Labwire has two wholly-owned subsidiaries. On October 31, 2004, Workplace Screening Services, Inc. (“WSS”) was purchased in a stock purchase by issuing 120,000,000 shares of common stock which was valued at $120,000. Along with the assets of WSS, Labwire assumed $161,232 in short-term debt and $306,128 in long-term debt. On October 30, 2007, we acquired all of the outstanding stock of Occupational Testing, Inc. “(Occupational Testing”), located in Gillette, Wyoming for $120,000 in cash and a note payable for $480,000 due and payable in quarterly installments of $40,000 each plus accrued interest at rate of 1% over New York Prime, with the first installment due on January 31, 2008. Occupational does onsite drug and alcohol testing primarily for the mining companies in the Gillette, Wyoming area. Occupational Testing’s revenues for the nine months ended September 30, 2007 were $614,671 and for the fiscal year ended December 31, 2006 were $698,097. The results of Occupational Testing have been included in the Company’s financial statements from the date of acquisition.
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Posted by: Bill_Investor Date: Tuesday, February 24, 2009 1:56:38 PM In reply to: None Post # of 12203
Even MORE errors? Which effective contract date is correct in the Greyhound agreement? Oct 1, 2004 OR Aug 1, 2005?
TOP PORTION OF THE AGREEMENT....
Exhibit 10.7 Agreement for Services between Greyhound Lines, Inc. and WSS Screening Services
This Agreement for Services ("Agreement") is entered into as of the 1st day of October 2004 (the "Effective Date") by and between WSS Screening Services, LLC ('WSS"), a wholly owned subsidiary of Labwire, Inc. and Greyhound Lines, Inc. (including wholly its owned subsidiaries that are party to the Agreement) ("Greyhound") and is based upon that certain Request for Proposal dated April 1, 2004 a copy of which is attached hereto. This Agreement sets forth the terms and conditions pursuant to which WSS shall provide and Greyhound shall receive drug and alcohol testing and related program management services as defined below in Sections 1-3 (collectively the "Services").
BOTTOM PORTION OF THE SAME AGREEMENT
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of August 1, 2005 (the "Execution Date") and each hereby warrants and represents that their respective signatory (whose signature appears below) is duly authorized to execute this Agreement.
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