact: Joe Kuharik Phone: 541/746-3143
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KUMA0002 Kumaco Contact: John Weaver Phone: 334-2402
Current: 49.95 30: 2,489.90 60: 125.00 90+: 0.00 Total: 2,664.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: KYCE0002 John Kycek Contact: John Kycek Phone: 541/343-1640
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAAK0002 Bobbie Laaksonen Contact: Bobbie Phone: 541/689-9613
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LACE0002 Malcolm Lacey Contact: Phone: 541/746-5295
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAND0002 Landmark Designs Contact: Scott McAllexander Phone: 541/767-0660
Current: 49.95 30: 50.95 60: 0.00 90+: 0.00 Total: 100.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAND0004 Roy Land Contact: Phone: 541/998-8440
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANE0004 Lane Leaders Association Contact: Rhonda Hendricks Phone: 541/687-0072
Current: 30.00 30: 0.00 60: 0.00 90+: 0.00 Total: 30.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANG0002 Ted Langton Contact: Phone: 541/461-9459
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LANI0002 Robert Lanier Contact: Phone: 541/302-6595
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAPA0004 Charles LaPalme Contact: Phone: 541-688-0887
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LARG0002 Benjamin Largent Contact: Benjamin Phone: 541/344-3798
Current: 0.00 30: 0.00 60: 7.45 90+: 0.00 Total: 7.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAUE0002 Dan Lauer Contact: Phone: 541-683-1229
Current: 28.90 30: 0.00 60: 0.00 90+: 0.00 Total: 28.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAWR0008 Dean Lawrence Contact: Phone: 541/685-0751
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LAWT0002 Jeff Lawton Contact: Phone: 541/689-9408
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEAN0002 Amber Leanna Contact: Amber Phone: 541/344-4828
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEEJ0002 Julie Lee Contact: Phone: 541/965-1024
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEEP0002 Paula Lee Contact: Phone: 541/689-6458
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEGA0002 Legal Software Systems, Inc. Contact: Phone: 541/683-3341
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEIG0002 Katherine Leighty Contact: Katherine or Dennis Phone: 541/942-5168
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LENH0002 Jerry Lenhard Contact: Jerry Phone: 541/998-1601
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LENM0002 Jolene Lenmark Contact: Phone: 541/998-3727
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LEWE0002 Raymond Lewellyn Contact: Raymond Phone: 541/342-8422
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: LICH0002 Todd Lichienwalter Contact: Todd Phone: 541/345-4563
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOCK0002 Barry Locklear Contact: Phone: 541/747-6206
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOGI0002 Logic Tools Contact: Edith Simchi-Levi Phone: 847/564-8457
Current: 360.00 30: 0.00 60: 0.00 90+: 0.00 Total: 360.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LONI0002 Holly Lonigan Contact: Phone: 541/607-0967
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOPE0002 Steve Lopez Contact: Steve/Julie Lopez Phone: 541/747-1913
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LORA0002 Lorane Fire Dept. Contact: Joe Brewer Phone: 541/942-3943
Current: 49.20 30: 0.00 60: 0.00 90+: 0.00 Total: 49.20
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOUD0002 Loudmouth Inc. Contact: Chris Stevens Phone: 541/726-8447
Current: 57.45 30: 0.00 60: 0.00 90+: 0.00 Total: 57.45
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: LOVE0002 David Loveall Contact: Phone: 726-4753
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: LUND0006 Jon E. Lundquist Contact: Jon Phone: 541/946-1036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MALA0002 William Malak Contact: Phone: 541/744-0901
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MANT0002 Bernice and Gregory Mantell Contact: Phone: 607-0664
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MARN0002 Leroy Marney Contact: Phone: 541-689-6112
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0002 Andy Martin Contact: Andy Martin Phone: 541/343-1840
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0004 Pete Martini Contact: Phone: 541/836-2000
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0006 Sharon Martin Contact: Sharon Phone: 541/744-0809
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MART0008 Rick & Joy Martin Contact: Rick or Joy Phone: 541/683-4556
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MATT0004 Melissa Mattick Contact: Phone: 541/465-1400
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MATT0006 Orion Matthews Contact: Orion Matthews Phone: 541/687-5701
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MAZY0002 Mike Mazy Contact: Mike Phone: 541/338-7084
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCAL0002 Barbara McAlister Contact: Phone: 541/688-7554
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCAU0002 Roxanne McAulay Contact: Roxanne Phone: 541/935-3572
Current: 0.00 30: 49.20 60: 49.20 90+: 0.00 Total: 98.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCL0002 Pam McClelland Contact: Phone: 541/726-7977
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCO0002 Dennis McConkey Contact: Dennis Phone: 541/741-1887
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCO0004 Daniel McConkey Contact: Daniel Phone: 541/744-2047
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCCU0004 Sue McCumsey Contact: Phone: 541/747-3040
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
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Cust.#: MCDA0002 Fred McDaniel Contact: Fred Phone: 541/746-1558
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCDO0002 Larae McDonald Contact: Phone: 541/344-8955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCDO0004 Dena McDowell Contact: Phone: 541/744-5606
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCGU0002 Barbara McGuire Contact: Barbara Phone: 541/935-6013
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKA0002 McKay Investments Contact: Kim Phone: 541/485-4711
Current: 124.85 30: 0.00 60: 0.00 90+: 0.00 Total: 124.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0002 McKenzie Oaks Contact: Phone: 541/485-5265
Current: 39.95 30: 39.95 60: 39.95 90+: 0.00 Total: 119.85
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0004 Mac Exchange, LLC Contact: Todd McKelvie Phone: 541/345-8676
Current: 65.00 30: 0.00 60: 0.00 90+: 0.00 Total: 65.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0006 Karen McKendrick Contact: Phone: 541/995-8482
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0008 McKenzie Willamette Hospital Contact: Kent Henriksen Phone: 541/726-4399
Current: 749.80 30: 0.00 60: 0.00 90+: 0.00 Total: 749.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCKE0012 Craig McKern Contact: Phone: 541/345-0744
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCLA0002 Anne McLaughlin Contact: Anne McLaughlin Phone: 541/302-9452
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCLA0004 Alisa McLaughlin Contact: Alisa Phone: 541/342-4467
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCMA0002 Mary McMartin/McMartin Enterprises Contact: Mary Phone: 541/937-2235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCMA0004 Gary McMahon Contact: Phone: 541/683-4109
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCME0002 Moria Software Inc. Contact: Phone: 541/342-7086
Current: 39.95 30: 39.95 60: 0.00 90+: 0.00 Total: 79.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCNA0002 Nathan McNary Contact: Nathan Phone: 541/726-6970
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MCRE0002 Nathan McReynolds Contact: Phone: 541/998-2510
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MEST0002 Larry Meston Contact: Larry Meston Phone: 541/683-6082
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: METZ0002 Chris Metzger Contact: Chris Metzger Phone: 541/741-2626
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: METZ0004 Edward Metzler Contact: Edward Metzler Phone: 541/746-7145
Current: 0.00 30: 0.00 60: 0.00 90+: 45.30 Total: 45.30
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MEYE0006 Bob Meyers Contact: Phone: 541/895-4079
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MICH0002 Tani Michaud Contact: Tani Phone: 541/344-7805
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MICR0002 Micro Vertisoft Contact: Margie Mathews Phone: 541/689-6954
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0002 Paul Millard Contact: Paul Millard Phone: 541/344-2350
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0006 Peggy Schultz Contact: Phone: 541/933-2462
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MILL0008 Robert Miller Contact: Phone: 541/683-2004
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Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
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Cust.#: MILL0012 Doug Miller Contact: Phone: 541/484-5225
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOIR0002 Lynetta Moir Contact: Steve Moir Phone: 541/741-1136
Current: 0.00 30: 19.95 60: 19.95 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOLO0002 Martin Molof Contact: Phone: 541/345-5163
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MONA0002 Kathie L. Monaghan Contact: Kathie Phone: 541/688-6408
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0002 Camille Moore Contact: Phone: 541/747-8291
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0004 Pat and Lewis Moore Contact: Phone: 541/688-9197
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOOR0006 Manuel L. Moore Contact: Phone: 541/726-7470
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORA0002 Dave Moran Contact: Phone: 541/747-6815
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORG0002 Donnie Morgan Contact: Phone: 541/942-1079
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORN0002 Will Morningson Contact: Phone: 541/302-6490
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORR0002 Debbie Morrow Contact: Debbie Phone: 541/741-5171
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MORR0004 Mary Anne Morrison Contact: Mary Anne Phone: 541/342-4251
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOTI0002 Motion Analysis Inc. Contact: Phone:
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOVI0002 Movierama Contact: Jack See Phone: 541/231-8294
Current: 49.95 30: 1.00 60: 0.00 90+: 0.00 Total: 50.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MOWE0002 Richard Mower Contact: Phone: 953-1102
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MUES0002 Patricia Muesse Contact: Phone: 541/607-6697
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MURP0004 Michael Murphy Contact: Michael Murphy Phone: 541/746-6078
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MUTU0002 Mutual of New York Contact: Thomas McAulay/Rae Lyons Phone: 541/342-2607
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: MYOB0002 M. YOB Contact: Phone: 541/687-7250
Current: 130.00 30: 0.00 60: 0.00 90+: 0.00 Total: 130.00
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NAUK0002 Kathleen Nau Contact: Kathleen Nau Phone: 541/741-2341
Current: 12.50 30: 0.00 60: 0.00 90+: 0.00 Total: 12.50
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEAL0002 Neal And Eng Law Offices Contact: Dan Neal Phone: 541/484-7311
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEIL0002 Dawn M Neilsen Contact: Phone: 541/896-3036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0006 Robert G Nelson Contact: Phone: 541/461-7916
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0010 Sandra L. Nelson Contact: Sandra Phone: 541/935-8104
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- ---------------------------------------------------------------------------------------------------------------------------------
Cust.#: NELS0012 Conrad Nelson Contact: Phone: 541/998-9593
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: NEUR0002 Oregon Neurosurgery Specialists Contact: Phone: 541-343-7748
Current: 6,125.00 30: 0.00 60: 0.00 90+: 0.00 Total: 6,125.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWO0002 Newood Display Fixture Mfg. Contact: Marilynn or Mick Phone: 541-688-0907
Current: 2,503.75 30: 164.75 60: 0.00 90+: 0.00 Total: 2,695.50
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWP0002 Shuska Newport Contact: Phone: 541-342-2759
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NEWT0002 Bob Newton Contact: Phone: 541/687-8222
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0006 James Nichols Contact: James Phone: 541/747-2286
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0010 Eric Nichols Contact: Phone: 774-9035
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICH0012 Mellisa Nichelson Contact: Phone: 541-302-2650
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NICO0002 Dan Nicoson Contact: Dan Phone: 541/744-2313
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORN0002 Ken Norness Contact: Ken Phone: 541/686-0235
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0002 Northwest Stamping Inc Contact: Jim Creech Phone: 541/747-4269
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0004 Northland Real Estate Contact: Phone: 541/345-2361
Current: 64.70 30: 0.00 60: 0.00 90+: 0.00 Total: 64.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: NORT0006 Northwest Direct Radio Network Contact: Phone: 541/485-5846
Current: 49.95 30: 49.95 60: 49.95 90+: 0.00 Total: 149.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OAKT0002 Oaktree Publications Contact: Sherrie Zimmerman Phone: 541/688-4044
Current: 54.90 30: 0.00 60: 0.00 90+: 0.00 Total: 54.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBAD0002 Ruth Obadal Contact: Phone: 541/687-9361
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBER0002 Dusty C. Oberbeck Contact: Phone: 541/461-3700
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBER0004 Larry Oberbeck Contact: Larry Phone: 541/345-3771
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OBIE0002 Obie Media Contact: Jim Callahan Phone: 541/683-3212
Current: 500.00 30: 0.00 60: 0.00 90+: 0.00 Total: 500.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OCON0002 Ina O'Conner Contact: Ina O Phone: 541-683-8065
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OCON0004 Mike O'Connel Contact: Mike O'Connel Phone: 541/344-5860
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OFFI0002 Office World Inc. Contact: Brent Combs Phone: 541/687-9704
Current: 69.30 30: 0.00 60: 0.00 90+: 0.00 Total: 69.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OHPL0002 OHP Linefinder Contact: Maria Wach Phone: na
Current: 49.95 30: 63.00 60: 0.00 90+: 0.00 Total: 112.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OKAN0002 Joseph O'Kane Contact: Joseph Phone: 541/461-4075
Current: 19.95 30: 19.95 60: 19.95 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OLIE0002 William L. Olietti Contact: Phone: 541-688-7647
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OLSO0002 Donald Olson Contact: Phone: 541/465-0185
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OMNI0002 InfoGroup Northwest Contact: Matt Moreno Phone: 541/342-1298
Current: 516.95 30: 0.00 60: 0.00 90+: 0.00 Total: 516.95
- -----------------------------------------------------------------------------------------------------------------------------------
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Cust.#: OREG0002 Oregon Lox Contact: Phone: 541/726-7824
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0006 Oregon Medical Group Contact: Martin Lenk Phone: 541/687-4900
Current: 147.60 30: 0.00 60: 0.00 90+: 0.00 Total: 147.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0012 Oregon Flavor Rack Contact: Phone: 541/461-3035
Current: 49.95 30: 49.95 60: 0.00 90+: 0.00 Total: 99.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OREG0014 Oregon Cotton Mill Contact: Ed Reiman Phone: 683-9711
Current: 49.95 30: 799.95 60: 0.00 90+: 0.00 Total: 849.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ORTI0002 Israel Ortiz Contact: Phone: 541/683-4349
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OWEN0002 Dan Owen Contact: Phone: 541/741-0604
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: OZAN0002 Barbara Ozanich Contact: Barbara Phone: 541/741-8766
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0002 Pacific 9 Motor Hotel Contact: Aaron or Phone: 541/726-9266
Mike Gillette
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0004 Pacific Continental Bank Contact: Roger Deming Phone: 541/686-8685
Current: 367.60 30: 0.00 60: 0.00 90+: 0.00 Total: 367.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PACI0006 Pacific Radiology Contact: Jeannie Herriott Phone: 344-1578
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PARC0002 Tonya Parcell Contact: Tonya Parcell Phone: 541/741-4782
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PARI0002 Dunkin & Bush Contact: Mike Parish Phone: 541/689-0070
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PASC0002 Paschelke Massage Center Contact: Phone: 541/933-1606
Current: 39.95 30: 0.00 60: 0.00 90+: 0.00 Total: 39.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PATR0002 PatRick Environmental Contact: Jerry Esser Phone: 541/746-7528
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PERS0002 Personnel Source Contact: Todd Nadeau Phone: 541/342-5310
Current: 295.00 30: 0.00 60: 0.00 90+: 0.00 Total: 295.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PETE0002 Jim Peterson Contact: Jim Peterson Phone: 541/461-5997
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PETO0002 Jason Petorak Contact: Phone: 541/988-0194
Current: 0.00 30: 0.00 60: 0.00 90+: 59.85 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHEL0002 Kim Phelps Contact: Kim Phone: 541/345-3544
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHIL0002 Harry Phillipo Contact: Harry Phone: 541/344-4978
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PHIP0004 Mark Phipps Contact: Mark Phone: 541/344-8242
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PLAN0002 Allan and Linda Plant Contact: Allan Plant Phone: 541/747-7798
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PLEG0002 Lorne & Lois Pieger Contact: Lorne or Lois Phone: 541/746-9956
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PODO0002 Bob Podolsky Contact: Phone: 541-485-1449
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: POLE0002 The Dollar Store Contact: Larry Polen Phone: 541/746-6965
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: POPO0002 Mandy Popovec Contact: Phone: 541/684-8214
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PRAT0002 Jerry D Pratt Contact: Phone: 541/688-1466
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<TABLE>
<S> <C> <C> <C> <C> <C>
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PRAT0006 Patrice Prater Contact: Phone: 541/302-5827
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PREF0002 Karl Prefontaine Contact: Karl Prefontaine Phone: 541/767-0147
Current: 9.60 30: 0.00 60: 0.00 90+: 0.00 Total: 9.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PROU0002 Bill Proix Contact: Phone: 541/342-2220
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: PSCI0002 PSC Inc. Contact: Chuck Bake Phone:
Current: 703.90 30: 0.00 60: 0.00 90+: 0.00 Total: 703.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: QUES0004 Quest Marketing Contact: Karen Pappel Phone: 541/302-2832
Current: 398.80 30: 5,430.00 60: 0.00 90+: 0.00 Total: 5,828.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: QUIC0002 Allan Quick Contact: Allan Quick Phone: 541/726-8646
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RACE0002 George Racette Contact: Phone: 541/896-3304
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RECT0002 Rob & Ronda Rector Contact: Rob & Ronda Rector Phone: 541/465-1376
Current: 0.00 30: 16.40 60: 16.40 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: REDD0004 Dana Reddington Contact: Phone: 541/344-2739
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RESC0002 Marlene Resch Contact: Phone: 541/345-7681
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RETI0002 Retirement Planning Group Contact: Marty Bauer Phone: 541/345-7466
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RHAY0002 Stephan M. Rhay Contact: Stephen Rhay Phone: 541/484-5490
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RHOL0002 Gary Rholl Contact: Phone: 541/484-0955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RICE0002 Wayne Rice Contact: Wayne Rice Phone: 541/688-0955
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RIGG0002 Amy Riggins Contact: Phone: 541/747-5901
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RITC0002 Lonnie Ritchie Contact: Phone: 541/686-9404
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RIVE0002 River Runner Supply Contact: Phone: 541-343-6883
Current: 150.00 30: 0.00 60: 0.00 90+: 0.00 Total: 150.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROBE0002 Elva Roberts Contact: Phone: 541/746-7151
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROCH0004 LuAnne Roche Contact: Phone: 541/746-1979
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RODE0002 Stephanie Rodebaugh Contact: Phone: 541/746-9447
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RONE0002 Gwen Roner Contact: Phone: 541/942-4078
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROPE0002 Barry Roper Contact: Barry Roper Phone: 541/746-3380
Current: 0.00 30: 0.00 60: 39.90 90+: 39.90 Total: 79.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROSE0002 Tracey Rose Contact: Tracy Phone: 541/686-3344
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: ROSE0004 Nancy Rose Contact: Phone: 541/686-1690
Current: 94.95 30: 0.00 60: 0.00 90+: 0.00 Total: 94.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: RUDD0002 Sally Ruddock Contact: Phone: 541/935-0944
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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Cust.#: SALA0002 Joe Sala Contact: Joe Sala Phone: 541/744-9561
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SAVA0002 Rusty Savage - Eugenenet.com Contact: Phone: 541/465-9645
Current: 251.40 30: 251.40 60: 0.00 90+: 0.00 Total: 502.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHA0002 Fred Schad Contact: Fred Phone: 541/689-2609
Current: 32.80 30: 0.00 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHE0002 Nolan Scheid Contact: Nolan Scheid Phone: 541/683-4167
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHE0004 Fred Schenfeld Contact: Phone: 541/688-7660
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHI0002 Carol Schirmer Contact: Phone:
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHI0004 Joyce Schiro Contact: Phone: 541/726-7256
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHL0002 Eran Schlesinger Contact: Phone: 541/954-2602
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHU0002 Penny Schultz Contact: Phone: 541/343-8230
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCHW0002 Gail Schwieger Contact: Phone: 541/686-8622
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SCOF0002 Scofield Electric Contact: Bob Scofield Phone:
Current: 0.00 30: 97.50 60: 0.00 90+: 0.00 Total: 97.50
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SELL0002 Richard Sellers Contact: Richard Sellers Phone: 541-338-9395
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SENN0002 Jeff Senn Contact: Jeff Phone: 541/726-7036
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SERV0002 Service Business Solutions Inc. Contact: Steve Fuller Phone: 541-988-1498
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SEVE0002 Odis and Shirley Severe Contact: Odis or Shirley Phone: 541/689-8880
Current: 0.00 30: 49.20 60: 0.00 90+: 0.00 Total: 49.20
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHAF0004 Gerald Shafer Contact: Phone: 541-741-8583
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHAW0002 Mitch Shaw Contact: Phone: 541/302-2986
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHER0002 Robert A. Sherman Contact: Phone: 541/344-7433
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SHIR0002 Rob Shirey Contact: Phone: 541/465-9218
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIBB0002 Mark Sibbald Contact: Mark Sibbald Phone: 541/484-4064
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SILV0002 Steve Silver Contact: Phone: 541/688-5097
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIMM0002 Nadyne Simmons Contact: Nadyne Phone: 541/726-9398
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SIMO0002 Stephen Simons Contact: Phone: 541/896-0547
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SING0004 Sharon Singleterry Contact: Phone: 541/995-6784
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SINK0002 Jack Sinkowski Contact: Phone: 541/343-0021
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
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</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C>
Cust.#: SIRO0002 Karen Siroshton Contact: Phone: 541/686-6142
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SKIN0002 Marilyn Skinner Contact: Phone: 541/302-6595
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SKOL0002 Ana Skolnik-Strong Contact: Phone: 541-345-6345
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0006 Adam Smith Contact: Phone: 541/485-1850
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0008 Dan Smith Contact: Dan Smith Phone: 541/687-1866
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0010 Leon Smith Contact: Leon Smith Phone: 541/689-8409
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0012 Ruby Smith Contact: Ruby Smith Phone: 541/895-2431
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0018 Bob & Linda Smith Contact: Phone: 726-0705
Current: 39.90 30: 0.00 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0020 Shara Smith Contact: Phone: 343-3024
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SMIT0022 Karen Smith Contact: Phone: 541-689-8455
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SOLW0002 Barry Solway Contact: Phone: 541/465-8988
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SOYK0002 Jennifer M. Soyke Contact: Jennifer Soyke or Phone: 541-988-1182
Jeff Willenky
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SPAR0002 Ann Sparks Contact: Phone: 541/485-8177
Current: 0.00 30: 59.85 60: 0.00 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SPOR0002 Sports Car Shop Contact: Phone: 541/342-1520
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STAN0002 Stangeland & Assoc. Inc. Contact: Phone: 541/484-7367
Current: 36.35 30: 36.35 60: 0.00 90+: 0.00 Total: 72.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STCL0002 Cindy StClair Contact: Phone: 746-4812
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEI0006 Virgil C Stein Contact: Phone: 541/484-9001
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEP0002 Stephenson & Stephenson Contact: Dr. Stephenson Phone: 541/349-0808
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEP0004 Roger Stephen Contact: Phone: 541-338-0610
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STEV0002 Marilyn Stevenson Contact: Marilyn Phone: 541/836-2490
Current: 35.00 30: 0.00 60: 0.00 90+: 0.00 Total: 35.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STIL0002 Valerie Stilwell Contact: Phone: 541/334-6965
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STOL0002 Luther Stole Contact: Luther Phone: 541/342-3440
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STRE0002 Bill Stredde Contact: Bill Phone: 541/485-6330
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STRU0002 Dave Strutin Contact: Dave Phone: 343-7537
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STUB0002 Gary Stuber Contact: Phone: 541/686-2474
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: STUC0002 Judith L Stucky Contact: Phone: 541/747-6496
- -----------------------------------------------------------------------------------------------------------------------------------
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Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SUCL0002 Gigi Suclescly Contact: Phone: 541/485-7538
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SULL0002 Rolly Sullivan Contact: Phone: 541/461-3610
Current: 0.00 30: 65.60 60: 0.00 90+: 0.00 Total: 65.60
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SUPE0002 Superior Steel Contact: Zef Davis Phone: 541/461-1764
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWAD0002 Sara Swader Contact: Phone: 541/461-3785
Current: 59.85 30: 0.00 60: 0.00 90+: 0.00 Total: 59.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWAN0002 Swanson's Pest Management Contact: Phone: 541/688-2323
Current: 99.90 30: 0.00 60: 0.00 90+: 0.00 Total: 99.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWEE0002 Kevin Sweeney Contact: Kevin Sweeney Phone: 541/484-9176
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SWIN0002 Carmella Swinney Contact: Phone: 541/747-6470
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: SYNA0002 SynapTech Contact: Phone: 541/342-7865
Current: 24.95 30: 0.00 60: 0.00 90+: 0.00 Total: 24.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TACO0002 TacoTime International, Inc. Contact: Clark Brown Phone: 541/687-8222
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEMP0002 Chuck & Bonnie Temple Contact: Chuck or Bonnie Phone: 541/747-7050
Current: 16.40 30: 81.40 60: 0.00 90+: 0.00 Total: 97.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEMP0004 Templex Technology Contact: Phone: 541/683-7474
Current: 150.00 30: 150.00 60: 0.00 90+: 0.00 Total: 300.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TEST0004 Test Testerman Contact: Phone: 123-1234
Current: 0.00 30: 0.00 60: 80.00 90+: 0.00 Total: 80.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THAX0002 Mick Thaxton Contact: Mick Thaxton Phone: 541/895-5434
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THIE0002 Deborah Thiessen Contact: Deborah Thiessen Phone: 541/343-7118
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0002 Martha Warren Thomas Contact: Phone: 541/741-8073
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0004 Stan Thomas Contact: Stan Phone: 541/687-9043
Current: 19.35 30: 16.40 60: 0.00 90+: 0.00 Total: 35.75
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0010 Neil J Thompson Contact: Phone: 541/998-8791
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0016 Randy Thompson Contact: Randy Phone: 541/942-2601
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0018 Ben Thompson Contact: Phone: 541/726-8659
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0022 Mike Thompson Contact: Phone: 541.461.9815
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOM0024 Marilyn Thoms Contact: Phone: 541-942-7564
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: THOR0002 Christel Thorin Contact: Christel Phone: 541/345-4680
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TICK0002 Arthur Ticknor Contact: Phone: 541/343-0636
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TIND0002 Brad Tindall Contact: Brad Tindall Phone: 541/484-6824
Current: 0.00 30: 0.00 60: 32.80 90+: 16.40 Total: 49.20
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TINN0002 Richard Tinney Contact: Richard Tinney Phone: 541/343-1720
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
</TABLE>
24 of 27 7 27 98 1:5
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Cust.#: TOMI0002 Gradh Tomic Contact: Phone: 541/367-6600
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TOMP0002 Gabe Tompkins Contact: Phone: 541/687-8451
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAC0002 Michael W Tracy Contact: Mike Tracy Phone: 541/995-8009
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAN0002 Transport Engineering Inc. Contact: Rhonda McKinney Phone: 541/937-4249
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRAV0002 Travel Team Contact: Aggie Wild Phone: 541/343-1219
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRIP0002 Michael Tripp Contact: Phone: 541/345-3975
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TRUP0002 James Trupp Contact: Phone: 541/744-8939
Current: 0.00 30: 0.00 60: 0.00 90+: 39.90 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TURN0002 Susan Turnbow Contact: Susan Trunbow Phone: 541/683-8622
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: TURN0004 Les Turner Contact: Phone: 541/726-0630
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UEMU0002 Yoshiko Uemura Contact: Phone: 541-683-3248
Current: 32.45 30: 0.00 60: 0.00 90+: 0.00 Total: 32.45
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: URLI0002 Sue Ulrich Contact: Sue Ulrich Phone: 541/485-8623
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: URLI0004 Dave Ulrickson Contact: Phone: 541/461-9382
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UNDE0002 Chris Underwood Contact: Chris Phone: 541/744-9674
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: UNIV0002 University Cyber Shops Contact: Phone: 541/338-9221
Current: 649.80 30: 0.00 60: 0.00 90+: 0.00 Total: 649.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VALE0002 Dee Valenti Contact: Dee Valenti Phone: 541/746-2673
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VAND0002 Kim Vanderkley Contact: Kim Vanderkley Phone: 541/431-1506
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VAND0004 Martin Vanderzwan Contact: Martin Phone: 541/343-4814
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANH0002 Julie VanHandel Contact: Phone: 541/683-5548
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANM0002 John VanMeter Contact: John VanMeter Phone: 541/688-5798
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VANN0002 Lynn Van Norman Contact: Lynn Phone: 541/344-6759
Current: 19.95 30: 19.95 60: 0.00 90+: 0.00 Total: 39.90
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VERO0002 Paul Veronin Contact: Paul Veronin Phone: 541/896-0158
Current: 13.35 30: 0.00 60: 0.00 90+: 0.00 Total: 13.35
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VERS0002 VersaLogic Corporation Contact: Randall Phone: 541/485-8575
Current: 0.00 30: 2,550.00 60: 0.00 90+: 0.00 Total: 2,550.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VIEW0002 Viewtouch Inc Contact: Phone: (541)344-7990
Current: 123.20 30: 123.20 60: 272.50 90+: 320.40 Total: 839.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VINC0002 Nancy Vincent Contact: Phone: 541/683-2155
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VINE0002 Joel Viney Contact: Joel Viney Phone: 541/744-2637
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
25 of 27
<PAGE>
Cust.#: VISI0002 Visions Contact: Phone: 541/985-8131
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VITO0002 Vitos Cork Reporter Contact: Tom Robertson Phone: 342-4552
Current: 49.95 30: 1,124.90 60: 0.00 90+: 0.00 Total: 1,174.85
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VOLK0002 Vickie Volkman Contact: Vickie Phone: 541/607-9046
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: VUHU0002 Huy Vu Contact: Phone: 541/344-8670
Current: 0.00 30: 0.00 60: 19.95 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALK0002 Bridget Walker Contact: Phone: 541/607-5668
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALK0004 George Walker Contact: George Phone: 541/747-8151
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WALL0002 Mike Wallin Contact: Mike Phone: 541/687-1481
Current: 0.00 30: 16.40 60: 32.80 90+: 12.80 Total: 62.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WAND0002 Lisa Wandler Contact: Lisa Wandler Phone: 541/998-9584
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WARR0004 James Warren Contact: Phone: 541/302-6837
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WASH0002 Don Washington Contact: Don Phone: 541/747-3527
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0002 Micky Waters Contact: Phone: 541/687-9338
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0004 Richard Waterson Contact: Richard Phone: 541/341-3920
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATE0006 Water Brothers Construction Inc. Contact: Phone: 541-485-8006
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WATK0002 KC Watkins Contact: KC Watkins Phone: 541/688-1644
Current: 0.00 30: 0.00 60: 19.95 90+: 92.30 Total: 112.25
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WAYL0002 Ken Wayland Contact: Phone: 541/302-1843
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEAV0002 Pam Weaver Contact: Pam Phone: 541/302-1801
Current: 29.95 30: 0.00 60: 0.00 90+: 0.00 Total: 29.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEBE0002 Charles Weber Contact: Phone: 541/687-0860
Current: 0.00 30: 0.00 60: 0.00 90+: 89.40 Total: 89.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEHR0002 Jia Wehrman Contact: Phone: 541/431-0273
Current: 0.00 30: 0.00 60: 45.80 90+: 22.90 Total: 68.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEIS0002 Elaine Weiss Contact: Elaine Weiss Phone: 541/726-8826
Current: 16.40 30: 16.40 60: 0.00 90+: 0.00 Total: 32.80
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEIT0002 Edward Weitzel Contact: Edward Phone: 541-746-1418
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WELC0004 Marcus and Janet Welch Contact: Phone: 541/937-2775
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WELL0002 Benjamin John Wells Contact: Phone: 541/607-6869
Current: 0.00 30: 98.40 60: 0.00 90+: 0.00 Total: 98.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WEST0002 Lanny West Contact: Phone: 541-484-5776
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHAT0002 WhatIUse/Creative Clock Contact: J.D. Olson/Mick Thaxton Phone: 541/344-3445
Current: 0.00 30: 149.85 60: 149.85 90+: 0.00 Total: 299.70
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHEE0004 Estate Planning Services Contact: Robert Wheeler Phone: 541/344-5620
Current: 69.30 30: 0.00 60: 0.00 90+: 0.00 Total: 69.30
- -----------------------------------------------------------------------------------------------------------------------------------
Cust.#: WHIP0002 David Whipple Contact: Phone: 541/683-2772
</TABLE>
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0004 Suzane Whittington Contact: Ransom Phone: 541/461-0207
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0008 James C White Contact: Phone: 541/687-1441
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WHIT0010 Scott Whiteford Contact: Phone: 541/431-0554
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILH0002 Gerald Wilheim Contact: Phone: 541/683-5941
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILL0008 Willamalane Parks and Contact: David Pierpoint Phone: 541/726-4335
Current: 49.95 30: 0.00 60: 0.00 90+: 0.00 Total: 49.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILL0012 Willamette Beverage Co. Contact: Tim Luck Phone: 541/687-0251
Current: 95.00 30: 0.00 60: 0.00 90+: 0.00 Total: 95.00
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WILS0004 Rita Wilson Contact: Rita Wilson Phone: 541/689-3086
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WINE0002 Barry Winebrenner Contact: Phone: 541/484-6268
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WISW0002 Wiswall & Walsh Contact: Phone: 541/484-6630
Current: 74.95 30: 0.00 60: 0.00 90+: 0.00 Total: 74.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WITT0002 Kevin Witt Contact: Phone: 541/345-3487
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOBB0002 Debbie Wobbe Contact: Phone: 541/689-9541
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOOD0002 Peter Woods Contact: Phone: 541/998-1832
Current: 16.40 30: 0.00 60: 0.00 90+: 0.00 Total: 16.40
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WOOD004 Kenneth Woods Contact: Phone: 541/688-7154
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: WRIG0004 Jennifer Wright Contact: Phone: 541-338-0882
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: YOUN0004 Joyce and Jim Young Contact: Phone: 541/345-6749
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: YOUN0006 Judy Young Contact: Phone: 541-942-7833
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
Cust#: ZART0002 David Zartman Contact: Phone: 541/485-9123
Current: 19.95 30: 0.00 60: 0.00 90+: 0.00 Total: 19.95
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT 30 60 90+ TOTAL DUE
GRAND TOTALS: 33,572.28 25,035.98 3,501.30 1,009.00 63,118.56
</TABLE>
27 of 27
<PAGE>
ASSET PURCHASE AGREEMENT AND
SECURITY AGREEMENT
This agreement is made and entered into this 6th day of November, 1998, by
and between DAISY WEIR, of 112 N.E. 35th, Newport, Oregon 97365, herein
referred to as "Seller" and CLIPPERNET CORPORATION, an Oregon corporation, 2295
Coburg Road, Suite 105, Eugene, Oregon 97401, herein referred to as "Buyer."
R E C I T A L S
WHEREAS, Seller is the owner of that certain internet access service
business known as "Netbridge" and also known as "Netbridge Internet Access
Services" located in Newport, Oregon, and Lincoln City, Oregon.
WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase
from Seller, the assets of Sellers' business specifically including, but not
limited to furniture, fixtures, equipment, leasehold improvements, supplies,
customer accounts, customer deposits, telephone numbers, supplier agreements,
all rights to the assumed business names used by Seller, all domain names
registered to or on behalf of Seller, and all goodwill of Sellers' business
pursuant to the terms and conditions of this agreement.
A G R E E M E N T S
NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained herein and the foregoing recitals which are incorporated by this
reference herein, the parties agree as follows:
1. ASSETS SOLD.
1.1 SALE OF ASSETS. Seller hereby agrees to sell to Buyer and Buyer
hereby agrees to purchase from Seller the following property and assets:
A. All fixtures, furnishings, equipment, and personal property of
Sellers' internet access business, specifically including, but not limited
to those assets as described in Exhibit "A" attached hereto and
incorporated by reference herein (hereinafter the equipment);
B. All supplies of Sellers' business as of the date of closing;
C. All customer accounts, customer deposits, supplier agreements,
telephone numbers, domain names registered to or on behalf of Seller, all
rights to the assumed business name "Netbridge" and "Netbridge Internet
Access Services" and all goodwill of Sellers' business;
D. All accounts receivable of Seller as more fully described
hereinbelow; and
1 - Asset Purchase Agreement and Security Agreement
<PAGE>
E. Sellers' covenants of non-competition and non-disclosure, as more
fully described hereinbelow.
1.2 EXCLUDED ASSETS. It is agreed by the parties that the following
assets of the Seller are excluded from this agreement:
A. All cash on hand;
B. All registered domain names reserved for personal use;
C. All assets not specified in this agreement and/or not used by
Seller in its internet access business.
2. PURCHASE PRICE AND PAYMENT.
2.1 The purchase price for the assets being sold and purchased hereunder
as described hereinabove is the sum of ONE HUNDRED FIFTY THOUSAND and NO/100
DOLLARS ($150,000.00), which sum shall be paid pursuant to Section 2.2
hereinbelow.
2.2 The purchase price for the assets and covenants as set forth in
Section 2.1 hereinabove, shall be paid as follows:
A. Buyer has paid to Seller prior to the date of this agreement, the
sum of FIVE THOUSAND and NO/100 DOLLARS ($5,000.00) as and for an earnest
money deposit, which sum shall be credited to the purchase price, the sum
of which is acknowledged by Seller;
B. Buyer shall, at closing, receive a credit of TWENTY TWO THOUSAND
SEVENTY SIX and 14/100 DOLLARS ($22,076.14), against the purchase price,
which sum represents the amount of customer deposits held, and prepayments
for services not rendered as of the date of closing by Seller, and as more
particularly described in Exhibit "B" attached hereto and incorporated by
reference as though fully set forth herein. Buyer agrees that Seller may
keep all of said customer deposits and prepayments for services free from
any claim by Buyer;
C. Buyer shall, at closing, pay to Seller the sum of FIFTEEN THOUSAND
and NO/100 DOLLARS ($15,000.00), which sum shall be credited against the
purchase price;
D. The sum of FORTY SEVEN THOUSAND NINE HUNDRED TWENTY THREE and
86/100 DOLLARS ($47,923.86) shall be paid by Buyer to Seller pursuant to
the terms and provisions of that certain Promissory Note, attached hereto
as Exhibit "C" and incorporated by reference as though fully set forth
herein, where such sum, plus interest thereon at the rate of EIGHT PERCENT
(8%) per annum from the date of transfer of possession, until paid, payable
in monthly installments of not less than NINE HUNDRED SEVENTY TWO and
NO/100 DOLLARS ($972.00), with the first installment payable 30 days after
closing and like payment on the same day of each month thereafter until
that
2 - Asset Purchase Agreement and Security Agreement
<PAGE>
date five (5) years after closing, when the balance then owed, plus
accrued interest shall be fully due and payable. There shall be no
prepayment penalty. All payments shall be credited first to accrued
interest and thereafter to principal; and
E. The balance of the purchase price, being the sum of SIXTY THOUSAND
and NO/100 DOLLARS ($60,000.00) shall be fully paid and satisfied by Buyer
transferring to Seller at closing 20,000 shares of common stock of
Integrated Food Resources, Inc. (listed on the OTC BB as IFGR) which the
parties agree that, for the purposes of this transaction shall be valued at
$3.00 per share. It is specifically acknowledged and agreed that the
transfer of stock from Buyer to Seller as described herein is subject to an
option by Buyer to purchase 10,000 shares of said stock back from Seller
pursuant to Section 9 hereinbelow, and the right of Seller to require Buyer
to purchase the 20,000 shares of said stock pursuant to Section 10
hereinbelow;
i. The parties acknowledge and agree that 10,000 shares of the
common stock of Integrated Food Resources, Inc. transferred from Buyer
to Seller hereunder shall be "restricted" stock, such restriction
consisting of the fact that such stock cannot be sold in the public
market for a period of two years from the date of closing. The
parties agree that the 10,000 shares of restricted stock shall be the
shares of stock subject to the option of Buyer to repurchase pursuant
to Section 9 hereinbelow. The parties further acknowledge and agree
that the other 10,000 shares of stock transferred from Buyer to Seller
hereunder shall have no restrictions regarding resale.
ii. The parties further acknowledge that, at closing, Buyer, due
to the time required to register the transfer on the records of
Integrated Food Resources, Inc., and to issue appropriate
certificates, cannot deliver to escrow at closing endorsed
certificates. At closing, an account will be established at Charter
Investment Group, a licensed brokerage house, and that, at closing,
10,000 shares of unrestricted stock of Integrated Food Resources, Inc.
shall be transferred into said account. Seller shall have the right
to maintain said shares in that account or to instruct the brokerage
firm to issue a certificate or certificates to Seller.
iii. To the extent that a stock certificate representing the
10,000 shares of restricted stock of Integrated Food Resources, Inc.
cannot be issued at closing, the parties agree to establish another
account at Charter Investment Group. At closing, the 10,000 shares of
restricted stock shall be transferred into that account with
appropriate instructions to have a certificate prepared and delivered
to escrow to be delivered pursuant to Section 9.5 hereinbelow.
3. NO REAL PROPERTY.
3.1 It is acknowledged by the parties that the transaction represented by
this agreement does not include the conveyance of any interest in real property,
including any leasehold interest which Seller may hold as of the date of
closing, PROVIDED THAT, Buyer may be entering into a separate agreement with the
owners of the Sellers'
3 - Asset Purchase Agreement and Security Agreement
<PAGE>
leasehold interests, terminating Sellers' leasehold interests thereon.
4. ALLOCATION OF PURCHASE PRICE.
4.1 The purchase price for the assets to be conveyed shall be allocated as
follows:
<TABLE>
<S> <C> <C>
A. Fixtures, Furnishings, Equipment,
Personal Property, and Supplies $50,000.00
B. Customer Accounts, Deposits, Supplier
Agreements, Domain Names, Business
Name and Goodwill $50,000.00
C. Seller's Accounts Receivable -0-
D. Sellers' Covenants of Noncompetition
and Nondisclosure $50,000.00
-----------
TOTAL $150,000.00
</TABLE>
5. CLOSING.
5.1 The closing of this transaction shall occur on November 6, 1998.
Possession of the assets sold and purchased hereunder shall be transferred on
the day after the date of closing.
5.2 The closing shall occur at the offices of Richard Speight, Attorney at
Law, Portland, Oregon. All escrow fees and filing fees shall be shared equally
by the parties.
5.3 All obligations incurred with respect to the operation of Sellers'
business or with respect to the acquired assets prior to the date of transfer of
possession shall be paid by the Seller. All obligations incurred by the Buyer
on or after the date of transfer of possession shall be paid by the Buyer.
5.4 Personal property taxes, and telephone charges, shall be prorated as
of the date of transfer of possession.
5.5 Existing insurance upon the assets being purchased hereunder may be
cancelled upon transfer of possession by Seller, and Buyer shall obtain its own
insurance to be effective at the time of closing. Buyer shall deliver, at
closing, a binder for such personal property insurance in the amount required in
the Security Agreement, as set forth hereinbelow.
6. SELLERS' COVENANTS AND WARRANTIES.
6.1 Seller covenants and warrants to Buyer as follows:
A. Seller is the owner of the equipment, the inventory and supplies
and assets sold
4 - Asset Purchase Agreement and Security Agreement
<PAGE>
subject to this agreement. Seller has good and marketable title thereto
and Seller owns the assets free and clear of all liens and encumbrances;
B. Seller has the right to sell all of the assets sold hereunder, and
has not granted to any other party the option to purchase such assets;
C. All books and records of Sellers' business provided to Buyer for
inspection purposes prior to the closing of this agreement are, to the best
of Sellers' knowledge, accurate in all material respects;
D. Seller has operated the business to the best of its knowledge, in
a lawful manner, and is unaware of any claims or suits threatened or
existing against the business;
E. Seller has, to the best of their knowledge, committed no
violations of any statute, rule, or regulation imposed under federal,
state, or local government law, and is unaware of any allegation by any
government agency regarding any violation;
F. All intangible property sold to Buyer hereunder is lawfully owned
by or licensed to Seller, and is free from the claim by any third party
either as a result of this transaction or otherwise; and
G. To the best of Sellers' knowledge, all equipment sold hereunder is
in good working order as of the date of this agreement, ordinary wear and
tear by the elements excepted.
7. ASSUMPTION OF EXISTING AGREEMENTS.
7.1. It is agreed by the parties that Buyer shall take over Sellers'
existing phone service. All services chargeable to Seller prior to the date of
transfer of possession shall be paid by Seller. All sums charged thereafter
shall be paid by Buyer. In addition all directory advertising, including yellow
page advertisements, if any, shall be assumed and paid by Buyer as of the date
of transfer of possession.
7.2 Except for the agreements and obligations specifically assumed by
Buyer under the terms of this agreement, including the obligations of Seller
under the customer accounts set forth on Exhibit "B." Buyer does not assume,
accept or undertake any obligations, duties, debts, or liabilities of any kind
whatsoever, except as specifically provided in this agreement.
7.3 With respect to the prepaid customer accounts and deposits, as set
forth in Exhibit "B," it is agreed that Buyer is assuming the obligations of
Seller with respect to said accounts and deposits solely to the extent set forth
in Exhibit "B." Seller agrees to indemnify and hold Buyer harmless, pursuant to
the provisions of Section 15 hereinbelow, from any liabilities or claims arising
from the following:
A. Any claims from customer accounts arising from prepayment for
services or deposits not included in Exhibit "B";
5 - Asset Purchase Agreement and Security Agreement
<PAGE>
B. Any claims from customers alleging prepayment or deposits for
services to be rendered by Buyer beyond the times for which such
prepayments or deposits are credited as set forth in Exhibit "B"; or
C. Any claims from customers arising from any act or omission of
Seller, from the failure of Seller to provide services, or from any other
matters arising prior to the date of closing.
8. ACKNOWLEDGEMENT OF COOPERATION PENDING CLOSING.
8.1 Buyer hereby acknowledges that, prior to the closing of this
transaction, Buyer has been given full access, for inspection purposes during
normal business hours, to Sellers' assets and properties and Sellers' books,
contracts, commitments and records with respect to any and all material
information concerning the assets to be sold, or otherwise transferred pursuant
to this agreement.
9. OPTION TO PURCHASE. Seller hereby agrees that Buyer shall have the
right and grants to Buyer the option to purchase back from Seller the 10,000
restricted shares of the common stock of Integrated Food Resources, Inc.,
transferred to Seller by Buyer pursuant to Section 2.2E hereinabove, pursuant to
the following terms and conditions:
9.1 In consideration for the option granted from Seller to Buyer herein,
Buyer shall pay to Seller the sum of $1,000.00 at closing.
9.2 The term of the option shall be for three years, commencing as of the
date of closing and continuing until that date three (3) years after closing.
9.3. The purchase price for the stock shall be the sum of $45,000.00, or
$4.50 per share.
9.4 Seller shall, as part of the closing of this transaction, deposit with
the collection escrow agent named hereinbelow, a stock certificate evidencing
Sellers' ownership of 10,000 restricted shares of common stock of Integrated
Food Resources, Inc., together with a stock power, fully and properly endorsed
in blank, with their signature guarantee to the satisfaction of the transfer
agent.
9.5 Seller and Buyer shall mutually instruct the collection escrow agent
to hold said certificate and stock power, and to only deliver the same as
follows:
A. If, prior to the date of termination of the option as specified in
Section 9.2 hereinabove, Buyer delivers to the collection escrow agent the
sum of $45,000.00, plus one-half of any escrow fees or charges payable, by
cashier's check or certified funds, the escrow agent shall deliver the
certificate and stock power to Buyer, who shall have the right to
immediately apply to the transfer agent for the transfer of such shares to
Buyer. Payment of the funds into escrow by Buyer as described above shall
be deemed as exercise of the option.
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B. If, as of the date of termination of the option as specified in
Section 9.2 hereinabove, Buyer has failed to deliver the funds as specified
in Section 9.5A hereinabove, then Seller shall have the unilateral right to
instruct the escrow agent to deliver the certificate and stock power to
Seller (or to such third party as Seller may direct) and the escrow shall
terminate.
9.6 During the term of the option and until the option is exercised by
Buyer as set forth above, Seller shall retain full voting rights incident to
ownership of the stock.
9.7 In the event that Seller receives any additional shares of stock,
arising from ownership of the shares placed in escrow as the result of a stock
split or stock dividend, then Seller shall place all certificates received from
said stock split or stock dividend into the escrow with a properly executed
stock power. If the additional shares are delivered to escrow as a result of a
stock split, then the purchase price for the shares then held in escrow pursuant
to the option shall be reduced such that the price per share multiplied by the
number of shares then held in escrow remain at $45,000.00. If the additional
shares are delivered to escrow as a result of a stock dividend, then the
purchase price for the shares then held in escrow pursuant to the option shall
increase such that the purchase price shall be $4.50 multiplied by the number of
shares then held in escrow.
9.8 The parties agree that the option granted hereunder is limited to the
right of Buyer to purchase all of the shares then held in escrow, and that Buyer
shall not have the right to purchase a portion of, or less than all of said
shares.
9.9 For the purposes of determining the right to any dividends declared by
Integrated Food Resources, Inc., the date of delivery of funds to the escrow by
Buyer shall be deemed the date of transfer of said shares. If the date of
transfer proceeds the record date established for the payment of dividends, all
dividends payable as a result of the stock purchased by Buyer shall vest in
Buyer.
10. REQUIRED REPURCHASE OF STOCK. It is agreed that, with respect to the
10,000 shares of Integrated Food Resources, Inc., not subject to the option of
Buyer pursuant to Section 9 hereinabove, Seller shall have the right to market
said shares prior to the termination of the option period. In addition, Seller
shall have the right, upon written notice from Seller to Buyer, to require Buyer
to repurchase all 20,000 shares of stock, upon the following terms and
conditions:
10.1 The right of Seller to require Buyer to repurchase the 20,000 shares
of common stock of Integrated Food Resources, Inc. shall terminate if Seller has
not given written notice to Buyer within one (1) year of the date of the closing
of the transaction represented by this agreement.
10.2 If Seller exercises their right to require Buyer to repurchase, then
Buyer shall purchase the shares of stock according to the following terms and
conditions:
A. The purchase price shall be $4.00 per share;
B. Buyer shall purchase from Seller 275 shares of stock per month
through payment to Seller of the sum of $1,100.00 with the first payment
(and transfer) occurring on or
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before that day thirteen (13) months after the closing of this
transaction, and like payment (and transfer) on the same day of each
month thereafter until the 20,000 shares have been fully paid for by
Buyer and transferred from Seller to Buyer. It is agreed that except to
the extent that Buyer exercises its option pursuant to Section 9
hereinabove, Buyer shall first be purchasing the unrestricted shares of
stock of Integrated Food Resources, Inc. and thereafter the restricted
shares;
C. If at any time after Seller has given notice to Buyer to require
Buyer to purchase the 20,000 shares of stock pursuant to this Section 10.2,
Seller desires to cease such requirement of Buyer, then Seller shall give
written notice thereof to Buyer, and all shares which have not, as of the
date of receipt of notice by Buyer, been purchase by Buyer, shall remain
vested in Seller, and Buyer's obligation to purchase shall terminate,
except to the extent of the option to purchase the 10,000 restricted shares
as set forth in Section 9 hereinabove if said option period has not
terminated. If Seller gives written notice terminating Buyer's obligation
to purchase, all shares previously purchased by Buyer shall remain vested
in Buyer, and Seller shall not have any right thereafter to require Buyer
to repurchase any shares of stock then owned by Seller'
D. It is specifically acknowledged that in the event Buyer exercised
its option to purchase the 10,000 restricted shares pursuant to Section 9
hereinabove, then such shares shall be transferred to Buyer and Buyer's
obligation to repurchase as set forth herein shall be decreased to the
other 10,000 shares transferred to Seller pursuant to Section 2.2 above.
The exercise of the option by Buyer shall not otherwise effect the terms
and conditions of such repurchase; and
E. Except with respect to the option granted by Seller pursuant to
Section 9 hereinabove, Buyer shall not have the right to accelerate the
repurchase of said shares of stock unless such acceleration is approved by
Seller.
10.3 In the event that Seller receives any additional shares of stock
arising from their ownership of the shares of Integrated Food Resources, Inc.
acquired as a result of this transaction as the result of a stock split then the
additional shares shall automatically become included in the required repurchase
as follows:
A. The purchase price for the remaining shares subject to the
repurchase shall be proportionately reduced such that the total price for
the remaining shares remains unchanged; and
B. The number of shares to be purchased monthly shall be increased
proportionately such that Buyer shall continue to pay Seller $1,100.00
monthly for said shares.
10.4 In the event that Seller receives any additional shares of stock
arising from their ownership of the shares of Integrated Food Resources, Inc.
acquired as a result of this transaction as a result of a stock dividend, then
the additional shares shall automatically become included in the required
repurchase as follows:
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A. The purchase price for such additional shares shall be $4.00 per
share; and
B. Buyer shall continue purchasing 275 shares per month as set forth
in Section 10.2 (except as may be increased by Section 10.3) until all of
Sellers' shares, including additional shares received through the stock
dividend, have been transferred to Buyer.
10.5 For the purposes of determining voting rights and rights to receive
dividends, the date of receipt of payment by Seller from Buyer shall be deemed
the date of transfer of the shares purchased with such payment. For the purpose
of reducing the necessary work to transfer the shares through the transfer agent
on a monthly basis, the parties shall have the right to employ a third party or
escrow agent to hold the shares, accept delivery of payment, accept delivery of
additional shares and dividends, and vote the shares pursuant to instructions
consistent with the terms of this agreement.
10.6 To the extent that either party receives shares of stock or dividends
from Integrated Food Resources, Inc. resulting from the shares transferred to
Seller hereunder, where such shares or dividends are, pursuant to this
agreement, the property of the other party, then the party shall immediately pay
or deliver over to the other party such dividends or shares.
11. COLLECTION ESCROW.
11.1 The parties agree to establish a collection escrow account at Oregon
Title Insurance Company, of Eugene, Oregon. All payments due to Seller under
the terms of the Promissory Note shall be paid into said escrow to be disbursed
upon the instruction of Seller. Seller agrees to deposit an original of this
agreement, the Promissory Note, a UCC-3 Termination Statement and other
instruments reasonably required to release Sellers' security interest, to be
delivered to Buyer upon payment in full of all balances due hereunder.
11.2 In addition to the documents set forth in Section 11.1, it is
acknowledged that Seller shall be depositing with the collection escrow, the
10,000 restricted shares of Integrated Food Resources, Inc., and a stock power,
to be delivered pursuant to the terms and conditions of Buyer's option to
purchase the same as set forth in Section 9 hereinabove.
11.3 All set up fees and monthly collection charges of the collection
escrow agent shall be shared equally by the parties.
12. SELLERS' CLOSING DOCUMENTS.
12.1 Upon the closing of this sale, Seller shall execute and deliver the
following documents:
A. A Bill of Sale to Buyer conveying the assets sold hereunder, free
and clear of all encumbrances;
B. A UCC-3 Termination Statement to be held by the collection escrow
agent until payment in full of the purchase price by Buyer;
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C. An amendment to the assumed business name registration for
"Netbridge"; and
D. A Stock Power for the 10,000 restricted shares of common stock of
Integrated Food Resources, Inc. to be placed in escrow pursuant to Section
9.4 hereinabove.
13. BUYER'S CLOSING DOCUMENTS.
13.1 Upon the closing of this sale, Buyer shall execute and deliver the
following documents:
A. The sum of $15,000.00 in the form of a cashier's check
representing payment pursuant to Section 2.2C hereinabove;
B. The sum of $1,000.00 in the form of a cashier's check representing
payment for the option pursuant to Section 9 hereinabove;
C. The executed Promissory Note in the form attached hereto as
Exhibit "C";
D. A UCC-1 Financing Statement describing the collateral securing the
Promissory Note as set forth hereinbelow; and
E. Evidence of establishment of the accounts at Charter Investment
Group and transfer thereof of 20,000 shares of fully paid non-assessable
common stock of Integrated Food Resources, Inc. pursuant to Section 2.2E
hereinabove.
14. ACCOUNTS RECEIVABLE.
14.1 The parties acknowledge that all accounts receivable of Seller are
included in this transaction and that Seller hereby assigns to Buyer all
accounts receivable. Seller has disclosed that all customers of Netbridge pay
in advance for services, and that accordingly, the existing accounts
receivables, if any, are minimal. Buyer agrees that it accepts assignment of
the accounts receivable in their current condition, AS IS, and the non-
collectibility of such accounts shall create no obligation on the part of Seller
to repurchase or take reassignment of such accounts.
15. INDEMNITY.
15.1 Seller shall defend, indemnify and hold the Buyer harmless against
and in respect of:
A. Any and all liabilities and obligations of the Seller relating to
the acquired assets, except such liabilities and obligations as are
expressly assumed by the Buyer under this agreement;
B. The claim of any person or entity for injury, damage, negligence,
strict liability, breach of warranty, breach of contract, breach of lease
or otherwise by reason of Sellers' use or operation of the acquired assets
prior to the date of closing.
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15.2 The Buyer shall defend, indemnify and hold the Seller harmless
against and in respect of:
A. All personal property taxes imposed or levied for the current
fiscal tax year upon or against the acquired assets;
B. The claim of any person or entity for injury, damage, negligence,
strict liability, breach of warranty, breach of contract, breach of lease
or otherwise by reason of Buyer's use or operation of the acquired assets
after the date of closing or with respect to contracts assumed by Buyer
pursuant to this agreement;
C. Any and all liabilities and obligations expressly assumed by the
Buyer under this agreement.
15.3 Each party shall reimburse the other party for any payment in respect
to any item against which it shall have been indemnified by the other party,
including expenses and attorney fees incident thereto. Prior to making any
payment to which such indemnity applies, the indemnitee party shall give written
notice to the indemnitor party of any claim, action, suit, proceeding or
assessment. The indemnitor party shall then have ten (10) days in which to
elect to contest or defend any such claim, action, suit, proceeding or
assessment and shall give written notice of any such election within the ten
(10) day period. If the indemnitor party does not so elect, the indemnitee
party may proceed to settle or pay the same in the manner most advantageous to
the indemnitee party, but no such settlement or payment shall impair the
obligation of the indemnitor party as provided in this section.
15.4 Any payment made by Seller pursuant to this section may, at Sellers'
option, be added to the unpaid balance of the purchase price and if so added,
shall bear interest at the rate of twelve percent (12%) per annum from the date
of payment and shall be secured by any security agreement given pursuant to this
agreement. If not added back to the contract balance, the Buyer shall make
payment in reimbursement to the Seller within ten (10) days after written
demand.
15.5 Any payment made by Buyer pursuant to this section may, at Buyer's
option, be offset from the next payment or payments due from Buyer to Seller
under the Promissory Note. If not offset, Seller shall make payment in
reimbursement to the Buyer within ten (10) days after written demand.
16. RISK OF LOSS.
16.1 The risk of loss, damage or destruction to any of the equipment or
other property to be conveyed to the Buyer under this agreement shall be borne
by the Buyer from and after the date of transfer of possession.
17. LICENSES AND PERMITS.
17.1 Buyer shall obtain, at Buyer's cost at or before the date of transfer
of possession all licenses and permits from public authorities necessary to
authorize the ownership and operation of
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the business by the Buyer.
18. LABOR AGREEMENTS.
18.1 Seller is neither a party to or otherwise subject to any collective
bargaining agreement governing the wages, hours or terms of employment of
Sellers' employees. All wages earned by any employee of the Seller shall be
paid through the date of closing by the Seller, and all payroll taxes or other
expenses incurred as a result of the payment of said wages shall remain the
responsibility of Seller.
18.2 To the extent that any employees of Seller have accrued paid vacation
time, retirement benefits, or any other benefits not otherwise paid by Seller
through the date of closing, Seller shall pay to Buyer at closing the value of
said vacation time or benefits, and Buyer shall assume responsibility for such
costs and expenses.
19. BOOKS AND RECORDS.
19.1 Except with respect to any software of Seller which is included in
the sale, this sale does not include the books of account and records of
Sellers' business. Seller shall retain title to, possession and custody of such
books and records, PROVIDED THAT, Seller shall make the books and records
available to Buyer for inspection and copying after the date of closing.
20. BUYER'S ACCEPTANCE.
20.1 Buyer represents and acknowledges that it has entered into this
agreement on the basis of his own examination, personal knowledge and opinion of
the value of the business. Buyer has not relied on any representation made by
Seller or any agent of the Seller except as expressly set forth in this
agreement. Buyer further acknowledges that Seller has made no agreement or
promise to repair or improve any of the equipment or other property being sold
to Buyer under this agreement and Buyer takes all of such property in the
condition existing on the date hereof, AS IS, in its present actual condition,
without representation or warranty, express or implied, of any kind or nature,
except as otherwise set forth in this agreement.
21. SECURITY AGREEMENT.
21.1 As security for time and performance of all of Buyer's obligations
and for payment of the purchase price, the Buyer grants to Seller until the
purchase price is paid in full, a security interest in the following property
(collateral):
A. All assets and property described in paragraph 1 of this
agreement, including replacements thereto, accessions thereon, and
substitutions therefor, it bering acknowledged that notwithstanding the
security interest granted herein. Buyer shall have the right to sell
inventory in the normal course of Buyer's business;
B. Proceeds and products of all of the foregoing.
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22. AGREEMENTS REGARDING SECURITY.
22.1 After closing and until the balance of the purchase price has been
paid in full, Buyer covenants and agrees as follows:
A. BUYER'S OPERATION OF BUSINESS. Buyer will maintain and operate
the business on a continuous and regular basis in accordance with all
local, state, federal and other laws and regulations governing the conduct
of the business.
B. MAINTENANCE OF EQUIPMENT. Buyer shall maintain the collateral in
good condition and repair, reasonable wear and tear excepted.
C. CASUALTY INSURANCE. Buyer, at Buyer's cost, shall keep the
collateral fully insured for full replacement value against loss or damage
by fire, theft, vandalism and such other acts as Seller may from time to
time acquire, upon such reasonable terms and in such company or companies
as Seller may approve. Seller or Sellers' successor sand assigns shall be
named as additional insured or loss payee on all such policies. The amount
of such policies shall be not less than full replacement value, or full
insurable value, if full replacement value cannot be obtained. Buyer shall
immediately deliver a copy of all such policies to Seller, or certificates
thereof, evidencing the required coverage and shall, from time to time, at
Sellers' request, furnish evidence that the policies remain in force. All
policies shall contain a provision that they cannot be canceled except on
thirty (30) days prior written notice to the Seller. In the event of
damage or loss covered by Buyer's insurance, the proceeds shall be paid to
the parties as their interests appear at the time of loss. Buyer shall
have the right to apply the proceeds of any insurance towards replacement
of the damaged collateral, if Buyer notifies Seller of his intent to do so,
and delivers evidence of his ability to make up the difference between the
cost of the replacement and the proceeds available for that purpose.
D. TAXES. Buyer shall pay, when due, all taxes, license fees and
assessments relative to the collateral, and shall pay any and all other
taxes, liens, assessments and charges relative to Buyer's conduct of the
business. Proof of payment of all taxes shall be furnished to Seller upon
Sellers' request.
E. LIENS. Buyer shall keep the collateral free of all liens and
encumbrances, except the lien of Sellers' security interest, other than
liens for which Buyer shall first have obtained Sellers' prior written
consent, and purchase money security interests for the purchase of
inventory.
23. FINANCING STATEMENTS.
23.1 At the time of closing, the Buyer shall join with the Seller in
executing appropriate UCC financing statements for public filing. The cost
incurred in connection with the filing of financing statements and transfer of
title to any equipment shall be shared by the parties. From time to time, upon
request, Buyer shall execute continuation statements, if necessary to continue
perfection of Sellers' security interest in accordance with this agreement.
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24. LIABILITY INSURANCE.
24.1 Buyer, at the time of closing, shall deliver to Seller, evidence of
insurance against loss or liability arising out of or relating to any activity
of the Buyer in connection with the operation of Buyer's business. Such
insurance shall have loss limitations in an amount not less than $300,000.00
single limits, and shall name the Seller as an additional insured or loss payee,
and shall not be subject to cancellation without thirty (30) days prior written
notice to the Seller.
25. SELLERS' RIGHT TO PAY.
25.1 In the event the Buyer fails to make any payment of taxes,
assessments, insurance premiums, or other charges which Buyer is required to pay
under this agreement, Seller shall have the right, but not the obligation, to
pay the same, Buyer shall reimburse Seller for any such payment, within ten (10)
days upon Sellers' written demand, together with interest at the rate of twelve
percent (12%) per annum from the date of Sellers' payment until Buyer reimburses
Seller. Any such payment by the Seller shall not constitute a waiver by Seller
of any remedy available by reason of Buyer's default for failure to make the
payments.
25.2 In the event the Seller fails to make any payment due to pay any
creditor or any claim for which Seller is responsible under the agreement, and
said creditor or claimant is legally entitled to make such claim against Buyer,
then Buyer shall have the right to pay the creditor and offset such sum against
the next payment or payments due under this agreement. Any sums paid by Buyer
for which Seller is responsible shall accrue interest at 12% per annum from the
date of payment until the date of reimbursement or offset, whichever is
appropriate.
26. NON-DISCLOSURE AND NON-COMPETITION.
26.1 Seller recognizes that the sale represented by this transaction
includes products, plans, trade secrets, process information, prices, customer
lists, discounts, technical information, costs, and other vital information
(collectively, "Information"). Seller agrees that Seller will not at any time
or in any manner, either directly or indirectly, divulge, disclose or
communicate in any manner any Information to any third party without the prior
written consent of the Buyer. Seller will protect the Information and treat it
as strictly confidential. A violation by Seller of this paragraph shall be a
material violation of this Agreement and will justify legal and/or equitable
relief.
A. Unauthorized Disclosure of Information. If it appears that Seller
has disclosed (or has threatened to disclose) information in violation of
this Agreement, Buyer shall be entitled to an injunction to restrain Seller
from disclosing, in whole or in part, such Information, or from providing
any services to any party to whom such Information has been disclosed or
may be disclosed. Buyer shall not be prohibited by this provision from
pursuing other remedies, including a claim for losses and damages.
B. Notwithstanding Sellers' agreements herein, it is acknowledged
that Seller shall have the right to divulge Information to Sellers'
attorneys and accountants provided that such disclosures includes the fact
that the Information is confidential, and that any unauthorized disclosure
to third parties by such attorneys or accountants may be considered
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a breach by Seller of their covenants hereunder.
26.2 NON-COMPETITION: For a period of three years after the date of
closing, Seller shall not within Clatsop, Tillamook, Lincoln and Lane Counties,
Oregon, directly or indirectly, (1) own (as a proprietor, partner, stockholder,
or otherwise) an interest in; or (2) participate (as an officer, director, or in
any other capacity) in the management, operation, or control of; (3) perform
services for or act in the capacity of an employee, independent contractor,
consultant, or agent for, or (4) solicit any customers of Buyer for any
enterprise engaged, directly or indirectly, in the business of internet access
services or in competition with any other business conducted by Buyer, except
with the prior written consent of Buyer.
Seller specifically acknowledges that their agreement not to compete
pursuant to the terms and provisions set forth herein represent a material
inducement to Buyer entering into this agreement.
Seller agrees that it would be difficult to measure damage to Buyer from
any breach by Seller of Sections 26.1 and 26.2 hereinabove and that monetary
damages would be an inadequate remedy for any such breach. Accordingly, Seller
agrees that if Seller shall breach Sections 26.1 and 26.2, Buyer shall be
entitled, in addition to all other remedies it may have at law or in equity, to
an injunction or other appropriate orders to restrain any such breach, without
showing or proving any actual damage sustained by the Buyer.
27. RESTRICTIONS ON ASSIGNMENT.
27.1 This agreement is personal to the parties hereto and, prior to the
closing of this sale, no party shall assign or transfer any interest under this
agreement, except with the prior consent of the other party.
27.2 Until such time as the Promissory Note is fully paid and satisfied,
Buyer may not assign this agreement after closing, without Sellers' prior
written consent, which shall not be unreasonably withheld upon a showing of good
financial character and ability by the prospective assignee.
28. FUTURE ASSURANCES.
28.1 Any party shall, upon the request of another party, execute and
deliver such additional documents as may be necessary or convenient for the
purpose of evidencing or perfecting any right of interest arising hereunder or
arising under closing documents executed in accordance with this Asset Purchase
Agreement.
29. NOTICES.
29.1 All notices required or permitted by this agreement shall be in
writing and shall be deemed to have been duly give if mailed, first class United
States mail, postage prepaid, by certified or registered mail, with return
receipt requested as follows:
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A. If to the Buyer, at the following address:
ClipperNet Corporation
2295 Coburg Rd., Suite 105
Eugene, OR 97401
With a copy to:
Hamilton W. Budge, Jr.
Lombard, Gardner, Honsowetz, Potter & Budge
Attorneys at Law
725 Country Club Rd.
Eugene, OR 97401
and a copy to:
Integrated Food Resources, Inc.
c/o Robert Laskowski
Attorney at Law
1001 S.W. Fifth Ave., Suite 1300
Portland, OR 97204
B. If to Seller, at the following address:
Daisy Weir
112 N.E. 35th
Newport, OR 97365
30. TRANSITION ASSISTANCE. Seller agrees that they shall, for a period of
thirty (30) days after closing, provide to Buyer on a part-time basis,
assistance in the transition of the business assets from Seller to Buyer, and
shall be available for thirty (30) days thereafter to consult with Buyer. There
shall be no compensation paid to Seller for the rendering of such services.
31. ATTORNEY FEES.
31.1 If this agreement is placed in the hands of an attorney for
enforcement of the terms herein contained, or if litigation is commenced to
enforce, rescind or interpret this agreement, the prevailing party shall be
entitled to recover from the other party and the other party agrees to pay to
the prevailing party, in addition to costs and disbursements allowed by law, the
prevailing party's reasonable attorney fees at trial or on appeal thereof or
therefrom. Attorney fees shall include any attorney services rendered prior to
the institution of litigation and shall include all costs and expenses of
litigation including depositions, investigator's fees and anticipated costs of
execution of any judgment and other normal and reasonable charges incurred by
the prevailing party. The agreement to pay attorney fees incurred by the
prevailing party shall include fees incurred as a result of the filing by one
party of a petition in bankruptcy.
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32. ARBITRATION.
32.1 Any controversy, claim or dispute arising out of or relating to this
Agreement or the breach thereof shall be resolved by arbitration in Lincoln
County, Oregon pursuant to all applicable rules then in effect in Lincoln
County, Oregon, and judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof and shall constitute a final
adjudication of all matters submitted to arbitration. The arbitrator shall have
broad authority to fashion an equitable remedy, including the authority to award
specific performance, or foreclosure of a security interest.
32.2 The parties shall select a single arbitrator within ten (10) days of
the date a written demand for arbitration is received by either party from the
other. In the event the parties fail to select an arbitrator within said 10-day
period, either party may make immediate application to the Lincoln County
Circuit Court for the appointment of an arbitrator. The parties agree to be
bound by the Court's appointment of an arbitrator.
33. INTEGRATION.
33.1 This agreement, together with the exhibits attached hereto and the
documents referenced herein embodies the entire agreement of the parties hereto.
This agreement supersedes all prior agreements and understandings, whether
written or oral, and this agreement shall not be amended except in writing
signed by the parties hereto.
34. EXHIBITS.
34.1 The items appearing and referred to as exhibits to this agreement are
incorporated by reference and are made a part hereof as if set forth in full.
35. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.
35.1 All representations and warranties contained in this agreement shall
survive the closing of this transaction, except that any party to whom a
representation or warranty has bene made shall be deemed to have waived any
misrepresentation or breach of warranty of which such party had knowledge prior
to closing.
36. BROKERS.
36.1 The parties acknowledge that Seller has contracted with Marlin Group,
Inc. of Portland, Oregon for brokerage services pertaining to the closing of
this transaction. All fees charged by Marlin Group, Inc. arising from services
rendered therefor shall be the sole responsibility of Seller.
37. LEGAL REPRESENTATION.
37.1 This agreement has been drafted by Hamilton W. Budge, Jr., P.C., of
Lombard, Gardner, Honsowetz, Potter & Budge, Attorneys at Law, 725 Country Club
Rd., Eugene, Oregon,
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solely as attorney for Buyer. Seller acknowledges that they have been advised
to seek legal counsel with regard to entering into this transaction.
38. SUCCESSORS.
38.1 Subject to the restrictions on assignment contained herein, this
agreement shall be binding upon and shall inure to the benefit of the parties
hereto, their successors and assigns.
39. DEFAULT AND REMEDIES.
39.1 Buyer shall be in default of this agreement if Buyer fails to make
any payment required hereunder or under the terms of the Promissory Note within
ten (10) days after said payment becomes due and within ten (10) days of written
notice from Seller to Buyer or if Buyer fails to perform any other material
obligation imposed by this agreement within thirty (30) days after the sending
of written notice from Seller specifying the failure with reasonable
particularity, provided, however, that if the nature of Buyer's obligation is
such that more than thirty (30) days are required for performance, then Buyer
shall not be in default if Buyer commences performance within the thirty (30)
day period and thereafter diligently pursues the curing of any default to
completion.
39.2 In the event of default, Seller shall have the right to declare all
sums owed under the Promissory Note immediately due and payable.
39.3 Either party may exercise such remedies as are available at law or in
equity, including all remedies available under the Uniform Commercial Code.
40. CHOICE OF LAW AND VENUE.
40.1 In the event there is a dispute regarding this agreement, any hearing
thereof shall be decided in accordance with the laws of the State of Oregon and
shall be heard in the Circuit Court of the State of Oregon for Lincoln County.
41. HEADINGS.
41.1 The headings used in this agreement are used solely for convenience
of reference, are not party of this agreement, and are not to be considered in
construing or interpreting this agreement.
42. COUNTERPARTS.
42.1 This agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one in the same instrument.
43. SEVERABILITY.
43.1 If in any judicial proceeding a court shall refuse to enforce all the
provisions of this
18 - Asset Purchase Agreement and Security Agreement
<PAGE>
agreement, any unenforceable provision shall be deemed eliminated from the
agreement for the purpose of such proceeding as is necessary to permit the
remainder of the agreement to be enforced in such proceeding.
44. WAIVER.
44.1 No waiver of any provision of this agreement shall be deemed, or
shall constitute, a waiver of any other provision, whether or not similar, nor
shall any waiver constitute a continuing waiver. No waiver shall be binding
unless executed in writing by the party making the waiver.
IN WITNESS WHEREOF, the parties have executed this agreement effective as
of the day and year first above written.
SELLER: BUYER:
CLIPPERNET CORPORATION
By: illegible
Daisy Weir ----------------------------------
- --------------------------------- Title: CFO
DAISY WEIR -------------------------------
GUARANTY OF PERFORMANCE
In consideration of Seller accepting this Asset Purchase Agreement, of even
date herewith, the terms of which are specifically incorporated herein by
reference, the undersigned, unconditionally and irrevocably guarantees the
performance of Buyer, of each and every obligation under said Asset Purchase
Agreement. This guarantee shall be continuing and shall terminate only upon the
complete performance by Buyer, thereof.
Guarantors consent that it will not be necessary for Seller to initiate an
action or exhaust its legal remedies against Buyer, as a precondition to
enforcement of this guarantee. Guarantors consent that this guarantee may be
immediately enforced upon default by Buyer under the terms of the Asset Purchase
Agreement.
19 - Asset Purchase Agreement and Security Agreement
<PAGE>
Guarantors consent that Seller may from time to time extend the time for
performance or to otherwise modify the obligations of Buyer, and such extensions
or modifications thereof will not in any way release or discharge guarantors
from their obligations hereunder. This guarantee shall not be released,
extinguished, modified or in any way affected by failure on the part of Seller
to enforce all of the rights and remedies available to it under the Asset
Purchase Agreement.
GUARANTORS:
INTEGRATED FOOD RESOURCES, INC.
By: [ILLEGIBLE]
-----------------------------------
Title: Chairman/CEO
--------------------------------
20 - Asset Purchase Agreement and Security Agreement
<PAGE>
EXHIBIT "B"
PREPAID ACCOUNTS AND CUSTOMER DEPOSITS
<PAGE>
EXHIBIT B
<TABLE>
<S> <C>
TOTAL $35.765.45
AGING $12.493.37
TOTAL $23.272.08
ADJUSTMENT $1,195.94
CLOSING TOTAL $22,076.14
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
1 MONTH 3 MONTH 6 MONTH 1 YEAR
$1,098.80 $6,766.30 $6,341.00 $19.337.00
1 MONTH 56 3 MONTH 56 6 MONTH 56 1 YEAR 56
$11.50 $234.30 $1,348.90
1 MONTH WEBSITE 3 MONTH WEBSITE 6 MONTH WEBSITE 1 YEAR WEBSITE
$9.90 $56.10 $49.50 $376.20
1 DOMAIN 3 DOMAIN 6 DOMAIN 12 DOMAIN
$6.40 $29.60 $24.00 $141.60
E-MAIL 3 MONTH E-MAIL 6 MONTH E-MAIL YEAR E-MAIL
$1.00 $3.45 $8.45 $39.55
WIRELESS DED 3 MONTH ADVERTISING
$8.30 $99.90 $8.30
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1MONTH A kessinger 20-Oct-98
1MONTH A praise # 20-Oct-98
1MONTH A jorsbom # 20-Oct-98
1MONTH A ghamilton # 20-Oct-98
1MONTH A vpinzino # 21-Oct-98
1MONTH A cordee # 21-Oct-98
1MONTH A bullseye 21-Oct-98
1MONTH A buckmaste # 21-Oct-98
1MONTH A quaylebldr # 21-Oct-98
1MONTH A sstater # 22-Oct-98
1MONTH A magjon # 22-Oct-98
1MONTH A pdq2 # 22-Oct-98
1MONTH A krisa # 22-Oct-98
1MONTH A dave 22-Oct-98
1MONTH A donm # 22-Oct-98
1MONTH A jackson # 22-Oct-98
1MONTH A techmom # 23-Oct-98
1MONTH A queen 23-Oct-98
1MONTH A csallee # 23-Oct-98
1MONTH A vicki # 24-Oct-98
1MONTH A mlventures # 24-Oct-98
1MONTH A rrcorbell # 24-Oct-98
1MONTH A jcwcom # 24-Oct-98
1MONTH A moetive # 25-Oct-98
1MONTH A foreveryou # 25-Oct-98
1MONTH A bk3 # 25-Oct-98
1MONTH A ddosborne # 25-Oct-98
1MONTH A jess # 25-Oct-98
1MONTH A tk # 25-Oct-98
1MONTH A seth # 25-Oct-98
1MONTH A rhardman 25-Oct-98
1MONTH A joseph # 26-Oct-98
1MONTH A caseyc # 26-Oct-98
1MONTH A porter2 # 26-Oct-98
1MONTH A charlie # 26-Oct-98
1MONTH A smcro6727 # 26-Oct-98
1MONTH A rugby # 26-Oct-98
1MONTH A edithl # 26-Oct-98
1MONTH A lahmang # 26-Oct-98
1MONTH A space # 27-Oct-98
1MONTH A davidw # 27-Oct-98
1MONTH A neurainets # 27-Oct-98
1MONTH A kittel # 27-Oct-98
1MONTH A spunk_mei # 27-Oct-98
1MONTH A danola # 27-Oct-98
1MONTH A pumps # 27-Oct-98
1MONTH A rdud # 28-Oct-98
1MONTH A mbmurphe # 28-Oct-98
1MONTH A willy # 28-Oct-98
1MONTH A vables # 28-Oct-98
1MONTH A digger # 28-Oct-98
1MONTH A sparkey # 28-Oct-98
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
1MONTH A nathan # 28-Oct-98
1MONTH A sorofree # 28-Oct-98
1MONTH A brandon 28-Oct-98
1MONTH A kyrianna # 30-Oct-98
1MONTH A wadpotter # 30-Oct-98
1MONTH A wleeper # 30-Oct-98
1MONTH A vandimann # 30-Oct-98
1MONTH A btb921 # 30-Oct-98
1MONTH A xenia 30-Oct-98
1MONTH A seascribe # 30-Oct-98
1MONTH A lines # 31-Oct-98
1MONTH A ccsi # 31-Oct-98
1MONTH A jimelody # 31-Oct-98
1MONTH A genep # 31-Oct-98
1MONTH A dterry # 31-Oct-98 TAKEN OUT IN AGING
1MONTH A jallen # 01-Nov-98
1MONTH A thompsmi # 01-Nov-98
1MONTH A dk 01-Nov-98
1MONTH A bissons 01-Nov-98
1MONTH A lullypad # 01-Nov-98
1MONTH A michaeld # 01-Nov-98
1MONTH A baba 01-Nov-98
1MONTH A dmckenzie # 02-Nov-98
1MONTH A cdarakis # 02-Nov-98
1MONTH A cul7O # 02-Nov-98
1MONTH A geraldh # 02-Nov-98
1MONTH A Balloch # 02-Nov-98
1MONTH A beachnut # 02-Nov-98
1MONTH A jklaar # 02-Nov-98
1MONTH A star 02-Nov-98
1MONTH A j&mflans # 02-Nov-98
1MONTH A rdwilkes # 02-Nov-98
1MONTH A thomasid # 02-Nov-98
1MONTH A leggett # 04-Nov-98
1MONTH A mikeew # 04-Nov-98
1MONTH A hfrost # 04-Nov-98
1MONTH A ccasey # 04-Nov-98
1MONTH A scott # 04-Nov-98
1MONTH A mmsch # 04-Nov-98
1MONTH A donnea # 04-Nov-98
1MONTH A wowstern # 04-Nov-98
1MONTH A daveedo # 04-Nov-98
1MONTH A rslaska 04-Nov-98
1MONTH A angler # 04-Nov-98 USED 4TH FOR CLOSING
1MONTH A bandw # 05-Nov-98
1MONTH A alborn # 05-Nov-98
1MONTH A benardjoh # 05-Nov-98
1MONTH A mewheeler # 05-Nov-98
1MONTH A toadfang # 05-Nov-98
1MONTH A agarcia # 05-Nov-98
1MONTH A patti # 05-Nov-98
1MONTH A cpoling # 05-Nov-98
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
1MONTH A artdeco # 06-Nov-98
1MONTH A twb # 06-Nov-98
1MONTH A randy # 06-Nov-98
1MONTH A ghschame # 06-Nov-98
1MONTH A papagos # 06-Nov-98
1MONTH A rumiku # 06-Nov-98
1MONTH A garye # 06-Nov-98
1MONTH A ane1 # 06-Nov-98
1MONTH A mcclelland # 06-Nov-98
1MONTH A edsteele # 06-Nov-98
1MONTH A dwyngarde # 06-Nov-98
1MONTH A farsighted # 06-Nov-98
1MONTH A sharyn # 07-Nov-98
1MONTH A ricks # 07-Nov-98
1MONTH A izink # 07-Nov-98
1MONTH A syamanak # 07-Nov-98
1MONTH A levelwind # 07-Nov-98
1MONTH A tdil # 07-Nov-98
1MONTH A conlap # 07-Nov-98
1MONTH A jjjohnson # 08-Nov-98
1MONTH A noeinancy # 08-Nov-98
1MONTH A terpat # 08-Nov-98
1MONTH A roxy # 08-Nov-98
1MONTH A egnaro1 # 08-Nov-98
1MONTH A suems # 08-Nov-98
1MONTH A bolenrifix # 09-Nov-98
1MONTH A ppbe # 09-Nov-98
1MONTH A lobot # 09-Nov-98
1MONTH A nancyn # 09-Nov-98
1MONTH A twistedeye # 09-Nov-98
1MONTH A classylady # 09-Nov-98
1MONTH A pugg # 09-Nov-98
1MONTH A tarnen # 09-Nov-98
1MONTH A gypsymac # 09-Nov-98
1MONTH A mustang5 # 10-Nov-98
1MONTH A nstew # 10-Nov-98 $176.30
1MONTH A yokitedude # 11-Nov-98
1MONTH A bodene # 11-Nov-98
1MONTH A rowe # 11-Nov-98
1MONTH A laugh # 11-Nov-98
1MONTH A stevefitz # 11-Nov-98
1MONTH A loghomes # 11-Nov-98
1MONTH A fishfamily # 11-Nov-98
1MONTH A ckittel # 11-Nov-98
1MONTH A rlbanes # 11-Nov-98
1MONTH A townsend # 11-Nov-98
1MONTH A vgreen # 12-Nov-98
1MONTH A kandu # 12-Nov-98
1MONTH A erikreb # 12-Nov-98
1MONTH A nicole # 12-Nov-98
1MONTH A whitefish # 12-Nov-98
1MONTH A bruce # 12-Nov-98
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1MONTH A martinsor # 12-Nov-98
1MONTH A romper # 12-Nov-98
1MONTH A hayots # 12-Nov-98
1MONTH A crab # 12-Nov-98
1MONTH A dancowie # 13-Nov-98
1MONTH A jonh # 13-Nov-98
1MONTH A scienceda # 13-Nov-98
1MONTH A wenonah # 13-Nov-98
1MONTH A rwinters # 13-Nov-98
1MONTH A shirl # 13-Nov-98
1MONTH A pianodr # 14-Nov-98
1MONTH A ocean987 # 14-Nov-98
1MONTH A eldercare # 14-Nov-98
1MONTH A moxie # 14-Nov-98
1MONTH A cummings # 14-Nov-98
1MONTH A greta # 14-Nov-98
1MONTH A lizard # 14-Nov-98
1MONTH A bckirk # 14-Nov-98
1MONTH A tonjerf # 14-Nov-98
1MONTH A retire # 14-Nov-98
1MONTH A Bearetal # 15-Nov-98
1MONTH A rclark # 15-Nov-98
1MONTH A entragian # 15-Nov-98
1MONTH A ser # 16-Nov-98
1MONTH A walane # 16-Nov-98
1MONTH A dvdlr # 16-Nov-98
1MONTH A dockins # 16-Nov-98
1MONTH A rowecapla # 16-Nov-98
1MONTH A sugar # 16-Nov-98
1MONTH A oregonfor1 # 16-Nov-98
1MONTH A flockm # 16-Nov-98
1MONTH A beachdude # 16-Nov-98
1MONTH A scrawford # 16-Nov-98
1MONTH A trego # 17-Nov-98
1MONTH A rogerhart # 17-Nov-98
1MONTH A ynot # 17-Nov-98
1MONTH A ls&jess # 17-Nov-98
1MONTH A rdprest # 17-Nov-98
1MONTH A moonlight # 17-Nov-98
1MONTH A fudget # 17-Nov-98
1MONTH A misskitty # 17-Nov-98
1MONTH A noniondam # 17-Nov-98
1MONTH A tower # 18-Nov-98
1MONTH A bmcrobert # 18-Nov-98
1MONTH A wilby # 18-Nov-98
1MONTH A mnv # 18-Nov-98
1MONTH A erasmusse # 18-Nov-98
1MONTH A eraso # 18-Nov-98
1MONTH A scorpio # 18-Nov-98
1MONTH A rose # 18-Nov-98
1MONTH A keeshond # 18-Nov-98
1MONTH A doug # 18-Nov-98
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
1MONTH A love # 18-Nov-98
1MONTH A sharbuck # 19-Nov-98
1MONTH A pready # 19-Nov-98
1MONTH A phardman # 19-Nov-98
1MONTH A timkline # 19-Nov-98
1MONTH A jennifer # 19-Nov-98
1MONTH A arbo # 19-Nov-98 $922.50
---------
Total $1,098.80
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
3MONTH A jimdavis # 20-Oct-98
3MONTH A hausgalry # 26-Oct-98
3MONTH A silver # 21-Oct-98
3MONTH A hsmith # 21-Oct-98
3MONTH A l&bscott 22-Oct-98
3MONTH A samo # 22-Oct-98
3MONTH A trudy # 23-Oct-98
3MONTH A motherhen # 24-Oct-98
3MONTH A cneon # 25-Oct-98
3MONTH A rasmith # 26-Oct-98
3MONTH A pierpoint7 # 26-Oct-98
3MONTH A annamarie 26-Oct-98
3MONTH A sgevans 26-Oct-98
3MONTH A memmott # 27-Oct-98
3MONTH A oki_or # 27-Oct-98
3MONTH A jumpcomp 27-Oct-98
3MONTH A coach # 28-Oct-98
3MONTH A jiramber # 28-Oct-98
3MONTH A johnwilent 29-Oct-98
3MONTH A rbeckham # 30-Oct-98
3MONTH A dkcushman # 30-Oct-98
3MONTH A brendan # 30-Oct-98 TAKEN OUT IN AGING
3MONTH A murphy # 01-Nov-98
3MONTH A jellison # 01-Nov-98
3MONTH A holloway # 01-Nov-98
3MONTH A livingston 01-Nov-98
3MONTH A donelson # 01-Nov-98
3MONTH A stryon # 02-Nov-98
3MONTH A wayneriggs 02-Nov-98
3MONTH A bobander 02-Nov-98
3MONTH A bwall 02-Nov-98
3MONTH A linda 02-Nov-98
3MONTH A jtyler # 03-Nov-98
3MONTH A sherril 03-Nov-98
3MONTH A terryawhile # 03-Nov-98
3MONTH A simone # 04-Nov-98
3MONTH A scotty # 04-Nov-98 USED 4TH FOR CLOSING
3MONTH A linders 05-Nov-98
3MONTH A ludon # 05-Nov-98
3MONTH A rcman # 05-Nov-98
3MONTH A carolmikey # 05-Nov-98
3MONTH A doyle 05-Nov-98
3MONTH A mocii # 06-Nov-98
3MONTH A philips # 07-Nov-98
3MONTH A casey # 07-Nov-98
3MONTH A floyd # 07-Nov-98
3MONTH A whisler # 07-Nov-98
3MONTH A km803 # 09-Nov-98
3MONTH A highlander 09-Nov-98
3MONTH A sneakers # 09-Nov-98
3MONTH A paceweste 09-Nov-98
3MONTH A jrehfuss # 10-Nov-98 $53.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
3MONTH A kengreen 11-Nov-98
3MONTH A jeyok # 11-Nov-98
3MONTH A rpelletier # 11-Nov-98
3MONTH A jjohnson # 11-Nov-98
3MONTH A dhromney # 12-Nov-98
3MONTH A edstroem # 12-Nov-98
3MONTH A colmeg # 12-Nov-98
3MONTH A paul # 13-Nov-98
3MONTH A willowisp # 13-Nov-98
3MONTH A dvgood # 13-Nov-98
3MONTH A sjwconst # 14-Nov-98
3MONTH A efarms # 14-Nov-98
3MONTH A bparks # 15-Nov-98
3MONTH A dasey1 # 15-Nov-98
3MONTH A mtopper # 15-Nov-98
3MONTH A gschamp # 15-Nov-98
3MONTH A rufus # 15-Nov-98
3MONTH A aces 16-Nov-98
3MONTH A ladyl # 16-Nov-98
3MONTH A gypsy # 16-Nov-98
3MONTH A jrose # 18-Nov-98
3MONTH A susan # 18-Nov-98
3MONTH A wallygold # 18-Nov-98
3MONTH A bshanks # 19-Nov-98
3MONTH A gross # 19-Nov-98
3MONTH A matteo 19-Nov-98
3MONTH A lindarob 20-Nov-98
3MONTH A chosenmusic 20-Nov-98
3MONTH A jkleinman 20-Nov-98
3MONTH A sly # 20-Nov-98
3MONTH A milimom # 21-Nov-98
3MONTH A patrick 21-Nov-98 $340.80
3MONTH A renwright # 22-Nov-98
3MONTH A sanlee 23-Nov-98
3MONTH A mikeperri 23-Nov-98
3MONTH A lumpyphish # 23-Nov-98
3MONTH A abbas # 23-Nov-98
3MONTH A b541 # 24-Nov-98
3MONTH A johnhacker # 24-Nov-98
3MONTH A rjklish # 25-Nov-98
3MONTH A byus # 25-Nov-98
3MONTH A dollyn # 25-Nov-98
3MONTH A alpine # 25-Nov-98
3MONTH A concept # 26-Nov-98
3MONTH A sndhagan # 27-Nov-98
3MONTH A larbear # 27-Nov-98
3MONTH A westlind # 27-Nov-98
3MONTH A cgates # 27-Nov-98
3MONTH A trish # 28-Nov-98
3MONTH A mlzumkley # 30-Nov-98
3MONTH A fevans # 30-Nov-98
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
3MONTH A patricia # 30-Nov-98
3MONTH A dvero366 # 30-Nov-98 $372.75
3MONTH A heronhill # 01-Dec-98
3MONTH A wrenchn # 01-Dec-98
3MONTH A tweetybird # 01-Dec-98
3MONTH A krow # 01-Dec-98
3MONTH A westwind 01-Dec-98
3MONTH A florences # 02-Dec-98
3MONTH A thigpen # 02-Dec-98
3MONTH A paradise # 02-Dec-98
3MONTH A bjorn # 03-Dec-98
3MONTH A tcimedia # 03-Dec-98
3MONTH A natel # 03-Dec-98
3MONTH A blue # 05-Dec-98
3MONTH A hammon # 05-Dec-98
3MONTH A dmrude 06-Dec-98
3MONTH A gap 06-Dec-98
3MONTH A tamara # 07-Dec-98
3MONTH A jeanieh # 08-Dec-98
3MONTH A dart22 08-Dec-98
3MONTH A weitschat 08-Dec-98
3MONTH A sayhees # 09-Dec-98
3MONTH A rguenot # 09-Dec-98
3MONTH A Jerrold # 09-Dec-98
3MONTH A opa # 09-Dec-98
3MONTH A jayne # 10-Dec-98
3MONTH A cadlover # 10-Dec-98
3MONTH A woodnhart # 10-Dec-98 $646.10
3MONTH A wbphillips # 11-Dec-98
3MONTH A clayman # 11-Dec-98
3MONTH A dozer # 11-Dec-98
3MONTH A landmark # 11-Dec-98
3MONTH A jellyman # 11-Dec-98
3MONTH A npthaskell # 12-Dec-98
3MONTH A 1sgmacrowe # 12-Dec-98
3MONTH A mathfam # 12-Dec-98
3MONTH A ammohr 14-Dec-98
3MONTH A wyldeangel 14-Dec-98
3MONTH A lwagner 14-Dec-98
3MONTH A krbjta 14-Dec-98
3MONTH A embley # 15-Dec-98
3MONTH A cwilson # 15-Dec-98
3MONTH A sicklerf # 17-Dec-98
3MONTH A cliff # 18-Dec-98
3MONTH A uslankard # 18-Dec-98
3MONTH A mona # 18-Dec-98
3MONTH A johneyd # 18-Dec-98
3MONTH A lorimor # 19-Dec-98
3MONTH A dharris 20-Dec-98
3MONTH A westgraph # 21-Dec-98
3MONTH A lvhpark # 21-Dec-98
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
3MONTH A branford # 21-Dec-98
3MONTH A donmax1 # 21-Dec-98 $798.75
3MONTH A lomaneal # 22-Dec-98
3MONTH A zandora # 22-Dec-98
3MONTH A pekearn # 22-Dec-98
3MONTH A nicey # 22-Dec-98
3MONTH A cbeall # 22-Dec-98
3MONTH A rbenfield # 23-Dec-98
3MONTH A ballsofire 23-Dec-98
3MONTH A rwellerj 23-Dec-98
3MONTH A playing 23-Dec-98
3MONTH A pbearden # 24-Dec-98
3MONTH A murrsea # 24-Dec-98
3MONTH A horrocks # 25-Dec-98
3MONTH A kolbe # 25-Dec-98
3MONTH A kwiktime # 25-Dec-98
3MONTH A icsinc # 25-Dec-98
3MONTH A mggd # 25-Dec-98
3MONTH A morford # 25-Dec-98
3MONTH A jafoxy # 25-Dec-98
3MONTH A gmt # 25-Dec-98
3MONTH A Bacon # 25-Dec-98
3MONTH A witzig 25-Dec-98
3MONTH A mdean # 27-Dec-98
3MONTH A depoebay 27-Dec-98
3MONTH A frasers 27-Dec-98
3MONTH A nanfitz # 28-Dec-98
3MONTH A chakakhan # 28-Dec-98
3MONTH A freud # 28-Dec-98
3MONTH A savage # 28-Dec-98
3MONTH A nancy # 28-Dec-98
3MONTH A stevecole # 30-Dec-98
3MONTH A griggs # 30-Dec-98
3MONTH A samspaniel # 30-Dec-98 $1,249.60
3MONTH A tana # 01-Jan-99
3MONTH A PSU # 01-Jan-99
3MONTH A dennistina # 01-Jan-99
3MONTH A jessie # 01-Jan-99
3MONTH A jzafforoni 01-Jan-99
3MONTH A winnie # 01-Jan-99
3MONTH A dblake 01-Jan-99
3MONTH A bjbaby # 02-Jan-99
3MONTH A damfino # 03-Jan-99
3MONTH A dorman # 03-Jan-99
3MONTH A gentzkow 04-Jan-99
3MONTH A cookies 04-Jan-99
3MONTH A kick # 05-Jan-99
3MONTH A haldar # 05-Jan-99
3MONTH A rwstum # 05-Jan-99
3MONTH A equade # 05-Jan-99
3MONTH A rdnnash # 05-Jan-99
3MONTH A nodoubt # 06-Jan-99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
3MONTH A ellis # 06-Jan-99
3MONTH A amyritchie # 06-Jan-99
3MONTH A villaverdi # 06-Jan-99
3MONTH A cbend # 06-Jan-99
3MONTH A billandnan # 06-Jan-99
3MONTH A jvle # 06-Jan-99
3MONTH A 5beachbums # 06-Jan-99
3MONTH A hansondk # 06-Jan-99
3MONTH A maisasian # 07-Jan-99
3MONTH A sassy # 07-Jan-99
3MONTH A arubajohn # 07-Jan-99
3MONTH A reikokai 07-Jan-99
3MONTH A gmiller # 08-Jan-99
3MONTH A joeg # 08-Jan-99
3MONTH A cjdetails # 08-Jan-99
3MONTH A mondo # 09-Jan-99
3MONTH A keesee # 09-Jan-99
3MONTH A misty # 09-Jan-99
3MONTH A reybar # 10-Jan-99 $1,707.55
3MONTH A leanne1 # 12-Jan-99
3MONTH A mcdonald # 12-Jan-99
3MONTH A susank # 12-Jan-99
3MONTH A drifter # 13-Jan-99
3MONTH A wagner # 13-Jan-99
3MONTH A paul # 13-Jan-99
3MONTH A agilchrist # 13-Jan-99
3MONTH A sadie 13-Jan-99
3MONTH A noelmno 13-Jan-99
3MONTH A daveh # 14-Jan-99
3MONTH A ryding # 14-Jan-99
3MONTH A baucom # 15-Jan-99
3MONTH A unicom # 15-Jan-99
3MONTH A pinto # 15-Jan-99
3MONTH A bensons # 15-Jan-99
3MONTH A eyecare # 15-Jan-99
3MONTH A bevbailey # 16-Jan-99
3MONTH A kpeterson # 16-Jan-99
3MONTH A maija # 16-Jan-99
3MONTH A cloudchsr # 18-Jan-99
3MONTH A rabi # 18-Jan-99
3MONTH A rxr 18-Jan-99
3MONTH A james 19-Jan-99
3MONTH A tom2cu # 19-Jan-99
3MONTH A hpaul # 19-Jan-99
3MONTH A tweekyrain # 19-Jan-99
3MONTH A philce # 19-Jan-99
3MONTH A marcor # 19-Jan-99
3MONTH A prussell # 19-Jan-99
3MONTH A harner # 19-Jan-99 $1,597.50
---------
Total $6,766.30
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
6MONTH A marquis 20-Oct-98
6MONTH A s&wrlest 21-Oct-98
6MONTH A security 22-Oct-98
6MONTH A waveform 23-Oct-98
6MONTH A nick 24-Oct-98
6MONTH A masterpiec 25-Oct-98
6MONTH A les 25-Oct-98
6MONTH A bill # 25-Oct-98
6MONTH A jannello 27-Oct-98
6MONTH A ybf 27-Oct-98
6MONTH A ninedown # 27-Oct-98
6MONTH A droberts # 27-Oct-98 TAKEN OUT IN AGING
6MONTH A brett # 02-Nov-98
6MONTH A dimorford # 03-Nov-98
6MONTH A seahag 04-Nov-98 USED 4TH FOR CLOSING
6MONTH A debbiej 07-Nov-98
6MONTH A sockeye 07-Nov-98
6MONTH A ekrsbch # 09-Nov-98
6MONTH A lou 10-Nov-98
6MONTH A dodjim # 10-Nov-98 $17.00
6MONTH A gvarner 12-Nov-98
6MONTH A srfpd # 14-Nov-98
6MONTH A saxons # 15-Nov-98
6MONTH A thissell 17-Nov-98
6MONTH A randyl 19-Nov-98
6MONTH A ship 21-Nov-98 $61.20
6MONTH A bank # 22-Nov-98
6MONTH A rickkiwanda 23-Nov-98
6MONTH A gleneden # 23-Nov-98
6MONTH A inkyb # 24-Nov-98
6MONTH A meal 26-Nov-98
6MONTH A tomnordyke 26-Nov-98
6MONTH A dont 27-Nov-98
6MONTH A arctic # 30-Nov-98 $136.00
6MONTH A tommoe 01-Dec-98
6MONTH A thekeiths # 01-Dec-98
6MONTH A mcoastath 02-Dec-98
6MONTH A mckern # 05-Dec-98
6MONTH A kc7cp # 05-Dec-98
6MONTH A oftecorp # 08-Dec-98
6MONTH A jburke # 09-Dec-98 $166.60
6MONTH A horizon 14-Dec-98
6MONTH A jlrauch # 14-Dec-98
6MONTH A lefthanded # 18-Dec-98 $91.80
6MONTH A medwards # 23-Dec-98
6MONTH A macknox # 25-Dec-98
6MONTH A mountstate 28-Dec-98
6MONTH A santanor 30-Dec-98
6MONTH A richards # 30-Dec-98
6MONTH A cvcf 30-Dec-98
6MONTH A emishey # 31-Dec-98 $261.80
6MONTH A ccnewport # 02-Jan-99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
6MONTH A leelyon # 02-Jan-99
6MONTH A jramey # 03-Jan-99
6MONTH A gpcjstan 06-Jan-99
6MONTH A joyce # 09-Jan-99
6MONTH A lindacline # 10-Jan-99 $265.20
6MONTH A stante 14-Jan-99
6MONTH A mistam # 15-Jan-99
6MONTH A moby # 17-Jan-99
6MONTH A freddy # 18-Jan-99
6MONTH A throttle # 19-Jan-99 $255.00
6MONTH A rick 26-Jan-99
6MONTH A willeymcw # 27-Jan-99
6MONTH A cjanam # 27-Jan-99
6MONTH A nasef 28-Jan-99
6MONTH A randall # 28-Jan-99
6MONTH A jfo 28-Jan-99
6MONTH A crfield # 28-Jan-99
6MONTH A langley # 29-Jan-99 $462.40
6MONTH A doughebob # 07-Feb-99
6MONTH A jamesk # 07-Feb-99
6MONTH A kjones # 08-Feb-99
6MONTH A kuinak 09-Feb-99 $258.40
6MONTH A cindy 11-Feb-99
6MONTH A fcox # 13-Feb-99
6MONTH A jerg # 15-Feb-99
6MONTH A vezina 16-Feb-99
6MONTH A marj 16-Feb-99
6MONTH A billm # 18-Feb-99
6MONTH A hensley # 18-Feb-99
6MONTH A mjbrown 18-Feb-99 $571.20
6MONTH A wallyw # 23-Feb-99
6MONTH A borngasser 23-Feb-99
6MONTH A jbryce # 27-Feb-99
6MONTH A bikeshop # 27-Feb-99
6MONTH A alcocer # 27-Feb-99
6MONTH A im4beaches # 27-Feb-99
6MONTH A ronan # 27-Feb-99 $547.40
6MONTH A markclay # 01-Mar-99
6MONTH A pparashak # 02-Mar-99
6MONTH A opal 08-Mar-99
6MONTH A windltj # 10-Mar-99
6MONTH A fridericus # 10-Mar-99 $425.00
6MONTH A lgoetz 12-Mar-99
6MONTH A janet # 13-Mar-99
6MONTH A paperchase # 14-Mar-99
6MONTH A 242swe # 15-Mar-99
6MONTH A diannehall # 16-Mar-99
6MONTH A dunsdon # 21-Mar-99 $550.80
6MONTH A nerka # 22-Mar-99
6MONTH A computergod # 24-Mar-99
6MONTH A palmermark # 24-Mar-99
6MONTH A gpeter # 24-Mar-99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
6MONTH A sugarbear 27-Mar-99
6MONTH A kempton 27-Mar-99
6MONTH A ckbower 27-Mar-99
6MONTH A orcap # 30-Mar-99
6MONTH A doreen # 30-Mar-99
6MONTH A ldanna # 31-Mar-99 $986.00
6MONTH A kg1 # 01-Apr-99
6MONTH A paintman # 02-Apr-99
6MONTH A bassman 04-Apr-99
6MONTH A dskwmm # 05-Apr-99
6MONTH A flick # 05-Apr-99
6MONTH A gasterrett # 06-Apr-99
6MONTH A safeyacht 06-Apr-99
6MONTH A rsmjjp 07-Apr-99
6MONTH A janetg # 07-Apr-99 $948.60
6MONTH A greatscott # 11-Apr-99
6MONTH A kott409 # 12-Apr-99
6MONTH A djflowers # 19-Apr-99 $336.60
--------
Total $6,341.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
1YEAR A tigger 21-Oct-98
1YEAR A hampton 22-Oct-98
1YEAR A steele 24-Oct-98
1YEAR A keng 24-Oct-98
1YEAR A facmsc 30-Oct-98 TAKEN OUT IN AGING
1YEAR A gsal # 01-Nov-98
1YEAR A jrobles # 03-Nov-98 USED 4TH FOR CLOSING
1YEAR A kxflyer # 16-Nov-98
1YEAR A ryno 17-Nov-98
1YEAR A onspot # 20-Nov-98 $18.30
1YEAR A stevek 24-Nov-98
1YEAR A bartstrev 24-Nov-98 $24.40
1YEAR A hannah # 05-Dec-98
1YEAR A lois # 06-Dec-98
1YEAR A michaels # 06-Dec-98
1YEAR A strom 09-Dec-98 $73.20
1YEAR A nwptnaz 11-Dec-98
1YEAR A hart 11-Dec-98
1YEAR A marym 14-Dec-98
1YEAR A hartwell 15-Dec-98
1YEAR A sowbelly # 17-Dec-98
1YEAR A inclan # 18-Dec-98
1YEAR A rwaddell 21-Dec-98 $170.80
1YEAR A sparky # 22-Dec-98
1YEAR A suttonfld # 22-Dec-98
1YEAR A khenarie # 24-Dec-98
1YEAR A jenni # 24-Dec-98
1YEAR A wmgeneral # 24-Dec-98
1YEAR A donlorisies 25-Dec-98
1YEAR A jerry # 30-Dec-98
1YEAR A traveler 30-Dec-98 $244.00
1YEAR A wood # 01-Jan-99
1YEAR A april # 01-Jan-99
1YEAR A macz # 01-Jan-99
1YEAR A butch # 01-Jan-99
1YEAR A lcfs 02-Jan-99
1YEAR A rene 04-Jan-99
1YEAR A sea37 06-Jan-99
1YEAR A huguley 08-Jan-99
1YEAR A alanbrown 08-Jan-99
1YEAR A bholt # 08-Jan-99
1YEAR A martie # 10-Jan-99
1YEAR A blkrause # 10-Jan-99 $439.20
1YEAR A parks # 12-Jan-99
1YEAR A weaver 12-Jan-99
1YEAR A marshm # 12-Jan-99
1YEAR A meyn # 12-Jan-99
1YEAR A ddahl 14-Jan-99
1YEAR A tadbrown # 14-Jan-99
1YEAR A loisc # 17-Jan-99
1YEAR A cuckoo # 17-Jan-99
1YEAR A ronjoanstuhr 19-Jan-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A SEALROCK1 19-Jan-99
1YEAR A ccim 19-Jan-99
1YEAR A sundesigns # 19-Jan-99
1YEAR A gerlj # 19-Jan-99
IYEAR A vipaddress # 20-Jan-99 $597.80
1YEAR A jwgroshong # 24-Jan-99
1YEAR A contact # 24-Jan-99 $97.60
1YEAR A bbirch 05-Feb-99
1YEAR A j&leefouts 05-Feb-99
1YEAR A murconfan # 05-Feb-99
1YEAR A pelican 06-Feb-99
1YEAR A brewdawg 08-Feb-99
1YEAR A noboysyet 09-Feb-99
1YEAR A ccupcake 09-Feb-99
1YEAR A BOHCOH 09-Feb-99 $439.20
1YEAR A jcjn 12-Feb-99
1YEAR A dschmit # 13-Feb-99
1YEAR A ron # 19-Feb-99
1YEAR A garphy 20-Feb-99 $244.00
1YEAR A jerlin 01-Mar-99
1YEAR A hilleb 02-Mar-99
1YEAR A tammy 08-Mar-99
1YEAR A wags 10-Mar-99
1YEAR A mrcowboyup 10-Mar-99 $366.00
1YEAR A sailken # 11-Mar-99
1YEAR A dx # 11-Mar-99
1YEAR A seaberg # 14-Mar-99
1YEAR A wolf # 14-Mar-99
1YEAR A dannebridge 16-Mar-99
1YEAR A chaos 16-Mar-99
1YEAR A shecht # 17-Mar-99 $555.10
1YEAR A bruceirvin 26-Mar-99
1YEAR A andyntrena 26-Mar-99
1YEAR A mattlinda 28-Mar-99
1YEAR A steelhead # 30-Mar-99
1YEAR A taboret 30-Mar-99
1YEAR A saxophone 30-Mar-99
1YEAR A rjhamlin # 31-Mar-99 $597.80
1YEAR A alderhouse # 01-Apr-99
1YEAR A woodman # 05-Apr-99
1YEAR A lcpeterson 07-Apr-99
1YEAR A pbrooks 07-Apr-99
1YEAR A icdav 07-Apr-99
1YEAR A 7ksatbeach 08-Apr-99
1YEAR A nptdz # 08-Apr-99
1YEAR A jttt 09-Apr-99 $732.00
1YEAR A solarsam # 11-Apr-99
1YEAR A vpumas 12-Apr-99
1YEAR A jrsradoc 13-Apr-99
1YEAR A uhlen 13-Apr-99
1YEAR A debil07 15-Apr-99
1YEAR A wcl7917 15-Apr-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A yaquina # 15-Apr-99
1YEAR A publisher # 15-Apr-99
1YEAR A billbain # 15-Apr-99 $878.40
1YEAR A jmelin 23-Apr-99
1YEAR A ejwarren # 24-Apr-99
1YEAR A raylstock # 24-Apr-99
1YEAR A coltrane # 29-Apr-99
1YEAR A dphibbs 29-Apr-99 $518.50
1YEAR A dogmatix # 03-May-99
1YEAR A dmc 04-May-99
1YEAR A mrsbjc # 06-May-99
1YEAR A pettypiece 09-May-99 $439.20
1YEAR A mandrake 12-May-99
1YEAR A kangiser # 15-May-99
1YEAR A shuflin # 16-May-99
1YEAR A gary # 17-May-99
1YEAR A leoschulz # 18-May-99
1YEAR A johnsavage # 19-May-99
1YEAR A jjensen 19-May-99
1YEAR A bleff 21-May-99 $927.20
1YEAR A kinneyr 22-May-99
1YEAR A elc # 23-May-99
1YEAR A darwin 24-May-99
1YEAR A daru # 28-May-99
1YEAR A bice # 29-May-99
1YEAR A symbols # 29-May-99 $732.00
1YEAR A skg45 # 01-Jun-99
1YEAR A weberdale 02-Jun-99
1YEAR A leanne # 02-Jun-99
1YEAR A rehberg 08-Jun-99
1YEAR A dbrucha # 08-Jun-99
1YEAR A didepot 09-Jun-99 $768.60
1YEAR A seareach 17-Jun-99
1YEAR A bcom 18-Jun-99 $268.40
1YEAR A rpeterson # 25-Jun-99
1YEAR A waugh # 27-Jun-99
1YEAR A wtale # 27-Jun-99
1YEAR A lorna # 27-Jun-99
1YEAR A lionel # 28-Jun-99
1YEAR A glukie 30-Jun-99 $841.80
1YEAR A quicksilver # 01-Jul-99
1YEAR A halfcase 03-Jul-99
1YEAR A terry # 05-Jul-99
1YEAR A candace # 05-Jul-99
1YEAR A charvic 06-Jul-99
1YEAR A mos 06-Jul-99
1YEAR A annc 07-Jul-99
1YEAR A captain # 07-Jul-99
1YEAR A gables # 07-Jul-99
1YEAR A xhoop # 09-Jul-99 $1,464.00
1YEAR A jrathbun 12-Jul-99
1YEAR A rolfe # 18-Jul-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A bsaxton # 19-Jul-99
1YEAR A arafel 21-Jul-99 $610.00
1YEAR A emerald # 22-Jul-99
1YEAR A bat2chief 26-Jul-99
1YEAR A fubar 27-Jul-99
1YEAR A moeck 27-Jul-99
1YEAR A srescue 27-Jul-99
1YEAR A red84 27-Jul-99
1YEAR A smallwood 27-Jul-99
1YEAR A cardinal # 28-Jul-99 $1,268.80
1YEAR A raia 05-Aug-99
1YEAR A patkinson # 05-Aug-99
1YEAR A barbart # 10-Aug-99 $494.10
1YEAR A louiszeman 11-Aug-99
1YEAR A faust 11-Aug-99
1YEAR A sadaphelps 12-Aug-99
1YEAR A mkay # 12-Aug-99
1YEAR A mstrick # 18-Aug-99
1YEAR A kwood # 20-Aug-99
1YEAR A dgill # 20-Aug-99
1YEAR A dhgilbert # 21-Aug-99
1YEAR A hollen # 21-Aug-99 $1,537.20
1YEAR A mikejean # 26-Aug-99
1YEAR A plh 27-Aug-99
1YEAR A jharvey # 30-Aug-99
1YEAR A cliph # 31-Aug-99
1YEAR A kshl # 31-Aug-99 $884.50
1YEAR A leighton # 01-Sep-99
1YEAR A eagle # 05-Sep-99
1YEAR A headstand 08-Sep-99
1YEAR A kmclauth 08-Sep-99
1YEAR A seagull 10-Sep-99 $915.00
1YEAR A johansen # 19-Sep-99 $189.10
1YEAR A poolsidej 27-Sep-99
1YEAR A annmaxwell # 29-Sep-99 $390.40
1YEAR A bobhunt # 12-Oct-99
1YEAR A netts 13-Oct-99
1YEAR A aztec 13-Oct-99
1YEAR A jimcee # 13-Oct-99
1YEAR A dlgwynn 13-Oct-99
1YEAR A davison # 14-Oct-99
1YEAR A jokey # 15-Oct-99
1YEAR A oregonbook # 19-Oct-99 $1,610.40
Total $19,337.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A tigger 21-Oct-98
1YEAR A hampton 22-Oct-98
1YEAR A steele 24-Oct-98
1YEAR A keng 24-Oct-98
1YEAR A facmsc 30-Oct-98 TAKEN OUT IN AGING
1YEAR A gsal # 01-Nov-98
1YEAR A jrobles # 03-Nov-98 USED 4TH FOR CLOSING
1YEAR A kxflyer # 16-Nov-98
1YEAR A ryno 17-Nov-98
1YEAR A onspot # 20-Nov-98 $18.30
1YEAR A stevek 24-Nov-98
1YEAR A bartstrev 24-Nov-98 $24.40
1YEAR A hannah # 05-Dec-98
1YEAR A lois # 06-Dec-98
1YEAR A michaels # 06-Dec-98
1YEAR A strom 09-Dec-98 $73.20
1YEAR A nwptnaz 11-Dec-98
1YEAR A hart 11-Dec-98
1YEAR A marym 14-Dec-98
1YEAR A hartwell 15-Dec-98
1YEAR A sowbelly # 17-Dec-98
1YEAR A inclan # 18-Dec-98
1YEAR A rwaddell 21-Dec-98 $170.80
1YEAR A sparky # 22-Dec-98
1YEAR A suttonfld # 22-Dec-98
1YEAR A khenarie # 24-Dec-98
1YEAR A jenni # 24-Dec-98
1YEAR A wmgeneral # 24-Dec-98
1YEAR A donlorisies 25-Dec-98
1YEAR A jerry # 30-Dec-98
1YEAR A traveler 30-Dec-98 $244.00
1YEAR A wood # 01-Jan-99
1YEAR A april # 01-Jan-99
1YEAR A macz # 01-Jan-99
1YEAR A butch # 01-Jan-99
1YEAR A lcfs 02-Jan-99
1YEAR A rene 04-Jan-99
1YEAR A sea37 06-Jan-99
1YEAR A huguley 08-Jan-99
1YEAR A alanbrown 08-Jan-99
1YEAR A bholt # 08-Jan-99
1YEAR A martie # 10-Jan-99
1YEAR A blkrause # 10-Jan-99 $439.20
1YEAR A parks # 12-Jan-99
1YEAR A weaver 12-Jan-99
1YEAR A marshm # 12-Jan-99
1YEAR A meyn # 12-Jan-99
1YEAR A ddahl 14-Jan-99
1YEAR A tadbrown # 14-Jan-99
1YEAR A loisc # 17-Jan-99
1YEAR A cuckoo # 17-Jan-99
1YEAR A ronjoanstuhr 19-Jan-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A SEALROCK1 19-Jan-99
1YEAR A ccim 19-Jan-99
1YEAR A sundesigns # 19-Jan-99
1YEAR A gerlj # 19-Jan-99
1YEAR A vipaddress # 20-Jan-99 $597.80
1YEAR A jwgroshong # 24-Jan-99
1YEAR A contact # 24-Jan-99 $97.60
1YEAR A bbirch 05-Feb-99
1YEAR A j&leefouts 05-Feb-99
1YEAR A murconfan # 05-Feb-99
1YEAR A pelican 06-Feb-99
1YEAR A brewdawg 08-Feb-99
1YEAR A noboysyet 09-Feb-99
1YEAR A ccupcake 09-Feb-99
1YEAR A BOHCOH 09-Feb-99 $439.20
1YEAR A jcjn 12-Feb-99
1YEAR A dschmit # 13-Feb-99
1YEAR A ron # 19-Feb-99
1YEAR A garphy 20-Feb-99 $244.00
1YEAR A jerlin 01-Mar-99
1YEAR A hilleb 02-Mar-99
1YEAR A tammy 08-Mar-99
1YEAR A wags 10-Mar-99
1YEAR A mrcowboyup 10-Mar-99 $366.00
1YEAR A sailken # 11-Mar-99
1YEAR A dx # 11-Mar-99
1YEAR A seaberg # 14-Mar-99
1YEAR A wolf # 14-Mar-99
1YEAR A dannebridge 16-Mar-99
1YEAR A chaos 16-Mar-99
1YEAR A shecht # 17-Mar-99 $555.10
1YEAR A bruceirvin 26-Mar-99
1YEAR A andyntrena 26-Mar-99
1YEAR A mattlinda 28-Mar-99
1YEAR A steelhead # 30-Mar-99
1YEAR A taboret 30-Mar-99
1YEAR A saxophone 30-Mar-99
1YEAR A rjhamlin # 31-Mar-99 $597.80
1YEAR A alderhouse # 01-Apr-99
1YEAR A woodman # 05-Apr-99
1YEAR A lcpeterson 07-Apr-99
1YEAR A pbrooks 07-Apr-99
1YEAR A lcdav 07-Apr-99
1YEAR A 7ksatbeach 08-Apr-99
1YEAR A nptdz # 08-Apr-99
1YEAR A jttt 09-Apr-99 $732.00
1YEAR A solarsam # 11-Apr-99
1YEAR A vpumas 12-Apr-99
1YEAR A jrsradoc 13-Apr-99
1YEAR A uhlen 13-Apr-99
1YEAR A debil07 15-Apr-99
1YEAR A wcl7917 15-Apr-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A yaquina # 15-Apr-99
1YEAR A publisher # 15-Apr-99
1YEAR A billbain # 15-Apr-99 $878.40
1YEAR A jmelin 23-Apr-99
1YEAR A ejwarren # 24-Apr-99
1YEAR A raylstock # 24-Apr-99
1YEAR A coltrane # 29-Apr-99
1YEAR A dphibbs 29-Apr-99 $518.50
1YEAR A dogmatix # 03-May-99
1YEAR A dmc 04-May-99
1YEAR A mrsbjc # 06-May-99
1YEAR A pettypiece 09-May-99 $439.20
1YEAR A mandrake 12-May-99
1YEAR A kangiser # 15-May-99
1YEAR A shuflin # 16 May-99
1YEAR A gary # 17-May-99
1YEAR A leoschulz # 18-May-99
1YEAR A johnsavage # 19-May-99
1YEAR A jjensen 19-May-99
1YEAR A bleff 21-May-99 $927.20
1YEAR A kinneyr 22-May-99
1YEAR A elc # 23-May-99
1YEAR A darwin 24-May-99
1YEAR A daru # 28-May-99
1YEAR A bice # 29-May-99
1YEAR A symbols # 29-May-99 $732.00
1YEAR A skg45 # 01-Jun-99
1YEAR A weberdale # 02-Jun-99
1YEAR A leanne # 05-Jun-99
1YEAR A rehberg 08-Jun-99
1YEAR A dbrucha # 08-Jun-99
1YEAR A didepot 09-Jun-99 $768.60
1YEAR A seareach 17-Jun-99
1YEAR A bcom 18-Jun-99 $268.40
1YEAR A rpeterson # 25-Jun-99
1YEAR A waugh # 27-Jun-99
1YEAR A wtale # 27-Jun-99
1YEAR A lorna # 27-Jun-99
1YEAR A lionel # 28-Jun-99
1YEAR A glukie 30-Jun-99 $841.80
1YEAR A quicksilver # 01-Jul-99
1YEAR A halfcase 03-Jul-99
1YEAR A terry # 05-Jul-99
1YEAR A candace # 05-Jul-99
1YEAR A charvic 06-Jul-99
1YEAR A mos 06-Jul-99
1YEAR A annc 07-Jul-99
1YEAR A captain # 07-Jul-99
1YEAR A gables # 07-Jul-99
1YEAR A xhoop # 09-Jul-99 $1,464.00
1YEAR A jrathbun 12-Jul-99
1YEAR A rolfe # 18-Jul-99
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR A bsaxton # 19-Jul-99
1YEAR A arafel 21-Jul-99 $610.00
1YEAR A emerald # 22-Jul-99
1YEAR A bat2chief 26-Jul-99
1YEAR A fubar 27-Jul-99
1YEAR A moeck 27-Jul-99
1YEAR A srescue 27-Jul-99
1YEAR A red84 27-Jul-99
1YEAR A smallwood 27-Jul-99
1YEAR A cardinal # 28-Jul-99 $1,268.80
1YEAR A raia 05-Aug-99
1YEAR A patkinson # 06-Aug-99
1YEAR A barbart # 10-Aug-99 $494.10
1YEAR A louiszeman 11-Aug-99
1YEAR A faust 11-Aug-99
1YEAR A sadaphelps 12-Aug-99
1YEAR A mkay # 12-Aug-99
1YEAR A mstrick # 18-Aug-99
1YEAR A kwood # 20-Aug-99
1YEAR A dgill # 20-Aug-99
1YEAR A dhgilbert # 21-Aug-99
1YEAR A hollen # 21-Aug-99 $1,537.20
1YEAR A mikejean # 26-Aug-99
1YEAR A plh 27-Aug-99
1YEAR A jharvey # 30-Aug-99
1YEAR A cliph # 31-Aug-99
1YEAR A kshl # 31-Aug-99 $884.50
1YEAR A leighton # 01-Sep-99
1YEAR A eagle # 05-Sep-99
1YEAR A headstand 08-Sep-99
1YEAR A kmclauth 08-Sep-99
1YEAR A seagull 10-Sep-99 $915.00
1YEAR A johansen # 19-Sep-99 $189.10
1YEAR A poolsidej 27-Sep-99
1YEAR A annmaxwell # 29-Sep-99 $390.40
1YEAR A bobhunt # 12-Oct-99
1YEAR A netts 13-Oct-99
1YEAR A aztec 13-Oct-99
1YEAR A jimcee # 13-Oct-99
1YEAR A dlgwynn 13-Oct-99
1YEAR A davison # 14-Oct-99
1YEAR A jokey # 15-Oct-99
1YEAR A oregonbook # 19-Oct-99 $1,610.40
Total $19,337.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1MONTH56 A bugsy ## 01-Nov-98
1MONTH56 A kennison 04-Nov-98 USED 4TH FOR CLOSING
1MONTH56 A reaper420 ## 18-Nov-98 $11.50
Total $11.50
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
3MONTH56 A epearce ## 04-Nov-98 USED 4TH FOR CLOSING
3MONTH56 A tldivis 15-Nov-98 $104.00
3MONTH56 A vangie 10-Dec-98 $26.00
3MONTH56 A dhesse ## 16-Dec-98 $31.50
3MONTH56 A guwop ## 04-Jan-99
3MONTH56 A scottc 05-Jan-99 $72.80
Total $234.30
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
1YEAR56 A shimek 30-Mar-99 $98.40
1YEAR56 A ssasaki 17-May-99 $147.60
1YEAR56 A arakawa ## 15-Jun-99
1YEAR56 A jwb 17-Jun-99
1YEAR56 A jgurr 17-Jun-99 $651.90
1YEAR56 A shamrock 12-Jul-99 $205.00
1YEAR56 A coleboys 08-Sep-99 $246.00
Total $1,348.90
</TABLE>
<PAGE>
PROMISSORY NOTE
$47,923.86
November 6, 1998
FOR VALUE RECEIVED, ClipperNet Corporation, an Oregon corporation,
("Maker") hereby promises to pay in lawful money of the United States of
America, to the order of Daisy Weir, husband and wife, ("Payee") the sum of
FORTY SEVEN THOUSAND NINE HUNDRED TWENTY THREE and 86/100 DOLLARS ($47,923.86)
payable with interest thereon at the rate of EIGHT PERCENT (8%) per annum from
November 7, 1998, until paid, payable in monthly installments of not less than
$972.00 with the first payment due on or before December 7, 1998, and like
payment on the 7th day of each month thereafter until November 7, 2003, when the
balance, if any, including accrued interest shall be fully due and payable. All
payments shall be credited first to accrued interest and thereafter to
principal.
SECURITY: This promissory note is secured by all equipment, inventory,
accounts receivable, and other assets of Maker pursuant to that certain Security
Agreement executed herewith. The terms and conditions of the Asset Purchase
Agreement and Security Agreement ("Security Agreement") are hereby incorporated
by reference. A default under the terms of the Security Agreement shall be
deemed a default of the terms of this promissory note.
PREPAYMENT: Maker may prepay this note, in whole or in part at any time
without penalty. No partial payment shall excuse the payment of installments
next coming due.
ASSIGNMENTS: Maker shall not assign, transfer, convey, alienate or
otherwise be divested, voluntarily or involuntarily (excluding the death of
Maker), of all or any portion of Maker's interest in this note, the security
agreement, or the collateral described in the Security Agreement (except
inventory sold in the normal course of business), without the written consent of
Payee, which consent by Payee shall not be unreasonably withheld under the
circumstances, upon a showing of good financial character of the prospective
transferee.
PLACE OF PAYMENT: All payments due hereunder shall be delivered or mailed
to Payee at:
Oregon Title Insurance Co.
450 Country Club Rd., Suite 150
Eugene, OR 97401
or such other place as Payee may designate by written notice of Maker.
DEFAULT: Maker shall be in default of this promissory note if Maker has
failed to make any payment within ten (10) days following the date said payment
becomes due, and within ten (10) days written notice from Payee.
Maker shall also be deemed in default hereof in the event of breach of any
of the terms or conditions set forth in the Security Agreement which secures the
obligation evidenced by this note, subject to any notice provisions set forth
therein, or if Maker at any time becomes insolvent, which,
1 - Promissory Note
<PAGE>
for the purposes of this instrument, shall be defined as having a negative
net worth, or no net worth using the book value and standard accounting
practices. A default under the terms of the Security Agreement shall
constitute a default under the terms of this promissory note. Upon default,
Payee shall be entitled to exercise all those remedies provided herein and in
the Security Agreement, together with any and all other legal remedies
available to Payee under the Uniform Commercial Code and the laws of the
State of Oregon. All remedies shall be cumulative.
ACCELERATION CLAUSE: Maker's default herein shall, at Payee's option and
without notice or demand to Maker, render the entire principal balance, plus all
accrued interest, default charges and other expenses due hereunder, immediately
due and payable in full.
DEFAULT CHARGES: In the event suit, action or other legal proceeding is
brought to enforce the provisions of this note, the prevailing party shall be
entitled to reimbursement for all costs, disbursements, and litigation expenses,
including reasonable attorney fees incurred in such suit, action or legal
proceeding and any appeal therefrom.
ADVANCES BY PAYEE: In the event Payee elects to pay any sum due from Maker
to any third party pursuant to the terms of this note, or the Security Agreement
which secures this note, the sum so paid by Payee shall be immediately added to
the unpaid balance of this note and shall bear interest at the stated rate from
the date of such payment. Payee's election to make one or more of such advances
shall not constitute a waiver of Payee's right to declare a default hereunder.
NOTICE TO MAKER: Any notice required to be given to Maker shall be
effective if mailed, postage prepaid, by certified mail, return receipt
requested, to Maker at:
2295 Coburg Road, Suite 105
Eugene, OR 97401
with a copy to:
Integrated Food Resources, Inc.
c/o Robert Laskowski
Attorney at Law
1001 S.W. Fifth Ave., Suite 1300
Portland, OR 97204
and a copy to:
Hamilton W. Budge, Jr.
Lombard, Gardner, Honsowetz, Potter & Budge
Attorneys at Law
725 Country Club Rd.
Eugene, OR 97401
or such other address as Maker shall hereafter provide in writing to Payee.
2 - Promissory Note
<PAGE>
MISCELLANEOUS: In no event shall the interest collected hereunder exceed
the maximum rate allowed by law. In the event any term or provision of this
note, or any provision of the Security Agreement given in conjunction herewith,
is found to be unenforceable or unlawful for any reason, the remainder shall be
carried into effect as though the unenforceable portion was stricken herefrom.
As the context requires, the singular includes the plural, the plural the
singular and the masculine includes the feminine and neuter. The obligation of
all Makers named below is joint and several. All captions used herein are
solely for convenience of reference and shall not affect the interpretation of
this instrument.
The Maker, Endorsers, and Guarantors hereto severally waive notice of
acceptance, presentment for payment, demand, notice of demand, notice of
nonpayment and notice of protest of this Note. All such Makers, Endorsers and
Guarantors hereby consent to any modification of the terms of this Note,
including an extension of the due date, without waiver of their liability
hereon. No waiver of any default, nor any modification or waiver of any term or
condition set forth herein shall constitute a waiver of any subsequent default
nor shall it affect the liability of any Maker, Endorser or Guarantor hereto.
CLIPPERNET CORPORATION
By: /s/ F. JAMES NELSON
---------------------------------
Title: CFO
---------------------------------
GUARANTY OF PERFORMANCE
In consideration of the Payee accepting this promissory note, of even date
herewith, the terms of which are specifically incorporated herein by reference,
the undersigned, unconditionally and irrevocably guarantees the performance of
Maker, of each and every obligation under said Promissory Note. This guarantee
shall be continuing and shall terminate only upon the complete performance by
Maker, thereof.
Guarantor consents that it will not be necessary for the holder hereof to
initiate an action or exhaust its legal remedies against Maker, as a
precondition to enforcement of this guarantee. Guarantor consents that this
guarantee may be immediately enforced upon default by Maker under the terms of
the Promissory Note.
Guarantor consents that the holder, may from time to time extend the time
for performance or to otherwise modify the obligations of Maker, and such
extensions or modifications thereof will not in any way release or discharge
guarantor from her obligations hereunder. This guarantee shall not be released,
extinguished, modified or in any way affected by failure on the part of the
holder to enforce all of the rights and remedies available to it under the
Promissory Note. This guarantee is unconditional and the undersigned expressly
waives notices of non-payment of any extensions of time for payment or
performance granted by the holder hereof.
3 - Promissory Note
<PAGE>
Guarantor consents and agrees that the bankruptcy of Maker shall not
relieve them of their obligations hereunder.
In the event of any action to enforce any of the terms or conditions of
this guarantee, the prevailing party in such action and any appeal resulting
therefrom shall be entitled to recover from the other party reasonable
attorney's fees to be fixed by the court in such action or appeal therefrom.
GUARANTOR:
INTEGRATED FOOD RESOURCES, INC.
By: /s/ ALAIN DE LA MOTTE
--------------------------------
Title: Chairman/CEO
--------------------------------
4 - Promissory Note
<PAGE>
MEMORANDUM OF CONSENT
TO ACTION OF BOARD OF DIRECTORS
OF
CLIPPERNET CORPORATION
The undersigned, being all of the Directors of ClipperNet Corporation, an
Oregon corporation, hereby consent to the following action taken by the Board of
Directors in lieu of the special directors meeting.
RESOLUTION A:
RESOLVED, that the acquisition of the assets of that certain business known
as Netbridge from Daisy Weir for the sum of $150,000.00 payable by cash,
promissory note, assumption of prepaid accounts, and the transfer of 20,000
shares of stock of Integrated Food Resources, Inc., pursuant to the terms of
that certain Asset Purchase Agreement and Security Agreement with attached
promissory note is hereby approved; and
RESOLUTION B:
Ransom Southerland, as President, or F. James Nelson, as Secretary/
Treasurer of the Corporation, are hereby authorized to execute the Asset
Purchase Agreement and Security Agreement, Promissory Note, and all other
documents relative to the purchase of the assets of Netbridge as approved by
the Directors.
Dated this 2nd day of November, 1998.
DIRECTORS
/s/ ALAIN DE LA MOTTE
---------------------------------------
ALAIN DE LA MOTTE
/s/ BRIAN BITTKE
---------------------------------------
BRIAN BITTKE
/s/ RANSOM R. SOUTHERLAND
---------------------------------------
RANSOM R. SOUTHERLAND
/s/ F. JAMES NELSON
---------------------------------------
F. JAMES NELSON
1 - Memorandum of Consent to Action of Board of Directors
<PAGE>
POWER OF ATTORNEY TO TRANSFER BONDS OR SHARES
KNOW ALL MEN BY THESE PRESENTS that I/we ______________________________________
for value received, have bargained and sold and by these presents do irrevocably
bonds
convey, assign and transfer unto ________________________________________ shares
of the ______________________________________________________standing in my/our
name on the books of the said __________________________________________________
(Company, Government, City or as the case may be)
Bond
represented by Certificate No. ____________________________ and I/we do hereby
irrevocably constitute and appoint ______________________________________ my/our
true and lawful Attorney, for me/us and in my/our name and stead to make and
bond
execute all necessary acts of assignment and transfer of said stock and to
substitute one or more persons with like full power, hereby ratifying and
confirming all the said Attorney or his/their substitute or substitutes shall
lawfully do by virtue hereof.
Dated at ____________________ this ______________ day of _______________, 19___
/s/ Daisy Weir
-----------------------------
Signature of Transferor.
-----------------------------
Signature of Transferor.
SIGNATURE GUARANTEED
MEDALLION GUARANTEED
SUTRO & CO INCORPORATED
/s/ [ILLEGIBLE] The signature to this
- -------------------------------------- assignment must correspond
AUTHORIZED SIGNATURE with the name as registered on
X0087734 the bond or certificate, in
NYSE, INC. MEDALLION SIGNATURE PROGRAM every particular, without
GGGOA SR alteration or enlargement, or
any change whatever.
<PAGE>
STOCK POWER
FOR VALUE RECEIVED, the undersigned, Daisy Weir, does hereby sell, assign,
and transfer unto ________________________:
(Ten Thousand (10,000) shares) of the Capital Stock of:
Integrated Food Resources, Inc.
("Corporation") as represented by Certificate No. 1326 issued Nov. 5, 1998,
in the name of Daisy Weir, and the undersigned hereby irrevocably constitutes
and appoints _______________, attorney to transfer the said stock on the
books of the Corporation, with full power of substitution in the premises.
Dated this 6th day of November, 1998.
/s/ Daisy Weir
---------------------------
DAISY WEIR
(SIGNATURE GUARANTEE)
SIGNATURE GUARANTEED
MEDALLION GUARANTEED
SUTRO & CO INCORPORATED
/s/ [ILLEGIBLE]
- ---------------------------------------
AUTHORIZED SIGNATURE
X0087734
NYSE, INC. MEDALLION SIGNATURE PROGRAM
GGGOA SR
1 - Stock Power
<PAGE>
<TABLE>
<S><C>
P 1326 ***RESTRICTED***
------ INTEGRATED FOOD RESOURCES INC. ---------
NUMBER Incorporated under the laws of the State of Nevada SHARES
1326 CAPITALIZATION **10000**
------ 50,000,000 Shares Common $.001 Par Value ---------
10,000,000 Shares Preferred $.001 Par Value
THIS CERTIFIES THAT CUSIP 45813P 10 6
DAISY WEIR
SEE REVERSE FOR CERTAIN DEFINITIONS
is the owner of ** TEN THOUSAND **
FULLY PAID AND NON-ASSESSABLE SHARES OF THE CAPITAL STOCK OF $.001 PAR VALUE SHARES OF
INTEGRATED FOOD RESOURCES INC.
transferable upon the books of the corporation upon surrender of this certificate properly endorsed. This certificate is not valid
until countersigned by the Transfer Agent and Registrar.
WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.
Date: NOV 5 1998
Integrated Food Resources Inc.
COUNTERSIGNED by /s/ Alain de la Motte
-------------------------------
Transfer Agent and Registrar Alain de la Motte President
[SEAL]
/s/ [ILLEGIBLE] September 12, 1966 /s/ James McKenzie
- ----------------------------- Oregon -------------------------------
Authorized Officer Reincorporated James McKenzie Secretary
October 10, 1996
Nevada
</TABLE>
<PAGE>
CLOSING STATEMENT
OFFICES OF RICHARD SPEIGHT, ATTORNEY AT LAW
2422 S.W. FIFTH AVE., SALEM, OREGON 97201-4910
(503) 241-2885
DATE: November 6, 1998 FILE NO. 2379
BUYER: Clippernet Corporation, an Oregon corporation
PROPERTY DESCRIPTION: The assets of the business known as NETBRIDGE located in a
leasehold interest at 1241 N. Coast Hwy., Newport, Oregon 97365 and 4333 SW
Coast Hwy., Lincoln City, OR 97367 Oregon 97232
<TABLE>
<CAPTION>
DEBIT CREDIT
- --------------------------------------------------------------------------------
<S> <C> <C>
SALES/PURCHASE PRICE 150,000.00
Stock Option Purchase 1,000.00
Credit for deposits held & prepayments 22,076.14
Contract for Purchase and Sale 47,923.86
Transfer of 20,000 shares of IFGR stock 60,000.00
Earnest Money deposit in Marlin Group's Trust Acct. 5,000.00
COST OF SALE:
1/2 share
Personal Property Search Fee 42.50
UCC Search Fee 60.75
Closing Fee 275.00
RECORDING FEES:
1/2 share
UCC-1 5.00
Assumed Business Name Amendment 7.50
PRO-RATIONS:
1998-99 personal property taxes based on value of
$50,000 in the amount of $781.81 from 11/7 to 7/1/99 505.50
Nov. Rent Lincoln City $100 from 11/7 to 12/1 26.30
Nov. Rent Newport $175 from 11/7 to 12/1 138.08
Liberty Mktng (Maps) 1/2 share of $199.50 99.75
1999 Local Favorites 1/2 share of $295 147.50
Sprint $396.20 from 11/7 to 11/24 217.27
US West $109.98 from 11/7 to 11/25 63.86
Verio NW $1935 from 11/7 to 1/1/99 1,166.30
US West $3,292.64 from 11/7 to 11/13 637.28
US West $403.96 from 11/7 to 11/13 78.18
US West Dex @ $110.50 from 11/7 to 6/29/99 850.09
Local Book $526 from 11/7 to 7/1/99 340.10
US West $244.20 from 11/7 to 11/14 55.15
ACCOUNTS PAYABLE/RECEIVABLE:
1/2 Oregon Title collection escrow set-up fee 50.00
DEPOSIT TO CLOSE 20,766.11
- --------------------------------------------------------------------------------
$155,766.11 $155,766.11
</TABLE>
ACCEPTED BY:
Clippernet Corporation Law Offices of Richard Speight
By:
/s/ F. James Nelson /s/ [ILLEGIBLE]
- ------------------------------------- -------------------------------
F. James Nelson, Secretary-Treasuer
<PAGE>
ESCROW DEPOSITORY AND COLLECTION INSTRUCTIONS
Collection Number:
Originating Office:
Escrow Number:
OREGON TITLE INSURANCE COMPANY
To
450 Country Club Road Suite 180 - PO Box 10127 - Eugene, OR - 97440
(541) 342-7451 - (800) 207-0002
1 unrecorded contract of sale and purchase dated November 6, 1998
-----------------------
between SELLERS/PAYEES, Daisy Weir
----------------------------------------------------
address 112 NE 35th, Newport Oregon Zip 97365 Phone (541) 265-2974, and
--------------------------- ------- --------------
BUYERS/PAYORS, ClipperNet Corporation
------------------------------------------------------------
address 2295 Coburg Rd. #105, Eugene, OR Zip 97401 Phone (541) 431-3360
-------------------------------- ------- ---------------
covering the properly therein described
2 (x) Unrecorded deed dated November 6, 1998 from the above named sellers to
-----------------
the above named purchasers for the property in said contract described.
3 ( ) Satisfaction of Mortgage
4 ( ) Request for Reconveyance
5 ( ) Title Insurance Policy
6 ( ) Fire Insurance Policy
7 ( ) Bill of Sale
8 ( ) Memorandum of Contract
9 (x) Other documents as follows Stock Power, UCC-3 Termination,
--------------------------------
Promissory Note
----------------
You are mutually instructed and directed to hold the above described
documents as an escrow and to deliver the same (other than said contract) to
the purchasers or either of them, upon payment to you of the unpaid balance
of purchase price in the sum, with interest, and in installments as follows,
to wit:
Present principal balance unpaid: $47,923.86, to be paid in installments
------------
of $972.00 or more, (plus)(including) interest at 8% per annum on unpaid
-------- ---
balances. Interest begins November 7, 1998. First installment due on or before
---------------
December 7, 1998 and subsequent installments due on or before 7th day of each
- ---------------- ----------------
month until principal balance and interest paid in full.
- ------
SPECIAL INSTRUCTIONS: Per the attached contract (Asset Purchase Agreement
------------------------------------------------------
and Security Agreement.
------------------------
Consent Required for Assignment: Seller and Buyer to notify Oregon Title in
-------------------------------------------
writing as Exercising Option to Purchase;
-------------------------------------------
Option to Purchase; Option Required Repurchase
-------------------------------------------
of Stock.
-------------------------------------------
THE FOLLOWING PLEASE CHECK WHERE APPLICABLE
(1) Tax and/or Insurance Addback: Buyers will remit monthly a sum equal to
1/12th of the annual property taxes and/or the annual insurance premium,
the initial amount is $_____________. Sellers will submit to escrow each
year evidence that the taxes and/or insurance have been paid and escrow
will as of the date of such receipt, add the taxes and/or insurance paid
back to the unpaid principal balance. Payments will increase/decrease by
1/12th of the annual property taxes and/or the annual insurance premium.
The fee for this service is $_______________ and will be paid
by ___________________________________.
(2) No-Hold Reserve, Taxes and/or Insurance: Buyers will remit monthly a sum
equal to 1/12th of the annual property taxes and/or the annual insurance
premium, the initial amount is $_______________. Said sum will not be
applied toward the principal balance, but will be disbursed directly to
the seller or the sellers' loan. Seller will submit to escrow each year
evidence that the taxes and/or insurance are paid and escrow will
forward the same to buyer. Payments will increase/decrease by 1/12th of
the annual taxes and/or the annual insurance premium. The fee for this
service is $___________ and will be paid by the _______________________.
The buyer (did) (did not) purchase the sellers' existing reserve account
at _________________________________________________.
(3) Tax and/or Insurance Reserve: Buyer will remit monthly a sum equal to
1/12th of the annual property taxes and/or the annual insurance premium,
the initial amount is $_______________. Said amount will be deposited
into a non-interest bearing account to be disbursed by escrow annually
on or before November 15th, in payment of the property taxes and a
disbursement will be made on ______________________ in payment of the
insurance. In the event that the reserve account is insufficient to pay
the taxes/insurance in full, buyer will immediately, upon notification
from escrow, bring in the amount necessary to pay the taxes/insurance in
full. Oregon Title will not be liable for loss of discount if the
deficiency is not brought in by November 1st each year. Excess funds
will not be refunded to the buyer. Payments will increase/decrease by
1/12th of the annual taxes and insurance. The annual fee for this
service is $_____________ and will be paid by __________________________.
Tax Account No. _____________________ Insurance Policy No. _________________
Tax Amount __________________________ Premium Due __________________________
County Address ______________________ Agent Address ________________________
The monthly collection fee of $___________ is to be paid by the
/ / BUYER / / SELLER / / SHARED EQUALLY
The Payoff Service Fee (minimum $___________ ) is to be paid by the
/ / BUYER / / SELLER / / SHARED EQUALLY
FEES ARE SUBJECT TO CHANGE
DISPOSITION TO BE MADE BY YOU OF PROCEEDS OF PAYMENTS RECEIVED:
Account Numbers:
1. Name and Address $ #
See the attached Contract re stock
2. Daisy Weir $969.00 #
112 NE 35th, Newport, OR 97365
3. $ #
Any funds received in addition to the above shall be disbursed as follows:
Daisy Weir, see above
??? Oregon Title Insurance Company and shall be delivered by US Mail or
private delivery service ??? delivery of such disbursement.
<PAGE>
GENERAL PROVISIONS
(1) You are authorized to accept any payments tendered to you to apply upon
the above provided installments whether such payment constitutes all or
only part of any installment and whether or not it or any installment is
then in default, unless either party shall direct in writing to the
contrary, but if any installment shall not be paid to you before the
expiration of sixty (60) days after due date thereof you are authorized
to surrender to the Sellers (Payee) or either of them upon written
demand of either of them certifying that said installment is more than
sixty (60) days past due, without any notice to the Buyers (Payors) or
either of them all documents then in your possession thereby terminating
this escrow. The payment of any installment directly to the Seller or
the existence of any offset, counterclaim or difference as between the
parties hereto or the acceptance of previous delinquent installments
shall not alter or limit the terms of these instructions.
(2) You are authorized to accept the whole or any part of the unpaid balance
on the above described contract at any time unless otherwise instructed
herein. In the event the above instructions provide for payments to be
made to existing encumbrance(s) affecting subject property when you have
received for the Sellers payment in full you are authorized and
instructed to secure from the holder of said underlying encumbrance(s) a
payoff letter and further authorized to make said payoff in accordance
with the instructions contained in said payoff letter, sending the
balance of funds, if any, to the Sellers.
(3) You are authorized to retain all funds coming into your hands hereunder
after you shall have received written notice of the death of one of the
Sellers until you shall have received from the surviving Seller and the
personal representative of the deceased Seller joint written
instructions for the disposition of such funds, or until you shall have
been otherwise satisfied of the identity of the person or persons
entitled to receive such funds; and the provisions of this paragraph
shall be applicable whether or not the Sellers are husband and wife and
whether or not the contract deposited herewith shall create or purport
to create a right of survivorship, as between the Sellers.
(4) Notwithstanding anything to the contrary therein appearing, you have no
duty to know or determine the performance or nonperformance of any term
or condition of any contract or agreement between the parties hereto,
and your duties and responsibilities are limited to those specifically
stated herein. You have no responsibility for the authenticity, validity
or sufficiency of any document deposited or for the accuracy of any
description of any document deposited, the description having been
supplied by the parties. Your sole duty with respect to such documents
is to hold and dispose of the same as herein provided. In the event of
conflict or omission between Contract and Escrow Instructions the Escrow
Instructions shall control as to the Escrow Agent.
(5) In the event the interest of either the Payee or Obligor shall pass to
any other party or parties, you are not required to take notice of same
unless and until such documents in evidence thereof as may be
satisfactory to you and required by you, have been deposited with you
together with a fee.
(6) If a controversy shall arise between the parties hereto or with any third
person, you may await the outcome of such controversy by final legal
proceedings, or otherwise, as you may deem appropriate, or you may
institute such interpleader or other proceedings as you may deem proper
and in such events you shall not be liable for interest or damages. In
the event of any controversy whether or not resulting in litigation, or
in the event of any action to recover your expenses or charges from
either or both of the parties hereto, you shall be entitled to
reasonable attorney's fees and reimbursement for your expenses.
(7) If any fire insurance or other insurance policies are deposited in this
escrow, you shall have no responsibility for the sufficiency thereof,
and you shall have no duty to pay or see the payment of any premiums
thereon or to renew or to see to the renewal thereof or to notify any
person of the expiration thereof. Your sole responsibility with respect
to any such policy shall be the safekeeping thereof.
(8) If taxes and/or insurance premiums are payable by Seller (Payee) and the
amounts thereof added to the unpaid balance of the accounts, escrow
company does not have a duty to determine such payment, but shall only
add the taxes or insurance payment as provided by the security document
when notified in writing.
(9) In addition to the escrow fee paid or agreed upon at the inception of
this escrow, the parties hereto jointly and severally agree to pay
reasonable compensation for any services including payoff not specified
in these instructions, and any other remedies you may have, you are
hereby given a lien upon all funds, documents and other property held by
you hereunder, to secure the payment of all your fees and expenses.
Parties agree to pay collection fees according to published rates of
escrow company as may change from time to time. Party requesting
recording shall pay recording fees.
(10) A charge of $25.00 shall be imposed by Oregon Title for any check
dishonored for any reason as well as any other fees or costs due to
Oregon Title and shall be deducted from the next payment received. Payor
agrees to immediately reimburse Oregon Title with good funds for
dishonored check plus the NSF fee. If Payor fails to so reimburse Oregon
Title, Payee agrees to pay Oregon Title the amount of the dishonored
check. In any case, the Payees contract shall be increased by the amount
of the dishonored check until paid.
(11) Disbursements on any check may be held until the check clears, unless
the check is received as "Bank Certified" funds. In its discretion,
Oregon Title may disburse on "collected" funds, but any pattern of such
disbursement shall not prejudice Oregon Title's right to insist that a
deposit check clear.
(12) At any time after the expiration of one year from the time when this
escrow should by its terms be concluded, you may, without notice to the
parties, close your records, thereby terminating your responsibilities
with respect to this escrow.
(13) This agreement is binding upon the heirs, executors, administrators,
successors and assigns of all parties hereto.
(14) In the event any provision in the escrow instructions or contract herein
shall refer to a mortgage or a contract balance which is being computed
other than in Oregon Title Insurance Co., escrow shall not be bound to
keep a record of said balance. It shall be the duty of the parties
hereto to keep the escrow company advised of said balance. No liability
shall attach to an action or failure to act by Oregon Title Insurance
Co. in the event information has not been delivered to it prior to a
time any such information shall be material to the performance of the
escrow instructions or contracts.
(15) Escrow Company is under no obligation to give notice as to late fees,
changes of interest or ownerships, lapses of insurance, the state or
payment of taxes or assessments, or other encumbrances, condemnations,
fires, or the condition of any property mentioned in the documents
handed to it, or cause notice of delinquency or dishonor or protest to
be given; and any giving of such notice or notices by Escrow Company
shall not be deemed to be an assumption by it of any obligation as to
the giving of any subsequent notice or notices.
(16) Interest shall be computed on a 365-day basis unless otherwise
instructed. Interest calculation shall be on the actual number of days
elapsed between payments with balance of the payment being applied to
principal or as otherwise directed, as of the date payment is received
by Oregon Title Insurance Co.
(17) As used in these instructions the words "Sellers", "Buyers", "Payees"
and "Payors" shall include both the singular and the plural.
(18) Escrow agent may transfer this collection account and documents to a
duly licensed escrow company without prior approval of the parties
hereto.
(19) It is understood by the parties signing these collection instructions,
that such instructions constitute the whole agreement between Oregon
Title Insurance Co. as their escrow collection agent and themselves as
principals to this collection account. These instructions may not
include all the terms of the agreement which is subject to this
collection. Any deviation from the executed instructions contained
herein, shall be submitted to escrow agent in writing and shall be
signed by all parties hereto. "Read these instructions carefully and do
not sign them unless they are acceptable to you."
At the end of 3 yrs., if Buyer has not exercised its stock option and Seller
is requiring a repurchase of stock Buyer & Seller will in writing transfer
stock to a brokerage.
<TABLE>
<CAPTION>
SELLER/PAYEE BUYER/PAYOR
<S> <C>
1. Daisy Weir 1. ClipperNet Corporation
------------------------------- ------------------------------------
IRS Reporting On: /s/ Daisy Weir IRS Reporting On:
---------------- ---------------------
Social Security No. ###-##-#### Social Security No. 93-0979004
-------------- -------------------
2. _______________________________ 2. ____________________________________
Social Security No. ______________ Social Security No. ___________________
</TABLE>
The above escrow instruction received and accepted this _____ day of
_________, 19___.
OREGON TITLE INSURANCE COMPANY
By ___________________________
Authorized Signature
The undersigned, assignees of the Sellers or Buyers, do hereby consent to and
agree to be bound by the terms of the foregoing escrow instructions. Fee for
assignment is $_______________.
Social Security No. Social Security No.
<PAGE>
<TABLE>
<S> <C> <C>
Submit this form and fee STATE OF OREGON THIS SPACE FOR OFFICE USE ONLY
$10.00 per form Corporation Division - UCC
Public Service Building
255 Capitol Street NE, Suite 151 10-5-DD
Salem, OR 97310-1327
(503) 986-2200 Facsimile (503) 373-1166
- ----------------------------------------------------------------------------------------------------------------------------------
UCC-1 STATE FINANCING STATEMENT STANDARD FORM
PLEASE TYPE OR WRITE LEGIBLY. READ INSTRUCTIONS BEFORE FILLING OUT FORM.
- ----------------------------------------------------------------------------------------------------------------------------------
This Financing Statement is presented to filing officer pursuant to the Uniform Commercial Code. This financing statement remains
effective for a period of five years from the date of filing, unless extended for additional periods as provided for by ORS
Chapter 79. A carbon, photographic or other reproduction of this form, financing statement or security agreement may be filed as a
financing statement under ORS Chapter 79.
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
A. DEBTOR NAME(S)(if individual list last name first) F. LIST THE TYPES (OR ITEMS) OF COLLATERAL (ORS
1. CLIPPERNET CORPORATION 79.4020).
2. DBA NETBRIDGE Use a separate sheet of paper if necessary.
DEBTOR MAILING ADDRESS: /X/ PRODUCTS of collateral are also covered.
1241 N COAST HIGHWAY
NEWPORT, OR 97365 All of the tangible and intangible assets of the
- --------------------------------------------------------------------------- business known as NETBRIGE and also known as
B. SECURED PARTY(IES) NAME AND ADDRESS NETBRIDGE INTERNET ACCESS SERVICES located in a
DAISY WEIR leasehold interest at 1241 N Coast Highway, Newport,
112 NE 35TH and 4333 SW Coast Highway, Lincoln City, Oregon,
NEWPORT, OR 97365 including but not limited to the furniture,
- --------------------------------------------------------------------------- fixtures, equipment, leasehold interests, inventory,
C. ASSIGNEE(S) NAME AND ADDRESS supplies, leasehold improvements, customer deposits,
supplier agreements, customer accounts, accounts
Contact Name: Phone No.: receivable, books and records, trade and domain
- --------------------------------------------------------------------------- names, and any additions and/or replacements and
D. DEBTOR SIGNATURE(S) REQUIRED: accessories thereto that debtor may acquire and under
any other assumed business name debtor may use and
By: [Illegible] For By: Clippernet Corporation wherever debtor may locate the assets of the
-------------------------------- ------------------------------ business.
By: By:
-------------------------------- ------------------------------
- ---------------------------------------------------------------------------
E. DEBTOR SIGNATURE(S) NOT REQUIRED. If applicable, check the appropriate
box below to file without debtor signature(s). This statement is filed
without the debtor signature(s) to perfect a security interest in
collateral. Secured Party must sign when a Debtor signature(s) is not
required. See instructions for further information.
/ / Collateral already subject to a security interest in another
jurisdiction.
/ / Which is proceeds of the described original collateral which was
perfected.
/ / Collateral as to which the filing has lapsed.
/ / Collateral acquired after a change of name, identity or corporate
structure of debtor.
By: By:
------------------------------ ------------------------------
Secured Party Signature Secured Party signature
- ---------------------------------------------------------------------------------------------------------------------------------
RETURN COPY TO: [name & address]. Please do not type or print outside of bracketed area OR, FAX COPY TO:
Richard Speight
2422 SW Fifth
Portland, Oregon 97301
Fax Number: (503) 241-3484
</TABLE>
<PAGE>
INSTRUCTIONS TO TRANSFER OWNERSHIP
OF
NETBRIDGE
TO: RICHARD SPEIGHT, ATTORNEY AT LAW DATE: NOVEMBER 6, 1998
LEGAL ASSISTANT: BRYAN SPEIGHT/JOYCE SPEIGHT FILE NO: 2379
IT IS UNDERSTOOD AND AGREED BY BUYER AND SELLER THAT THIS TRANSACTION IS TO
BE CLOSED BY THE LAW OFFICE OF RICHARD SPEIGHT WHO FOR PURPOSES OF CLOSING
ONLY HAS REPRESENTED THE SELLER. HAMILTON W. BUDGE, JR., ATTORNEY AT LAW, HAS
REPRESENTED THE BUYER IN THIS TRANSACTION AND HAS PREPARED THE ASSET PURCHASE
AGREEMENT AND SECURITY AGREEMENT, STOCK POWER, PROMISSORY NOTE, MEMORANDUM OF
CONSENT TO ACTION OF BOARD OF DIRECTORS OF CLIPPERNET CORPORATION. RICHARD
SPEIGHT HAS PREPARED THE WARRANTIED BILL OF SALE, UCC-1 FINANCING STATEMENT,
ASSUMED BUSINESS NAME AMENDMENT, OREGON TITLE COLLECTION ESCROW INSTRUCTIONS,
CLOSING STATEMENTS, 8594 ASSET ACQUISITION STATEMENTS AND THESE INSTRUCTIONS.
PROPERTY DESCRIPTION: The tangible and intangible assets of the business
known as NETBRIDGE and NETBRIDGE INTERNET ACCESS SYSTEMS located at
1241 N Coast Highway, Newport, Or and 4333 SW Coast Highway, Lincoln City, OR
SEARCHES: A UCC search issued by Unisearch of the records of the Secretary of
State, State of Oregon, dated October 27, 1998, and processed through
October 22, 1998, and a personal property search through Lincoln County Title
and Escrow under order no. 87213988 dated October 27, 1998, and processed
through October 16, 1998, a copy of which has been received by the undersigned.
The following names were searched: Daisy ( ) Weir, James ( ) Weir, Netbridge
(Internet), Netbridge Communications, and Photo Run (Plus). Buyer and Seller
instruct you that the aforementioned names are the complete list of names
that are to be searched to find any lien or judgment which may effect the
subject property of this transaction.
SELLERS deposit with you under these instructions the following: Signature on
the Asset Purchase Agreement and Security Agreement; Stock Power; Assignment of
Lease for Lincoln City location; SubLease for Newport location; Oregon Title
Collection Escrow Instructions;
and authorizes delivery and release thereof when you hold for the account of the
Seller the sum of $150,000.00 plus and minus the credits and deductions
authorized and approved on the Seller's closing statement.
BUYER deposits with you under these instructions the sum of $20,766.11 in
certified funds and the following items: $5,000.00 in earnest money held in
Marlin Group's client trust account; Asset Purchase Agreement and Security
Agreement; Promissory Note
Page 1. Closing Instructions, Netbridge
<PAGE>
and UCC-1 Financing statement in favor of the Seller; Signature on the Oregon
Title Collection Instructions; Assumed Business Name Amendment; Stock
Certificate for 10,000 shares of Restricted Integrated Food Resources, Inc.;
an account confirmation of 10,000 shares of Integrated Food Resources, Inc.
held at Charter Investment Group in an account for Daisy Weir; Assumption of
the Lease for Lincoln City location; and Signature on the Sublease for
Newport location; Memorandum of Consent to Action of Board of Directors;
You are further instructed that the terms and conditions of the Offer to
Purchase and any addendums, amendments and/or counteroffers thereto have been
met to the satisfaction of the undersigned.
PRORATE and adjust as of November 7, 1998, the following: The 1998-99
personal property taxes in the amount of $781.81; Nov. rent for Lincoln City
location in the amount of $100; Nov. rent for Newport in the amount of $175;
Liberty Marketing in the amount of $199.50; Local Favorites in the amount of
$295; Sprint in the amount of $396.20; Verio NW in the amount of $1935; Local
Book in the amount of $526; US West Dex in the amount of $110.50/mo thru
June 29, 1999; US West accounts in the amounts of $109.98, $3,292.64,
$403.96, and $244.20. Said prorations are based on a 365 day year and the tax
prorations are calculated on the fiscal year July 1 through June 30.
You are further instructed that this transaction is not applicable to any
Uniform Commercial Code-Bulk Transfer provisions, and Buyer and Seller waive
compliance by the attorney, Richard Speight. Seller and Buyer shall indemnify
and hold Richard Speight harmless from and against any and all loss, expense,
or damage resulting from failure to notify all of the creditors.
Buyer and Seller understand that the figures used to create the Asset
Acquisition Statement (IRS form 8594) were obtained from and were agreed upon
by Buyer and Seller. Should either Buyer or Seller dispute the figures on
said form 8594, then and in that event Buyer and Seller shall provide the
allocation figures agreed upon between them and by their accountants.
It is understood that the water, sewer, waste collection, electricity,
utility charges and telephone will be adjusted by Buyer and Seller outside of
this transaction unless otherwise specified in writing between the parties.
It is understood that any operating licenses needed will be acquired outside
of this transaction.
You will file for recording the necessary legal instruments and you are then
authorized to pay off such encumbrances of record as may exist at the time of
the filing of such instruments, to permit the passing of title from Seller to
Buyer in the manner which has been agreed to in writing by the Buyer and
Seller.
Should any disputes arise between the parties interested in property or funds
covered by these instructions, you shall have the option to hold all matters
in their existing status
Page 2. Closing Instructions, Netbridge
<PAGE>
or to join or commence a court action, deposit the money and documents
referred to herein into the registry of the Court or upon holding this
transaction for determination of the rights of the parties, you will be
relieved of all responsibility. It is further agreed that in the event of any
suit or claim made against you by either or both parties to this agreement,
that the losing party(ies) shall be required to pay you all expenses, costs,
and reasonable attorney's fees in connection therewith, whether suit is
instituted by you or any of the parties thereto.
The foregoing constitutes your entire and exact instructions and you shall
not be concerned with oral directives or other writing other than agreed
express written amendment to these instructions.
IT IS UNDERSTOOD BY THE PARTIES SIGNING THE ABOVE INSTRUCTIONS OR THOSE
INSTRUCTIONS WHICH ARE ATTACHED HERETO THAT SUCH INSTRUCTIONS CONSTITUTE THE
WHOLE AGREEMENT BETWEEN THE LAW OFFICE OF RICHARD SPEIGHT AND YOU AS A
PRINCIPAL TO THE TRANSACTION.
THESE INSTRUCTIONS MAY NOT INCLUDE ALL OF THE TERMS OF THE AGREEMENT WHICH IS
THE SUBJECT OF THIS TRANSACTION. READ THESE INSTRUCTIONS CAREFULLY AND DO NOT
SIGN THEM UNLESS THEY ARE ACCEPTABLE TO YOU.
SELLER: BUYER:
Clippernet Corporation
By:
/s/ Daisy Weir /s/ F. James Nelson
- -------------------------------- ------------------------------------
Daisy Weir F. James Nelson, Secretary-Treasurer
MAIL SELLER DOCUMENTS TO: MAIL BUYER DOCUMENTS TO:
112 NE 35th PO Box 70105
- -------------------------------- ------------------------------------
Newport OR 97365 Eugene, OR 97401
- -------------------------------- ------------------------------------
Received November 6, 1998
Law offices of Richard Speight
By:
/s/ Joyce Speight
- --------------------------------
Page 3. Closing Instructions, Netbridge
<PAGE>
DATE (MM/DD/YY)
[LOGO] INSURANCE BINDER 22/06/98
<TABLE>
<S> <C> <C> <C>
THIS BINDER IS A TEMPORARY INSURANCE CONTRACT, SUBJECT TO THE CONDITIONS SHOWN ON THE REVERSE SIDE OF THIS FORM.
- ----------------------------------------------------------------------------------------------------------------
PRODUCER PHONE COMPANY BINDER #
(A/C NO. EXT): 541-258-3127
----------------------------
AUSTIN MUTUAL INS. CO.
-------------------------------------------------------------------
KEN TOOMBS INSURANCE AGENCY EFFECTIVE EXPIRATION
P.O. BOX 645 DATE TIME DATE TIME
LEBANON, OREGON 97355 -------------------------------------------------------------------
541-258-3127 X AM X 12:01 AM
--- ---
11/06/98 12:01 PM 06/26/99 NOON
-------------------------------------------------------------------
- ------------------------------------------ THIS BINDER IS ISSUED TO EXTEND COVERAGE IN THE ABOVE NAMED
CODE: SUB CODE: COMPANY PER EXPIRING POLICY
- -----------------------------------------------------------------------------------------------------------------
AGENCY
CUSTOMER ID: DESCRIPTION OF OPERATIONS/VEHICLES/PROPERTY (Including Location)
- ------------------------------------------
INSURED CLIPPER NET CORPORATION BUSINESS PERSONAL PROPERTY LOCATED AT:
ATTN: JIM NELSON A. 1241 N. COAST HWY, NEWPORT, OR
2295 COBURG ROAD B. 4333 SW COAST HWY, LINCOLN CITY, OR
EUGENE, OR 97401
- ------------------------------------------------------------------------------------------------------------------
COVERAGES LIMITS
- ------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE AND LOCATION OF PROPERTY COVERAGE/PERS/FORMS AMOUNT DEDUCTIBLE CONS %
-------------------------------------------------------------------
BUSINESS PERSONAL PROPERTY: BUS. PERSONAL PROPERTY
A: 1241 N. COAST HWY, NEWPORT POLICY CM-00457307
B: 4333 SW COAST HWY, LINCOLN CITY, OREGON LOCATION A: SPECIAL $50,000 250
LOCATION B: SPECIAL $10,000 250
- ------------------------------------------------------------------------------------------------------------------
LIABILITY COVERAGE/FORMS EACH OCCURRENCE AGGREGATE
/ / SCHEDULED FORM / / COMPREHENSIVE FORM -------------------------------------------------------
/ / PREMISES/OPERATIONS BODILY INJURY $ $
/ / PRODUCTS/COMPLETED OPERATIONS -------------------------------------------------------
/ / CONTRACTUAL PROPERTY DAMAGE $ $
/X/ OTHER BUSINESS LIABILITY -------------------------------------------------------
------------------ BI & PO COMBINED $1,000,000 $2,000,000
/ / MEDICAL PAYMENTS -------------------------------------------------------
/ / PERSONAL INJURY MEDICAL PAYMENTS PER PERSON $ 5,000
----------------
PER ACCIDENT $
-------------------------------------------------------
PERSONAL INJURY $
-------------------------------------------------------
FORM / / A / / B / / C FIRE LEGAL LIABILITY $ 50,000
- ------------------------------------------------------------------------------------------------------------------
AUTOMOBILE LIABILITY
/ / ANY AUTO COMBINED SINGLE LIMIT $
/ / ALL OWNED AUTOS -----------------------------------------------
/ / SCHEDULED AUTOS BODILY INJURY (PER PERSON) $
/ / FIXED AUTOS -----------------------------------------------
/ / NON-OWNED AUTOS BODILY INJURY (PER ACCIDENT) $
/ / GARAGE LIABILITY -----------------------------------------------
PROPERTY DAMAGE $
-----------------------------------------------
MEDICAL PAYMENTS $
-----------------------------------------------
PERSONAL INJURY PROT $
-----------------------------------------------
UNINSURED MOTORIST $
-----------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
AUTO PHYSICAL DAMAGE
DEDUCTIBLE / / ALL VEHICLES / / SCHEDULED VEHICLES / / ACTUAL CASH VALUE
/ / COLLISION __________________ -----------------------------
/ / OTHER THAN COL __________________ / / STATED AMOUNT $
-----------------------------
/ / OTHER
- ------------------------------------------------------------------------------------------------------------------
EXCESS LIABILITY EACH OCCURRENCE $
-----------------------------------------------
/ / UMBRELLA FORM AGGREGATE $
-----------------------------------------------
/ / OTHER THAN UMBRELLA FORM SELF-INSURED RETENTION $
- ------------------------------------------------------------------------------------------------------------------
/ / STATUTORY LIMITS
-----------------------------------------------
WORKERS' COMPENSATION EACH ACCIDENT $
AND -----------------------------------------------
EMPLOYER'S LIABILITY DISEASE - POLICY LIMIT $
-----------------------------------------------
DISEASE - EACH EMPLOYEE $
- ------------------------------------------------------------------------------------------------------------------
SPECIAL
CONDITIONS/
OTHER
COVERAGES
- ------------------------------------------------------------------------------------------------------------------
NAME & ADDRESS
- ------------------------------------------------------------------------------------------------------------------
/ / MORTGAGEE / / ADDITIONAL INSURED
/ / LOSS PAYEE / /
------------------------------------------------
LOAN #
------------------------------------------------
AUTHORIZED REPRESENTATIVE
Hal Brayton
- ------------------------------------------------------------------------------------------------------------------
[ILLEGIBLE] NOTE: IMPORTANT STATE INFORMATION ON REVERSE SIDE [ILLEGIBLE]
</TABLE>
<PAGE>
FORM NO. 1249 - SUBLEASE (FOR OTHER THAN A "DWELLING UNIT").
COPYRIGHT [ILLEGIBLE]- STEVENS-NESS LAW PUBLISHING CO. PORTLAND, OR 97204
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NC [LOGO]
SUBLEASE
THIS SUBLEASE, Between Photo Run Plus
-------------------------------------------------------,
hereinafter called sublessor, and Clippernet Corporation
--------------------------------------------,
hereinafter called sublessee;
WITNESSETH: Sublessor is the lessee with respect to a certain lease, a copy
of which is attached hereto.
NOW, THEREFORE, in consideration of the covenants and agreements herein
contained on the part of sublessee to be paid, kept and faithfully performed,
sublessor does hereby lease, demise and let unto sublessee (choose one):
/ / The entire premises described in the attached lease; or
/X/ A portion of the premises described in the attached lease, more
particularly described as follows:
---------------------------------------------
(9 1/2 x 13 1/2) 128 square feet
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
in the City of Newport , State of Oregon ,
------------------------ ------------------
TO HAVE AND TO HOLD the same for a period beginning November 7 , 19 98,
------------- ---
on a month to month basis, sublessee paying as rental therefor,
during the term of this sublease, to be paid as follows:
$175 per month gross rent ($140/month rent plus $35/month utilities).
Additionally, during the term of this lease, sublessor shall provide
sublessee exterior sign rental space in exchange for high speed internet
access and employee dial-up accounts (up to ten) to Photo Run Plus.
Sublessee agrees to make no unlawful, improper or offensive use of the
premises. Sublessee will keep and perform all of the terms, conditions and
covenants set forth in the lease attached hereto, unless otherwise set forth
herein. At the expiration of the sublease term or upon any termination of
this sublease, sublessee will quit and deliver up the premises and all future
erections, improvements or additions to or upon the same, to sublessor,
peaceably and in as good an order and condition (reasonable use and wear thereof
excepted) as the same now are or may be put in by original lessor or sublessor.
Sublessee will not suffer nor commit any strip or waste thereof, nor make nor
suffer to be made any alterations or additions to or upon the same, nor assign
this sublease, nor sublet nor permit any other person(s) to occupy the same,
without consents of both original lessor and sublessor being first obtained in
writing. Original lessor and sublessor and their respective representatives, at
reasonable times, may enter into and upon the same, to examine the condition
thereof. Sublessor will, at sublessor's expense, keep and deliver to original
lessor liability insurance policies in form and with an insurer satisfactory to
the original lessor, naming the original lessor as an additional insured party.
Sublessee shall contribute $ ---- each month to the payment of the
policy premium. -----------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
If the rent shall be in arrears for more than 30 days, or if
--------
sublessee shall neglect, fail to do, perform, or observe any of the covenants
hereinbefore contained which on sublessee's part are to be performed, then
and in either of those events, sublessor may immediately or at any time
thereafter, and while such neglect or default continues, and without further
notice or demand, enter into and upon the subleased premises, or any part
thereof and repossess the same, and expel sublessee, and those claiming under
sublessee, and remove sublessee's effects without being taken or deemed
guilty in any manner of trespass, and without prejudice to any remedies which
might otherwise be used for arrears of rent, or preceding breach of covenant.
Any waiver of any breach of covenant to be kept and performed by
sublessee shall not be deemed or considered as a continuing waiver and shall
not operate to bar or prevent sublessor from declaring a forfeiture for any
succeeding breach, either of the same condition or covenant or otherwise.
Any holding over by sublessee after the expiration of the term of this
sublease, or any extension thereof, shall be deemed a tenancy at sufferance
and not otherwise.
In the event any suit or action is brought to collect any rent due
hereunder or to enforce any provision of this sublease or to repossess the
premises, the losing party agrees to pay such sum as the trial court may
adjudge reasonable as attorney fees to be allowed the prevailing party in
such suit or action and upon any appeal therefrom.
This instrument shall bind and inure to the benefit of both parties
hereto and their respective executors, administrators, successors in interest
and assigns. If permission from original lessor is required to sublease the
premises subleased hereby, sublessor hereby represents to sublessee that such
permission has been obtained, and evidence thereof is attached hereto and
incorporated herein by this reference.
I, Mike [ILLEGIBLE] do give permission to Photo Run to sublease to
Clippernet the 9 1/2 ft x 13 1/2 ft of the southwest corner of building known
as [ILLEGIBLE]
IN WITNESS WHEREOF, the parties have set their hands in duplicate
this 6th day of November 1998
----- ---------- ---.
NOTE--IN OREGON, THIS FORM IS NOT
SUITABLE FOR LEASING A "DWELLING DAISY WEIR
UNIT." DEFINED IN ORS 90.100(4) --------------------------------------
AS FOLLOWS: "DWELLING UNIT" MEANS Daisy Weir
A STRUCTURE OR THE PART OF A STRUCTURE
THAT IS USED AS A HOME, RESIDENCE OR CLIPPERNET CORPORATION
SLEEPING PLACE BY ONE PERSON WHO --------------------------------------
MAINTAINS A HOUSEHOLD OR BY TWO OR
MORE PERSONS WHO MAINTAIN A COMMON By: [ILLEGIBLE]
HOUSEHOLD***" (FOR OREGON "DWELLING -----------------------------------
UNIT" FORMS, SEE STEVENS-NESS FORM
NOS. 244, 766 AND 818.)
STATE OF OREGON, County of Multnomah ) ss.
------------------
This instrument was acknowledged before me on November 6, 19 98
---------- ---
by [ILLEGIBLE]
-------------------------------------------------------------------
This instrument was acknowledged before me on 19
----------- --
by [ILLEGIBLE]
-------------------------------------------------------------------
as CFO
-------------------------------------------------------------------
of [ILLEGIBLE]
-------------------------------------------------------------------
[ILLEGIBLE]
-----------------------------------
Notary Public for Oregon
My commission expires 11-16-98
-------------
<PAGE>
Form 8594 ASSET ACQUISITION STATEMENT OMB No. 1545-1021
(Rev. July 1993) UNDER SECTION 1060 Expires: 2-29-96
Department of the Treasury Attach to you Federal Attachment
Internal Revenue Service income tax return. Sequence No. 61
- -------------------------------------------------------------------------------
Name as shown on return Identification number as shown on return
Clippernet Corporation 93-1250557
- -------------------------------------- ----------------------------------------
Check the box that identifies you: /X/ Buyer / / Seller
- -------------------------------------------------------------------------------
Part I General Information -- To be completed by all filers
- -------------------------------------------------------------------------------
1 Name of other party to the transaction Other party's identification number
Daisy Weir ###-##-####
- -------------------------------------------------------------------------------
Address (number and street)
112 NE 35th
- -------------------------------------------------------------------------------
City, State, and ZIP code
Newport, OR 97365
- -------------------------------------------------------------------------------
2 Date of sale 3 Total sales price
November 6, 1998 $150,000.00
- -------------------------------------------------------------------------------
Part II Assets Transferred-- To be completed by all filers of an original
statement
- -------------------------------------------------------------------------------
1 Assets Aggregate Fair Market Value
(Actual Amount for Class 1 Allocation of Sales Price
- -------------------------------------------------------------------------------
Class I $ $
- -------------------------------------------------------------------------------
Class II $ $
- -------------------------------------------------------------------------------
Class III $100,000.00 $100,000.00
- -------------------------------------------------------------------------------
Class IV $50,000.00
- -------------------------------------------------------------------------------
Total $150,000.00
- -------------------------------------------------------------------------------
2 Did the buyer and seller provide for an allocation of the sales price in
the sales contract or in another written document signed by both parties?....
.........................................................Yes /X/ No / /
If "Yes," are the aggregate fair market values listed for each of asset
Classes I, II, and III the amounts agreed upon in your sales contract or in a
separate written document?..................................Yes /X/ No / /
- -------------------------------------------------------------------------------
3 In connection with the purchase of the group of assets, did you also
purchase a license or a covenant not to compete, or enter into a lease
agreement, employee contract, management contract, or similar arrangement
with the seller (or managers, directors, owners, or employees of the
seller)? Yes /X/ No / /
If "Yes," specify (a) the type of agreement, and (b) the maximum amount of
consideration (not including interest) paid or to be paid under the
agreement. (Attach additional sheets if more space is needed.)
Covenant not to compete for three (3) years, radius of Lincoln, Lane, and
Clatsop counties, Oregon, $50,000.00
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
ASSIGNMENT OF LEASE AND CONSENT OF OWNER
The assignment is made effective the 2nd day of November, 1998, by and
between the following parties.
Coast Copy service
4300 8W Coast Ave.
Lincoln City, OR 97367
Herein referred to as "Lessor"
Netbridge Communications
1240 N Coast Hwy
Newport, OR 97365
Herein referred to as "Lessee";
And
ClipperNet Corporation
2383 Rd. Suite 105
Eugene, OR 97401
Herein referred to as "Assignee".
RECITALS
WHEREAS, on May 15, 1998, Lessor and Lessee entered into a lease
agreement wherein Lessee agreed to from owner that certain property
described as follows:
W Coast Ave. in the building located at 4333 SW Coast Ave.,
Lincoln City, OR 97367, referred to as the building, the same constituting
use of a portion of a 10 x 12 room located at the southwest corner of the
first floor. Keys and access to this area is to be provided to Joe Pierre
of Aces.
The terms and provisions of the lease agreement are incorporated by
reference as though fully set forth herein.
WHEREAS, Lessee desires to assign all of their rights in said lease to
Assignee, and Assignee desires to assume rights and obligations in
said Lease.
WHEREAS said lease requires the consent of Lessor to allow said
assignment.
WITNESSETH
WHEREFORE, in consideration of the mutual covenants herein contained and
other valuable consideration, the receipt of which is herein acknowledged, the
parties agree as follows:
1. ASSIGNMENT OF LEASE. Lessee hereby conveys, assigns and sets over to
Assignee all of Lessee's title, and interest in and to the above
referenced lease agreement.
2. ASSUMPTION OF LEASE OBLIGATIONS. Assignee hereby accepts said
assignment and further agrees to assume and perform all of the duties
and obligations of Lessee as set forth in said lease agreement.
Assignee further agrees to indemnify and hold Lessee harmless from any
liability arising from Assignee's performance of said lease agreement
[ILLEGIBLE] thereof.
Assignee hereby covenants [ILLEGIBLE] all of Lesses's duties and
obligations of the agreement being [ILLEGIBLE] of a default. Lessor
shall have the right to [ILLEGIBLE] Assignee directly.
3. . The effective date [ILLEGIBLE] may be November 1, 1998.
<PAGE>
4. CONSENT BY LESSOR: Lessor hereby consents to this assignment with
the understanding that its consent shall not act to waive the
requirement that any future assignment or sublease by the Lessee
thereof shall not require the consent of Lessor.
5. SUCCESSOR'S INTEREST: The covenants, conditions and terms of this
assignment shall extend to and be binding upon and inure to the
benefit of the heirs, personal representatives and assigns of the
parties hereto.
6. ATTORNEY FEES: In the event suit or action is brought to enforce any
of the provisions hereof, the prevailing party shall be entitled to
attorney fees both at trial and on appeal as well as costs of
depositions, transcription thereof, title foreclosure reports, and
any other litigation expenses which are reasonable and necessary.
IN WITNESS WHEREOF the parties have executed this agreement in
triplicate on the date and year first above written.
LESSOR: LESSEE:
Netbridge Communications
By By [ILLEGIBLE]
----------------------------------- ------------------------------
Title Title [ILLEGIBLE]
--------------------------------- ---------------------------
ASSIGNEE:
ClipperNet Corporation
By [ILLEGIBLE]
-----------------------------------
Title CFO
---------------------------------
1 - Assignment of Lease and Consent of Owner
<PAGE>
4. CONSENT BY LESSOR: Lessor hereby consents to this assignment with the
understanding that its consent shall not act to waive the requirement
that any future assignment or sublease by the Lessee thereof shall
require the consent of Lessor.
5. SUCCESSOR'S INTEREST: The covenants, conditions, and terms of this
assignment shall extend to and be binding upon and inure to the benefit
of the heirs, personal representatives and assigns of the parties
hereto.
6. ATTORNEY FEES. In the event suit or action is brought to enforce any
of the provisions hereof, the prevailing party shall be entitled to
attorney fees both at trial and on appeal as well as costs of deposition
transcription thereof, title foreclosure reports, and any other
litigation expenses which are reasonable and necessary.
IN WITNESS WHEREOF the parties have executed this agreement in
triplicate on the date ad year first above written.
LESSOR: LESSEE:
Netbridge Communications
By [ILLEGIBLE] By
------------------------------ -----------------------------------
Title [ILLEGIBLE] Title
--------------------------- --------------------------------
ASSIGNEE:
ClipperNet Corporation
By
------------------------------
Title
--------------------------
2 - Assignment of Lease and Consent of Owner
<PAGE>
COMMERCIAL PROPERTY LEASE
The State of Oregon County of Lincoln
This lease is made between Coast Copy Service, of 4333 SW Coast Ave.,
Lincoln City, OR 97367, herein referred to as lessor, and, Netbridge
Communications, of 1241 N. Coast Hwy., Newport, OR 97365, herein referred to
as lessee.
Lessor hereby leases to lessee and lessee hereby hires the space
presently known as:
4333 SW Coast Ave., in the building located at 4333 SW Coast Ave,
Lincoln City, OR 97367, referred to below as the building, the same
constituting use of a portion of a 10 x 12 room located at the southwest
corner of the first floor. Keys and access to this area is to be provided
to Joe Pierre of Aces.
The space is leased for a term of one year, to commence on May 15, 1998
and to continue from month to month thereafter until May 14, 1999.
Tenant shall pay Landlord the annual rent of One Thousand, Two Hundred
Dollars ($1,200.00) during said term, in monthly payments of One Hundred
Dollars ($100.00) payable monthly in advance. In addition, Tenant agrees to
provide direct Netbridge Internet Service to Landlord at no charge during
said term.
Lessee shall pay rent, and any additional rental as provided below, to
lessor at lessor's above stated address, or at such other place as lessor may
designate in writing, without demand, and without counterclaim, deduction or
setoff. Rent not received by the 20th of the month will be subject to a
$10.00 late fee.
Lessee shall use and occupy the premises as an INTERNET SERVICE PROVIDER
ROUTER and for no other purpose. Lessor agrees to provide 1 - 4' x 8' x 3/4"
plywood telephone backboard for Lessee. Lessor represents that the premises
may be lawfully used for such purpose.
<PAGE>
Lessee shall commit no act of waste and shall take good care of the
premises and the fixtures and appurtenances therein, and shall, in the use
and occupancy of the premises, conform to all laws, orders and regulations
of the federal, state, and municipal government of any of their departments.
All improvements made by lessee to the premises which are so attached to the
premises that they cannot be removed without material injury to the premises,
shall become the property of lessor upon installation.
Not later than the last day of the term lessee shall, at lessee's
expense, remove all of lessee's personal property and those improvements made
by lessee which have not become the property of the lessor, including trade
fixtures, cabinet work, movable paneling, partitions and the like; repair all
injury done by or in connection with the installation or removal of the
property and improvements; surrender the premises in as good condition as
they were at the beginning of the term, reasonable wear and damage by fire,
the elements, casualty, or other cause not due to the misuse or neglect by
lessee or lessee's agents, servants, visitors, servants or licensees,
excepted. All property of the lessee remaining on the property after the last
day of the term of this lease shall be conclusively deemed abandoned and may
be removed by lessor, and lessee shall reimburse lessor for the cost of such
removal. Lessor may have any such property stored at lessee's risk and
expense.
Lessee shall not, without first obtaining the written consent of the
lessor, make any alterations, additions or improvements in, to or about the
premises. It is agreed at this time that Lessee will be core drilling a 3"
hole into leased area for purpose of new telephone lines. Also, it is agreed
that Lessee is to split the cost of all trenching and backfill materials for
the telephone lines with the Lessor.
Lessee shall not do or suffer anything to be done on the premises which
will cause an increase in the rate of fire insurance on the building.
Lessee shall not permit the accumulation of waste or refuse matter on
the leased premises or anywhere in or near the building.
<PAGE>
Lessee shall not, without first obtaining the written consent of the
lessor, abandon the premises, or allow the premises to become vacant or
deserted.
Lessee shall not, without obtaining the written consent of the lessor,
assign, mortgage, pledge, or encumber this lease, in whole or in part, or
sublet the premises or any part of the premises.
Lessee shall observe and comply with such reasonable rules and
regulations as may be established from time to time by lessor.
If the building is damaged by fire or any other cause to such extent
that the cost of restoration, as reasonably estimated by lessor, will equal
or exceed 60% of the replacement value of the building, just prior to the
occurrence of the damage, then lessor may, no later than the seventh day
following the damage, give lessee a notice of election to terminate the
lease. In the event of such election this lease shall be deemed to terminate
as of the date of the damage or destruction, and lessee shall surrender the
premises within a reasonable time thereafter, and any pre- paid rent shall be
refunded proportionally.
If the premises or any part of the premises, or any part of the building
materially affecting lessee's use of the premises, be taken by eminent
domain, this lease shall terminate on the date when title vests pursuant to
such taking. The rent shall be apportioned as of the termination date and any
rent paid for any period beyond such date shall be repaid to lessee.
This lease shall be subject and subordinate to all underlying leases and
to mortgages which may now or hereafter affect such leases or the real
property of which the premises form a part, and also all renewals,
modifications, consolidations, and replacements of the underlying leases and
mortgages. Lessee agrees to execute such estoppel letters or other documents
required to confirm the same.
Lessor may enter the premises at any reasonable time, upon adequate
notice to lessee (except that no notice need be given in case of an
emergency) for the purpose of inspection or the making of such repairs,
replacements, or additions in, to, on and about the premises or the building,
as lessor deems necessary or desirable.
<PAGE>
Lessor shall make all necessary repairs to the premises, except where
the repair has been made necessary by misuse or neglect by lessee or lessee's
agents, servants, visitors or licensors.
Lessor agrees to furnish electricity for usual office requirements;
however, lessee shall not use any electrical equipment which in lessor's
reasonable opinion will overload the wiring installations or interfere with
the reasonable use of such installations by lessor or other tenants in the
building.
The Lessee shall at all times maintain public liability insurance with a
minimum $300,000 bodily injury liability. Lessee shall provide proof of this
coverage to the lessor.
In the event of any breach of the payment rent or any other allowed
charge, or other breach of this lease, Landlord shall have full rights to
terminate this Lease in accordance with state laws and re-enter and claim
possession of the leased premises, in addition to such other remedies
available to Landlord arising from said breach.
This document represents the entire agreement of the parties and there
are no representations not stated herein, and this agreement may only be
modified by a writing executed by both parties hereto.
Dated: May 15, 1998
------------------------------
Signed /s/ James M. Davis, Jr.
-------------------------------------
Coast Copy Service by James M. Davis, Jr.
Dated: 5-26-98
------------------------------
Signed /s/ James D. Weir
-------------------------------------
Netbridge Communications by James D. Weir
------------------
<PAGE>
SUBSIDIARIES OF SMALL BUSINESS ISSUER
<TABLE>
<CAPTION>
NAME JURISDICTION OF INCORPORATION
<S> <C>
Seabourne Ventures, Inc. Oregon
ClipperNet Corporation Oregon
</TABLE>
Exhibit 21
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INDEPENDENT AUDITOR'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR
ENDED JULY 31, 1998
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JUL-31-1998
<CASH> 215,097
<SECURITIES> 0
<RECEIVABLES> 583,782
<ALLOWANCES> 0
<INVENTORY> 223,883
<CURRENT-ASSETS> 1,040,965
<PP&E> 1,214,668
<DEPRECIATION> 36,757
<TOTAL-ASSETS> 81,148,206
<CURRENT-LIABILITIES> 4,669,835
<BONDS> 0
0
1
<COMMON> 16,079
<OTHER-SE> 46,663,242
<TOTAL-LIABILITY-AND-EQUITY> 81,148,206
<SALES> 5,378,691
<TOTAL-REVENUES> 5,378,691
<CGS> 5,938,232
<TOTAL-COSTS> 1,534,480
<OTHER-EXPENSES> 36,757
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 321,030
<INCOME-PRETAX> (2,451,838)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,451,838)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,451,838)
<EPS-PRIMARY> (0.15)
<EPS-DILUTED> (0.15)
</TABLE>
