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EXHIBIT 2.5
DIVESTITURE AGREEMENT
DATE: January 2, 1995
PARTIES: 1. MRR Construction Services, Inc. ("MRR")
▇.▇. ▇▇▇ ▇▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
2. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇")
▇.▇. ▇▇▇ ▇▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
3. PAN Environmental Corporation ("PAN")
▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
SUBJECT: Divestiture -- Resale of Subsidiary Company MRR by Parent Company
PAN to ▇▇▇▇▇▇▇
RECITALS:
WHEREAS, on March 4, 1993 PAN acquired 3,000 shares, or one hundred
percent, of the issued and outstanding stock of MRR, and
WHEREAS, PAN wishes to divest itself of MRR as a subsidiary by
reconveying the 3,000 shares of MRR stock back to ▇▇▇▇▇▇▇, and
WHEREAS, PAN desires to be forgiven from its obligation to repay a
$50,000 advance owed by PAN to MRR, and
WHEREAS, PAN will allow ▇▇▇▇▇▇▇ to keep the 112,889 shares of PAN held
by ▇▇▇▇▇▇▇ from the original acquisition of MRR by PAN,
NOW, THEREFORE, for the mutual considerations contained herein, the
parties agree as follows:
1. PAN agrees to reconvey the 3,000 shares of MRR back to ▇▇▇▇▇▇▇.
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2. MRR agrees to forgive the repayment of the $50,000 advance from MRR to PAN.
3. PAN agrees to allow ▇▇▇▇▇▇▇ to keep his 112,889 shares of PAN.
EXECUTED this 2nd day of January, 1995.
MRR CONSTRUCTION SERVICES, INC. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ President
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President
PAN ENVIRONMENTAL CORPORATION
By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇, President