Exhibit 10

                                  EXHIBIT "B"

              THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE
              SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT
              BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
              AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS,
              AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
              HYPOTHECATED UNLESS SO REGISTERED OR UNLESS IN THE
              OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
              COMPANY, AN EXEMPTION FROM REGISTRATION UNDER ALL
              SUCH LAWS IS AVAILABLE,

                               WasteMasters, Inc.

             Warrant for the Purchase of Shares of Common Stock
             --------------------------------------------------

                               100,000,000 Shares

     THIS CERTIFIES THAT, for value received, CONTINENTAL INVESTMENT
CORPORATION, a Georgia corporation ("Holder"), is entitled to subscribe for
and acquire from WasteMasters, Inc., a Maryland corporation (the "Company"),
at any time from the date hereof through and including the Expiration Date set
forth below (the "Exercise Period"), up to ONE HUNDRED MILLION (100,000,000)
fully paid and nonassessable shares (the "Shares") of the Company's common
stock, $.01 par value per share (the "WasteMasters Stock") in exchange for up
to ONE MILLION (1,000,000) fully paid and nonassessable shares of Holder's
common stock (the "Continental Stock") subject to the limitations, terms and
conditions set forth herein. (The number of Shares of WasteMasters Stock for
which one share of Continental Stock may be exchanged shall be referred to as
the "Exchange Ratio." The Exchange Ratio shall initially be 100 to 1.) This
Warrant is issued by the Company in connection with the Stock Issuance and
Purchase Agreement dated ______, 1997 entered into between Holder and the
Company simultaneously herewith. Transfer, assignment or hypothecation of this
Warrant by the Holder may be made only in accordance with and subject to the
terms, conditions and other provisions of this Warrant. The term "Holder", as
used herein, shall include the original Holder and only such persons to whom
this Warrant is transferred in strict conformity with the terms and conditions
set forth or incorporated by reference herein. As used herein, the term
"Warrant" shall mean and include this Warrant and any Warrant or Warrants
hereafter issued in consequence of the exercise or transfer of this Warrant,
in whole or in part.

     1.  This Warrant shall expire on ________, 1999, (the "Expiration Date").

     2.  Subject to the limitations set forth below, this Warrant may be
exercised during the Exercise Period as to the whole or any lesser number of
whole Shares by the surrender of this Warrant (with the form of Election at
the end hereof duly executed) to the Company at its offices located at c/o
Stefanou and Company, Attn: Peter Stefanou, 1360 Beverly Road, Suite 305,
McLean, Virginia 22101, or such other place as is designated in writing and
delivered to Holder by the Company, accompanied by a certificate representing
shares of Continental Stock issued to the Company in an amount (the "Exchange
Amount") equal to the number of Shares of WasteMasters Stock purchased by such
exercise divided by the Exchange Ratio.
<PAGE>
     3.  Exercise of this Warrant shall be deemed to have been effected as of
the close of the business day on which the Company has received this Warrant,
a duly executed form of election and the Exchange Amount. Upon each exercise
of this Warrant, the Holder shall be deemed to be the holder of record of the
Shares issuable upon such exercise, notwithstanding that the stock transfer
books of the Company shall then be closed. As soon as practicable after each
such exercise of this Warrant, the Company shall issue and deliver to the
Holder a certificate or certificates for the Shares issuable upon such
exercise, registered in the name of the Holder or its designee. If this
Warrant should be exercised in part only, the Company shall, upon surrender
of this Warrant for cancellation, execute and deliver a new Warrant
evidencing the right of the Holder to purchase the balance of the Shares
subject to purchase hereunder.

     4.  The Company shall maintain a register (the "Warrant Register") on
which the names and addresses of the persons to whom this Warrant is issued
and shall be entitled to treat the registered holder of any Warrant on the
Warrant Register as the owner in fact thereof for all purposes and shall not
be bound to recognize any equitable or other claim to or interest in such
Warrant on the part of any other person, and shall not be liable for any
registration or transfer of Warrants which are registered or to be registered
in the name of a fiduciary or the nominee of a fiduciary unless made with the
actual knowledge that a fiduciary or nominee is committing a breach of trust
in requesting such registration or transfer, or with the knowledge of such
facts that its participation therein amounts to bad faith. Subject to
compliance with applicable securities laws and any other restrictions set
forth herein, this Warrant shall be transferable on the books of the Company
only upon delivery thereof with the form of Assignment at the end hereof duly
completed by the Holder or by his duly authorized attorney or representative,
or accompanied by proper evidence of succession, assignment or authority to
transfer. In all cases of transfer by an attorney, the original power of
attorney, duly approved, or an official copy thereof, duly certified, shall
be deposited with the Company. In case of transfer by executors,
administrators, guardians or other legal representatives, duly authenticated
evidence of their authority shall be produced, and may be required to be
deposited with the Company in its discretion. Upon any registration of
transfer, the Company shall deliver a new Warrant or Warrants exchanged, at
the option of the Holder thereof, for another Warrant, or other Warrants of
different denominations, of like tenor and representing in the aggregate the
right to acquire a like number of shares of WasteMasters Stock upon surrender
to the Company or its duly authorized agent. Notwithstanding the foregoing,
the Company shall have no obligation to cause Warrants to be transferred on
its books to any person, unless the Holder of such Warrants shall furnish to
the Company evidence of compliance with the Act and applicable state
securities law, in accordance with the provisions of Section 9 hereof.

     5.  Upon due authorization by the Company's stockholders to increase the
authorized shares of the Company's common stock, as set forth in Section 14
hereof, the Company shall at all times reserve and keep available out of its
authorized and unissued WasteMasters Stock, solely for the purpose of
providing for the exercise of this Warrant, such number of Shares as shall,
from time to time, be sufficient therefor.
<PAGE>
     6.  The Exchange Ratio shall be subject to adjustment from time to time
as follows:

         (a)(i)  In case the Company shall (A) declare a dividend or make a
distribution on outstanding shares of its WasteMasters Stock in shares of
WasteMasters Stock, (B) subdivide or reclassify the outstanding shares of
WasteMasters Stock into a greater number of shares or (C) combine or
reclassify the outstanding shares of WasteMasters Stock into a lesser number
of shares, the Exchange Ratio in effect on the record date for such dividend,
distribution, subdivision, combination or reclassification shall be adjusted
so that it shall equal the Exchange Ratio determined by multiplying the
Exchange Ratio then in effect by a fraction, the numerator of which shall be
the number of shares of WasteMasters Stock outstanding immediately after
giving effect to such action, and the denominator of which shall be the
number of shares of WasteMasters Stock outstanding immediately prior to such
action. Such adjustment shall be made successively whenever any event
specified above shall occur.

           (ii)  In case Continental Investment Corporation shall (A) declare
a dividend or make a distribution on outstanding shares of its Continental
Stock in shares of Continental Stock, (B) subdivide or reclassify the
outstanding shares of Continental Stock into a greater number of shares or
(C) combine or reclassify the outstanding shares of Continental Stock into a
lesser number of shares, the Exchange Ratio in effect on the record date for
such dividend, distribution, subdivision, combination or reclassification
shall be adjusted so that it shall equal the Exchange Ratio determined by
multiplying the Exchange Ratio then in effect by a fraction, the numerator of
which shall be the number of shares of Continental Stock outstanding
immediately prior to giving effect to such action, and the denominator of
which shall be the number of shares of Continental Stock outstanding
immediately after such action. Such adjustment shall be made successively
whenever any event specified above shall occur.

         (b)  Whenever the Exchange Ratio is adjusted as herein provided, the
Company or the Holder, as is appropriate, shall (i) forthwith execute a
certificate signed by the President or a Vice President of the Company or
Holder and by the Treasurer or an Assistant Treasurer or the Secretary or an
Assistant Secretary of the Company or Holder showing in detail the fact
requiring such adjustment and the Exchange Ratio and the number of shares of
WasteMasters Stock deliverable after such adjustment and (ii) cause a notice,
stating that such adjustment has been effected and stating the adjusted
Exchange Ratio and the number of shares of WasteMasters Stock deliverable, to
be sent to the Holder at its address appearing in the records of the Company
or Holder. Each such certificate shall be kept on file in the principal office
of the Company or the Holder.

         (c)(i)  Whenever the Exchange Ratio is adjusted pursuant to
subparagraph (a)(i) of this Section 6, the aggregate number of Shares
purchasable upon exercise of this Warrant shall simultaneously be adjusted
by multiplying the number of Shares then issuable upon exercise of this
Warrant in whole by the adjusted Exchange Ratio and dividing the product so
obtained by the Exchange Ratio in effect immediately before such adjustment.
<PAGE>
           (ii)  Whenever the Exchange Ratio is adjusted pursuant to
subparagraph (a)(ii) of this Section 6, the aggregate number of Shares of
Continental Stock which shall be paid upon exercise of this Warrant in whole
shall simultaneously be adjusted by multiplying the number of such Shares of
Continental Stock which would then be issued upon exercise of this Warrant in
whole by the Exchange Ratio in effect immediately before such adjustment, and
dividing the product so obtained by the adjusted Exchange Ratio.

         (d)  The Exchange Ratio shall be rounded to one-thousandths.

     7.  (a)  In case of any consolidation with or merger of the Company with
or into another corporation (other than a merger or consolidation in which the
Company is the continuing or surviving corporation), or in case of any sale,
lease or conveyance to another corporation of the property of the Company as
an entirety or substantially as an entirety, the Holder shall have the right
thereafter to receive upon exercise of this Warrant the kind and amount of
shares of stock and other securities, property, cash or any combination
thereof receivable upon such consolidation, merger, sale, lease or conveyance
by a holder of the number of Shares of WasteMasters Stock subject to be
purchased by Holder pursuant to this Warrant immediately prior to such
consolidation, merger, sale, lease or conveyance. In any such case, effective
provision shall be made in any Articles of Incorporation of a surviving or
acquiring corporation or otherwise, if necessary, in order to preserve
Holder's rights hereunder. Such agreement shall provide for adjustments which
shall be as nearly equivalent or practicable to the adjustments in Section 6.

         (b) In case of any reclassification or change in the Shares of
WasteMasters Stock issuable upon exercise of this Warrant (other than a change
in par value, or from par value to no par value, or as a result of a
subdivision or combination, but including any change in the Shares into two or
more classes or series of shares) or in case of any consolidation or merger of
another corporation into the Company in which the Company is the continuing
corporation and in which there is a reclassification or change (including a
change to the right to receive cash or other property) in the Shares of
WasteMasters Stock (other than a change in par value, or from par value to no
par value, or as a result of a subdivision or combination, but including any
change in the Shares into two or more classes or series of Shares), the Holder
shall have the right thereafter to receive upon exercise of this Warrant the
kind and amount of shares of stock and other securities, property, cash or any
combination thereof receivable by the holder of the number of Shares subject
to be purchased by Holder pursuant to this Warrant immediately prior to such
reclassification, change, consolidation or merger.

         (c)  The above provisions of this Section 7 shall similarly apply to
successive reclassification and changes in Shares of WasteMasters Stock and to
successive consolidations, mergers, sales or conveyances.

     8.  The issue of any stock or other certificate upon the exercise of this
Warrant shall be made without charge to the Holder for any tax in respect of
the issue of such certificate. The Company shall not, however, be required to
pay any tax which may be payable in respect of any transfer involved in the
issue and delivery of any certificate in a name other than that of the Holder
and the Company shall not be required to issue or deliver any such certificates
unless and until the person or persons requesting the issue thereof shall have
paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.
<PAGE>
     9.  Unless registered under the Securities Act of 1933, as amended (the
"Act"), this Warrant, the Shares and other securities issued upon exercise of
this Warrant shall not be transferrable unless, in the opinion of counsel
reasonably satisfactory to the Company, an exemption from registration under
applicable securities laws is available. This Warrant, the Shares and other
securities issued upon the exercise of this Warrant shall be subject to a
stop-transfer order and the certificate or certificates evidencing any such
Shares or securities shall bear the following legend and any other legend
which counsel for the Company may deem necessary or advisable:

          THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
          REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
          AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED
          UNLESS SO REGISTERED OR UNLESS IN THE OPINION OF COUNSEL
          REASONABLY SATISFACTORY TO THE COMPANY, AN EXEMPTION FROM
          REGISTRATION UNDER SUCH ACT IS AVAILABLE.

    10.  Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of any Warrant and upon surrender and
cancellation of any Warrant if mutilated, and upon reimbursement of the
Company's reasonable incidental expenses, the Company shall execute and
deliver to the Holder thereof a new Warrant of like date, tenor and
denomination.

    11.  The Holder of any Warrant shall not have, solely on account of such
status, any rights of a shareholder of the Company, either at law or in
equity, or to any notice of meetings of shareholders or of any other
proceedings of the Company.

    12.  This Warrant shall be governed by and construed in accordance with
the laws of the State of Maryland.

    13.  This Warrant may not be amended, restated or supplemented without the
prior written agreement of the Holder and the Company.

    14.  Notwithstanding anything to the contrary herein, the Holder shall not
have any right to exercise this Warrant at any time prior to an amendment of
the Company's Articles of Incorporation which increases the number of shares
which the Company is authorized to issue to include a number of shares of
WasteMasters Stock which is not less than one hundred 100% of the sum of (a)
the number of shares of WasteMasters Stock then outstanding, plus (b) that
number of shares WasteMasters Stock issuable upon the exercise in full of all
then outstanding options, warrants (including this Warrant), convertible
securities, contract rights and other rights to purchase WasteMasters Stock.
The Company, and the Board of Directors, shall exercise their best efforts to
take all action necessary to amend the Company's Articles of Incorporation as
described in Section 7 of the Stock Purchase Agreement as soon as practicable,
including, without limitation, filing all necessary proxy statements or
information statements with the Securities and Exchange Commission in
connection with the calling of a special shareholders meeting and with the
solicitation of shareholders' approval of the aforementioned amendment.
<PAGE>
    15.  The Company warrants the due authorization, execution and delivery of
this Warrant this ____ day of _________, 1997.


                                  WasteMasters, Inc.

                                  By: /s/ A. Leon Blaser, Ph.D.
                                      ------------------------------
                                  Title: Chairman and Vice President


<PAGE>

                             ELECTION TO PURCHASE
                             --------------------


     The undersigned Holder hereby irrevocably elects to exercise the within
Warrant to acquire ____________ Shares (*) of WasteMasters Stock issuable upon
the exercise thereof and requests that certificates for such Shares be issued
in his/her last name and delivered to him/her at the following address:

     __________________________________________________________________


Date: __________________

     __________________________________________________________________
                              Signatures(s)(**)



                                 ASSIGNMENT
                                 ----------

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
the within Warrant to the extent of ______________ Shares (*) transferable
upon exercise thereof to ____________________, whose address is _____________
_____________________________________ and irrevocably constitute and appoint
__________________________ his/her/its Attorney to transfer said Warrant on
the books of the Company, with full power of substitution.

Date: __________________

     _________________________________________________________________
                              Signature(s)(**)


 *  If the Warrant is to be exercised or transferred in its entirety, insert the
word "All" before shares; otherwise insert the number of shares then
transferable on the exercise thereof as to which transferred or exercised. If
such Warrants shall not be transferred or exercised to transfer all shares
transferable upon exercise thereof, that a new Warrant to transfer the balance
of such shares be issued in the name of, and delivered to, the Holder at the
address stated below.

**  Signature(s) must conform exactly to the name(s) of the Holder as set
forth on the first page of this Warrant.