Exhibit 10.25

                              SETTLEMENT AGREEMENT

      THIS SETTLEMENT AGREEMENT ("Agreement") made effective as of September 21,
1999  by and  between  TransGlobal  Financial  Corporation  ("TGF"),  a  Florida
corporation  having its  principal  place of business at 1800 Century Park East,
Suite 600, Los Angeles, CA 90067, and Corgenix Medical Corporation  ("COGX"),  a
Nevada corporation having its principal place of business at 12061 Tejon Street,
Westminster, CO 80234.

                                    RECITALS

      A.   TGF and COGX  executed a  Consulting  Agreement  dated May 22,  1998
("Consulting Agreement").
      B.   COGX has not paid the  monthly  retainer  to TGF, as provided in the
Consulting Agreement, since August 1998.
      C.   TGF and COGX desire to: (i) settle and  amicably  resolve all claims
made and which could be made by and against the other;  and (ii)  terminate the
Consulting  Agreement  and any and all other  agreements  now existing  between
the parties.
      NOW,  THEREFORE,  in  consideration  of the mutual promises and covenants
set forth in this Settlement Agreement, COGX and TGF hereby agree as follows:

1.    Consulting  Agreement.  The Consulting  Agreement is hereby terminated in
      all respects  effective the date of this Agreement.  In consideration
      of TGF agreeing to  termination  of the  Consulting  Agreement,  COGX
      agrees to issue to TGF  272,727  shares  of COGX  Common  Stock  (the
      "Settlement  Shares")  (calculated  as  $60,000.00  divided by $0.22,
      which is the average of the closing  prices of COGX Common  Stock for
      the 30 trading days preceding  September 1, 1999).  TGF  acknowledges
      that the  Settlement  Shares  have not been  registered  and are thus
      restricted securities,  as such term is defined in the Securities Act
      of 1933,  as amended (the "Act"),  and  therefore  may not be sold or
      otherwise  transferred  except  pursuant to a registration  statement
      under the Act or in a transaction  qualifying  for an exemption  from
      registration under the Act.

2.    Releases.  COGX and TGF have executed and delivered  General  Releases of
      even date herewith (copies  attached)  releasing each other from all
      claims as described in the Releases.

3.    Resignation of Alev Lewis.  COGX and TGF agree that  simultaneously  with
      the  execution  of this  Agreement,  Alev Lewis will resign from the
      Board of Directors of COGX.

4.    Past Due Consulting Fees,  Promissory Note. COGX agrees to pay all of
      the past due consulting  fees to TGF in the form of a Promissory Note
      ("Note")  attached  to this  Agreement.  The Note  shall  have a face
      amount of $55,000 and bear  interest at the prime  interest rate plus
      two percent (2%).  The principal and interest shall be paid to TGF by
      COGX in 12 monthly installments, with the first payment to be made at
      the execution of this Agreement by both parties.

5.    Short Swing Profits, Expense Reimbursement.  At the execution of this
      Agreement,  the Short Swing Profits  realized by TGF from the sale of
      COGX common stock owned by TGF is considered paid in exchange for TGF
      waiving reimbursement of business expenses previously incurred by TGF
      in performing its duties under the Consulting  Agreement on behalf of
      the  Company  plus  waiver  by  TGF  of all  interest  due on  unpaid
      consulting fees.

6.    Execution.  Each of TGF and COGX  acknowledge,  agree  and  represent  to
      each other  that:  (i) this  Agreement,  the General  Releases,  the
      Settlement  Shares, the Note, the resignation of Alev Lewis, and the
      other   amounts   due  under  this   Agreement   (collectively   the
      "Settlement   Documents")  are  not  and  shall  not  be  deemed  or
      construed  to be an  admission  of  liability or that either TGF and
      COGX has rights against the other or any entity  referred to in this
      Agreement;  (ii) it has  thoroughly  discussed  all  aspects  of the
      Settlement  Documents  with  counsel  of its  choice;  (iii)  it has
      carefully  read and fully  understands  all of the provisions of the
      Settlement  Documents;  (iv) it is  voluntarily  entering  into  the
      Settlement Documents;  (v) in executing the Settlement Documents, it
      does  not  rely  and has  not  relied  upon  any  representation  or
      warranty  or  statement  made  by  the  other  or  any of his or its
      agents,  representatives  or  attorneys  with  regard to the subject
      matter,  basis or affect of the  Settlement  Documents or otherwise,
      not set  forth in the  Settlement  Documents;  and (vi)  none of the
      claims  intended  to be covered by the  General  Releases  have been
      previously assigned, sold, transferred or hypothecated.

7.    Confidentiality.  COGX and TGF agree  that the terms  and  conditions  of
      this Agreement shall remain  confidential and shall not be disclosed
      to any other  person  except as  required  by law or as  required in
      connection  with  enforcement of the  provisions of this  Settlement
      Agreement.

8.    General.

a.    Notices.  All notices or other  communications  required or  permitted to
      be given  pursuant  to this  Agreement  shall be in writing and
      shall  be  considered  as  properly   given  or  made  if  hand
      delivered,  mailed from within the United  States by  certified
      or  registered  mail,  or  sent  by  prepaid  telegram  to  the
      applicable  address(es)  appearing  in  the  preamble  to  this
      Agreement,  or to  such  other  address  as a  party  may  have
      designated  by  like  notice  forwarded  to the  other  parties
      hereto.  All  notices,  except  notices  of change of  address,
      shall  be  deemed  given  when  mailed  or hand  delivered  and
      notices  of  change  of  address  shall be  deemed  given  when
      received.
b.    Binding Agreement; Non-Assignability. Each of the provisions and
      agreements contained in this Agreement shall be binding upon and
      inure to the  benefit of the  personal  representatives,  heirs,
      devisees,  successors  and  assigns  of the  respective  parties
      hereto;  but none of the rights or obligations  attaching to any
      party shall be assignable.

c.    Entire  Agreement.  This Agreement,  and the other  documents  referenced
      herein,  constitute  the entire  understanding  of the  parties
      hereto  with  respect  to  the  subject  matter   hereof,   and
      supersedes  any prior  understandings  or  agreements,  oral or
      written,  and no amendment,  modification  or alteration of the
      terms  hereof  shall be binding  unless the same be in writing,
      dated  subsequent  to the date  hereof  and duly  approved  and
      executed by each of the parties hereto.

d.    Headings.  The headings of this  Agreement  are inserted for  convenience
      and  identification  only,  and  are  in  no  way  intended  to
      describe,  interpret,  define  or limit  the  scope,  extent or
      intent hereof.

e.    Application  of Colorado  Law. This  Agreement,  and the  application  or
      interpretation  thereof,  shall be governed  exclusively by its
      terms and by the laws of Colorado.

f.    Counterparts.   This   Agreement   may  be  executed  in  any  number  of
      counterparts,  each of which shall be deemed an  original,  but
      all of  which  together  shall  constitute  one  and  the  same
      instrument.  An executed facsimile maybe deemed an original.

g.    Costs of Collection  and Legal Fees.  Each of TGF and COGX shall
      be liable to the  other and shall pay the other  immediately  on
      demand as part of his or its  obligations  under this  Agreement
      all costs and expenses of the other,  including  all  reasonable
      fees and  disbursements of counsel incurred in the collection or
      enforcement  of each of his or its rights under this  Agreement,
      through trial and all appeals.

      IN WITNESS  WHEREOF,  the parties have executed this Agreement on the date
      set forth above.

                          CORGENIX MEDICAL CORPORATION

                           By: s/ Douglass T. Simpson
                           Douglass T. Simpson, President


                          TRANSGLOBAL FINANCIAL CORPORATION


                            By: s/Mike M. Mustafoglu
                            Mike M. Mustafoglu, President

STATE OF COLORADO)
COUNTY OF ________) SS.:

On this ____ day of August, 1999, before me personally came Douglass T. Simpson,
to me personally  known,  who being by me duly sworn, did depose and say that he
is the President of Corgenix Medical Corporation,  the corporation described in,
and which executed the within Instrument; and that he signed his name thereto by
order of the board of directors of said corporation.

                                    ---------------------------------
                                    Notary Public

STATE OF CALIFORNIA)
COUNTY OF ________) SS.:

On this ____ day of August,  1999,  before me personally came Mike M. Mustafoglu
to me personally  known,  who being by me duly sworn, did depose and say that he
is the President of TransGlobal Financial Corporation, the corporation described
in,  and which  executed  the  within  Instrument;  and that he signed  his name
thereto by order of the board of directors of said corporation.

                                    ---------------------------------
                                    Notary Public
<PAGE>
                                 GENERAL RELEASE

KNOW ALL MEN BY THESE PRESENTS:

           That  TransGlobal  Financial  Corporation  ("First Party") for and in
           consideration of the sum of Ten and no/100 Dollars ($10.00) and other
           valuable  considerations,  received  from or on  behalf  of  Corgenix
           Medical Corporation, a Nevada corporation,  and any present or former
           officers,  directors,  shareholders,   employees,  partners,  agents,
           consultants  and  attorneys  of  said  party  (collectively   "Second
           Party"), the receipt whereof is hereby acknowledged;

           (Wherever  used herein the terms  "First  Party" and  "Second  Party"
           shall include singular and plural, heirs, legal representatives,  and
           assigns  of   individuals,   and  the   successors   and  assigns  of
           individuals, and the successors and assigns of corporations.)

HEREBY remises,  releases,  acquits,  satisfies and forever  discharges the said
Second Party,  of and from all, and all manner of action and actions,  cause and
causes of action,  suits,  debts,  dues,  sums of money,  accounts,  reckonings,
bonds, bills,  specialties,  covenants,  contracts,  controversies,  agreements,
promises,  variances,  trespasses,  damages, judgements,  executions, claims and
demands  whatsoever,  in law or in  equity,  which  said  First  Party ever had,
hereafter  can,  shall or may have,  against said Second Party,  for, upon or by
reason of any matter, cause or thing whatsoever, from the beginning of the world
to the day of these  presents,  including,  but not  limited  to, any claims and
causes of action raised or which could have been raised in  connection  with the
matters contained in the Letter of Intent dated March 6, 1998 and the Consulting
Agreement dated May 22, 1998 between the First Party and the Second Party.

      This release shall be deemed  executed in and  construed  according to the
laws of the State of Colorado.

      IN  WITNESS  WHEREOF,  I have  set my  hand  and  seal  this  21st  day of
September, 1999.

TRANSGLOBAL FINANCIAL CORPORATION


By:   s/Mike M. Mustafoglu
      Mike M. Mustafoglu, President


<PAGE>


                                 GENERAL RELEASE

KNOW ALL MEN BY THESE PRESENTS:

           That  Corgenix  Medical   Corporation  ("First  Party")  for  and  in
           consideration of the sum of Ten and no/100 Dollars ($10.00) and other
           valuable  considerations,  received from or on behalf of  TransGlobal
           Financial  Corporation,  a Nevada  corporation,  and any  present  or
           former  officers,  directors,   shareholders,   employees,  partners,
           agents, consultants and attorneys of said party (collectively "Second
           Party"), the receipt whereof is hereby acknowledged;

           (Wherever  used herein the terms  "First  Party" and  "Second  Party"
           shall include singular and plural, heirs, legal representatives,  and
           assigns  of   individuals,   and  the   successors   and  assigns  of
           individuals, and the successors and assigns of corporations.)

HEREBY remises,  releases,  acquits,  satisfies and forever  discharges the said
Second Party,  of and from all, and all manner of action and actions,  cause and
causes of action,  suits,  debts,  dues,  sums of money,  accounts,  reckonings,
bonds, bills,  specialties,  covenants,  contracts,  controversies,  agreements,
promises,  variances,  trespasses,  damages, judgements,  executions, claims and
demands  whatsoever,  in law or in  equity,  which  said  First  Party ever had,
hereafter  can,  shall or may have,  against said Second Party,  for, upon or by
reason of any matter, cause or thing whatsoever, from the beginning of the world
to the day of these  presents,  including,  but not  limited  to, any claims and
causes of action raised or which could have been raised in  connection  with the
matters contained in the Letter of Intent dated March 6, 1998 and the Consulting
Agreement dated May 22, 1998 between the First Party and the Second Party.

      This release shall be deemed  executed in and  construed  according to the
laws of the State of Colorado.

      IN WITNESS WHEREOF,  I have set my hand and seal this 20th day of October,
1999.

CORGENIX MEDICAL CORPORATION


By:  s/Douglass T.Simpson
     Douglass T. Simpson, President