WQN, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of

Item 1.01 Entry into a Material Definitive Agreement On July 1, 2009, WQN, Inc. (the "Company") entered into an asset purchase agreement (the "Purchase Agreement") with Blindspot Alert, Inc., a Nevada corporation ("Blindspot") pursuant to which Blindspot agreed to acquire all of the Company's intellectual property, products, services, assets and general intangibles related to the software program "Websafety" (the "Assets"). As consideration for acquiring these assets, Blindspot agreed to pay the Company 27,000,000 shares of Blindspot's common stock. Based on the last bid price for a share of Blindspot's common stock on July 1, 2009, the value of the 27,000,000 share is $2,700,000. In May 2007 the Company acquire these same assets for $700,000 (which was payable in shares of the Company's common stock). On July 2, 2009, the Company and Blindspot closed on the transactions contemplated by the Purchase Agreement. A copy of the Purchase Agreement is attached hereto as Exhibit 10.1. The following is a summary of the material terms of each of the Purchase Agreement, and is qualified in its entirety to reference to the Purchase Agreement attached hereto. Purchase Agreement Pursuant to the terms of the Purchase Agreement, Blindspot acquire all of the Company's right, title and interest in the Assets. In consideration for the Assets Blindspot agreed that at closing it would issue to the Company 27,000,000 shares of the Company's unregistered common stock (the "Shares"), representing approximately 45% of the outstanding shares of common stock in Blindspot after consummation of the transaction. The transactions contemplated by the Purchase Agreement were closed on July 2, 2009, and the closing of the transactions were conditioned upon the approval of the board of directors of Blindspot. The Purchase Agreement contains standard representations, warranties and covenants of both parties, including a representa...
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