EXHIBIT 2.1
MUTUAL TERMINATION AGREEMENT
This Mutual Termination Agreement ("Termination Agreement"),
dated as of September 5, 2000, by and between InterContinental
Finance Corporation, a Delaware corporation (the "Company"), and
FS Capital Markets Group Inc., a Delaware corporation ("FSCMG").
RECITALS:
The Company and FSCMG are parties to that certain agreement
dated as of December 29, 1999, attached hereto as Exhibit A (the
"Agreement");
The parties have determined that it would be in their mutual
best interests to terminate the Agreement;
NOW, THEREFORE, in consideration of good and valuable
consideration, the receipt and adequacy of which are hereby
acknowledged, the parties to this Termination Agreement hereby agree
as follows:
1. TERMINATION OF THE AGREEMENT. The Agreement will terminate
as of the date of this Termination Agreement.
2. ENTIRETY. This Termination Agreement contains the entire
agreement of the parties hereto with respect to the subject matter
hereof, and it shall not be amended except in writing executed by
each of the parties hereto.
3. CHOICE OF LAW. This Termination Agreement shall be
governed by and construed in accordance with the internal laws (and
not the law of conflicts of law) of the State of Pennsylvania.
4. COUNTERPARTS. This Termination Agreement may be executed
in any number of counterparts and by different parties in separate
counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement, or caused this Agreement to be duly executed on their
behalf, as of the day and year first above written.
InterContinental Finance Corp.,
a Delaware corporation
By: /s/ Michael C.W. Tay
------------------------
Name: Michael C.W. Tay
Title: President
FS Capital Markets Group Inc.,
a Delaware corporation
By: /s/ Michael C.W. Tay
------------------------
Name: Michael Tay
Title: President
EXHIBIT A
AGREEMENT between InterContinental Finance Corporation
("InterContinental Finance") and FS Capital Markets Group Inc.
("FSCMG").
WHEREAS InterContinental Finance is a development stage
company that has no specific business plan and intends to merge,
acquire or otherwise combine with an unidentified company (the
"Business Combination");
WHEREAS FSCMG assisted in the incorporation of
InterContinental Finance;
WHEREAS FSCMG is a shareholder of InterContinental Finance and
desires that InterContinental Finance locate a suitable target
company for a Business Combination;
WHEREAS InterContinental Finance desires that FSCMG assist it
in locating a suitable target company for a Business Combination;
NOW THEREFORE, it is agreed:
1.00 ACTIONS BY FSCMG. FSCMG agrees to assist in:
1.01 The preparation and filing with the Securities and
Exchange Commission of a registration statement on Form 10-SB for
the common stock of InterContinental Finance;
1.02 The location and review of potential target companies for
a Business Combination and the introduction of potential candidates
to InterContinental Finance;
1.03 The preparation and filing with the Securities and
Exchange Commission of all required filings under the Securities
Exchange Act of 1934 until InterContinental Finance enters into a
Business Combination;
2.00 PAYMENT OF INTERCONTINENTAL FINANCE EXPENSES. FSCMG
agrees to pay on behalf of InterContinental Finance all corporate,
organizational and other costs incurred or accrued by
InterContinental Finance until effectiveness of a Business
Combination. FSCMG understands and agrees that it will not be
reimbursed for any payments made by it on behalf of InterContinental
Finance.
3.00 INDEPENDENT CONSULTANT. FSCMG is not now, and shall not
be, authorized to enter into any agreements, contracts or
understandings on behalf of InterContinental Finance and FSCMG is
not, and shall not be deemed to be, an agent of InterContinental
Finance.
4.00 USE OF OTHER CONSULTANTS. InterContinental Finance
understands and agrees that FSCMG intends to work with consultants,
brokers, bankers, or others to assist it in locating business
entities suitable for a Business Combination and that FSCMG may
share with such consultants or others, in its sole discretion, all
or any portion of its stock in InterContinental Finance and may make
payments to such consultants from its own resources for their
services. InterContinental Finance shall have no responsibility for
all or any portion of such payments.
5.00 FSCMG EXPENSES. FSCMG will bear its own expenses incurred
in regard to its actions under this agreement.
6.00 ARBITRATION. The parties hereby agree that any and all
claims (except only for requests for injunctive or other equitable
relief) whether existing now, in the past or in the future as to
which the parties or any affiliates may be adverse parties, and
whether arising out of this agreement or from any other cause, will
be resolved by arbitration before the American Arbitration
Association within the State of Pennysylvania.
7.00 COVENANT OF FURTHER ASSURANCES. The parties agree to
take any further actions and to execute any further documents which
may from time to time be necessary or appropriate to carry out the
purposes of this agreement.
8.00 PRIOR AGREEMENTS. This agreement constitutes the entire
agreement between the parties and memorializes the prior oral
agreement between the parties and all understandings between the
parties pursuant to such oral agreements are recorded herein. The
effective date herein is as of the earliest date of the oral
agreement between the parties.
9.00 EFFECTIVE DATE. The effective date of this agreement is
as of December 29, 1999.
IN WITNESS WHEREOF, the parties have approved and executed
this agreement.
InterContinental Finance Corporation
/s/ Michael C.W. Tay
--------------------
Michael C.W. Tay
President
FS Capital Markets Group Inc.
/s/ Michael C.W. Tay
--------------------
Michael C.W. Tay
President
