EX-4.5

                        EMPLOYMENT AND SERVICE AGREEMENT

EMPLOYMENT  AND  SERVICE   AGREEMENT   between   EuroTrust  A/S,  a  corporation
established  under  the  laws  of  the  Kingdom  of  Denmark,  with  offices  at
Poppelgardvej  11-13 2860 Soborg,  Denmark,  (the  "Company") and Aldo Petersen,
residing at Sponnecksvej 16 DK-2820, Gentofte, Denmark (the "Executive").

      WHEREAS, the Executive has been employed as the Chief Executive Officer of
the Company since 1 December, 1988;

      WHEREAS,  the Executive and the Company are parties to a Service Agreement
made as of 1 July,  2001;  and

      WHEREAS,  the  Executive  and  the  Company  desire  to  enter  into a new
Employment and Service Agreement effective as of 1 January, 2005

      NOW,  THEREFORE,  for good and  valuable  consideration,  it is  agreed as
follows:

      1.    TERM.  Subject  to the  terms  and  conditions  hereof,  the term of
employment  of the  Executive  under  this  Agreement  shall  be for the  period
commencing  on 1 January  2005 and  terminating  as provided in Section 6 hereof
(the "Employment Term").

      2.    DUTIES  AND  RESPONSIBILITIES.   During  the  Employment  Term,  the
Executive shall serve as Chief Executive Officer of the Company. He shall report
to, and be subject to, the  direction of the  Company's  Board of Directors  and
shall perform such duties and  responsibilities  commensurate with his title and
position as may be assigned to

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him from time to time by the Board of Directors.  The Executive  shall work on a
full time basis and shall devote his time,  energy and attention to the business
of the Company.

      3.    COMPENSATION.  In payment  for the  services  to be  rendered by the
Executive  hereunder:

      (a)   The  Executive  shall be paid at the annual  salary at a rate of DKK
1,800,000  (the  "Annual  Salary"),  which  shall be  payable  in equal  monthly
payments  in arrears  on the last day of each  month;  the Annual  Salary may be
increased from time to time at the sole  discretion of the Board of Directors of
the Company;

      (b)   The  Executive  may at his option direct the Company to directly pay
certain expenses of Executive which may NOT be considered to be business related
expenses, such as family travel expenses.  Executive shall advise the Company as
to that portion of his Annual  Salary which he wishes to allocate to the payment
of such expenses

      (c)   In addition to the Annual  Salary,  Executive  shall be paid a bonus
for each year or part thereof during the Employment  Term,  which bonus shall be
equal to 2.5% of the net income  before  taxes,  if any,  of the Company and its
consolidated  subsidiaries  for such year,  as  reported  by the  Company on its
annual report as filed with the United States Securities and Exchange Commission
or if the Company shall not be required to file such annual report,  as reported
to the  shareholders  of the Company,  as required by the laws of the Kingdom of
Denmark.  Such bonus, if any, shall be paid within 20 days of the filing of such
annual report or the report to the shareholders, as the case may be.

      (d)   The Company hereby grants to the  Executive,  effective 17 May, 2005
an option to purchase 1,350,000 ordinary shares DKK1.25 of the Company (equal to
225,000  ADRs) at a price of USD $4.75  for each six  ordinary  shares  DKK 1.25
(equal to

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one ADR),  the closing price on an ADR on the NASDAQ Small Cap Market on 16 May,
2005,  such  option to expire on 30 April,  2015 and having  such other terms as
will be set forth in an option  agreement to be entered into between the Company
and the Executive.

      4.    EXPENSES AND BENEFITS.

      (a)   The  Company  shall,  consistent  with its policy of  reporting  and
reimbursement of business  expenses,  reimburse  Executive for such ordinary and
necessary  business  related  expenses as shall be incurred by  Executive in the
course of the performance of his duties under this Agreement.

      (b)   Executive  shall be  entitled to holidays  (vacation)  annually,  in
accordance  with the provisions of the Holidays Act in force in Denmark,  as the
same may be amended from time to time.

      (c)   The Executive shall decide the time of the taking of his holidays in
consultation  with the Board of  Directors  which  shall take into  account  the
requirements of the Company.

      (d)   The Executive shall not be paid any holiday  allowance as may be set
forth in the  Holidays  Act,  but in lieu  thereof,  the  Company  shall pay the
Executive DKK 50,000.00 in connection with his holidays.

      (e)   The Company shall provide the  Executive  with a company  automobile
(the  "Company  Car").  The Company shall pay all expenses  associated  with the
operation  of  the  Company  Car,  including  fuel,  maintenance,   repairs  and
insurance.  The  Executive  may  use the  Company  Car  for  private  use at the
Company's expense.

      (f)   Upon  termination  of this  Agreement for any reason,  the Executive
shall at his sole option (to be exercised within 30 days of such termination) be
entitled to

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purchase  the Company Car for an amount  which is equal to the lesser of (i) the
book  value  of the  Company  Car on the  books  of the  Company  at the date of
termination  or (ii) the fair  market  value of the  Company  Car at the date of
termination.

      (g)   The  Company  shall  make an  annual  pension  contribution  for the
Executive which shall be equal to 15% of the Executive's Annual Salary.

      (h)   The Company shall pay for one or more life  insurance and disability
insurance  policies for the Executive,  with the beneficiary of such policies to
be as named from time to time by the Executive. The amount and specific coverage
of such  policies to be as chosen by the  Executive;  provided  that the maximum
annual premiums to be paid by the Company for all such policies shall not exceed
DKK 100,000.

      5.    TERMINATION.  The Executive's employment hereunder may be terminated
under the following circumstances:

      (a)   This Agreement shall not have a fixed  termination date; the Company
may terminate  this  Agreement at its sole  discretion as of the last day of any
calendar year by providing to the Executive  written notice of such  termination
at least 30 months in advance of such  termination  date  (I.E.  if the  Company
wishes to terminate  this  Agreement as of 31 December,  2008 it must notify the
Executive of such termination prior to 1 July, 2006).

      (b)   The  Executive may terminate  this  Agreement  upon six months prior
written notice to the Company.

      (c)   This  Agreement  shall  automatically  terminate  upon the  death of
Executive in which event the Company  shall pay to the widow and/or  children of
the  Executive an amount equal to one-half of the  Executive's  Annual Salary at
the time of his death.

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      (d)   The  Company may  terminate  this  Agreement  at any time during the
Employment Term for "cause". For purposes of this subsection 5 (d) "cause" shall
mean (i)  breach by  Executive  of any of the  covenants  set forth in Section 6
hereof,  (ii)  negligence  or  malfeasance  on the part of the  Executive in the
performance of his duties  hereunder  that causes  material harm to the Company,
and (iii) the conviction of the Executive, by a court of competent jurisdiction,
of a felony or other crime involving moral  turpitude.  Termination  pursuant to
this subsection 5 (d) shall be effective  immediately  upon giving the Executive
written notice thereof stating the reason or reasons therefor.

      6.    EXECUTIVE COVENANTS.

      (a)   The  Executive  agrees not to use or  disclose,  either while in the
Company's  employ  or at any time  thereafter,  except  with the  prior  written
consent of the Board of Directors,  any trade secrets,  proprietary information,
or other  information  that  the  Company  considers  confidential  relating  to
processes,  suppliers,  customers,   compositions,   improvements,   inventions,
operations, processing, marketing, distributing, selling, cost and pricing data,
or master files utilized by the Company,  not presently  generally  known to the
public,  and which is, obtained or acquired by the Executive while in the employ
of the Company, whether before or after the date of this Agreement.

      (b)   During  the  term of this  Agreement  and for a  period  of one year
immediately following the termination of this Agreement for any reason,  whether
with or without cause,  Executive  shall not,  directly or indirectly,  solicit,
induce,  encourage  or attempt to  influence  any  client,  customer,  employee,
consultant,  independent  contractor,  or supplier of the Company to cease to do
business or terminate his employment with the

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Company, and shall not engage in (as a principal,  partner,  director,  officer,
agent,  employee,  consultant or otherwise) or be financially  interested in any
business  which at the  time is a  direct  competitor  of the  Company.  Nothing
contained in this  Section 6 (b) shall  prevent the  Executive  from holding for
investment not more than ten percent (10%) of any class of equity  securities of
a  company  whose  securities  are  publicly  traded  or  from  engaging  in any
activities that are not in direct  competition  with the business  activities of
the  Company.  In case of any breach by the  Executive of this Section 6 (b) the
Executive  agrees that the Company may obtain a restrictive  injunction  without
security,  and Executive agrees to pay to the Company all damages caused by such
breach,  which  damages  shall  include all expenses  incurred by the Company in
obtaining any such  injunction  and/or damage  award,  including all  reasonable
legal fees.

      7.    SUCCESSORS;  BINDING  AGREEMENT.  This agreement  shall inure to the
benefit  of  and  be   enforceable   by  the   Executive's   personal  or  legal
representatives,  executors,  administrators,  successors,  heirs, distributees,
devisees and legatees.  If the Executive should die while any amount would still
be payable  hereunder if the Executive had continued to live,  all such amounts,
unless otherwise provided herein,  shall be paid in accordance with the terms of
this Agreement to Executive's devisee, legatee or other designee or, if there be
no such designee, to the Executive's estate.

      8.    AMENDMENT;  WAIVER. No provisions of this Agreement may be modified,
supplemented, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by the Executive and the Company.

      9.    APPLICABLE  LAW.  The  validity,  interpretation,  construction  and
performance  of this  Agreement  shall be governed by the laws of the Kingdom of

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Denmark. Any dispute between the parties with respect to this Agreement shall be
settled  by  arbitration  in  accordance  with the  Danish  law on the  Rules of
Conciliation  and  Arbitration and any award shall be final and binding upon the
parties.

      10.   NOTICES.  Any notice,  request,  instruction or other document to be
given hereunder by any party to the other party shall be in writing and shall be
deemed to have been duly given when delivered  personally or five (5) days after
dispatch by registered mail,  postage prepaid,  to the party to whom the same is
so given or made;  to the  address  for such  party as is set forth on the first
page of this  Agreement or to such other  address as the one party shall specify
to the other party in writing.

      11.   ENTIRE  AGREEMENT;  OLD  AGREEMENT.  This  Agreement  sets forth the
entire  agreement  of the  parties  hereto  in  respect  of the  subject  matter
contained herein.  The parties agree that the Old Agreement is hereby terminated
and canceled as of 1 January, 2005.

      IN WITNESS  WHEREOF,  the parties have executed this  Agreement on 17 May,
2005.

                                             BY:
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