EXHIBIT 10.42

                               SECURITY AGREEMENT


         THIS SECURITY AGREEMENT (the "Agreement"), is entered into and made
effective as of November 18, 2004, by and between COLMENA CORP., (the
"Company"), and the BUYER(S) listed on Schedule I attached to the Securities
Purchase Agreement dated the date hereof (the "Secured Party").

         WHEREAS, the Company shall issue and sell to the Secured Party, as
provided in the Securities Purchase Agreement dated the date hereof, and the
Secured Party shall purchase up to Six Hundred Thousand Dollars ($600,000) of
eight percent (8%) secured convertible debentures (the "Convertible
Debentures"), which shall be convertible into shares of the Company's common
stock, par value $.01 (the "Common Stock") (as converted, the "Conversion
Shares"), for a total purchase price of up to Six Hundred Thousand Dollars
($600,000), in the respective amounts set forth opposite each Buyer(s) name on
Schedule I attached to the Securities Purchase Agreement;

         WHEREAS, to induce the Secured Party to enter into the transaction
contemplated by the Securities Purchase Agreement, the Secured Convertible
Debenture, the Investor Registration Rights Agreement, the Irrevocable Transfer
Agent Instructions, and the Escrow Agreement (collectively referred to as the
"Transaction Documents"), the Company hereby grants to the Secured Party a
security interest in and to the pledged property identified on Exhibit "A"
hereto (collectively referred to as the "Pledged Property") until the
satisfaction of the Obligations, as defined herein below.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and for other good and valuable consideration, the
adequacy and receipt of which are hereby acknowledged, the parties hereto hereby
agree as follows:


                                   ARTICLE 1.

                         DEFINITIONS AND INTERPRETATIONS

Section 1.1.      Recitals.

         The above recitals are true and correct and are incorporated herein, in
their entirety, by this reference.

Section 1.2.      Interpretations.

         Nothing herein expressed or implied is intended or shall be construed
to confer upon any person other than the Secured Party any right, remedy or
claim under or by reason hereof.

Section 1.3.      Obligations Secured.

         The obligations secured hereby are any and all obligations of the
Company now existing or hereinafter incurred to the Secured Party, whether oral
or written and whether arising before,



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on or after the date hereof including, without limitation, those obligations of
the Company to the Secured Party under the Securities Purchase Agreement, the
Secured Convertible Debenture, the Investor Registration Rights Agreement and
Irrevocable Transfer Agent Instructions, and any other amounts now or hereafter
owed to the Secured Party by the Company thereunder or hereunder (collectively,
the "Obligations").


                                   ARTICLE 2.

                PLEDGED COLLATERAL, ADMINISTRATION OF COLLATERAL
                      AND TERMINATION OF SECURITY INTEREST


Section 2.1.      Pledged Property.

         (a) Company hereby pledges to the Secured Party, and creates in the
Secured Party for its benefit, a security interest for such time until the
Obligations are paid in full, in and to all of the property of the Company as
set forth in Exhibit "A" attached hereto (collectively, the "Pledged Property"):

         The Pledged Property, as set forth in Exhibit "A" attached hereto, and
the products thereof and the proceeds of all such items are hereinafter
collectively referred to as the "Pledged Collateral."

         (b) Simultaneously with the execution and delivery of this Agreement,
the Company shall make, execute, acknowledge, file, record and deliver to the
Secured Party any documents reasonably requested by the Secured Party to perfect
its security interest in the Pledged Property. Simultaneously with the execution
and delivery of this Agreement, the Company shall make, execute, acknowledge and
deliver to the Secured Party such documents and instruments, including, without
limitation, financing statements, certificates, affidavits and forms as may, in
the Secured Party's reasonable judgment, be necessary to effectuate, complete or
perfect, or to continue and preserve, the security interest of the Secured Party
in the Pledged Property, and the Secured Party shall hold such documents and
instruments as secured party, subject to the terms and conditions contained
herein.

Section 2.2.      Rights; Interests; Etc.

         (a) So long as no Event of Default (as hereinafter defined) shall have
occurred and be continuing:

                  (i) the Company shall be entitled to exercise any and all
         rights pertaining to the Pledged Property or any part thereof for any
         purpose not inconsistent with the terms hereof; and

                  (ii) the Company shall be entitled to receive and retain any
         and all payments paid or made in respect of the Pledged Property.

         (b) Upon the occurrence and during the continuance of an Event of
Default:



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                  (i) All rights of the Company to exercise the rights which it
         would otherwise be entitled to exercise pursuant to Section 2.2(a)(i)
         hereof and to receive payments which it would otherwise be authorized
         to receive and retain pursuant to Section 2.2(a)(ii) hereof shall be
         suspended, and all such rights shall thereupon become vested in the
         Secured Party who shall thereupon have the sole right to exercise such
         rights and to receive and hold as Pledged Collateral such payments;
         provided, however, that if the Secured Party shall become entitled and
         shall elect to exercise its right to realize on the Pledged Collateral
         pursuant to Article 5 hereof, then all cash sums received by the
         Secured Party, or held by Company for the benefit of the Secured Party
         and paid over pursuant to Section 2.2(b)(ii) hereof, shall be applied
         against any outstanding Obligations; and

                  (ii) All interest, dividends, income and other payments and
         distributions which are received by the Company contrary to the
         provisions of Section 2.2(b)(i) hereof shall be received in trust for
         the benefit of the Secured Party, shall be segregated from other
         property of the Company and shall be forthwith paid over to the Secured
         Party; or

                  (iii) The Secured Party in its sole discretion shall be
         authorized to sell any or all of the Pledged Property at public or
         private sale in order to recoup all of the outstanding principal plus
         accrued interest owed pursuant to the Convertible Debenture as
         described herein

         (c) Each of the following events shall constitute a default under this
Agreement (each an "Event of Default"):

                  (i) any default, whether in whole or in part, shall occur in
         the payment to the Secured Party of principal, interest or other item
         comprising the Obligations as and when due or with respect to any other
         debt or obligation of the Company to a party other than the Secured
         Party;

                  (ii) any default, whether in whole or in part, shall occur in
         the due observance or performance of any obligations or other
         covenants, terms or provisions to be performed under this Agreement or
         the Transaction Documents;

                  (iii) the Company shall: (1) make a general assignment for the
         benefit of its creditors; (2) apply for or consent to the appointment
         of a receiver, trustee, assignee, custodian, sequestrator, liquidator
         or similar official for itself or any of its assets and properties; (3)
         commence a voluntary case for relief as a debtor under the United
         States Bankruptcy Code; (4) file with or otherwise submit to any
         governmental authority any petition, answer or other document seeking:
         (A) reorganization, (B) an arrangement with creditors or (C) to take
         advantage of any other present or future applicable law respecting
         bankruptcy, reorganization, insolvency, readjustment of debts, relief
         of debtors, dissolution or liquidation; (5) file or otherwise submit
         any answer or other document admitting or failing to contest the
         material allegations of a petition or other document filed or otherwise
         submitted against it in any proceeding under any such applicable law,
         or (6) be adjudicated a bankrupt or insolvent by a court of competent
         jurisdiction; or

                  (iv) any case, proceeding or other action shall be commenced
         against the Company for the purpose of effecting, or an order, judgment
         or decree shall be entered by any court of competent jurisdiction
         approving (in whole or in part) anything specified in Section
         2.2(c)(iii) hereof, or any



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         receiver, trustee, assignee, custodian, sequestrator, liquidator or
         other official shall be appointed with respect to the Company, or shall
         be appointed to take or shall otherwise acquire possession or control
         of all or a substantial part of the assets and properties of the
         Company, and any of the foregoing shall continue unstayed and in effect
         for any period of thirty (30) days.


                                   ARTICLE 3.

                          ATTORNEY-IN-FACT; PERFORMANCE

Section 3.1.      Secured Party Appointed Attorney-In-Fact.

         Upon the occurrence of an Event of Default, the Company hereby appoints
the Secured Party as its attorney-in-fact, with full authority in the place and
stead of the Company and in the name of the Company or otherwise, from time to
time in the Secured Party's discretion to take any action and to execute any
instrument which the Secured Party may reasonably deem necessary to accomplish
the purposes of this Agreement, including, without limitation, to receive and
collect all instruments made payable to the Company representing any payments in
respect of the Pledged Collateral or any part thereof and to give full discharge
for the same. The Secured Party may demand, collect, receipt for, settle,
compromise, adjust, sue for, foreclose, or realize on the Pledged Property as
and when the Secured Party may determine. To facilitate collection, the Secured
Party may notify account debtors and obligors on any Pledged Property or Pledged
Collateral to make payments directly to the Secured Party.

Section 3.2.      Secured Party May Perform.

         If the Company fails to perform any agreement contained herein, the
Secured Party, at its option, may itself perform, or cause performance of, such
agreement, and the expenses of the Secured Party incurred in connection
therewith shall be included in the Obligations secured hereby and payable by the
Company under Section 8.3.


                                   ARTICLE 4.

                         REPRESENTATIONS AND WARRANTIES

Section 4.1.      Authorization; Enforceability.

         Each of the parties hereto represents and warrants that it has taken
all action necessary to authorize the execution, delivery and performance of
this Agreement and the transactions contemplated hereby; and upon execution and
delivery, this Agreement shall constitute a valid and binding obligation of the
respective party, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors' rights or by the principles
governing the availability of equitable remedies.

Section 4.2.      Ownership of Pledged Property.

         The Company warrants and represents that it is the legal and beneficial
owner of the Pledged Property free and clear of any lien, security interest,
option or other charge or encumbrance except for the security interest created
by this Agreement.




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                                   ARTICLE 5.

                    DEFAULT; REMEDIES; SUBSTITUTE COLLATERAL

Section 5.1.      Default and Remedies.

         (a) If an Event of Default described in Section 2.2(c)(i) and (ii)
occurs, then in each such case the Secured Party may declare the Obligations to
be due and payable immediately, by a notice in writing to the Company, and upon
any such declaration, the Obligations shall become immediately due and payable.
If an Event of Default described in Sections 2.2(c)(iii) or (iv) occurs and is
continuing for the period set forth therein, then the Obligations shall
automatically become immediately due and payable without declaration or other
act on the part of the Secured Party.

         (b) Upon the occurrence of an Event of Default, the Secured Party
shall: (i) be entitled to receive all distributions with respect to the Pledged
Collateral, (ii) to cause the Pledged Property to be transferred into the name
of the Secured Party or its nominee, (iii) to dispose of the Pledged Property,
and (iv) to realize upon any and all rights in the Pledged Property then held by
the Secured Party.

Section 5.2.      Method of Realizing Upon the Pledged Property: Other Remedies.

         Upon the occurrence of an Event of Default, in addition to any rights
and remedies available at law or in equity, the following provisions shall
govern the Secured Party's right to realize upon the Pledged Property:

         (a) Any item of the Pledged Property may be sold for cash or other
value in any number of lots at brokers board, public auction or private sale and
may be sold without demand, advertisement or notice (except that the Secured
Party shall give the Company ten (10) days' prior written notice of the time and
place or of the time after which a private sale may be made (the "Sale
Notice")), which notice period shall in any event is hereby agreed to be
commercially reasonable. At any sale or sales of the Pledged Property, the
Company may bid for and purchase the whole or any part of the Pledged Property
and, upon compliance with the terms of such sale, may hold, exploit and dispose
of the same without further accountability to the Secured Party. The Company
will execute and deliver, or cause to be executed and delivered, such
instruments, documents, assignments, waivers, certificates, and affidavits and
supply or cause to be supplied such further information and take such further
action as the Secured Party reasonably shall require in connection with any such
sale.

         (b) Any cash being held by the Secured Party as Pledged Collateral and
all cash proceeds received by the Secured Party in respect of, sale of,
collection from, or other realization upon all or any part of the Pledged
Collateral shall be applied as follows:

                  (i) to the payment of all amounts due the Secured Party for
         the expenses reimbursable to it hereunder or owed to it pursuant to
         Section 8.3 hereof;

                  (ii) to the payment of the Obligations then due and unpaid.



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                  (iii) the balance, if any, to the person or persons entitled
         thereto, including, without limitation, the Company.

         (c) In addition to all of the rights and remedies which the Secured
Party may have pursuant to this Agreement, the Secured Party shall have all of
the rights and remedies provided by law, including, without limitation, those
under the Uniform Commercial Code.

                  (i) If the Company fails to pay such amounts due upon the
         occurrence of an Event of Default which is continuing, then the Secured
         Party may institute a judicial proceeding for the collection of the
         sums so due and unpaid, may prosecute such proceeding to judgment or
         final decree and may enforce the same against the Company and collect
         the monies adjudged or decreed to be payable in the manner provided by
         law out of the property of Company, wherever situated.

                  (ii) The Company agrees that it shall be liable for any
         reasonable fees, expenses and costs incurred by the Secured Party in
         connection with enforcement, collection and preservation of the
         Transaction Documents, including, without limitation, reasonable legal
         fees and expenses, and such amounts shall be deemed included as
         Obligations secured hereby and payable as set forth in Section 8.3
         hereof.

Section 5.3.      Proofs of Claim.

In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relating to the Company or the property of the Company or of
such other obligor or its creditors, the Secured Party (irrespective of whether
the Obligations shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Secured Party shall
have made any demand on the Company for the payment of the Obligations), subject
to the rights of Previous Security Holders, shall be entitled and empowered, by
intervention in such proceeding or otherwise:

                  (i) to file and prove a claim for the whole amount of the
         Obligations and to file such other papers or documents as may be
         necessary or advisable in order to have the claims of the Secured Party
         (including any claim for the reasonable legal fees and expenses and
         other expenses paid or incurred by the Secured Party permitted
         hereunder and of the Secured Party allowed in such judicial
         proceeding), and

                  (ii) to collect and receive any monies or other property
         payable or deliverable on any such claims and to distribute the same;
         and any custodian, receiver, assignee, trustee, liquidator,
         sequestrator or other similar official in any such judicial proceeding
         is hereby authorized by the Secured Party to make such payments to the
         Secured Party and, in the event that the Secured Party shall consent to
         the making of such payments directed to the Secured Party, to pay to
         the Secured Party any amounts for expenses due it hereunder.



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Section 5.4.      Duties Regarding Pledged Collateral.

         The Secured Party shall have no duty as to the collection or protection
of the Pledged Property or any income thereon or as to the preservation of any
rights pertaining thereto, beyond the safe custody and reasonable care of any of
the Pledged Property actually in the Secured Party's possession.


                                   ARTICLE 6.

                              AFFIRMATIVE COVENANTS

         The Company covenants and agrees that, from the date hereof and until
the Obligations have been fully paid and satisfied, unless the Secured Party
shall consent otherwise in writing (as provided in Section 8.4 hereof):

Section 6.1.      Existence, Properties, Etc.

         (a) The Company shall do, or cause to be done, all things, or proceed
with due diligence with any actions or courses of action, that may be reasonably
necessary (i) to maintain Company's due organization, valid existence and good
standing under the laws of its state of incorporation, and (ii) to preserve and
keep in full force and effect all qualifications, licenses and registrations in
those jurisdictions in which the failure to do so could have a Material Adverse
Effect (as defined below); and (b) the Company shall not do, or cause to be
done, any act impairing the Company's corporate power or authority (i) to carry
on the Company's business as now conducted, and (ii) to execute or deliver this
Agreement or any other document delivered in connection herewith, including,
without limitation, any UCC-1 Financing Statements required by the Secured Party
to which it is or will be a party, or perform any of its obligations hereunder
or thereunder. For purpose of this Agreement, the term "Material Adverse Effect"
shall mean any material and adverse affect as determined by Secured Party in its
sole discretion, whether individually or in the aggregate, upon (a) the
Company's assets, business, operations, properties or condition, financial or
otherwise; (b) the Company's to make payment as and when due of all or any part
of the Obligations; or (c) the Pledged Property.

Section 6.2.      Financial Statements and Reports.

         The Company shall furnish to the Secured Party such financial data as
the Secured Party may reasonably request. Without limiting the foregoing, the
Company shall furnish to the Secured Party (or cause to be furnished to the
Secured Party) the following:

         (a) as soon as practicable and in any event within ninety (90) days
after the end of each fiscal year of the Company, the balance sheet of the
Company as of the close of such fiscal year, the statement of earnings and
retained earnings of the Company as of the close of such fiscal year, and
statement of cash flows for the Company for such fiscal year, all in reasonable
detail, prepared in accordance with generally accepted accounting principles
consistently applied, certified by the chief executive and chief financial
officers of the Company as being true and correct and accompanied by a
certificate of the chief executive and chief financial officers of the Company,
stating that the Company has kept, observed, performed and fulfilled each
covenant,



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term and condition of this Agreement during such fiscal year and that no Event
of Default hereunder has occurred and is continuing, or if an Event of Default
has occurred and is continuing, specifying the nature of same, the period of
existence of same and the action the Company proposes to take in connection
therewith;

         (b) within thirty (30) days of the end of each calendar month, a
balance sheet of the Company as of the close of such month, and statement of
earnings and retained earnings of the Company as of the close of such month, all
in reasonable detail, and prepared substantially in accordance with generally
accepted accounting principles consistently applied, certified by the chief
executive and chief financial officers of the Company as being true and correct;
and

(c) promptly upon receipt thereof, copies of all accountants' reports and
accompanying financial reports submitted to the Company by independent
accountants in connection with each annual examination of the Company.

Section 6.3.      Accounts and Reports.

         The Company shall maintain a standard system of accounting in
accordance with generally accepted accounting principles consistently applied
and provide, at its sole expense, to the Secured Party the following:

         (a) as soon as available, a copy of any notice or other communication
alleging any nonpayment or other material breach or default, or any foreclosure
or other action respecting any material portion of its assets and properties,
received respecting any of the indebtedness of the Company in excess of $15,000
(other than the Obligations), or any demand or other request for payment under
any guaranty, assumption, purchase agreement or similar agreement or arrangement
respecting the indebtedness or obligations of others in excess of $15,000,
including any received from any person acting on behalf of the Secured Party or
beneficiary thereof; and

         (b) within fifteen (15) days after the making of each submission or
filing, a copy of any report, financial statement, notice or other document,
whether periodic or otherwise, submitted to the shareholders of the Company, or
submitted to or filed by the Company with any governmental authority involving
or affecting (i) the Company that could have a Material Adverse Effect; (ii) the
Obligations; (iii) any part of the Pledged Collateral; or (iv) any of the
transactions contemplated in this Agreement or the Loan Instruments.

Section 6.4.      Maintenance of Books and Records; Inspection.

         The Company shall maintain its books, accounts and records in
accordance with generally accepted accounting principles consistently applied,
and permit the Secured Party, its officers and employees and any professionals
designated by the Secured Party in writing, at any time to visit and inspect any
of its properties (including but not limited to the collateral security
described in the Transaction Documents and/or the Loan Instruments), corporate
books and financial records, and to discuss its accounts, affairs and finances
with any employee, officer or director thereof.



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Section 6.5.      Maintenance and Insurance.

         (a) The Company shall maintain or cause to be maintained, at its own
expense, all of its assets and properties in good working order and condition,
making all necessary repairs thereto and renewals and replacements thereof.

         (b) The Company shall maintain or cause to be maintained, at its own
expense, insurance in form, substance and amounts (including deductibles), which
the Company deems reasonably necessary to the Company's business, (i) adequate
to insure all assets and properties of the Company, which assets and properties
are of a character usually insured by persons engaged in the same or similar
business against loss or damage resulting from fire or other risks included in
an extended coverage policy; (ii) against public liability and other tort claims
that may be incurred by the Company; (iii) as may be required by the Transaction
Documents and/or applicable law and (iv) as may be reasonably requested by
Secured Party, all with adequate, financially sound and reputable insurers.

Section 6.6.      Contracts and Other Collateral.

         The Company shall perform all of its obligations under or with respect
to each instrument, receivable, contract and other intangible included in the
Pledged Property to which the Company is now or hereafter will be party on a
timely basis and in the manner therein required, including, without limitation,
this Agreement.

Section 6.7.      Defense of Collateral, Etc.

         The Company shall defend and enforce its right, title and interest in
and to any part of: (a) the Pledged Property; and (b) if not included within the
Pledged Property, those assets and properties whose loss could have a Material
Adverse Effect, the Company shall defend the Secured Party's right, title and
interest in and to each and every part of the Pledged Property, each against all
manner of claims and demands on a timely basis to the full extent permitted by
applicable law.

Section 6.8.      Payment of Debts, Taxes, Etc.

         The Company shall pay, or cause to be paid, all of its indebtedness and
other liabilities and perform, or cause to be performed, all of its obligations
in accordance with the respective terms thereof, and pay and discharge, or cause
to be paid or discharged, all taxes, assessments and other governmental charges
and levies imposed upon it, upon any of its assets and properties on or before
the last day on which the same may be paid without penalty, as well as pay all
other lawful claims (whether for services, labor, materials, supplies or
otherwise) as and when due

Section 6.9.      Taxes and Assessments; Tax Indemnity.

         The Company shall (a) file all tax returns and appropriate schedules
thereto that are required to be filed under applicable law, prior to the date of
delinquency, (b) pay and discharge all taxes, assessments and governmental
charges or levies imposed upon the Company, upon its income and profits or upon
any properties belonging to it, prior to the date on which penalties attach
thereto, and (c) pay all taxes, assessments and governmental charges or levies
that, if



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unpaid, might become a lien or charge upon any of its properties; provided,
however, that the Company in good faith may contest any such tax, assessment,
governmental charge or levy described in the foregoing clauses (b) and (c) so
long as appropriate reserves are maintained with respect thereto.

Section 6.10.     Compliance with Law and Other Agreements.

         The Company shall maintain its business operations and property owned
or used in connection therewith in compliance with (a) all applicable federal,
state and local laws, regulations and ordinances governing such business
operations and the use and ownership of such property, and (b) all agreements,
licenses, franchises, indentures and mortgages to which the Company is a party
or by which the Company or any of its properties is bound. Without limiting the
foregoing, the Company shall pay all of its indebtedness promptly in accordance
with the terms thereof.

Section 6.11.     Notice of Default.

         The Company shall give written notice to the Secured Party of the
occurrence of any default or Event of Default under this Agreement, the
Transaction Documents or any other Loan Instrument or any other agreement of
Company for the payment of money, promptly upon the occurrence thereof.

Section 6.12.     Notice of Litigation.

         The Company shall give notice, in writing, to the Secured Party of (a)
any actions, suits or proceedings wherein the amount at issue is in excess of
$50,000, instituted by any persons against the Company, or affecting any of the
assets of the Company, and (b) any dispute, not resolved within fifteen (15)
days of the commencement thereof, between the Company on the one hand and any
governmental or regulatory body on the other hand, which might reasonably be
expected to have a Material Adverse Effect on the business operations or
financial condition of the Company.


                                   ARTICLE 7.

                               NEGATIVE COVENANTS

         The Company covenants and agrees that, from the date hereof until the
Obligations have been fully paid and satisfied, the Company shall not, unless
the Secured Party shall consent otherwise in writing:

Section 7.1.      Indebtedness.

         The Company shall not directly or indirectly permit, create, incur,
assume, permit to exist, increase, renew or extend on or after the date hereof
any indebtedness on its part, including commitments, contingencies and credit
availabilities, or apply for or offer or agree to do any of the foregoing.



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Section 7.2.      Liens and Encumbrances.

         The Company shall not directly or indirectly make, create, incur,
assume or permit to exist any assignment, transfer, pledge, mortgage, security
interest or other lien or encumbrance of any nature in, to or against any part
of the Pledged Property or of the Company's capital stock, or offer or agree to
do so, or own or acquire or agree to acquire any asset or property of any
character subject to any of the foregoing encumbrances (including any
conditional sale contract or other title retention agreement), or assign, pledge
or in any way transfer or encumber its right to receive any income or other
distribution or proceeds from any part of the Pledged Property or the Company's
capital stock; or enter into any sale-leaseback financing respecting any part of
the Pledged Property as lessee, or cause or assist the inception or continuation
of any of the foregoing.

Section 7.3.      Certificate of Incorporation, By-Laws, Mergers,
                  Consolidations, Acquisitions and Sales.

         Without the prior express written consent of the Secured Party, the
Company shall not: (a) Amend its Certificate of Incorporation or By-Laws; (b)
issue or sell its stock, stock options, bonds, notes or other corporate
securities or obligations; (c) be a party to any merger, consolidation or
corporate reorganization, (d) purchase or otherwise acquire all or substantially
all of the assets or stock of, or any partnership or joint venture interest in,
any other person, firm or entity, (e) sell, transfer, convey, grant a security
interest in or lease all or any substantial part of its assets, nor (f) create
any subsidiaries nor convey any of its assets to any subsidiary.

Section 7.4.      Management, Ownership.

         The Company shall not materially change its ownership, executive staff
or management without the prior written consent of the Secured Party. The
ownership, executive staff and management of the Company are material factors in
the Secured Party's willingness to institute and maintain a lending relationship
with the Company.

Section 7.5.      Dividends, Etc.

         The Company shall not declare or pay any dividend of any kind, in cash
or in property, on any class of its capital stock, nor purchase, redeem, retire
or otherwise acquire for value any shares of such stock, nor make any
distribution of any kind in respect thereof, nor make any return of capital to
shareholders, nor make any payments in respect of any pension, profit sharing,
retirement, stock option, stock bonus, incentive compensation or similar plan
(except as required or permitted hereunder), without the prior written consent
of the Secured Party.

Section 7.6.      Guaranties; Loans.

         The Company shall not guarantee nor be liable in any manner, whether
directly or indirectly, or become contingently liable after the date of this
Agreement in connection with the obligations or indebtedness of any person or
persons, except for (i) the indebtedness currently secured by the liens
identified on the Pledged Property identified on Exhibit A hereto and (ii) the
endorsement of negotiable instruments payable to the Company for deposit or
collection in the



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ordinary course of business. The Company shall not make any loan, advance or
extension of credit to any person other than in the normal course of its
business.

Section 7.7.      Debt.

         The Company shall not create, incur, assume or suffer to exist any
additional indebtedness of any description whatsoever in an aggregate amount in
excess of $25,000 (excluding any indebtedness of the Company to the Secured
Party, trade accounts payable and accrued expenses incurred in the ordinary
course of business and the endorsement of negotiable instruments payable to the
Company, respectively for deposit or collection in the ordinary course of
business).

Section 7.8.      Conduct of Business.

         The Company will continue to engage, in an efficient and economical
manner, in a business of the same general type as conducted by it on the date of
this Agreement.

Section 7.9.      Places of Business.

         The location of the Company's chief place of business is 6499 N.W. 9th
Avenue, Suite 304, Ft. Lauderdale, FL 33309. The Company shall not change the
location of its chief place of business, chief executive office or any place of
business disclosed to the Secured Party or move any of the Pledged Property from
its current location without thirty (30) days' prior written notice to the
Secured Party in each instance.


                                   ARTICLE 8.

                                  MISCELLANEOUS

Section 8.1.      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 duly
given on: (a) the date of delivery, if delivered in person, by nationally
recognized overnight delivery service or (b) five (5) days after mailing if
mailed from within the continental United States by certified mail, return
receipt requested to the party entitled to receive the same:


If to the Secured Party:                  See Investor Schedule I Attached

With a copy to:                           Anslow & Jaclin, LLP
                                          195 Route 9 South, Suite 204
                                          Manalapan, NJ 07726
                                          Attention:   Gregg Jaclin, Esq.
                                          Telephone:   (732) 409-1212
                                          Facsimile:   (732) 577-1188



<PAGE>




And if to the Company:                    Colmena Corp.
                                          6499 N.W. 9th Avenue, Suite 304
                                          Ft. Lauderdale, Fl 33309
                                          Attention:  L. Joshua Eikov
                                          Telephone:  (954) 670-2300
                                          Facsimile:  (954) 772-9955

With a copy to:                           Jeffrey G. Klein, Esquire
                                          Newman, Pollack & Klein
                                          2600 N. Military Trail, Suite 210
                                          Boca Raton, FL 33431
                                          Telephone: (561) 997-9920
                                          Facsimile: (561) 241-4943


         Any party may change its address by giving notice to the other party
stating its new address. Commencing on the tenth (10th) day after the giving of
such notice, such newly designated address shall be such party's address for the
purpose of all notices or other communications required or permitted to be given
pursuant to this Agreement.

Section 8.2.      Severability.

         If any provision of this Agreement shall be held invalid or
unenforceable, such invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render invalid or unenforceable
any other severable provision of this Agreement, and this Agreement shall be
carried out as if any such invalid or unenforceable provision were not contained
herein.

Section 8.3.      Expenses.

         In the event of an Event of Default, the Company will pay to the
Secured Party the amount of any and all reasonable expenses, including the
reasonable fees and expenses of its counsel, which the Secured Party may incur
in connection with: (i) the custody or preservation of, or the sale, collection
from, or other realization upon, any of the Pledged Property; (ii) the exercise
or enforcement of any of the rights of the Secured Party hereunder or (iii) the
failure by the Company to perform or observe any of the provisions hereof.

Section 8.4.      Waivers, Amendments, Etc.

         The Secured Party's delay or failure at any time or times hereafter to
require strict performance by Company of any undertakings, agreements or
covenants shall not waiver, affect, or diminish any right of the Secured Party
under this Agreement to demand strict compliance and performance herewith. Any
waiver by the Secured Party of any Event of Default shall not waive or affect
any other Event of Default, whether such Event of Default is prior or subsequent
thereto and whether of the same or a different type. None of the undertakings,
agreements and



<PAGE>


covenants of the Company contained in this Agreement, and no Event of Default,
shall be deemed to have been waived by the Secured Party, nor may this Agreement
be amended, changed or modified, unless such waiver, amendment, change or
modification is evidenced by an instrument in writing specifying such waiver,
amendment, change or modification and signed by the Secured Party.

Section 8.5.      Continuing Security Interest.

         This Agreement shall create a continuing security interest in the
Pledged Property and shall: (i) remain in full force and effect until payment in
full of the Obligations; and (ii) be binding upon the Company and its successors
and heirs and (iii) inure to the benefit of the Secured Party and its successors
and assigns. Upon the payment or satisfaction in full of the Obligations, the
Company shall be entitled to the return, at its expense, of such of the Pledged
Property as shall not have been sold in accordance with Section 5.2 hereof or
otherwise applied pursuant to the terms hereof.

Section 8.6.      Independent Representation.

         Each party hereto acknowledges and agrees that it has received or has
had the opportunity to receive independent legal counsel of its own choice and
that it has been sufficiently apprised of its rights and responsibilities with
regard to the substance of this Agreement.

Section 8.7.      Applicable Law:  Jurisdiction.

         This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Florida without regard to the principles of conflict of
laws. The parties further agree that any action between them shall be heard in
Broward County, Florida, and expressly consent to the jurisdiction and venue of
the Superior Court of Florida, sitting in Broward County and the United States
District Court for the District of Florida sitting in Miami, Florida for the
adjudication of any civil action asserted pursuant to this Paragraph.

Section 8.8.      Waiver of Jury Trial.

         AS A FURTHER INDUCEMENT FOR THE SECURED PARTY TO ENTER INTO THIS
AGREEMENT AND TO MAKE THE FINANCIAL ACCOMMODATIONS TO THE COMPANY, THE COMPANY
HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY
WAY TO THIS AGREEMENT AND/OR ANY AND ALL OTHER DOCUMENTS RELATED TO THIS
TRANSACTION.

Section 8.9.      Entire Agreement.

         This Agreement constitutes the entire agreement among the parties and
supersedes any prior agreement or understanding among them with respect to the
subject matter hereof.





<PAGE>


         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.


                                    COMPANY:
                                    COLMENA CORP.
                                    By: /s/ L. Joshua Eikov
                                    Name:    L. Joshua Eikov
                                    Title:   President

                                    SECURED PARTY:
                                    Buyers as delineated on Schedule 1





<PAGE>



                                   SCHEDULE I


                      SCHEDULE OF BUYERS/INVESTORS/HOLDERS


<TABLE>
<CAPTION>

                                                                                 ADDRESS/FACSIMILE              AMOUNT OF
               NAME                              SIGNATURE                        NUMBER OF BUYER              SUBSCRIPTIO

<S>                                 <C>                                  <C>                                    <C>
Montgomery Equity Partners, Ltd.    By:      Yorkville Advisors, LLC     101 Hudson Street - Suite 3700          $  200,000
                                    Its:     General Partner             Jersey City, NJ  07303
                                                                         Facsimile:        (201) 985-8266

                                    By: /s/ Mark Angelo
                                    Name:    Mark  Angelo
                                    Its:     Portfolio Manager

With a copy to:                     David Gonzalez, Esq.                 101 Hudson Street - Suite 3700
                                                                         Jersey City, NJ 07302
                                                                         Facsimile:           (201) 985-8266


Advantage Capital Development       By: /s/Jeffrey Sternberg             2999 N.E. 191st Street, PH2             $  200,000
                                       ---------------------
Corp.
                                    Name:  Jeffrey Sternberg             Aventura, FL 33180
                                    Its:       President                 Facsimile:        (305-692-1832)


With a copy to:                     Gregg Jaclin, Esq.                   195 Route 9 South, Suite 204
                                                                         Manalapan, NJ 07726
                                                                         Facsimile:           (732) 577-1188

</TABLE>



<PAGE>


                                    EXHIBIT A

                         DEFINITION OF PLEDGED PROPERTY

         For the purpose of securing prompt and complete payment and performance
by the Company of all of the Obligations, the Company unconditionally and
irrevocably hereby grants to the Secured Party a continuing security interest in
and to, and lien upon, the following Pledged Property of the Company:


         (a) all goods of the Company, including, without limitation, machinery,
equipment, furniture, furnishings, fixtures, signs, lights, tools, parts,
supplies and motor vehicles of every kind and description, now or hereafter
owned by the Company or in which the Company may have or may hereafter acquire
any interest, and all replacements, additions, accessions, substitutions and
proceeds thereof, arising from the sale or disposition thereof, and where
applicable, the proceeds of insurance and of any tort claims involving any of
the foregoing;


         (b) all inventory of the Company, including, but not limited to, all
goods, wares, merchandise, parts, supplies, finished products, other tangible
personal property, including such inventory as is temporarily out of Company's
custody or possession and including any returns upon any accounts or other
proceeds, including insurance proceeds, resulting from the sale or disposition
of any of the foregoing;


         (c) all contract rights and general intangibles of the Company,
including, without limitation, goodwill, trademarks, trade styles, trade names,
leasehold interests, partnership or joint venture interests, patents and patent
applications, copyrights, deposit accounts whether now owned or hereafter
created;


         (d) all documents, warehouse receipts, instruments and chattel paper of
the Company whether now owned or hereafter created;


         (e) all accounts and other receivables, instruments or other forms of
obligations and rights to payment of the Company (herein collectively referred
to as "Accounts"), together with the proceeds thereof, all goods represented by
such Accounts and all such goods that may be returned by the Company's
customers, and all proceeds of any insurance thereon, and all guarantees,
securities and liens which the Company may hold for the payment of any such
Accounts including, without limitation, all rights of stoppage in transit,
replevin and reclamation and as an unpaid vendor and/or lienor, all of which the
Company represents and warrants will be bona fide and existing obligations of
its respective customers, arising out of the sale of goods by the Company in the
ordinary course of business;


         (f) to the extent assignable, all of the Company's rights under all
present and future authorizations, permits, licenses and franchises issued or
granted in connection with the operations of any of its facilities;


         (g) all products and proceeds (including, without limitation, insurance
proceeds) from the above-described Pledged Property.