| **VENTURES-NATIONAL INCORPORATED**
**D/B/A TITAN GENERAL HOLDINGS, INC.      SECURITY AGREEMENT**
March 30, 2004

 To: Laurus Master Fund, Ltd.c/o Onshore Corporate Services, Ltd.P.O. Box 1234 G.TQueensgate HouseSouth Church StreetGrand Cayman, Cayman Islands      
 
Gentlemen:

           1.          To      secure the payment of all Obligations (as hereafter defined), we hereby      grant to you a continuing security interest in all of the following      property now owned or at any time hereafter acquired by us, or in which we      now have or at any time in the future may acquire any right, title or      interest (the "Collateral"): all accounts, inventory, equipment,      goods, documents, instruments (including, without limitation, promissory      notes), contract rights, general intangibles (including, without      limitation, payment intangibles and an absolute right to license on terms      no less favorable than those current in effect among our affiliates, but      not own intellectual property), chattel paper, supporting obligations,      investment property, letter-of-credit rights, trademarks and tradestyles      in which we now have or hereafter may acquire any right, title or      interest, all proceeds and products thereof (including, without      limitation, proceeds of insurance) and all additions, accessions and      substitutions thereto or therefor In the event we wish to finance the      acquisition of any hereafter acquired equipment and have obtained a      commitment from a financing source to finance such equipment from an      unrelated third party, you agree to release your security interest on such      hereafter acquired equipment so financed by such third party financing      source.      
           2.          The      term "Obligations" as used herein shall mean and include all      debts, liabilities and obligations owing by us to you hereunder and under      whether arising under, out of, or in connection with that certain Securities      Purchase Agreement dated as of the date hereof by and between the      undersigned and Laurus Master Fund, Ltd. ("Laurus") (the      "Securities Purchase Agreement"), that certain Convertible      Term Note dated as of the date hereof made by in favor of Laurus (the      "Term Note"), the Warrant dated as of the date hereof      made by the undersigned in favor of Laurus in connection with the Term      Note (the "Term Note Warrant"), that certain Registration      Rights Agreement dated as of the date hereof by and between the      undersigned and Laurus in connection with the Term Note (the "Term      Note Registration Rights Agreement"), (the Securities Purchase      Agreement, the Term Note, the Term Note Warrant and the Term Note      Registration Rights Agreement, as each may be amended, modified, restated      or supplemented from time to time, are collectively referred to herein as      the "Documents").      
           3.          We      hereby represent, warrant and covenant to you that:      
 
--------------------------------------------------------------------------------------------------------          (a)          we      are a company validly existing, in good standing and formed under the laws      of the State of Utah and we will provide you thirty (30) days' prior      written notice of any change in our state of formation;      
           (b)          our      legal name is Ventures-National Incorporated d/b/a Titan General Holdings,      Inc., as set forth in our Certificate of Incorporation as amended through      the date hereof;      
           (c)          we      are the lawful owner of the Collateral and have the sole right to grant a      security interest therein and will defend the Collateral against all      claims and demands of all persons and entities;      
           (d)          we      will keep the Collateral free and clear of all attachments, levies, taxes,      liens, security interests and encumbrances of every kind and nature      ("Encumbrances"), other than encumbrances set forth on Schedule      3(d) hereto, ("Permitted Encumbrances"), except to the extent      said Encumbrance does not secure indebtedness in excess of $100,000 and      such Encumbrance is removed or otherwise released within ten (10) days of      the creation thereof;      
           (e)          we      will at our own cost and expense keep the Collateral in good state of      repair (ordinary wear and tear excepted) and will not waste or destroy the      same or any part thereof other than ordinary course discarding of items no      longer used or useful in our business;      
           (f)          we      will not without your prior written consent, sell, exchange, lease or      otherwise dispose of the Collateral, whether by sale, lease or otherwise,      except for the sale of inventory in the ordinary course of business and      for the disposition or transfer in the ordinary course of business during      any fiscal year of obsolete and worn-out equipment or equipment no longer      necessary for our ongoing needs, having an aggregate fair market value of      not more than $25,000 and only to the extent that:      
                        (i) the      proceeds of any such disposition are used to acquire replacement      Collateral which is subject to your first priority security interest or      are used to repay Obligations or to pay general corporate expenses; or      
                        (ii) following      the occurrence of an Event of Default (as hereinafter defined) which      continues to exist the proceeds of which are remitted to you (to be held      as cash collateral by you for the Obligations until such time as the Event      of Default no longer exists);      
           (g)          we      will insure the Collateral in your name against loss or damage by fire,      theft, burglary, pilferage, loss in transit and such other hazards as you      shall specify in amounts and under policies by insurers acceptable to you      and all premiums thereon shall be paid by us and the policies delivered to      you. If we fail to do so, you may procure such insurance and the cost      thereof shall constitute Obligations;      
           (h)          we      will at all reasonable times allow you or your representatives free access      to and the right of inspection of the Collateral;      
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-------------------------------------------------------------------------------------------------------          (i)          we      hereby indemnify and save you harmless from all loss, costs, damage,      liability and/or expense, including reasonable attorneys' fees, that you      may sustain or incur to enforce payment, performance or fulfillment of any      of the Obligations and/or in the enforcement of this Agreement or in the      prosecution or defense of any action or proceeding either against you or      us concerning any matter growing out of or in connection with this      Agreement, and/or any of the Obligations and/or any of the Collateral      except to the extent caused by your own gross negligence or willful      misconduct.      
           4.          We      shall be in default under this Agreement upon the happening of any of the      following events or conditions, each such event or condition an      "Event of Default:"      
           (a)          we      shall fail to pay when due or punctually perform any of the Obligations      and such failure shall continue for a period of three (3) days following      such failure to pay or punctually perform, or for a period of thirty (30)      days following default for any other such failure;      
           (b)          any      covenant, warranty, representation or statement made or furnished to you      by us or on our behalf was false in any material respect when made or      furnished;      
           (c)          the      loss, theft, substantial damage, destruction, sale or encumbrance not      permitted hereunder to or of any of the Collateral or the making of any      levy, seizure or attachment thereof or thereon except to the extent:      
                        (i) such      loss, theft, substantial damage, or destruction is covered by insurance      proceeds which are used to replace the item or repay us; or      
                        (ii) said      levy, seizure or attachment does not secure indebtedness in excess of      $100,000 and such levy, seizure or attachment has not been removed or      otherwise released within thirty (30) days after the creation or the      assertion thereof;      
           (d)          we      shall become insolvent, cease operations, dissolve, terminate our business      existence, make an assignment for the benefit of creditors, suffer the      appointment of a receiver, trustee, liquidator or custodian of all or any      part of our property;      
           (e)          any      proceedings under any bankruptcy or insolvency law shall be commenced by      or against us and if commenced against us shall not be dismissed within      sixty (60) days after the commencement thereof;      
           (f)          we      shall repudiate, purport to revoke or fail to perform any of our      obligations under the Note (after passage of applicable cure period, if      any); or      
           (g)          an      Event of Default shall have occurred under and as defined in the Notes.      
 
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-------------------------------------------------------------------------------------------------------          5.          Upon      the occurrence of any Event of Default and at any time thereafter, you may      declare all Obligations immediately due and payable and you shall have the      remedies of a secured party provided in the Uniform Commercial Code as in      effect in the State of New York, this Agreement and other applicable law.      Upon the occurrence of any Event of Default and at any time thereafter,      you will have the right to take possession of the Collateral and to      maintain such possession on our premises or to remove the Collateral or      any part thereof to such other premises as you may desire. Upon your      request, we shall assemble the Collateral and make it available to you at      a place designated by you. If any notification of intended disposition of      any Collateral is required by law, such notification, if mailed, shall be      deemed properly and reasonably given if mailed at least ten (10) days      before such disposition, postage prepaid, addressed to us, Attention:      President, either at our address shown herein or as may be amended by us      in writing to you from time to time. Any proceeds of any disposition of      any of the Collateral shall be applied by you to the payment of all      expenses in connection with the sale of the Collateral, including      reasonable attorneys' fees and disbursements and the reasonable expense      of retaking, holding, preparing for sale, selling, and the like, and any      balance of such proceeds may be applied by you toward the payment of the      Obligations in such order of application as you may elect, and we shall be      liable for any deficiency.      
           6.          If      we default in any material respect in the performance or fulfillment of      any of the terms, conditions, promises, covenants, provisions or      warranties on our part to be performed or fulfilled under or pursuant to      this Agreement, you may, at your option without waiving your right to      enforce this Agreement according to its terms, immediately or at any time      thereafter and without notice to us, perform or fulfill the same or cause      the performance or fulfillment of the same for our account and at our sole      cost and expense, and the cost and expense thereof (including reasonable      attorneys' fees) shall be added to the Obligations and shall be payable      on demand with interest thereon at the highest rate permitted by law or,      at your option, debited by you from the account pledged to you in      connection with this Agreement (the "Pledged Account"), the      details of which are set forth on Schedule 6, attached hereto.      
           7.          We      appoint you, any of your officers, employees or any other person or entity      whom you may designate as our attorney-in-fact, with power to execute such      documents in our behalf and to supply any omitted information and correct      patent errors in any documents executed by us or on our behalf; to file      financing statements against us covering the Collateral; to sign our name      on public records; and to do all other things you deem necessary to carry      out this Agreement. We hereby ratify and approve all acts of the      attorney-in-fact and neither you nor the attorney-in-fact will be liable      for any acts of commission or omission, nor for any error of judgment or      mistake of fact or law other than gross negligence or willful misconduct.      This power being coupled with an interest, is irrevocable so long as any      Obligations remains unpaid.      
           8.          No      delay or failure on your part in exercising any right, privilege or option      hereunder shall operate as a waiver of such or of any other right,      privilege, remedy or option, and no waiver whatever shall be valid unless      in writing, signed by you and then only to the extent therein set forth,      and no waiver by you of any default shall operate as a waiver of any other      default or of the same default on a future occasion. Your books and      records containing entries with respect to the Obligations shall be      admissible in evidence in any action or proceeding, shall be binding upon      us for the purpose of establishing the items therein set forth and shall      constitute prima facie proof thereof. You shall have the right to enforce      any one or more of the remedies available to you, successively,      alternately or concurrently. We agree to join with you in executing      financing statements or other instruments to the extent required by the      Uniform Commercial Code in form satisfactory to you and in executing such      other documents or instruments as may be required or deemed necessary by      you for purposes of affecting or continuing your security interest in the      Collateral.      
 
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-------------------------------------------------------------------------------------------------------          9.          This      Agreement shall be governed by and construed in accordance with the laws      of the State of New York, without giving effect to conflicts of law      principles and cannot be terminated orally. All of the rights, remedies,      options, privileges and elections given to you hereunder shall inure to      the benefit of your successors and assigns. The term "you" as      herein used shall include your company, any parent of your company, any of      your subsidiaries and any co-subsidiaries of your parent, whether now      existing or hereafter created or acquired, and all of the terms,      conditions, promises, covenants, provisions and warranties of this      Agreement shall inure to the benefit of and shall bind the      representatives, successors and assigns of each of us and them. You and we      hereby (a) waive any and all right to trial by jury in litigation relating      to this Agreement and the transactions contemplated hereby and we agree      not to assert any counterclaim in such litigation, (b) submit to the      nonexclusive jurisdiction of any New York State court sitting in the      borough of Manhattan, the city of New York and (c) waive any objection you      or we may have as to the bringing or maintaining of such action with any      such court.      
       
       
       
       
       
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-------------------------------------------------------------------------------------------------------          10.          All      notices from you to us shall be sufficiently given if mailed or delivered      to us at our address set forth below
Very truly yours,
Ventures-National Incorporated d/b/a      Titan General Holdings, Inc.
By:  /s/ Daniel D.      Guimond            Name: Daniel D. GuimondTitle: Chief Financial Officer

ACKNOWLEDGED:      
Laurus Master Fund, Ltd.
       
Address:
By:  /s/ David      Grin                           Name: David Grin      Title: Partner/Fund Manager      -----------------------------------------------------------------------------------------------------
EXHIBIT 1(A)       
COMMERCIAL TORT CLAIMS      
       
NOT APPLICABLE
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EXHIBIT 2      
PERMITTED LIENS      
Enovation Graphics - equipment lien
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EXHIBIT 7(c)      
ACTIONS FOR PERFECTION      
NOT APPLICABLE
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EXHIBIT 7(p)      
BANK ACCOUNTS
       
**TITAN GENERAL      HOLDINGS:**

COMMERCE BANK:     ACCOUNT      # 7916375160      1701 ROUTE 70 EAST      CHERRY HILL, NJ  08034-5400      TELEPHONE #: 888-751-9000

SILICON VALLEY BANK: ACCOUNT # 3300356971      3003 TASMAN DRIVE      SANTA CLARA, CA 95054      CONTACT: ANNA WOJNOWSKI      TELEPHONE #: 510-284-1133

 

**TITAN PCB      WEST, INC.:**

SILICON VALLEY BANK OPERATING ACCOUNT # 3300356948      SILICON VALLEY BANK PAYROLL ACCOUNT # 3300356967      3003 TASMAN DRIVE      SANTA CLARA, CA 95054      CONTACT: ANNA WOJNOWSKI      TELEPHONE #: 510-284-1133

 

**TITAN PCB      EAST, INC.:**

CITIZENS BANK OPERATING ACCOUNT # 3304008928      CITIZENS BANK PAYROLL ACCOUNT # 3304008375      CITIZENS DRIVE      RIVERSIDE, RI 02915      FREDA BAUMER      603-594-7911

HUDSON UNITED BANK LOCKBOX ACCOUNT # 3981234620      1223 NORTH PROVIDENCE ROAD      MEDIA, PA 19063      STEPHEN KNOPF      215-441-1164

 
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EXHIBIT 12(d)      
LOCATIONS      
VENTURES NATIONAL INCORPORATED      d/b/a TITAN GENERAL HOLDINGS, INC      C-CORPORATION      FEDERAL ID#: 87-0433444      INCORPORATED IN      UTAH           ORGANIZATIONAL      NUMBER: 5182482-0151      CALIFORNIA      LOCATION:             44358      OLD WARM SPRINGS BOULEVARD                                                                 FREMONT,      CA  94538                                                                 ALAMEDA      COUNTY      MASSACHUSETTS LOCATION:    1 & 2 INDUSTRIAL WAY                                                                 AMESBURY,      MA  01913                                                                 ESSEX      COUNTY      NOTES:  TITAN PCB WEST, INC. was formerly named TITAN EMS, INC.      (changed its name on June 26, 2003).           The company's prior address was 1855 Normand      Avenue Santa Clara, CA  95054           The executive offices are now located in      California but plans are that they will be located in Massachusetts during      the first half of CY '04.       ------------------------------------------------------------------------------------------------------
EXHIBIT 12(e)

PENSION PLANS

NOT APPLICABLE      ------------------------------------------------------------------------------------------------------
EXHIBIT 12(f)

LITIGATION

                 On June 15, 2003, the Company was served with a summons from      National Laminate Sales ("NLS"); whereby NLS is alleging that the      Company's subsidiary, Titan PCB East, Inc. is liable for certain      liabilities of Eastern Manufacturing Corporation ("EMC"), an entity      from whose secured creditor the Company acquired certain former assets of      EMC. The Company feels that      this case is without merit and is strongly defending the action.      ------------------------------------------------------------------------------------------------------
EXHIBIT 12(j)

SEC REPORTS

NOT APPLICABLE      ------------------------------------------------------------------------------------------------------
EXHIBIT 12(h)

INTELLECTUAL PROPERTY

NOT APPLICABLE      ------------------------------------------------------------------------------------------------------
EXHIBIT 13(e)(i)

PERMITTED INDEBTEDNESS
        NAME
        PURPOSE
AMOUNT        (As of March 29, 2004)      Rogers Corporation              I.E.C.                Electrochemicals                Hubbard Hall                Technica        Irrevocable Children's Trust        Irrevocable Children's Trust        Irrevocable Children's Trust        Ohio Investors        Phoenix Investors                Edward & Martha Marcoon                Dolores Albright                Charles Gross, Jr.                William Morando                William Morando Trust                Robert & Rhoda Bitton                Enovation Graphics ("EG")        ITEQ Corporation      6% A/P Note                5% A/P Note                3% A/P Note                3% A/P Note                5% A/P Note        10% Convertible Note        10% Convertible Note        10% Convertible Note        10% Convertible Note        10% Convertible Note                10% Convertible Note                10% Convertible Note                10% Convertible Note                10% Convertible Note                10% Convertible Note                10% Convertible Note                UCC against EG's Equipment*          UCC filed for            consigment inventory
      $  22,089.39                          18,846.68                          40,000.00                          29,687.69                          67,516.08                150,000.00                300,000.00                507,725.48                381,049.32                        111,225.21                          25,000.00                          15,000.00                          25,000.00                          16,000.00                            9,000.00                          15,000.00                                 900.00
*Represents UCC-1 filed with respect to EG equipment      located on the Company's premises.
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EXHIBIT 13(e(ii)      
EXISTING SUBSIDIARIES      
TITAN PCB EAST,      INC                                 Incorporated      in Delaware      TITAN PCB WEST,      INC                                 Incorporated      in Delaware |
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