Exhibit 10.18

“English Translation”

EQUIPMENT RENTAL AGREEMENT

      BETWEEN:   LES SERVICES DE LOCATION HEARING CARE OF AMERICA (SLHCA) INC.,
a duly incorporated corporation established for a private interest, having its
head office at 2770 Chemin du Lac, Longueuil, Quebec, J4N 1B8, herein
represented by Mr. Steve Forget, duly authorized as he so declares,      
(Hereinafter referred to as the “Lessor”);   AND:   COUSINEAU, DOUCET, PARENT,
FORGET, AUDIOPROTHÉSISTES, s.e.n.c., a general partnership, having its head
office at 44 Côte du Palais, Quebec City, Province of Quebec, G1R 4H8, herein
represented by Mr. Martin Cousineau, duly authorized as he so declares,      
(Hereinafter referred to as the “Lessee”);

THE PARTIES AGREE AS FOLLOWS:

1.   The Lessor leases to the Lessee, and the Lessee agrees to lease from the
Lessor, all the equipment and property in replacement therefor needed for the
practice of the profession of hearing aid acoustician and meeting the standards
required by applicable laws (hereinafter referred to as the “Equipment”), for
the duration and at the rates referred to in Schedule “B” hereto.   2.   All
applicable taxes including, but not limited to, the goods and services tax and
the Quebec sales tax shall be added to the sums due by the Lessee to the Lessor
hereunder.   3.   Any amount due hereunder not paid by the Lessee to the Lessor
on the due date shall bear interest at the prime rate of the Lessor’s banker
plus five percent (5%) per annum.   4.   The Lessor shall cause the Equipment to
be used only by competent and duly qualified employees in a proper manner
according to the manufacturer’s instructions. The Equipment hereby leased shall
be used solely for professional purposes.   5.   The Lessee acknowledges that
the Lessor has made no representations or given any warranties, either express
or implied, as to the condition of the Equipment and the Lessee accepts the
Equipment in its current condition.

 

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6.   The Lessee shall ensure that the Equipment is not encumbered by any charge
of any kind whatsoever and shall pay any and all taxes, permits, assessments
and/or fines that may be collected or levied on or in relation to the Equipment
or the use thereof.   7.   The terms and conditions appearing in Schedule “A”
hereto shall form an integral part of this Agreement and have been initialled by
the parties.   8.   This Agreement may be renewed by agreement between the
parties.

IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED AT Montreal, ON DECEMBER 1, 2000

THE LESSOR:

LES SERVICES DE LOCATION HEARING CARE OF AMERICA INC.

      By:        

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Steve Forget

THE LESSEE:

COUSINEAU, DOUCET, PARENT, FORGET, AUDIOPROTHÉSISTES, s.e.n.c.

      By:        

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Martin Cousineau

 

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SCHEDULE “A”

1.   The word “Equipment” as used herein includes all accessories and spare
parts and any change, addition, improvement and/or partial or complete
replacement thereof or thereto, the whole subject to the terms and conditions
set forth herein.   2.   The Lessor shall, at its own expense, take out general
liability insurance and maintain such insurance in effect for the duration of
this contract.   3.   The Equipment shall be and remain movable property at all
times for the duration of this lease.   4.   The Lessee agrees to indemnify and
hold harmless the Lessor from and in respect of any and all claims, actions,
suits, proceedings, costs, expenses, losses and liabilities, including the fees
of its legal counsel, resulting from or relating to the Equipment, but not
limited thereto.   5.   The Lessor shall, at its own expense, maintain the
Equipment in good working order and repair at all times and shall supply each
and every part, piece and device needed to maintain the Equipment in good
working order and repair.   6.   The Lessee shall not make any change, addition
or improvement to the said Equipment without the Lessor’s prior written consent.
Any such change, addition or improvement so made shall be and remain the
Lessor’s property.   7.   The Lessor and its specifically designated employees
or agents shall have reasonable access to the said Equipment at all times for
the purpose of inspecting, maintaining or repairing same.   8.   The Lessee may
not transfer, surrender or sublease the Equipment, nor may this lease be
assigned by the Lessee without the Lessor’s written permission, which permission
may be withheld by the Lessor in its sole discretion for any reason. If
permission is granted by the Lessor, such permission shall not relieve the
Lessee of any of its obligations hereunder.   9.   Each of the following events
shall constitute an event of default:

  a)   if the Lessee makes an assignment for the benefit of its creditors;    
b)   if a receiver, trustee or other similar official is appointed to administer
the property of the Lessee;     c)   if a petition in bankruptcy or a petition
for reorganization is made by or against the Lessee;     d)   if the Lessee
commits any other act of bankruptcy or if a winding-up order is issued by a
competent court;     e)   if a serious threat exists that all or any part of the
Equipment could be confiscated, sequestered or seized by judicial authority;    
f)   if the Equipment or a part thereof is in danger of being lost, damaged or
destroyed by any cause or for any reason;

 

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  g)   if the Lessee becomes insolvent;     h)   if the Lessee fails to abide by
or perform any term, undertaking or condition of this lease or any other lease
or agreement that is or may be entered into by and between the Lessor and the
Lessee;     i)   if the Lessee fails to make its rental payments on time or to
pay the Lessor, on request, any other sum owed as specified herein.

10.   Upon the occurrence of any event of default, the Lessor may terminate this
lease with or without notice to the Lessee, whereupon the Lessee shall be
required to return the Equipment to the Lessor and surrender possession of the
premises and shall also be liable to the Lessor for full payment of the rental,
which shall become immediately due and payable. In addition, the Lessee shall be
liable for any loss that the Lessor may sustain owing to the Lessee’s breach of
contract.   11.   All rights and/or remedies conferred on the Lessor hereunder
may be exercised in the Lessor’s sole discretion and are cumulative, not
alternative, and may be exercised by the Lessor separately or together, in any
order, sequence or combination.   12.   The Lessor shall have no obligation to
allow the Lessee to cure a default. Should the Lessor, in its sole discretion,
allow the Lessee to cure a default, such action by the Lessor shall not be
deemed to constitute express or tacit acceptance of any events of default that
occur thereafter.   13.   The Lessee acknowledges that the Lessor may from time
to time change the rates applicable in accordance with the provisions of this
Agreement and the schedules hereto, so as to take into consideration any change
that the Lessor is called upon to make for any reason, such as, but not limited
to, any change of premises and/or any renewal or replacement of the said
Equipment. The rates charged hereunder shall be those set forth in Schedule “C”
hereto.   14.   Upon the expiry of the term contemplated in Schedule “A” hereto
or the expiry of any renewal period, the Lessee shall, at its own expense,
return the Equipment, which it shall have first packaged for shipping according
to the Lessor’s instructions, to the Lessor at the location designated by the
Lessor or a carrier operating in the municipalities where the Equipment is
located. If the Lessee fails to proceed in this manner within ten (10) days
following the expiry of the term of this Agreement, the Lessor shall be entitled
to repossess the Equipment in the premises where same is located, at the
Lessee’s expense, with or without judicial process, the Lessee waiving in
advance any claim for damages which it might otherwise assert by reason of the
action of the Lessor or its authorized agents. The decision of the Lessor not to
request or demand the immediate return of the Equipment upon the expiry of this
Agreement shall not be deemed to constitute a renewal of this Agreement, in
whole or in part, by the Lessor in favour of the Lessee. Notwithstanding the
foregoing, if the Lessee, for any reason, should remain in possession of the
Equipment after the expiry of the term, the Lessee shall pay the additional
rental for the period for which its possession of the Equipment is extended, at
the same rate as the rental stipulated herein.   15.   All notices hereunder
must be given in writing.   16.   Any notice shall be validly given if delivered
in person, sent by registered mail or faxed to the intended recipient at the
address first stated above.

 

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17.   Any notice given in the manner aforesaid shall be deemed to have been
received at the time of delivery if delivered in person, on the third business
day following the mailing date if mailed, or on the business day following the
transmission date if faxed.   18.   Each party may notify the other, in the
manner aforesaid, of any change of address for purposes of the giving of
notices.   19.   The parties acknowledge that title to and ownership of the
Equipment vests and shall at all times vest in the Lessor. The Lessee shall have
no ownership rights therein other than the right to use the Equipment.   20.  
Subject to the provisions hereof, this Agreement shall be binding on the
successors and assigns and on the administrators of the Lessee.   21.   The
parties hereto elect domicile in the judicial district of Quebec for all legal
purposes and jurisdiction of the courts.

 

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SCHEDULE “B”

The charges payable under this Agreement are set for each clinic where the
Lessee renders professional services to the public. The charges payable for each
clinic are determined from time to time and contain the details applicable to
the Equipment.

The charges may vary from year to year so as to take into consideration the
increase in the Lessor’s fixed base costs which include, but are not limited to,
the rent for the premises, the applicable taxes, the insurance cost, the cost
related to the maintenance of the Equipment, and other similar expenses. The
charges shall also be subject to the increases generated by the renewal or
replacement of the Equipment. All the said fixed base costs shall be charged
back to the Lessee over and above the Lessor’s management fee.

The charges for the year starting on December 1, 2000 and ending on November 30,
2001 are more fully detailed in Schedule “C” hereto.

 

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SCHEDULE “C”

                  Monthly Charges

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List of Quebec Clinics   Suffix   Monthly Rental

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Anjou
    502     $ 3,157  
Longueuil
    503     $ 2,194  
St-Georges de Beauce
    504     $ 4,823  
Ste-Marie de Beauce
    505     $ 620  
Beauort
    506     $ 517  
Côte-Du-Palais
    507     $ 1,263  
Fleury
    508     $ 980  
Mailloux
    509     $ 2,765  
Queen Mary
    510     $ 1,467  
Rimouski
    511     $ 2,605  
Gaspésie
    512     $ 201  
Ste-Foy
    513     $ 1,711  
Sherbrooke Street
    515     $ 751  
D.V.A
    516     $ 0  
Pointe-Claire
    518     $ 2,114  
Valleyfield
    519     $ 63  
Greenfield Park
    520     $ 1,526  
St-Hyacinthe
    521     $ 3,634  
Bélanger
    522     $ 1,008  
Repentigny
    523     $ 0  
Gatineau
    524     $ 5,490  
Hull
    525     $ 142  
Aylmer
    527     $ 307  
 
          $ 37,336