Fort Lauderdale (USA
 FL), on March 21, 2003

| | Messrs.
Meliorbanca S.p.A.
Loan Department
Via Borromei 5
20123 Milan
| | ---------------------------------------------------------------------

Following up on your correspondence
of today, we are hereby repeating it in its entirety as a sign of consent and acceptance.

Messrs.
         Enerl S.r.l.         (formerly
On Power Battery S.r.l.)         Via
Leopardi No. 27         Milan

Enrl
Group Inc.         (formerly
Enerl Holdings Inc.)         1601
Clint Moore Road         Boca Raton, FL 33487

Enerl
Inc.         (formerly
Imprimis Inc.)         1601
Clint Moore Road         Boca Raton, FL 33487

Enerl
Battery Company         (formerly
Enerl USA Inc.)         1601
Clint Moore Road         
Boca Raton, FL 33487

Mr.
Peter Novak         c/o         Enerl
Inc.         1601
Clint Moore Road         Boca Raton, FL 33487

Mr.
Mike Zoi          c/o         Enerl
Inc.          1601
Clint Moore Road         Boca Raton, FL 33487

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 1 of 18

Milan, March 21, 2003

Dear Sirs:

With respect to the existing
agreements:

# Whereas

| | a) | Enerl S.r.l. (formerly On Power Batter S.r.l.  hereinafter also the
                    Company), a company duly established with domicile in Milan, Via
                    Leopardi 27, today controlled by Messrs. Mike Zoi, Peter Novak and Jacopo
                    Mariani and Enerl Inc., with respective interests of 15.111%, 15.107%, 0.005%
                    and 69.778%.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b) | Enerl Battery Company, Enerl Inc. and Enerl Group Inc. are companies duly
                    established under the laws of the State of Florida  USA, and indirectly by
                    the founding partners of the Companys business: Mike Zoi and Peter Novak;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | Enerl Inc., controlling 100% of Enerl Battery Company, is a company duly
                    established under the laws of the state of Florida  USA, quoted on the
                    Nasdaq market  OTCCB  and 96% controlled by Enerl Group Inc.
                    (FL-USA).
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) | Enerl Group Inc., controlling 100% of Enerl Inc., is a company duly established
                    under the laws of the State of Florida  USA, and 63% controlled by ZN LLC
                    (USA) and 37% by Bzinfin SA, respectively.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e) | on 09/18/2000 the Company and the Bank formalized a medium-term variable rate
                    mortgage finance agreement (hereinafter the Original Agreement) in
                    an amount equal to 11,878,508.68 euros (formerly 23,000,000,000 lire)
                    (hereinafter the Financing), executed before the notary Dr. Maurizio
                    Anni in Cagliari no. 82284/27970.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | f) | The Financing is guaranteed by the first voluntary mortgage granted by the
                    Company to the Bank, on an industrial property belonging to the Company, for a
                    total amount of 14,460,793.17 euros (formerly 28,000,000,000 lire) in addition
                    to special privileges, up to the total amount of 11,878,508.68 euros (formerly
                    23,000,000,000 lire) on machinery existing at that time (pursuant to
                    registration no. 17670 deposited with the Tribunal of Cagliari on 10/25/2000
                     partially pursuant to the list in Attachment A) as well as
                    such as may in the future come to form part of the Companys assets.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | g) | The Company proceeded, without ever having received in any manner agreement from
                    the Bank, to sell directly and/or indirectly to Enerl Battery Company and Enerl
                    Group Inc. (United States companies ultimately controlled by the same
                    businessmen), all its own machinery and plant (covered by the privilege cited
                    above), transferring to it at the same time nearby premises belonging to the
                    same assignees in the State of Florida  USA, in the city of Boca Raton.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 2 of 18

| | h) | On 01/15/2002 the Company, Enerl Group Inc. (formerly Enerl Holdings Inc.),
                    Enerl Battery Company (formerly Enerl USA Inc.) and the Bank signed a
                    supplementary agreement (hereinafter the Supplementary Agreement)
                    with respect to the Original Agreement.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | i) | pursuant to the Supplementary Agreement, Enerl Group Inc. (formerly Enerl
                    Holdings Inc.), Enerl Battery Company (formerly Enerl USA Inc.) and Messrs. Mike
                    Zoi and Peter Novak became joint and several guarantors of the Company to
                    guarantee all the obligations assumed by the Company with respect to the Bank,
                    up to an amount of 6,000,000.00 euros.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | j) | pursuant to the Supplementary Agreement, and always to guarantee all the
                    obligations assumed by the Company with respect to the Bank, Enerl Group Inc.
                    (formerly Enerl Holdings Inc.) and Messrs. Mike Zoi and Peter Novak have
                    assigned to1 the Banks all their own credit rights, direct and
                    indirect, held with respect to the Company in virtue of the financing granted
                    and the amounts paid under various titles.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | k) | The Bank, pursuant to the clause stipulated in Article 3 third paragraph of the
                    Original Agreement, in the absence of performance of the conditions cited in
                    Article 3 sub. i), ii), iii), iv), v) and vi) of the Original Agreement, and
                    with respect to that stipulated in the Supplementary Agreement, has proceeded to
                    disburse, as part of the Financing, the amount of 5,269,989.88 euros; such
                    disbursement was deemed a first and last availment (hereinafter the
                    Availment) with a duration of 6 months as part of the Financing
                    pursuant to the Original Agreement.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | l) | The Availment, on the first due date of 06/30/2002, was renewed monthly until
                    the final due date of 12/31/2002, pursuant to the Supplementary Agreement.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | m) | In parallel, the Company has provided for a partial reduction in the principal
                    of the Availment, which on 12/31/2002 amounted to 2,677,685.33 euros.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n) | The Bank, at the request of the Company, has stated that it is amenable to a
                    subsequent redefinition of the repayment conditions for the Financing pursuant
                    to all the terms and conditions of the Original Agreement and as amended in the
                    Supplementary Agreement.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | o) | All guaranties contained in the Original Agreement, and the Supplementary
                    Agreement, to the exclusion of any novation, remain unchanged, valid and in full
                    force and effect even after the redefinition of the due dates and the method of
                    repayment of the Financing, excluding once again any attempt at or effect of
                    novation.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | p) | The agreement resulting from the acceptance by the Company, if applicable, of
                    the present proposal is hereinafter defined as The Supplementary
                    Agreement.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1 Tr.: hanno postergato
a. Postergare means to postpone or to defer, and it does not take
any preposition (in this case a). Given this, I have assumed they meant
assigned to because its the only thing that makes sense in this context.

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 3 of 18

# Wherefore

Article 1. EFFECTIVENESS

The preceding clauses form an
integral part of the present Supplementary Agreement with the force and effect of a
contract.

The effectiveness of the present
Supplementary Agreement is suspensively conditioned on the occurrence of performance on
the part of the Company of the obligations cited in Article 7 points (a), (c), (d) and
(e), below, at the times and in the manner therein indicated.

Article 2. RECOGNITION OF THE DEBT UNDER THE FINANCING
PURSUANT TO THE ORIGINAL AGREEMENT

The Company recognizes and
acknowledges that it is the debtor of the Bank, pursuant to the Original Agreement as
modified and supplemented in the Supplementary Agreement, after the partial repayment of
principal made under the Financing, in a principal amount of 2,677,685.33 euros
(hereinafter Residual Debt).

Article 3. EXTENSION OF
THE MATURITY OF THE ORIGINAL AGREEMENT

The maturity of the Original
Agreement as modified and supplemented in the Supplementary Agreement, is extended from
12/31/2002 to 03/15/2004.

Such extension is suspensively
conditioned on the occurrence of performance on the part of the Company of the obligations
cited in Article 7 points (a), (c), (d) and (e), below, at the times and in the manner
therein indicated.

Article 4. METHOD OF
REPAYMENT OF THE RESIDUAL DEBT

The Company undertakes to repay the
Residual Debt or such as is owed to the Bank as the principal portion of the Financing, in
13 installments of which 12 are monthly payments in arrears of 100,000.00 euros each, the
first due on 03/31/2003 and thereafter on the last day of each month through 02/28/2004,
inclusive, and the last due on 03/31/2004, in the principal amount of 1,477,685.33 euros.

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 4 of 18

If the date agreed for the payment of
any amount owed by the Company by dint of the present contract should fall on a
non-banking day in Milan, the respective payment shall be made with a value [date] on the
immediately subsequent banking day in Milan.

Article 5. PAYMENT OF
INTEREST

The Company, as stipulated in the
Supplementary Agreement, must pay under the Financing the interest due on the due date of
12/31/2002, equivalent to 38210.83 euros.

After 01/01/2003 the Company shall
owe on the Financing now equal to the Residual Debt, variable monthly interest, equal to
the Euribor 1-month rate increased by 2 (two) percentage points per annum, obtained for
the first time with a value date of 01/01/2003.

Interest shall be paid in arrears,
during the period 01/01/2003  03/31/2003, the first time on 03/31/2003 and
thereafter on the last day of each month through 03/31/2004 inclusive.

Interest shall be calculated based on
the number of days effectively elapsed between the start date and the due date of the
interest period, using a 360-day year. The calculation shall be made including the date of
disbursement and excluding the due date.

The Company further undertakes to
reimburse any other accessory charge on the respective due date but by no later than the
last due date on 03/31/2004.

If the date agreed for the payment of
any amount owed by the Company by dint of the Original Agreement and as hereby amended and
supplemented, should fall on a non-banking day in Milan, the respective payment shall be
made with a value [date] on the immediately subsequent banking day in Milan.

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 5 of 18

Article 6. ARREARS
INTEREST

Any amount owed by the Company under
any title as part of the present contract and unpaid, whether related to the principal or
interest, all expenses and accessory charges, shall produce ipso jure in favor of
the Bank arrears interest at the interest rate determined in Article 5 of the present
contract increased by a further 2 (two) percentage points per year.

Such interest shall accrue of law,
without need of any notice or placement in default, but only through the expiration of the
term and without prejudice to the authority to deem the present contract terminated. The
aforementioned stipulation is also applicable however, to cases of forfeiture of the
benefit of the term and termination of the contract stipulated in the present contract.

The arrears interest cited above
shall be applicable, without any periodic capitalization, from the due date of the
installment payment, with respect to the repayment plan of the present financing, and/or
the date of forfeiture of the benefit of the term and/or the termination of the contract
through the time of effective payment.

Article 7. CONDITIONS
PRECEDENT AND

MISCELLANEOUS
OBLIGATIONS

All the obligations assumed under the
Original Agreement as amended and supplemented in the Supplementary Agreement and pursuant
to the preceding articles being unaltered and unchanged, the Company together with Enerl
Group Inc. (formerly Enerl Holdings Inc.), Enerl Inc. (formerly Imprimis Inc.), Enerl
Battery Company (formerly Enerl USA Inc.), Mike Zoi and Peter Novak, jointly and severally
further undertake:

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 6 of 18

| | (a) | to pay to the Bank, with a value date of today, the amount of 38,210.83 euros,
                    for the payment of the amount due for compensatory and arrears interest owed
                    through today not paid under the Financing.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | to sign, as already described in the Supplementary Agreement, a finance
                    agreement (Closing) with a first-tier Financial Institution, which
                    provides as a first unconditional availment a payment in favor of the Bank in
                    order to extinguish fully all credit rights held by the latter with respect to
                    the Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | to provide to the Bank, by 03/30/2003, a detailed list of the machinery and
                    plant, originally forming part of the assets of Enerl S.r.l., and encumbered
                    with a special lien in favor of the Bank (as better indicated above), partially
                    summarized in Appendix A, now the property of the United States
                    company connected to the businessmen Mike Zoi and Peter Novak.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | to provide the Bank, by 03/31/2003, a formal recognition document, full and
                    unconditional, on the part of the current and effective owners of the machinery
                    and plant (originally forming part of the assets of Enerl S.r.l.) with a special
                    lien established in favor of the Bank, in the amount of 5,000,000.00 euros, and
                    partially summarized in Appendix A.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | to provide the Bank, by 03/31/2003, a formal document in favor of the Bank, for
                    an insurance policy against damages, made with a first-tier Insurance Company,
                    with respect to the machinery and plant (originally forming part of the assets
                    of Enerl S.r.l.), with a special endorsement established in favor of the Bank.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | to provide the Bank, by the last day of every month, and for the entire life of
                    the present Supplementary Agreement, a current report on the economic and
                    financial position of Enerl Group Inc. (formerly Enerl Holdings Inc.), Enerl
                    Inc. (formerly Imprimis Inc.) and Enerl Battery Company (formerly Enerl USA
                    Inc.).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 7 of 18

| | (g) | to provide all the documentation required to perfect the present transaction as
                    well as for the performance related to the recordation in favor of the Bank or
                    whatever.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h) | to send to the bank, with respect to the Company, to Enerl Group Inc. (formerly
                    Enerl Holdings Inc.), Enerl Enc. (formerly Imprimis Inc.) and Enerl Batter
                    Company (formerly Enerl USA Inc.) the annual and semiannual (if prepared)
                    balance sheet (whether civil law or consolidated), containing the Report of
                    Management and the Auditor within thirty days from the respective approval by
                    the Meeting of Shareholders and/or Board of Directors, as well as the order of
                    the day of any meetings of shareholders  regular or special  as soon
                    as called, and the respective verbal report, within thirty days of the Meeting
                    of Shareholders.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | to provide the Bank immediately, in case of a request by it, the statements,
                    documentation and any other news or information on its equity and economic
                    status, as well as that of the parent company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j) | to notify the Bank, through certified mail, of any decisions to change or of any
                    changes in the corporate structure of the Company or of the parent itself; to
                    notify the Bank of any admissions into bankruptcy proceedings and/or equivalent
                    proceedings, including therein admittance into receivership and/or any other
                    extrajudicial procedure, involving the satisfaction of debts in a manner other
                    than the Companys or the parents normal manner; in general to notify
                    the Bank immediately of any change or event of a technical, productive,
                    administrative, legal or administrative nature, even if publicly know, which
                    might substantially modify negatively the equity, economic or financial position
                    of the Company or of the parent itself or which might harm their operating
                    capacity.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (k) | to provide timely notice to the Bank of any decision to contract further lines
                    of credit of any nature;
| | --- | ---------------------------------------------------------------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 8 of 18

| | (l) | not to assign or transfer under any title whether gratuitous and/or temporary,
                    ownership, management and/or the free availability of its goods, of the business
                    itself, of its business assets, line of business, and to maintain it in the best
                    state of efficiency, without prior written consent from the Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Article 8. GUARANTIES

The content of the Original Contract
as amended by the Amendment Agreement with respect to the guaranties remaining unchanged
and unaltered, Messrs. Mike Zoi and Peter Novak as well as Enerl Inc., Enerl Group Inc.
and Enerl Battery Company have received copies and read all their clauses, and they
confirm their full agreement with respect to the aforesaid, confirming to the Bank the
conditions, the obligations and the guaranties related thereto, even if not restated here,
excluding any attempt or effect of novation.

Article
9. CAUSES FOR LOSS OF THE BENEFIT OF THE TERM  CAUSES FOR TERMINATION OF
SUPPLEMENTARY AGREEMENT II

It is expressly agreed that the
occurrence of any of following situations shall constitute causes for the loss by the
Company of the benefit of the term:

| | a) | the failure to respect even one of the obligations cited above in Article 3 sub.
                    (a), (b), (c), (d), (e), (f), (g), (h), (i), (k) and (l) on time and in the
                    manner therein indicated.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b) | a difference between the actual legal, administrative, technical and economic
                    positions of the Company or of Enerl Group Inc. (formerly Enerl Holdings Inc.)
                    or of Enerl Inc. (formerly Imprimis Inc.) or of Enerl Battery Company (formerly
                    Enerl USA Inc.), with respect to that resulting from the documentation produced.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) | the inexactness and/or incompleteness and/or inaccuracy of the statements and
                    guaranties made pursuant to the preceding articles.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 9 of 18

| | d) | related to the respective competent jurisdictions and the related prevailing
                    law, the occurrence of causes to dissolve the company or the convening of a
                    meeting of shareholders for liquidation or the placement into liquidation of
                    even one of the aforementioned companies if not expressly agreed in advance in
                    writing by the Bank.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e) | with respect to the respective competent jurisdictions and the related
                    prevailing law, a request for admittance into a bankruptcy proceeding and/or a
                    similar and/or equivalent proceeding, therein including receivership and/or
                    another extrajudicial and/or equivalent procedure, involving the satisfaction of
                    debts in an manner other than the normal manner of the Company or of Enerl Group
                    Inc. (formerly Enerl Holdings Inc.) or of Enerl Inc. (formerly Imprimis Inc.) or
                    of Enerl Battery Company (formerly Enerl USA Inc.).
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | f) | with respect to the respective competent jurisdictions and the related
                    prevailing law, the issuance against the Company or of Enerl Group Inc.
                    (formerly Enerl Holdings Inc.) or of Enerl Inc. (formerly Imprimis Inc.) or of
                    Enerl Battery Company (formerly Enerl USA Inc.), of injunctions and/or
                    equivalent orders and/or the occurrence of protests or the equivalent thereof in
                    a cumulative amount greater than 10,000.00 euros.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | g) | with respect to the respective competent jurisdictions and the related
                    prevailing law, the institution of precautionary proceedings and/or the
                    equivalent thereof and/or attachment of chattel or the equivalent thereof and/or
                    foreclosure or the equivalent thereof with respect to the Company or of Enerl
                    Group Inc. (formerly Enerl Holdings Inc.) or of Enerl Inc. (formerly Imprimis
                    Inc.) or of Enerl Battery Company (formerly Enerl USA Inc.), in a cumulative
                    amount greater than 10,000.00 euros.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | h) | with respect to the respective competent jurisdictions and the related
                    prevailing law, the occurrence of events that materially and negatively affect
                    the legal equity, economic or financial position of the Company or of Enerl
                    Group Inc. (formerly Enerl Holdings Inc.) or of Enerl Inc. (formerly Imprimis
                    Inc.) or of Enerl Battery Company (formerly Enerl USA Inc.), even if reported
                    pursuant to Article 7, above.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 10 of 18

Termination of the contract is
expressly agreed pursuant to Articles 1453 of the Civil Code and/or 1456 of the Civil Code
in case of nonpayment upon the due date in the present contract of what is owed as
principal and interest, as repayment of the financing and in general in case of
nonperformance, inexact or delayed performance of any of the obligations derived from the
present document, and/or of any document agreed by the parties in separate documents
and/or in any way related to the contract itself, none excluded.

Article
10. EFFECT OF THE LOSS OF THE BENEFIT OF THE TERM AND/OR OF TERMINATION OF THE CONTRACT

If the aforementioned hypotheses
occur, the Bank is authorized to declare that the Company has lost the benefit of the term
or of the present agreement, or to terminate the contract ipso jure with the
consequent obligation for the Company to make immediate repayment to the Bank of the full
amount disbursed as principal, as well as the compensatory interest due, arrears interest
calculated at the rate and as stipulated in the preceding Article 10, accessory charges
and anything else owed, the rights with respect to the joint and several co-debtors
remaining unaltered and unaffected.

Article 11. JOINT AND
SEVERAL OBLIGATIONS

The Company Enerl Group Inc.
(formerly Enerl Holdings Inc.), Enerl Inc. (formerly Imprimis Inc.), Enerl Battery Company
(formerly Enerl USA Inc.) and Messrs. Mike Zoi and Peter Novak state that all the
obligations assumed herein are construed as established jointly, severally and indivisibly
even with respect to private rights holders or successors.

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 11 of 18

Article 12.
EFFECTIVENESS OF THE BANKS ACCOUNTING

It is established that the balance
resulting from the books of the Banks itself and its statements shall be given full faith
for calculating the loan, without need to determine it judicially.

Article 13. FUTURE
CHARGES

It is agreed that the Company shall
be liable for any charges for taxes, fees, withholdings or expenses that must be paid with
respect to the present contract and the payment to be made based on it, including those
derived from its recordation.

It is expressly agreed that any new
increase in charges of a tax or governmental nature that be related to the present
contract, shall be borne entirely by the Company.

Article 14. SELECTION
OF DOMICILE

For the effects of the obligations
derived from the present document, the Bank selects its domicile at its headquarters in
Milan; the Company at its headquarters in Milan.

Article 15. COMPETENT
JURISDICTION

The present contract shall be
regulated by Italian law and be interpreted pursuant to it. The parties further agree that
for any dispute related to the present contract the Jurisdiction of Milan shall be
competent, the competence established in the code of procedure for precautionary,
emergency and executory proceedings remaining, with the right of the Bank to adhere to any
other competent venue remaining unaffected.

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 12 of 18

Article 16. AGREEMENT
ON INFORMATION PROCESSING

AND REPORTING

With respect to the present
financing, all the parties signing the present agreement provide their consent to the
processing of information pursuant to and for the effects of Law 675/96.

Article 17.
COMMUNICATIONS

Communications shall be made by telex
or fax subsequently confirmed by certified mail at the following addresses:

Meliorbanca S.p.A.
Via Borromei 520123 Milan

Enerl S.r.l.
Via Leopardi 2720100 Milan

For Enerl Group Inc., Enerl
Inc., Enerl Battery Company, Mr. Peter Novak and Mr. Mike Zoi c/oEnerl Inc. 
1601 Clint Moore RoadBoca
Raton, FL 33487  USA

or to such other addresses as any of
the parties shall notify the other of by certified mail.

The remaining content where not
hereby amended and/or supplemented remain unaltered and unchanged, including the terms,
conditions, obligations and guaranties in the Original Contract as amended and
supplemented by the Supplementary Agreement and the separate [letters?] and documents.

If you are in agreement with the
foregoing, we would request you please to transcribe the text hereof onto your letterhead
and to return a copy thereof duly signed in agreement and initialed on every page by the
appropriately authorized party. Also please specifically approve, for all legal effects,
the following clause:

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 13 of 18

Art. 1 Effectiveness
Art. 2 Recognition of Debt Art. 4 Method of Repayment of Residual Debt
Art. 5 Payment of Interest Art. 6 Arrears Interest Art. 7 Conditions Precedent and
Miscellaneous Obligations Art. 9 Causes for Loss of the Benefit of the Term  Causes
for Terminating Supplementary Agreement II Art. 11 Joint and Several Obligations Art. 12 Effectiveness of the Banks
                    Accounting Art. 13 Future Charges Art. 15 Competent Jurisdiction

Kind regards,

|E.to Meliorbanca S.p.A.
Enerl S.r.l.                      
(formerly On Power Battery S.r.l.)
Enerl Group Inc.                  
(formerly Enerl Holdings Inc.)
Enerl Inc.                        
(formerly Imprimis Inc.)
Enerl Battery Company             
(formerly Enerl USA Inc.)
Mr. Peter Novak                   
Mr. Mike Zoi | [signature]
[signature]
[signature]
___________
[signature]
[signature]
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------

The Company states that it has
examined in detail and agrees to all the preceding clauses and in particular that it has
paid particular attention and then to approve pursuant to Articles 1341 and 1342 of the
Civil Code, the following clauses:

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 14 of 18

| | Art. | 1 Effectiveness Art. 2 Recognition of Debt
| | ---- | ------------------------------------------

| | Art. | 4 Method of Repayment of Residual Debt Art. 5 Payment of Interest Art. 6 Arrears
                    Interest
| | ---- | -------------------------------------------------------------------------------------------------------------

| | Art. | 7 Conditions Precedent and Miscellaneous Obligations
| | ---- | ----------------------------------------------------

| | Art. | 9 Causes for Loss of the Benefit of the Term  Causes for Terminating
                    Supplementary Agreement II
| | ---- | --------------------------------------------------------------------------------------------------------------------

| | Art. | 11 Joint and Several Obligations Art. 12 Effectiveness of the Banks
                    Accounting Art. 13 Future Charges Art. 15 Competent Jurisdiction
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|Enerl S.r.l.                      
(formerly On Power Battery S.r.l.)
Enerl Group Inc.                  
(formerly Enerl Holdings Inc.)
Enerl Inc.                        
(formerly Imprimis Inc.)
Enerl Battery Company             
(formerly Enerl USA Inc.)
Mr. Peter Novak                   
Mr. Mike Zoi | [signature]
[signature]
[signature]
[signature]
[signature]
[signature]
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------

|[at right:] | Enerl Battery Company 
Mr. Peter Novak       
Mr. Mike Zoi | [initials]
[initials]
[initials] | Enerl S.r.l.    
Enerl Group Inc.
Enerl Inc. | [initials]
[initials]
[initials]
|----------- | ---------------------------------------------------------- | -------------------------------- | -------------------------------------------- | --------------------------------

Page 15 of 18

|[logo:]  On Power
         BATTERY | [stamp:] [illegible] No. [hw:] 27970
                  Appendix [hw:] A
|---------------------------------- | -----------------------------------------------------------------------

|DESCRIPTION             | SUPPLIER    | QUANTITY |               | TOTAL PRICE ITL
|----------------------- | ----------- | -------- | ------------- | ---------------
|Bed Unit, Model C/D 2.5 | Soft-tronic | 1        | $1,200,000.00 | 2,400,000,000  
|High frequency          | Soft-tronic | 1        | $  620,000.00 | 1,240,000,000  
|induction baked        
|electronic blocks for  
|treating rusted        
|materials              
|Automatic pilot line    | Soft-tronic | 1        | $3,220,000.00 | 6,440,000,000  
|for material products  
|for cathodes           
|Automatic pilot line    | Soft-tronic | 1        | $3,220,000,00 | 6,440,000,000  
|for material products  
|for cathodes           
|Automatic pilot line    | Soft-tronic | 1        | $3,000,000.00 | 6,000,000,000  
|for material products  
|for cathodes           
|EEE292A                 | ARCOTRONICS | 1        |               | 90,000,000     
|[illegible]            
|SPF300B                 | ARCOTRONICS | 1        |               | 693,000,000    
|9FF466A                 | ARCOTRONICS | 2        |               | 661,000,000    
|TTW294                  | ARCOTRONICS | 1        |               | 140,000,000    
|SDS299                  | ARCOTRONICS | 1        |               | 78,000,000     
|TFI293                  | ARCOTRONICS | 2        |               | 90,000,000     
|LOA                     | ARCOTRONICS | 1        |               | 348,000,000    
|ASB                     | ARCOTRONICS | 1        |               | 332,000,000    
|CPV                     | ARCOTRONICS | 1        |               | 360,000,000    
|Transportation System   | ARCOTRONICS | 1        |               | 56,000,000     
|Auxiliary tool set      | ARCOTRONICS | 1        |               | 47,000,000     
|ENR                     | ARCOTRONICS | 3        |               | 2,008,000,000  
|ASB                     | ARCOTRONICS | 3        |               | 2,224,000,000  
|TWF486                  | ARCOTRONICS | 3        |               | 2,931,220,000  
|SPF446                  | ARCOTRONICS | 3        |               | 2,923,000,000  

[illegible stamp]

ON POWER BATTERY S.R.L.

Registered Address:
[illegible] 4/E  50137  FLORENCEAdministrative and Sales Offices: Via
[illegible] 25 19125 La [illegible] V.A.T. No. 04897520484  R.E.A. Florence no. 498889  Reg. [illegible]
          TEL.: [illegible] FAX: [illegible] [illegible] [illegible]

[logo:] On Power BATTERY

|CFV                      | ARCOTRONICS | 3 |                       | 1,161,600,000 
|------------------------ | ----------- | - | --------------------- | --------------
|Machine for [illegible]  | SATAKO      | 2 | $77,119,200           | 1,584,270,000 
|Battery Abuse           
|Full system for          | [illegible] | 3 | [illegible] 2,400,000 | 4,650,000,000 
|maintaining an           |            
|ultra-pure Argon         |            
|atmosphere to handle     |            
|[illegible materials     |            
|[illegible]              |            
|2 gas purification       |            
|systems MB 300-G-K       |            
|6 [illegible]            |            
|4 mini [illegible]       |            
|1 [illegible]            |            
|Tools for testing        | [illegible]
|battery components      
|(electrolyte, cathode,  
|anode materials)        
|o  X  testing  machinery
|to define the           
|[illegible]             
|o  Machinery for        
|chemical analysis       
|o  Pilot device for     
|producing [illegible]   
|                         |             |   |                       | 42,875,070,000

ON POWER BATTERY S.R.L.

Registered Address:
[illegible] 4/E  50137  FLORENCEAdministrative and Sales Offices: Via
[illegible] 25 19125 La [illegible] V.A.T. No. 04897520484  R.E.A. Florence no. 498889  Reg. [illegible]
          TEL.: [illegible] FAX: [illegible] [illegible] [illegible]

[illegible stamp]
[illegible hw]

| | [stamp:] | Copy agrees with the original [signed pursuant to the law?], written on [hw:]
          17 pages. Issued [stamp:] FOR LEGAL USES Cagliari, [stamp:]6
          OCT. 2000
| | -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[signature]

[illegible notary stamp]

[initials]