U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10
GENERAL FORM FOR REGISTRATION OF SECURITIES
PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
Delaware 80-0031924
_________________________________ ___________________
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
|
Securities registered pursuant Name of each exchange on which
to Section 12(b) of the Act: each class is to be registered:
None
Securities registered pursuant to Section 12(g) of the Act:
INFORMATION REQUIRED IN REGISTRATION STATEMENT
MEDIVISOR, INC.
Item 1. Business.
Item 1A. Risk Factors.
Item 2. Financial Information.
Item 3. Properties.
Item 4. Security Ownership of Certain Beneficial Owners and Management.
Item 5. Directors and Executive Officers.
Item 6. Executive Compensation.
Item 7. Certain Relationships and Related Transactions, and Director Independence.
Item 8. Legal Proceedings.
Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters.
Item 10. Recent Sales of Unregistered Securities.
Item 11. Description of Registrant's Securities to be Registered.
Item 12. Indemnification of Directors and Officers.
Item 13. Financial Statements and Supplementary Data.
Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 15. Financial Statements and Exhibits.
ITEM 1. BUSINESS.
BUSINESS HISTORY AND DEVELOPMENT
Medivisor, Inc. was incorporated under the laws of the State of Delaware on January 15, 2002 to provide medical information to healthcare professionals through its websites using inter-active, informational, video and graphic presentations. Please note that throughout this Registration Statement, and unless otherwise noted, the words "we," "our," "us," the "Company," or "Medivisor" refer to Medivisor, Inc.
SUBSIDIARY
On June 30, 2007, we entered into a stock purchase agreement (the "Stock Purchase Agreement") with Big Pants Media Corp., a corporation organized under the laws of the State of New York ("BPMC"), pursuant to which we issued 50,000 shares of our restricted common stock in exchange for all of the issued and outstanding shares of common stock of BPMC. Thus, BPMC is our wholly-owned subsidiary and the financial statements have been consolidated to reflect our operations and those of our subsidiary, BPMC. See " - Material Contracts" and "Item 10. Recent Sales of Unregistered Securities - Fiscal Year Ended December 31, 2007."
BUSINESS OPERATIONS
We are a medical communications company dedicated to providing concise and timely medical information to healthcare industry professionals. We design and present interactive, informational, video and high tech animated graphics presentations primarily for, but not limited to, the medical industry to view at our two interactive website at a time and place chosen by the healthcare professional. We inform medical professionals on advances in medicine and changes within the industry by providing a single location to access information, education, tools and resources locally and abroad. Additionally, advanced technology is utilized to create a variety of educational and informational formats with immediate tracking capabilities. We operate two Web sites: www.statdose.com and www.medivisor.com. We also are engaged as the sales agent for multiple drugs.
STATDOSE.COM
Statadose.com provides a full service of online marketing services and clinical tools that communicates new products, services and other medically relevant information and reaches its target audience of physicians/decision makers, including providers of continuing medical education courses, sponsors of medical conferences and seminars, and pharmaceutical companies. Using the experience of its marketing and administrative team, Statdose.com has developed a range of services that provides mutually beneficial interactions between sought-after physicians and the organizations that want to reach them. Statdose.com services include online "E-Detailing", medical education and market research. Statdose.com delivers these services in partnership with pharmaceutical and biotech companies, medical device manufacturing firms, medical publishers and
medical advertising agencies. E-Detailing is the professional presentation of pertinent information in a concise format. Management believes this approach encourages vendor companies to compliment existing marketing strategies designed to interact with physicians without impacting patient care or interfering with daily office operations.
On February 5, 2005, we entered into a master agent agreement (the "Agent Agreement") with Wellscape, LLC, an Oregon limited liability company ("Wellscape"), which allows the usage of a new clinical tool for the benefit of physicians on the statdose.com website. Management believes that Wellscape's experienced medical staff identifies the latest clinically-relevant calculations, diagnostic and treatment guidelines and risk assessments from authoritative medical sources, and distills these into easily-navigated tools within "Physi-Calc". Physi-Calc can be installed on desktop computers, Tablet PC, Palm OS and Pocket PC PDAs. See " --- Material Contracts" below.
Physi-Calc is an easy to use calculator that allows the physician to perform over eighty clinical calculations including the ability to rapidly review standard diagnostic and treatment guidelines, conduct risk assessments, and perform common medical calculations, steps through critical pathways to provide crucial context-specific information. Physi-Calc also provides medical practitioners with in-depth, condition-specific clinical tools for all phases of patient interaction. It utilizes breakthrough technology to make complex medical calculations easy and accurate. We believe instant internet-based updates for all platforms ensures that the latest tools are always accessible. Over one hundred tools are currently included with potential additions from the latest authoritative sources available on a weekly basis. Physi-Calc provides clearly outlined diagnostic and treatment regiments based on patient-specific clinical circumstances. It further sources all tools to appropriate authorities with cited references. As of the date of this Registration Statement, topics covered include cardiology, condition risk calculator, dermatology, endocrinology/osteology, gastroenterology, general medicine, obstetrics, pediatrics, hematology/oncology, infections disease, neurology/psychiatry, urology/nephrology, pain management and pulmonology rheumatology. Management believes that Physi-Calc is the only multi-platform tool available that utilizes patient-specific "best-practice" guidelines at the point of care. Management further believe that this results in improve patient care and better treatment decisions.
Statdose.com also offers other services and programs that include: (i)
competitive cardiac services, which allow for adding, updating and expanding
cardiac facility to meet the specialized demands of today's healthcare consumer;
(ii) medical practice and small business needs, which allows locating
comprehensive group medical coverage; (iii) complimentary website, which is
included in the Statdose.com member directory; (iv) blogging, which is an
excellent communication tool for the medical community used for medical news,
health care updated, managed care, new drug information, continuing medical
education courses, as well as providing information and ideas from colleague to
colleague; and (v) online meeting room, which provides graphical interface live
meetings for both web and CD Rom presentation to show the purpose and effects of
various product information or communication with a colleague.
MEDIVISOR.COM
Medivisor.com communicates with medical and pharmaceutical companies and includes full-service integrated marketing solutions for all business needs. Companies need to increase prescription volume and boost sales for primary and secondary brands. However, physicians appear to be growing less and less receptive to detail sales force efforts and direct mail communications. Management believes that detail time is dropping and cost-per-prescription is going up. Thus, Medivisor.com provides a single location for healthcare professionals to access information, education, tools and resources.
Management believes that the Medivisor.com online website provides a cost-effective solution to reach a full spectrum of physicians who will find it easy and convenient to learn about certain pharmaceutical products. Medivisor.com offers a strategic platform to reach physician subscribers with customized product presentation and enhanced medical communication for promoting these drugs. By using E-Detailing and online informational presentations on the Medivisor.com website, vendor companies can generate increased pharmaceutical sales with lower costs thus offering a higher rate of investment from their respective branding and sales efforts. Medivisor.com focuses on working relationships with companies interested in creating an average of a three-to-ten minute presentation targeting specific medical staff and administrative members. The use of the presentation will allow for sufficient information to be disseminated to peak curiosity leaving the desire for more information. This encourages requests for future scheduling of appointments with company representative making it a very attractive marketing tool for companies interested in gaining quality time with medical staff cost effectively.
Management believes that vendor companies use of well-packaged E-Detailing can provide a number of advantages, such as: (i) a reduction in sales force travel and wait time; (ii) ability to reach more customers; (iii) ability to capture the medical professional's attention; and (iv) ability to efficiently measure the efficacy of the program. Use of Medivisor.com will encourage vendor companies to compliment existing marketing strategies designed to interface with physicians without impacting on patient care or interfering with daily office operations.
Management believes that the majority of current companies that support clinical
education and information on the Internet are primarily servicing the
pharmaceutical industry by educating physicians on the existing uses for mature
drugs and devices and new drugs and devices. Medivisor.com will also compliment
other industries such as: (i) business that rely on referrals, consumption and
information from physicians; (ii) regulatory training mandates and updates;
(iii) continued medical education courses and business education designed by
medical professionals; and (iv) medical association conferences and seminars.
Management takes the position that all information is important to treatment, financial health and overall well-being of health enterprise success. Therefore, Medivisor.com extends its services to include all medical vendors that are interested in educating and promoting products/services to healthcare professionals. The major areas of target are: (i) pharmaceutical companies; (ii) health care organizations; (iii) medical suppliers and distributors; (iv) professional services, such as attorneys, accountants, insurance; (v) medical educational services; (vi) media; and (vi) shows and conferences.
THE MEDICAL COMMUNICATION INDUSTRY
The pharmaceutical industry spends billions annually on product promotion. There appears to be a rising discomfort with traditional detailing and marketing of products. From the pharmaceutical company's perspective, traditional detailing time is incredibly expensive and inefficient since most of the representative's time is spent on traveling, paperwork and waiting for the professional's valued time. Medical sales and communication relies on the ability to get in front of medical professionals either during practice hours or via an invitation to a program at an outside location. Generally, there is little control over the environment and the process as a whole. Management believes that in the current economic environment, most companies are facing lower sales growth despite higher numbers of field representatives that are hired to offset the onslaught of representatives by the competition. Cost control and improvement of financial ratios are again key management focus point. Moreover, information accessible to medical professionals via medical representatives through their place of practice, continuing education credits, associations to medical societies, grand rounds or trade publications presents overwhelming problems. The amount of information that clinicians must access, absorb and research becomes overwhelming to keep up with and maintain. It is becoming cost prohibitive, time consuming and non-productive to research, organize, travel and attend. And, the ability to hold dialogue with medical professionals around the world is limited. Government oversight is different for every country, making acceptable practice standards in one country prohibitive to another. Yet, meaningful dialogue exchanged between medical professionals across one country or around the world can only strengthen patient care through experimental learning and sharing utilizing the Internet.
The Internet, thus, becomes an extremely cost effective and efficient way to make medical professionals and medical staff aware of opportunities, tools, information and resources available to them as adjunct to patient care. The Internet provides a venue where vendors and clinicians can meet at time frames and locations convenient to both. Using pharmaceutical E-Detailing as an example of firms that are proliferating in the online medical environment, E-Detailing provides medical doctors with an interactive way of obtaining information about drugs and devices. The purpose of E-Detailing is to bring information and education about drugs and devices to the attention of the doctors and encourage the writing of prescriptions for their patients to produce sales for the pharmaceutical industry. Recent studies revealed that the online forum allowed more frequent and longer direct contact with the target audience. Written prescriptions were higher with online education than traditional detailing performed by pharmaceutical representatives.
Online medical communication attracts three primary types of customers:
o The first are end users looking for qualified information. That has been the primary focus of the Internet for some time and there are number online vehicles to meet consumer demand.
o The second is the medical professional looking for ways to better treat, attract more patients, streamline operations, and maintain expertise.
o The third is companies looking to sell products or services to other companies interested in promoting the medical community.
Management believes that online education is the fastest growing industry on the Internet. Several studies support the premise that a substantial number of medical professionals prefer education on demand and pharmaceutical education online rather than traditional detailing by pharmaceutical representatives. Working professionals around the world are adapting to online education because it provides flexible ways of learning which focuses on interactive participation, helping to retain information better, rather than passive learning that seminars typically rely upon.
The primary reason to gain access to medical professionals is to have the physician/staff use their service/product or refer clients/patients to use their service/product. This is accomplished by disseminating information in a variety of marketing strategies that hope to gain the attention of the office manager, physician or purchasing agent/business manager of health enterprises. This includes sales representatives that invest time attempting to create relationships, direct mail, email blasts, fax blasts, seminars and trade show events.
Growing demand on health administrative and medical professional time warrants the need to create a method of communication that provides timely, easy but flexible access to information. They include: (i) scientific and technological advances designed to streamline operations and open new treatments; (ii) the health industry's attempt to reign in costs; (iii) the ability to cater to a growing and diverse consumer demand; (iv) the ability to manage chronic case as the baby boomer generation ages; and (v) meeting new regulatory requirements. Medical professionals find themselves in an environment in a constant state of change and the need for continuous training to bring administrative and medical staff current with the latest medical technologies, treatments and devises. Management believes that this is becoming the number one priority next to patient care.
BUSINESS STRATEGY
We have positioned ourselves as a company with primary and secondary resources to meet the needs of the medical professionals while establishing relationships, building trust and loyalty for the future. Our goal is to communicate information to the medical industry without bias or limitation. Initially, our goal is achieved by offering access to Internet technology and services for clients that want direct time with medical professionals to communicate information that can better serve their patients, practices, business, staff and their personal/professional lives. Our company is designed to meeting the growing need to inform medical professionals on advances in medicine and changes within the industry by providing a preferred Internet location.
Successful interaction is dependent upon the ability to control the environment in which communication takes place. We provide "venue control" where medical professionals can engage in interactive discussions in a 24/7 environment that is flexible to the vendor and his target audience. The application covers the entire spectrum of the medical industry effectively meeting a multitude of industry challenges worldwide.
We have sales teams in place for each market segment that are addressed in the market summary. We offer to develop partnerships with various organizations within these segments by helping them reduce promotional costs and improve the productivity of their existing staff. Our partnership with these organizations will enhance their return on investment and provide a measurable market performance on a real time basis.
MARKETING STRATEGY
As of the date of this Registration Statement, we utilize a sales staff which approaches decision makers from health enterprises to present and demonstrate on our website. We believe that the sales staff will monitor the current existing relationships and develop new ones through referral, prospecting and networking. We provide the sales staff with daily, weekly, monthly, quarterly and yearly sales goals and have vendor targets. Additionally, achievement rewards and contests will encourage staff members to reach beyond their goals to increase sales potential but with parameters defining appropriate business transactions.
The sales force is required to ask every vendor contact for the name and possible personal introduction of another medically related vendor that would benefit from online communications. They will attend industry events, presentations, seminars and trade shows to introduce our services to a specified vendor group that is pre-determined according to degree of need and revenue potential. General clientele interests will determine events.
Vendors will be invited to experience an informational presentation similar to what clinicians experience to obtain a deeper understanding of the product and service. The decision maker will be given a chance to experience, first hand, a promotional tool that can be custom designed for his targeted client. We will provide PowerPoint presentations, slides, flash presentations and videos when meeting with decision makers. Each presentation will be customized addressing their unique situation. Vendors will determine who their target audience is and what their goals are. We will obtain the vendor's list of targets and supplement with their own. In addition, press releases and advertising promotions will alert vendors, medical practitioners, and health enterprises about us. Public relations promotions will include articles in trade publications, announcements, and promotional opportunities.
We are also a party to certain marketing agreements pertaining to the market and distribution of certain products to the healthcare arena in conjunction with our fully interactive website promoting such products, which are described more fully below. See "--Material Contracts."
MARKETING STRATEGY FOR VENDOR CLIENTS
Our services are distributed via internet through email campaigns and electronic newsletters consisting of short video advertisements. We utilize the concept of E-Detailing, which enables physicians to read about what is available in today's world for the benefit of their patients and relevant information related to that product. We intend to expand the definition of E-Detailing by offering effective communication services to the medical industry that brings control to the place and time in which vendors and medical practice/professionals can interact efficiently. The application crosses the entire spectrum of the medical industry, effectively meeting a multitude of industry challenges worldwide. We
offer a one-to-ten minute informational presentation with interactive feedback loops to medical vendors and their client prospects/medical physicians. Informational presentations are developed in video, flash, or high tech animated slide presentation formats incorporating state of the art technology according to client need.
It is our belief that through E-Detailing, vendor clients should provide better and more qualified penetration to select markets and to enhance and better quantify the message and marketing of products to the key stake holders. We believe that the end result will be a more focused product message and less costly sales process.
We will meet vendor expectations through the use of invitations (personal, written and email) to healthcare professional audiences, which will encourage going to the Internet to view a short informational presentation hosted by us. Vendor expectations will also be met through the use of e-mail blasts direct to physicians. The e-mail blast will encourage physicians to direct click on a link leading them to an informative presentation for a strategic partnering opportunity supported on our website.
We will receive referral and repetitive feedback through the use of surveys imbedded in the presentations. We will also encourage referral and site revisits with entertaining contests that will challenge the physician's knowledge in an enjoyable non-threatening way. According to surveys, management believes that medical offices with electronic scheduling, medical records and billing programs have three to five medical staff members assigned to every physician. Very often medical vendors must target the office manager in order to promote products that are normally used by staff rather than physicians. There are practice management and office manager organizations that we will place a sales team to target specific to vendor needs.
DISTRIBUTION AND CUSTOMER SERVICE SUPPORT
We believe that vendors interested in communicating information about their products should not be limited to medical professionals. We, therefore, are positioned to provide comprehensive services to meet the growing online medical communication demand by developing a stable company and a strong base of business relationships, quality reputation and quiet success now, while the remainder of the industry competes for a limited sub-category, that market to a limited physician base.
THE PRODUCT/SERVICE
The first stage will be to offer a one to ten minute informational presentations with interactive feedback loops to medical vendors and their client prospects/medical doctors. Informational presentations are developed in video, flash, or high tech animated slide presentation formats incorporating state of the art technology according to client need.
Vendors will hire us to custom design presentations to inform, educate, and promote products/services to their target audience. To encourage early adaptation, we will market our services to vendors as a compliment to traditional marketing methods and plans. As vendor companies gain success, we
believe that we can encourage increased usage by working with vendors during their planning cycle.
INCREMENTAL AND VALUE ADDED SUPPORT
We will extend advertising support via an Internet resource page for preferred clients as a value added bonus. We further will assist medical professionals needing other sources of information by providing a one-stop resource portal. We will also assist medical professionals by providing Internet access services where none exist.
MATERIAL CONTRACTS
BIG PANTS MEDIA, INC.
On June 30, 2007, we entered into the Stock Purchase Agreement with BPMC, pursuant to which we issued 50,000 shares of our restricted common stock in exchange for all of the issued and outstanding shares of common stock of BPMC. As of the date of this Registration Statement, BPMC is our wholly-owned subsidiary.
CURA PHARMACEUTICAL CO., INC.
On February 28, 2006, as amended October 22, 2007, we entered into a five-year heads of agreement (the "Cura Mucotrol Agreement") with Cura Pharmaceutical Co., Inc., a New Jersey based pharmaceutical marketing company ("Cura"), to promote Mucotrol(TM) concentrated oral gel wafer for the management and relief of pain from oral lesions associated with oral mucositis/stomatitis. In accordance with the terms and provisions of the Cura Mucotrol Agreement: (i) Cura will supply and distribute and sell Mucotrol within the Untied States; (ii) we will be responsible for selling the finished product within the United States; (iii) net profits derived from the marketing and sale of the finished product within the United States will be divided on a 50%/50% basis (net profits is defined as the difference obtained from the net selling price less (a) the cost of the finished product; and (b) the portion of net profit allocated to GeoPharma Inc. as set forth in the contractual arrangement between GeoPharma Inc. and Cura); (iii) we shall guarantee obtaining a minimum of 10,000 units in sales by the end of June 2008 and thereafter a minimum of 20,000 units in sales annually (the "Quota"); and (iv) failure to meet the Quota shall enable Cura to nominate another entity for the commercialization of the finished product and net profits will subsequently be shares 80% for Cura and 20% for us.
On December 12, 2007, we entered into a five-year heads of agreement (the "Cura
Albumax Agreement") with Cura to promote Albumax which is a whey protein formula
designed to ensure dialyzed patients reach certain protein requirements. In
accordance with the terms and provisions of the Cura Albumax Agreement: (i) Cura
will supply and distribute and sell Albumax within the Untied States; (ii) we
will be responsible for selling the finished product within the United States;
(iii) net profits derived from the marketing and sale of the finished product
within the United States will be divided on a 50%/50% basis (net profits is
defined as the difference obtained from the net selling price less (a) the cost
of the finished product; and (b) the portion of net profit allocated to Riccardo
Roscetti as set forth in the contractual arrangement between Riccardo Roscetti
and Cura); (iii) we shall guarantee obtaining a minimum of 10,000 units in sales by the end of June 2008 and thereafter a minimum of 20,000 units in sales annually (the "Quota"); and (iv) failure to meet the Quota shall enable Cura to nominate another entity for the commercialization of the finished product and net profits will subsequently be shares 80% for Cura and 20% for us.
On September 20, 2006, we entered into a two-year agreement (the "Cura/Geopharma Agreement") with Geopharma Inc. ("Geopharma") and Cura pursuant to which Geopharma granted to us the exclusive rights to distribute, promote and sell Mucotrol through Cura in the Caribbean Island and/or Puerto Rico. In accordance with the terms and provisions of the Cura/Geopharma Agreement: (i) we shall have the exclusive rights to distribute, promote and sell Mucotrol through Cura in the Caribbean Island including Puerto Rico; (ii) we shall have the right to appoint any sub-distributor; (iii) Cura shall pay to us a minimum of $8.25 per bottle of Mucotrol sold; and (iii) in the event we are unable to generate a minimum of $3,000,000 in sales the first year, the Cura/Geopharma Agreement shall terminate. As of the date of this Registration Statement, we generated $-0- during the first year of the Cura/Geopharma Agreement, but anticipate sales and revenues during fiscal year 2008.
On February 28, 2006, we entered into an agreement (the "Cura Agreement") with Cura pursuant to which we will provide our expertise in the development of a fully interactive website and marketing to the healthcare arena to promote lead generation through our "E-Challenge" program. In accordance with the terms and provisions of the Cura Agreement: (i) we will develop search engine optimization, email the E-Challenge to our data base of physicians, nurses and pharmacists and produce a presentation for Cura; (ii) Cura shall grant to us the exclusive marketing rights to Cura's products, including Mucotrol, renal dialysis, Albumax, and stroke nutritional supplement formula; (iii) Cura shall pay to us $25,000 during the initial term of the Cura Agreement and therafter a commission of 8% to 15% of gross profits on the Cura products; and (iv) terminate on December 31, 2006, with two automatic one-year renewal periods.
WELLSCAPE, LLC
On February 11, 2005, we entered into the Agent Agreement with Wellscape. In accordance with the terms and provisions of the Agent Agreement: (i) Wellscape will appoint us as its exclusive agent for the sale and distribution of certain products, including the software applications Smart PI, Rx-Minder and Physi-Calc, as developed and customized by Wellscape; (ii) Wellscape shall deliver such products resulting from orders produced by us; (iii) Wellscape shall pay to us a commission of 25% of gross receipts from the sale of products by us and, in the event we achieve $200,000 in new revenue in a given contract year, we shall be paid a 5% retroactive bonus; and (iv) the Agent Agreement shall be for a term of one year with automatic one-year renewal thereafter.
We also simultaneously entered into a mutual non-disclosure and confidentiality agreement with Wellscape (the "Non-Disclosure Agreement"). In accordance with the terms and provisions of the Non-Disclosure Agreement, we agreed to hold in confidence any and all information received based upon our contractual relationship with Wellscape and our contractual obligations under the Agent Agreement.
CONSULTING AGREEMENTS
On approximately August 2, 2007, we entered into a one-year consulting agreement (the "Furshpan Consulting Agreement") with Furshpan Associates, an independent consulting firm ("Furshpan"). In accordance with the terms and provisions of the Furshpan Consulting Agreement: (i) Furshpan shall provde such consulting services to us as reasonably requested, including securing financing and organization of our financial affairs; and (ii) we agree to pay Furshpan by way of issuance of 25,000 shares of our restricted common stock and further issuances of certain shares of restricted common stock as services are rendered.
On approximately October 24, 2007, we entered into a consultant agreement (the
"Williams Consultant Agreement") with L. Lorenzo Williams ("Williams"). In
accordance with the terms and provisions of the Williams Consultant Agreement:
(i) Williams shall collaboratively work with us in order to obtain Medicaid
approval for Mucutrol and Albumax; and (ii) we will pay Williams $10,000 that
Williams has to collaborate on, which $5,000 will be paid to Williams in
advance, and a further $5,000 for completion of each assigned task.
In approximately October 2007, we entered into a one-year consulting agreement (the "Nun Consulting Agreement") with Arie Ben Nun, an independent consultant ("Nun"). In accordance with the terms and provisions of the Nun Consulting Agreement: (i) Nun shall provide such consulting services to us as mutually agreed up; and (ii) we shall issue to Nun 10,000 shares of our restricted common stock as compensation therefore.
On approximately January 1, 2006, we entered into a consulting agreement (the "DPLD Consulting Agreement") with Demontis, Palmese, Leoni, DiCapua ("DPLD"). In accordance with the terms and provisions of the DPLD Consulting Agreement: (i) DPLD shall perform consulting services, including obtaining contracts with pharmaceutical companies; and (ii) we shall compensate the consummation of such contracts with pharmaceuticals companies by way of issuance of up to an aggregate of 250,000 shares of our restricted common stock.
On approximately January 1, 2005, we entered into a consulting agreement (the "Mottola Consulting Agreement") with Mottola & Associates, Inc. and Anthony J. Mottola (collectively, "Mottola"). In accordance with the terms and provisions of the Mottola Consulting Agreement: (i) Mottola shall provide consulting, administrative and advisor services; (ii) we shall pay Motolla a monthly consulting fee of $4,500, plus $4,500 at the time of execution; and (iii) we shall issue to an aggregate of 40,000 shares of our restricted common stock
On approximately July 15, 2004, we entered into a consulting agreement (the "Butta Consulting Agreement") with Vincent Butta ("Butta"). In accordance with the terms and provisions of the Butta Consulting Agreement: (i) Butta shall perform such consulting and financial services as requested; (ii) we shall pay to Butta a monthly consulting fee of $10,000 for a period of six months; (ii) and we shall issue to Butta an aggregate 10,000 shares of our restricted common stock.
On approximately January 2, 2003, we entered into a consultant agreement (the
"A. Raneri Consultant Agreement") with Alessandro Raneri ("A. Raneri"). In
accordance with the terms and provisions of the A. Raneri Consultant Agreement:
(i) A. Raneri shall perform such services, including identification of
underwriters and/or institutional investors in relation to raising funds,
potential mergers or other acquisitions and other corporate and personal
consulting services; and (ii) we shall issue to A. Raneri 750,000 shares of our
restricted common stock. .
On approximately January 2, 2003, we entered into a consultant agreement (the
"F. Raneri Consultant Agreement") with Franco Raneri ("F. Raneri"). In
accordance with the terms and provisions of the F. Raneri Consultant Agreement:
(i) F. Raneri shall perform such services, including identification of
underwriters and/or institutional investors in relation to raising funds,
potential mergers or other acquisitions and other corporate and personal
consulting services; and (ii) we shall issue to F. Raneri 750,000 shares of our
restricted common stock.
GLOBAL BIO-TECHNOLOGY INC.
On approximately November 14, 2006, we entered into a one-year brokerage agreement (the "Brokerage Agreement") with Global Bio-Technology Inc., a Florida corporation ("Global Bio-Technology"). In accordance with the terms and provisions of the Brokerage Agreement: (i) we agreed to be the sales broker for certain products, including digestive cleanse, liver cleanse, mellow-tone, Xentropin, Aminoplex, Myoguard and Zypril; and (ii) Global Bio-Technology shall pay to us a 25% commission of the wholesale prices of such products sold by us.
COMPETITION
We currently have a database of physicians who sign up as members at our websites at no cost. The physicians visit Statdose.com for medical information at their leisure. We believe that this strategy is significantly different from other large competitors who continue to attempt to capture physician's time while in the office environment.
Medical communications companies providing concise and timely medical information to healthcare industry professionals is a relatively new industry. Therefore, initially, competition in this type of business may be light. There are a myriad of healthcare and marketing companies in the fields, and we would have to compete with them in the market place. We do not compete with the pharmaceutical companies, but seek to partner with them in the dissemination of information. We are an advertiser or communication provider hired by the pharmaceutical companies. We complement their existing advertising.
Changes in technology and Internet software may make it difficult for us to adapt and compete with better-funded competitors. We are developing our own commerce-based web site. However, technology and Internet software is characterized by rapid technological developments, evolving industry standards, changing customer demands and frequent introductions of new products, services and enhancements. Our success depends upon our ability to maintain and enhance the performance, content and reliability of our products in response to both evolving demands of the business and consumer communities and competitive product offerings. We cannot assure you that we will be able to do so
successfully or that any enhancements or new products that we introduce will gain acceptance in the marketplace. If we are not successful or if our products are not accepted, we could lose potential customers to our competitors.
EMPLOYEES
We currently employ four full-time employees.
ITEM 1.A RISK FACTORS
An investment in our common stock involves a number of very significant risks. You should carefully consider the following risks and uncertainties in addition to other information in evaluating our company and its business before purchasing shares of our common stock. Our business, operating results and financial condition could be seriously harmed due to any of the following risks. The risks described below are all of the material risks that we are currently aware of facing. Additional risks not presently known to us may also impair our business operations. You could lose all or part of your investment due to any of these risks.
RISKS RELATED TO OUR BUSINESS
ESTABLISHING, MAINTAINING AND ENHANCING OUR CONTACTS WITHIN THE HEALTH INDUSTRY WILL BE A CRITICAL ASPECT OF OUR EFFORTS TO ATTRACT AND EXPAND OUR WEBSITES.
We believe that establishing, maintaining and enhancing our contacts within the health industry will be a critical aspect of our efforts to attract and expand customers to our websites. The number of Internet sites that offer competing services may increase and, thus, increases the importance of establishing and maintaining our websites.
Promotion of our websites will depend largely on our success in providing a high-quality hosting experience and high level of customer service. In addition, to attract and retain customers and to respond to competitive pressures, we intend to increase our spending substantially on marketing and advertising with the intention of expanding our websites. We currently do not and may never have the available resources for marketing and advertising that may be required However, we cannot assure you that these expenditures if made will be effective to promote our websites or that our marketing efforts generally will achieve our goals.
If we are unable to provide high-quality hosting services or customer support, if we fail to promote and maintain our websites or if we incur excessive expenses in these efforts, our business, operating results and financial condition would be materially adversely affected.
THE SUCCESS OF OUR BUSINESS DEPENDS ON CONTINUED GROWTH OF ONLINE MEDICAL COMMUNICATION AND ATTRACTING CUSTOMERS IN A COST-EFFECTIVE MANNER.
Our sales and revenues will not grow as we plan if the use of the Internet as a medium of medical communication does not continue to grow or grows more slowly than expected. The medical industry has traditionally relied on pharmaceutical representatives and are accustomed to a high degree of human interaction in
purchasing pharmaceutical drugs. The success of our business is dependent on a significant increase of professionals in the medical industry who use the Internet to purchase prescription drugs.
Our business strategy depends on our ability to broaden the appeal of our website and to increase the overall usage and transactions conducted on our website in a cost-effective manner. In order to increase the usage of our website and the number of transactions, we must attract more professionals within the medical industry to our website. Our ability to offer products and services that will attract a significant number of professionals within the medical industry to use our Internet services is not certain. If it does not occur, our growth may be limited. It may be necessary to spend substantial amounts on marketing and advertising to enhance our website recognition and attract new professionals to our websites. We cannot assure you that our marketing and advertising efforts will be effective. If we fail to increase the usage of our websites and increase our overall number of transactions in a cost-effective manner, our ability to grow and become profitable may be impaired.
Moreover, we rely on the Internet infrastructure which may be unable to support increased levels of demand. The Internet infrastructure may not expand fast enough to meet the increased levels of demand. In particular, the expected benefits from our online operations may be reduced if Internet usage does not continue to grow. In addition, activities that diminish the experience for Internet users, such as spyware, spoof e-mails, viruses and spam directed at Internet users, as well as viruses and "denial of service" attacks directed at Internet companies and service providers, may discourage people from using the Internet, including for commerce. If consumer use diminishes or grows at a slower rate, then our business and results of operations could be adversely affected.
IF WE FAIL TO ATTRACT AND RETAIN EMPLOYEES/AGENTS IN A COST-EFFECTIVE MANNER, OUR ABILITY TO GROW AND BECOME PROFITABLE MAY BE IMPAIRED.
Our business strategy depends on increasing the usage of our websites and overall number of transactions on our websites in a cost-effective manner. In order to increase the usage of our websites and the overall number of transactions, we must attract employees and marketing/sales agents. Although we have spent significant financial resources on sales and marketing and plan to continue to do so, these efforts may not be cost effective in attracting new employees or increasing transaction volume. If we do not achieve our marketing objectives, our ability to grow and increase revenues may be impaired. We cannot at this time estimate the number of additional sales agents that will be necessary.
DEPENDENT ON ONE OR A FEW MAJOR CLIENTS.
We depend on a few smaller clients to generate revenue in connection with the generation of sales for our larger client, Cura Pharmaceutical Inc. We receive a commission of 8% to 15% of gross profits on all Cura Pharmaceutical Inc products currently being marketed and sold by us.
ADVERSE CHANGES OR INTERRUPTIONS IN OUR RELATIONSHIPS WITH THIRD PARTIES COULD AFFECT OUR BUSINESS OPERATIONS AND IMPAIR THE QUALITY OF OUR INTERNET SERVICE AND REDUCE OUR REVENUES.
Although our business is not substantially dependent on any agreement with any specific third party, such as Cura Pharmaceutical Inc., we rely on various other contract relations, which terms could affect our access to inventory and reduce our revenues. All of the relationships we have are freely terminable upon notice. Few of these arrangements are exclusive and any of our suppliers could enter into, and in some cases may have entered into, similar agreements with our competitors. We cannot assure you that our arrangements with third parties will remain in effect or that any of these third parties will continue to supply us and our agents with the same level of access to inventory in the future. If access to inventory is affected, or our ability to obtain inventory on favorable economic terms is diminished, it may reduce our revenues. Our failure to establish and maintain representative relationships for any reason could negatively impact our websites and reduce our revenues.
OUR SUCCESS DEPENDS UPON IMPLEMENTING AND INTEGRATING OUR TECHNOLOGY.
As part of our business model, the implementation and integration of our Internet technology is vital to increasing our company efficiencies and thus increasing overall usage on our websites and revenues. We have installed our technology into our servers and computers and interfaced it with our websites. Because our employees helped design and refine Internet technology, we believe that we can expand our websites as our needs develop. However, if we cannot succeed in expending our technology, our profitability may not increase as planned, or at all.
Our websites rely on our intellectual property and we cannot be sure that this intellectual property is protected from copying or use by others, including potential competitors. We regard much of our content and technology as proprietary and try to protect our proprietary technology by relying on trademarks, copyrights, trade secret laws and confidentiality agreements. In connection with our license agreements with third parties, we seek to control access to and distribution of our technology, documentation and other proprietary information. Even with all of these precautions, it is possible for someone else to copy or otherwise obtain and use our proprietary technology without our authorization or to develop similar technology independently. Effective trademark, copyright and trade secret protection may not be available in every country in which our services are made available through the Internet, and policing unauthorized use of our proprietary information is difficult and expensive. We cannot be sure that any steps we take will prevent misappropriation of our proprietary information. This misappropriation could have a material adverse effect on our business. In the future, we may need to go to court to enforce our intellectual property rights, to protect our trade secrets or to determine the validity and scope of the proprietary rights of others. This litigation might result in substantial costs and diversion of resources and management attention.
In the event we do not protect our Internet technology effectively, this would allow competitors to duplicate our product and services and this could make it more difficult for us to compete with them. Since we currently do not have any patents or trademarks, our success and ability to compete in the online medical communication industry depends, in part, upon our technology. We rely primarily on confidentiality provisions in our contracts to protect our technology. We attempt to negotiate beneficial intellectual property ownership provisions in our contracts. However, laws and our actual contractual terms may not be sufficient to protect our technology from use or theft by third parties. For
instance, a third-party might try to reverse engineer or otherwise obtain and use our technology without our permission and without our knowledge, allowing competitors to duplicate our products. We may have legal or contractual rights that we could assert against such illegal use, but lawsuits claiming infringement or misappropriation are complex and expensive, and the outcome would not be certain. In addition, the laws of some countries may not protect software and intellectual property rights to the same extent as the laws of the United States. Moreover, the intellectual property right laws afford us no protection since we have no patents or trademarks.
OUR SUCCESS DEPENDS ON MAINTAINING THE INTEGRITY OF OUR SYSTEMS AND INFRASTRUCTURE. SYSTEM INTERRUPTIONS AND THE LACK OF REDUNDANCY IN OUR INFORMATION SYSTEMS MAY AFFECT OUR BUSINESS.
In order to be successful, we must provide reliable, real-time access to our Internet websites and systems. As our operations grow in both size and scope, we will need to improve and upgrade our systems and infrastructure to offer an increasing number of people enhanced services, features and functionality. The expansion of our systems and infrastructure will require us to commit substantial financial, operational and technical resources before the volume of business increases, with no assurance that the volume of business will increase. Medical professionals will not tolerate a service hampered by slow delivery times, unreliable service levels or insufficient capacity, any of which could reduce our revenues.
We may experience occasional system interruptions that make some or all systems unavailable or prevent us from efficiently providing services to our travel agents or third parties. Any interruptions, outages or delays in our systems or deterioration in their performance, could impair the ability to process transactions and the quality of service that we can offer to our customers. We do not have backup systems for certain critical aspects of our operations, many other systems are not fully redundant and our disaster recovery planning may not be sufficient. Fire, flood, power loss, telecommunications failure, break-ins, earthquakes, acts of war or terrorism, acts of God, computer viruses, physical or electronic break-ins and similar events or disruptions may damage or interrupt computer or communications systems at any time. Any of these events could cause system interruption, delays and loss of critical data, and could prevent us from providing services for a significant period of time. In addition, we may have inadequate insurance coverage or insurance limits to compensate for losses from a major interruption; remediation may be costly and have a material adverse effect on our operating results and financial condition.
Furthermore, developing our website and other technology entails significant technical and business risks when using new technologies. We may fail to adapt our website, transaction processing systems and network infrastructure to consumer requirements or emerging industry standards. If we face material delays in introducing new services, products and enhancements, our agents, customers and suppliers may forego the use of our websites.
RAPID TECHNOLOGICAL CHANGES MAY RENDER OUR TECHNOLOGY AND WEBSITES OBSOLETE OR DECREASE THE ATTRACTIVENESS OF OUR SERVICES.
To remain competitive in the online medical communication industry, we must continue to enhance and improve the functionality and features of our websites. The Internet and the online medical communication industry are rapidly changing. In particular, the online medical communication industry could be characterized by future increasingly complex systems and infrastructures and new business models. If competitors introduce new services embodying new technologies, or if new industry standards and practices emerge, our existing website, technology and systems may become obsolete.
Our future success will depend on our ability to do the following: (i) enhance our existing services; (ii) develop and license new products and Internet technologies that address the increasingly sophisticated and varied needs of the professionals within the medical industry; and (iii) respond to technological advances and emerging medical industry standards and practices on a cost-effective and timely basis.
OUR BUSINESS IS EXPOSED TO RISKS ASSOCIATED WITH ONLINE COMMERCE SECURITY AND CREDIT CARD FRAUD WHICH COULD REDUCE OUR REVENUE.
A fundamental requirement for online commerce and communications is the secure transmission of confidential information, such as credit card numbers or other personal information, over public networks. Our security measures may be inadequate and, if any compromise of security were to occur, it could have a detrimental effect on our reputation and adversely affect our ability to maintain our existing clientele.
Consumer concerns over the security of transactions conducted on the Internet or the privacy of users may inhibit the growth of the Internet and online commerce. To transmit confidential information such as customer credit card numbers securely, we rely on encryption and authentication technology. Unanticipated events or developments could result in a compromise or breach of the systems we use to protect customer transaction data. Our servers and those of our service providers may be vulnerable to viruses or other harmful code or activity transmitted over the Internet. A virus or other harmful activity could cause a service disruption.
Moreover, our processing, storage, use and disclosure of personal data could give rise to liabilities as a result of government regulation, conflicting legal requirements or differing views of personal privacy rights. In the processing of our transactions, we receive and store a large volume of personally identifiable information. This information is also increasingly subject to legislation and regulations in numerous jurisdictions around the world. This government action is typically intended to protect the privacy of personal information that is collected, processed and transmitted in or from the governing jurisdiction. We could be adversely affected if legislation or regulations are expanded to require changes in our business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively affect our business, financial condition and results of operations. As privacy and data protection have become more sensitive issues, we may also become exposed to potential liabilities as a result of differing views on the privacy of medical data. These and other privacy developments that are difficult to anticipate could adversely affect our business, financial condition and results of operation.
WE OPERATE IN A COMPETITIVE ENVIRONMENT AND FACE INCREASING COMPETITION FROM A VARIETY OF COMPANIES WITH RESPECT TO SERVICES WE OFFER.
The market for the services we offer is competitive. We compete with both established and emerging traditional and online medical professionals with respect to the services we offer. Some of our competitors may offer services and products on more favorable terms. The introduction of new technologies and the expansion of existing technologies may increase competitive pressures. Increased competition may result in reduced operating margins, as well as loss of transactions and website recognition. Some of our competitors may have longer operating histories, larger customer bases, greater website recognition and significantly greater financial, marketing and other resources than we have.
We cannot assure you that we will be able to compete successfully against current, emerging and future competitors or provide differentiated services to the medical industry. Increased competition could result in reduced operating margins, loss of segment share and damage to our website recognition. There can be no assurance that we will be able to compete successfully against current and future competitors or that competition will not have a material adverse effect on our business, results of operations and financial condition.
EVOLVING GOVERNMENT REGULATION COULD IMPOSE TAXES OR OTHER BURDENS ON OUR BUSINESS, WHICH COULD INCREASE OUR COSTS OR DEMAND FOR OUR SERVICES.
Increased regulation of the Internet or different applications of existing laws might slow the growth in the use of the Internet and medical communication online services, which could decrease demand for our services, increase the cost of doing business or otherwise reduce our sales and revenues. The statutes and case law governing online medical communication are still evolving, and new laws, regulations or judicial decisions may impose on us additional risks and costs of operations. In addition, new regulations, domestic or international, regarding the privacy of our users' personally identifiable information may impose on us additional costs and operational constraints.
Federal legislation imposing limitations on the ability of states to impose taxes on Internet-based sales was enacted in 1998. The Internet Tax Freedom Act, which was extended by the Internet Nondiscrimination Act, exempted certain types of sales transactions conducted over the Internet from multiple or discriminatory state and local taxation through November 2007. Failure to renew this legislation could allow state and local governments to impose additional taxes.
Moreover, changing laws, rules and regulations and legal uncertainties may adversely affect our business, financial condition and results of operations. Our business, financial condition and results of operations could be adversely affected by unfavorable changes in or interpretations of existing, or the promulgation of new laws, rules and regulations applicable to us and our businesses, including those relating to the Internet and online medical communication, consumer protection and privacy, could decrease demand for services, increase costs and/or subject us to additional liabilities. For example, there is, and will likely continue to be, an increasing number of laws and regulations pertaining to the Internet and online medical communication, which may relate to liability for information retrieved from or transmitted over the Internet, user privacy, taxation and the quality of services. Furthermore,
the growth and development of online medical communication may prompt calls for more stringent protection laws that may impose additional burdens on online businesses generally.
THE SUCCESS OF OUR BUSINESS DEPENDS UPON THE CONTINUING CONTRIBUTION OF OUR KEY PERSONNEL AND EMPLOYEES, INCLUDING MR. CANDIDO DINO LUZZI, OUR PRESIDENT AND CHIEF EXECUTIVE OFFICER, WHOSE KNOWLEDGE OF OUR BUSINESS WOULD BE DIFFICULT TO REPLACE IN THE EVENT WE LOSE HIS SERVICES.
Our operations are dependent on the efforts and relationships of Candido Dino Luzzi and the other executive officers as well as the senior management of our organization. We will likely be dependent on the senior management of our organization for the foreseeable future. If any of these individuals becomes unable to continue in their role, our business or prospects could be adversely affected. For example, the loss of Mr. Luzzi could inhibit the development and enhancement of our websites, could damage customer relations and our website recognition, and could restrict our ability to raise additional working capital if and when needed. Although we have entered into an employment agreement with Mr. Luzzi, there can be no assurance that he will continue in his present capacity for any particular period of time. Moreover, our continued ability to compete effectively depends on our ability to attract new employees and to retain and motivate our existing employees. If we do not succeed in attracting well-qualified employees or retaining or motivating existing employees, our business would be adversely affected.
RISKS RELATED TO OUR COMPANY AND COMMON STOCK
WE HAVE EXPERIENCED HISTORICAL LOSSES AND A SUBSTANTIAL ACCUMULATED DEFICIT. IF WE ARE UNABLE TO REVERSE THIS TREND, WE MAY BE FORCED TO CEASE OPERATIONS.
During the nine-month period ended September 30, 2007, we experienced a net gain of $87,176. During fiscal years ended December 31, 2006 and December 31, 2005, we experienced net losses of ($146,036) and ($352,602), respectively. In addition, at September 30, 2007 and December 31, 2006, we had stockholders' equity and deficit of $129,168 and ($247,633), respectively. Our operating results for future periods will include significant expenses, including developmental expenses, potential marketing costs, professional fees and administrative expenses, and will be subject to numerous uncertainties. As a result, we are unable to predict whether we will continue to achieve profitability in the future, or at all.
WE HAVE A WORKING CAPITAL DEFICIT AND SIGNIFICANT CAPITAL REQUIREMENTS. SINCE WE MAY CONTINUE TO INCUR LOSSES UNTIL WE ARE ABLE TO GENERATE SUFFICIENT REVENUES TO OFFSET OUR EXPENSES, INVESTORS MAY BE UNABLE TO SELL OUR SHARES AT A PROFIT OR AT ALL.
We had a net profit of $87,176 during the nine-month period ended September 30, 2007 and a net loss of ($146,036) during fiscal year ended December 31, 2006. Net cash provided by and used in operations for the nine-month period ended September 30, 2007 and fiscal year ended December 31, 2006 was $429,883 and ($39,955), respectively. During the nine-month period ended September 30, 2007 and fiscal year ended December 31, 2006, we had a working capital surplus/deficit of $22,713 and ($266,354), respectively. Because we have not yet achieved or acquired sufficient operating capital and given these financial
results together with our expected cash requirements in 2008, additional capital investments may be necessary to develop and sustain our operations.
WE MAY BE UNSUCCESSFUL IN OUR ATTEMPTS TO RAISE SUFFICIENT CAPITAL TO FUND OUR PLANS.
Historically, we have funded our operations through limited revenues and debt and equity financing. We continue to incur operating expenses, including executive and staff salaries, lease obligations and acquisition costs, but we have not yet obtained sufficient financing to effectively carry out our plans or received sufficient operating revenues to support our human and equipment infrastructures. Until such time that we are successful in obtaining additional financing or achieve sufficient operating revenues to carry out our business strategy, there is significant risk that our business operations may be materially impaired.
THE TRADING PRICE OF OUR COMMON STOCK ON THE OTC BULLETIN BOARD WILL FLUCTUATE SIGNIFICANTLY AND STOCKHOLDERS MAY HAVE DIFFICULT RESELLING THEIR SHARES.
As of the date of this Registration Statement, our common stock does not trade on the OTC Bulletin Board. When our common stock commences trading on the Over-the-Counter Bulletin Board, the trading price will fluctuate significantly and stockholder may have difficulty reselling their shares. There is a volatility associated with Bulletin Board securities in general and the value of your investment could decline due to the impact of any of the following factors upon the market price of our common stock: (i) disappointing results and/or revenues from our websites; (ii) failure to meet our revenue or profit goals or operating budget; (iii) decline in demand for our common stock; (iv) downward revisions in securities analysts' estimates or changes in general market conditions; (v) technological innovations by competitors or in competing technologies; (vi) lack of funding generated for operations; (vii) investor perception of our industry or our prospects; and (viii) general economic trends.
In addition, stock markets have experienced price and volume fluctuations and the market prices of securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of our common stock. As a result, investors may be unable to sell their shares at a fair price and you may lose all or part of your investment.
ADDITIONAL ISSUANCES OF EQUITY SECURITIES MAY RESULT IN DILUTION TO OUR EXISTING STOCKHOLDERS.
Our Articles of Incorporation authorize the issuance of 100,000,000 shares of common stock and 50,000,000 shares of "blank check" preferred stock, which may adversely affect the voting power of the holders of our securities and may deter or delay changes in management. The board of directors has the authority to issue additional shares of our capital stock to provide additional financing in the future and the issuance of any such shares may result in a reduction of the book value or market price of the outstanding shares of our common stock. If we do issue any such additional shares, such issuance also will cause a reduction in the proportionate ownership and voting power of all other stockholders. As a
result of such dilution, your proportionate ownership interest and voting power will be decreased accordingly. Further, any such issuance could result in a change of control.
To date, we have not issued any shares of preferred stock. Our Board of Directors, without further approval of our common stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series of our preferred stock. Issuances of additional shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of other of our securities and may, under certain circumstances, have the effect of deterring hostile takeovers or delaying changes in management control.
In addition, we have granted common stock in the past to financiers and consultants, and as we procure additional financing and acquire additional business assets, we shall undoubtedly grant additional shares, as well as warrants and stock options, to the financiers and shareholders of target companies. To the extent that additional shares are issued, notes are converted, and stock options and warrants are exercised, the shares that are issued may result in an oversupply of shares and an undersupply of purchasers, thereby diluting the market for our shares.
OUR COMMON STOCK WILL BE CLASSIFIED AS A "PENNY STOCK" UNDER SEC RULES WHICH LIMITS THE MARKET FOR OUR COMMON STOCK.
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in "penny stocks." Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system). Penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document prepared by the SEC, which specifies information about penny stocks and the nature and significance of risks of the penny stock market. A broker-dealer must also provide the customer with bid and offer quotations for the penny stock, the compensation of the broker-dealer, and sales person in the transaction, and monthly account statements indicating the market value of each penny stock held in the customer's account. In addition, the penny stock rules require that, prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for stock that becomes subject to those penny stock rules. If a trading market for our common stock develops, our common stock will probably become subject to the penny stock rules, and shareholders may have difficulty in selling their shares.
WE HAVE RECEIVED A GOING CONCERN OPINION FROM OUR INDEPENDENT AUDITORS REPORT ACCOMPANYING OUR DECEMBER 31, 2006 AND DECEMBER 31, 2005 FINANCIAL STATEMENTS.
The independent auditor's report accompanying our December 31, 2006 and 2005 audited financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that the Company will continue as a going concern." Our ability to continue as a going concern is dependent on raising additional capital to fund our operations and ultimately on generating future profitable operations. There can be no assurance that we will be able to raise sufficient additional capital or eventually have positive cash flow from operations to address all of our cash flow needs. If we are not able to find alternative sources of cash or generate positive cash flow from operations, our business and shareholders will be materially and adversely affected.
IF WE FAIL TO ESTABLISH AND MAINTAIN AN EFFECTIVE SYSTEM OF INTERNAL CONTROLS OVER FINANCIAL REPORT, WE MAY NOT BE ABLE TO ACCURATELY REPORT OUR FINANCIAL RESULTS OR PREVENT FRAUD. THIS COULD ADVERSELY AFFECT OUR OPERATING RESULTS.
We may not be able to establish or maintain adequate internal controls over financial reporting. Due to lack of historical operating data, many of our internal controls and reporting systems are being designed as our business model develops. We rely on existing reporting systems that may have been implemented for different business models and may not function as intended. We are currently taking steps to strengthen our internal controls, we cannot be certain these measures will ensure that we implement and maintain adequate controls over our financial processes and reporting in the future. We also cannot be certain that the interim steps we have taken, pending full implementation of these measures, to preserve our ability to accurately record, process, and summarize financial data and prepare our financial statements and reporting, will be effective. Many of these interim steps are time and labor intensive and rely on manual procedures, which makes them difficult to maintain for an extended period and increases the risk of errors. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm our operating results or cause us to fail to meet our reporting obligations.
Moreover, pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we may at some point in time be required to furnish a report by our management on our internal control over financial reporting. Such report will contain, among other matters, an assessment of the effectiveness of our internal control over financial reporting, including a statement as to whether our internal control over financial reporting is effective. This assessment must include disclosure of any material weaknesses in our internal control over financial reporting identified by management. Such report will also contain a statement that our auditors have issued an attestation report on management's assessment of such internal controls.
We will perform a system and process documentation and evaluation needed to comply with Section 404, which is both costly and challenging. Management may identify one or more material weaknesses in our internal control over financial reporting. If such occurs, we will be unable to assert such internal control is effective. If we are unable to assert that our internal control over financial reporting is effective (or if our auditors are unable to attest that our management's report is fairly stated or they are unable to express an opinion on our management's evaluation or on the effectiveness of the internal controls), we could lose investor confidence in the accuracy and completeness of our financial reports, which in turn could have an adverse effect on our stock price.
As of the date of this Registration Statement, we do not have an audit or compensation committee comprised of independent directors. Therefore, shareholders will have to rely on the entire Board of Directors to perform these functions, all of which are not independent to perform these functions. Thus, there is a potential conflict in that board members who are management will participate in discussions concerning management compensation and audit issues that may affect management decisions.
ITEM 2. FINANCIAL INFORMATION
MEDIVISOR, INC.
Financial Statements
Nine-Month Period Ended September 30, 2007 and Fiscal Years Ended December 31, 2006 and 2005.
INDEX
Report of Independent Registered Public Accounting Firm dated January 10, 2008
Balance Sheets
Statements of Operations
Statements of Cash Flows
Notes to Financial Statements
MOORE & ASSOCIATES, CHARTERED
ACCOUNTANTS AND ADVISORS
PCAOB REGISTERED
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS
MEDIVISOR, INC.
We have audited the accompanying balance sheets of Medivisor, Inc. as of September 30, 2007, December 30, 2006 and December 31, 2005, and the related statements of operations, stockholders' equity and cash flows for the nine months ended September 30, 2007 and the years ended December 31, 2006 and December 31, 2005. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits 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 audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Medivisor, Inc. as of September 30, 2007, December 31, 2006 and December 31, 2005 and the results of its operations and its cash flows for the nine months ended September 30, 2007 and the years ended December 31, 2006 and December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has accumulated deficit of $775,992 as of September 30, 2007, which raises substantial doubt about its ability to continue as a going concern. Management's plans concerning these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ MOORE & ASSOCIATES, CHARTERED _________________________________ Moore & Associates Chartered Las Vegas, Nevada January 10, 2008 |
2675 S. JONES BLVD. SUITE 109, LAS VEGAS, NV 89146
(702) 253-7499 FAX (702) 253-7501
MEDIVISOR, INC.
Consolidated Balance Sheets
September 30, December 31, December 31,
2007 2006 2005
_____________ ____________ ____________
ASSETS
Current Assets
Cash $ 157,424 $ 4,668 $ -
Accounts Receivable 10,000 15,375 -
__________ __________ __________
Total Current Assets 167,424 20,043 -
__________ __________ __________
Property and Equipment, net 25,457 27,301 28,824
Deferred Stock Offering Costs - - 28,750
Security Deposit 2,444 2,444 2,444
Goodwill 85,445 - -
__________ __________ __________
Total Assets $ 280,770 $ 49,788 $ 60,018
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable and Accrued Expenses $ 139,203 $ 93,340 $ 34,284
Current Portion of Capital Lease 5,508 5,508 -
Notes Payable - Shareholder - 187,549 169,549
__________ __________ __________
Total Current Liabilities 144,711 286,397 203,833
Capital Lease, less Current Portion 6,891 11,024 16,532
__________ __________ __________
Total Liabilities 151,602 297,421 220,365
Stockholders' Equity
Preferred Stock, authorized 5,000,000
shares, par value $0.001, none issued
and outstanding. - - -
Common Stock, authorized 20,000,000 shares,
par value $0.001, issued and outstanding on
September 30, 2007; December 31, 2006 and 2005
is 8,216,000; 7,938,500 and 5,663,500 respectively 8,217 7,939 5,664
Additional Paid-in Capital 896,943 611,346 554,871
Retained Deficit (775,992) (866,918) (720,882)
__________ __________ __________
Total Stockholders' Equity 129,168 (247,633) (160,347)
__________ __________ __________
Total Liabilities and Stockholders' Equity 280,770 49,788 60,018
========== ========== ==========
The accompanying notes are an integral part of these statements
|
MEDIVISOR, INC.
Consolidated Statements of Operations
Nine Months Year Year
Ended Ended Ended
September 30, December 31, December 31,
2007 2006 2005
_____________ ____________ ____________
Income
Revenues $ 526,379 $ 225,569 $ 47,161
Cost of Sales 62,779 - -
__________ __________ __________
Gross Income/(Loss) 463,600 225,569 47,161
Operating Expenses
General and Administrative 165,064 253,897 272,588
Legal and Accounting 3,835 40,000 25,250
Consulting 205,289 72,076 88,889
Interest Expense 394 1,982 3,916
Depreciation and Amortization 1,842 3,650 9,120
__________ __________ __________
Total Expenses 376,424 371,605 399,763
__________ __________ __________
Net Income/(Loss) from Operations $ 87,176 $ (146,036) $ (352,602)
========== ========== ==========
Basic and Diluted
(Loss) per Share $ 0.01 $ (0.02) $ (0.06)
__________ __________ __________
Weighted Average
Number of Shares 8,076,055 7,860,075 5,999,973
__________ __________ __________
The accompanying notes are an integral part of these statements
|
MEDIVISOR, INC.
Consolidated Statement of Stockholders' Deficit
From January 15, 2002 (Inception) to September 30, 2007)
Common Stock Total
______________________ Paid in Subscriptions Retained Equity/
Shares Amount Capital Receivable (Deficit) (Deficit)
__________ _______ _________ _____________ __________ _________
Balance, December 31, 2002 5,030,000 $ 5,030 $ 19,090 $ - $ (110,344) $ (86,224)
Common Shares issued for Services 10,000 10 30 40
Net (Loss) (42,102) (42,102)
__________ _______ _________ _________ __________ _________
Balance, December 31, 2003 5,040,000 5,040 19,120 - (152,446) (128,286)
Common Shares issued for Services 55,000 55 8,195 8,250
Common Shares issued for Cash 311,000 311 310,689 (30,000) 281,000
Net (Loss) (215,834) (215,834)
__________ _______ _________ _________ __________ _________
Balance, December 31, 2004 5,406,000 5,406 338,004 (30,000) (368,280) (54,870)
Common Shares issued for Services 47,500 48 7,077 7,125
Common Shares issued for Cash 210,000 210 209,790 30,000 240,000
Net (Loss) (352,602) (352,602)
__________ _______ _________ _________ __________ _________
Balance, December 31, 2005 5,663,500 5,664 554,871 - (720,882) (160,347)
Common Shares to Founder 2,000,000 2,000 18,000 20,000
Common Shares issued for Service 275,000 275 38,475 38,750
Net (Loss) (146,036) (146,036)
__________ _______ _________ _________ __________ _________
Balance, December 31, 2006 7,938,500 7,939 611,346 - (866,918) (247,633)
Common Shares issued for Service 100,000 100 13,900 14,000
Acquisition of Big Pants 50,000 50 84,950 85,000
Common Shares issued for Service 152,500 153 190,472 190,625
Cancled Shares (25,000) (25) (3,725) 3,750 -
Net Profit/(Loss) 87,176 87,176
__________ _______ _________ _________ __________ _________
Balance, September 30, 2007 8,216,000 $ 8,217 $ 896,943 $ - $ (775,992) $ 129,168
========== ======= ========= ========= ========== =========
The accompanying notes are an integral part of these statements
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MEDIVISOR, INC.
Consolidated Statements of Cash Flows
Nine Months Year Year
Ended Ended Ended
September 30, December 31, December 31,
2007 2006 2005
_____________ ____________ ____________
Operating Activities
Net (Loss) $ 87,176 $ (146,036) $ (352,602)
Adjustments to reconcile Net (Loss)
Common Stock issued for Services 285,875 58,750 7,125
Returned stock 3,750 - -
Depreciation and Amortization 1,844 3,650 11,247
Changes in Operating Assets and Liabilities
(Increase)/Decrease in Accounts Receivable 5,375 (15,375) 4,660
Increase/(Decrease) in Accounts Payable
and Accrued Expenses 45,863 59,056 (19,080)
__________ __________ __________
Net Cash Provided by Operating Activities 429,883 (39,955) (348,650)
__________ __________ __________
Investment Activities
Acqusition of Furniture and Equipment - (2,127) (1,906)
Investment in Subsidiary (85,445) - -
__________ __________ __________
Net Cash (Used) by Investment Activities (85,445) (2,127) (1,906)
__________ __________ __________
Financing Activities
Proceeds from Loans Payable - Shareholder - 18,000 62,182
Repayments of Loans Payable - Shareholder (187,549) - -
Repayments of Capital Lease (4,133) - (4,316)
Decrease/(Increase) in Deferred Stock Offering Costs - 28,750 (7,500)
Proceeds from sale of Common Stock - - 240,000
__________ __________ __________
Net Cash Provided by Financing Activities (191,682) 46,750 290,366
__________ __________ __________
Net Increase in Cash 152,756 4,668 (60,190)
Cash, Beginning of Period 4,668 - 60,190
__________ __________ __________
Cash, End of Period $ 157,424 $ 4,668 $ -
========== ========== ==========
Supplemental Information:
Interest Paid $ 394 $ 1,982 $ 3,916
Income Taxes Paid $ - $ - $ -
The accompanying notes are an integral part of these statements
|
MEDIVISOR, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(September 30, 2007; December 31, 2006 and 2005)
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Medivisor, Inc. (the "Company") was incorporated on January 15, 2002 under the laws of the State of Delaware. The Company provides medical information to healthcare professionals, primarily physicians, through its websites using inter-active, informational, video and graphic presentations. The Company also intends to offer website services to various industries seeking direct access to physicians, including providers of continuing medical education courses; sponsors of medical conferences and seminars; and pharmaceutical companies, using an online marketing format known as e-detailing.
On July 1, 2007 the Company exercised a stock exchange purchase agreement wherein it exchanged 50,000 shares valued at $85,000 for all the issued and outstanding shares of Big Pants Media Corp a New York corporation. The purchase does not constitute a change of control and Big Pants Media Corp will be operated as a wholly-owned subsidiary, see note 4 for details. These statements have been consolidated to reflect the operations of the Company and its subsidiary.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company does not have significant collection history with its customers. However, where the Company is aware of circumstances that may impair a specific customer's ability to pay, the Company will reduce the receivable to net realizable value by recording an appropriate allowance. At September 30, 2007 and December 31, 2006 no allowance for doubtful accounts was required.
REVENUE RECOGNITION
Revenues are recognized as services are performed in accordance with the terms of customer contracts. Customer advances for future website presentations and data collection services are deferred and recognized once the contract terms have been fulfilled.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at June 30, 2007 and December 31, 2006.
CONCENTRATIONS
For the year ended December 31, 2006, two customers accounted for 69% and 17% of revenue, respectively. For the year ended December 31, 2005, the Company generated revenues from three customers representing 68%, 16% and 16% of total revenue, respectively.
WEBSITE DEVELOPMENT COSTS
Costs associated with developing a website are recognized in accordance with the American Institute of Certified Public Accountants Statement of Position No. 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use; and EITF No. 00-2, "Accounting for Website Development Costs." Costs associated with the website consist primarily of software purchased and customized for internal use. These costs are capitalized and are amortized based on their estimated useful life of three years. Costs incurred to update graphics and enter initial product data are expensed as incurred. At December 31, 2006, these costs have been fully amortized.
DEFERRED STOCK OFFERING COSTS
Costs incurred in connection with the Company's proposed common stock offering have been deferred and will be charged against paid-in capital in the event the offering is successful, or expensed if the offering is not successful. At December 31, 2006 these costs have been expensed.
INCOME TAXES
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases and operating loss and tax credit carry forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.
STOCK-BASED COMPENSATION
The Company has adopted SFAS No. 123 "Accounting for Stock Based Compensation" which requires it to recognize stock awards granted to employees and non-employees as compensation expense based on the fair market value of the stock award or fair market value of the goods or services received, whichever is more reliably measurable.
USE OF ESTIMATES
Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those
estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Actual results could vary from the estimates that were used.
IMPAIRMENT OF LONG-LIVED ASSETS
The Company regularly reviews long-lived assets for indicators of impairment. Management's judgments regarding the existence of impairment indicators are based on performance. Future events could cause management to conclude that impairment indicators exist and that the value of long-lived assets is impaired. When events or circumstances indicate that the carrying amount of an asset may not be recoverable, the fair value of the asset is compared to its carrying value. Impairment losses are measured as the amount by which the carrying value of an asset exceeds its estimated fair value.
LOSS PER COMMON SHARE
Basic loss per share is computed by dividing the net loss by the weighted average number of shares outstanding during the period. Basic loss per share also excludes any dilutive effect of warrants. Diluted net loss per share does not include warrants, as they are anti-dilutive.
NOTE 3 - GOING CONCERN
The accompanying financial statements have been prepared assuming that the company will continue as a going concern. The Company commenced operations in the first quarter of 2003. Since inception, it has incurred losses and negative cash flows from operations. The Company has been dependent upon external financing, including private sales of securities and borrowings from its CEO to fund operations. As of September 30, 2007 the Company had an accumulated deficit of $775,992. However, the Company has realized a net profit of $87,176 during the past nine months. This raises doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty.
Management continues to seek additional funding. There is no assurance that its efforts will be successful, or that the Company will be able to obtain additional debt or equity financing on terms acceptable to the Company. Failure to raise needed funds on satisfactory terms could have a material adverse impact on the Company's business, operating results or financial condition.
NOTE 4 - ACQUSITION OF SUBSIDIARY
On July 1, 2007 the company executed the stock exchange purchase of Big Pants Media Corp (Big Pants) through the issue of 50,000 commons shares valued at $85,000 in exchange for all of the issued and outstanding shares of Big Pants. There was no change of control and the company will operated Big Pants as a wholly-owned subsidiary.
Following is a summary of that transaction:
Medivisor Big Pants Consolidated
July 1, July 1, Acqusition July 1,
2007 2006 Adjustments 2006
_________ _________ ___________ ____________
ASSETS
Cash $ 50,138 $ - $ 50,138
Property and Equipment, net 26,071 - 26,071
Security Deposit 2,444 - 2,444
Investment in Big Pants - - 85,000 (a) 85,000
_________ _______ __________
Total Assets $ 78,653 $ - $ 163,653
========= ======= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accrued Payable $ 129,960 $ 445 130,405
Capital Lease 12,399 - 12,399
Notes Payable - Shareholder 62,547 - 62,547
_________ _______ __________
Total Liabilities 204,906 445 205,351
Stockholders' Equity:
Common Stock 8,039 2,000 (1,950)(a)(b) 8,089
Additional Paid-in Capital 625,246 84,505 (a) 709,751
Subscriptions Receivable - (2,000) 2,000 (b) -
Retained Deficit (759,538) (445) 445 (a) (759,538)
_________ _______ __________
Total Stockholders' Equity (126,253) (445) 41,698)
_________ _______ __________
Total Liabilities and Equity $ 78,653 $ - $ 163,653
========= ======= ==========
(a) On July 1, 2007 the Company issued 50,000 common shares of its $0.001 par value stock valued
at $85,000 to acquire Big Pants Media Corp. with a net negative equity of $445. The Company
recorded $85,000 investment in subsidiary or goodwill because of expected positive sales
growth and will annually evaluate that investment for possible impairment.
(b) The $2,000 value of Big Pants stock was offset by a subscriptions receivable in the same
amount which was cancelled during the acquisition.
|
NOTE 5 - CONSOLIDATION
Following is a consolidation of operation activity of the parent company and its
subsidiary:
Medivisor Big Pants Consolidation
_________ _________ _____________
Income
Revenues $ 356,214 $ 232,944 $ 589,158
Cost of Sales - 62,779 62,779
_________ _________ _________
Gross Income/(Loss) 356,214 170,165 526,379
Operating Expenses
General and Administrative 220,666 7,177 227,843
Legal and Accounting 3,835 - 3,835
Consulting 205,289 - 205,289
Interest Expense 394 - 394
Depreciation and Amortization 1,842 - 1,842
_________ _________ _________
Total Expenses 432,026 7,177 439,203
_________ _________ _________
Net Income/(Loss) from Operations $ (75,812) $ 162,988 $ 87,176
========= ========= =========
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NOTE 6 - PROPERTY AND EQUIPMENT
Property and equipment are recorded at cost. Depreciation is computed using the Straight-line method over the estimated useful life of the assets of three, five and seven years.
30-Sept-07 31-Dec-06
__________ _________
Furniture and Equipment
under Capital Lease $24,794 $24,794
Office Equipment 3,609 3,609
Leasehold improvements 2,710 2,710
_______ _______
Total Fixed Assets 31,113 31,113
Less: Accumulated Depreciation (5,656) (3,814)
_______ _______
Property and Equipment, Net $25,457 $27,301
======= =======
|
NOTE 7 - LEASES
OPERATING LEASES
The Company conducts its operations in an office located in Huntington Station, New York under a three-year operating lease. The lease provides for the payment of monthly base rent of $2,444, 3% annual increases in base rent and a pro rata share of real estate taxes. The landlord has also granted certain rent concessions during the first year of the lease. The lease contains a two-year renewal option at an increase of 3% per year over the prior years rent. The Company has also entered into a thirty-six month lease for the use of computer equipment at a monthly rent of $186. The Company's CEO has personally guaranteed both lease obligations.
The following is a schedule of minimum lease payments for non-cancelable operating leases as of December 31, 2006:
2006 32,585
2007 26,133
_______
Total $58,718
=======
|
CAPITAL LEASES
The Company has entered into a capital lease for the use of office furniture and equipment. The cost of the leased assets is $24,269. Payments are $499 per month, including interest imputed at 8.5% per annum. Future minimum payments under the lease as of December 31, 2006 are as follows:
Year ending
December 31,
____________
2006 5,508
2007 5,508
2008 5,508
2009 3,672
_______
Subtotal $20,196
Less Interest (3,815)
_______
Present Value of
Minimum Payments $16,381
=======
|
The Company's CEO has personally guaranteed the lease obligation.
NOTE 8 - PROVISION FOR INCOME TAXES
The Company provides for income taxes under Statement of Financial Accounting Standards NO. 109, Accounting for Income Taxes. SFAS No. 109 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse.
SFAS No. 109 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded. The total deferred tax asset is $190,722, which is calculated by multiplying a 22% estimated tax rate by the items making up the deferred tax account, the estimated NOL of $866,918. The total valuation allowance is a comparable $190,722.
The provision for income taxes is comprised of the net changes in deferred taxes less the valuation account plus the current taxes payable as shown in the chart below for the years ended December 31, 2006 and 2005:
December 31, 2006 2005
____________ _________ _______
Deferred Tax Asset $ 32,128 $77,572
Less: Valuation Allowance (32,128) (77,572)
_________ _______
Net Current Deferred Tax Asset $ 0 $ 0
========= =======
|
Below is a chart showing the federal net operating losses and the years in which they will expire:
Year Amount Expiration
____ _________ __________
2002 $ 110,344 2022
2003 42,102 2023
2004 215,834 2024
2005 352,602 2025
2006 146,036 2026
_________
Total NOL $ 866,918
=========
|
NOTE 9 - NOTE PAYABLE - STOCKHOLDER
The note payable from the Company's CEO/stockholder bears interest at 6% per annum and is due on demand. Through September 30, 2007 the Company outstanding balance to this related party is $5,000.
NOTE 10 - STOCKHOLDERS' EQUITY
PREFERRED STOCK
On December 17, 2004, the Company amended its Certificate of Incorporation to authorize the issue of 5,000,000 shares of preferred stock, par value $0.001 per share. The Company's board of directors will designate the rights and preferences of the preferred stock. No preferred shares have been issued.
COMMON STOCK
The Company is authorized to issue 20,000,000 shares of common stock with a par value of $0.001 per share.
In March 2002, the Company issued 3,300,000 shares to three executives for services rendered at a value of $0.004 per share, or $13,200.
In March 2002, the Company issued an additional 1,730,000 shares to other individuals and consultants for cash of $0.001 per share plus services valued at $0.003 per share, or $5,190.
In June 2003, the Company issued 10,000 shares to an individual for services rendered at a value of $0.004 per share.
In September 2004, the Company issued 55,000 shares to various consultants for services rendered at a value of $0.15 per share, or $8,250.
During 2004, the Company sold 311,000 shares of its common stock to outside investors for $1.00 per share pursuant to a private placement. Payments on two stock subscriptions outstanding at December 31, 2004 for $15,000 each were received in January 2005.
In January 2005, the Company sold 210,000 shares of its common stock to outside investors for $1.00 per share pursuant to a private placement and issued 47,500 common shares for services valued at $7,125.
In January 2006, the Company issued 2,000,000 common shares valued at $20,000 to a founder that had been approved for issue in the year 2002.
On March 16, 2006 the Company issued 250,000 shares for services rendered valued at $35,000.
On May 25, 2006 the Company issued 25,000 shares for services valued at $3,750.
In the first quarter of 2007 the Company issued 100,000 shares for services valued at $14,000.
On July 1, 2007 the Company issued 50,000 common shares to Big Pants Media valued at $85,000 to acquire Big Pants Media as a wholly owned subsidiary.
In the third quarter of 2007 the Company issued 152,500 shares for services valued at $190,625. The Company cancelled 25,000 common shares which were previously issued for services valued at $3,750. |
NOTE 11 - THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS
Below is a listing of the most recent Statement of Financial Accounting Standards (SFAS) SFAS 155-157 and their effect on the Company.
STATEMENT NO. 155 - ACCOUNTING FOR CERTAIN HYBRID FINANCIAL INSTRUMENTS
In February 2006, the FASB issued SFAS No. 155, ACCOUNTING FOR CERTAIN HYBRID FINANCIAL INSTRUMENTS, which amends SFAS No. 133, ACCOUNTING FOR DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES and SFAS No. 140, ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENT OF LIABILITIES. SFAS No. 155 amends SFAS No. 133 to narrow the scope exception for interest-only and principal-only strips on debt instruments to include only such strips representing rights to receive a specified portion of the contractual interest or principle cash flows. SFAS No. 155 also amends SFAS No. 140 to allow qualifying special-purpose entities to hold a passive derivative financial instrument pertaining to beneficial interests that itself is a derivative instrument.
STATEMENT NO. 156 - ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS
In March 2006, the FASB issued SFAS No. 156, ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS, which provides an approach to simplify efforts to obtain hedge-like (offset) accounting. This Statement amends FASB Statement No. 140, ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES, with respect to the accounting for separately recognized servicing assets and servicing liabilities. The Statement (1) requires an entity to recognize a servicing asset or servicing liability each time it undertakes an obligation to service a financial asset by entering into a servicing contract in certain situations; (2) requires that a separately recognized servicing asset or servicing liability be initially measured at fair value, if practicable; (3) permits an entity to choose either the amortization method or the fair value method for subsequent measurement for each class of separately recognized servicing assets or servicing liabilities; (4) permits at initial adoption a one-time reclassification of available-for-sale securities to trading securities by an entity with recognized servicing rights, provided the securities reclassified offset the entity's exposure to changes in the fair value of the servicing assets or liabilities; and (5) requires separate presentation of servicing assets and servicing liabilities subsequently measured at fair value in the balance sheet and additional disclosures for all separately recognized servicing assets and servicing liabilities. SFAS No. 156 is effective for all
separately recognized servicing assets and liabilities as of the beginning of an entity's fiscal year that begins after September 15, 2006, with earlier adoption permitted in certain circumstances. The Statement also describes the manner in which it should be initially applied.
STATEMENT NO. 157 - FAIR VALUE MEASUREMENTS
In September 2006, the FASB issued SFAS No. 157, FAIR VALUE MEASUREMENTS, to clarify how to measure fair value and to expand disclosures about fair value measurements. The expanded disclosures include the extent to which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value on earnings and are applicable whenever other standards require (or permit) assets and liabilities to be measured at fair value. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years.
The adoption of these new Statements is not expected to have a material effect on the Company's current financial position, results or operations, or cash flows.
ITEM 3. PROPERTIES
We lease our principal office space located at 326 Walt Whitman Road, Huntington Station, New York. The office space is for our corporate business operations. On approximately September 15, 2004, we entered into an indenture for lease space (the "Indenture"). In accordance with the terms and provisions of the Indenture, we pay an annual lease rate of $29,324.75 for the premises.
ITEM 4. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
As of the date of this Registration Statement, the following table sets forth certain information with respect to the beneficial ownership of our common stock by each stockholder known by us to be the beneficial owner of more than 5% of our common stock and by each of our current directors and executive officers. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated. As of the date of this Registration Statement, there are 13,776,000 shares of common stock issued and outstanding.
TITLE OF NAME AND ADDRESS(1) AMOUNT AND NATURE OF PERCENTAGE
CLASS OF BENEFICIAL OWNER BENEFICIAL OWNERSHIP OF CLASS
Common
Candido Dino Luzzi 10,000,000 72.91%
Common
Wayne H. Wertheim, MD 250,000 (2) 01.82%
Common
Prudence L. Ferrone 150,000 01.09%
Common
Darren Cioffi 50,000 -0-
Common All Officers and Directors
as a Group (4 members) 10,400,000 75.82%
|
(1) Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of shares of common stock actually outstanding as of the date of this Registration Statement. The address for our officers and directors is c/o Medivisor, Inc., 326 Walt Whitman Road, Suite 208, Huntington Station, New York 11746.
(2) This figure consists of: (i) 150,000 shares of common stock held of record by Dr. Wertheim; and (ii) 100,000 shares of common stock held of record by Dr. Wertheim's daughter, Dana Wertheim.
LOCKUP AND LEAKAGE AGREEMENTS
On approximately January 1, 2005, we entered into a lock up/leak out agreement
with Candido Dino Luzzi, our President/Chief Executive Officer (the "Luzzi Lock
Up Agreement") in order to facilitate an orderly market for the shares of our
common stock. In accordance with the terms and provisions of the Luzzi Lock Up
Agreement: (i) Mr. Luzzi agrees to sell shares held of record in blocks of 5,000
shares or less per transaction; (ii) after Mr. Luzzi sells the first 5,000
shares, Mr. Luzzi may not sell any other shares unless the offer or ask price of
our common stock increases by .25 basis points above Mr. Luzzi's last sale price
with the exception that a sale of the next 5,000 shares may take place at a
price less than the prior sale price plus .25 basis point; (iii) the shares of
common stock may not be sold by Mr. Luzzi at a price below $1.00 per share; and
(iv) Mr. Luzzi shall be allowed to sell up to 15% of the shares held as of
January 1, 2005 during each three-month period.
On approximately January 1, 2005, we entered into a lock up/leak out agreement with Wayne Wertheim, our Executive Vice President and one of our directors (the "Wertheim Lock Up Agreement") in order to facilitate an orderly market for the shares of our common stock. In accordance with the terms and provisions of the Wertheim Lock Up Agreement: (i) Dr. Wertheim agrees to sell shares held of record in blocks of 5,000 shares or less per transaction; (ii) after Dr. Wertheim sells the first 5,000 shares, Dr. Wertheim may not sell any other shares unless the offer or ask price of our common stock increases by .25 basis points above Dr. Wertheim's last sale price with the exception that a sale of the next 5,000 shares may take place at a price less than the prior sale price plus .25 basis point; (iii) the shares of common stock may not be sold by Dr. Wertheim at a price below $1.00 per share; and (iv) Dr. Wertheim shall be allowed to sell up to 15% of the shares held as of January 1, 2005 during each three-month period.
On approximately January 1, 2005, we entered into a lock up/leak out agreement with Prudence Ferrone, our Vice President and one of our directors (the "Ferrone Lock Up Agreement") in order to facilitate an orderly market for the shares of our common stock. In accordance with the terms and provisions of the Ferrone Lock Up Agreement: (i) Ms. Ferrone agrees to sell shares held of record in blocks of 5,000 shares or less per transaction; (ii) after Ms. Ferrone sells the first 5,000 shares, Ms. Ferrone may not sell any other shares unless the offer or ask price of our common stock increases by .25 basis points above Ms. Ferrone's last sale price with the exception that a sale of the next 5,000 shares may take place at a price less than the prior sale price plus .25 basis point; (iii) the shares of common stock may not be sold by Ms. Ferrone at a price below $1.00 per share; and (iv) Ms. Ferrone shall be allowed to sell up to 15% of the shares held as of January 1, 2005 during each three-month period.
CHANGES IN CONTROL
Our Board of Directors is unaware of any arrangement or understanding among the individuals listed in the beneficial ownership table with respect to election of our directors or other matters. We are unaware of any contract or other arrangement the operation of which may at a subsequent date result in a change in control of our company.
ITEM 5. DIRECTORS AND EXECUTIVE OFFICERS
IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS
All of our directors hold office until the next annual general meeting of the shareholders or until their successors are elected and qualified. Our officers are appointed by our Board of Directors and hold office until their earlier death, retirement, resignation or removal.
As of the date of this Registration Statement, our directors and executive officers, their ages and positions held are as follows:
NAME AGE OFFICES HELD Dino Luzzi 53 President/Chief Executive Officer Wayne H. Wertheim, MD 56 Executive Vice President and a Director Prudence L. Ferrone 55 Vice President and a Director Darren Cioffi 42 Chief Financial Officer David Grossman, MD 54 Medical Director |
BIOGRAPHIES
The backgrounds of our directors and executive officers are as follows:
DINO LUZZI. Mr. Luzzi has been our President/Chief Executive Officer since January 2002. During 1999 Mr. Luzzi's venture capital firm assisted raising capital for Keytrade Online, a dynamic online brokerage firm, which was acquired by a Latin American financial portal, Patagon.com International for $35,000,000 in cash, debt and equity. Mr. Luzzi also currently provides consulting services to companies that have venture capital needs. Mr. Luzzi has been working on our strategic business vision and bringing it to a successful fruition for the past several years.
WAYNE H. WERTHEIM, MD. Dr. Wertheim has been our Executive Vice President and a member of our Board of Directors since January 2002. Since 1981 and currently, Dr. Wertheim is a practicing internist and was managing partner of Roslyn Medical Associates until 1996 when he rejoined Winthrop University Hospital as a staff member to become the lead site physician in the Long Island Primary Care Network. As Medical Director of International Business Builders, he has been instrumental in the development of wellness centers and alternative medicine programs with healthcare providers and insurers for the New York tri-state area and is a medical advisor to a premier nutritional company operating globally.
PRUDENCE L. FERRONE. Ms. Ferrone has been our Vice President and a member of our Board of Directors since January 2002. Ms. Ferrone began her entrepreneurial career in the beauty and fashion industry as a professional image consultant and then owner of a jewelry design company. In 1994, Ms. Ferrone founded International Business Builders, a global distribution company for premier personal, health and wellness products with a sales force of several hundred representatives in twenty countries.
DARREN CIOFFI. Mr. Cioffi has been our Chief Financial Officer since February 2008. Mr. Cioffi established Cioffi Business Management Services in 2001 to consult public companies on SEC accounting/filing, Sarbane's Oxley and standard compliance measures. Following several positions in the consulting and technology industry including chief operating officer of ThinkersGroup.com, Mr. Cioffi authored many internal tools responsible for the development and implementation of the organizational structure as well as day-to-day operations of several successful public technology companies as follows. Web2 Corporation is an Internet technology marketing company focused on improving the ways people and businesses utilize the power of the Internet. It specializes in rapid creation and adaptation of technologies to address new markets of users by creating and simplifying useful products, reducing the level of user technical skills required, and lowering prices. ABA (American Basketball Association) is a co-owner of the Strong Island Sound, where Mr. Cioffi is partially credited with its recent rebirth. The ABA opened the 2005 season with an amazing 38 teams and is best known for merging with the NBA in 1976 bringing popular teams such as the New York Nets, San Antonio Spurs, Indiana Pacers and Denver Nuggets. Mr. Cioffi was vice president of consulting services with Total Business Solutions, where he specialized in the implementation and sales of customer relationship management (CRM) and back office accounting solutions through one on one and group collaboration with Total Business Solutions clients. From 1995 - 1998, Mr. Cioffi served as controller and vice president of sales for Comptech Resources. While at Comptech, he helped the company earn the distinction as the first Platinum reseller of GoldMine software on Long Island. He also developed Long Island's first GoldMine authorized training center. Mr. Cioffi consulted and implemented a variety of businesses, such as Great Plains, RealWorld and Solomon Accounting Software systems. In October 1998, following Paratech Resources, Inc.'s acquisition of Comptech, Mr. Cioffi was named general manager of consulting services. He also spent two years in public accounting for the firm of Pannell. Kerr Forster and served as assistant controller for the Seafield Center from 1991-1995. Mr. Cioffi earned a BS in Accounting from Long Island University.
DAVID GROSSMAN, MD, FACC, FACP. Dr. Grossman has been our Medical Director since January 2002. Dr Grossman is currently a clinical cardiologist in private practice. He trained at The Johns Hopkins University, University of Pennsylvania School of Medicine, and North Shore University Hospital-New York University School of Medicine. Dr. Grossman is the former director of the Coronary Care Unit and Heart Failure Program at North Shore University Hospital. He has numerous publications and is a national speaker on heart failure, acute coronary syndromes, and hyperlipidemia.
FAMILY RELATIONSHIPS
As of the date of this Registration Statement, there are no family relationships among our directors or officers.
INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS
During the past five years, none of our directors, executive officers or persons that may be deemed promoters is or have been involved in any legal proceeding concerning (i) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (ii) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (iii) being subject to any order, judgment or decree, not subsequently reversed, suspended, or vacated, of any court of competent jurisdiction permanently or temporarily enjoining, barring, suspending or otherwise limiting involvement in any type of business, securities or banking activity; or (iv) being found by a court, the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law (and the judgment has not been reversed, suspended or vacated).
COMMITTEES OF THE BOARD OF DIRECTORS
AUDIT COMMITTEE
Our Board of Directors has not established an audit committee. The respective role of an audit committee has been conducted by our Board of Directors. We are contemplating establishment of an audit committee during fiscal year 2008. When established, the audit committee's primary function will be to provide advice with respect our financial matters and to assist our Board of Directors in fulfilling its oversight responsibilities regarding finance, accounting, and legal compliance. The audit committee's primary duties and responsibilities will be to: (i) serve as an independent and objective party to monitor our financial reporting process and internal control system; (ii) review and appraise the audit efforts of our independent accountants; (iii) evaluate our quarterly financial performance as well as its compliance with laws and regulations; (iv) oversee management's establishment and enforcement of financial policies and business practices; and (v) provide an open avenue of communication among the independent accountants, management and our Board of Directors.
CODE OF ETHICS
Our Board of Directors has adopted a code of ethics applicable to all our employees and directors (the "Code").
The Code is intended to describe our core values and beliefs and to provide the foundation for all business conduct. The Code is further intended to focus our Board of Directors and each director, officer and employee on areas of ethical risk, provide guidance to our directors, officers and employees to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct, and help foster a culture of honesty and accountability. Our guidelines for conducting business are consistent with the highest standards of business ethics. Each director, officer and employee must comply with the letter and spirit of this Code.
We will post the text of the Code on our Internet website at www.medivisor.com.Furthermore, upon request, we shall provide to any person without charge a copy of the Code. Any such requests should be directed to Mr. Dino Luzzi, President/Chief Executive Officer, 326 Walt Whitman Road, Suite 208, Huntington Station, New York 11746.
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT
Section 16(a) of the Exchange Act requires directors and officers, and the persons who beneficially own more than 10% of common stock, of certain companies to file reports of ownership and changes in ownership with the Securities and Exchange Commission. As of the date of this Registration Statement, we are not required to file reports under Section 16 of the Exchange Act.
ITEM 6. EXECUTIVE COMPENSATION
The following table sets forth the compensation paid to our Chief Executive Officer and those executive officers that earned in excess of $100,000 during fiscal year ended December 31, 2007 (collectively, the "Named Executive Officers"):
SUMMARY COMPENSATION TABLE
____________________________________________________________________________________________________________________
NON-QUALIFIED
NON-EQUITY DEFERRED
NAME AND STOCK OPTION INCENTIVE PLAN COMPENSATION ALL OTHER
PRINCIPAL SALARY BONUS AWARDS AWARDS COMPENSATION EARNINGS COMPENSATION TOTAL
POSITION YEAR ($) ($) ($) ($) ($) ($) ($) ($)
____________________________________________________________________________________________________________________
Dino Luzzi, 2007 $240,000 -0- -0- -0- --- --- --- $240,000
President/CEO (1)
____________________________________________________________________________________________________________________
(1) This amount represents fees paid by us to the Named Executive Officer
during fiscal year ended December 31, 2007 pursuant to an executive
services agreement between us and the Named Executive Officer, which is
more particularly described in this Annual Report. An aggregate amount of
$480,000 in accrued fees as settled by us with Mr. Luzzi by the issuance of
5,000,000 shares of our restricted Common Stock at $0.10 per shares. See
"Item 6. Executive Compensation - Employment Agreements" and "Item 7.
Certain Relationships and Related Transactions and Director Independence -
Settlement Agreement."
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STOCK OPTIONS/SAW GRANTS IN FISCAL YEAR ENDED DECEMBER 31, 2007
On November 19, 2007, our Board of Directors adopted a 2007 Stock Option Plan, which was approved and ratified by our shareholders pursuant to written consent of shareholders dated November 19, 2007. As of the date of this Registration Statement, no stock options have been granted. :
DIRECTOR COMPENSATION TABLE
The following table sets forth information relating to compensation paid to our directors in 2007:
DIRECTOR COMPENSATION TABLE
________________________________________________________________________________________________________
Change in
Pension
Value and
Fees Non-Equity Nonqualified
Earned or Incentive Deferred All
Paid in Stock Option Plan Compensation Other
Cash Awards Awards Compensation Earnings Compensation Total
Name ($) ($) ($) ($) ($) ($) ($)
________________________________________________________________________________________________________
Wayne H. Wertheim, MD -0- -0- -0- -0- -0- -0- -0-
Prudence L. Ferrone -0- -0- -0- -0- -0- -0- -0-
________________________________________________________________________________________________________
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EMPLOYMENT AGREEMENTS
As of the date of this Registration Statement, we have an agreement with Candido Dino Luzzi, our President/Chief Executive Officer, and Darren Cioffi, our Chief Financial Officer, as discussed below.
CEO EXECUTIVE SERVICES AGREEMENT
On January 1, 2006, we entered into an executive services agreement with Candido Dino Luzzi, our President/Chief Executive Officer for a two-year term with automatic renewal provisions (the "Executive Services Agreement"). Pursuant to the terms and provisions of the Executive Services Agreement: (i) Mr. Luzzi shall perform all duties and obligations in accordance with his executive position; and (ii) we shall pay to Mr. Luzzi a salary of $40,000 per month.
CONSULTING AGREEMENT
On February 29, 2008, we entered into a consulting agreement with Cioffi
Business Management Services (the "Cioffi Consulting Agreement") for a one-year
term. Pursuant to the terms and provisions of the Cioffi Consulting Agreement:
(i) Mr. Cioffi shall perform all duties and obligations in accordance with his
executive position; (ii) we shall pay to Mr. Cioffi a base fee of $75,000
payable in monthly installments of $3,000 per month until we are properly funded
and which, at the time of funding, we shall pay a monthly fee of $6,250.00 plus
any unpaid and accrued amounts due and owing; and (iii) we shall issue an
aggregate of 50,000 shares of our restricted Common Stock.
ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.
Except for the transactions described below, none of our directors, officers or principal stockholders, nor any associate or affiliate of the foregoing, have any interest, direct or indirect, in any transaction or in any proposed transactions, which has materially affected or will materially affect us during fiscal year ended December 31, 2007.
SETTLEMENT AGREEMENT
On January 18, 2008, we entered into a settlement agreement with Mr. Luzzi, our President/Chief Executive Officer (the "Settlement Agreement"). In accordance with the terms and provisions of the Settlement Agreement: (i) we acknowledged that Mr. Luzzi has provided certain managerial and consulting services to us under the Executive Services Agreement; (ii) we incurred an aggregate of $480,000.00 (the "Debt") to Mr. Luzzi relating to the performance of such services under the Executive Services Agreement; (iii) we agreed to settle the Debt by issuance of an aggregate of 5,000,000 shares of our restricted common stock at the rate of $0.10 per share (which amount is based upon the average of the open and close price of our shares of common stock traded on the Pink Sheets
during January 2008; and (iv) Mr. Luzzi agreed to convert the Debt and accept the issuance of the 5,000,000 shares of restricted common stock as full and complete satisfaction of the Debt. See "Item 10, Recent Sales of Unregistered Securities - Fiscal Year Ended December 31, 2008."
NOTE PAYABLE
As of the date of this Registration Statement, we have a note payable to Mr. Luzzi, our President/Chief Executive Officer, which bears interest at 6% per annum and is due on demand. As of the date of this Registration Statement, the outstanding balance due and owing on this note is $5,000.00.
ITEM 8. LEGAL PROCEEDINGS
As of the date of this Registration Statement, we are not aware of any pending or existing legal proceedings involving our company or its officers and directors. We are not aware of any proceedings being contemplated by any person or governmental authority against us, our properties or our officers and directors.
ITEM 9. MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
MARKET FOR COMMON EQUITY
Shares of our common stock are traded on the Pink Sheets under the symbol "NADVF:BB". The market for our common stock is limited, volatile and sporadic, The following table sets forth the high and low sales prices relating to our common stock on a quarterly basis for the last fiscal year as quoted by the Pink Sheets. These quotations reflect inter-dealer prices without retail mark-up, mark-down or commissions, and may not represent actual transactions.
QUARTER ENDED HIGH BID ($) LOW BID ($) 2007 Fourth Quarter $1.65 $0.30 Third Quarter $1.90 $1.25 Second Quarter $1.80 $1.45 First Quarter $ $ |
As of March 1, 2008, there were approximately 47 shareholders of record of our common shares as reported by our transfer agent, Island Stock Transfer, which does not include shareholders who shares are held in street or nominee names. We believe that there are approximately 100 beneficial owners of our common stock. There are no other classes of shares issued or outstanding.
DIVIDEND POLICY
No dividends have been declared by the Board of Directors on our common stock. Our losses do not currently indicate the ability to pay any cash dividends, and we do not have any intention of paying cash dividends on our common stock in the foreseeable future. We are trying to build up inventory levels and expand our business, therefore, it is unlikely that we would use profits for the purpose of paying dividends for the foreseeable future.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER COMPENSATION PLANS
We have one equity compensation plan - the 2007 Stock Option Plan under which 3,000,000 shares are authorized for issuance. As of the date of this Registration Statement, we have not granted any stock options under the 2007 Stock Option Plan. The table set forth below presents the securities authorized for issuance with respect to the respective Stock Option Plans under which equity securities are authorized for issuance as of December 31, 2007:
____________________________________________________________________________________________________
EQUITY COMPENSATION PLAN INFORMATION
PLAN CATEGORY NUMBER OF SECURITIES TO WEIGHTED-AVERAGE NUMBER OF SECURITIES
BE ISSUED UPON EXERCISE EXERCISE PRICE OF REMAINING AVAILABLE FOR
OF OUTSTANDING OPTIONS, OUTSTANDING OPTIONS, FUTURE ISSUANCE UNDER
WARRANTS AND RIGHTS WARRANTS AND RIGHTS EQUITY COMPENSATION
PLANS (EXCLUDING
SECURITIES REFLECTED IN
COLUMN (A))
(A) (B) (C)
____________________________________________________________________________________________________
Equity compensation
plans approved by
security holders
____________________________________________________________________________________________________
2007 Stock Option
Plan -0- n/a 3,000,000
____________________________________________________________________________________________________
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STOCK OPTION PLAN
2007 STOCK OPTION PLAN
On November 19, 2007, our Board of Directors unanimously approved and adopted a 2007 stock option plan (the "2007 Stock Option Plan"). The purpose of the 2007 Stock Option Plan is to advance our interests and the interests of the shareholders by affording our key personnel an opportunity for investment and the incentive advantages inherent in stock ownership. Pursuant to the provisions of the 2007 Stock Option Plan, stock options (the "Stock Options") will be granted only to our key personnel, generally defined as a person designated by the Board of Directors upon whose judgment, initiative and efforts we may rely, including any director, officer, employee or consultant.
The 2007 Stock Option Plan is administered by our Board of Directors, which shall determine: (i) the persons to be granted Stock Options under the Stock Option Plan; (ii) the number of shares subject to each option, the exercise price of each Stock Option; and (iii) whether the Stock Option shall be exercisable at any time during the option period of ten (10) years or whether the Stock Option shall be exercisable in installments or by vesting only. The 2007 Stock Option Plan provides authorization to our Board of Directors to grant Stock Options to purchase a total number of shares of our common stock, not to exceed 3,000,000 shares as at the date of adoption by our Board of Directors of the 2007 Stock Option Plan.
ITEM 10. RECENT SALES OF UNREGISTERED SECURITIES
As of the date of this Registration Statement, to provide capital, we have issued an aggregate of 13,776,000 shares of our common stock pursuant to private placement offerings, settlement of debt or pursuant to contractual agreements as set forth below.
FISCAL YEAR ENDED DECEMBER 31, 2002
During fiscal year 2002, we issued an aggregate of 5,030,000 shares of our restricted common stock at a price of $0.001 per share. Of the 5,030,000 shares, an aggregate of 3,300,000 shares of our restricted common stock were issued to our three officers/directors. An additional 1,730,000 shares were issued to eight investors for services rendered during our start-up phase of development. The 5,030,000 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"). The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
FISCAL YEAR ENDED DECEMBER 31, 2003
During fiscal year 2003, we issued an aggregate of 10,000 shares of our restricted common stock at a price of $0.001 per share. The shares were issued to one of our sales representatives for services rendered. The 10,000 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investor acknowledged that the securities to be issued have not been registered under the Securities Act, that she understood the economic risk of an investment in the securities, and that she had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
FISCAL YEAR ENDED DECEMBER 31, 2004
During fiscal year 2004, we issued an aggregate of 366,000 shares of our restricted common stock. Of the 366,000 shares, an aggregate 55,000 shares were issued at a price of $0.15 per share to two of our sales representatives for services rendered. The 55,000 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
Additional shares of restricted common stock were issued pursuant to a private placement offering (the "2004 Private Placement Offering") whereby we issued an aggregate of 311,000 shares at a subscription price of $1.00 per share. The 2004 Private Placement Offering was completed in reliance on Regulation D, Rule 504 of the Securities Act. The per share price of the 2004 Private Placement Offering was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. We issued the shares of common stock to nineteen investors. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
FISCAL YEAR ENDED DECEMBER 31, 2005
During fiscal year 2005, we issued an aggregate of 257,500 shares of our restricted common stock. Of the 257,500 shares, an aggregate 47,500 shares were issued at a price of $0.15 per share to six of our employees/sales representatives for services rendered. The 47,500 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
Additional shares of restricted common stock were issued pursuant to a private placement offering (the "2005 Private Placement Offering") whereby we issued an aggregate of 210,000 shares at a subscription price of $1.00 per share. The 2005 Private Placement Offering was completed in reliance on Regulation D, Rule 504 of the Securities Act. The per share price of the July 2006 Private Placement Offering was arbitrarily determined by our Board of Directors based upon
analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. We issued the shares of common stock to three investors. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
FISCAL YEAR ENDED DECEMBER 31, 2006
During fiscal year 2006, we issued an aggregate of 2,275,000 shares of our restricted common stock. Of the 2,275,000 shares, an aggregate 2,000,000 shares were issued at a price of $0.01 per share to one of our founders/officers for services rendered. An additional 275,000 shares were issued at a price of approximately $0.14 per share to seven of our employees/sales representatives for services rendered. The 2,275,000 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
FISCAL YEAR ENDED DECEMBER 31, 2007
During fiscal year 2007, we issued an aggregate of 302,500 shares of our restricted common stock. Of the 302,500 shares, an aggregate 100,000 shares were issued at a price of $0.14 per share to our market maker and 152,500 shares were issued at $1.25 per share to five of our employees/sales representatives for services rendered. The 252,500 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. The investors acknowledged that the securities to be issued have not been registered under the Securities Act, that they understood the economic risk of an investment in the securities, and that they had the opportunity to ask questions of and receive answers from our management concerning any and all matters related to acquisition of the securities.
On June 30, 2007, we entered into the Stock Purchase Agreement PMC, pursuant to which we issued 50,000 shares of our restricted common stock in exchange for all of the issued and outstanding shares of common stock of BPMC. Thus, BPMC is our wholly-owned subsidiary.
FISCAL YEAR ENDED DECEMBER 31, 2008
As of the date of this Registration Statement, we have issued an aggregate of 5,060,000 shares of our restricted common stock during the current fiscal year. Of the 5,000,010 shares, 5,000,000 shares were issued to our President/Chief Executive Officer, Dino Luzzi, at $0.10 per share in accordance with the terms and provisions of the Settlement Agreement. The 5,000,000 shares were issued in reliance upon the transactional exemption under Section 4(2) of the Securities Act. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. See "Item 7. Certain Relationships and Related Transactions and Director Independence - Settlement Agreement."
The 10,000 shares were issued to one of our consultants at $0.10 per share for services performed in Europe. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth.
The 50,000 shares were issued to Mr. Cioffi, our Chief Financial Officer, at $0.10 per share as a signing bonus in accordance with the terms and provisions of the consulting services agreement. The per share price of the shares was arbitrarily determined by our Board of Directors based upon analysis of certain factors including, but not limited to, stage of development, industry status, investment climate, perceived investment risks, our assets and net estimated worth. See "Item 6. Executive Compensation - Employment Agreements."
ITEM 11. DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED
Our authorized capital stock consists of 100,000,000 shares of common stock with a par value of $0.001 per share and 20,000,000 shares of "blank check" preferred stock with a par value of $0.001. As of the date of this Registration Statement, there are 13,716,000 shares of our common stock issued and outstanding. There are no shares of preferred stock issued and outstanding.
Upon liquidation, dissolution or winding up of our company, the holders of common stock are entitled to share rateably in all net assets available for distribution to common stockholders after payment to secured convertible promissory note holders and creditors. The common stock is not convertible or redeemable and has no pre-emptive, subscription or conversion rights. Each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. There are no cumulative voting rights. The holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available therefore at such times and in such amounts as our Board of Directors may from time to time determine. In the event of a merger or consolidation all holders of common stock will be entitled to receive the same per share consideration.
ITEM 12. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Our directors and officers are indemnified as provided by the Delaware Revised Statutes, as amended, our Articles of Incorporation and our Bylaws.
We have been advised that, in the opinion of the Securities and Exchange Commission, indemnification for liabilities arising under the Securities Act is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities is asserted by one of our directors, officers, or controlling persons in connection with the securities being registered, we will, unless in the opinion of our legal counsel the matter has been settled by controlling precedent, submit the question of whether such indemnification is against public policy to a court of appropriate jurisdiction. We will then be governed by the court's decision.
ITEM 13. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The following discussion and analysis of our results of operations and financial position should be read in conjunction with our audited financial statements and the notes thereto included elsewhere in this Interim Report. Our consolidated financial statements are prepared in accordance with U.S. GAAP.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
The following discussion is intended to provide an analysis of our financial condition and should be read in conjunction with our audited financial statements and the notes thereto. The matters discussed in this section that are not historical or current facts deal with potential future circumstances and developments. Such forward-looking statements include, but are not limited to, the development plans for our growth, trends in the results of our development, anticipated development plans, operating expenses and our anticipated capital requirements and capital resources. Our actual results could differ materially from the results discussed in the forward-looking statements.
RESULTS OF OPERATION
Fiscal Year Ended Fiscal Year Ended
December 31, 2006 December 31, 2005
Revenues $225,569 $ 47,161
Gross Income $225,569 $ 47,161
Net Income (Loss) ($146,036) ($352,602)
Loss Per share ($0.02) ($0.06)
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FISCAL YEAR ENDED DECEMBER 31, 2006 COMPARED TO FISCAL YEAR ENDED DECEMBER 31,
2005.
Our net operational losses during fiscal year ended December 31, 2006 were ($146,036) compared to ($352,602) during fiscal year ended December 31, 2005 (a decrease of $206,566). During fiscal year ended December 31, 2006, we generated $225,569 in gross revenues compared to $47,161 in gross revenues for fiscal year
ended December 31, 2005 (an increase of $178,408). A focused increase in marketing strategy and utilization of our website sites by the medical profession is responsible for the rise in sales in 2006.
During fiscal year ended December 31, 2006, we recorded operating expenses of $371,605 compared to operating expenses of $399,763 during fiscal year ended December 31, 2005 (a slight decrease of $28,158). Operating expenses consisted of:: (i) $253,897 (2005: $272,588) in general and administrative; (ii) $72,076 (2005: $88,889) in consulting; (iii) $40,000 (2005: $25250) in legal and accounting; (iv) $3,650 (2005: $9,120) in depreciation and amortization; and (v) $1,982 (2005: $3,915) in interest expense.
The net loss for fiscal year ended December 31, 2006 was ($146,036) compared to a loss of ($352,602) for 2005 (a decrease of $206,566. The decrease in loss was primarily due to the increase in gross revenues. The basic loss per share was ($0.02) for fiscal year ended December 31, 2006 compared to a basic loss per share of ($0.06) for fiscal year ended December 31, 2005. For fiscal year ended December 31, 2006, the weighted average number of shares outstanding was 7,860,075 compared to 5,999,973 at December 31, 2005.
LIQUIDITY AND CAPITAL RESOURCES
FOR FISCAL YEAR ENDED DECEMBER 31, 2006
As at December 31, 2006, our current assets were $20,043 and our current liabilities were $286,397, which resulted in a working deficit of $266,354. As at December 31, 2006, total assets were $49,788 consisting of: (i) $4,668 in cash; (ii) $15,375 in accounts receivable; (iii) $27,301 in property and equipment, net of depreciation; and (iv) $2,444 in security deposit.
As at December 31, 2006, total liabilities were comprised of (i) $93,340 in accounts payable and accrued expenses; (ii) $16,532 in capital lease; and (iii) $187,549 in notes payable to shareholder.
Stockholders' Equity (Deficit) increased from ($160,347) at December 31, 2005 to ($247,633) at December 31, 2006.
Net cash used in operating activities during fiscal year ended December 31, 2006 was ($39,955) compared with ($348,650) during fiscal year ended December 31, 2005. Cash flows used in operating activities during fiscal year ended December 31, 2006 consisted primarily of a net loss of ($146,036), with changes in accounts receivable of ($15,375) and in accounts payable and accrued expenses of $59,056), and adjustments to reconcile net loss of $58,750 for common stock issued for services and $3,650 for depreciation and amortization.
Cash flows used in investment activities during fiscal year ended December 31, 2006 was ($2,127) compared with ($1906) during fiscal year ended December 31, 2005 for acquisition of furniture and equipment.
Net cash provided by financing activities was $46,750 during fiscal year ended December 31, 2006 compared with $290,366 during fiscal year ended December 31, 2005. Net cash flow from financing activities consisted of $18,000 (2005:
$62,182) in proceeds from loan payable to shareholder, $28,750 (2005: ($7,500)) in deferred stock offering costs, and $-0- (2005: $240,000) in proceeds from sale of common stock.
PLAN OF OPERATION
Although we believe that we will achieve profitable operations in the future, there can be no assurance that our revenue, margins, and profitability will increase, or be sufficient to support our operations in the long term. We expect we will need to raise additional capital to meet short and long-term operating requirements. We believe that private placements of equity capital and debt financing may be adequate to fund our long-term operating requirements. We may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If we raise additional funds through the issuance of equity or convertible debt securities other than to current shareholders, the percentage ownership of our current shareholders would be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our business operations. We are continuing to pursue external financing alternatives to improve our working capital position and to grow the business to the greatest possible extent.
MATERIAL COMMITMENTS
As of the date of this Registration Statement, we are not party to any significant material commitments for fiscal year 2008 other than the promissory note as disclosed below.
On approximately January 25, 2008, we issued a promissory note to T. Peter & Company ("T. Peter") in the principal amount of $100,000.00 (the "Note"). In accordance with the terms and provisions of the Note, the principal amount shall bear interest at a rate of 8 1/2 % per annum, with accrued interest payable on the 15th day of each month starting march 15, 2008. The Note is due in full on December 31, 2008 and is secured by all of our assets and convertible into 1,000,000 shares of our common stock at $0.10 per share.
OFF BALANCE SHEET ARRANGEMENTS
As of the date of this Registration Statement, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term "off-balance sheet arrangement" generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with us is a party, under which we have (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.
CONTROLS AND PROCEDURES
An evaluation was conducted under the supervision and with the participation of our management, including Dino Luzzi, our President/Chief Executive Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2006. Based on that evaluation, Mr. Luzzi concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in this Registration Statement filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirms that there was no change in our internal control over financial reporting during the year ended December 31, 2006 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 14. CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
During November 2007, our Board of Directors approved and authorized the engagement of Moore & Associates, Chtd. Accountants, 2675 S. Jones Blvd., Suite 109, Las Vegas, Nevada 89146,
ITEM 15. FINANCIAL STATEMENTS AND EXHBITS
The following exhibits are filed with this Registration Statement on Form 10:
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
3.1 Articles of Incorporation, as amended
3.1.1 Certificate of Amendment to Articles of Incorporation
3.2 Bylaws
3.4 Ethics Charter
10.1 Stock Purchase Agreement between Medivisor, Inc. and Big
Pants Media Corp. dated June 30, 2007.
10.2 Master Agent Agreement between Wellscape LLC and Medivisor,
Inc. dated February 11, 2005.
10.3 Heads of Agreement dated October 22, 2007 between Medivisor,
Inc. and Cura Pharmaceuticals Co. Inc.
10.4 Heads of Agreement dated December 12, 2007 between Medivisor,
Inc. and Cura Pharmaceuticals Co. Inc.
10.5 Agreement between Medivisor, Inc. and Geopharma Inc. dated
September 20, 2006.
10.6 Agreement between Medivisor, Inc. and Cura Pharmaceutical
Inc. dated February 28, 2006.
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10.7 Consulting Agreement between Medivisor, Inc. and Furshpan
Associates dated August 2, 2007.
10.8 Consultant Agreement between Medivisor, Inc. and L. Lorenzo
Williams dated October 24, 2007.
10.9 Consulting Agreement between Medivisor, Inc. and Arie Ben Nun
dated October 2007.
10.10 Consulting Agreement between Medivisor, Inc. and Demontis,
Palmese, Leoni, DiCapua dated January 1, 2006.
10.11 Consulting Agreement between Medivisor, Inc. and Mottola &
Associates, Inc. dated January 1, 2005.
10.12 Consulting Agreement between Medivisor, Inc. and Vincent
Butta dated July 15, 2004.
10.13 Consultant Agreement between Medivisor, Inc. and Alessandro
Raneri dated January 2, 2003.
10.14 Lockup/Leak Out Agreement between Medivisor, Inc. and Candido
Dino Luzzi dated January 1, 2005.
10.15 Lockup/Leak Out Agreement between Medivisor, Inc. and Wayne
Wertheim dated January 1, 2005.
10.16 Lockup/Leak Out Agreement between Medivisor, Inc. and
Prudence Ferrone dated January 1, 2005.
10.17 Executive Services Agreement between Medivisor, Inc. and
Candido Dino Luzzi dated January 1, 2006.
10.18 Consulting Agreement between Medivisor, Inc. and Cioffi
Business Management Services dated February 29, 2008.
10.19 2007 Stock Option Plan
31.1 Certification of Chief Executive Officer pursuant to
Securities Exchange Act of 1934, Rule 13a-14(a) or 15d-14(a).
31.2 Certification of Chief Financial Officer pursuant to
Securities Exchange Act of 1934, Rule 13a-14(a) or 15d-14(a).
32.1 Certifications pursuant to Securities Exchange Act of 1934,
Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
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SIGNATURES
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.
MEDIVISOR, INC.
Date: March 7, 2008 By: /s/ DINO LUZZI
__________________________
Dino Luzzi, President/CEO
Date: March 7, 2008 By: /s/ DARREN CIOFFI
_________________________
Darren Cioffi, CFO
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EXHIBIT 3.1.1
THE FIRST STATE
I, Harriet Smith Windsor, Secretary of State of the State of Delaware, do hereby certify the attached is a true and correct copy of the Certificate of Incorporation of "Medivisor, Inc.", filed in this office on the fifteenth day of January, A.D. 2002, at 12:30 O'clock P.M.
A filed copy of this Certificate has been forwarded to the New Castle County Recorder of deeds.
[Secretary's Office Seal Appears Here]
/s/ HARRIET SMITH WINDSOR
_________________________________________
Harriet Smith Windsor, Secretary of State
3480108 8100 Authentication: 1559633
020027111 Date: 01-15-02
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CERTIFICATE OF INCORPORATION
OF
MEDIVISOR, INC.
1. The name of the corporation is MEDIVISOR, INC.
2. The address of its registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, zip code 19801. The name of its registered agent at such address is The Corporation Trust Company.
3. The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.
4. The total number of shares of stock which the Corporation shall have authority to issue is three thousand (3,000), of which stock two thousand (2,000) shares of the par value of One Cent ($.01) each amounting in the aggregate to Twenty Dollars ($20), shall be Common Stock and one thousand (1,000) shares of the par value of One Cent ($.01) each, amounting in the aggregate to Ten Dollars ($10), shall be Preferred Stock.
The powers, preferences and rights, and the qualifications, limitations and restrictions of the Corporation's Common Stock and Preferred Stock are as follows:
(a) holders of the Corporation's Common Stock as a class, have equal ratable rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefore and are entitled upon liquidation of the Corporation to share ratably in the net assets available for distribution, are not redeemable and have no pre-emptive or similar rights; and holders of the Corporation's Common Stock have one non-cumulative vote for each share held of record on all matters to be voted on by the Corporation stockholders.
(b) the shares of Preferred Stock may be issued in series, and shall have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions providing for the issuance of such stock adopted from time to time by the Board of Directors. The Board of Directors is hereby expressly vested with the authority to determine and fix in the resolution or resolutions providing for the issuances of Preferred Stock the voting powers, designations, preferences and rights, and the qualifications, limitations or restrictions thereof, of each such series to the full extent now or hereafter permitted by the laws of the State of Delaware.
5. The Corporation is to have perpetual existence.
6. In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, alter or repeal the By-Laws of the Corporation.
7. Meetings of stockholders may be held within or without the State of Delaware, as the By-Laws may provide. The books of the Corporation may be kept (subject to any provision contained in the statutes) outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the By-Laws of the Corporation. Elections of directors need not be by written ballot unless the By-Laws of the Corporation shall so provide.
8. The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders, directors or any other person herein are granted subject to this reservation.
9. No director of the Corporation shall be personally liable to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, as the same exists or hereafter may be amended, or (iv) for any transaction from which the director derived an improper personal benefit. If the Delaware General Corporation Law hereafter is amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation, in addition to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by the amended Delaware Corporation Law. Any repeal or modification of this Article by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director of the Corporation existing at the time of such repeal or modification.
10. The Corporation elects not to be governed by Section 203 of the Delaware General Corporation Law.
11. The name and mailing address of the incorporator is:
Robert Perez
Gusrae, Kaplan & Bruno, PLLC
120 Wall Street, 11th Floor
New York, New York 10005
I, THE UNDERSIGNED, being the sole incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this Certificate, hereby declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly have hereunto set my hand this 15th day of January, 2002.
/s/ ROBERT PEREZ __________________________ Robert Perez, Incorporator |
THE FIRST STATE
I, Harriet Smith Windsor, Secretary of State of the State of Delaware, do hereby certify the attached is a true and correct copy of the Certificate of Amendment of "Medivisor, Inc.", filed in this office on the seventeenth day of December, A.D. 2004, at 11:00 o'clock A.M.
A filed copy of this Certificate has been forwarded to the New Castle County Recorder of deeds.
[Secretary's Office Seal Appears Here]
/s/ HARRIET SMITH WINDSOR
_________________________________________
Harriet Smith Windsor, Secretary of State
3480108 8100 Authentication: 3591164
040919795 Date: 01-03-05
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State of Delaware
Secretary of State
Division of Corporations
Delivered 11:00 AM 12/17/2004
FILED 11:00 AM 12/17/2004
SRV 040919795 - 3480108 FILE
STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
OF CERTIFICATE OF INCORPORATION
The corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware does hereby certify:
FIRST: That at a meeting of the Board of Directors of MEDIVISOR, INC. resolutions were duly adopted setting forth a proposed amendment of the Certificate of Incorporation of said corporation, declaring said amendment to be advisable and calling a meeting of the stockholders of said corporation for consideration thereof. The resolution setting forth the proposed amendment is as follows:
RESOLVED, that the Certificate of Incorporation of this corporation be amended by changing the Article thereof numbered "Four (4)" so that, as amended, said Article shall be and read as follows:
See Attached.
SECOND: That thereafter, pursuant to resolution of its Board of Directors, a special meeting of the stockholders of said corporation was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the provisions of
Section 242 of the General Corporation Law of the State of Delaware.
FOURTH: That the capital of said corporation shall not be reduced under or by reason of said amendment.
IN WITNESS WHEREOF, said corporation has caused this certificate to be signed this 13th day of October, 2004.
By: /s/ PRUDENCE FERRONE
____________________
Prudence Ferrone
Authorized Officer
Title: Secretary
___________________
Name: Prudence Ferrone
____________________
Print or Type
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ATTACHMENT TO THE STATE OF DELAWARE
CERTIFICATE OF AMENDMENT OF
CERTIFICATE OF INCORPORATION
The total number of shares of stock which the corporation shall have the authority to issue is twenty five million (25,000,000), of which stock twenty million (20,000,000) shares of the par value of one tenth of one cent ($0.001) each, amounting in the aggregate to twenty thousand dollars ($20,000.00), shall be common stock and five million (5,000,000) of the par value of one tenth of one cent ($.001) each, amounting in the aggregate to five thousand dollars ($5,000.00), shall be preferred stock.
The powers, preferences and rights, and the qualifications, limitations and restrictions of the corporation's common stock and preferred stock are as follows:
(a) holders of the corporation's common stock as a class, have equal ratable rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefore and are entitled upon liquidation of the corporation to share ratable in the net assets available for distribution, are not redeemable, and have no pre-emptive or similar rights; and holders of the corporate common stock have one non-cumulative vote for each share held of record on all matters to be voted on by the corporation's stockholders.
(b) the shares of preferred stock may be issued in series, and shall have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions providing for the issuance of such stock adopted from time to time by the Board of Directors. The Board of Director is hereby expressly vested with the authority to determine and fix in the resolution or resolutions providing for the issuance of preferred stock the voting powers, designations, preferences and rights, and the qualifications, limitations and restrictions thereof, of each such series to the full extent now and hereafter permitted by the laws of the State of Delaware.
THE FIRST STATE
I, Harriet Smith Windsor, Secretary of State of the State of Delaware, do hereby certify the attached is a true and correct copy of the Certificate of Amendment of "Medivisor, Inc.", filed in this office on the twenty-eighth day of January, A.D. 2008, at 11:58 o'clock A.M.
[Secretary's Office Seal Appears Here]
/s/ HARRIET SMITH WINDSOR
_________________________________________
Harriet Smith Windsor, Secretary of State
3480108 8100 Authentication: 6413810
080246125 Date: 02-28-08
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You may verify this certificate online
At corp. Delaware.gov/authver.shtml
STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
OF CERTIFICATE OF INCORPORATION
The corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware does hereby certify:
FIRST: That at a meeting of the Board of Directors of MEDIVISOR, INC. resolutions were duly adopted setting forth a proposed amendment of the Certificate of Incorporation of said corporation, declaring said amendment to be advisable and calling a meeting of the stockholders of said corporation for consideration thereof. The resolution setting forth the proposed amendment is as follows:
RESOLVED, that the Certificate of Incorporation of this corporation be amended by changing the Article thereof numbered "Four" so that, as amended, said Article shall be and read as follows:
See attached Exhibit A Amendment to Articles of Incorporation increasing authorized capital.
SECOND: That thereafter, pursuant to resolution of its Board of Directors, a special meeting of the stockholders of said corporation was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the provisions of
Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF, said corporation has caused this certificate to be signed this 12th day of December, 2007.
By: /s/ CANDIDO DINO LUZZI
__________________________
Candido Dino Luzzi
Authorized Officer
Title: CEO
_________________________
Name: Candido Dino Luzzi
__________________________
Print or Type
|
State of Delaware
Secretary of State
Division of Corporations
Delivered 11:58 AM 01/28/2008
FILED 11:58 AM 01/28/2008
SRV 080088372 - 3480108 FILE
ATTACHMENT A TO THE STATE OF DELAWARE
CERTIFICATE OF AMENDMENT OF
CERTIFICATE OF INCORPORATION
4. The total number of shares of stock which the corporation shall have the authority to issue is One Hundred Fifty Million (150,000,000), of which One Hundred Million (100,000,000) shares of the par value $0.001 stock shall be common stock and Fifty Million (50,000,000) of the par value $0.001 shall be preferred stock.
The powers, preferences and rights, and the qualifications, limitations and restrictions of the corporation's common stock and preferred stock are as follows:
(a) holders of the corporation's common stock as a class have equal ratable rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefore and are entitled upon liquidation of the corporation to share ratable in the net assets available for distribution, are not redeemable, and have no pre-emptive or similar rights; and holders of the corporate common stock have one non-cumulative vote for each share held of record on all matters to be voted on by the corporation's stockholders.
(b) the shares of preferred stock may be issued in series, and shall have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions providing for the issuance of such preferred stock adopted from time to time by the Board of Directors. The Board of Director is hereby expressly vested with the authority to determine and fix in the resolution or resolutions providing for the issuance of preferred stock the voting powers, designations, preferences and rights, and the qualifications, limitations and restrictions thereof, of each such series to the full extent now and hereafter permitted by the laws of the State of Delaware.
EXHIBIT 3.2
BY-LAWS
OF
MEDIVISOR, INC.
ARTICLE I - OFFICES
Section 1. The registered office of the Corporation in the State of Delaware shall be at Corporation Trust Center 1209 Orange Street, Wilmington, County of New Castle, Delaware, 19801. The registered agent in charge thereof shall be The Corporation Trust Company.
Section 2. The Corporation may also have offices at such other places as the Board of Directors from time to time appoint or the business of the corporation may require.
ARTICLE II - SEAL
Section 1. The corporate seal shall have inscribed thereon the name of the corporation, year of its organization and the words "Corporate Seal, Delaware".
ARTICLE III - STOCKHOLDERS' MEETINGS
Section 1. Meetings of stockholders shall be held at the registered office of the corporation in this state or at such place, either within or without this state, as may be selected from time to time by the Board of Directors.
Section 2. Annual Meetings. The annual meeting of the stockholders shall be held on the 15th day of December in each year if not a legal holiday, and if a legal holiday, then on the next secular day following at 10 O'clock A.M., when they shall elect a Board of Directors and transact such other business as may properly be brought before the meeting. If the annual meeting for election for Directors is not held on the date designated therefore, the directors shall cause the meeting to be held as soon thereafter as convenient.
Section 3. Election of Directors: Election of Directors of the corporation SHALL be by written Ballot.
Section 4. Special Meetings: Special Meetings of the stockholders may be called at any time by the President, or the Board of Directors, or stockholders entitled to cast at least one-fifth of the votes which all stockholders are entitled to cast at the particular meeting. At any time, upon written request of any person or persons who have duly called a special meeting, it shall be the duty of the Secretary to fix the date of the meeting, to be held not more than sixty days after receipt of the request, and to give due notice thereof. If the Secretary shall neglect or refuse to fix the date of the meeting and give notice thereof, the person or persons calling the meeting may do so. Business transacted at all special meetings shall be confined to the subjects stated in the call and matters germane thereto, unless all stockholders entitled to vote are present and consent. Written notice of a special meeting of stockholders stating the time and place and subject thereof, shall be given to each stockholder entitled to vote thereat, at least 10 days before such meeting, unless a greater period of notice is required by statute in a particular case.
Section 5. Quorum: A majority of outstanding shares of the corporation entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of stockholders. If less than a majority of the outstanding shares entitled to vote is represented at a meeting, a majority of the shares so represented may adjourn the meeting at which a quorum shall be present or represented, any business may be transacted which might have transacted at the meeting as originally noticed. The stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
Section 6. Proxies: Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for him by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for longer period.
A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally. All proxies shall be filed with the Secretary of the meeting before being voted upon.
Section 7. Notice of Meetings: Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called.
Unless otherwise provided by law, written notice of any meeting shall be given not less than ten nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 8. Consent in lieu of Meetings: Any action required to be taken at any annual or special meeting of stockholders of a corporation, or any action which may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
Section 9. List of Stockholders: The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stock holders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder. No share of stock upon which any installment is due and unpaid shall be voted at any meeting. The list shall be open to examination of any Stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at the place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
ARTICLE IV - DIRECTORS
Section 1. The business and affairs of this corporation shall be managed by its Board of Directors, which shall number a minimum of one (1) and a maximum of seven (7) in number. The Directors need not be residents of this state or stockholders at the annual meeting of stockholders of the corporation, and each director shall be elected for the term of one year, and until his successor shall be elected and shall qualify or until his resignation or removal.
Section 2. Regular Meetings: Regular meetings of the Board shall be held without notice at the registered office of the corporation, or at such other time and place as shall be determined by the Board.
Section 3. Special Meetings: Special Meetings of the Board may be called by the President on a 10 days notice to each Director, either personally or by mail or by telegram; special meetings shall be called by the President or Secretary in the like manner and on like notice on the written request of the majority of the Directors in office.
Section 4. Quorum: A majority of the total number of Directors shall constitute a quorum for the transaction of business.
Section 5. Consent in Lieu of Meetings: Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee. The Board of Directors may hold its meetings, and have an office or offices, outside of this state.
Section 6. Conference Telephone: One or more Directors may participate in a meeting of the Board, of a committee of the Board or of the stockholders, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in this manner shall constitute presence in person at such meeting.
Section 7. Compensation: Directors as such, shall not receive any stated salary for their services, but by resolution of the Board, a fixed sum and expenses of attendance, if any, may be allotted for attendance at each regular or special meeting of the Board PROVIDED, that nothing herein contained shall be construed to preclude any Director from serving the corporation in an capacity and receiving compensation thereof.
Section 6. Removals: Any Director or the entire Board of Directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of Directors, except that when cumulative voting is permitted, if less than the entire Board is to be removed, no Director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire Board of Directors, or if there be classes of Directors, at an election of the class of Directors of which he is a part.
ARTICLE V - OFFICERS
Section 1. The executive officers of the corporation shall chosen by the directors and shall be a President, Secretary and Treasurer. The Board of Directors may also choose a Chairman, one or more Vice Presidents and such other officers, as it shall deem necessary. Any number of officers may be held by the same person.
Section 2. Salaries: Salaries of all officers and agents of the corporation shall be fixed by the Board of Directors.
Section 3. Term of office: The officers of the corporation shall hold office for one year and until their successors are chosen and have qualified. Any officer or agent elected or appointed by the board may be removed by the Board of Directors whenever in its judgment the best interest of the corporation will be served thereby.
Section 4. President: The president shall be the Chief Executive Officer of the corporation; he shall preside at all meetings of the stockholders and directors; he shall have general and active management of the business of the corporation, shall see that all orders and resolutions of the board are carried into effect, subject, however to the right of the Directors to delegate any specific powers, except such as may be by statute exclusively conferred on the President, to any other officer or officers of the corporation. He shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation. He shall be EX-OFFICIO a member of all committees, and shall have general power and duties of supervision and management usually vested in the office of President of a corporation.
Section 5. Secretary: The Secretary shall attend all sessions of the Board and all meetings of stockholders and act as clerk thereof, and record all the votes of the corporation and the minutes of all its transactions in a book to be kept for that purpose, and shall perform like duties for all committees of the Board of Directors when required. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or President, and under whose supervision he shall be. He shall keep in a safe custody the corporate seal of the corporation, and when authorized by the Board, affix the same to any instrument requiring it.
Section 6. Treasurer: The Treasurer shall have custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation, and shall keep the moneys of the corporation in a separate account to the credit of the corporation. He shall disburse the funds of the corporation and may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the President and Directors, at the regular meetings of the Board, or whenever they may require it, an account of all his transactions as treasurer and of the financial condition of the corporation.
ARTICLE VI - VACANCIES
Section 1. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise, shall be filled by the Board of Directors. Vacancies and newly created directorships resulting from any increase in authorized number of Directors may be filled by a majority of the Directors then in office, although less than a quorum, or by sole remaining Director. If at any time, by reason of death or resignation or other cause, the corporation should have no directors in office, then any officer or any stockholder or an executor, administrator, trustee or guardian of a stockholder, or other fiduciary entrusted with the responsibility for the person or estate of a stockholder, may call a special meeting of stockholders in accordance with the Provisions of these By-Laws.
Section 2. Resignations Effective at Future Date: When one or more Directors shall resign from the Board, effective at some future date, a majority of Directors then in office, including those who have resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective.
ARTICLE VII - CORPORATE RECORDS
Section 1. Any stockholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any purpose the corporation's stock ledger, a list of its stockholders, and its other books and records, and to make copies or extract therefrom. A purpose shall mean a purpose reasonably related to such person's interest as a stockholder. In every instance where an attorney or other agent shall be the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing, which authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the corporation at its registered office in this state or at its principal place of business.
ARTICLE VIII - STOCK CERTIFICATES, DIVIDENDS, ETC.
Section 1. The stock certificates of the corporation shall be numbered and registered in the share ledger and transfer books of the corporation as they are used. They shall bear the corporate seal and shall be signed by the President and Secretary
Section 2. Transfers: Transfers of shares shall be made on the books of the corporation upon surrender of the certificates thereof, endorsed by the person named in the certificate or by attorney, lawfully constituted in writing. No transfer shall be made which is inconsistent with law.
Section 3. Lost Certificates: The corporation may issue a new certificate of stock in place of any certificate therefore signed by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the corporation a bond to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
Section 4. Record Date: In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty days nor less than ten days prior to any other action.
If no record date is fixed:
(a) The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.
(b) The record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is necessary, shall be on the day on which the first written consent is expressed.
(c) The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
(d) A determination of stockholders of record entitled to notice of or vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjournment meeting.
Section 5. Dividends: The Board of Directors may declare and pay dividends upon the outstanding shares of the corporation from time to time and to such extent as they deem advisable, in the manner and upon the terms and conditions provided by statute and the certificate of Incorporation.
Section 6. Reserves: Before payment of any dividend there may be set aside out of the net profits of the corporation such sums as the Directors, from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purposes as the Directors shall think conducive to the interests of the corporation, and the Directors may abolish any such reserve in the manner in which it was created.
ARTICLE IX - MISCELLANEOUS PROVISIONS
Section 1. All checks or demands for money and notes of the corporation shall be signed by such officer or officers as the Board of Directors may from time to time designate.
Section 2. Fiscal Year: The fiscal year shall begin on the set by the Board of Directors
Section 3. Notice: Whenever written notice is required to be given to any person, it may be given to such person, either personally or by sending a copy thereof through the mail, or by telegram, charges prepaid, to his address appearing on the books of the corporation, or supplied by him to the corporation for the purpose of notice. If the notice is sent by mail or by telegraph, it shall be deemed to have been given to the person entitled thereto when deposited in the United States mail or with a telegraph office for transmission to such person. Such notice shall specify the place, day and hour of the meeting and, in the case of a special meeting of stockholders, the general nature of the business to be transacted.
Section 4. Waiver of Notices: Whenever any written notice is required by statute, or by the Certificate or the By-Laws of this corporation a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to giving of such notice. Except in the case of a special meeting of stockholders, neither the business to be transacted at nor the purpose of the meeting need be specified in the waiver of notice of such meeting. Attendance of a person either in person or by proxy, at any meeting shall constitute a waiver of notice of such meeting, except where a person attends a meeting for the express purpose of objecting to the transaction of any business because the meeting was not lawfully called or convened.
Section 5. Disallowed Compensation: Any payments made to an officer or employee of the corporation such as salary, commission, bonus, interest, rent, travel or entertainment expense incurred by him, which shall be disallowed in whole or in part as a deductible expense by the Internal Revenue Service, shall be reimbursed by such officer or employee to the corporation to the full extent of such disallowance. It shall be the duty of the Directors, as a Board, to enforce payment of each such amount disallowed. In lieu of payment by the officer or employee, subject to the determination of the Directors, proportionate amounts may be withheld from future compensation payments until the amount owed to the corporation has been recovered.
Section 6. Resignations: Any Director or other officer may resign at anytime, such resignation to be in writing, and to take effect from the time of its receipt by the corporation, unless some time fixed in the resignation and then from that date. The acceptance of a resignation shall be required to make it effective.
ARTICLE X - ANNUAL STATEMENT
Section 1. The President and the Board of Directors shall present at each annual meeting a full complete statement of the business and affairs of the corporation for the preceding year. Such statement shall be prepared and presented in whatever manner the Board of Directors shall deem advisable and need not be verified by certified public accountant.
ARTICLE XI - AMENDMENTS
Section 1. These By-Laws may be amended or repealed by the vote of stockholders entitled to cast at least a majority of votes which all stockholders are entitled to cast thereon, at any regular or special meeting of stockholders, duly convened after notice to the stockholders of the purpose.
MEDIVISOR, INC.
EXHIBIT 3.4
CODE OF BUSINESS CONDUCT AND ETHICS
OF
MEDIVISOR, INC.
TABLE OF CONTENTS
INTRODUCTION...................................................................1 CONFLICTS OF INTEREST..........................................................2 CORPORATE OPPORTUNITIES........................................................4 CONFIDENTIAL INFORMATION.......................................................5 COMPETITION AND FAIR DEALING...................................................5 PROTECTION AND USE OF COMPANY ASSETS...........................................6 COMPANY RECORDS................................................................7 ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS..................7 COMPLIANCE WITH LAWS AND REGULATIONS...........................................7 COMPLIANCE WITH INSIDER TRADING LAWS................ERROR! BOOKMARK NOT DEFINED. PUBLIC COMMUNICATIONS AND REGULATION FD........................................8 THE FOREIGN CORRUPT PRACTICES ACT AND OTHER LAWS GOVERNING OUR BUSINESS INTERNATIONALLY................................................................8 EMPLOYMENT PRACTICES...........................................................9 CONCLUSION....................................................................10 |
INTRODUCTION
PURPOSE
This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics, and is intended to qualify as a "code of ethics" within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. This Code should be considered to be a minimum standard. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.
This Code applies to all of our directors, officers, employees and agents, whether they work for the Company on a full or part-time basis. We refer to all persons covered by this Code as "Company employees" or simply "employees." We also refer to our principal executive office, our principal financial officer, our principal accounting officer and our controller as our "principal officers."
SEEKING HELP AND INFORMATION
This Code is not intended to be a comprehensive rule book and cannot address every situation that you may face. If you are faced with a difficult business decision that is not addressed in this Code, ask yourself the following questions:
o Is it legal?
o Is it honest and fair?
o Is it in the best interests of the Company?
o How does this make me feel about myself and the Company?
o Would I feel comfortable if an account of my actions was published with my
name in the newspaper?
If you still feel uncomfortable about a situation or have any doubts about whether it is consistent with the Company's high ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the Company's General Counsel (Diane D. Dalmy, Attorney at Law (303.985-9324).
REPORTING VIOLATIONS OF THE CODE
All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others should not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees. As noted in the immediately following section of this Code, all such reports shall be subject to confidentiality principles.
If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor. Your supervisor will contact the General Counsel, which will work with you and your supervisor to investigate your concern. If you do not feel comfortable reporting the conduct to your supervisor or you do not get a satisfactory response, you may contact the General Counsel directly. The General Counsel will work directly with you to investigate your concern. You may also report known or suspected violations of the Code on the toll-free hotline mentioned above; as previously stated above, you may remain anonymous and will
not be required to reveal your identity in calls to the hotline, although providing your identity may assist the Company in investigating your concern.
It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, including potential termination of employment, determined by the Board of Directors based upon the facts and circumstances of each particular situation. An employee accused of violating this Code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Any employee who fails to report known or suspected violations by another employee may also be subject to appropriate discipline. Furthermore, employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may also face substantial fines and penalties in such situations, not to mention damage to the Company's reputation and standing in the community. In short, your conduct as an employee of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.
CONFIDENTIALITY AND POLICY AGAINST RETALIATION
All questions and reports of known or suspected violations of the law or this Code will be treated with sensitivity and discretion. Your supervisor, the Legal Department and the Company will protect your confidentiality to the extent possible consistent with law and the Company's need to investigate your concern. The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee because the employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.
WAIVERS OF THE CODE
Waivers of this Code will be granted on a case-by-case basis, shall be limited in scope, and may be granted only when such waivers are in the best interests of the Company. Any such waiver shall automatically be revoked and deemed nullified in the event that any applicable law, regulation, rule or other governmental ordinance prohibits the conduct or condition, which results from such waiver. Waivers of this Code for employees may be made only by an executive officer of the Company at the request and with the concurrence of the General Counsel. Any waiver of this Code for our directors, executive officers or other principal officers may be made only by our Board of Directors or the appropriate committee of our Board of Directors and will be promptly disclosed to the public.
CONFLICTS OF INTEREST
IDENTIFYING CONFLICTS OF INTEREST
A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. Conflicts of interest also arise when a director, an officer, or a member of his or her immediate family received improper personal benefits as a result of his or her position as a director or officers of the Company. For guidance, the New York Stock Exchange Rule 303A(2)(b) defines "immediate family" to include a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law and anyone (other than employees) who share such person's home. You should actively avoid any private interest that may influence your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively. It is difficult to list all of the ways in which a conflict of interest may arise.
This Code does not attempt to describe all possible conflicts of interest which could develop. Some of the more common conflicts from which directors and officers must refrain, however, are set out below.
o OUTSIDE EMPLOYMENT. No employee may be employed by, serve as a director of, or provide any services to a company that is a material customer, supplier or competitor of the Company.
o IMPROPER PERSONAL BENEFITS. No employee may obtain improper personal benefits or favors because of his or her position with the Company. Please see "Gratuities, Gifts, Free Meals" below for additional guidelines in this area.
o Compensation from non-Company sources. Directors and officer may not accept compensation (in any form) for services performed for the Company from any source other than the Company unless approved by the Board of Directors or a committee approved by the Board of Directors..
o FINANCIAL INTERESTS. No employee may have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company. A "significant financial interest" means (i) ownership of 10% or more of the equity of a material customer, supplier or competitor or (ii) an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.
o LOANS OR OTHER FINANCIAL TRANSACTIONS. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.
o SERVICE ON BOARDS AND COMMITTEES. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably could be expected to conflict with those of the Company. Employees must obtain prior approval from the General Counsel before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether service in such position is still appropriate.
o Personal use of Company assets. Directors and officers may not use Company's assets, labor or information for personal use, unless approved by the Board of Directors or as part of a compensation or expense reimbursement program available to directors or officers.
For purposes of this Code, a company is a "material" customer if the company has made payments to the Company in the past year in excess of 5% of the Company's gross revenues. A company is a "material" supplier if the company has received payments from the Company in the past year in excess of $200,000 or 5% of the supplier's gross revenues, whichever is greater. A company is a "material" competitor if the company operates a membership warehouse club, discount store or hypermarket within a geographic market served by one or more of the Company's or its licensees' membership warehouse clubs. If you are uncertain whether a particular company is a material customer, supplier or competitor, please contact the General Counsel for assistance.
DISCLOSURE OF CONFLICTS OF INTEREST
The Company requires that employees fully disclose any situations that reasonably could be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it immediately to your supervisor or the General Counsel. While such situations are not automatically prohibited, they are not desirable and may only be waived by an executive officer of the Company at the request and with the concurrence of the General Counsel. Conflicts of interest of our directors, executive officers or other principal officers may only be waived by our Board of Directors or the appropriate committee of our Board of Directors and will be promptly disclosed to the public.
FAMILY MEMBERS AND WORK
The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. For example, it is a conflict of interest if a family member is employed by, or has a significant financial interest in, a company that is a material customer, supplier or competitor of the Company. It is also a conflict of interest if a family member obtains loans or guarantees of personal obligations from, or enters into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. Similarly, receipt of improper personal benefits or favors by family members creates a conflict of interest. Employees should not supervise a family member and employees are otherwise prohibited from participating in decisions concerning the employment, salary or job status of a family member.
Employees should report to a supervisor any situation involving family members that reasonably could be expected to give rise to a conflict of interest. Your supervisor will contact the General Counsel to discuss appropriate measures, if any, that should be taken to mitigate the potential conflict of interest. If a member of your family is an employee of, or has a significant financial interest in, a company that is a material customer, supplier or competitor of the Company, you will be prohibited from participating in business decisions with respect to such company. It is also inappropriate for you to discuss the Company's confidential information with members of your family that have such conflicting interests. For purposes of this Code, "family members" or "members of your family" include your spouse or life-partner, brothers, sisters and parents, in-laws and children whether such relationships are by blood or adoption.
CORPORATE OPPORTUNITIES
As an employee of the Company, you have an obligation to put the interests of the Company ahead of your personal interests and to advance the Company's interests when the opportunity to do so arises. If you discover a business opportunity through the use of corporate property, information or position that is in the Company's line of business, you must first present the business opportunity to the Company before pursuing the opportunity in your individual capacity. No employee may use corporate property, information or his or her position for personal gain, and no employee may compete with the Company either directly or indirectly.
The Company requires that you fully disclose to your supervisor the terms and conditions of each business opportunity covered by this Code that you wish to pursue. Your supervisor will contact the General Counsel and the appropriate management personnel to determine whether the Company wishes to pursue the business opportunity. If the Company waives its right to pursue the business opportunity, which must be authorized by an executive officer of the Company with the concurrence of the General Counsel, you may pursue the business opportunity on the same terms and conditions offered to the Company and
consistent with the other ethical guidelines set forth in this Code. Business opportunities available to directors, executive officers and other principal officers may only be waived by our Board of Directors or the appropriate committee of our Board of Directors and will be promptly disclosed to the public.
CONFIDENTIAL INFORMATION
Employees have access to a variety of confidential information while employed at the Company. Confidential information includes all non-public information that might be of use to competitors, or harmful to the company or its customers, if disclosed. Employees have a duty to safeguard all confidential information, except when disclosure is authorized or legally mandated. An employee's obligation to protect confidential information continues after an employee leaves the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company and could result in legal liability to you and the Company.
When discussing or in possession of confidential information, employees should always be aware of their surroundings. Employees should not discuss Company business in the presence of employees or others who do not have a right or need to know. Employees should be particularly careful in public places, including restaurants, airplanes, commuter trains and public pay phones. In appropriate circumstances, your supervisor or other appropriate Company personnel may authorize disclosure of confidential information. Authorized persons should only handle any outside requests for Company information. Please refer to the section of this Code entitled Public Communications and Regulation FD. Any question or concern regarding whether disclosure of Company information is legally mandated should be promptly referred to the Legal Department.
As a result of the Company's business relationships with customers, suppliers and others, Company employees may also have access to and be entrusted with confidential information of other companies. In these cases, other companies' confidential information must be afforded the same protection as the Company's confidential information.
COMPETITION AND FAIR DEALING
The Company competes vigorously but fairly. All employees are obligated to deal fairly with the Company's customers, suppliers and competitors. Employees will not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation or any other unfair-dealing practice.
RELATIONSHIPS WITH CUSTOMERS
Our business success depends upon our ability to foster lasting customer relationships. Trust is the cornerstone of these relationships. To build trust, the Company is committed to dealing with customers fairly, honestly and with integrity. In this regard, information we supply to customers should be current, accurate, and complete to the best of our knowledge. Employees should never deliberately misrepresent information to customers.
RELATIONSHIPS WITH SUPPLIERS
The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service and reputation. Employees dealing with suppliers must carefully guard their
objectivity. Specifically, no employee should accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, their objective assessment of the supplier's products and prices.
GRATUITIES, GIFTS, FREE MEALS
Employees of the Company are generally prohibited from accepting gifts, free meals and other gratuities from vendors, suppliers or other third parties. Please refer to the Policy regarding gratuities, gifts and free meals as set forth in the Company's Employee Handbook, a copy of said Policy being attached as Exhibit "B".
RELATIONSHIPS WITH COMPETITORS
The Company is committed to free and open competition in the marketplace and throughout all business dealings. Employees must avoid all actions that reasonably could be construed as being anti-competitive, monopolistic or otherwise contrary to laws governing competitive practices in the marketplace, including federal and state antitrust laws. This includes misappropriation and/or misuse of a competitor's confidential information, tampering with a competitor's products or making false statements about the competitor's business and business practices.
PROTECTION AND USE OF COMPANY ASSETS
All employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.
To ensure the protection and proper use of the Company's assets, each employee should:
o Exercise reasonable care to prevent theft, damage or misuse of Company property.
o Promptly report the actual or suspected theft, damage or misuse of Company property to a supervisor.
o Use the Company's voicemail, other electronic communication services or written materials for business-related purposes only and in a manner that does not reflect negatively on the Company or its customers.
o Safeguard all electronic programs, data, communications and written materials from inadvertent access by others.
o Use Company property only for legitimate business purposes, as authorized in connection with your job responsibilities.
Employees should be aware that Company property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems or by written media. Employees and other users of this property have no expectation of privacy with respect to these communications and data.
To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.
COMPANY RECORDS
Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public. In addition, our records are the source of essential data that guides business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.
All Company records must be complete, accurate and reliable in all material respects. There is never a reason to make false or misleading entries. In addition, undisclosed or unrecorded funds, payments or receipts are strictly prohibited. Ask your supervisor or the General Counsel if you have any questions.
ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS
We are a public company and are required to report our financial results and a great deal of financial and other information about our business to the public and the Securities and Exchange Commission. We are also subject to various securities laws and regulations. It is our policy to promptly disclose accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and cause legal liability.
Employees should be on guard for, and promptly report, evidence of improper financial reporting. Examples of suspicious activities that should be reported include:
o Financial results that seem inconsistent with the performance of underlying business transactions;
o Inaccurate Company records, such as overstated expense reports, or erroneous time sheets or invoices;
o Transactions that do not seem to have a good business purpose; and
o Requests to circumvent ordinary review and approval procedures.
The Company's senior financial officers and other employees working in the Finance/Accounting Department have a special responsibility to ensure that all of our financial disclosures are full, fair, accurate, timely and understandable. Such employees must understand and strictly comply with generally accepted accounting principles as adopted by the Company and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.
COMPLIANCE WITH LAWS AND REGULATIONS
Each employee has an obligation to comply with the laws of the cities, states and countries in which the Company operates. We will not tolerate any activity that violates any laws, rules or regulations applicable to the Company. This includes, without limitation, laws covering commercial bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice immediately from your supervisor and the Legal Department.
PUBLIC COMMUNICATIONS AND REGULATION FD
PUBLIC COMMUNICATIONS GENERALLY
The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. It is our policy to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. To ensure compliance with this policy, all news media or other public requests for information regarding the Company should be directed to the Company's Chief Financial Officer, who will work with you and the appropriate personnel to evaluate and coordinate a response to the request.
COMPLIANCE WITH REGULATION FD
In connection with its public communications, the Company is required to comply with a rule under the federal securities laws referred to as Regulation FD (which stands for "fair disclosure"). The Company has previously issued and distributed its Guidelines for Corporate Disclosure, to help ensure compliance with Regulation FD. A copy of the Guidelines for Corporate Disclosure is attached as Exhibit "D".
THE FOREIGN CORRUPT PRACTICES ACT AND OTHER LAWS GOVERNING OUR BUSINESS INTERNATIONALLY
The Foreign Corrupt Practices Act, broadly stated, prohibits the payment of bribes, kickbacks or other inducements to foreign officials. Please refer to the section of the Company's Employee Handbook entitled Compliance With Foreign Corrupt Practices Act, a copy of which is attached as Exhibit "E".
Employees with significant responsibilities in our international business units have an additional responsibility to understand and comply with such applicable laws. These employees are expected to have a working knowledge of the laws and regulations applicable to their job positions. Questions and requests for assistance should be directed to the Legal Department.
HEALTH AND SAFETY
Numerous laws and regulations cover employee health and safety. The Company is committed not only to comply with all relevant health and safety laws, but also to conduct business in a manner that protects the safety of its employees. All employees are required to comply with all applicable health and safety laws, regulations and policies relevant to their jobs. If you have a concern about unsafe conditions or tasks that present a risk of injury to you, please report these concerns immediately to the President of the Company.
EMPLOYMENT PRACTICES
The Company pursues fair employment practices in every aspect of its business. The following is intended to be a summary of our employment policies and procedures. Additional information is available from the President. Company employees must comply with all applicable labor and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with labor and employment laws can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the General Counsel if you have any questions about the laws, regulations and policies that apply to you.
HARASSMENT AND DISCRIMINATION
The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination because of race, color, religion, national origin, sex (including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected by law. The Company prohibits harassment in any form, whether physical or verbal and whether committed by supervisors, non-supervisory personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive objects or pictures.
If you have any complaints about discrimination or harassment, report such conduct to the President. All complaints will be treated with sensitivity and discretion. The President and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. Where our investigation uncovers harassment or discrimination, we will take prompt corrective action, which may include disciplinary action by the Company, up to and including, termination of employment. The Company strictly prohibits retaliation against an employee who, in good faith, files a compliant.
Any member of management who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment or discrimination is required to report it to the President immediately.
ALCOHOL AND DRUGS
The Company is committed to maintaining a drug-free work place. All Company employees must comply strictly with Company policies regarding the abuse of alcohol and the possession, sale and use of illegal substances. Drinking alcoholic beverages is prohibited while on duty or on the premises of the Company, except at specified Company-sanctioned events. Possessing, using, selling or offering illegal drugs and other controlled substances is prohibited under all circumstances while on duty or on the premises of the Company.
Likewise, you are prohibited from reporting for work, or driving a Company vehicle or any vehicle on Company business, while under the influence of alcohol or any illegal drug or controlled substance.
VIOLENCE PREVENTION AND WEAPONS
The safety and security of Company employees is vitally important. The Company will not tolerate violence or threats of violence in, or related to, the workplace. Employees who experience, witness or otherwise become aware of a violent or potentially violent situation that occurs on the Company's property or affects the Company's business must immediately report the situation to the President.
The Company does not permit any individual to have weapons of any kind in Company property or vehicles, while on the job or off-site while on Company business. This is true even if you have obtained legal permits to carry weapons. The only exception to this policy applies to security personnel who are specifically authorized by Company management to carry weapons.
CONCLUSION
This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you have any questions about these guidelines, please contact your supervisor or the General Counsel. We expect all of Company employees, regardless of their level or location, to adhere to these standards. Each employee is separately responsible for his or her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management. If you engage in conduct prohibited by the law or this Code, you will be deemed to have acted outside the scope of your employment. Such conduct will subject you to disciplinary action, including possibly termination of employment.
EXHIBIT 10.1
STOCK PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into this 30s day of June, 2007, by and between Big Plants Media Corp, hereinafter collectively referred to as the "Seller" and Medivisor, Inc., and/or assigns and/or nominees, hereinafter collectively referred to as the "Purchaser" (the term `Purchaser" shall extend to in the first instance the original Purchaser named herein and also the assigns of such Purchaser);
WITNESSETH:
WHEREAS, the Seller is the record owner and holder of the issued and Outstanding shares of the capital stock of Big Pants Media Corp, hereinafter referred to as the "Corporation", a New York corporation, which Corporation has issued capital stock of _____ shares of $0 par value common stock, and
WHEREAS, the Purchaser desires to purchase all of the issued and outstanding capital stock of the Corporation (referred to as the "Corporation's Stock"), and the Seller desires to sell or cause to be sold all of the Corporation's stock, upon the terms and subject to the conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and in order to consummate the purchase and the sale of the Corporation's Stock aforementioned, it is hereby agreed as follows:
1. PURCHASE AND SALE: CLOSING.
a. Purchase and Sale of Corporation's Stock. Subject to the terms and conditions hereinafter set forth, at the closing of the transaction contemplated hereby, the Seller shall sell, convey and transfer, or cause to be sold, conveyed or transferred, all of the Corporation's Stock and deliver to the Purchaser certificates representing such stock and the Purchaser shall purchase from the Seller the Corporation's Stock in consideration of the purchase price set forth in Section 2 and Exhibit "A" of this Agreement. The certificates representing the Corporation's Stock shall be duly endorsed for transfer or accompanied by appropriate stock transfer powers duly executed in blank, in either case with signatures guaranteed in the customary fashion, and shall have all the necessary documentary transfer tax stamps affixed thereto at the expense of the Seller.
b. Procedure for Closing. The closing of the transactions contemplated by this Agreement (the "Closing"), shall be held on the 31st day of May, 2007 ant 326 Walt Whitman Rd, Huntington Station, NY 11746 or such other place, date and time as the parties hereto may otherwise agree (such date to be referred to in this Agreement as the "Closing Date").
2. AMOUNT AND PAYMENT OF PURCHASE PRICE. The total consideration and method of payment thereof are fully set out in Exhibit "A" attached hereto and made a part hereof.
3. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby warrants and represents:
a. Organization and Standing. Corporation is a corporation duly organized, validly existing and in good standing under the laws of the State of New York and has the corporate power and authority to carry on its business as it is now being conducted. A true and correct copy of:
i. its Certificate of Incorporation and all amendments thereto to date certified by the Secretary of State of the State of New York, and
ii. its Bylaws as now in effect, will be delivered by Seller to the Purchaser prior to the Closing Date. The Corporation's minute books will be made available to the Purchaser and its representatives at any reasonable time or times prior to the Closing for inspection and will be complete and correct as of the date of any such inspection.
b. Capitalization. The authorized capital stock of the Corporation consists of shares of $ 0 par value common stock.
c. Restrictions on Stock.
i. Neither the Corporation nor Seller is a party to any agreement, written or oral, creating rights in respect to the Corporation's Stock in any third person or relating to the voting of the Corporation's Stock.
ii. Seller is the lawful owner of all the Corporation's Stock, free and clear of all security interests, liens, encumbrances, equities and other charges.
iii. There are no existing warrants, options, stock purchase agreements, redemption agreements, restrictions of any nature; calls or rights to subscribe of any character relating to the capital stock of the Corporation, nor are there any securities convertible into such stock.
d. Subsidiaries. The Corporation has no subsidiaries.
e. Authority Relative to this Agreement. Except as otherwise stated herein. the Seller has full power and authority to execute this Agreement and carry out the transactions contemplated by it and no further action is necessary by the Seller to make this Agreement valid and binding upon Seller and enforceable against it in accordance with the terms hereof, or to carry out the actions contemplated hereby. The execution, delivery and performance of this Agreement by the Seller will not:
i. constitute a breach or a violation of the Corporation's Certificate of Incorporation, By-Laws, or of any law, agreement, indenture, deed of trust, mortgage, loan agreement or other instrument to which it is a party, or by which it is bound;
ii. constitute a violation of any order, judgment or decree to which it is a party or by which its assets or properties are bound or affected; or
iii. result in the creation of any lien, charge or encumbrance upon its assets or properties, except as stated herein.
f. Financial Statements. Seller is furnishing financial statements of the Corporation as an inducement to Purchaser to purchase the Corporation's Stock and accordingly, Seller warrants and represents the financial operating history or condition of the Corporation as indicated by the financial statements turned over to Purchaser. Moreover, Seller warrants and represents that at closing the Corporation and the Corporation's Stock will not be subject to any liability save and except those specifically enumerated in Exhibit "B" attached hereto and made a part hereof.
To the extent that liabilities are discovered by Purchaser after Closing which relate to events prior to Closing, Seller shall be responsible to forthwith pay such liabilities, including income tax liabilities in cash within fifteen (15) days thereof, or alternatively, if Seller objects to such liabilities in good faith, litigate the issue and indemnify and save harmless Purchaser from any claim for such liability This indemnification as it relates to income tax liabilities of the Corporation shall terminate on the tenth (10th) day after the expiration of the applicable period of limitations on assessments and collections applicable to such taxes under the Internal Revenue Code. Moreover, the aforementioned indemnity shall not apply to any tax liability which may occur by reason of actions taken by the Purchaser including, but not limited to, the liquidation of the Corporation.
g. Tax Matters. The Corporation has timely prepared and filed all federal, state and local tax returns and reports as are and have been required to be filed and all taxes shown thereon to be due have been paid in full.
h. Litigation. The Corporation is not a party to any litigation, proceeding or administrative investigation and to the best knowledge of the Seller none is pending against the Corporation or its properties.
i. Properties. The Corporation has good and merchantable title to all of its properties and assets which are those properties and assets set out in Exhibit "C" attached hereto and made a part hereof. At closing, such properties and assets will be subject to no mortgage, pledge, lien, conditional sales agreement, security agreement, encumbrance or charge, secured or unsecured, except for real estate taxes and tangible personal property taxes which shall be prorated as of the date of closing, or those specifically set out in Exhibit "B"
j. Compliance with Applicable Laws. None of the Corporation's actions are prohibited by or have violated or will violate any law in effect on the date of this Agreement or on the date of closing. None of the actions of the Corporation shall conflict with or result in any breach of any of the provisions of, or constitute a default under, or result in the creation of any lien, security interest, charge or encumbrance upon the capital stock of the Corporation, or upon any of the assets of the Corporation, under the provisions of the Certificate of Incorporation or Bylaws or any indenture, mortgage, lease, loan agreement or other agreement to which the Corporation and/or the Seller is a party or by which the capital stock or properties and assets of the Corporation are bound to effect it.
The Corporation is in compliance with all applicable laws, including, but not limited to, corporate laws, zoning regulations, restaurant and beverage laws and regulations, if applicable, city, and/or county and state occupational laws and regulations, internal revenue laws, and any and all other laws which may effect the operation or liability of the Buyers herein.
k. Documents for Review. The Corporation's documents enumerated in Exhibit "D", attached hereto and made a part hereof, are true, authentic, and correct copies of the originals, or, if appropriate, the originals themselves, and no alterations or modifications thereof have been made.
4. REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER. Seller and Purchaser hereby represent and warrant that there has been no act or omission by Seller, Purchaser or the Corporation which would give rise to any valid claim against any of the parties hereto for a brokerage commission, finder's fee, or other like payment in connection with the transactions contemplated hereby.
5. TRANSACTIONS PRIOR TO THE CLOSING. Seller hereby covenants the following:
a. Conduct of Corporation's Business Until Closing. Except as Purchaser may otherwise consent in writing prior to the Closing Date, Seller will not enter into any transaction, take any action or fail to take any action which would result in, or could reasonably be expected to result in or cause, any of the representations and warranties of Seller contained in this Agreement, to be not true on the Closing Date.
b. Resignations. Seller will deliver to Purchaser prior to the Closing Date the resignation of each director and officer of the Corporation, each such resignation to be effective on the Closing Date, if requested by buyer.
c. Satisfactions. Seller will deliver to Purchaser on the Closing Date a satisfaction from any mortgage and lien holder of the Corporation's property, satisfactory in form and substance to the Purchaser and his counsel indicating that the then outstanding unpaid principal balance of any promissory note secured thereby has been paid in full prior to or simultaneously with the Closing.
d. Advice of Changes. Between the date hereof and the Closing Date, Seller will promptly advise Purchaser in writing of any fact which, if existing or known at the date hereof, would have been required to be set forth herein or disclosed pursuant to this Agreement, or which would represent a material fact the disclosure of which would be relevant to the Purchaser.
6. EXPENSES. Each of the parties hereto shall pay its own expense in connection with this Agreement and the transactions contemplated hereby, including the fees and expenses of its counsel and its certified public accountants and other experts.
7. GENERAL. a. Survival of Representations and Warranties. Each of the parties to this Agreement covenants and agrees that the Seller's representations, warranties, covenants and statements and agreements contained in this
g. Conditions Precedent. The Conditions Precedent to the enforceability of this Agreement are outlined in Exhibit "E", attached hereto and made a part hereof. In the event that said Conditions Precedent are not fulfilled by the appropriate dates thereof, this Agreement shall be deemed null and void and any deposits paid shall be returned to the Purchaser forthwith.
h. Contractual Procedures. Unless specifically disallowed by law, should litigation arise hereunder, service of process therefore may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.
IN WITNESS WHEREOF, this Agreement has been executed by each of the individual parties hereto and signed by an officer thereunto duly authorized and attested under the corporate seal by the Secretary of the corporate party hereto, all on the date first above written.
Signed, sealed and delivered in the presence of:
(CORPORATE SEAL)
By:
____________________________________ _________________________________________
Witness (It's President Sole Officer
____________________________________
Witness
Big Pants Media
____________________________________ _________________________________________
Witness Seller
____________________________________
Witness
Medivisor Inc.
____________________________________ _________________________________________
Witness Buyer
____________________________________
Witness
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EXHIBIT "A"
AMOUNT AND PAYMENT OF PURCHASE PRICE
a. Consideration. As total consideration for the purchase and sale of the Corporation's Stock, pursuant to this Agreement, the Purchaser shall pay to the Seller the sum of 50.000 restricted two years shares of Medivisor Inc. valued at present at $85,000.00 such total consideration to be referred to in this Agreement as the "Purchase Price".
ii. Stock certificate of Purchaser in the amount of 50.000 shares to be delivered to Seller upon Seller's examination and approval of the books and records of the Corporation.
iii. Stock of Purchaser in the amount of 50,000 shares to be delivered to Seller at closing
c. In the event that the Purchaser, after a complete review of the Corporation's books, records, financial statements, sales tax receipts, bank statements, check books, and any other document required by Purchaser to verify the standing, status or performance of the Corporation, does not approve said purchase, then in that event, all deposits paid to that date shall be returned to Purchaser with no further liability, responsibility or obligation.
EXHIBIT "B"
PROPERTIES AND ASSETS OF CORPORATION
EXHIBIT "C" DOCUMENTS FOR REVIEW
i. Corporate Articles of Incorporation
ii. Corporate Bylaws
iii. Corporate Minutes and Resolutions
iv. Financial and Operating Statements
v. Income Tax Returns
vi. Accounts Receivable and Payable Ledgers
g. Conditions Precedent. The Conditions Precedent to the enforceability of this Agreement are outlined in Exhibit "E", attached hereto and made a part hereof. In the event that said Conditions Precedent are not fulfilled by the appropriate dates thereof, this Agreement shall be deemed null and void and any deposits paid shall be returned to the Purchaser forthwith.
h. Contractual Procedures. Unless specifically disallowed by law, should litigation arise hereunder, service of process therefore may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.
IN WITNESS WHEREOF, this Agreement has been executed by each of the individual parties hereto and signed by an officer thereunto duly authorized and attested under the corporate seal by the Secretary of the corporate party hereto, all on the date first above written
Signed, sealed and delivered in the presence OF:
(CORPORATE SEAL)
/s/ By: /s/
____________________________________ _________________________________________
Witness (It's President SOLE OFFICER)
____________________________________
Witness
Big Pants Media
/s/ /s/
____________________________________ _________________________________________
Witness Seller
____________________________________
Witness
Medivisor Inc.
/s/ /s/
____________________________________ _________________________________________
Witness Buyer
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EXHIBIT 10.2
MASTER AGENT AGREEMENT
This Agreement is made and entered into by and between Wellscape LLC, an Oregon Limited Liability Company, with principal offices at 2649 Williamette Street, Eugene, Oregon 97405 (the "Company"), and Medivisor, Inc., with principal offices at 326 Walt Whitman Road, Huntington Station, NY 11746 (the "Agent").
RECITALS:
Whereas, the Company develops and sells software applications for the healthcare industry; and
Whereas, Agent is in the business of providing solutions to the healthcare industry, herein after referred to as Agent's "Services", and
Whereas, the Company desires to gain the Services of Agent; and
Whereas, Agent desires to sell such Services.
Now therefore, in consideration of the mutual covenants herein and other good and valuable consideration given by each party to the other, the receipt and sufficiency of all of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. DEFINITIONS
In this Agreement the following terms shall have the following meanings:
A. "Products" shall mean the software applications Smart-PI(R), Rx-Minder(R), and Physi-Calc(TM) developed by and customized by the Company (with additional applications to be added in writing at the Company's discretion)
B. "Agent's Authorized Clients" will include customers to whom Agent (i) has submitted a proposal and (ii) is diligently pursuing the execution of a purchase agreement for Product. If a purchase agreement and deposit for Product are received from a customer within 180 days of the proposal submittal, the customer shall remain Agent's Authorized Client for a period of one year from the Company's receipt of the purchase agreement and deposit or, if sooner, the termination or expiration of this Agreement.
C. "Program" means the entire package of components and services that Agent is providing to Agent's Authorized Client. In addition to Products, the components of each Program may include but are not limited to CD production, direct mail development and printing, fulfillment, creative, mail services and collateral packaging and materials.
D. "Retail Pricing" shall mean the amount the Agent is paid for sales made on Products (see Exhibit 2).
E. "Sales Commission" shall mean the amount the Agent is paid for sales made on Products (see Exhibit 2).
F. "Confidential Information" shall include, but not be limited to, trade secrets, technical information, technological information, computer programs and related documentation, specifications, designs, drawings, concepts, ideas, methods, business plans, business strategies, projections, prices, research information, financial information, customer lists, customer information and data and all other materials and information not generally known to others or which have otherwise been maintained in confidence by the Company.
G. "Master List of Authorized Client" shall mean the list posted on the Company's website showing Agent's Authorized Clients and the Authorized Clients of all other agents and other sales entities for the Company, as amended from time to time by the Company.
H. "Purchase Agreement" shall mean the Company's purchase agreement template, including the terms and conditions on the back or attached to the template in the form of Exhibit 3.
2. GRANT AND TERM OF REPRESENTATION
A. On the terms provided herein, Company Hereby appoints Agent as its exclusive agent for sale of Products to Agent's Authorized Clients, and Agent hereby accepts this appointment.
B. Unless sooner terminated in accordance with the provisions hereof, the initial term of this Agreement shall be a period of 12 months from the date this Agreement is executed.
C. Unless sooner terminated in accordance with the provisions hereof, this Agreement will be renewed automatically each year thereafter.
D. Agent shall sell a minimum of $200,000 at Retail Pricing during each contract year.
3. AGENTS GENERAL OBLIGATIONS
Agent shall:
A. Devote its diligent efforts to promoting and selling the Products.
B. Distribute sales brochures and other information describing the Products.
C. Maintain accurate and complete records concerning current and prospective Authorized Clients which have purchased or express interest in purchasing the Products.
D. Follow up on inquiries and price quotations.
E. As Agent identifies new opportunities not included on the Master List of Authorized Clients, Agent will contact Company to discuss in order to coordinate sales efforts across agents and other sales entities.
F. Submit proposals to Authorized Clients and contemporaneously send a copy of each such proposal to the Company.
G. After a proposal has been submitted to an Authorized Client, diligently pursue the closing of the sale.
H. Receive Purchase Agreements for Product in the form attached as Exhibit 3, and with each Purchase Agreement, Agen shall collect a "Deposit Fee" equal to 50% of the total Retail Price for Product ordered and deliver the same to the Company.
I. Communicate on a consistent basis with each Authorized Client in order to determine level of satisfaction with Products, and notify Company of all complaints and problems with respect to quality, price or support relative to the Products.
J. Conduct any and all sales activities in connection with the Products in a lawful manner and use its commercially reasonable efforts to enact and carry out a merchandising policy designed to preserve the good will of the Company and the Products.
K. Agent agrees to only present Retail Pricing to potential clients. If special pricing is required for a specific Program, Agent agrees to request this pricing in writing before presentation to potential clients.
L. Refrain from selling or promoting the Products to any entity included on the Company's Master List of Authorized Clients unless the entity is one of Agent's Authorized Clients.
M. Refrain from selling or promoting any directly competitive software products.
4. COMPANY'S GENERAL OBLIGATIONS
Company shall:
A. Work diligently with Agent's Authorized Clients to deliver Products resulting from orders as a result of Agent's efforts.
B. During the term of this Agreement and so long as Agent is not in breach of any provision of this Agreement, refrain from conducting any selling efforts on its own or through other agents to Agent's Authorized Clients.
C. Timely respond to all requests for information and pricing by Agent.
D. Maintain and update from time to time the Master List of Authorized Clients.
E. Update from time to time the Retail Pricing (Exhibit 1).
F. Update from time to time the Purchase Agreement (Exhibit 3).
5. PRICING
A. Company will provide to Agent an initial Retail Price list, herein attached as Exhibit 1.
B. Company reserves the right to change Retail Pricing at any time with the understanding that any Retail Pricing already provided in any pending Program proposals to Agent's Authorized clients will remain unchanged.
6. SALES COMMISSION
During the term of this Agreement, Company shall pay Agent commissions on the sale of Product to Agent's Authorized Clients in accordance with Exhibit 2 to this Agreement.
7. CONFIDENTIAL INFORMATION
Agent shall neither use nor disclose to any third parties any confidential Information concerning the business affairs or the Products of Company which Agent may acquire during the course of its activities under this Agreement. In addition, Agent shall take any and all necessary precautions to prevent any such disclosure by its employees, officers, directors, Agents or agents. Agent further acknowledges and understands that any right, title and interest in and to the Confidential Information is vested in Company and that such information is the sole property of Company.
8. TRADEMARKS, PATENTS AND COPYRIGHTS
Agent hereby acknowledges the Company's exclusive right, title and interest in and to any and all trademarks, whether or not registered with the US Patent and Trademark office (PTO) ("Trademarks"): copyrights, whether or not registered with the US Copyright Office ("Copyrights"): patents, including any pending patent applications ("Patents"), which the Company may at any time have used, adopted or acquired. Agent agrees that it shall not do, or cause to be done, any acts or things contesting or in any way impairing or tending to impair any portion of Company's right, title and interest in and to the Trademarks, Patents and Copyrights. Agent further acknowledges that, in connection with any reference to the Trademarks, Patents and Copyrights, Agent shall not in any manner represent that it possesses any ownership interest in the Trademarks, Patents and copyrights or the registration thereof, nor shall any action taken by Agent or on Agent's behalf create in Agent's favor any right, title or interest in and to the Trademarks, Patents and Copyrights
9. NON LIABILITY OF COMPANY
Company shall not be responsible for any claim, demand, loss, expense or liability of any kind, including without limitation, special, consequential or indirect damages, relation to or arising from any loss by Agent from the sale of Products under this Agreement, including without limitation loss of present or prospective profits, anticipated sales, or expenditures by Agent.
10. INDEMNITY
Agent shall indemnify the Company and hold the Company harmless from and against, and shall defend against, any and all claims and damages of every kind for injury to or death of any person or persons and for damage to or loss of property, arising out of or attributed, directly or indirectly, to the acts or omissions of Agent. In addition, Agent shall at all times during the term hereof maintain appropriate liability insurance covering all Products sold by Agent to its customers in aggregate limits of at least $1,000,000.00 per occurrence, which policies shall name the Company as an additional insured. Agent shall provide the Company with a true copy of said insurance policy upon request.
The Company shall indemnify Agent and hold harmless Agent from and against and shall defend against any and all claims and damages of every kind including but not limited to copyright, copy patent and trademark infringement and for injury to or death of any person or persons and for damage to or loss of property, arising out of or attributed, directly or indirectly, to the acts or omissions of the Company. In addition, The Company shall at all times during the term hereof maintain appropriate liability insurance covering all Products sold by the Company in aggregate limits of at least $1,000,000.00 per occurrence, which policy shall name Agent as Additional Insured. The Company shall provide Agent with a true copy of said Insurance Policy upon request.
11. ASSIGNMENT
Neither party shall assign this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed.
12. INDEPENDENT CONTRACTOR RELATIONSHIP
Agent agrees that, with respect to all matters relating to this Agreement, Agent shall be deemed to be an independent contractor and shall bear all of its own expenses in connection with this Agreement. Agent shall have no authority, whether neither express nor implied, to assume or create any obligation on behalf of Company nor shall Agent issue or cause to be issued any quotations or draft any letters or documents over the name of the Company.
13. TERMINATION OF AGREEMENT
A. By Company, The Company may terminate this Agreement without prejudice to any other remedy to which it may be entitled as follows:
i. Immediately upon notice from the Company: if Agent is adjudicated a voluntary or involuntary bankrupt; if Agent becomes insolvent or has receiver of its assets or property appointed; or if Agent makes an assignment for the benefit of creditors.
ii. Upon 30 days notice in the event of any default or breach of Agent's obligations under this Agreement, unless said default or breach is cured by Agent within said 30 day period.
iii. Upon 30 days prior written notice to Agent at the discretion of the Company; provided, however, that the Company shall pay Agent the Sales Commission owed
under Exhibit 2 for all Product delivered after the effective date of termination on Purchase Agreements entered into with 50% deposits made prior to the effective date of termination. In order for Agent to receive te Sales Commission post termination as provided in the section, Agent must continue to provide the services required under Section 3 of this Agreement to Agent's Authorized Client [s] identified in the Purchase Agreement [s] through the final invoice date.
B. By Agent. Agent may terminate this Agreement without prejudice to any other remedy to which it may be entitled as follows:
i. Immediately upon notice from Agent: if the Company is adjudicated a voluntary or involuntary bankrupt; if the Company becomes insolvent or has a receiver of its assets or property appointed; or if the Company makes an assignment for the benefit of creditors.
ii. Upon 30 days notice in the event of any default or breach of the Company's obligations under this Agreement, unless said default or breach is cured by the Company within said 30 day period.
iii. Upon 30 days prior written notice to the Company at the discretion of Agent.
14. CHOICE OF LAW
All disputes concerning the validity, interpretation, or performance of this Agreement and any of its terms or provision, or of any right or obligations of the parties hereto, shall be governed by and resolved in accordance with the laws of the state of Oregon.
15. NOTICES
Any notice or communication required or permitted to be given under this Agreement may be delivered by hand, deposited with an overnight courier, sen by email with receipt conformation, confirmed facsimile transmission, or mailed by registered or certified mail, return receipt requested, postage prepaid, in each case to the address of the receiving party. Such notice will be deemed to have been given as of the date it is delivered, emailed or faxed, whichever is earlier.
16. WAIVER AND DELAY
No waiver by any party of any breach or series of breaches or defaults in performance by the other party, and no failure, refusal or neglect of either party to exercise any right, power or option given to it hereunder to insist upon strict compliance with or performance of either party's obligations under this Agreement, shall constitute a waiver of the provisions of this Agreement with respect to any subsequent breach thereof or a waiver by either party of its right at any time thereafter to require exact and strict compliance with the provisions thereof.
17. SUCCESSORS AND ASSIGNS
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto, subject to the restrictions on assignment contained herein.
18. ENTIRE AGREEMENT
This Agreement contains all of the terms and conditions agreed upon by the parties hereto with reference to the subject matter hereof. No other agreements, oral or otherwise, shall be deemed to exist or to bind any of the parties hereto, and all prior agreements and understanding are superseded hereby. This Agreement cannot be modified or changed except by written instrument signed by each of the parties hereto.
19. HEADINGS FOR CONVENIENCE
Titles used in this Agreement are for convenience only and shall not be deemed to affect the meaning or construction of any of the terms, provision, covenants, or conditions of this Agreement.
20. SEVERABILITY
Nothing contained in this Agreement Shall be construed as requiring the commission of any act contrary to law. Whenever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation contrary to which the parties have no legal right to contract, the latter shall prevail, but in such event the provision of this Agreement thus affected shall be curtailed and limited only to the extent necessary to bring it within the requirements of the law. In the event that any part, article, section, paragraph, sentence or clause of this Agreement shall be held to be indefinite, invalid or otherwise unenforceable, the indefinite, invalid or unenforceable provision shall be deemed deleted, and the remaining part of the Agreement shall continue in full force and effect. If any tribunal or court of competent jurisdiction deems any provision hereof unenforceable, such provision shall be modified only to the extent necessary to render it enforceable and this Agreement shall be valid and enforceable and the parties hereto agree to be bound by and perform same as thus modified.
21. MEDIATION, ARBITRATION.
In the event of any dispute or claim arising out of or relating to this Agreement or to the interpretation or breach thereof, it is agreed that such dispute or claim will be submitted to a mediator, agreed to and compensated equally by both parties, prior to commencement of arbitration. Mediation will be conducted in Eugene, Oregon. Both parties agree to exercise their best efforts in good faith to resolve all disputes in mediation.
In the event that mediation is not successful in resolving any dispute or claim arising out of or relation to this Agreement, or to the interpretation of any breach thereof, it is agreed that the dispute or claim shall be resolved by binging arbitration in accordance with the then effective rules of the American Arbitration Association, and a judgment upon the award rendered pursuant to such arbitration may be entered in any court having jurisdiction thereof. The parties shall have the right to discovery and joinder of parties and claims in accordance with the Oregon Rules of Civil Procedure.
In the event suit or action is brought, or arbitration proceeding is initiated to enforce or interpret any of the provisions of this Agreement, or tat is based thereon, the prevailing party shall be entitled to its reasonable attorney fees in connection therewith. The determination of who is the prevailing party and the amount of reasonable attorney fees to be paid to the prevailing party shall be decided by the arbitrator (with respect to attorney fees incurred prior to and during the arbitration proceedings) and by the court or courts, including any appellate court, in which such matter is tried, heard or decided, including a court that hears a request to compel or enjoin arbitration or that hears any exceptions made to an arbitration award submitted to it for confirmation as a judgment (with respect to attorney fees incurred in such proceedings). In the event that a judgment, decree, order or award.
22. CONSTRUCTION
Each party intends that this Agreement in all respects shall be deemed and construed to have been prepared mutually by all parties and it is hereby expressly agreed that any uncertainty or ambiguity existing herein shall not be construed against any party.
23. COUNTERPARTS
This Agreement may be executed in several counterparts, including facsimile counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one agreement binding on the parties hereto, notwithstanding that all the parties have not signed the same counterpart.
IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND the parties have executed this Agreement by their respective authorized officers.
The effective date of this Agreement is the 11th day of February, 2005.
AGENT: COMPANY:
Medivisor, Inc.. WELLSCAPE LLC.
____________________________________
(company name)
/s/ MICHAEL SPEISER
____________________________________ _______________________________
By: (signature) By: (signature)
Michael Speiser
____________________________________ _______________________________
Name: Name:
President
____________________________________ _______________________________
Title: Title:
2/11/2005
____________________________________ _______________________________
Date: Date:
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EXHIBIT 2
SALES COMMISSION
Sales commissions shall be paid at 25% of Company's gross receipts (not including reimbursement for taxes of shipping cost) from the sale of Products to Agent's Authorized Clients based on Retail Pricing as shown in Exhibit 1.
Commission Bonus: A 5% retroactive bonus will be paid once the Sales Agent achieves $200,000 in new revenue in a given contract year. The contract year starts the day the Master Agent Agreement is singed and on each anniversary date of the signing.
Payments:
Company shall make commission payments to Agent on or prior to the 15 day of the month immediately following the Company's receipt of payment from Agent's Authorized Clients.
Additional Terms:
1. Agent will be required to collect the 50% deposit with each Purchase Agreement. (Exhibit 3)
2. Agent is required to write all orders on the Purchase Agreement form and send directly to Company for processing. Agent will indemnify Company from any liability and cost relating to Purchase Agreements improperly filled out and or incorrect information.
3. It is understood that on a case-by-case basis, with Company's prior written consent certain selected accounts may be negotiated pricing; however, that could affect commission percentages.
4. No commissions are paid on Annual or Monthly Maintenance fees or Language Translation fees.
EXHIBIT 10.3
HEADS OF AGREEMENT
Between: Medivisor Inc. (MV)
326 Walt Whitman Rd.
Huntington Station, NY 11476
And: Cura Pharmaceuticals Co Inc. (CURA)
542 Industrial Way West
Eatontown, NJ, 07724
U.S.A.
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INTRODUCTION
This letter agreement, sets out the terms on which MV and CURA agree to enter for the supply and the marketing of Mucotrol (Product) in the U.S.A. (the Territory) to MV.
1 OBLIGATIONS OF THE PARTIES
1.1 CURA will:
(a) Supply and distribute the Product in the Territory as per current Good Distribution Practices (cGDp)
(b) Provide MV such assistance, advice and guidance as may be required in order to effectively sell in the Territory.
1.2 MV will:
(a) Be responsible for selling the Finished Product in the Territory
(b) Be responsible for all costs pertaining to the selling of the Product in the Territory
2 COSTS & REVENUES
2.1 The parties agree to share 50%/50% CURA/MV in the Net Profit derived from the commercialization of the Finished Product in the Territory.
NET PROFIT shall mean the difference obtained from the Net Selling Price less (i) the cost of the Finished Product and (ii) the portion of net profit allocated to GeoPharma, as per contractual arrangement between GEOPHARMA and CURA dated September 26, 2005.
NET SELLING PRICE shall mean the selling price authorized for the Finished Product by the relevant health authorities pursuant to the Marketing Authorization.
2.2 MV shall guarantee obtaining a minimum of 10,000 units in sales by the end June 2008. Afterwards, MV shall guarantee obtaining a minimum of 20,000 units in sales every year. Failure by MV to achieve above-stated quotas, then CURA shall have the right to nominate another entity in the Territory for the Commercialization of the Finished Product. At such an event, CURA shall share the net profits 80% for CURA and 20% MV.
HEADS OF AGREEMENT
2.3 Should the market conditions of product result in there being no margin to be resulted by either party, either party has the right to cancel the agreement with 90 days notice.
3 DURATION
It is agreed that these Heads will be effective from the date of signature and shall have a duration of 5 years with effect from the date of signature.
4 GOVERNING LAW
These Heads are and the Agreement will be governed by State of New Jersey.
5 CONFIDENTIALITY
The parties agree to keep the terms of these Heads confidential and not to disclose any part of them to any third party without the other's prior consent.
For and on behalf of:
MEDIVISOR, INC.
/s/ CANDIDO LUZZI 10-22-07
_________________________
Candido Luzzi, CEO
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For and on behalf of:
CURA Pharmaceuticals Co. Inc.
/s/ FABIO LANZIERI 10-22-07
_________________________
Fabio Lanzieri, President
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EXHIBIT 10.4
HEADS OF AGREEMENT
Between: Medivisor Inc. (MV)
326 Walt Whitman Rd.
Huntington Station, NY 11476
And: Cura Pharmaceuticals Co Inc. (CURA)
542 Industrial Way West
Eatontown, NJ, 07724
U.S.A.
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INTRODUCTION
This letter agreement, sets out the terms on which MV and CURA agree to enter for the supply and the marketing of Albumax (Product) in the U.S.A. (the Territory) to MV.
1 OBLIGATIONS OF THE PARTIES
1.1 CURA will:
(a) Supply and distribute the Product in the Territory as per current Good Distribution Practices (cGDp)
(b) Provide MV such assistance, advice and guidance as may be required in order to effectively sell in the Territory.
1.2 MV will:
(a) Be responsible for selling the Finished Product in the Territory
(b) Be responsible for all costs pertaining to the selling of the Product in the Territory
2 COSTS & REVENUES
2.1 The parties agree to share 50%/50% CURA/MV in the Net Profit derived from the commercialization of the Finished Product in the Territory.
NET PROFIT shall mean the difference obtained from the Net Selling Price less (i) the cost of the Finished Product and (ii) the portion of net profit allocated to Riccardo Roscetti, as per agreement signed between Roscetti and CURA on May 26, 2006.
NET SELLING PRICE shall mean the selling price authorized for the Finished Product by the relevant health authorities pursuant to the Marketing Authorization.
2.2 MV shall guarantee obtaining a minimum of 10,000 units in sales by the end December 2008. Afterwards, MV shall guarantee obtaining a minimum of 20,000 units in sales every year. Failure by MV to achieve above-stated quotas, then CURA shall have the right to nominate another entity in the Territory for the Commercialization of the Finished Product. At such an event, CURA shall share the net profits 80% for CURA and 20% MV.
HEADS OF AGREEMENT
2.3 Should the market conditions of product result in there being no margin to be resulted by either party, either party has the right to cancel the agreement with 90 days notice.
3 DURATION
It is agreed that these Heads will be effective from the date of signature and shall have a duration of 5 years with effect from the date of signature.
4 GOVERNING LAW
These Heads are and the Agreement will be governed by State of New Jersey.
5 CONFIDENTIALITY
The parties agree to keep the terms of these Heads confidential and not to disclose any part of them to any third party without the other's prior consent.
For and on behalf of:
MEDIVISOR, INC.
/s/
_________________________
Candido Luzzi, CEO
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For and on behalf of:
CURA Pharmaceuticals Co. Inc.
/s/ FABIO LANZIERI
_________________________
Fabio Lanzieri, President
December 12, 2007
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EXHIBIT 10.5
MEDIVISOR
Accelerating Medical Communication
AGREEMENT
This agreement is entered into this day of September 20, 2006, between Medivisor, Inc. ("Md", the company), Geopharma, Inc. ("Gp") and Cura Pharmaceuticals Co. Inc. ("Cu").
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
SCOPE
Geopharma hereby grants to Medivisor the exclusive rights to distribute, promote, and sell the product Mucotrol through Cura Pharmaceuticals in the Caribbean Islands, and/or Puerto Rico, in its entirety for the period of two years. Medivosor shall also have the right to appoint any sub-distributor to distribute, market, and/or sell Mucotrol in the region of the Caribbean islands, and/or Puerto Rico.
The contract will terminate by itself if Medivisor is not able to generate a minum of $3,000,000.00 (USD 3 Million) in sales in the first year.
COMPENSATION
Medivisor shall receive a minimum of $8.25 per bottle from the current distributor, Cure Pharmaceutical.
GOVERNING LAW
This Agreement shall be construed in accordance with and governed in all respects by the laws of the State of Florida. Any and all disputes and controversies of every kind and nature between the parties hereto arising out of or relating to this Agreement relating to the existence, construction, validity, interpretation or meaning, performance, non-performance, enforcement, operation, breach, continuance or termination thereof shall be subject to an arbitration mutually agreeable to the parties or, in the absence of such mutual agreement, then subject to arbitration in accordance with the rules of the American Arbitration Association. It is the intent of the parties hereto and the purpose of this provision to make the submission to arbitration of any dispute or controversy arising there under an express condition precedent to any legal or equitable action or proceeding of any nature whatsoever.
ARBITRATION
Any and all disputes that arise under this Agreement shall be decided under the Rules of the American Arbitration Association, in the State of Florida.
NOTICE
All notices to be given under this Agreement shall be in writing, and may be given, served or made by depositing the same in the U.S. mail addressed to the party to be notified at the address set forth above, or the most recent address used by the party, post-paid and registered or certified with return receipt requested, or by recognized overnight delivery service, or by delivering the same in person to such party.
IN WITNESS WHEREOF, the parties have executed this Agreement.
MEDIVISOR, INC. CURA PHARMACEUTICALS CO. INC GEOPHARMA, INC. By: /s/ DINO LUZZI By: /s/ FABIO LANZIERI By: /s/ KOTIJA SEKHARAM __________________ ______________________ _________________________ Dino Luzzi CEO Fabio Lanzieri CEO Kotija Sekharam PRESIDENT |
EXHIBIT 10.6
This agreement is entered into between Medivisor, Inc, (the company) and Cura Pharmaceutical Inc. Medivisor will provide It's expertise in the development of a fully interactive website and marketing to the healthcare arena to promote lead generation through its "e-Challenge" (eC) program. THE SPECIFICS OF THE implementation of this program are as follows.
1) Medivisor will create key Meta tags during the development of the website for Search Engine Optimization, start optimization as soon as website Is developed and Direct Physician traffic to the site.
2) Medivisor will start marketing Cura Pharmaceutical products the end of March till the end of 2006. Leads are to be provided to Cura Pharmaceutical, as per the request of the Physician. For the purpose of definition, a "lead" will be the name and telephone number of a contact that has personally requested further Information about Cura Pharmaceutical Inc.
3) Medivisor will email the "e-Challenge" to its database of Physicians, Nurses, and Pharmacists.
4) Medivisor will produce a presentation for Cura Pharmaceutical Inc. This will highlight the services of Cura Pharmaceutical Inc. Medivisor will work closely with Cura Pharmaceutical Inc. in the production of this presentation.
5) Cura Pharmaceutical Inc. will be responsible for assisting Medivisor with any materials as related to their particular business. Cura Pharmaceutical Inc. will have final approval of all presentations prior to emailing. Cura Pharmaceutical Inc. agrees to cooperate in assisting the company to an expeditious manner and identify one "lead' person who will interact with Medivisor staff in this profit.
6) Leads from the eC will be stored in a Cura Pharmaceutical Inc, specific database, which will be maintained by the company. The database will be maintained for a period of one year.
7) Medivisor shall have the exclusive marketing rights to Cura's Innovative products for mucositis (Mucotrol), renal dialysis nutritional supplement formula (Albumax), and stroke nutritional supplement formula. Furthermore, Cura and Medivisor shall negotiate in good faith for any new innovative products which Cura intends to market in the USA territory, and shall be included in this agreement.
8) Term: This Agreement shall be for an initial term commencing as of the
Effective Date of this Agreement and terminate on 12/31/2006. This
Agreement shall be extended automatically for two additional terms of one
(1) year each (each a "Renewal Term"), unless either Party gives written
notice of its intent not to renew this Agreement, such notice to be given
not later than thirty (30) days prior to the expiration date of the initial
Term or the first Renewal Term, in which event this Agreement shall expire
at the end of the then-current Initial Term or Renewal Term.
In the event of non-renewal of this contract by either party, then all proprietary information regarding Cura products in Medivisor possession and Cura Pharmaceutical Co., Inc. website shall be immediately transferred and be Cura's property solely.
9) Fees: Cura Pharmaceutical Inc. shall pay $25,000.00 to Medivisor during the initial term of the agreement payable as follows:
a) $5,000 upon signing of this agreement for the development of the
company website.
b) $1,000 per month, for the first 3 months, payable at the end of each
month for Search Engine Optimization of the website. (Due March 31,
April 30, May 31).
c) $17,000 payable on 12/29/2006 for the Marketing fees of 3 Cura
Pharmaceutical Inc. drugs, redeemable against commissions.
10) Commission: Medivisor shall receive the greater of 9 (C) or a commission of 8% to 15% of gross profits on the above-mentioned Cura Pharmaceutical Inc. innovative products currently being marketed by Medivisor, Cura Pharmaceutical Inc. shall on a monthly basis provide a detailed-list of net sales that have occurred during the prior month. Medivisor has the right to audit Cura's records for Mucotrol sales once every quarter.
In regards to Mucotrol, the commission shall be 10% of gross profits. In relation to the renal dialysis nutritional supplement formula (Albumax), and stroke nutritional supplement formula, the parties shall negotiate in good faith a mutually agreeable percentage at a later date.
11) Governing Law: This Agreement shall be construed in accordance with and governed in all respects by the laws of the State of New York. Any and all disputes and controversies of every kind and nature between the parties hereto arising out of or relating to this Agreement relating to the existence, construction, validity, interpretation or meaning, performance, non-performance, enforcement, operation, breach, continuance or termination thereof shall be subject to an arbitration mutually agreeable to the parties or, in the absence of such mutual agreement, then subject to arbitration in accordance with the rules of the American Arbitration Association. It is the intent of the parties hereto and the purpose of this provision to make the submission to arbitration of any dispute or controversy arising there under an express condition precedent to any legal or equitable action or proceeding of any nature whatsoever.
Agreed to and accepted by:
/s/ FABIO LANZIERI February 28, 2006 ________________________ _________________ Fabio Lanzieri Date President Cura Pharmaceutical Inc. /s/ DINO LUZZI February 28, 2006 ________________________ _________________ Dino Luzzi Date President Medivisor, Inc. |
EXHIBIT 10.7
CONSULTING AGREEMENT
1. The Consulting Agreement is effective as of August 2, 2007 between MEDIVISOR, INC. (the "Company"), and Furshpan Associates, an independent consulting firm.
It is expressly agreed and understood that:
a. , hereinafter referred to as the "Consultant", will provide consulting services to the Company, acting on behalf of FA.
b. As a consultant, Mr. Furshpan Associates is an employee of the Company. FA is supplying the Company with FA's Internal Revenue Service identification number, which is ___________ for the registration of Stock.
2. Consultant shall perform such services as mutually agreed upon by the parties and as outlined in this Agreement and in the Appendix attached hereto.
3. Consultant and FA agree that neither will enter into any agreement with any firm that is in direct competition with the Company during the term of this Agreement.
4. It is also understood that FA, through Furshpan Associates, will provide such services as may reasonably be requested by Medivisor to secure additional financing and otherwise organize the Company's financial affairs.
5. Consultant represents to the Company that the Consultant does not have any agreement to provide consulting services to any other party, firm, or company in the same field of endeavor that may be considered directly competitive to the Company on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement without written permission from the Company.
6. Either party may disclose to the other party any information that the disclosing party would normally freely disclose to the other members of the community at large, whether by publication, by presentation at seminars, or in informal discussions.
The parties will, from time to time, in connection with work contemplated under this Agreement, disclose confidential information to each other ("Confidential Information.") Each party will use reasonable efforts to prevent the disclosure of any of the other party's Confidential Information to third parties for a period of two (2) years from receipt thereof.
Confidential Information that the recipient may acquire pertains to the discloser's processes, equipment, programs, developments, or plans that is both (a) disclosed or made known by the disclosure, and (b) identified in writing as "proprietary". The recipient agrees not to disclose any Confidential Information to third parties or to use any Confidential Information for any purpose other than performance of the services contemplated by this Agreement, without prior written consent of the Company.
Confidential Information does not include information that is or later becomes available to the public through no breach of this Agreement by the recipient; is obtained by the recipient from a third party who had the legal right to disclose the information to the recipient; is already in the possession of the recipient on the date this Agreement becomes effective; is independently developed by the recipient; or is required to be disclosed by law, government, regulation, or court order. In addition, Confidential Information does not include information generated by the Consultant unless the information is generated as a direct result of the performance of consulting services under this Agreement and is not otherwise generated in the normal course of the Consultant's activities.
FA will not voluntarily produce any materials pertaining to the Company to any third party not authorized by the Company. However, it is acknowledged that FA is free to produce such materials to any third person that there is a direction to do so by what is reasonably believed to be a court of competent jurisdiction. If subpoenas are served, FA will notify the Company of such service, and it will be the responsibility of the Company or its representatives to make any applications to vacate such portions as may be appropriate and to object to the production of those materials. It is understood that FA will abide by whatever rulings are made by any court in these matters.
7. This Agreement shall be for a term of ONE year, renewable upon reasonable terms and conditions as may be agreed upon by the Company and the Consultant. Termination of the Agreement, it shall not affect: (a) the Company's obligation to pay for services previously performed by the Consultant; and (b) reasonable out-of-pocket expenses incurred by Consultant.
8. The relationship created by this Agreement shall be that of the independent contractor. Consultant shall have no authority to bind the Company to any agreement or contract. Written notices pursuant to this Agreement shall be made to each party at the following addresses, unless otherwise informed in writing of a change thereto:
Medivisor, Inc. Furshpan Associates 326 Walt Whitman Road 1150 Sunrise Hwy Huntington Station, NY 11746 Bay Shore, NY 11706 Tel: 886-373-6525 (631) 665-1158 |
9. This Agreement replaces all previous discussions relating to the subject matter hereof and constitutes the entire agreement between the Company and FA. This Agreement may not be modified in any respect by any verbal statement. Any changes must be made by written documents signed by Dino Luzzi on behalf of the Company and by Furshpan Associates on behalf of FA. It is agreed between the parties that the signed Appendix (Appendix A) is part of this Agreement.
10. In the event that a disagreement develops that the parties cannot arbitrate between themselves, then the matter shall be referred to binding arbitration by an arbitrator appointed by the American Arbitration Association. His/her decision will be binding, with no right of appeal. It is agreed that the parties will share equally the cost of said arbitration but that the prevailing party shall be entitled to recover reasonable attorney's fees.
11. The signatures below indicate that the individuals are authorized to enter into this Agreement.
IN WITNESS HEREOF, the parties have executed this Agreement effective August 02, 2007:
/s/ BERNARD FURSHPAN /s/ DINO LUZZI ____________________________________ _________________________________ Bernard Furshpan Dino Luzzi, Chairman and CEO, for Furshpan Associates Inc. Medivisor, Inc. |
APPENDIX A
The Company and Bernard Furshpan have further agreed to the following:
A. Medivisor agrees to pay to Bernard Furshpan a fee of: (a) 10% for the money raised in a best effort for the period of 90 days in shares of its common stock. If there is a need for a significant additional time commitment, Bernard Furshpan will notify the Company, and discuss suitable adjustment to the base fee. The expiration date of this Agreement will be August 2008, unless extended by both parties in accordance with section 11 of the Agreement.
B. It is expressly understood that the Company and Bernard Furshpan agree not to raise over $1,500,000 and that the sale of such shares will be as per the Lock Up/Leak agreement as described in the attachment.
C. The signatures, as indicated below, indicate that the individuals are authorized to enter into, and hereby approve this Appendix.
D. Medivisor also agrees to pay Bernard Furshpan 25,000 in restricted stock for P.R. work. Such certificates will be issued September 1st, 2007.
/s/ BERNARD FURSHPAN /s/ DINO LUZZI ____________________________________ _________________________________ Bernard Furshpan Dino Luzzi, Chairman and CEO, for Furshpan Associates Inc. Medivisor, Inc. |
EXHIBIT 10.8
Williams & Associates Training Institute
Consultant" Agreement
October 24, 2007
Subject to the terms and conditions as set forth herein, Medivisor, Inc. of Huntington Station, New York retains L. Lorenzo Williams and L. Lorenzo Williams hereby accepts Medivisor, Inc.'s retention to perform services described herein.
CONSULTANT OBLIGATIONS:
In return for compensation noted under "Consultant Compensation," consultant voluntarily agrees to perform services for Medivisor, Inc. as described below.
o SCOPE OF SERVICES
Consultant will work collaboratively with Cindy Morrison, RN who is the company's Sales Representative to do the following:
OBJECTIVES:
Medivisor, Inc. has two products that it wants to be considered for Medicaid approval. They are:
o Mucotrol (Concentrated Oral Gel Wafers) is used for the relief and management of pain associated with Mucositis.
o Albumax (Nutritional Support) which may be USED for oral or tube fed consumption as a protein supplement.
o TIME FRAME IN WHICH THE SERVICES ARE TO TAKE PLACE
THIS IS A COMPLEX AND CAN BE A TIME CONSUMING PROCESS.
This process must be done methodically and in accordance with all guidelines set forth by New York State Office of Medicaid. There will be a three months review with the Management Team of Medivisor, Inc. and its collaborators at the request of Medivisor, Inc.
THE PROCESS:
o Ms. Morrison and I are to have a collaborative working relationship. I will provide her consultant assistance in building a social network through the use of my contacts to set the stage for meeting with the right individuals to assist us in obtaining the goal of getting product approval.
o There will be periodic "check in" between Ms. Morrison and me to make sure there is not a duplication of efforts.
o Assist in the arrangement of meeting between local and state officials.
o Assist in the gathering of information that will aid us in moving toward or goal.
o Assist in presenting the final outcomes to the State Office of Medicaid.
o Assist In a community assessment to gage our challenges and provide Ms. Morrison technical assistance.
o Consultant is not an employee of Medivisor, Inc.
EXPECTATIONS FOR FINAL OUTCOMES, PRODUCT AND REPORT
o By the end of this collaboration, Medivisor, Inc. will have both of its products Medicaid approved which is the expected outcome.
o TERMS OF PAYMENT
The consultant will charge Medivisor, Inc. $10,000 (not included in cost - materials development or any letter(s) that Mr. Williams has to collaborate on) which $5, 000 will be paid to the consultant in advance. Check will be written to L. Lorenzo Williams. The original amount charged might be subject to change if the scope of work intensifies and demand more time and utilization of the consultant. This will be discussed with the Management Team prior to any modifications. Medivisor, Inc. is responsible for any and all expenses connected to the assignment.
CONSULTANT COMPENSATION:
In full consideration of all services performed by consultant as described in this contract, MEDIVISOR, INC. shall pay consultant $5,000 for completion of assigned tasks. Consultant shall be exclusively responsible for payment of all taxes, incidentals to the compensation paid for services performed, including but not limited to federal and state income, sales or use taxation.
INDEPENDENT CONTRACTOR:
Consultant's relationship to MEDIVISOR, INC. is one of independent contractor. Nothing in the agreement shall create an employment or agency relationship, nor shall consultant act as an agent or employee of MEDIVISOR, INC. unless such representative is outlined in the scope of services.
Consultant's services are to be performed solely by consultant, or approved subcontractors, from Williams & Associates Training Institute pursuant to the terms of this contract.
STANDARDS OF PERFORMANCE:
o COMPLIANCE WITH LAW - Consultant's performance of services under this agreement shall be in compliance with all applicable laws or regulations of federal, state, and local government.
o REPUTATION AND GOODWILL - Consultant shall not perform any contracted services in a manner, which would be injurious to the reputation and goodwill of MEDIVISOR, INC.
o TRADE SECRETS - Consultant shall not in any manner disclose to any person, partnership, firm or corporation any information concerning any matters affecting or relating to the business of MEDIVISOR, INC. Including, but not limited to, any trade secrets, production processes, customers, pricing or marketing plans. This covenant shall remain in effect following termination of this Contract.
o WAIVER OF LIABILITY - MEDIVISOR, INC. shall not be liable to consultant on account of any personal injuries or property damage sustained by consultant in performance of services hereunder. Consultant shall Indemnify and hold MEDIVISOR, INC. harmless from all liability for personal injuries or property damage directly related to the performance of contracted services.
o MODIFICATION OF CONTRACT - No waiver or modification of this contract or of any covenant, condition or limitation herein shall be valid unless presented in writing and signed by both parties.
o SEVERABILITY - All covenants contained herein are severable, and in the event of any being held invalid by any competent court, this contract shall remain intact except for omission of the invalid covenant.
o CHOICE OF LAW - It is the intent of both parties that all suits that may be brought arising out of, or in connection with this agreement will be construed in accordance with and under and pursuant to the laws of the State of New York.
o ENTIRE AGREEMENT - this contract contains the complete agreement concerning the services to be performed by the consultant for MEDIVISOR, INC, and supersedes all prior agreements or understandings, written or unwritten. By signing this contract, both parties acknowledge that they have read this contract, understood it terms, including the release.
/s/ DINO LUZZI /s/ L. LORENZO WILLIAMS __________________ _______________________ Client's Signature Consultant's Signature 10-26-07 419-76-8860 __________________ _______________________ Date Social Security Number |
EXHIBIT 10.9
CONSULTING AGREEMENT
1. The Consulting Agreement is effective as of October, 2007 between MEDIVISOR, INC. (the "Company"), and Arie Ben Nun, an independent consultant.
It is expressly agreed and understood that:
a. , hereinafter referred to as the "Consultant", will provide consulting services to the Company, acting on behalf of Medivisor Inc.
b. As a consultant, Arie Ben Nun is not an employee of the Company, is supplying the Company with its Internal Revenue Service identification number, which is Foreigner for the registration of Stock.
2. Consultant shall perform such services as mutually agreed upon by the parties and as outlined in this Agreement and in the Appendix attached hereto.
3. Medivisor and Arie Ben Nun agree that neither will enter into any agreement with any firm that is in direct competition with the Company during the term of this Agreement.
4. Consultant represents to the Company that the Consultant does not have any agreement to provide consulting services to any other party, firm, or company in the same field of endeavor that may be considered directly competitive to the Company on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement without written permission from the Company.
6. Either party may disclose to the other party any information that the disclosing party would normally freely disclose to the other members of the community at large, whether by publication, by presentation at seminars, or in informal discussions.
The parties will, from time to time, in connection with work contemplated under this Agreement, disclose confidential information to each other ("Confidential Information.") Each party will use reasonable efforts to prevent the disclosure of any of the other party's Confidential Information to third parties for a period of two (2) years from receipt thereof.
Confidential Information that the recipient may acquire pertains to the discloser's processes, equipment, programs, developments, or plans that is both (a) disclosed or made known by the disclosure, and (b) identified in writing as "proprietary". The recipient agrees not to disclose any Confidential Information to third parties or to use any Confidential Information for any purpose other than performance of the services contemplated by this Agreement, without prior written consent of the Company.
Confidential Information does not include information that is or later becomes available to the public through no breach of this Agreement by the recipient; is obtained by the recipient from a third party who had the legal right to disclose the information to the recipient; is already in the possession of the recipient on the date this Agreement becomes effective; is independently developed by the recipient; or is required to be disclosed by law, government, regulation, or court order. In addition, Confidential Information does not include information generated by the Consultant unless the information is generated as a direct result of the performance of consulting services under this Agreement and is not otherwise generated in the normal course of the Consultant's activities.
Arie Ben Nun will not voluntarily produce any materials pertaining to the Company to any third party not authorized by the Company. However, it is acknowledged that Arie Ben Nun is free to produce such materials to any third person that there is a direction to do so by what is reasonably believed to be a court of competent jurisdiction. If subpoenas are served,
Arie Ben Nun will notify the Company of such service, and it will be the responsibility of the Company or its representatives to make any applications to vacate such portions as may be appropriate and to object to the production of those materials. It is understood that Arie Ben Nun will abide by whatever rulings are made by any court in these matters.
7. This Agreement shall be for a term of ONE year, renewable upon reasonable terms and conditions as may be agreed upon by the Company and the Consultant. Termination of the Agreement, it shall not affect: (a) the Company's obligation to pay for services previously performed by the Consultant; and (b) reasonable out-of-pocket expenses incurred by Consultant.
8. The relationship created by this Agreement shall be that of the independent contractor. Consultant shall have no authority to bind the Company to any agreement or contract. Written notices pursuant to this Agreement shall be made to each party at the following addresses, unless otherwise informed in writing of a change thereto:
Medivisor, Inc.
326 Walt Whitman Road
Huntington Station, NY 11746
Tel: 886-373-6525
9. This Agreement replaces all previous discussions relating to the subject matter hereof and constitutes the entire agreement between the Company and Arie Ben Nun. This Agreement may not be modified in any respect by any verbal statement. Any changes must be made by written documents signed by Dino Luzzi on behalf of the Company and by Arie Ben Nun on behalf of Arie Ben Nun. It is agreed between the parties that the signed Appendix (Appendix A) is part of this Agreement.
10. In the event that a disagreement develops that the parties cannot arbitrate between themselves, then the matter shall be referred to binding arbitration by an arbitrator appointed by the American Arbitration Association. His/her decision will be binding, with no right of appeal. It is agreed that the parties will share equally the cost of said arbitration but that the prevailing party shall be entitled to recover reasonable attorney's fees.
11. The signatures below indicate that the individuals are authorized to enter into this Agreement.
IN WITNESS HEREOF, the parties have executed this Agreement effective October 2007:
/s/ ARIE BEN NUN /s/ DINO LUZZI
____________________________________ _________________________________
Arie Ben Nun Dino Luzzi, Chairman and CEO, for
Medivisor, Inc.
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APPENDIX A
The Company and Arie Ben Nun have further agreed to the following:
A. The expiration date of this Agreement will be October 2008, unless extended by both parties in accordance with section 11 of the Agreement.
B. It is expressly understood that the Company and Arie Ben Nun agree to have a Lock Up/Leak agreement for the restricted shares received, in the future.
C. The signatures, as indicated below, indicate that the individuals are authorized to enter into, and hereby approve this Appendix.
D. Medivisor also agrees to compensate with 10,000 shares of Medivisor restricted stock (restricted for one year under rule 144). Initially for P.R. work provided such certificates will be issued on October 2007 more stock will be issued to be determined by performance.
/s/ ARIE BEN NUN /s/ DINO LUZZI
____________________________________ _________________________________
Arie Ben Nun Dino Luzzi, Chairman and CEO, for
Medivisor, Inc.
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EXHIBIT 10.10
CONSULTING AGREEMENT
1. The Consulting Agreement is effective as of 01, 01, 2006 between MEDIVISOR, INC. (the "Company"), and Demontis, Palmese, Leoni, Di Capua ( DPLD )
It is expressly agreed and understood that:
a. , hereinafter referred to as the "Consultant", will provide consulting services to the Company, acting on behalf of DPLD.
b. As a consultant, DPLD is not an employee of the Company.
2. Consultant shall perform such services as mutually agreed upon by the parties and as outlined in this Agreement and in the Appendix attached hereto.
3. Consultant and DPLD agree that neither will enter into any agreement with any firm that is in direct competition with the Company during the term of this Agreement.
4. It is also understood that DPLD will provide such services as may reasonably be requested by Medivisor, through its Chairman of the Board of Directors and CEO, Mr. Dino Luzzi The Company agrees that during the term of the Agreement, DPLD will make reports direct to Luzzi.
5. Consultant represents to the Company that the Consultant does not have any agreement to provide consulting services to any other party, firm, or company in the same field of endeavor that may be considered directly competitive to the Company on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement without written permission from the Company.
6. Either party may disclose to the other party any information that the disclosing party would normally freely disclose to the other members of the community at large, whether by publication, by presentation at seminars, or in informal discussions.
The parties will, from time to time, in connection with work contemplated under this Agreement, disclose confidential information to each other ("Confidential Information.") Each party will use reasonable efforts to
prevent the disclosure of any of the other party's Confidential Information to third parties for a period of two (2) years from receipt thereof. Confidential Information that the recipient may acquire pertains to the discloser's processes, equipment, programs, developments, or plans that is both (a) disclosed or made known by the disclosure, and (b) identified in writing as "proprietary". The recipient agrees not to disclose any Confidential Information to third parties or to use any Confidential Information for any purpose other than performance of the services contemplated by this Agreement, without prior written consent of the Company. Confidential Information does not include information that is or later becomes available to the public through no breach of this Agreement by the recipient; is obtained by the recipient from a third party who had the legal right to disclose the information to the recipient; is already in the possession of the recipient on the date this Agreement becomes effective; is independently developed by the recipient; or is required to be disclosed by law, government, regulation, or court order. In addition, Confidential Information does not include information generated by the Consultant unless the information is generated as a direct result of the performance of consulting services under this Agreement and is not otherwise generated in the normal course of the Consultant's activities. DPLD will not voluntarily produce any materials pertaining to the Company to any third party not authorized by the Company or Luzzi. However, it is acknowledged that DPLD is free to produce such materials to any third person that there is a direction to do so by what is reasonably believed to be a court of competent jurisdiction. If subpoenas are served, DPLD will notify the Company of such service, and it will be the responsibility of the Company or its representatives to make any applications to vacate such portions as may be appropriate and to object to the production of those materials. It is understood that DPLD will abide by whatever rulings are made by any court in these matters.
7. This Agreement shall be for a term of two years periods, renewable upon reasonable terms and conditions as may be agreed upon by the Company and the Consultant. Termination of the Agreement, it shall not affect: (a) the Company's obligation to pay for services previously performed by the Consultant; and (b) reasonable out-of-pocket expenses incurred by Consultant.
8. The relationship created by this Agreement shall be that of the independent contractor. Consultant shall have no authority to bind the Company to any agreement or contract. Written notices pursuant to this Agreement shall be made to each party at the following addresses, unless otherwise informed in writing of a change thereto:
Medivisor, Inc. DPLD 326 Walt Whitman Road Via Manetti 18 Huntington Station, NY 11746 Anzio ( Italy ) 00042 Tel: 886-373-6525 Tel 011 39 3383423494 |
9. This Agreement replaces all previous discussions relating to the subject matter hereof and constitutes the entire agreement between the Company and DPLD. This Agreement may not be modified in any respect by any verbal statement. Any changes must be made by written documents signed by Dino Luzzi on behalf of the Company and by DPLD.
It is agreed between the parties that the signed Appendix (Appendix A) is part of this Agreement.
10. In the event that a disagreement develops that the parties cannot arbitrate between themselves, then the matter shall be referred to binding arbitration by an arbitrator appointed by the American Arbitration Association. His/her decision will be binding, with no right of appeal. It is agreed that the parties will share equally the cost of said arbitration but that the prevailing party shall be entitled to recover reasonable attorney's fees.
11. The signatures below indicate that the individuals are authorized to enter into this Agreement.
IN WITNESS HEREOF, the parties have executed this Agreement effective January 01 2006:
/s/ DIEGO DEMONTIS, GIANLUCA PALMESE
PIETRO LEONI, CRISTIAN DICAPUA /s/ DINO LUZZI
____________________________________ _________________________________
DPLD Dino Luzzi, Chairman and CEO, for
Demontis, Palmese, Leoni, Medivisor, Inc.
DiCapua
|
APPENDIX A
The Company and DPLD have further agreed to the following:
A. Medivisor agrees to reward in the event of delivery of a contract with a pharmaceutical company by the above mentioned parties restricted stock to:
Gianluca Palmese 100,000 Diego Demontis 100,000 Pietro Leoni 40,000 Cristian DiCapua 10,000 |
B. The expiration date of this Agreement will be January 01, 2008, unless extended by both parties in accordance with section 11 of the Agreement.
C. The signatures, as indicated below, indicate that the individuals are authorized to enter into, and hereby approve this Appendix.
D. Virtual office in Italy is as part of this agreement at no expense to Medivisor.
/s/ DIEGO DEMONTIS, GIANLUCA PALMESE
PIETRO LEONI, CRISTIAN DICAPUA /s/ DINO LUZZI
____________________________________ _________________________________
DPLD Dino Luzzi, Chairman and CEO, for
Demontis, Palmese, Leoni, Medivisor, Inc.
DiCapua
|
EXHIBIT 10.11
CONSULTING AGREEMENT
1. The Consulting Agreement is effective January 1, 2005 between MEDIVISOR, INC. (the "Company"), Mottola & Associates, Inc. ("MAI"), and Anthony J. Mottola ("AJM", or the "consultant"). It is expressly agreed and understood that:
a. MAI and AJM will provide consulting services to the Company.
b. For purposes of assuring payment of consulting fees, subsequent to the amount due and payable to MAI at the signing of this Agreement, AJM will be paid as an employee of the Company. AJM will supply the necessary tax information to the Company, and will, for purposes of payroll reporting, be treated as any other employee with respect to payroll tax withholding and reporting. He will be issued a W-2 at the end of the year.
2. MAI, through AJM, shall perform such services as mutually agreed upon by the parties and as outlined in this Agreement and in the Appendix attached hereto.
3. Consultant and MAI agree that neither will enter into any agreement with any firm that is in direct competition with the Company during the term of this Agreement.
4. It is also understood that AJM, will provide such advisory services as may reasonably be requested by Medivisor, through its Chairman of the Board of Directors and CEO, Mr. Dino Luzzi ("Luzzi"), in connection with administration of the Company's affairs. The Company agrees that during the term of the Agreement, AJM will report directly to Luzzi.
5. AJM represents to the Company that neither he nor MAI has, with respect to any other party, firm, or company in the same field of endeavor, any agreement to provide consulting services to that may be considered directly competitive to the Company on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement without written permission from the Company.
6. Any party to this Agreement may disclose to another party any information
that the disclosing party would normally freely disclose to the other
members of the community at large, whether by publication, by presentation
at seminars, or informal discussions. The parties will, from time to time,
in connection with work contemplated under this Agreement, disclose
confidential information to each other ("Confidential Information.") Each
party will use reasonable efforts to prevent the disclosure of any of the
other party's Confidential Information to third parties for a period of two
(2) years from receipt thereof. Confidential Information that the recipient
may acquire pertains to the discloser's processes, equipment, programs,
developments, or plans that is both: (a) disclosed or made known by the
disclosure; and (b) identified in writing as "proprietary". The recipient
agrees not to disclose any Confidential Information to third parties or to
use any Confidential Information for any purpose other than performance of
the services contemplated by this Agreement, without prior written consent
of the Company. Confidential Information does not include information that
is or later becomes available to the public through no breach of this
Agreement by the recipient; is obtained by the recipient from a third party
who had the legal right to disclose the information to the recipient; is
already in the possession of the recipient on the date this Agreement
becomes effective; is independently developed by the recipient; or is
required to be disclosed by law, government, regulation, or court order. In
addition, Confidential Information does not include information generated
by the Consultant unless the information is generated as a direct result of
the performance of consulting services under this Agreement and is not
otherwise generated in the normal course of the Consultant's activities.
AJM and MAI will not voluntarily produce any materials pertaining to the Company to any third party not authorized by the Company or Luzzi. However, it is acknowledged that AJM and MAI are free to produce such materials to any third person that there be a direction to do so by what is reasonably believed to be a court of competent jurisdiction. If subpoenas are served, AJM or MAI will notify the Company of such service, and it will be the responsibility of the Company or its representatives to make any applications to vacate such portions as may be appropriate and to object to the production of those materials. It is understood that AJM and MAI will abide by whatever rulings are made by any court in these matters.
7. This Agreement shall be for a term ending May 31, 2005, unless otherwise terminated pursuant to Appendix A. Extension of this Agreement or consummation of a new Agreement is contingent upon reasonable terms and conditions being agreed to between the Company and AJM. Termination of the Agreement shall not affect: (a) the Company's obligation to pay for services previously performed by the Consultant; and (b) reasonable out-of-pocket expenses incurred by Consultant.
8. It is intended that AJM's function be similar to that of an administrator and advisor for the Company. Written notices pursuant to this Agreement shall be made to each party at the following addresses, unless otherwise informed in writing of a change thereto:
Mr. Candino Luzzi Anthony J Mottola c/o Medivisor, Inc. Mottola & Associates, Inc. 326 Walt Whitman Road 379 Harrison Avenue Huntington Station, NY 11746 Massapequa, NY 11758-6410 Tel. (631) 549-7100 Tel: (516) 795-2355 |
9. This Agreement replaces all previous discussions and agreements relating to the subject matter hereof and constitutes the entire agreement between the Company, AJM and MAI. This Agreement may not be modified in any respect by any verbal statement. Any changes must be made by written documents signed by Dino Luzzi on behalf of the Company and by Anthony J. Mottola on behalf of AJM and MAI. It is agreed between the parties that the signed Appendix (Appendix A) is part of this Agreement.
10. In the event that a disagreement develops that the parties cannot arbitrate between themselves, then the matter shall be referred to binding arbitration under the auspices and rules of the American Arbitration Association. The results of the arbitration shall be binding on the parties. It is agreed that the parties will share equally the cost of said arbitration but that the prevailing party shall be entitled to recover reasonable attorney's fees.
11. The signatures below indicate that the individuals are authorized to enter into this Agreement. The Agreement comprises all six (6) pages hereof.
IN WITNESS HEREOF, the parties have executed this Agreement effective January 1, 2005:
__________________________ _________________________________ Anthony J Mottola, for Dino Luzzi, Chairman and CEO, for Mottola & Associates, Inc. Medivisor, Inc. |
APPENDIX A
The Company and AJM have further agreed to the following:
A. Medivisor agrees to pay to AJM a monthly consulting fee of $4,500.00 during the term of this Agreement, plus $4,500.00 due and payable to MAI at the signing of this Agreement. AJM will also participate in the same perquisites and fringe benefits accorded to the executive officers of the Company, including bonus and incentive compensation arrangements. If AJM does not participate in the Company's health care plan, the cost of a family participation will be added to the monthly consulting fee. In addition, it is agreed that the Company will (a) issue ten thousand (10,000) shares of its common stock to EACH of consultant's grandchildren, Anthony Dominick Mottola (Social Security # 064-88-0266) and Giuliana Cristina Mottola (Social Security # 055-92-7357) and (b) 20,000 shares to AJM (Social Security #103-38-8108). The parties agree that the fair value of the stock issued hereunder is approximately $.04 per share. The initial fee payment and the stock issuance are to be made within 45 days after the signing of this Agreement. It is anticipated that Mr. Mottola will devote an average of approximately 20% of his time and effort to the Company's affairs. If there is a need for a significant additional time commitment, AJM will notify the Company, and discuss suitable adjustment to the basic consulting fee. Inability to reach a reasonable agreement on compensation for services to be rendered is just cause for termination of this Agreement. The Company will be liable to pay MAI or AJM for any services rendered and out of pocket expenses incurred through the date of termination. Payment of fees is not contingent on Medivisor, Inc achieving any particular outcome.
B. The scheduled expiration date of this Agreement will be May 31, 2005, unless otherwise terminated pursuant to the terms of this Agreement.
C. It is expressly understood that the Company and its agents agree to hold AJM, MAI and its representatives harmless from any liabilities, including any reasonable costs and expenses relating to this Agreement incurred by reason of any action taken or committed to be taken by AJM, MAI or its representatives in good faith. In no event will AJM, MAI or its representatives be liable for incidental or consequential damages. Should information become known that would make continuation of this Agreement inappropriate in the sole judgment of AJM, or if fees remain unpaid for more than 15 days from the due date, it is acknowledged that AJM has the right to terminate this Agreement without prejudice.
D. The signatures, as indicated below, indicate that the individuals are authorized to enter into, and hereby approve this Appendix.
__________________ __________________________________
Anthony J Mottola, Dino Luzzi, Chairman and CEO, for,
Medivisor, Inc.
|
AMENDMENT
That consulting agreement between Medivisor Inc. and Mottola & Associates Inc., effective January 1st, 2005 is hereby amended as follows.
-> Section 1 is revised to reflect that all consulting services will be paid to Mottola & Associates Inc., and AJM will not be an employee of Medivisor for any purpose whatsoever.
-> Appendix A subpart A is hereby amended to adjust the monthly consulting fee, reflected in the first sentence to Mottola & Associates Inc. to $5600.00. The third sentence is hereby deleted.
Agreed:
AMENDMENT #1
CONSULTING AGREEMENT BETWEEN
MEDIVISOR, INC.& MOTTOLA & ASSOCIATES, INC.
1. This amendment hereby modifies that consulting agreement dated January 2005 between Medivisor, Inc. and Mottola & Associates, Inc.
2. That consulting agreement originally expired May 31, 2005.
3. By mutual agreement both parties, the agreement will terminate March 31, 2005. Monthly payments will cease at that time. All stock to be issued under the original terms remains due and payable.
IN WITNESS HEREOF, the parties have executed this Agreement effective March 23, 2005:
/s/ ANTHONY J. MOTTOLA /s/ DINO LUZZI _________________________ _________________________________ Anthony J. Mottola, for Dino Luzzi, Chairman and CEO, for Mottola & Associates Inc. Medivisor Inc. |
EXHIBIT 10.12
CONSULTING AGREEMENT
1. The Consulting Agreement is made on July 15, 2004 between MEDIVISOR, INC. (hereinafter also referred to as the "Company"), and the Vincent Butta, (an independent consultant.
It is expressly agreed and understood that Vincent Butta, referred to as the Consultant, is not an employee of the Company and, as such, is supplying the Company with its Internal Revenue Service Identification number, which is 050720984. Notification is hereby given that a Form 1099 will be supplied to the IRS indicating all remunerations given to the Consultant Vincent Butta for services rendered and a copy of the 1099 form will be submitted to Vincent Butta.
2. SERVICES:
The Consultant shall perform such services as agreed upon by the parties and as outlined in this Agreement and in the Appendix attached to this agreement.
3. The Consultant agrees that it will not enter into any agreement with any firm, directly related to the field of medical, health, unless written permission is given by the Company.
4. The Consultant agrees that it will not divulge to anyone, directly or indirectly, any information that the Company considers proprietary and will seek written permission if such discussions are to take place.
5. The compensation and duties are addressed in the Appendix, marked "Appendix A," and is made part of this Agreement.
6. The Company agrees that during the engagement of 180 days Vincent Butta as its Consultant, shall be the exclusive Consultant for the Company. Vincent Butta will make all of its reports to the CEO and Chairman of the Board of Directors of the Company.
7. COMPETITION:
The Consultant represents to the Company that the Consultant does not have any agreement to provide consulting services to any other party, firm, or company in the same field of endeavor that may be considered competitive to the Company on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement, unless it receives written permission from the Company.
8. CONFIDENTIALITY:
Either party may disclose to the other party any information that the disclosing party would normally freely disclose to the other members of the community at large, whether by publication, by presentation at seminars, or in informal discussions.
The parties may wish, from time to time, in connection with work contemplated under this Agreement, to disclose confidential information to each other ("Confidential Information.") Each party will use reasonable efforts to prevent the disclosure of any of the other party's Confidential Information to third parties for a period of two (2) years from receipt thereof, the length of this Agreement. the recipient may acquire information that pertains to the discloser's processes, equipment, programs, developments, or plans that is both (a) disclosed or made known by the disclosure to the recipient, and, (b) identified in writing as "proprietary" by the disclosure. The recipient agrees not to disclose any
Confidential Information to third parties or to use any Confidential Information for any purpose other than performance of the services contemplated by this Agreement, without prior written consent of the Company.
Confidential Information does not include information that is or later becomes available to the public through no breach of this Agreement by the recipient; is obtained by the recipient from a third party who had the legal right to disclose the information to the recipient; is already in the possession of the recipient on the date this Agreement becomes effective; is independently developed by the recipient; or is required to be disclosed by law, government, regulation, or court order. In addition, Confidential Information does not include information generated by the Consultant unless the information is generated as a direct result of the performance of consulting services under this Agreement and is not generated in the course of the Consultant's activities.
9. TERM AND TERMINATION:
This Agreement shall be for a term of two 180 days, renewable upon reasonable terms and conditions as may be agreed upon by the Company and the Consultant. At termination of the Agreement, it shall not affect: (a) the Company's obligation to pay for services previously performed by the Consultant or expenses reasonably incurred by the Consultant for which the Consultant is entitled to reimbursement..
10. MISCELLANEOUS:
The relationship created by this Agreement shall be that of the independent contractor. The Consultant shall have no authority to bind the Company to any agreement other than the consultant making written recommendations regarding acquisitions or other matters that the Company may request as to the Consultant's opinion.
Medivisor, Inc. Vincent Butta 326 Walt Whitman Road 1 Harbor Drive Huntington Station, NY 11746 Port Washington Tel: 886-373-6525 Tel 917 767 5328 |
11. This Agreement replaces all previous discussions relating to the subject matter hereof and constitutes the entire agreement between the Company and the Consultant with respect to the subject matters of this Agreement. This Agreement may not be modified in any respect by any verbal statement. Any changes must be made by written documents signed by the CEO and Chairman of the Company and by the Consultant. It is agreed between the parties that the signed Appendix (Appendix A) is part of this Agreement.
12. In the event that a disagreement develops that the parties cannot arbitrate between themselves, then the matter shall be referred to binding arbitration by an arbitrator appointed by the American Arbitration Association. His/her decision will be binding, with no right of appeal. It is agreed that the parties will share equally the cost of said arbitration.
13. The signatures below indicate that the individuals are authorized to enter into this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement effective the date first stated.
/s/ VINCENT BUTTA /s/ DINO LUZZI
____________________________________ _________________________________
Vincent Butta Dino Luzzi, Chairman and CEO, for
Medivisor, Inc.
|
APPENDIX A
(Made part of the Consulting Agreement)
The parties have agreed to the following:
A. Medivisor agrees to pay to Vincent Butta a consulting fee of $10,000 per month for a period six months. The first payment having been received on or about July 15, 2004. These monthly payments will continue to January 15, 2005, the expiration date of this Agreement, unless extended by both parties. As an additional incentive to join the Company as the Consultants, the Company has agreed to sell 10,000 shares of Medivisor restricted stock to the Vincent Butta at par value of $.001 per share.
B. The shares, as noted above, the shares are being issued at par value of $.001 per share for a total of $10.00, and for other valuable considerations. This payment is being paid by Vincent Butta upon signing of this Agreement by check number _____.
C. Medivisor is presently in the process of selling a private placement together with an SEC filing to become a public company.
D. The parties have entered into this Agreement in good faith and have agreed that in the event of any disagreement regarding this Agreement that the parties cannot resolve between themselves, that part and only that part of this disagreement shall be referred to the American Arbitration Association. The appointed arbitrator's decision will be binding with no other recourse by either party, and without prejudice. The cost covering the arbitration shall be born equally by both parties.
E. The signatures, as indicated below, indicate that the individuals are authorized to enter this Agreement.
/s/ VINCENT BUTTA /s/ DINO LUZZI
____________________________________ _________________________________
Vincent Butta Approved by Medivisor
Authorized Signature Dino Luzzi, CEO
Chairman of the Board of Directors
|
EXHIBIT 10.13
CONSULTANT AGREEMENT
This Consulting Agreement ("Agreement") is made effective this January 2 day of January, 2003 by and between Alessandro Raneri ("Consultant") and Medivisor Inc. ("Company").
WITNESSETH
WHEREAS, Consultant is in the business of providing general Business Consulting services to individuals, privately-held and publicly-held corporations; and
WHEREAS, Company desires to retain Consultant to provide advice relative to corporate and business development services for a period of one year from the date of this Agreement; and
WHEREAS, for the purposes of the Agreement, "Company" shall also mean to include entities and individuals owned, affiliated with, or represented by Company.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and adequancy of which is expressly acknowledged, Company and Consultant agree as follows:
1) ENGAGEMENT OF CONSULTANT
Consultant shall provide at the request of the Company services that may include, but are not limited to the following:
a) Consultant agrees to use their best efforts to assist Company in finding an underwriter or investor/institution to raise the necessary funds to satisfy Company's objectives.
b) Consultant agrees to use their best efforts to assist Company in finding mergers, acquisitions, and reviews sources to satisfy Company objectives.
c) Consultant agrees to provide Corporate and Personal Consulting services relative to this Agreement.
d) For the purposes of this Agreement, Consultant is an independent contractor.
2) COMPENSATION
Company shall compensate Consultant for services rendered pursuant to this Agreement as follows:
a) Consultant shall receive 750,000 shares of restricted Company stock with piggy back registration rights from the Company within 15 business days of the execution of this Agreement.
3) REPRESENTATIVES AND WARRANTIES OF THE COMPANY
This Agreement is enforceable with the respect to the Company in accordance with its terms and neither the execution and delivery of this Agreement by the Contemplated hereby, nor compliance by the Company with any provisions hereof, will conflict with or result in a breach or violation of, or definds under, any of the terms, conditions or provisions of any note, bond, mortgage, security agreement, charter or other instrument, obligation or corporate restriction (including, without limitations, Articles of Incorporation and by-laws) to which the Company is a part or by which the company is bound, or violated any judgment, order, injunction, decree, statue, role or regulation applicable to the Company or any of its properties or assets.
4) NON-DISCLOSURE OF CONFIDENTIAL INFORMATION
In consideration for the Company entering into this Agreement, Consultant
and the Company agree that the following items used by Company and
Consultant's business are secret, confidential, unique and valuable, and
were developed by the Company and Consultant at great costs to them over a
long period of time, and will be held in strictest confidence for a term of
5 (five) years.
5) INDEMNIFICATION
The Company agrees to indemnity and hold harmless Consultant and its affiliates against any legal action arising from any warranties and representations provided by the Company, which are materially untrue and have caused a material adverse effect upon the Company. Such indemnification shall includes payment of any judgment, cost of legal representation and courts costs, if any.
b) The Consultant agrees to indemnify and hold harmless the Company and its affiliates against any legal action arising from any warranties and misrepresentations provide by the Consultant, which are materially untrue and have caused a material adverse effect upon the Company. Such indemnification shall include payment of any judgment, cost of legal representation and court costs if any.
6) DISCLOSURE
The Company and its affiliates agree to fully disclose to Consultant any and all information that is deemed pertinent to the business of the Company.
7) GOVERNING LAWS
This Agreement shall be defined by and construed in accordance with the laws of the State of New York. The parties agree that any unit, action or preceding between the parties hereto arising out of relating in any matter to this Agreement shall be instituted exclusively in New York State Supreme Court, County of New York or in the United States District Court for the Southern District of New York.
8) ASSIGNMENT
This Agreement may not be assigned by any of the parties hereto without the written consent of all other parties hereto and shall be binding upon and insure to the benefit of the parties and respective heirs, legal representatives, accessors and permitted assigns.
9) PERFORMANCE
a) The failure of any party to enforce strict performance of this agreement or any one or more of its terms shall not be deemed or construced to be a waiver of any terms, conditions rights, options, or remedies hereunder, and the same shall continue in full force and effect.
b) The Consultant agrees to provide a verbal report on all activity and any potential business involvement for the Company.
10) TERMINATION
This agreement will terminate 1 year from the date generated herein.
IN WITNESS WHEREOF, this Agreement shall commence on the signing of this document on the date first written above.
AGREED BY:
Medivisor Inc. Alessandro Raneri /s/ CANDIDO LUZZI 1/02/03 /s/ ALESSANDRO RANERI 1/02/03 ________________________ _____________________________ Candido Luzzi, President Alessandro Raneri - Consultant |
EXHIBIT 10.14
LOCK UP/LEAK OUT AGREEMENT
THIS LOCK UP/LEAK OUT AGREEMENT (the "Agreement" is made and entered into as of the 01 day of January 2005, by and among Medivisor Inc., a Delaware corporation (the "Company"), and Candido Dino Luzzi ("Shareholder"}, as a shareholder of record of certain shares of common stock of the company, with an address of 18 Chauney Pl, Woodbury 11797.
RECITALS:
WHEREAS, Shareholder is the record owner of 3,000,000/2,000,000 shares (the "Shares") of the common Stock of the Company; and
WHEREAS, in order to facilitate an orderly market for the Common Stock of the Company, the undersigned desire to enter into this Agreement and restrict the sale, assignment, transfer, conveyance, hypothecation or alienation of the Common Stock, all on terms set forth below.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Notwithstanding anything contained in this Agreement, Shareholder may transfer its shares of Common Stock to its affiliates, partners in a partnership, subsidiaries and trusts, spouses or lineal descendants for estate planning purposes provided that the transferee (or the legal representative of the transferee) executes an agreement to he bound by all terms of this Agreement.
2. Shareholder may only sell Shares subject to the following conditions:
2.1 Shareholder shall be allowed to sell Shares in blocks of 5,000 Shares or less per transaction.
2.2 The Shares may only be sold at the "offer" or "ask" price stated by the relevant market maker. Shareholder agrees that it will not sell shares at the "bid" price.
2.3 After Shareholder sells 5,000 Shares, Shareholder may not sell any other Shares unless the "offer" or "ask" price of the Common Stock increases by .25 basis points above Shareholder's last sale price. The sale of the next 5,000 Shares, however, may take place at a price less than the prior sale price plus .25 basis points. (For example, Shareholder sells 5,000 shares at a price of $10 1/2 . If the "ask" price then increases to $10 3/4 , Shareholder may sell an additional 5,000 Shares and such sale may occur at a price less than $10 3/4.
2.4 Notwithstanding the foregoing, if, after Shareholder sells 5,000 Shares, the market maker in the Common Stock (other than the market maker involved in the first transaction) continues to show an "offer" or "ask" price at the same price as the first 5,000 share transaction, Shareholder may, on one occasion only, sell an additional 5,000 shares at that price.
2.5 The Shares may not be sold at a price below $1.00 per share.
2.6 Shareholder shall be allowed to sell up to fifteen (15%) percent of its Shares held as of the date hereof during each three-month period, Shareholder may sell the difference between 15% of its Shares held as of the date hereof and the Shares actually sold during such three-month period in the next successive three-month period.
2.7 Shareholder agrees that it will not engage in any short selling of the Shares.
3. All of the Shares owned as outlined herein shall be included in the next registration statement to be filed with the Securities and Exchange Commission (the "Registration Statement") of Medivisor for the benefit of Shareholder, at no cost to them.
4. Upon the effective date of the Registration Statement (the "Effective Date"), Shareholder may commence the resale of the Shares as provided herein, and these resale limitations shall continue with respect to all shares for a period of twelve months from the Effective Date.
5. Shareholder agrees that all of its Shares are covered by all of the restrictions hereunder, whether such Shares are owned on the date hereof or are hereafter acquired (whether by issuance, transfer, upon exercise of any warrants or options currently held by Shareholder or otherwise).
6. This Agreement shall terminate twelve months from the Effective Date, and thereafter all provisions contained herein shall cease and be of no further force or effect.
7. Notwithstanding anything to the contrary set forth herein, the Company may, at any time and from time to time, waive any of the conditions or restrictions contained herein to increase the liquidity of the Common Stock or if such waiver would otherwise be in the best interests of the development of the trading market for the Common Stock.
8. In the event of a tender offer to purchase all or substantially all of the Company's issued and outstanding securities, or a merger, consolidation or other reorganization with or into an unaffiliated entity, this Agreement shall terminate and the Shares restricted pursuant hereto shall be released from such restrictions if
the requisite number of the record and beneficial owners of the Company's securities then outstanding are voted in favor of such tender offer, merger, consolidation or reorganization.
9. Except as otherwise provided in this Agreement or any other agreements between the parties, Shareholder shall be entitled to its retrospective beneficial rights of ownership of the Shares, including the right to vote the Shares for any and all purposes.
10. The Shares and per price restrictions covered by this Agreement shall be appropriately adjusted should the Company make a dividend or distribution, undergo a forward split or a reverse split or otherwise reclassify its shares of Common Stock.
11. This Agreement may be executed in any number of counterparts with the same force and effect as if all parties had executed the same document.
12. All notices, instructions or other communications required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by certified mail, return receipt requested, overnight delivery or hand-delivered to all parties to this Agreement at the address set forth above. All notices shall be deemed to be given on the same day if sent by overnight delivery or the second business day following the date of mailing.
13. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof, and may not be amended except by a written instrument executed by the parties hereto.
14. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and to be performed wholly within said State.
IN WHITNESS HEREOF, the undersigned have duly executed and delivered this Agreement as of the day and year first above written.
Medivisor Inc.
By /s/ DINO LUZZI _____________________ Dino Luzzi, President |
Shareholder
By /s/ DINO LUZZI _____________________ Its__________________ |
EXHIBIT 10.15
LOCK UP/LEAK OUT AGREEMENT
THIS LOCK UP/LEAK OUT AGREEMENT (the "Agreement" is made and entered into as of the 01 day of January 2005, by and among Medivisor Inc., a Delaware corporation (the "Company"), and Wayne Wertheim ("Shareholder"}, as a shareholder of record of certain shares of common stock of the company, with an address of 21 Bonaire Dr Dix Hills.
RECITALS:
WHEREAS, Shareholder is the record owner of 150,000 shares (the "Shares") of the common Stock of the Company; and
WHEREAS, in order to facilitate an orderly market for the Common Stock of the Company, the undersigned desire to enter into this Agreement and restrict the sale, assignment, transfer, conveyance, hypothecation or alienation of the Common Stock, all on terms set forth below.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Notwithstanding anything contained in this Agreement, Shareholder may transfer its shares of Common Stock to its affiliates, partners in a partnership, subsidiaries and trusts, spouses or lineal descendants for estate planning purposes provided that the transferee (or the legal representative of the transferee) executes an agreement to he bound by all terms of this Agreement.
2. Shareholder may only sell Shares subject to the following conditions:
2.1 Shareholder shall be allowed to sell Shares in blocks of 5,000 Shares or less per transaction.
2.2 The Shares may only be sold at the "offer" or "ask" price stated by the relevant market maker. Shareholder agrees that it will not sell shares at the "bid" price.
2.3 After Shareholder sells 5,000 Shares, Shareholder may not sell any other Shares unless the "offer" or "ask" price of the Common Stock increases by .25 basis points above Shareholder's last sale price. The sale of the next 5,000 Shares, however, may take place at a price less than the prior sale price plus .25 basis points. (For example, Shareholder sells 5,000 shares at a price of $10 1/2 . If the "ask" price then increases to $10 3/4 , Shareholder may sell an additional 5,000 Shares and such sale may occur at a price less than $10 3/4.
2.4 Notwithstanding the foregoing, if, after Shareholder sells 5,000 Shares, the market maker in the Common Stock (other than the market maker involved in the first transaction) continues to show an "offer" or "ask" price at the same price as the first 5,000 share transaction, Shareholder may, on one occasion only, sell an additional 5,000 shares at that price.
2.5 The Shares may not be sold at a price below $1.00 per share.
2.6 Shareholder shall be allowed to sell up to fifteen (15%) percent of its Shares held as of the date hereof during each three-month period, Shareholder may sell the difference between 15% of its Shares held as of the date hereof and the Shares actually sold during such three-month period in the next successive three-month period.
2.7 Shareholder agrees that it will not engage in any short selling of the Shares.
3. All of the Shares owned as outlined herein shall be included in the next registration statement to be filed with the Securities and Exchange Commission (the "Registration Statement") of Medivisor for the benefit of Shareholder, at no cost to them.
4. Upon the effective date of the Registration Statement (the "Effective Date"), Shareholder may commence the resale of the Shares as provided herein, and these resale limitations shall continue with respect to all shares for a period of twelve months from the Effective Date.
5. Shareholder agrees that all of its Shares are covered by all of the restrictions hereunder, whether such Shares are owned on the date hereof or are hereafter acquired (whether by issuance, transfer, upon exercise of any warrants or options currently held by Shareholder or otherwise).
6. This Agreement shall terminate twelve months from the Effective Date, and thereafter all provisions contained herein shall cease and be of no further force or effect.
7. Notwithstanding anything to the contrary set forth herein, the Company may, at any time and from time to time, waive any of the conditions or restrictions contained herein to increase the liquidity of the Common Stock or if such waiver would otherwise be in the best interests of the development of the trading market for the Common Stock.
8. In the event of a tender offer to purchase all or substantially all of the Company's issued and outstanding securities, or a merger, consolidation or other reorganization with or into an unaffiliated entity, this Agreement shall terminate and the Shares restricted pursuant hereto shall be released from such restrictions if
the requisite number of the record and beneficial owners of the Company's securities then outstanding are voted in favor of such tender offer, merger, consolidation or reorganization.
9. Except as otherwise provided in this Agreement or any other agreements between the parties, Shareholder shall be entitled to its retrospective beneficial rights of ownership of the Shares, including the right to vote the Shares for any and all purposes.
10. The Shares and per price restrictions covered by this Agreement shall be appropriately adjusted should the Company make a dividend or distribution, undergo a forward split or a reverse split or otherwise reclassify its shares of Common Stock.
11. This Agreement may be executed in any number of counterparts with the same force and effect as if all parties had executed the same document.
12. All notices, instructions or other communications required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by certified mail, return receipt requested, overnight delivery or hand-delivered to all parties to this Agreement at the address set forth above. All notices shall be deemed to be given on the same day if sent by overnight delivery or the second business day following the date of mailing.
13. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof, and may not be amended except by a written instrument executed by the parties hereto.
14. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and to be performed wholly within said State.
IN WHITNESS HEREOF, the undersigned have duly executed and delivered this Agreement as of the day and year first above written.
Medivisor Inc.
By /s/ DINO LUZZI _____________________ Dino Luzzi, President |
Shareholder
By /s/ WAYNE WERTHEIM _____________________ Its__________________ |
EXHIBIT 10.16
LOCK UP/LEAK OUT AGREEMENT
THIS LOCK UP/LEAK OUT AGREEMENT (the "Agreement" is made and entered into as of the 01 day of January 2005, by and among Medivisor Inc., a Delaware corporation (the "Company"), and Prudy Ferrone ("Shareholder"}, as a shareholder of record of certain shares of common stock of the company, with an address of _____________________________________.
RECITALS:
WHEREAS, Shareholder is the record owner of 150,000 shares (the "Shares") of the common Stock of the Company; and
WHEREAS, in order to facilitate an orderly market for the Common Stock of the Company, the undersigned desire to enter into this Agreement and restrict the sale, assignment, transfer, conveyance, hypothecation or alienation of the Common Stock, all on terms set forth below.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Notwithstanding anything contained in this Agreement, Shareholder may transfer its shares of Common Stock to its affiliates, partners in a partnership, subsidiaries and trusts, spouses or lineal descendants for estate planning purposes provided that the transferee (or the legal representative of the transferee) executes an agreement to he bound by all terms of this Agreement.
2. Shareholder may only sell Shares subject to the following conditions:
2.1 Shareholder shall be allowed to sell Shares in blocks of 5,000 Shares or less per transaction.
2.2 The Shares may only be sold at the "offer" or "ask" price stated by the relevant market maker. Shareholder agrees that it will not sell shares at the "bid" price.
2.3 After Shareholder sells 5,000 Shares, Shareholder may not sell any other Shares unless the "offer" or "ask" price of the Common Stock increases by .25 basis points above Shareholder's last sale price. The sale of the next 5,000 Shares, however, may take place at a price less than the prior sale price plus .25 basis points. (For example, Shareholder sells 5,000 shares at a price of $10 1/2 . If the "ask" price then increases to $10 3/4 , Shareholder may sell an additional 5,000 Shares and such sale may occur at a price less than $10 3/4.
2.4 Notwithstanding the foregoing, if, after Shareholder sells 5,000 Shares, the market maker in the Common Stock (other than the market maker involved in the first transaction) continues to show an "offer" or "ask" price at the same price as the first 5,000 share transaction, Shareholder may, on one occasion only, sell an additional 5,000 shares at that price.
2.5 The Shares may not be sold at a price below $1.00 per share.
2.6 Shareholder shall be allowed to sell up to fifteen (15%) percent of its Shares held as of the date hereof during each three-month period, Shareholder may sell the difference between 15% of its Shares held as of the date hereof and the Shares actually sold during such three-month period in the next successive three-month period.
2.7 Shareholder agrees that it will not engage in any short selling of the Shares.
3. All of the Shares owned as outlined herein shall be included in the next registration statement to be filed with the Securities and Exchange Commission (the "Registration Statement") of Medivisor for the benefit of Shareholder, at no cost to them.
4. Upon the effective date of the Registration Statement (the "Effective Date"), Shareholder may commence the resale of the Shares as provided herein, and these resale limitations shall continue with respect to all shares for a period of twelve months from the Effective Date.
5. Shareholder agrees that all of its Shares are covered by all of the restrictions hereunder, whether such Shares are owned on the date hereof or are hereafter acquired (whether by issuance, transfer, upon exercise of any warrants or options currently held by Shareholder or otherwise).
6. This Agreement shall terminate twelve months from the Effective Date, and thereafter all provisions contained herein shall cease and be of no further force or effect.
7. Notwithstanding anything to the contrary set forth herein, the Company may, at any time and from time to time, waive any of the conditions or restrictions contained herein to increase the liquidity of the Common Stock or if such waiver would otherwise be in the best interests of the development of the trading market for the Common Stock.
8. In the event of a tender offer to purchase all or substantially all of the Company's issued and outstanding securities, or a merger, consolidation or other reorganization with or into an unaffiliated entity, this Agreement shall terminate and the Shares restricted pursuant hereto shall be released from such restrictions if
the requisite number of the record and beneficial owners of the Company's securities then outstanding are voted in favor of such tender offer, merger, consolidation or reorganization.
9. Except as otherwise provided in this Agreement or any other agreements between the parties, Shareholder shall be entitled to its retrospective beneficial rights of ownership of the Shares, including the right to vote the Shares for any and all purposes.
10. The Shares and per price restrictions covered by this Agreement shall be appropriately adjusted should the Company make a dividend or distribution, undergo a forward split or a reverse split or otherwise reclassify its shares of Common Stock.
11. This Agreement may be executed in any number of counterparts with the same force and effect as if all parties had executed the same document.
12. All notices, instructions or other communications required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by certified mail, return receipt requested, overnight delivery or hand-delivered to all parties to this Agreement at the address set forth above. All notices shall be deemed to be given on the same day if sent by overnight delivery or the second business day following the date of mailing.
13. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof, and may not be amended except by a written instrument executed by the parties hereto.
14. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and to be performed wholly within said State.
IN WHITNESS HEREOF, the undersigned have duly executed and delivered this Agreement as of the day and year first above written.
Medivisor Inc.
By /s/ DINO LUZZI __________________________ Dino Luzzi, President |
Shareholder
By /s/ PRUDENCE L. FERRONE __________________________ Its_______________________ |
EXHIBIT 10.17
EXECUTIVE SERVICES EMPLOYMENT AGREEMENT
THIS EXECUTIVE SERVICES EMPLOYMENT AGREEMENT (this "AGREEMENT") is made and entered into effective this 1st day of January, 2006, (the "EFFECTIVE DATE"), by and between Medivisor, Inc., a Delaware corporation (the "CORPORATION") and Dino Luzzi, an individual (the "EXECUTIVE").
RECITALS
THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions:
A. The Corporation desires that the Executive be employed by the Corporation to carry out the duties and responsibilities described below, all on the terms and conditions hereinafter set forth.
B. The Executive desires to accept such employment on such terms and conditions.
NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:
1. RETENTION AND DUTIES.
1.1 RETENTION. The Corporation does hereby hire, engage and employ the Executive for the Period of Employment (as defined in Section 2) on the terms and conditions expressly set forth in this Agreement. The Executive does hereby accept and agree to such hiring, engagement and employment, on the terms and conditions expressly set forth in this Agreement.
1.2 DUTIES. During the Period of Employment, the Executive shall serve the Corporation as its Chief Executive Officer ("CEO") unless and until it is otherwise determined by the Corporation's Board of Directors (the "Board") that he shall serve in another senior executive capacity. In addition, , it is the intention of the parties that the Executive shall also serve as a member of the initial Board of Directors. For such period of time that the Executive serves as Chief Executive Officer, the Executive shall be the Chief Executive Officer of the Corporation and shall be principally responsible for the general strategic planning, acquisitions, mergers, joint ventures, corporate relations, strategic direction of the business and officers of the Corporation, in each case subject to the directives of the Board. For such period of time that the Executive serves as Chief Executive Officer, the Executive shall have the duties of management usually vested in the offices of President and Chief Executive Officer of a corporation of the size and nature of the Corporation and such other powers and duties as the Board may assign from time to time, provided that such other duties are not inconsistent with his position as Chief Executive Officer.
In no event, however, shall his duties as Director of the Board be deemed inconsistent with the Executive's position as Chief Executive Officer for such purposes. For such period of time that the Executive does not serve as Chief Executive Officer, the Executive shall have such duties as may be determined from time to time by the Board, provided that those duties are consistent with the Executive's position as a senior executive officer with the position of Chairman of the Compensation Committee. The Executive shall also be subject to the corporate policies of the Corporation as they are in effect from time to time throughout the Period of Employment (including, without limitation, the Corporation's insider trading and ethics policies, as they may change from time to time). During the Period of Employment, the Executive shall report solely to the Board.
1.3 NO BREACH OF CONTRACT. The Executive hereby represents to the Corporation
that to the best of the Executive's knowledge: (i) the execution and
delivery of this Agreement by the Executive and the Corporation and the
performance by the Executive of the Executive's duties hereunder shall not
constitute a breach of, or otherwise contravene, the terms of any other
agreement or policy to which the Executive is a party or otherwise bound;
(ii) that the Executive has no information (including, without limitation,
confidential information and trade secrets) relating to any other person or
entity which would prevent, or be violated by, the Executive entering into
this Agreement or carrying out his duties hereunder; (iii) that the
Executive is not bound by any confidentiality, trade secret or similar
agreement (other than this Agreement and the Inventions Agreement referred
to in Section 9) with any other person or entity in a similar industry as
Medivisor, Inc.
1.4 LOCATION. The Executive acknowledges that the Corporation's principal executive offices are currently located in Huntington Station, New York. The Executive's principal place of employment shall be the Corporation's principal executive offices or such other location as the Executive shall approve in writing. The Executive agrees that he will be regularly present at the Corporation's principal executive offices. The Executive acknowledges that he may be required to travel from time to time in the course of performing his duties for the Corporation.
2. PERIOD OF EMPLOYMENT. The "Period of Employment" shall, unless sooner terminated as provided herein, be a period of two years commencing on the Effective Date and ending at the close of business on the second anniversary of the Effective Date (the "Termination Date").
3 COMPENSATION/BASE SALARY. The Executive's base salary for the Period of Employment (the "Base Salary") shall be at a rate of Twenty Thousand Dollars ($20,000) per month and shall be paid in accordance with the Corporation's regular payroll practices in effect from time to time, but not less frequently than in monthly installments. During the Period of Employment, the Corporation may increase (but it will not decrease) the Executive's Base Salary from the rate in effect immediately preceding any such change.
4. BENEFITS. The Executive shall be entitled to medical and dental coverage as provided by the Corporation under its respective policies.
4.1 RETIREMENT, WELFARE AND FRINGE BENEFITS. During the Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Corporation to the Corporation's senior executives generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.
4.2 REIMBURSEMENT OF BUSINESS EXPENSES. The Executive is authorized to incur reasonable expenses in carrying out the Executive's duties for the Corporation under this Agreement and reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in connection with carrying out the Executive's duties for the Corporation, subject to the Corporation's expense reimbursement policies in effect from time to time. In addition, the Corporation shall reimburse the Executive for up to Fifty Thousand Dollars ($50,000) (in the aggregate) of the Executive's legal fees and other expenses relating to his employment and the negotiation and preparation of this Agreement and related agreements.
4.3 VACATION AND OTHER LEAVE. During the Period of Employment, the Executive shall accrue and be entitled to take paid vacation, such vacation otherwise to accrue and be taken at a rate of at least three (3) weeks annually in accordance with the Corporation's vacation policies in effect from time to time, including the Corporation's policies regarding vacation accruals (including, without limitation, limits on the amount of vacation that may be accrued and untaken before future accruals cease). The Executive shall also be entitled to all other holiday and leave pay generally available to other executives of the Corporation.
4.4 AUTOMOBILE ALLOWANCE. The Corporation shall provide the Executive with a car allowance of Eight hundred Dollars ($800.00) per month during the Period of Employment to be used for the purchase, lease and maintenance of an appropriate automobile for Executive's use.
5. TERMINATION.
5.1 TERMINATION BY THE CORPORATION. The Executive's employment by the Corporation, and the Period of Employment, may be terminated at any time by the Corporation: (i) with Cause (as defined in Section 5.3), or (ii) without Cause, or (iii) in the event of the Executive's death, or (iv) in the event that the Board determines in good faith that the Executive has a Disability (as defined in Section 5.3).
5.2 TERMINATION BY THE EXECUTIVE. The Executive's employment by the
Corporation, and the Period of Employment, may be terminated at any time by
the Executive, on no less than sixty (60) days prior written notice to the
Corporation; provided, however, that (i) in the case of termination for
Good Reason, the Executive may provide immediate written notice if the
Corporation fails to, or cannot, reasonably cure the event that constitutes
Good Reason and (ii) in the case of the Executive's good faith
determination that he has a Disability, the Executive shall provided thirty
(30) days prior written notice (except that such determination shall not be
conclusive as to whether the Executive actually has a Disability and, if it
is determined that the Executive does not actually have a Disability, he
shall be deemed to have terminated employment without a Disability and
without Good Reason).
(a) As used herein, "Cause" shall mean the reasonable and good faith written determination by two-thirds of the Board (excluding the Executive, if he is then a member of the Board, from both the numerator and the denominator of such fraction for purposes of such determination) that, during the Period of Employment, any of the following events or contingencies exists or has occurred:
(i) the Executive is convicted of, or pleads guilty or NOLO contendre to, a felony within the meaning of such term by United States federal or state law (other than traffic related offenses or as a result of vicarious liability); or
(ii) the Executive willfully commits an act of material fraud, embezzlement or theft against the Corporation or one of its affiliates or willfully commits a material violation of state or federal securities laws involving the Corporation or one of its affiliates; or
(iii) the Executive willfully and repeatedly fails to perform his material fiduciary and other duties to the Corporation after having received written notice from the Corporation of such claimed failure; or
(iv) the Executive willfully engages in gross misconduct in carrying out his duties hereunder resulting in material economic harm to the Corporation; or
(v) the execution and delivery of this Agreement by the Executive and the Corporation and the performance by the Executive of the Executive's duties hereunder constitutes a breach by the Executive of, or otherwise contravenes, the terms of any other agreement or policy to which the Executive is a party or otherwise bound which materially interferes with the Executive's ability to effectively perform his duties and responsibilities to the Corporation hereunder; or
(vi) the Executive has information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which the Executive is not legally and contractually free to disclose to the Corporation which materially interferes with the Executive's ability to effectively perform his duties and responsibilities to the Corporation hereunder; or
(vii) the Executive is bound by any confidentiality, trade secret or similar agreement (other than this Agreement and the Inventions Agreement referred to in Section 9) with any other person or entity which materially interferes with the Executive's ability to effectively perform his duties and responsibilities to the Corporation hereunder.
However, no act or failure to act, on the Executive's part shall be considered "willful" unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive's action or omission was in, or not opposed to, the best interests of the Corporation.
Anything to the contrary notwithstanding, the Executive shall not be
terminated for Cause under paragraph 5.5(b)(ii), (iii), (iv), (v), (vi) or
(vii) unless he is given written notice setting forth the basis for
termination and he is given fifteen (15) days to cure such neglect or
conduct and, if he fails to cure such neglect or conduct, the Executive is
given the opportunity to be heard before the Board and the Board shall have
made the written determination set forth at the beginning of this Section
5.5(b).
(b) As used herein, "DISABILITY" shall mean a physical or mental impairment which renders the Executive unable to perform the essential functions of his employment with the Corporation, even with reasonable accommodation that does not impose an undue hardship on the Corporation, for more than 180 days in any 12-month period, unless a longer period is required by federal or state law, in which case that longer period would apply. The determination of whether or not a Disability exists for purposes of this Agreement shall be based upon the findings of a medical doctor reasonably acceptable to both parties. If the two parties cannot agree on a medical doctor, each party shall select a medical doctor and the two medical doctors shall select a third who shall be the approved doctor for this purpose. Neither the Corporation nor the Executive shall terminate his employment for Disability unless the party terminating the Executive's employment has given written notice to the other party as provided herein.
(c) As used herein, "GOOD REASON" shall mean the occurrence of one or more of the following without the Executive's written consent:
(i) a material breach of this Agreement by the Corporation (including, without limitation, any breach by the Corporation of Section 3.1); or
(ii) a material diminution in the Executive's duties (when such duties are viewed in the aggregate) from the level contemplated by Section 1.2 (including, without limitation, any change in title or position other than as contemplated by Section 1.2); provided that it shall not constitute Good Reason hereunder solely because the Executive is no longer serving as Chief Executive Officer of the Corporation provided that he continues as an executive with the title of Director on the Board, provided that in all cases he reports directly to the Board; or
(iii) the assignment by the Corporation of duties to the Executive that are materially inconsistent with his position as Chief Executive Officer or as Director on the Board , as applicable; or
(iv) the failure of the Corporation to obtain the assumption in writing of its obligations to perform this Agreement by any successor to all or substantially all of the assets or business of the Corporation within fifteen (15) days upon a merger, consolidation, sale or similar transaction; or
(v) the failure of the Corporation to maintain Directors' and Officers' Liability Insurance on terms not materially less favorable to the Executive than the terms of the policy presently in effect; provided that in no event shall Good Reason exist pursuant to this clause (vii) if the Corporation has in place Directors' and Officers' Liability Insurance coverage at a cost on an annualized basis that is not less than two hundred percent (200%) of the annualized cost of the policy in effect on the Effective Date;
PROVIDED, HOWEVER, that none of the events specified in clause (i), (ii),
(iii), (vi) or (vii) above shall constitute Good Reason unless the
Executive shall have notified the Corporation in writing describing the
events which constitute Good Reason and the Corporation shall have failed
to reasonably cure such event within a reasonable period, not to exceed
fifteen (15) days, after the Corporation's actual receipt of such written
notice.
6. MEANS AND EFFECT OF TERMINATION. Any termination of the Executive's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.
7. NON-COMPETITION. The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Corporation, the amount of sensitive and confidential information involved in the discharge of the Executive's position with the Corporation, and the harm to the Corporation that would result if such knowledge or expertise was disclosed or made available to a competitor. Based on that understanding, the Executive hereby expressly agrees as follows:
(a) As a result of the particular nature of the Executive's relationship with the Corporation, in the capacities identified earlier in this Agreement, for the Period of Employment the Executive hereby agrees that he will not, directly or indirectly, (i) engage in any business for the Executive's own account or derive any material economic benefit from any business that competes with the business of the Corporation or any of its affiliates (the Corporation and its affiliates are referred to, collectively, as the "Company Group"), (ii) enter the employ of, or render any services to, any person engaged in any business that competes with the business of any entity within the Company Group, (iii) acquire a financial interest in any person engaged in any business that competes with the business of any entity within the Company Group, directly or indirectly, as an individual, partner, member, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) other than in the performance of his duties hereunder, interfere with business relationships (whether formed before or after the Effective Date) between the Corporation, any of its respective affiliates or subsidiaries, and any customers, suppliers, officers, employees, partners, members or investors of any entity within the Company Group for the purpose of competing, or allowing a third party to compete, with the business of any entity of the Company Group. For purposes of this Agreement, businesses in competition with the Company Group shall include, without limitation, businesses in which any entity within the Company Group actively participates and any businesses which any entity within the Company Group has specific plans to actively participate in the future if the Executive is aware of such plans, whether or not such entity has commenced such operations.
8. CONFIDENTIALITY. As a material part of the consideration for the Corporation's commitment to the terms of this Agreement, the Executive hereby agrees that the Executive will not at any time (whether during or
after the Executive's employment with the Corporation), other in the course of the Executive's duties hereunder, knowingly disclose, disclose in a fashion that Executive reasonably should know the consequences of such disclosure, or use for the Executive's own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise, any trade secrets, or other confidential data or information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, financing methods, or plans of any entity within the Company Group; PROVIDED, HOWEVER, that the foregoing shall not apply to information which is generally known to the industry or the public, other than as a result of the Executive's breach of this covenant. The Executive further agrees that the Executive will not retain or use for his account, at any time, any trade names, trademark or other proprietary business designation used or owned in connection with the business of any entity within the Company Group. Notwithstanding the foregoing, the provisions of this Section 8 shall not apply when (i) disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order the Executive to disclose or make available such information, provided, however that the Executive shall promptly notify the Corporation in writing upon receiving a request for such information or (ii) with respect to any other litigation, arbitration or mediation involving this Agreement, including but not limited to enforcement of this Agreement.
9. RETURN OF PROPERTY. The Executive agrees to truthfully and faithfully
account for and deliver to the Corporation all property belonging to the
Corporation, any other entity in the Company Group, or any of their
respective affiliates, which the Executive may receive from or on account
of the Corporation, any other entity in the Company Group, or any of their
respective affiliates, and upon the termination of the Period of
Employment, or the Corporation's demand, the Executive shall immediately
deliver to the Corporation all such property belonging to the Corporation,
any other entity in the Company Group, or any of their respective
affiliates. Anything to the contrary notwithstanding, nothing in this
Section 12 shall prevent the Executive from retaining a personal home
computer and papers and other materials of a personal nature, including
personal diaries, calendars and personal rolodexes, personal information
relating to his compensation or relating to the reimbursement of expenses,
personal information that he reasonably believes are needed for tax
purposes and copies of the Corporation's compensatory plans, programs and
agreements relating to his compensation as an employee.
10. ASSIGNMENT. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Corporation with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Corporation hereunder, provided that the obligations hereunder are assumed, either by law or contract, by such transferee or successor.
11. NUMBER AND GENDER. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.
12. SECTION HEADINGS. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.
13. GOVERNING LAW. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement, as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted and enforced in accordance with, the laws of the State of New York, notwithstanding any Delaware or other conflict of law provision to the contrary.
14. SEVERABILITY. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.
15. ENTIRE AGREEMENT. This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope. This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof. Any prior negotiations, correspondence, agreements, proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein.
16. MODIFICATIONS. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.
17. NOTICES.
(a) All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by registered or certified mail, postage prepaid, return receipt requested. Any notice shall be duly addressed to the parties as follows at 326 Walt Whitman Road, Suite 208, Huntington Station, New York 11746.
(b) Any party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 23 for the giving of notice. Any communication shall be effective when delivered by hand, when otherwise delivered against receipt therefor, or five (5) business days after being mailed in accordance with the foregoing.
18. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.
19. CORPORATION'S REPRESENTATIONS. The Corporation represents and warrants that
(i) the execution, delivery and performance of this Agreement by the
Corporation has been fully and validly authorized by all necessary
corporate action, (ii) the officer signing this Agreement on behalf of the
Corporation is duly authorized to do so, (iii) the execution, delivery and
performance of this Agreement does not violate any applicable law,
regulation, order, judgment or decree or any agreement, plan or corporate
governance document to which the Corporation is a party or by which it is
bound and (iv) upon execution and delivery of this agreement by the parties
hereto, it shall be a valid and binding obligation of the Corporation
enforceable against it in accordance with its terms, except to the extent
that enforceability may be limited by applicable bankruptcy, insolvency or
similar laws affecting the enforcement of creditors' rights generally.
20. INDEMNIFICATION.
(a) The Corporation agrees that (i) if the Executive is made a party, or is threatened to be made a party, to any threatened or actual action, suit or proceeding whether civil, criminal, administrative, investigative, appellate or other (a "Proceeding") by reason of the fact that he is or was a director, officer or employee of the Corporation or is or was serving at the request of the Corporation as a director, officer, member, employee, agent, manager, consultant or representative of another person or (ii) if any claim, demand, request, investigation, controversy, threat, discovery request or request for testimony or information (a "Claim") is made, or threatened to be made, that arises out of or relates to the Executive's service in any of the foregoing capacities, whether arising before or after the Effective Date, then the Executive shall promptly be indemnified and held harmless by the Corporation to the fullest extent legally permitted or authorized by the Corporation's certificate of incorporation, bylaws or Board resolutions or, if greater, by the laws of the State of Delaware, against any and all costs, expenses, liabilities and losses (including, without limitation, attorney's fees, judgments, interest, expenses of investigating, defending or obtaining indemnity with respect to any Proceeding or Claim, penalties, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if he has ceased to be a director, officer or employee of the Corporation or a director, officer, member, employee, agent, manager, consultant or representative of such other person and shall inure to the benefit of the Executive's heirs, executors and administrators. To the extent permitted by law, the Corporation shall advance to the Executive all costs and expenses incurred by him in connection with any such Proceeding or Claim within thirty (30) days after receiving written notice requesting such an advance. Such notice shall include, to the extent required by applicable law, an undertaking by the Executive to repay the amount advanced if he is ultimately determined not to be entitled to indemnification against such costs and expenses.
(b) Neither the failure of the Corporation (including its Board, independent legal counsel or stockholders) to have made a determination in connection with any request for indemnification or advancement under Section 28(a) that indemnification of the Executive is proper because he has satisfied any applicable standard of conduct, nor a determination by the Corporation (including its Board, independent legal counsel or stockholders) that the Executive has not met any applicable standard of conduct, shall create a presumption that the Executive has not met an applicable standard of conduct.
(c) During the Period of Employment and for a period of three (3) years thereafter, the Corporation shall keep in place a directors and officers' liability insurance policy (or policies) providing comprehensive coverage to the Executive to the extent that the Corporation provides such coverage for any other present or former senior executive or director of the Corporation. Such policy shall be on terms not materially less favorable to the Executive than the terms of the policy then in effect on the Effective Date; provided that in no event shall the Corporation be obligated to provide such level of coverage to the extent that the annualized cost of the coverage would exceed two hundred percent (200%) of the annualized cost of the coverage in effect on the Effective Date.
IN WITNESS WHEREOF, the Corporation and the Executive have executed this Agreement on the dates indicated below to be effective as of the Effective Date.
MEDIVISOR, INC.
DATE: FEBRUARY __, 2008 BY: ________________________________
DATE: FEBRUARY __, 2008 ____________________________________
DINO LUZZI
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EXHIBIT 10.18
CONSULTING AGREEMENT
CONSULTING AGREEMENT dated as of February 29, 2008, by and between MEDIVISOR INC. ("MVSR"), a Delaware corporation with offices at 326 Walt Whitman Road, Melville, NY and CONSULTANT, CIOFFI BUSINESS MANAGEMENT SERVICES ("CONSULTANT") with offices at 31 West Main Street, Suite 312, Patchogue, NY 11772.
W I T N E S S E T H:
WHEREAS, MVSR and the CONSULTANT wish to enter into an agreement where MVSR desires to retain the CONSULTANT as a CONSULTANT and CONSULTANT desires to act as a CONSULTANT to MVSR, subject to and upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, the parties hereto agree as follows:
1. CONSULTANCY. MVSR hereby retains CONSULTANT and CONSULTANT hereby agrees to act as a CONSULTANT to MVSR. CONSULTANT shall perform such services for MVSR as agreed with the Board of Directors of MVSR from time to time (the "CONSULTING Services") including, but not limited to, the services specified in Appendix A to this agreement. CONSULTANT agrees to cause Darren J. Cioffi to perform the Consulting Services on behalf of the CONSULTANT. The CONSULTANT shall exercise its own reasonable judgment and employ such means as it, in good faith, determines are reasonable in performing the Consulting Services, and MVSR will not exercise any control over the methods or means employed by the CONSULTANT in performing the Consulting Services. The Consulting Services shall be performed at such times and at such locations as CONSULTANT shall determine.
2. INDEPENDENT CONTRACT OR STATUS. It is understood and agreed that in the performance of the Consulting Services by the CONSULTANT hereunder, it is acting as an independent contractor and not in any way as an employee or agent of MVSR. The CONSULTANT will determine the hours of work of its employees and the CONSULTANT's employees are not required to work any specified number of hours in any week. Any time off, including weekends and
vacation, will be solely and entirely at the discretion of the CONSULTANT. The CONSULTANT may be required upon request of the Board to submit to MVSR written or oral reports regarding its activities. Employees of the CONSULTANT and others retained by the CONSULTANT are not employees of MVSR for purposes of worker's compensation, unemployment insurance, medical; disability and group life insurance and they are not eligible to participate in any welfare, pension, profit sharing or fringe benefit plan or arrangement of MVSR.
3. CONSULTING FEES. During the Term, as full compensation for the Consulting Services, MVSR shall pay to the CONSULTANT a consulting fee as described in Appendix A to this document. In addition to the Base Fee, the CONSULTANT shall be paid such additional compensation as shall be determined from time to time by the Board of Directors of MVSR and approved by the Board of Directors of MVSR as provided for in Appendix A. It is understood that MVSR will not withhold any income taxes, unemployment taxes or other taxes and that the CONSULTANT is solely responsible for paying and reporting all taxes, including income taxes and estimates thereof for itself and all employees, agents or contractors. MVSR will report to the appropriate tax authorities the amounts paid to the CONSULTANT and, even though the CONSULTANT is an independent contractor, if MVSR is required by law, or is advised by its accountants or attorneys that it is required by law to deduct for withholding, or other taxes, it shall be free to do so, which taxes if not previously deducted shall be reclaimable from the CONSULTANT.
4. EXPENSES. In addition to the consulting fees provided for in Section 3 above, MVSR shall reimburse the CONSULTANT for reasonable costs and expenses incurred by the CONSULTANT in performing the Consulting Services, subject to review by the Board of Directors of MVSR or a senior officer of MVSR designated by the Board of Directors of MVSR.
5. USE OF MVSR'S FACILITIES. Employees of the CONSULTANT are not required to use the office facilities of MVSR in performing the Consulting Services hereunder.
6. TERM. The term of this Agreement shall commence as of February 1, 2008 and shall continue for a period of twelve (12) months (the "TERM").
7. TERMINATION.
7.1 MVSR may terminate this Agreement, at any time, upon thirty (30) days written notice, to CONSULTANT for any reason whatsoever.
7.2 Upon termination CONSULTANT shall cease all provision of services and no invoice shall be made for services performed after notice of suspension or termination. Upon termination, for any reason except breach of this agreement by CONSULTANT, of this Agreement or a portion of the services covered hereunder, MVSR shall pay to CONSULTANT an amount equal to the Severance Amount as provided in Section 9 of this Agreement.
7.3 Termination of this Agreement or a portion of any services hereunder except for breach of this agreement by CONSULTANT shall not prejudice or affect the rights or remedies of either MVSR or CONSULTANT against the other in respect of any breach of the Agreement which occurred before the effective date of termination and shall not prejudice the rights and remedies of CONSULTANT in respect of any sum or sums of money owed or owing from MVSR.
8. SEVERANCE PAYMENT. Upon termination of this Agreement by MVSR or a change in control of MVSR, in addition to earned but unpaid Consulting Fees payable in accordance with Section 3, MVSR shall pay to CONSULTANT severance as identified in Appendix A.
9. DISCLAIMERS AND LIMITATIONS OF LIABILITY. It is expressly understood and agreed that MVSR shall NOT be responsible nor liable for any loss, damage, penalty, or the like, financial or otherwise, caused by:
(i) failure by any CONSULTANT, advisor, contractor, supplier, or any other persons, individuals or firms NOT employed by MVSR to discharge its contractual obligations; or
(ii) any delay, modification, or suspension of the time schedule for performing the services hereunder whether agreed or not agreed with CONSULTANT, which is NOT the responsibility of MVSR, its agents, or CONSULTANTs; or
(iii) any negligent work carried out by the CONSULTANT or by any third party other than MVSR, its agents, or sub-CONSULTANTs, or employees; or
(iv) the failure of any person NOT employed or contracted with by MVSR to discharge any legal duty or obligation whatsoever.
10. CONFIDENTIALITY. The CONSULTANT hereby agrees that during and after the term of this Agreement, neither it nor any of its employees nor others retained by the CONSULTANT to perform some or all of the services to be performed hereunder, will divulge any confidential or proprietary information belonging to MVSR or any company associated with MVSR or to any customer of MVSR and neither the CONSULTANT nor any employee of the CONSULTANT nor any other person retained by the CONSULTANT will make available to others any MVSR or account list, price list, business plan, trade secret, document, file, paper or data of any kind, in whatever form embodied, concerning the business or financial affairs of MVSR, its associated companies, or its customers or remove any of the foregoing from the premises of MVSR.
11. ASSIGNMENT. Except as otherwise provided herein, the CONSULTANT may not assign this Agreement or delegate any of its obligations hereunder, without the prior written consent of MVSR and MVSR may not assign this Agreement, or delegate any of its obligations hereunder, without the prior written consent of the CONSULTANT. Any assignment or delegation in violation of the provisions hereof shall be void and of no effect.
12. ENTIRE AGREEMENT; MODIFICATION; BINDING EFFECT. This Agreement constitutes the entire agreement between the CONSULTANT and MVSR and supersedes all prior understandings and agreements concerning the subject matter hereof. This Agreement (including this provision against oral modification) may not be changed or terminated, and no provision hereof may be waived orally. No modification, waiver or termination hereof shall be binding upon either party unless in writing and signed by or on behalf of the party against which the modification, waiver or termination is asserted. This Agreement shall be binding upon and shall enure to the benefit of the CONSULTANT and MVSR, their successors and permitted assigns.
13. NOTICES. Any notice or other communication required or permitted hereunder shall be sufficiently given if delivered personally, or, if sent by registered or certified mail, postage pre-paid, return receipt requested, addressed to the party intended to receive such notice at the address set forth above, or such other address as such party may indicate in the manner provided for notices herein. Any notice or communication shall be deemed to have been given upon the date personally delivered or, if mailed, the earlier of the date it is received and three (3) days after the date so mailed.
14. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
IN WITNESS WHEREOF, the parties have signed this Agreement as of the date above written.
MEDIVISOR, INC.
By:_____________________________________
Name: /s/ Candido Dino Luzzi
Position: CEO
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CIOFFI BUSINESS MANAGEMENT SERVICES
By:_____________________________________
Name: /s/ Darren J. Cioffi
POSITION: PRESIDENT
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APPENDIX A
App. 1 : The Base Fee for the Term of the Agreement shall be $75,000,
payable in monthly installments of $3,000.00 per month until
company is properly funded. At time of funding company will
pay accrued pay and monthly payments will increase to $6,250
per month.
App. 2 : In addition to the Base Fee the CONSULTANT shall be paid such
additional compensation as shall be determined from time to
time by the Board of Directors of MVSR and approved by the
Board of Directors of MVSR.
App. 3 : In determining the amount of the additional compensation The
Board of Directors will take into consideration the attainment
of specific criteria as agreed with the CONSULTANT from time
to time.
App. 4 : The CONSULTANT shall provide services to MVSR which shall
include, but not be restricted to, those functions commonly
associated with the role of CHIEF FINANCIAL OFFICER.
App. 5 : STOCK OPTIONS. CONSULTANT shall be entitled to participate in
the MVSR Equity Incentive Plan.
App. 6 : SEVERANCE AND OTHER PAYMENTS.
a. If CONSULTANT'S agreement pursuant to this Agreement
is terminated for "cause" (as herein defined), the Company
shall not be obligated to pay or provide any severance
compensation or benefits to CONSULTANT.
b. If CONSULTANT'S agreement with the Company is terminated
under Paragraph 8.2 of this Agreement or the Company elects
not to continue the Agreement under Paragraph 7 above, the
Company agrees to pay to Consultant an amount equal to
twenty-five percent (25%) of Consultant's then current annual
base compensation (or, if this Agreement has expired, an
amount equal to twenty-five percent (25%) of Consultant's
annual base compensation on the last effective day of this
Agreement's term). ("Severance Payment"). Such Severance
Payment shall only be owed to Consultant and paid by the
Company following the execution of a mutually agreeable
severance agreement by Consultant and the Company that shall
be written within 15 days of the date of Consultant's
termination. In addition to the foregoing Severance Payment.
App. 7: TRAVEL, ENTERTAINMENT, AND LIVING EXPENSES. CONSULTANT is
authorized to Incur reasonable travel, entertainment, and cell
phone business expenses on behalf of the Company. These
expenses shall be reimbursed by the Company.
App. 8: CONSULTANT under this Agreement, the Company shall issue to
Consultant (or its designees) 50,000 shares ("Shares") of
common stock, no par value ("Common Stock"). Issued upon the
signing of this agreement;
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EXHIBIT 10.19
STOCK OPTION PLAN
FOR:
MEDIVISOR, INC.
November 19, 2007
MEDIVSOR, INC.
326 Walt Whitman Road, Suite 208, Huntington Station, New York 11746
MEDIVSOR, INC.
STOCK OPTION PLAN
ARTICLE 1. THE PLAN
1.1 TITLE
This plan is entitled the "STOCK OPTION PLAN" (the "PLAN") of
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Medivisor, Inc., a Delaware corporation (the "COMPANY").
1.2 PURPOSE
The purpose of the Plan is to enhance the long-term stockholder value of the Company by offering opportunities to directors, officers, employees and eligible consultants of the Company and any Related Company, as defined below, to acquire and maintain stock ownership in the Company in order to give these persons the opportunity to participate in the Company's growth and success, and to encourage them to remain in the service of the Company or a Related Company.
ARTICLE 2. DEFINITIONS
The following terms will have the following meanings in the Plan:
(a) "BOARD" means the Board of Directors of the Company;
(b) "CAUSE", unless otherwise defined in the instrument evidencing the award or in an employment or services agreement between the Company or a Related Company and a Participant, means a material breach of the employment or services agreement, dishonesty, fraud, misconduct, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations), in each case as determined by the Plan Administrator, and its determination shall be conclusive and binding;
(c) "CODE" means the United States INTERNAL REVENUE CODE OF 1986, as amended from time to time;
(d) "COMMON SHARES" means the common shares, $0.001 par value, of the Company;
(e) "CONSULTANT PARTICIPANT" means a Participant who is defined as a Consultant Participant in Article 5 hereinbelow;
(f) "CORPORATE TRANSACTION", unless otherwise defined in the instrument evidencing the Option or in a written employment or services agreement between the Company or a Related Company and a Participant, means consummation of either.
(i) a merger or consolidation of the Company with or into any other corporation, entity or person; or
(ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all the Company's outstanding securities or all or substantially all the Company's assets; provided, however, that a Corporate Transaction shall not include a Related Party Transaction;
(g) "DISABILITY", unless otherwise defined by the Plan Administrator, means a mental or physical impairment of the Participant that is expected to result in death or that has lasted or is expected to last for a continuous period of 12 months or more and that causes the Participant to be unable, in the opinion of the Company, to perform his or her duties for the Company or a Related Company and to be engaged in any substantial gainful activity;
(h) "EMPLOYMENT TERMINATION DATE" means, with respect to a Participant, the first day upon which the Participant no longer has an employment or service relationship with the Company or any Related Company;
(i) "EXCHANGE ACT" means the United States SECURITIES EXCHANGE ACT OF 1934, as amended;
(j) "FAIR MARKET VALUE" means the per share value of the Common Shares determined as follows:
(i) if the Common Shares are listed on an established stock exchange or exchanges or the NASDAQ National Market, the closing price per share on the last trading day immediately preceding such date on the principal exchange on which it is traded or as reported by NASDAQ; or
(ii) if the Common Shares are not then listed on an exchange or the NASDAQ National Market, but is quoted on the NASDAQ Small Cap Market, the NASDAQ electronic bulletin board or the National Quotation Bureau pink sheets, the average of the closing bid and asked prices per share for the Common Shares as quoted by NASDAQ or the National Quotation Bureau, as the case may be, on the last trading day immediately preceding such date; or
(iii) if there is no such reported market for the Common Shares for the date in question, then an amount determined in good faith by the Plan Administrator;
(k) "GRANT DATE" means the date on which the Plan Administrator completes the corporate action relating to the grant of an Option or such later date specified by the Plan Administrator, and on which all conditions precedent to the grant have been satisfied, provided that conditions to the exercisability or vesting of Options shall not defer the Grant Date;
(l) "INCENTIVE STOCK OPTION" means an Option granted with the intention, as reflected in the instrument evidencing the Option, that it qualify as an "incentive stock option" as that term is defined in Section 422 of the Code;
(m) "NONQUALIFIED STOCK OPTION" means an Option other than an Incentive Stock Option;
(n) "OPTION" means the right to purchase Common Shares granted under Article 7 hereinbelow;
(o) "OPTION EXPIRATION DATE" has the meaning set forth in Article 7.6 hereinbelow;
(p) "OPTION TERM" has the meaning set forth in Article 7.3 hereinbelow;
(q) "PARTICIPANT" means the person to whom an Option is granted and who meets the eligibility requirements imposed by Article 5 hereinbelow, including Consultant Participants as defined in Article 5;
(r) "PARTICIPANT" means the person to whom an Option is granted and who meets the eligibility requirements imposed by Article 5 hereinbelow, including Consultant Participants as defined in Article 5;
(s) "PLAN ADMINISTRATOR" has the meaning set forth in Article 3.1 hereinbelow;
(t) "RELATED COMPANY" means any entity that, directly or indirectly, is in control of or is controlled by the Company;
(u) "RELATED PARTY TRANSACTION" means:
(i) a merger or consolidation of the Company in which the holders of Common Shares immediately prior to the merger hold at least a majority of the Common Shares in the Successor Corporation immediately after the merger;
(ii) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially all the Company's assets to a wholly-owned subsidiary corporation;
(iii) a mere reincorporation of the Company; or
(iv) a transaction undertaken for the sole purpose of creating a holding company that will be owned in substantially the same proportion by the persons who held the Company's securities immediately before such transaction;
(v) "RETIREMENT", unless otherwise defined by the Plan Administrator from time to time for purposes of the Plan, means retirement on or after the individual's normal retirement date under the Company's 401(k) plan or other similar successor plan applicable to salaried employees;
(w) "SECURITIES ACT" means the United States SECURITIES ACT OF 1933, as amended;
(x) "SUCCESSOR CORPORATION" has the meaning set forth in Article 11.3.1 hereinbelow; and
(y) "VESTING COMMENCEMENT DATE" means the Grant Date or such other date selected by the Plan Administrator as the date from which the Option begins to vest for purposes of Article 7.4 hereinbelow.
ARTICLE 3. ADMINISTRATION
3.1 PLAN ADMINISTRATOR
The Plan shall be administered by the Board or a committee
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appointed by, and consisting of one or more members of, the Board (the "PLAN
ADMINISTRATOR"). If and so long as the Common Shares are registered under
Section 12(b) or 12(g) of the Exchange Act, the Board shall consider in
selecting the members of any committee acting as Plan Administrator, with
respect to any persons subject or likely to become subject to Section 16 of the
Exchange Act, the provisions regarding: (a) "OUTSIDE DIRECTORS", as contemplated
by Section 162(m) of the Code and (b) "NONEMPLOYEE DIRECTORS", as contemplated
by Rule 16b-3 under the Exchange Act. Committee members shall serve for such
term as the Board may determine, subject to removal by the Board at any time. At
any time when no committee has been appointed to administer the Plan, then the
Board will be the Plan Administrator.
3.2 ADMINISTRATION AND INTERPRETATION BY PLAN ADMINISTRATOR
Except for the terms and conditions explicitly set forth in the Plan, the Plan Administrator shall have exclusive authority, in its discretion, to determine all matters relating to Options under the Plan, including the selection of individuals to be granted Options, the type of Options, the number of Common Shares subject to an Option, all terms, conditions, restrictions and limitations, if any, of an Option and the terms of any instrument that evidences the Option. The Plan Administrator shall also have exclusive authority to interpret the Plan and the terms of any instrument evidencing the Option and may from time to time adopt and change rules and regulations of general application for the Plan's administration. The Plan Administrator's interpretation of the Plan and its rules and regulations, and all actions taken and determinations made by the Plan Administrator pursuant to the Plan, shall be conclusive and binding on all parties involved or affected. The Plan Administrator may delegate administrative duties to such of the Company's officers as it so determines.
ARTICLE 4. STOCK SUBJECT TO THE PLAN
4.1 AUTHORIZED NUMBER OF SHARES
Subject to adjustment from time to time as provided in Article
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11.1 hereinbelow, the number of Common Shares available for issuance under the Plan shall be 3,000,000 shares.
4.2 REUSE OF SHARES
Any Common Shares that have been made subject to an Option that cease to be subject to the Option (other than by reason of exercise or settlement of the Option to the extent it is exercised for or settled in shares) shall again be available for issuance in connection with future grants of Options under the Plan. In the event shares issued under the Plan are reacquired by the Company pursuant to any forfeiture provision or right of repurchase, such shares shall again be available for the purposes of the Plan; provided, however, that the maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the share number stated in Article 4.1 hereinabove, subject to adjustment from time to time as provided in Article 11.1 hereinbelow; and provided, further, that for purposes of Article 4.3 hereinbelow, any such shares shall be counted in accordance with the requirements of Section 162(m) of the Code.
4.3 LIMITATIONS
Subject to adjustment from time to time as provided in Article 11.1 hereinbelow, not more than an aggregate of 5,000,000 shares shall be available for issuance pursuant to grants of Stock Options under the Plan.
ARTICLE 5. ELIGIBILITY
An Option may be granted to any officer, director or employee
of the Company or a Related Company that the Plan Administrator from time to
time selects. An Option may also be granted to any consultant, agent, advisor or
independent contractor who provides services to the Company or any Related
Company (a "CONSULTANT PARTICIPANT"), so long as such Consultant Participant:
(a) is a natural person or an alter ego entity of the natural person providing
the services; (b) renders BONA FIDE services that are not in connection with the
offer and sale of the Company's securities in a capital-raising transaction; and
(c) does not directly or indirectly promote or maintain a market for the
Company's securities.
ARTICLE 6. OPTIONS
6.1 FORM AND GRANT OF OPTIONS
The Plan Administrator shall have the authority, in its sole
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discretion, to determine the type or types of Options to be granted under the Plan. Options may be granted singly or in combination.
6.2 SETTLEMENT OF OPTIONS
The Company may settle Options through the delivery of Common Shares, the granting of replacement Options or any combination thereof as the Plan Administrator shall determine. Any Option settlement, including payment deferrals or payments deemed made by way of the settlement of pre-existing indebtedness from the Company, may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine. The Plan Administrator may permit or require the deferral of any Option payment, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest, or dividend equivalents, including converting such credits into deferred stock equivalents.
ARTICLE 7. GRANTS OF OPTIONS
7.1 GRANT OF OPTIONS
The Plan Administrator shall have the authority, in its sole
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discretion, to grant Options as Incentive Stock Options or as Nonqualified Stock Options, which shall be appropriately designated.
7.2 OPTION EXERCISE PRICE
The exercise price for shares purchased under an Option shall be as determined by the Plan Administrator.
7.3 TERM OF OPTIONS
Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option (the "OPTION TERM") shall be as established for that Option by the Plan Administrator or, if not so established, shall be TEN YEARS from the Grant Date.
7.4 EXERCISE OF OPTIONS
The Plan Administrator shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Plan Administrator at any time.
The Plan Administrator, in its sole discretion, may adjust the vesting schedule of an Option held by a Participant who works less than "FULL-TIME" as that term is defined by the Plan Administrator or who takes a Company-approved leave of absence.
To the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery to the Company of a written stock option exercise agreement or notice, in a form and in accordance with procedures established by the Plan Administrator, setting forth the number of shares with respect to which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Plan Administrator, accompanied by payment in full as described in Article 7.5
hereinbelow. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Plan Administrator.
7.5 PAYMENT OF EXERCISE PRICE
The exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased. Such consideration must be in accordance with the requirements of the Chapter 78 of the NEVADA REVISED STATUTES and the Articles of Incorporation and Bylaws of the Company, must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Plan Administrator for that purchase. As set forth in Article 6.2 hereinabove, any Option settlement, including payment deferrals or payments deemed made by way of the settlement of pre-existing indebtedness from the Company, may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine.
7.6 POST-TERMINATION EXERCISES
The Plan Administrator shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, if the Participant ceases to be employed by, or to provide services to, the Company or a Related Company, which provisions may be waived or modified by the Plan Administrator at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following terms and conditions, which may be waived or modified by the Plan Administrator at any time:
(a) Except as otherwise set forth in this Article 7.6 hereinbelow, any portion of an Option that is not vested and exercisable on the Employment Termination Date shall expire on such date.
(b) Any portion of an Option that is vested and exercisable on the Employment Termination Date shall expire on the earliest to occur of:
(i) if the Participant's Employment Termination Date occurs for reasons other than Cause, Retirement, Disability or death, the day which is three months after such Employment Termination Date;
(ii) if the Participant's Employment Termination Date occurs by reason of Retirement, Disability or death, the one-year anniversary of such Employment Termination Date; and
(iii) the last day of the Option Term (the "OPTION EXPIRATION DATE").
Notwithstanding the foregoing, if the Participant dies after his or her Employment Termination Date but while an Option is otherwise exercisable, the portion of the Option that is vested and exercisable on such Employment Termination Date shall expire upon the earlier to occur of (c) the Option Expiration Date and (d) the one-year anniversary of the date of death, unless the Plan Administrator determines otherwise.
Also notwithstanding the foregoing, in case of termination of the Participant's employment or service relationship for Cause, all Options granted to that Participant shall automatically expire upon first notification to the Participant of such termination, unless the Plan Administrator determines otherwise. If a Participant's employment or service relationship with the Company is suspended pending an investigation of whether the Participant shall be terminated for Cause, all the Participant's rights under any Option shall likewise be suspended during the period of investigation. If any facts that would constitute termination for Cause are discovered after the Participant's relationship with the Company or a Related Company has ended, any Option then held by the Participant may be immediately terminated by the Plan Administrator, in its sole discretion.
(c) A Participant's transfer of employment or service relationship between or among the Company and any Related Company, or a change in status from an employee to a consultant, agent, advisor or independent contractor or a change in status from a consultant, agent, advisor or independent contractor to an employee, shall not be considered a termination of employment or service relationship for purposes of this Article 7. Unless the Plan Administrator determines otherwise, a termination of employment or service relationship shall be deemed to occur if a Participant's employment or service relationship is with an entity that has ceased to be a Related Company.
(d) The effect of a Company-approved leave of absence on the application of this Article 7 shall be determined by the Plan Administrator, in its sole discretion.
(e) If a Participant's employment or service relationship with the Company or a Related Company terminates by reason of Disability or death, the Option shall become fully vested and exercisable for all the shares subject to the Option. Such Option shall remain exercisable for the time period set forth in this Article 7.6.
ARTICLE 8. INCENTIVE STOCK OPTION LIMITATIONS
Notwithstanding any other provisions of the Plan, and to the extent required by Section 422 of the Code, Incentive Stock Options shall be subject to the following additional terms and conditions:
8.1 DOLLAR LIMITATION
To the extent the aggregate Fair Market Value (determined as of the Grant Date) of Common Shares with respect to which Incentive Stock Options are exercisable for the first time during any calendar year (under the Plan and all other STOCK OPTION PLANs of the Company) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event the Participant holds two or more such Options that become
exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in which such Options are granted.
8.2 ELIGIBLE EMPLOYEES
Individuals who are not employees of the Company or one of its parent corporations or subsidiary corporations may not be granted Incentive Stock Options.
8.3 EXERCISE PRICE
The exercise price of an Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Shares on the Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all classes of the stock of the Company or of its parent or subsidiary corporations (a "TEN PERCENT STOCKHOLDER"), shall not be less than 100% of the Fair Market Value of the Common Shares on the Grant Date. The determination of more than 10% ownership shall be made in accordance with Section 422 of the Code.
8.4 EXERCISABILITY
An Option designated as an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted by the terms of the Option):
(a) more than three months after the Employment Termination Date
if termination was for reasons other than death or disability;
(b) more than one year after the Employment Termination Date if
termination was by reason of disability; or
(c) after the Participant has been on leave of absence for more
than three months, unless the Participant's reemployment
rights are guaranteed by statute or contract.
8.5 TAXATION OF INCENTIVE STOCK OPTIONS
In order to obtain certain tax benefits afforded to Incentive
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Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date of exercise.
A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant shall give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods.
8.6 CODE DEFINITIONS
For the purposes of this Article 8, "PARENT CORPORATION", "SUBSIDIARY CORPORATION" and "DISABILITY" shall have the meanings attributed to those terms for purposes of Section 422 of the Code.
ARTICLE 9. WITHHOLDING
9.1 GENERAL
The Company may require the Participant to pay to the Company
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the amount of any taxes that the Company is required by applicable federal, state, local or foreign law to withhold with respect to the grant, vesting or exercise of an Option. The Company shall not be required to issue any shares Common Shares under the Plan until such obligations are satisfied.
9.2 PAYMENT OF WITHHOLDING OBLIGATIONS IN CASH OR SHARES
The Plan Administrator may permit or require a Participant to satisfy all or part of his or her tax withholding obligations by:
(a) paying cash to the Company;
(b) having the Company withhold from any cash amounts otherwise due or to become due from the Company to the Participant;
(c) having the Company withhold a portion of any Common Shares that would otherwise be issued to the Participant having a value equal to the tax withholding obligations (up to the employer's minimum required tax withholding rate); or
(d) surrendering any Common Shares that the Participant previously acquired having a value equal to the tax withholding obligations (up to the employer's minimum required tax withholding rate to the extent the Participant has held the surrendered shares for less than six months).
ARTICLE 10. ASSIGNABILITY
Neither an Option nor any interest therein may be assigned, pledged or transferred by the Participant or made subject to attachment or similar proceedings other than by will or by the applicable laws of descent and distribution, and, during the Participant's lifetime, such Options may be exercised only by the Participant. Notwithstanding the foregoing, and to the extent permitted by Section 422 of the Code, the Plan Administrator, in its sole discretion, may permit a Participant to assign or transfer an Option or may permit a Participant to designate a beneficiary who may exercise the Option or receive payment under the Option after the Participant's death; provided, however, that any Option so assigned or transferred shall be subject to all the terms and conditions of the Plan and those contained in the instrument evidencing the Option.
ARTICLE 11. ADJUSTMENTS
11.1 ADJUSTMENT OF SHARES
In the event, at any time or from time to time, a stock
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dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company's corporate or capital structure, including, without limitation, a Related Party Transaction, results in (a) the outstanding Common Shares, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities of the Company or of any other corporation or (b) new, different or additional securities of the Company or of any other corporation being received by the holders of Common Shares of the Company, then the Plan Administrator shall make proportional adjustments in (i) the maximum number and kind of securities subject to the Plan and issuable as Incentive Stock Options as set forth in Article 4 hereinabove and the maximum number and kind of securities that may be made subject to Options and to Options to any individual as set forth in Article 4.3 hereinbelow, and (ii) the number and kind of securities that are subject to any outstanding award and the per share price of such securities, without any change in the aggregate price to be paid therefor. The determination by the Plan Administrator as to the terms of any of the foregoing adjustments shall be conclusive and binding. Notwithstanding the foregoing, a dissolution or liquidation of the Company or a Corporate Transaction shall not be governed by this Article 11.1 but shall be governed by Articles 11.2 and 11.3, respectively, hereinbelow.
11.2 DISSOLUTION OR LIQUIDATION
To the extent not previously exercised or settled, and unless otherwise determined by the Plan Administrator in its sole discretion, Options shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a forfeiture provision or repurchase right applicable to an Option has not been waived by the Plan Administrator, the Option shall be forfeited immediately prior to the consummation of the dissolution or liquidation.
11.3 CORPORATE TRANSACTION
(a) In the event of a Corporate Transaction, except as otherwise
provided in the instrument evidencing an Option (or in a
written employment or services agreement between a Participant
and the Company or Related Company) and except as provided in
subsection (b) hereinbelow, each outstanding Option shall be
assumed or an equivalent option or right substituted by the
surviving corporation, the successor corporation or its parent
corporation, as applicable (the "SUCCESSOR CORPORATION").
(b) If, in connection with a Corporate Transaction, the Successor
Corporation refuses to assume or substitute for an Option,
then each such outstanding Option shall become fully vested
and exercisable with respect to 100% of the unvested portion
of the Option. In such case, the Plan Administrator shall
notify the Participant in writing or electronically that the
unvested portion of the Option specified above shall be fully
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vested and exercisable for a specified time period. At the expiration of the time period, the Option shall terminate, provided that the Corporate Transaction has occurred.
(c) For the purposes of this Article 11.3, the Option shall be considered assumed or substituted for if following the Corporate Transaction the option or right confers the right to purchase or receive, for each share of Common Shares subject to the Option immediately prior to the Corporate Transaction, the consideration (whether stock, cash, or other securities or property) received in the Corporate Transaction by holders of Common Shares for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Corporate Transaction is not solely Common Shares of the Successor Corporation, the Plan Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon the exercise of the Option, for each share of Common Shares subject thereto, to be solely Common Shares of the Successor Corporation substantially equal in fair market value to the per share consideration received by holders of Common Shares in the Corporate Transaction. The determination of such substantial equality of value of consideration shall be made by the Plan Administrator and its determination shall be conclusive and binding.
(d) All Options shall terminate and cease to remain outstanding immediately following the Corporate Transaction, except to the extent assumed by the Successor Corporation.
11.4 FURTHER ADJUSTMENT OF OPTIONS
Subject to Articles 11.2 and 11.3 hereinabove, the Plan Administrator shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization, liquidation or change of control of the Company, as defined by the Plan Administrator, to take such further action as it determines to be necessary or advisable, and fair and equitable to the Participants, with respect to Options. Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Options so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Plan Administrator may take such actions with respect to all Participants, to certain categories of Participants or only to individual Participants. The Plan Administrator may take such action before or after granting Options to which the action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation or change of control that is the reason for such action.
11.5 LIMITATIONS
The grant of Options shall in no way affect the Company's right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
11.6 FRACTIONAL SHARES
In the event of any adjustment in the number of shares covered by any Option, each such Option shall cover only the number of full shares resulting from such adjustment.
ARTICLE 12. AMENDMENT AND TERMINATION
12.1 AMENDMENT OR TERMINATION OF PLAN
The Board may suspend, amend or terminate the Plan or any
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portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, and only if applicable, that to the extent required for compliance with Section 422 of the Code or any applicable law or regulation only, stockholder approval shall be required for any amendment that would:
(a) increase the total number of shares available for issuance under the Plan;
(b) modify the class of employees eligible to receive Options; or
(c) otherwise require stockholder approval under any applicable law or regulation.
Any amendment made to the Plan that would constitute a "MODIFICATION" to Incentive Stock Options outstanding on the date of such amendment shall not, without the consent of the Participant, be applicable to such outstanding Incentive Stock Options but shall have prospective effect only.
12.2 TERM OF PLAN
Unless sooner terminated as provided herein, the Plan shall terminate TEN YEARS after the earlier of the Plan's adoption by the Board and approval by the stockholders.
12.3 CONSENT OF PARTICIPANT
The suspension, amendment or termination of the Plan or a portion thereof or the amendment of an outstanding Option shall not, without the Participant's consent, materially adversely affect any rights under any Option theretofore granted to the Participant under the Plan. Any change or adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute a "MODIFICATION" that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to this Article 12 shall not be subject to these restrictions.
ARTICLE 13. GENERAL
13.1 EVIDENCE OF OPTIONS
Options granted under the Plan shall be evidenced by a written
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instrument that shall contain such terms, conditions, limitations and restrictions as the Plan Administrator shall deem advisable and that are not inconsistent with the Plan.
13.2 NO INDIVIDUAL RIGHTS
Nothing in the Plan or any Option granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate a Participant's employment or other relationship at any time, with or without Cause.
13.3 ISSUANCE OF SHARES
Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or deliver any Common Shares under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company's counsel, such issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.
The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register or qualify under state securities laws, any Common Shares, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made. The Company may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary or desirable for compliance by the Company with federal and state securities laws.
To the extent the Plan or any instrument evidencing an Option provides for issuance of stock certificates to reflect the issuance of Common Shares, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange.
13.4 NO RIGHTS AS A STOCKHOLDER
No Option or Stock Option denominated in units shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and until the date of issuance under the Plan of the shares that are the subject of such Option.
13.5 COMPLIANCE WITH LAWS AND REGULATIONS
Notwithstanding anything in the Plan to the contrary, the Plan Administrator, in its sole discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan to Participants who are officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other Participants. Additionally, in interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed as an "INCENTIVE STOCK OPTION" within the meaning of Section 422 of the Code.
13.6 PARTICIPANTS IN OTHER COUNTRIES
The Plan Administrator shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of other countries in which the Company or any Related Company may operate to assure the viability of the benefits from Options granted to Participants employed in such countries and to meet the objectives of the Plan.
13.7 NO TRUST OR FUND
The Plan is intended to constitute an "UNFUNDED" plan. Nothing contained herein shall require the Company to segregate any monies or other property, or Common Shares, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company.
13.8 SEVERABILITY
If any provision of the Plan or any Option is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Option under any law deemed applicable by the Plan Administrator, such provision shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Plan Administrator's determination, materially altering the intent of the Plan or the Option, such provision shall be stricken as to such jurisdiction, person or Option, and the remainder of the Plan and any such Option shall remain in full force and effect.
13.9 CHOICE OF LAW
The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Nevada, U.S.A., without giving effect to principles of conflicts of law.
ARTICLE 14. EFFECTIVE DATE
The effective date is November 19, 2007, being the date on which the Plan was adopted by the Board and the stockholders.
This Plan is dated and made effective on this 19th day of
November, 2007.
BY ORDER OF THE BOARD OF DIRECTORS OF
MEDIVSOR, INC.
Per:
"CANDIDO DINO LUZZS"
CANDIDO DINO LUZZI
Candido Dino Luzzi, President/Chief Executive Officer
__________
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EXHIBIT 31.1
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
I, Candido Dino Luzzi, certify that:
1. I have reviewed this report of Form 10-SB of Medivisor, Inc., (the "Registrant");
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Registrant and we have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting;
5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
Date: March 07, 2008
By: /s/ CANDIDO DINO LUZZI
_____________________________
Candido Dino Luzzi
Chief Executive Officer/
President
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EXHIBIT 31.2
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
I, Darren Cioffi, certify that:
1. I have reviewed this report of Form 10-SB of Medivisor, Inc., (the "Registrant");
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the Registrant and we have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting;
5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
Date: March 07, 2008
By: /s/ DARREN CIOFFI
_____________________________
Darren Cioffi
Chief Financial Officer
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EXHIBIT 32.1
SECTION 1350 CERTIFICATION
In connection with the Report of Medivisor, Inc. (the "Company") on Form 10-SB as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Candido Dino Luzzi, Chief Executive Officer/President of the Company and I, Darren Cioffi, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: March 07, 2008 By: /s/ CANDIDO DINO LUZZI
_________________________________
Candido Dino Luzzi
Chief Executive Officer/President
Date: March 07, 2008 By: /s/ DARREN CIOFFI
_________________________________
Darren Cioffi
Chief Financial Officer
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