STOCK PURCHASE AGREEMENT


This  Agreement  is  made  and  is  effective  this  14th  day  of  May,  2003.


BETWEEN:  AMANASU  ENVIRONMENT CORPORATION, a Nevada corporation with its office
          at  701  5th  Avenue,  36th  floor,  Seattle,  Washington  98109,
          U.S.A.
          (  hereinafter  called  "  A  "  )

AND:      JIPANGU INC., a Japanese corporation with its office at 3-6-9
          Kitashinagawa Shinagawa-Ku,  Tokyo,  Japan
          (  hereinafter  called  "  B"  )

WHEREAS,  "B"  holds  10,000,000  common  shares  of  Kyoei  Reiki  Industrial
Corporation  Ltd., a publicly traded Company in Tokyo, Japan (hereinafter called
"  the  Company")

AND  WHEREAS  "A" wishes to purchase 10,000,000 of the Company's shares from "B"
at  a  price  of  580,000,000  Japanese  Yen  (Equivalent  to  approximately  US
$4,993,000  as  of  May  14,  2003).

SECTION    1-  TERMS  OF  PAYMENT

1.00 "A"  will pay 116,000,000 Japanese Yen (US $1,377,000); 20% of the purchase
     price  of  580,000,000 Japanese Yen by cashier's check on or before May 31,
     2003.  The  balance  of 464,000,000 Japanese Yen is to be paid on or before
     June  25,  2003.

1.02 As  security  for  payment of the remaining balance of 464,000,000 Japanese
     Yen, a major shareholder of "A" (Amanasu Corporation) will transfer 500,000
     shares  of "A" (listed on the OTC) to "B", at the same time Section 1.00 is
     consummated.  Such  shares  are  to  be  kept  in  escrow  by  "B".

1.03 When  "B"  receives  the remaining balance of 464,000,000 Japanese Yen, the
     500,000  shares of "A" will be returned immediately to Amanasu Corporation.

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1.04 In  the  event  that the Company becomes bankrupt, or is under receivership
     for bankruptcy before the final amount of 464,000,000 Japanese Yen is paid,
     "B"  waives  the  right  to  collect  this  final  amount.

SECTION    2  -  TRANSFER  OF  VOTING  RIGHTS

2.00 Subject to "A" meeting the payment terms in Section 1 of this agreement, on
     June  30,  2003,  "B"  will  transfer to "A" proxies for another 10,000,000
     shares  owned  by "B" to vote at the annual general meeting of the Company,
     to  be  held  on  June  27,  2003.

SECTION   3  -  REPRESENTATIONS  BY  "A"

3.00 As of the date of this agreement, "A" declares that the following facts are
     true  and  accurate:

     (i)  "A"  has  sufficient  funds to comply with the terms of payment as set
          out  in  section  1  of  this  agreement
     (ii) This  contract  is  not in violation of any laws that are applicable
          to "A"

SECTION    4  -  REPRESENTATIONS  BY  "B"

4.00 As of the date of this agreement, "B" declares that the following facts are
     true  and  accurate:

     (i)   "B"  is  authorized  by the board of directors and corporate
           regulations to enter  into  this  agreement
     (ii)  This  contract  is  not in violation of any laws that are
           applicable to "B"


SECTION    5  -  CANCELLATION  OF  THE  AGREEMENT

5.00 "A"  and  "B"  shall  have  the right to terminate this agreement if either
     party  has  breached  any  terms  of this contract. After this agreement is
     cancelled,  moneys  paid  by "A" to "B" will be returned to "A", and shares
     transferred  by  "B"  to  "A"  will  be  returned  by  "B".

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SECTION   6   -  CONFIDENTIALITY  AND  DISCLOSURE

6.00 "A"  and  "B"  will not disclose any information of this agreement to third
     parties.


SECTION    7  -  COMPENSATION  FOR  DAMAGES

7.00 "A"  and "B" will compensate for all damages that may result from breach of
     contract  by  either  party  or  indirectly  by  third  parties.

SECTION   8  -  SUBMISSION  TO  JURISDICTION

8.00 Any  conflicts  arising  from the terms of this contact will be resolved at
     the  Tokyo  local  court  house.

SECTION   9  -  GOVERNING  LAW

9.00 The  agreement  is  governed  under  Japanese  law.

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IN  WITNESS  WHEREOF  the  parties hereby executed this Agreement as of the day,
month  and  year  first  above  written.


Signed,  Sealed  and  Delivered
by  "A"  in  the  presence  of:                AMANASU  ENVIRONMENT  CORPORATION

Masafumi  Hata                                   /s/  Atsushi  Maki
_________________________                     ___________________________
Witness                                       Atsushi Maki, President and CEO
701  5th  Avenue,  42nd  Floor
Seattle,  WA  98104


Signed,  Sealed  and  Delivered
by  "B"  in  the  presence  of:                     JIPANGU INC.

/seal/                                          /s/  Tamishuke  Matsufuji
__________________________                   __________________________
Witness                                        Tamishuke Matsufuji
                                               President  and  CEO
3-6-9  Kita-shinagawa  Shinagawa-ku
Tokyo,  Japan  140-0001

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