Exhibit 10.3


                           ALTRES Financial Letterhead


January 18, 2000

George Lovato, Jr.
Americana Publishing
303 San Mateo NE, Suite 104A
Albuquerque, NM

RE:  Financing Proposal - Accounts Receivable Financing Line

Dear George,

Thank you for your continued interest in the financial services of ALTRES
Financial, L.P. We have evaluated your request for financing and are please to
present you with the following Proposal to Finance your accounts receivable. The
proposed terms and conditions are as follows:

     Maximum Account Receivable Financing Line: Two Hundred Fifty Thousand
     Dollars ($250,000) of advances on outstanding eligible accounts receivable.

     Advance Rate: Seventy Percent (70%) of invoice amounts submitted for
     funding.

     Funds Rate: Prime Rate (as quoted in the Wall Street Journal) plus Two
     Percent (2%)

     Collateral Management Fee: One and One Quarter Percent (1.25%) for each
     Thirty (30) day period. The Collateral Management Fee shall be the rate
     calculated on the face value of each financed invoice for each specific
     period or part thereof from time of funding until payment is received.

     Minimum Monthly Usage: Fifty Thousand Dollars ($50,000) of eligible
     accounts submitted for funding each monthly period.

     Term of Relationship: The minimum term of the relationship will be for a
     period of Eighteen (18) months, with automatic Six (6) month renewal
     periods.

     Recourse: Altres Financial will guarantee the solvency of approved debtors
     from the invoice date to 90 days outstanding. During said period if an
     approved debtor files for bankruptcy Altres Financial will cover the
     advanced amount.

     Guarantees: A Validity Guarantee from George Lovato, Jr., CEO/Director

     Origination Fee: The Origination Fee shall be One Percent (1%) of the
     Maximum Account Receivable Financing Line. This fee will be due from you on
     the initial funding date.

     Good Faith Deposit: Five Hundred Dollars ($500). This deposit will be
     applied to all costs incurred during the credit review, underwriting and
     documentation process. Except as stated below, any surplus will be refunded
     to you. If ALTRES Financial declines to provide financing because of
     international misrepresentations, omissions, distortions or unsatisfactory
     results of the due diligence or because of the failure of other conditions
     not within the control of ALTRES Financial, L.P., any surplus deposit
     monies will not be refunded.

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Financing Proposal
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     Additional Terms/Requirements: ALTRESS Financial, L.P. requires quarterly
     financial statements, accounts receivable and payable aging, and proof of
     tax compliance. Each invoice will have instructions to make and mail the
     payment to Altres Financial to a P.O. Box controlled by Altres Financial.
     Please be aware that funding shall be contingent upon ALTRES Financial,
     L.P. securing a first lien position on the accounts receivable, inventory,
     and unencumbered equipment, and our completing the necessary due diligence
     with satisfactory outcome in regards to credit verifications, UCC filings,
     and lien searches.

     It is mutually understood between the parties that this Proposal to Finance
     your Accounts Receivable shall in no way serve as a legally binding
     contract to provide funding, but merely serves as a proposal for a contract
     which may be entered into. This proposal shall be superceded by a fully
     executed Accounts Receivable Financing Agreement. This proposal shall
     remain valid until Friday, February 21, 2000 at 5:00 p.m. Mountain Standard
     Time after which the proposal shall become null and void at ALTRES
     Financial's discretion.

     After fully reviewing this proposal, should you have any comments and/or
     questions please do not hesitate to call me. Once we have received the
     endorsed Proposal to Finance and Good Faith Deposit, ALTRES Financial, L.P.
     will immediately begin he necessary documentation process, which will
     initiate the Financing Agreement. Once again, I want to thank you for you
     interest in the financial services of ALTRES Financial, L.P.

     Sincerely,

                                               Reviewed and Agreed:


     Andrew Osborn                            /s/ George Lovato, Jr.
     ALTRES Financial, L.P.                   ----------------------------------
                                              George Lovato, Jr., CEO & Chairman
                                              Americana Publishing, Inc.




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