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Exhibit 10.3    
    













November 4,
2003 














CEA
Acquisition Corporation

101 East Kennedy Boulevard

Suite 3300

Tampa, Florida 33602 


EarlyBirdCapital, Inc.

600 Third Avenue

33rd Floor

New York, New York 10016 




Re:    Initial
Public Offering 






Gentlemen: 


        The
undersigned stockholder, officer and director of CEA Acquisition Corporation ("SPAC"), in consideration of EarlyBirdCapital, Inc. ("EBC") entering into a letter of intent
("Letter of Intent") to underwrite an initial public offering of the securities of the SPAC ("IPO") and embarking on the IPO process, hereby agrees as follows (certain capitalized terms used herein
are defined in paragraph 12 hereof): 



        1.     If
the SPAC solicits approval of its stockholders of a Business Combination, the undersigned will vote all Insider Shares owned by him in accordance with the majority of
the votes cast by the holders of the IPO Shares. 


        2.     In
the event that the SPAC fails to consummate a Business Combination within 18 months from the effective date ("Effective Date") of the registration statement
relating to the IPO (or 24 months under the circumstances described in the prospectus relating to the IPO), the undersigned will take all reasonable actions within his power to cause the SPAC
to liquidate as soon as reasonably practicable. The undersigned waives any and all rights he may have to receive any distribution of cash, property or other assets as a result of such liquidation with
respect to his Insider Shares. 


        3.     In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the SPAC for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire an operating business, until the earlier of the consummation by the SPAC of a Business Combination, the
liquidation of the SPAC or until such time as the undersigned ceases to be an officer or director of the SPAC, subject to any pre-existing fiduciary obligations the undersigned might have. 


        4.     The
undersigned acknowledges and agrees that the SPAC will not consummate any Business Combination which involves a company which is affiliated with any of the Insiders
unless the SPAC obtains an opinion from an independent investment banking firm reasonably acceptable to EBC that the business combination is fair to the SPAC's stockholders from a financial
perspective. 


        5.     Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive and will not accept any
compensation for services rendered to the SPAC prior to the consummation of the Business Combination. 


        6.     Neither
the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive or accept a finder's fee or any
other compensation in the event the undersigned, any member of the family of the undersigned, or any Affiliate of the undersigned originates a Business Combination. 






 




        7.     The
undersigned will escrow his Insider Shares for the three year period commencing on the Effective Date subject to the terms of a Stock Escrow Agreement which the SPAC
will enter into with the undersigned and Continental Stock Transfer & Trust Company as escrow agent. 



        8.     The
undersigned agrees that, during the three year period terminating on September 25, 2006, he will not become involved (whether as owner, manager, operator,
creditor, partner, shareholder, joint venturer, member, employee, officer, director, consultant or otherwise) with any Acquisition Fund (as defined in Section 12(v) below) within the
United States, unless such Acquisition Fund engages EBC to be the managing underwriter of the initial public offering of the Acquisition Fund's securities. 


        The
undersigned hereby agrees and acknowledges that (i) EBC would be irreparably injured in the event of a breach by the undersigned of any of his obligations under this
paragraph 8, (ii) monetary damages would not be an adequate remedy for any such breach, and (iii) EBC shall be entitled to injunctive relief, in addition to any other remedy it
may have, in the event of such breach. 


        9.     I
agree to be the Vice Chairman of the Board and a director of the SPAC until the earlier of the consummation by the SPAC of a Business Combination or the liquidation of
the SPAC. The undersigned's biographical information furnished to the SPAC and EBC and attached hereto as Exhibit A is true and accurate in all respects, does not omit any material information
with respect to the undersigned's background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
Securities Act of 1933. The undersigned's Questionnaire furnished to the SPAC and EBC and annexed as Exhibit B hereto is true and accurate in all respects. The undersigned represents and
warrants that: 



        (a)   he
is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; 


        (b)   he
has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of
another person, or (iii) pertaining to any dealings in any securities and he is not currently a defendant in any such criminal proceeding; and 


        (c)   he
has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or
registration denied, suspended or revoked. 




        10.   I
have full right and power, without violating any agreement by which I am bound, to enter into this letter agreement and to serve as Vice Chairman of the Board of the
SPAC. 


        11.   I
authorize any employer, financial institution, or consumer credit reporting agency to release to EBC and its legal representatives or agents (including any
investigative search firm retained by EBC) any information they may have about my background and finances ("Information"). Neither EBC nor its agents shall be violating my right of privacy in any
manner in requesting and obtaining the Information and I hereby release them from liability for any damage whatsoever in that connection. 


        12.   As
used herein, (i) a "Business Combination" shall mean an acquisition by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise,
of an operating business selected by the SPAC; (ii) "Insiders" shall mean all officers, directors and stockholders of the SPAC immediately prior to the IPO; (iii) "Insider Shares" shall
mean all of the shares of Common Stock of the SPAC owned by an Insider prior to the IPO; (iv) "IPO Shares" shall mean the shares of Common Stock issued in the SPAC's IPO; and (v) 
"Acquisition Fund" shall mean 



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any
company formed with the intent to offer securities to the public and use the proceeds to consummate one or more Business Combinations which are unspecified at the time of the securities offering. 



	

 	
DONALD RUSSELL
 Print Name of Insider
	

 	

/s/  DONALD RUSSELL      
 Signature




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Exhibit A

    
    







        Donald Russell has been our vice chairman of the board since our inception. Mr. Russell has been the
chairman of the Investment Committee for CEA Capital Partners USA, L.P., a $150 million private equity fund, since its inception in February 1997. He also has been a member of the
Investment Committee of Seaport Capital Partners II, L.P., a $250 million private equity fund, since its inception in February 2000. Both of these funds are focused on the entertainment,
media, telecommunications and information services industries and are operated by Communications Equity Associates, LLC through





its subsidiary, CEA Capital Advisors, LLC. From July 1987 to June 1994, he was president of Communications Equity Associates' New York affiliate, CEA, Inc., and was responsible for
overseeing CEA's mergers acquisitions and corporate financing businesses in the cable television and broadcasting segments. Mr Russell received a B.A. in economics from Colgate University. He
was also elected to the Society of International Business Fellows in 2000.




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Exhibit 10.3

Exhibit A