Statement of Abandonment of Merger between Concentrax, Inc. and Pangea Design, Inc.

Contract Categories: Mergers & Acquisitions › Merger Agreements
Summary

Concentrax, Inc., a Nevada corporation, and Pangea Design, Inc., a Texas corporation, agree to abandon their previously filed merger due to the inability to complete an audit of Pangea Design, Inc.'s financial statements. As a result, the merger will not proceed, and Pangea Design, Inc. will return to its prior status as a Texas corporation in good standing. Pangea Design, Inc. waives any claims to the merger's validity and to the assets of Concentrax, Inc., including intellectual property and contracts.

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EX-2.2 4 doc3.txt Exhibit 2.4 STATE OF TEXAS -------------- CONCENTRAX, INC. AND PANGEA DESIGN, INC. STATEMENT OF ABANDONMENT OF MERGER CONCENTRAX, INC., a Nevada corporation, and PANGEA DESIGN, INC., a Texas corporation, hereby state that the Articles of Merger filed with this Texas Secretary of State on or about September 18, 2002, and corrected on or about November 13, 2002, are hereby abandoned pursuant to TCBA 5.03L. WHEREAS, the corrected Articles of Merger had an effective date of the earlier of: (a) the completion of an independent audit of Pangea Design, Inc.'s financial statements; or (b) December 13, 2002. WHEREAS, the audit cannot be completed due to unforeseen circumstances, and therefore, the parties wish to abandon the merger. THEREFORE, intending to be legally bound, the parties hereby abandon the merger between their respective entities. Please return the Texas corporation, Pangea Design, Inc., to its status prior to the filing of Articles of Merger as a Texas corporation in good standing. Pangea Design, Inc. hereby waives any claim as to the validity of the merger described in such Articles of Merger, waives all claims to the assets of Concentrax, Inc. with such assets including intellectual property, trade secrets, various contracts, etc. Pangea Design, Inc. represents and warrants that it will make no claim to the ownership or other rights to such assets. PANGEA DESIGN INC. /s/ By: ______________________________ Jeremy Wessels CONCENTRAX, INC. /S/ By:________________________________ Mark Gifford, President