RIVERBEND TELECOM INC
AGREEMENT AND PLAN OF REORGANIZATION BETWEEN RIVERBEND TELECOM, INC. AND RIVERBE
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>2
<FILENAME>exh10-7.htm
<DESCRIPTION>AGREEMENT AND PLAN OF REORGANIZATION BETWEEN RIVERBEND TELECOM, INC. AND RIVERBEND HOLDINGS, INC. DATED MARCH 30, 2005
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<title>Exhibit 10.7</title>
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<p><b><font size="3" face="Times New Roman">Exhibit 10.7</font></b></p>

<p><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">AGREEMENT AND PLAN OF REORGANIZATION</font></b></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and Plan of Reorganization is dated March&nbsp;30, 2005, between Riverbend Telecom, Inc., a Nevada corporation (&ldquo;Parent&rdquo;), and
Riverbend Holdings, Inc., a Colorado corporation (&ldquo;Subsidiary&rdquo;).</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Parent is a telecommunications company engaged primarily in the marketing of telecommunication services for resellers and carriers of local and long
distance telephone and prepaid calling card, data and internet services.&nbsp; A current listing of its contracts and a description of the assets related to such business is attached hereto as <u>Exhibit A</u>; and</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Parent desires to separate its telecommunications operations from the remaining assets of the Parent by transferring that portion of its business and
assets to the Subsidiary in accordance with the terms of this Agreement;</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Parent holds 100 shares of Common Stock in Subsidiary, and is the sole shareholder of Subsidiary;</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, following the transfer of assets to Subsidiary, it is anticipated that Parent will distribute its stock in Subsidiary to Parent's shareholders, and
immediately following such distribution, Parent will, pursuant to a Contribution Agreement dated July&nbsp;14, 2004 (the "Contribution Agreement"), acquire control of United Check Services, L.L.C. ("United");</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Parent, in order to induce the members of United to enter into the Contribution Agreement has agreed to cause Subsidiary to assume all liabilities
and obligations of Parent and any and all tax liabilities arising from the transfer of assets to Subsidiary and the subsequent distribution of the stock in Subsidiary pursuant to this Agreement and Plan of Reorganization.&nbsp; Subsidiary, in consideration of the
transfer of the assets described herein has agreed to assume such liabilities and indemnify Parent therefrom;</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer of Assets</u>.&nbsp; On the date of this Agreement and Plan of Reorganization, the Parent will
convey, assign and transfer to the Subsidiary any and all assets of Parent including all assets from Parent's telecommunications operations, accounts receivables, trade names, rights, claims and interests (the "Assets").&nbsp; Without limitation, said assets shall
include those assets described in <u>Exhibit A</u>.&nbsp; Notwithstanding the foregoing, Parent shall not transfer to Subsidiary those assets described on <u>Exhibit B</u> (the "Excluded Assets").</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Consideration</u>.&nbsp; In consideration of the transfer of the Assets, the Subsidiary hereby agrees (i)
to assume, pay and perform any and all debts, liabilities, leases, licenses, contracts and obligations of&nbsp; Parent&nbsp; which have been incurred on or before the closing of the Contribution Agreement (the "Contribution Closing"), including, without limitation
those described on <u>Exhibit</u> <u>C</u> attached hereto (the "Assumed Liabilities and Obligations"; (ii) to assume and agree to pay any and all tax liabilities as described in Section 7, and to issue 2,046,567 shares of Common Stock of Subsidiary to
Parent.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Distribution of Subsidiary Stock</u>. Upon completion of the transfer of Assets and assumption of the
Assumed Liabilities and Obligations as described in Paragraphs 1 and 2 above, Parent will distribute all of its stock in the Subsidiary to the then holders of Parent&rsquo;s Common Stock with the shareholders of the Parent to receive one share of Common Stock of the
Subsidiary for each share of Common Stock of the Parent it holds (the "Spin-Off"); provided, that the shares of Common Stock of the Subsidiary shall be subject to federal and state securities law restrictions. Accordingly, all shares will be &ldquo;restricted&rdquo;
shares and may only be sold pursuant to Rule 144 of the Securities Act of 1933 or other available exemption from registration or pursuant to an effective registration statement. The Subsidiary consents to such distribution and transfer of stock to Parent's
shareholders and upon surrender of the certificate representing such stock together with stock assignments assigning such stock to the shareholders of Parent, the Subsidiary will issue "restricted" shares to the shareholders of Parent for the number of shares
transferred to such respective shareholders.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Closing</u>. The Spin-Off Closing will be at 10:00 A.M. on March&nbsp;30, 2005 at the offices of
Berenbaum Weinshienk, &amp; Eason, P.C. or such other time and place mutually agreed to by the parties hereto. At the Closing, the following deliveries shall take place:</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Parent will deliver to the Subsidiary a Bill of Sale and Assignment assigning the Assets to the Subsidiary;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<td valign="top">
<p><font size="3" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Parent will execute and deliver to the Subsidiary specific assignments of certain Assets for which a separate assignment is required or desirable;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<td valign="top">
<p><font size="3" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Parent will deliver to the Subsidiary the amount of the cash being transferred to the Subsidiary as a part of the Assets;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Parent will deliver to the Subsidiary physical possession of the tangible Assets;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Subsidiary will deliver to the Parent a stock certificate for 2,046,567 shares of Common Stock of the Subsidiary;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Subsidiary will execute and deliver to the Parent an Assumption Agreement whereby the Subsidiary assumes and agrees to pay and perform all Assumed Liabilities and Obligations;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">the Parent will distribute the stock in the Subsidiary to the Parent's shareholders, on a share for share basis.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of Parent</u>. The Parent hereby represents and warrants to the Subsidiary
as set forth below:</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Corporate Status</font></u><font size="3">. The Parent is duly incorporated under the laws of the State of Nevada and is in good standing under the laws of such State. Parent has taken all requisite corporation action to
authorize the transactions provided for herein.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Enforceability</font></u><font size="3">.&nbsp; This Agreement and all other agreements entered into pursuant hereto shall be fully enforceable against Parent subject to the availability of equitable remedies.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Encumbrances</font></u><font size="3">. Upon the consummation of such transactions, title to the Assets shall be transferred to the Subsidiary, subject to any and all liens, claims and defects of title.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Accounts Receivable</font></u><font size="3">. All accounts receivable of Parent are being assigned to Subsidiary without recourse.&nbsp; Parent makes no representation as to the collectability of any account
receivable.</font></p>
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<p><u><font size="3" face="Times New Roman"></font></u></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Inventory</font></u><font size="3">.&nbsp; All inventory of Parent shown on <u>Exhibit A</u> shall be assigned to Subsidiary, "As Is."&nbsp; Parent makes no representation as to the condition or value of such
inventory.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Equipment</font></u><font size="3">. All equipment of Parent shown on <u>Exhibit A</u> shall be conveyed to Subsidiary, "As Is."&nbsp; Parent makes no representation as to the condition or value of such
equipment.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Real Property</font></u><font size="3">.&nbsp; To the extent that the Assets include real property and improvements thereon or leasehold interests, Parent shall convey such real property and improvements by quit claim deed
or assignment without warranties.&nbsp; Parent shall convey such property "As Is" and makes no representation or warranty as to the condition or value of such real property, improvements, or interests.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Title to Assets</font></u><font size="3">. Parent shall assign and convey title to the Assets "As Is&rdquo; and Parent makes no representation or warranty as to the status of Parent's title to the Assets or the amount of or
existence of any liens encumbering such Assets.</font></p>
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<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties of Subsidiary</u>. The Subsidiary represents and warrants to the Parent as
follows:</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Entity Status</font></u><font size="3">. The Subsidiary is a corporation duly formed and existing in good standing under the laws of the State of Colorado.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Enforceability</font></u><font size="3">.&nbsp; All transactions provided for herein and all obligations of the Subsidiary have been duly authorized by all requisite legal action, and all agreements entered into, including
the execution and consummation of this Agreement, will be valid and enforceable against the Subsidiary in accordance with their terms subject to the availability of equitable remedies.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Assumed Liabilities and Obligations</font></u><font size="3">. The Subsidiary will assume, pay and perform all the Assumed Liabilities and Obligations as and when due, including completing all contracts and work in progress
which exist at the Spin-Off Closing.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
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</table>

<p><font size="2" face="Times New Roman"></font></p>

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<hr size="3" width="100%" noshade color="#999999" align="center" />
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<table border="0" cellspacing="0" cellpadding="0">
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<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Capitalization of Subsidiary</font></u><font size="3">. The Subsidiary will be capitalized with the authorized capitalization of 50,000,000 shares of Common Stock and 25,000,000 shares of Preferred Stock, of which 2,046,667
shares of Common Stock will be outstanding after consummation of the Spin-Off Closing.</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">Subsidiary's Balance Sheet</font></u><font size="3">.&nbsp; The Subsidiary's assets and liabilities immediately after Closing shall be as set forth in <u>Exhibit D</u>.</font></p>
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</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Taxes</u>.&nbsp; The Subsidiary shall be responsible for any taxes attributable to&nbsp; the transactions
described herein&nbsp; (including, without limitation, taxes attributable to the contribution of assets to Subsidiary by Parent, the assumption of liabilities of Parent by Subsidiary and the distribution of Subsidiary's Common Stock to Parent) To the extent permitted
under Section 381(a) of the Internal Revenue Code of 1986, as amended, Subsidiary shall succeed to and take into account certain tax attributes of Parent including, without limitation, Parent&rsquo;s net operating loss carryovers from prior taxable years.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Post-Closing Covenants</u>. Following Closing:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

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<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Parent and Subsidiary shall cooperate with respect to the corporate records relating to the telecommunications business, including billing records, tax records, accounting records and other materials which may be necessary for
future tax audits, other audits or other legal compliance matters. Each party will preserve and maintain such records as may be customary in the industry or consistent with government record retention policies. Each party will allow the other access to such records
and will cooperate in providing information and otherwise assist in responding to any legitimate business needs of the other; and</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">Subsidiary shall:</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">Cause final state and federal income tax returns to be prepared and filed for the Parent reflecting the income and loss of Parent for Parent&rsquo;s short taxable year commencing prior to the Spin-Off Closing and ending on the
date of the Contribution Closing;</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">Cause a person who was an officer of Parent prior to the Contribution to sign such final income tax returns and other returns on behalf of Parent.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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</tr>

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<td valign="top"></td>
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<p><font size="2" face="Times New Roman"></font></p>

<div align="center"><font size="2" face="Times New Roman"></font>
<hr size="3" width="100%" noshade color="#999999" align="center" />
</div>

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<tr>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">Determine the amount of any distributions for federal income tax purposes made to the shareholders of Parent during such short taxable year (including any distribution deemed to be made by Parent to its shareholders of the
value of its corporate charter).</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
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<p><font size="3" face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Prepare and distribute to the shareholders of Parent forms 1099 and other required information returns reflecting the distributions and deemed distributions made to such shareholders for such short taxable year.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

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<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Prepare and cause form 966 to be filed with the Internal Revenue Service in connection with any deemed dissolution of Parent resulting from the Contribution.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous.</u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Complete Agreement</font></u><font size="3">. This Agreement sets forth the entire Agreement of the parties hereto with respect to the subject matter hereof and all prior agreements and understandings are specifically
superseded.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Survival of Agreement</font></u><font size="3">. This Agreement and all terms, warranties and provisions hereof will survive the Closing.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
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<p><font size="3" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Successors and Assigns</font></u><font size="3">. This Agreement will be binding upon the parties hereto and their respective successors and assigns.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Arbitration</font></u><font size="3">. Any dispute arising in connection with this Agreement shall be resolved by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association as
then in effect. The arbitrators shall be instructed to award, in addition to damages or other remedies, attorneys fees and costs of arbitration in favor of the prevailing party.</font></p>
</td>
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<tr>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
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<tr>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Specific Enforcement: Legal Fees</font></u><font size="3">. The parties acknowledge that a breach of the provisions of this Agreement is likely to result in irreparable and unreasonable harm to the other party, and that
injunctive relief, as well as damages, would be appropriate. In the event action is brought to enforce or construe any provisions of this Agreement, the prevailing party shall be entitled to collect reasonable attorneys fees and costs from the other party
hereto.</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Applicable Law</font></u><font size="3">. This Agreement shall be construed in accordance with the internal law of the State of Louisiana without giving effect to principles of conflicts of law. Any judicial action relating
to this Agreement shall be brought only in the state or federal courts located in the State of Louisiana and the parties hereby, consent to the exclusive jurisdiction and venue of such courts.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

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<hr size="3" width="100%" noshade color="#999999" align="center" />
</div>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, this Agreement and Plan of Reorganization has been executed as of the date set forth above.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RIVERBEND TELECOM, INC.,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Nevada corporation</font></p>

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<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Leon Nowalsky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Leon Nowalsky, President</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RIVERBEND HOLDINGS, INC.,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Colorado corporation</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;Leon Nowalsky&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Leon Nowalsky, President</font></p>

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