|EXHIBIT 2.1



AGREEMENT
AND PLAN OF REORGANIZATION


THIS
AGREEMENT AND PLAN OF REORGANIZATION (the Agreement) is dated as of July 21, 2000, and
is among Nicole Industries, Inc.,(Nicole) a Nevada corporation, Dempsey Mork (Mr.
Mork), Randall A. Baker (Mr. Baker), and Aluko USA, Inc., a Delaware corporation
(Aluko). (Mr. Mork and Mr. Baker are collectively referred to as the Nicole
Shareholders).


R E C I T A L S



WHEREAS,
Aluko is the beneficial owner through its wholly owned Korean subsidiary
International Aluminum Technology (IAT) of Thirty-One Million Six
Hundred Twenty-Seven Thousand Seventy-Five (31,627,075) of the common shares
(the Aluko Korea Shares) of Aluko Co., Ltd., a corporation organized
under the laws of Korea (Aluko-Korea), which shares represent at
least 50.01% of the issued and outstanding voting stock of Aluko-Korea; and


WHEREAS,
Nicole is a United States public company, required to file reports under Section
13 of the Securities Exchange Act of 1934 (the Exchange Act); and


WHEREAS,
Nicole desires to acquire an indirect ownership interest in the Aluko Korea
Shares through its acquisition of a stock interest in Aluko; and


WHEREAS,
Nicole is authorized to issue 100,000,000 shares of Common Stock of which
1,993,039 shares are issued and outstanding.



AGREEMENT


In
consideration of the mutual covenants and agreements contained in this Agreement
and in reliance upon the representations and warranties set forth below, the
parties agree as follows:


1.  EXCHANGE OF THE
SHARES AND CONSIDERATION


1.1  Issuance
of Shares by Aluko. Concurrently with the execution of this Agreement, Aluko hereby
issues and sells to Nicole Five and One-Fourth (5.25) shares of its Common Stock (the
Aluko Shares).


1.2  Consideration.
In consideration of the assignment, transfer and delivery of the Aluko Shares to Nicole,
concurrently with the execution of this Agreement, Nicole hereby issues to Aluko
Ninety-Three Million (93,000,000) shares of its authorized and unissued common stock (the
Nicole Shares).



2.  CLOSING


2.1  Closing
Date and Place. The Closing shall occur at 10:00 a.m. on Friday, July 21, 2000 (the Closing
Date), at the offices of Reicker, Clough, Pfau, Pyle, McRoy &Herman, LLP, 1421
State Street, Suite B, Santa Barbara, California, or at such other time and place as the
parties may agree to.


2.2  
Delivery by Aluko. At the Closing, Aluko shall deliver to Nicole the following:
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| | 2.2.1  Aluko
Shares. One or more stock certificates representing all of the Aluko Shares;
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| | 2.2.2  Withdrawal
of Aluko Korea Shares. A Certificate of Officer of Aluko which:
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|
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| | A.
sets forth the form of the Amendment to the Bylaws of Aluko which prohibits the
withdrawal, whether by sale, distribution or otherwise, without the approval; of such
withdrawal by the stockholders of Aluko at a duly noticed and held meeting of
stockholders, of any of the shares of Aluko-Korea owned by Aluko if, after giving effect
to such withdrawal, Aluko would own of record less than fifty percent (50%) of the
outstanding voting stock of Aluko-Korea; and
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| | B.
confirms that such Bylaw provision is duly adopted by the Board of Directors and
stockholders of Aluko and is effective as of the Closing Date.
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|2.3  Delivery
by Nicole and Nicole Shareholders. At the Closing, Nicole and the Nicole Shareholders
shall deliver to Aluko the following:
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| | 2.3.1  Issuance
of Nicole Shares. A stock certificate representing the Nicole Shares;
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| | 2.3.2  Corporate
Books and Records. All of the stock books, stock ledgers, minutes books, and corporate
seals of Nicole;
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| | 2.3.3  Resignations
of Directors. Written resignations of all directors of Nicole and evidence of the
appointment of Ju Young Park and Min-Kyung Park as directors of Nicole; and
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| | 2.3.4  Transfer
Agent. Written certification from the transfer agent for the common stock of Nicole
confirming that the aggregate number of shares of Nicole common stock issued and
outstanding as of the Closing Date and after giving effect to the issuance of the Nicole
Shares to Aluko is not more than 94,993,039 shares and that the Nicole Shares to be
issued to Aluko at the Closing is 93,000,000 shares.
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|2.4  Simultaneous
Deliveries. All of the transactions and deliveries described in this Section 2 shall
be deemed to have occurred simultaneously, and none shall be deemed to have been
completed until all such transactions are completed.


3.  CONDITIONS PRECEDENT
TO CLOSING


3.1  Conditions
Precedent to Obligations of Aluko. Except as otherwise provided herein, all of the
obligations of Aluko hereunder are subject to the fulfillment by Nicole and the Nicole
Shareholders on or before the Closing Date of each of the following conditions (any or
all of which conditions may be waived, in whole or in part and without prior notice).
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| | 3.1.1  Certificate
of Status. Nicole shall have obtained and delivered to Aluko prior to the Closing Date a
Certificate of Status as to Nicole from the Secretary of State of the State of Nevada.
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| | 3.1.2  No
Litigation. No litigation or judicial or administrative proceeding shall be pending or
threatened by any governmental body, Nicole, any shareholder of Nicole or any other
person or entity seeking to restrain, prevent, set aside or undo the transactions
contemplated hereby, or to obtain damages in connection therewith.
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| | 3.1.3  Outstanding
Nicole Stock. Aluko and its counsel shall be satisfied that upon consummation of the
Closing, Nicole will not have more than a total of Ninety-Four Million Nine Hundred
Ninety-Three Thousand Thirty-Nine (94,993,039) shares of common stock issued and
outstanding or subject to outstanding warrants, options, convertible securities or
similar rights.
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|4.  CONDUCT OF BUSINESS
OF NICOLE PRIOR TO CLOSING


4.1  Covenant.
Nicole and the Nicole Shareholders jointly and severally represent, warrant and covenant
to Aluko that, from the date of this Agreement until the Closing Date and except with the
prior written consent of Aluko, they shall do the following.
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| | 4.1.1  Conduct
of Business. Nicole shall (and the Nicole Shareholders shall cause Nicole to) conduct its
business in the usual and ordinary course, except as is reasonably necessary to meet the
conditions specified herein, and shall not, without the prior written consent of Aluko,
do or agree to do any of the following:
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| | A.
make or incur any capital commitment or capital expenditure or any unusual or long-term
commitment in excess of Five Thousand Dollars ($5,000) individually or when aggregated
with all such commitments and expenditures;
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| | B.
grant any increase in salary or other compensation or employment benefit to any officer
or director of Nicole;
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| | C.
enter into any written employment agreement with any person;
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| | D.
declare or pay any dividend or make any other distribution to shareholders;
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| | E.
issue or sell any additional stock or other securities or grant any rights to subscribe
for or to purchase any such securities or any options or warrants for the purchase of any
additional stock or other securities;
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| | F.
enter into any contract or agreement of any kind or character, except in the ordinary
course of business, that has or might reasonably be expected to have a material effect on
Nicoles financial condition or results of operations;
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| | G.
create any indebtedness of Nicole to third parties for borrowed money;
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| | H.
amend its Articles of Incorporation or Bylaws;
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| | I.
pay any obligation or liability, fixed or contingent, other than current liabilities;
waive or compromise any right or claim; or cancel, without full payment, any note, loan,
or other obligation owing to Nicole;
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| | J.
modify, amend, cancel or terminate, any of its existing contracts, agreements or
arrangements, or agree to do any of those acts; or
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| | K.
instigate any events or conditions that have or might reasonably be expected to have a
material adverse effect on the financial condition or results of operations of Nicole.
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| | 4.1.2  Preservation
of Business and Relationships. Nicole shall (and the and the Nicole Shareholders shall
cause Nicole to) use its best efforts, without making any commitments on behalf of Aluko,
to preserve its business organization intact as a going business and to preserve the
present relationships of Nicole with suppliers, customers, and others having business
relationships with it.
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|4.2  Access
to Information. Nicole and the Nicole Shareholders each hereby agrees that (a) Aluko and
its authorized officers, counsel, accountants and representatives shall have full access
at all reasonable times from and after the date hereof to the facilities, books and
records of Nicole and (b) each of them shall cooperate fully with Aluko to the end that
Aluko may become familiar with the properties and business of each of them. Nicole and
the Nicole Shareholders each shall furnish or cause to be furnished to Aluko and such
representatives all data and information concerning the business, finances and properties
of Nicole that may be reasonably requested.
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|5. REPRESENTATIONS AND
WARRANTIES OF ALUKO


Aluko
represents, warrants and covenants to Nicole as follows:


5.1  Nicole
is a Public, Reporting Company.
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| | 5.1.1
Periodic Reports. Aluko acknowledges and agrees that it is aware that Nicole is obligated
to file periodic reports under the Securities Exchange Act of 1934, which reports
include, but are not limited to, the following:
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| | A.
Current Reports on Form 8-K, which reports generally just be filed within fifteen (15)
days after the occurrence of the event which is disclosed in the Current Report;
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| | B.
Annual Reports on Form 10-K or 10-KSB, which reports must be filed within 90 days after
the end of each fiscal year of Nicole; and
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| | C.
Quarterly Reports on Form 10-Q or 10-QSB, which reports must be filed within 45
days after the end of each fiscal quarter.
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| | 5.1.2
Report of this Transaction. Aluko acknowledges and agrees that it is aware that Nicole is
obligated to file, within fifteen (15) days after the Closing Date, a Current Reports on
Form 8-K which reports the transactions contemplated in this Agreement.
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|5.2 Organization.
Aluko is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The copies of the Certificate of Incorporation and By-laws
of Aluko delivered to Nicole in connection with the Closing are true, complete and
correct. Aluko-Korea is a corporation duly organized and in good standing under the laws
of the Republic of Korea.


5.3 Capitalization
of Aluko. The authorized capital stock of Aluko consists of One Hundred (100) shares
of Common Stock of which Sixty-Nine and 3/4ths (69.75) shares are issued and outstanding.
All outstanding shares are duly authorized, validly issued, fully paid and
non-assessable. There are no outstanding subscriptions, options, rights, warrants,
convertible securities, or other agreements or commitments obligating Aluko to issue or
to transfer from treasury any shares of its capital stock of any class or kind
whatsoever.


5.4 Aluko
Shares. The Aluko Shares to be issued under this Agreement have been duly authorized
and are validly issued as of the Closing Date. The issuance, sale, and delivery of the
Aluko Shares pursuant to this Agreement have been duly authorized by all necessary
corporate action, and when issued, sold, and delivered in accordance with the provisions
of this Agreement and upon the Alukos receipt of the full purchase price therefor,
will be duly and validly issued, fully paid, and nonassessable and will be issued in
compliance with all applicable federal and state securities laws.


5.5 Aluko
Korea Shares. The Aluko Korea Shares beneficially owned by Aluko through IAT
represent at least 50.01% of the issued and outstanding common stock of Aluko-Korea, on a
fully diluted basis. Aluko owns beneficially the Aluko Korea Shares, free and clear of
all liens, charges, claims and encumbrances.


5.6 Authority.
Aluko has full power and authority to execute and deliver this Agreement, to issue the
Aluko Shares to Nicole pursuant to this Agreement, and to perform its obligations under
and to consummate the transactions contemplated by this Agreement.


5.7 No
Withdrawal of Aluko Korea Shares. Aluko shall adopt simultaneously with the Closing
an amendment to Alukos Bylaws which prohibits the withdrawal, whether by sale,
distribution or otherwise, without the approval; of such withdrawal by the stockholders
of Aluko at a duly noticed and held meeting of stockholders, of any of the shares of
Aluko Korea beneficially owned by Aluko if, after giving effect to such withdrawal,
Nicole would own of record less than fifty percent (50%) of the outstanding voting stock
of Aluko Korea. Aluko agrees that (a) it shall comply with such Bylaw provision and (b)
during the period beginning as of the Closing Date and enduing on the date 12 months
after the Closing Date, it shall not take any action to amend or repeal such Bylaw other
than with the vote or approval of one hundred percent (100%) of the outstanding voting
stock of Aluko at a duly noticed and held meeting of Aluko stockholders.
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|5.8 Financial
Statements. Aluko agrees to use its best efforts to cause Aluko-Korea to provide to
Nicole within 75 days after the date of this Agreement financial statements which have
been audited in accordance with US generally accepted accounting principles.


5.9 Authority.
Aluko has full power and authority to enter into this Agreement and to consummate the
transactions contemplated herein. The execution of this Agreement and the transfer of the
Aluko Shares to Nicole have been duly authorized and approved by the Board of Directors
and shareholders of Aluko, as required by law. Aluko has taken all actions necessary to
authorize it to enter into and perform fully its obligations under this Agreement, to
transfer the Aluko Shares to Nicole and to consummate the transactions contemplated
herein.


5.10
Compliance with Other Instruments. Aluko is not, and no facts exist on the basis
of which, with the passage of time, the giving of notice or both, would cause Aluko to
be, in violation of or in default of any term of its Articles of Incorporation, Bylaws,
or any material contract, instrument, judgment or order applicable to it.


5.11
Litigation. There is no litigation, proceeding or investigation pending or threatened
against Aluko.



6.  REPRESENTATIONS AND
WARRANTIES OF NICOLE

Nicole
and each of the Nicole Shareholders jointly and severally hereby represent and warrant to
the Shareholders as follows.


6.1 Organization.
Nicole is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada. The copies of the Articles of Incorporation, and all
amendments thereto, and the By-laws of Nicole delivered to Aluko concurrently with the
execution of this Agreement are true, complete and correct.


6.2 Capitalization
of Nicole Industries, Inc. The authorized capital stock of Nicole consists of One
Hundred Million (100,000,000) shares of Common Stock of which One Million Nine Hundred
Ninety-Three Thousand Thirty-Nine (1,993,039) shares are issued and outstanding. All
outstanding shares are duly authorized, validly issued, fully paid and non-assessable and
were issued in compliance with all applicable federal and state securities laws. There
are no outstanding subscriptions, options, rights, warrants, convertible securities, or
other agreements or commitments obligating Nicole to issue or to transfer from treasury
any shares of its capital stock of any class or kind whatsoever.


6.3 Authority.
Nicole has full power and authority to enter into this Agreement and to consummate the
transactions contemplated herein. The execution of this Agreement and the issuance of the
Nicole Shares to Aluko have been duly authorized and approved by the Board of Directors
and shareholders of Nicole, as required by law. Nicole has taken all actions necessary to
authorize it to enter into and perform fully its obligations under this Agreement, to
issue the Nicole Shares to Aluko and to consummate the transactions contemplated herein.


6.4 Authority
to Issue Nicole Shares. The Nicole Shares to be issued to Aluko under this Agreement
have been duly authorized and are validly issued as of the Closing Date and are not
subject to any preemptive or protective rights on the part of the holders of any class of
securities of Nicole. The issuance, sale, and delivery of the Nicole Shares to Aluko
pursuant to this Agreement have been duly authorized by all necessary corporate action,
and when issued, sold, and delivered in accordance with the provisions of this Agreement
and upon Nicoles receipt of the full consideration therefor, will be duly and
validly issued, fully paid, and nonassessable and will be issued in compliance with all
applicable federal and state securities laws.
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|6.5 Compliance
with Other Instruments. Nicole is not, and no facts exist on the basis of which, with
the passage of time, the giving of notice or both, would cause Nicole to be, in violation
of or in default of any term of its Articles of Incorporation, Bylaws, or any material
contract, instrument, judgment or order applicable to it.


6.6 Financial
Condition. The term Nicole Financial Statementsmeans and include (a) the
audited balance sheet of Nicole as of December 31, 1999, the related statements of income
and retained earnings and the related statements of cash flows for the fiscal year(s)
then ended, and (b) the unaudited balance sheet and statement of income of Nicole for the
three-month period ended March 31, 2000. A true, correct and complete copy of the Nicole
Financial Statements has been delivered to Aluko concurrently with the execution of this
Agreement. The Nicole Financial Statements (a) were prepared in accordance with the books
and records of Nicole; (b) were prepared in accordance with generally accepted accounting
principles consistently applied; and (c) fairly present Nicoles financial condition
and the results of its operations as of the dates thereof and for the periods covered
thereby.


6.7 No
Undisclosed Liabilities. Except for (a) those liabilities specifically reflected or
reserved against on the Nicole Financial Statements and (b) those current liabilities for
trade or business obligations incurred since the date of the Nicole Financial Statements
in the ordinary course and conduct of its business, Nicole does not have, as of the date
hereof, any direct or indirect indebtedness, liabilities, claims, losses, damages,
deficiencies, obligations or responsibilities, known or unknown, liquidated or
unliquidated, which individually or in the aggregate are material to the condition
(financial or otherwise), assets, liabilities, business, operations or prospects of
Nicole.


6.8 Indebtedness.
Nicole is not in default in any material respect under any of agreements, documents or
other arrangements under which Nicole has any indebtedness for borrowed money, and no
facts exist on the basis of which, with the giving of notice, the passage of time or
both, Nicole would be in default in any material respect under any such agreements,
documents or arrangements.


6.9 Tax
Matters. Within the times and in the manner prescribed by law, Nicole has filed all
tax returns which Nicole is required to file, has paid or provided for all taxes shown
thereon to be due and owing by it and has paid or provided for all deficiencies or other
assessments of taxes, interest or penalties owed by it. Each tax return filed by Nicole
fully and accurately reflects its liability for taxes for such year or period and
accurately sets forth all items (to the extent required to be included or reflected in
such returns) relevant to its future liabilities for taxes. The provisions for taxes
payable reflected in the Nicole Financial Statements are fully adequate and correct.


6.10
Consideration. Each Nicole Shareholder has received full and adequate
consideration for his execution and delivery of this Agreement and his performance of his
obligations under this Agreement.


6.11
Litigation. There is no litigation, proceeding or investigation pending or threatened
against Nicole.



6.12
Full Disclosure. All documents and other papers delivered to Aluko by or on behalf
of Nicole in connection with this Agreement and the transactions contemplated herein are
accurate, complete and authentic. The information furnished to Aluko by or on behalf of
Nicole in connection with this Agreement and the transactions contemplated herein does
not contain any untrue statement of a material fact and does not omit to state any
material fact necessary to make the statements made, in the context in which they are
made, not false or misleading. There is no fact which Nicole has not disclosed to Aluko
in writing which could reasonably be expected to have a material adverse effect upon the
condition (financial or otherwise), assets, liabilities, business, operations, properties
or prospects of Nicole.
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|7.  SURVIVAL
OF REPRESENTATIONS, WARRANTIES AND COVENANTS


All
representations, warranties and covenants of Nicole, the Nicole Shareholders and
Aluko shall survive the closing of this transactions contemplated in this
Agreement and remain in full force and effect.


8.  BOARD OF DIRECTORS


8.1
Composition of Board. As of the date of this Agreement, the authorized number of
Directors of Nicole is two (2) and the Board of Directors of Nicole consists of two (2)
Directors, who are Mr. Mork and Mr. Baker.


8.2  Resignation
and Election. Immediately after the execution of this Agreement, Mr. Mork and Mr.
Baker shall (a) elect Ju Young Park and Min-Kyung Park as Directors of Nicole and (b)
resign from all positions that they hold as an officer, director, employee or agent of
Nicole.


9.  INDEMNIFICATION


9.1
Indemnification by Nicole and the Nicole Shareholders. Nicole and each of the Nicole
Shareholders jointly and severally shall indemnify, defend and hold harmless Aluko and
each of its directors, officers, employees, agents, attorneys, successors and assigns,
from and against any and all losses which may be incurred or suffered by any such party
and which may arise out of or result from any breach of any representation, warranty,
covenant or agreement of Nicole or any of the Nicole Shareholders contained in this
Agreement


9.2  Indemnification
by Aluko. Aluko shall indemnify, defend and hold harmless Nicole, each of the Nicole
Shareholders and each of their respective shareholders, directors, officers, employees,
agents, attorneys, successors, heirs and assigns from and against any and all losses
which may be incurred or suffered by any such party and which may arise out of or result
from any breach of any representation, warranty, covenant or agreement of Aluko contained
in this Agreement.


9.3  Survival
of Regarding Nicole and the Nicole Shareholders. Notwithstanding any right of Aluko
fully to investigate the affairs of Nicole and notwithstanding Alukos knowledge of
facts determined or determinable by Aluko pursuant to such investigation or right of
investigation, Aluko shall have the right to rely fully upon the representations,
warranties, covenants and agreements of Nicole and each of the Nicole Shareholders
contained in this Agreement. Each representation, warranty, covenant and agreement of
Nicole and each of the Nicole Shareholders contained herein shall survive the execution
and delivery of this Agreement and the consummation of the transactions contemplated
herein and shall thereafter terminate and expire on the second (2nd) anniversary of the
date of this Agreement.


9.4  Survival
of Regarding the Shareholders. Each representation, warranty, covenant and agreement
of Aluko contained herein shall survive the execution and delivery of this Agreement and
the consummation of the transactions contemplated herein and thereafter shall terminate
and expire on the second (2nd) anniversary of the date of this Agreement.
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|10.  MISCELLANEOUS



10.1
Entire Agreement; Amendments. This Agreement contains the entire understanding of the
parties. There are no representations, agreements, or undertaking other than those set
forth herein or therein.


10.2  Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument.


10.3
Governing Law. In the event of a legal dispute between any of the parties, the dispute
will be resolved within the State of California and under US law.


10.4
Further Assurances. Each party to this Agreement shall take such additional
actions and shall execute such documents and instruments as may be necessary or proper to
cause the occurrence of any conditions precedent or conditions subsequent to his or her
obligation to perform or as may otherwise be appropriate to effectuate the purposes and
intention of this Agreement or to consummate the transactions contemplated hereunder.


10.5
Arbitration. Unless the relief sought requires the exercise of the equity powers
of a court of competent jurisdiction, any dispute arising in connection with the
interpretation or enforcement of the provisions of this Agreement, or the application or
validity thereof, shall be submitted to arbitration. Such arbitration proceedings shall
be held in Santa Barbara, California, in accordance with the rules then obtaining of the
American Arbitration Association. This agreement to arbitrate shall be specifically
enforceable. Any award rendered in any such arbitration proceedings shall be final and
binding on each of the parties hereto, and judgment may be entered thereon in any court
of competent jurisdiction.


10.6
AttorneysFees. Should any action or proceeding be necessary to construe or
enforce the terms or conditions of this Agreement, or the application or validity
thereof, then the party prevailing in such action shall be entitled to recover its
reasonable attorneysfees and other court costs, together with any costs and
attorneysfees incurred in enforcing any judgment entered therein.


10.7
Notices. All notices and other written communications required or permitted under
this Agreement shall be personally delivered to such party or mailed postage prepaid by
registered or certified mail, or sent by facsimile or other form of electronic
transmissions, addressed to such party at the address set forth on Exhibit A hereto
or such other address as hereafter may be given for purposes of such notice. Any notice
or other written communication sent in accordance with the foregoing shall conclusively
be deemed to have been received at the time of delivery, if personally delivered, or five
(5) days after the date of mailing, if mailed, or two (2) days after transmission, in
sent by facsimile or other form of electronic transmission.


10.8
Expenses. Each of the parties shall pay all costs and expenses incurred by it in
negotiating and preparing this Agreement and in carrying out the transactions
contemplated hereby.


10.9
Successors and Assigns. The provisions of this Agreement shall be binding upon,
and inure to the benefit of, the respective successors, assigns, heirs, executors and
administrators of the parties hereto.


10.10
Interpretation. Aluko, on the one hand, and Nicole and each of the Nicole
Shareholders, on the other hand, each has been represented by independent legal counsel.
Therefore, the rule of construction that an agreement shall be interpreted against the
drafting party shall not apply.


IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties
hereto as the date first above written.
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|
|

|Company | Nicole Shareholders
|--------- | ---------------------

|NICOLE INDUSTRIES, INC.,  By   /s/   Dempsey Mork       
        Dempsey Mork, President |  | /s/ Dempsey Mork
Dempsey Mork /s/ Randall A. Baker Randall A. Baker
|------------------------------------------------------------------------------------------------------ |  | -----------------------------------------------------------------------------------------------

|AlukoALUKO USA, INC. By /s/ J. Y. Park
Young-Hyun, Hur, Vice PresidentDate: August 3, 2000 | 
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