Exhibit 10.3

                  This  Corporate   Guaranty  is  subject  to  the  terms  of  a
         Subordination  and   Intercreditor   Agreement  in  favor  of  The  CIT
         Group/Commercial  Services,  Inc.,  as  agent  for  itself  and for CIT
         Financial Ltd.,  which  Subordination  and  Intercreditor  Agreement is
         incorporated   herein  by  reference.   Notwithstanding   any  contrary
         statement  contained in the within  Corporate  Guaranty,  no payment on
         account of  principal or interest  thereof  shall become due or be paid
         except  in  accordance  with  the  terms  of  such   Subordination  and
         Intercreditor Agreement.

                               CORPORATE GUARANTY

FOR GOOD AND VALUABLE  CONSIDERATION,  the receipt and  sufficiency of which are
hereby  acknowledged,  and to induce EPIC Aviation,  LLC ("EPIC") to enter in to
that certain Loan Agreement with Ronson Aviation, Inc. ("Debtor"),  of even date
herewith   (the   "Loan   Agreement")   the   undersigned   Ronson   Corporation
("Guarantor"),  being the corporate parent of Debtor, hereby unconditionally and
absolutely guarantees the full and prompt payment and performance of all present
and future  obligations  of Debtor to EPIC,  up to an  aggregate  amount of FIVE
HUNDRED  THOUSAND AND 00/100 U.S. Dollars  ($500,000.00),  arising from Debtor's
obligations to EPIC under the Loan Agreement,  whether such  obligations are due
or to become due, secured or unsecured, absolute or contingent, joint or several
(collectively,  the "Obligations").  GUARANTOR'S OBLIGATION UNDER THIS CORPORATE
GUARANTY ("GUARANTY") IS A GUARANTY OF PAYMENT AND NOT OF COLLECTION. SHOULD ANY
PRESENT OR FUTURE OBLIGATIONS UNDER THE LOAN AGREEMENT INCURRED BY DEBTOR NOT BE
PAID WHEN DUE, EPIC MAY PROCEED  AGAINST THE GUARANTOR FOR SUCH  INDEBTEDNESS AT
ANY TIME,  WITHOUT NOTICE AND WITHOUT ANY  PROCEEDING OR ACTION AGAINST  DEBTOR,
AND GUARANTOR  HEREBY WAIVES ANY DEMAND FOR PAYMENT.  This Guaranty is a primary
obligation of Guarantor and shall be construed as an unconditional, absolute and
continuing  guaranty,  irrespective  of the  validity or  enforceability  of the
underlying  agreements  between EPIC and Debtor or any other guaranteed  amount,
the absence of any action to enforce the same or any  circumstances  which might
otherwise  constitute a legal or equitable  discharge or defense of a guarantor.
Guarantor  hereby waives notice of acceptance of this Guaranty,  of the creation
or existence of any of the guaranteed  Obligations  and of any action by EPIC in
reliance hereon or in connection  herewith,  notice of the transactions  between
EPIC and Debtor, notice of the execution and delivery,  amendment,  extension or
renewal  of  any  present  or  future  instrument   pertaining  to  Obligations,
diligence,  presentment,  demand  for  payment,  protest,  notice of  default by
Debtor, and any other notice not expressly required by this Guaranty.  Guarantor
further consents,  without further notice, to any extension or extensions of the
time or times of payment of said Obligations, or any portion thereof, and to any
change in form or amount,  or renewal at any time, of such  Obligations,  or any
portion thereof, in each case up to an aggregate amount of FIVE HUNDRED THOUSAND
AND 00/100  U.S.  Dollars  ($500,000.00),  but under no  circumstances  will the
liability  of Guarantor  under this  Guaranty  for the  Obligations  exceed FIVE
HUNDRED THOUSAND AND 00/100 U.S. Dollars ($500,000.00).

This  Guaranty  shall  remain  in full  force and  effect  with  respect  to the
Obligations  until finally and irrevocably  paid in full. No termination of this
Guaranty shall affect any Obligations outstanding or contracted or committed for
at the time of  termination,  and this  Guaranty  shall remain in full force and
effect with respect to such  Obligations  until finally and irrevocably  paid in
full.  In the event that any  payment to EPIC in respect of the  Obligations  is
rescinded or must  otherwise be returned  for any reason  whatsoever,  Guarantor
shall remain liable  hereunder in respect of such Obligations as if such payment
had not been made.  Guarantor  reserves the right to assert defenses that Debtor
may have to  payment of any

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Obligation  other than  defenses  arising from the  bankruptcy  or insolvency of
Debtor or similar  proceedings  affecting  Debtor and other  defenses  expressly
waived hereby.

Guarantor's  obligations  hereunder with respect to the Obligations shall not be
affected by the existence, validity, enforceability, perfection or extent of any
collateral for such Obligations covered hereunder,  nor by any extension, or the
acceptance  of any sum or sums on account of Debtor,  or of any note or draft of
Debtor  and/or any third  party,  or  security  from  Debtor.  EPIC shall not be
obligated to file any claim relating to the Obligations owing to it in the event
that  Debtor  becomes   subject  to  bankruptcy,   insolvency,   reorganization,
liquidation,  dissolution,  or similar  proceedings  affecting  Debtor  (whether
voluntary or  involuntary),  and the failure of EPIC to so file shall not affect
Guarantor's obligations hereunder.

Should any present or future Obligations incurred by Debtor not be paid when due
or at the time to  which  the same may be  extended,  EPIC may  proceed  against
Guarantor  for such  Obligations  at any time,  without  notice and  without any
proceeding or action against  Debtor.  Guarantor  agrees that EPIC may resort to
Guarantor for payment of any of the Obligations,  whether or not EPIC shall have
resorted to any collateral  security,  or shall have proceeded against any other
debtor  principally  or  secondarily  obligated  with  respect  to  any  of  the
Obligations or any other guarantor thereof.

With the exception of inter-company payments that cannot be disturbed, Guarantor
shall not exercise any rights which it may have or acquire by way of subrogation
to the rights of EPIC until all of the  Obligations are paid in full to EPIC. If
any amounts are paid to Guarantor in violation of the foregoing limitation, then
such amounts shall be held in trust for the benefit of EPIC and shall  forthwith
be paid to EPIC by  Guarantor to reduce the amount of  outstanding  Obligations,
whether matured or unmatured.  Subject to the foregoing,  upon payment of all of
the  Obligations  to EPIC,  Guarantor  shall be subrogated to the rights of EPIC
against Debtor, and EPIC agrees to take, at Guarantor's expense, such actions as
Guarantor may reasonably require to implement such subrogation.

The obligations of Guarantor hereunder shall not be subject to any counterclaim,
setoff,  deduction,  abatement or defense based upon any claim  Guarantor or the
Debtor may have against EPIC.

The obligations of Guarantor  hereunder shall not be affected by (a) any lack of
validity or  enforceability  of or defect or  deficiency in any Agreement or any
other documents executed in connection with any Agreement; (b) any modification,
extension or waiver of any of the terms of any Agreement;  (c) any change in the
time,  manner,  terms or place of payment of or in any other term of, all or any
of the  Obligations,  or any other  amendment  or waiver  of or any  consent  to
departure  from any Agreement or any other  agreement or instrument  executed in
connection therewith;  (d) any sale, exchange,  release or non-perfection of any
property  standing as security  for the  liabilities  hereby  guaranteed  or any
liabilities  incurred directly or indirectly hereunder or any setoff against any
of said  liabilities,  or any  release or  amendment  or waiver of or consent to
departure  from  this  Guaranty  or any  other  guaranty,  for all or any of the
Obligations;  (e)  except as to  applicable  statutes  of  limitation,  failure,
omission, delay, waiver or refusal by EPIC to exercise, in whole or in part, any
right or remedy held by EPIC with respect to any  Agreement  or any  transaction
under any Agreement; (f) any change in the existence,  structure or ownership of
Guarantor or any Debtor, or any insolvency, bankruptcy,  reorganization or other
similar  proceeding  affecting  any  Debtor  or its  assets;  or (g)  any  other
circumstance  that  might  otherwise  constitute  a defense  available  to, or a
discharge of, any Debtor or any other  individual,  partnership,  joint venture,
corporation,  association,  trust  or  other  enterprise  that is a party to any
Agreement,  or any other  agreement or instrument  (including  any guarantor) in
respect of the Obligations, other than payment in full of the Obligations.

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This  Guaranty  shall not be  affected  by any  change in the  entity  status or
business  structure of Debtor. If Debtor's assets or a major portion thereof are
transferred  to any other party or parties  otherwise  than by operation of law,
and if EPIC enters into any  transaction  whereby such transferee or transferees
become indebted to EPIC,  this Guaranty,  subject to all the other terms hereof,
shall  apply  to any  Obligations  or  balance  of  Obligations  of  such  other
transferee or transferees to EPIC.

This  Guaranty   shall  inure  to  and  be  binding  upon  the  parties,   their
representatives,  successors and assigns, provided that Guarantor may not assign
or otherwise  transfer any of its  obligations  under this Guaranty,  whether by
operation of law or otherwise,  without the prior written consent of EPIC, which
consent may be arbitrarily withheld. EPIC may not assign this Guaranty,  whether
by  operation  of law or  otherwise,  without the prior  written  consent of the
Guarantor,  which consent may not be  unreasonably  withheld.  In the event EPIC
engages in  litigation  to enforce this  Guaranty,  Guarantor  agrees to pay, in
addition to any amounts of Debtor which  Guarantor has  otherwise  guaranteed to
pay  hereunder,  any and all  costs and  expenses  incurred  by EPIC  (including
reasonable attorneys' fees) in enforcing this Guaranty,  whether at arbitration,
trial or upon appeal.

Guarantor represents and warrants that, at the time of execution and delivery of
the Guaranty,  nothing  (whether  financial  condition or any other condition or
situation)  exists to  impair  in any way the  obligations  and  liabilities  of
Guarantor to EPIC under this Guaranty. Guarantor further represents and warrants
to EPIC that: (a) it is a corporation  duly organized,  validly  existing and in
good  standing  in its  jurisdiction  of  incorporation,  with  full  power  and
authority to make and deliver this Guaranty;  (b) that the  execution,  delivery
and  performance of this Guaranty by Guarantor have been duly  authorized by all
requisite  corporate  action  of  Guarantor,  and does not and will not  violate
provisions of any applicable law or Guarantor's  certificate of incorporation or
bylaws;  and (c) that the person signing this Guaranty on Guarantor's behalf has
been properly authorized by corporate action to do so.

This Guaranty  constitutes the entire agreement among the parties and supersedes
and   cancels   any   prior   agreements,    undertakings,    declarations   and
representations,  whether written or oral,  regarding the subject matter of this
Guaranty.  If any  provision  of this  Guaranty is found by a court of competent
jurisdiction   to  be  void,   illegal  or  otherwise   unenforceable   in  that
jurisdiction,  such provision, to the extent of its invalidity, shall be severed
from this Guaranty and be ineffective in that jurisdiction;  provided,  however,
that such finding shall not affect the validity,  legality or  enforceability of
such  provision  in  any  other  jurisdiction  or  the  validity,   legality  or
enforceability of any other provision of this Guaranty.

The  rights  and duties of the  Guarantor,  Debtor and EPIC under this  Guaranty
shall be construed and enforced in accordance with, and governed by the laws of,
the State of Oregon, without regard to local conflict of law rules.

Guarantor hereby irrevocably  submits to the jurisdiction of the State of Oregon
and consents to venue in Oregon. Guarantor further agrees that it will not claim
that such forum is an  inconvenient  forum and  specifically  waives any and all
objections to having any dispute  relating to this Agreement  resolved in Marion
County Circuit Court in Salem, Oregon.

Notwithstanding  any other provision to the contrary herein,  any and all rights
of  EPIC  hereunder,   including,   without  limitation,  to  repayment  of  the
Obligations,  is and shall be subordinated to the prior payment and satisfaction
of any  and  all  loans,  advances  and  extensions  of  credit  made by The CIT
Group/Commercial  Services,  Inc.,  as agent for itself and CIT  Financial  Ltd.
(collectively,  "CIT"),  to  Guarantor,  and to Ronson  Aviation,  Inc.,  Ronson
Consumer Products  Corporation and Ronson  Corporation of Canada Ltd.  (together
with Guarantor, the "RONSON Group"), and to all other

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indebtedness,  obligations  and  liabilities of the RONSON Group to CIT; and, if
requested by CIT,  EPIC hereby  agrees to enter into a  subordination  agreement
prescribed by CIT in evidence of the foregoing.

IN WITNESS  WHEREOF,  the Guarantor has duly executed this Guaranty on this 30th
day of May, 2007.

RONSON CORPORATION


By:      /s/ Louis V. Aronson II
         -----------------------------------
Name:    Louis V. Aronson II
Title:   President and Chief Executive Officer

Guarantor's Address: Corporate Park III
                     Campus Drive, P.O. Box 6707
                     Somerset, NJ 08875-6707
                     Attn:  Louis V. Aronson II
                     ---------------------------
Guarantor's Federal Tax Identification Number: 22-0743290