EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


                                 EKOR AGREEMENT
         MOSCOW - WASHINGTON                                MAY 15, 2000

 This Agreement, made this 15 day of May, 2000, between the International Union
 of Public Associations "Euro-Asian Physical Society" (EAPS), a corporation of
 the Russian Federation, having a place of business at 119034, Kursovoy bystr.
 17, Moscow, Russian Federation (hereafter referred to as "Licensor") and
 EUROTECH, Ltd, a corporation of the District of Columbia, USA, having a place
 of business at 10306 Eaton Place, Suite 220, Fairfax, VA 22030 (hereafter
 referred to as "Licensee").

 Witnesseth that:

         Whereas, Licensor has certain patent and technical information rights
         relating to certain organo-silicon compositions used to produce
         so-called EKOR materials for environmental protection,

         Whereas, Licensor is willing to exclusively license to Licensee its
         patent rights filed anywhere in the world (including the Russian
         Federation) and its worldwide technical information rights to make and
         commercialize EKOR materials,

         Whereas, Licensee shall appoint Licensor as its exclusive
         representative for the territory of the Russian Federation, on the
         basis specified below, it being understood that Licensee retains the
         right to sign contracts in the Russian Federation and Licensee shall
         provide other consideration to Licensor as set forth herein

                  Therefore, Licensor and Licensee agree as follows:

1.       Prior Agreements

         1.1      All prior agreements and oral understandings by Licensor
                  granting rights relating to EKOR are cancelled as of the date
                  of this Agreement, whether with Licensee or third parties, as
                  are any prior obligations or Licensee debts of relating to the
                  subject matter of this agreement.

2.       Scope of Patent Rights and Technical Information

         2.1      "Patents" are all patent rights filed anywhere in the world in
                  the possession of Licensor as of the date of this Agreement
                  and relating to EKOR materials and their production and use,
                  including but not limited to the patents and patent
                  applications listed in the attached Schedule A, as well as any
                  patents granted on any such patent application, or on any
                  continuing, or divisional application based thereon, as well
                  as any patent granted on any of those patent applications, and
                  any reexamined or reissued patent based thereon, and any
                  extension of any such patent.


         2.2      'Technical Information" is all technical information in the
                  possession of Licensor as of the date of this Agreement
                  relating to EKOR materials, their production, and use.

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EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


3.       Licensee Grant

         3.1      In return for the consideration specified herein, Licensor
                  grants to Licensee the exclusive worldwide right to use and
                  disclose the Technical Information and exclusive rights under
                  the Patents, provided however that:

                  3.1.1    Licensee appoints Licensor as its exclusive sales
                           representative for EKOR materials in the territory of
                           the Russian Federation, provided however that
                           Licensee retains for itself the sole right to sign
                           contracts in the Russian Federation.

         3.2      The rights of Licensee include, but are not limited to, the
                  right to manufacture and use EKOR components and materials,
                  sell the same, and assist customers in using the same.

         3.3      Licensee may sublicense its rights hereunder, subject to the
                  payment provisions set forth herein.

         3.4      In the event that any of the Patent rights or Confidential
                  Information rights licensed hereunder are infringed by a third
                  party, Licensee shall have the right, at its own expense and
                  in its own name, to pursue legal action to cause such
                  infringement to stop. All proceeds from any such legal an
                  action shall be retained by Licensee.

         3.5      Licensor agrees that it will provide assistance to Licensee in
                  obtaining and enforcing patents, and protecting confidential
                  information, and will execute such papers as may be needed to
                  do so.

4.       Engineering Specifications

         4.1      All the engineering specifications indispensable and
                  sufficient for manufacturing the products under the license
                  are to be transferred by Licensor to an authorized
                  representative of Licensee after the completion of all the
                  necessary investigations along with test samples.

         4.2      The transfer of Engineering Specifications to Licensee shall
                  be acknowledged by an acceptance report.

         4.3      Licensor may retain a copy of the Engineering Specifications
                  for its own internal needs, but shall maintain it in
                  confidence.

5.       Improvements

         5.1      During the term of the Agreement, Licensor shall promptly
                  inform Licensee in writing of all improvements by Licensor
                  concerning the Patents and production under the Agreement. All
                  such improvements by Licensor shall be subject to the License
                  grant in paragraph 3.

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EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


6.       Other Representations

         6.1      Licensor represents that as of the date of this Agreement it
                  knows of no patent or other rights of third parties that would
                  be infringed by practicing the license granted herein, and
                  that Licensor has the right to grant the Patent and Technical
                  Information rights as set forth herein. Page 2


         6.2      Licensor represents that it is technically feasible to make
                  the products subject to the license using the Technical
                  Information granted hereunder

         6.3      Upon presentation of bills, Licensee shall pay all patent
                  expenses of attorneys and governments relating to the patent
                  rights granted hereunder, it being understood that decisions
                  as to incurring further patent expenses shall hereafter be
                  made by Licensee.

         6.4      Licensor shall fund its research and development effort
                  necessary to develop experimental samples and technical
                  guidelines for the production of the licensed product in
                  commercial quantities.

7.       Technical Assistance in the Manufacture of the Products under the
         License

         7.1      At the request of Licensee, Licensor shall continue to work on
                  development of technical information relating to EKOR
                  materials and other technology development the budget for any
                  such work shall be submitted in advance in writing by Licensor
                  to Licensee. Licensee shall reimburse Licensor for the work
                  involved authorized by Licensee promptly upon submission of
                  written statements. It is understood mat Licensor shall work
                  only with Licensee on the technology subject to this
                  Agreement, it being an exclusive relationship between Licensor
                  and Licensee as to the subject matter of this Agreement. Thus,
                  Licensor may not offer its services in areas relating to the
                  subject matter of this Agreement to third parties without the
                  written permission of Licensee. Thus, Licensor may not accept
                  payments from third parties relating to the subject matter of
                  this Agreement, for work done in the past or in the future.

         7.2      To render technical assistance to Licensee in perfecting
                  production under the license, and also to teach the staff of
                  the Licensee the methods of operation concerning the
                  manufacture and application of the products under the license,
                  the Licensor, at the request of the Licensee, is obliged to
                  send to a place designated by Licensee the required number of
                  experts. Licensee shall inform the Licensor of its request, as
                  soon as practically possible, prior to the date of expected
                  departure of experts from the Russian Federation, and such
                  experts shall be dispatched as soon as possible.

         7.3      Licensee shall provide the experts of the Licensor, during the
                  time of their stay at the place designated by Licensee, a
                  hotel, vehicles for traveling to a place of work and back, and
                  reasonable food and telephone service.

         7.4      All the expenses associated with sending the experts of
                  Licensor to assist Licensee in producing the licensed product,
                  including the payment for visas, passports, cost of tickets to
                  a place of their destination and back, and also a fee
                  depending on qualification of the experts, are borne by
                  Licensee. The fee for such experts shall be reasonable and
                  shall be agreed upon by the Parties prior to any trip, in
                  writing.

         7.5      Licensor is obligated to keep together the technical team and
                  maintain its technical expertise required to provide the
                  assistance specified under this Paragraph 7.

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EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


         7.6      Should Licensor and Licensee agree that it is desirable for
                  Licensor to send technical experts to other sites designated
                  by Licensee to assist in use of products made under this
                  Agreement, the parties shall agree in writing in advance on
                  all financial arrangements for such assistance.

8.       Payments to Licensor

         8.1      In addition to payments previously made to Licensor on behalf
                  of Licensee for the rights and information provided by
                  Licensor to Licensee hereunder and any payments under
                  Paragraph 7, in return for the initial rights under Paragraph
                  3 and improvement rights under Paragraph 5 hereof, Licensee
                  shall pay Licensor:

                  8.1.1    Ten thousand USA dollars (US $10,000) per month for
                           sixty (60) months following the date of this
                           Agreement, and

                  8.1.2    After the sixty (60) month period mentioned in 8.1, a
                           royalty of one tenth of one percent (0.1%) of the
                           sales of product made hereunder, for any product
                           imported, made, used, or sold under any Patent
                           licensed hereunder and/or made using any Technical
                           Information provided by Licensee hereunder during the
                           confidentiality term set forth in Paragraph 9.1.

                  8.1.3    The US $10,000 payments under Paragraph 8.1.1 shall
                           be reduced for any month by the amount that Licensee
                           in that month has paid Licensor under Paragraph 7.1,
                           up to a maximum of US $10,000 per month.

         8.2      No other payments shall be due to Licensor from Licensee for
                  the rights hereunder, either by an Agreement directly between
                  Licensor and Licensee or through an intermediate party.

         8.3      Licensee shall pay all U.S. taxes incurred in connection with
                  payments to Licensor hereunder. Otherwise, each of the parties
                  shall each be responsible for its own taxes due to any
                  government.

9.       Confidentiality

         9.1      For a period of fifteen (15) years from the date of this
                  Agreement (the date first written above), the parties shall
                  keep confidential the technical information provided by
                  Licensor to Licensee hereunder (including but not limited to
                  engineering specifications, production information, commercial
                  information, etc.), and shall take all reasonable steps
                  necessary to maintain confidentiality. Licensee shall use the
                  information to make and sell products; Licensor shall use the
                  information only to assist Licensee.

         9.2      Only those persons on the staff of the Licensor and Licensee
                  and their associates who are connected directly with the
                  transfer of the technical documentation and information are
                  permitted to receive disclosures regarding production of the
                  licensed product.

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EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


10.      Protection of the Rights Being Transferred

         10.1     Licensee shall maintain in force the licensed Patents during
                  the term of the present Agreement, provided however that if
                  Licensee believes that any particular patent or patent
                  application in any particular country has insufficient
                  commercial value, it may abandon that patent application or
                  patent after first giving Licensor the opportunity to pay the
                  relevant expenses. Licensor shall respond to any such notice
                  within two (2) months or be considered to have no interest. If
                  Licensor does elect to pay the expenses of any such patent
                  right, Licensee and its sublicensees and customers shall have
                  a royalty-free license thereunder.

         10.2     If Licensee decides to patent further inventions of the
                  Licensor, Licensee may do it upon written notice to the
                  Licensor.

         10.3     This Agreement may be modified only in writing, signed by both
                  parties.

         10.4     This Agreement and the rights and obligations herein may not
                  be assigned by either party, except that Licensee may assign
                  the same to a successor of Licensee as to the entire business
                  relating to this Agreement.

         10.5     This Agreement is executed in duplicate on 6 (six) pages in
                  both Russian and English each to have the same legal effect.
                  In the event of an inconstancy, the English version shall
                  govern.

         10.6     This Agreement shall be governed by the law of the District of
                  Columbia and the USA.

         10.7     In the event of a dispute, the parties shall first attempt in
                  good faith to resolve the dispute by discussions.

11.      Term of Agreement

         11.1     The term of this Agreement shall be the longer of the life of
                  the Patents or the term of confidentiality set forth in
                  Paragraph 9.1

12.      Addresses and data on the Parties

         12.1     Licensor:
                  International Union of the Public 'Euro-Asian Physical
                  Society' (EAPS) 119034, Kursovoy bystr. 17, Moscow, Russian
                  Federation
                  Ph. 943-76-77, Fax 943-76-86
                  Account number: 40703840538200200216
                  Name of the Bank: Saving Bank of the Russian Federation Moscow
                  Bank (Khoroshevskoye branch 7972)
                  Bank address: 123060, Raspletina Str. 10, Moscow, Russian
                  Federation
                  Bank account 3030184063800603820
                  Swift code: SABR RU MM 100
                  Correspondent Bank: Bank of New York New York, NY, USA
                  Account of Saving Bank of the RF with correspondent bank:
                  890-0057-610
                  Swift Code: IRVT US 3N

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<PAGE>

EX-10.1.2.1 - EKOR Agreement dated as of May 15, 2000 between Euro-Asian
              Physical Society and Eurotech, Ltd. Modifying the EKOR license


         12.2     Licensee:
                  EUROTECH, Ltd. 10306 Eaton PL, Suite 220, Fairfax, VA 22030
                  Ph. 703-352-4399, Fax 703-352-5994
                  BANK of America N.A. 6610 Rockledge Drive
                  Bethesda, Maryland 20817
                  Account Number: 003918966754


In Witness Whereof, the parties hereto have caused this Agreement to be executed
as of the date first written above.

Licensor:
INTERNATIONAL UNION OF PUBLIC ASSOCIATIONS
"EURO-ASIAN PHYSICAL SOCIETY" (EAPS)



 /S/ DR. MARINA KOZODAEVA
----------------------------------------------------
Signature

DR. MARINA KOZODAEVA
--------------------
Typed or printed name:

EAPS DIRECTOR GENERAL
---------------------
Title:



Licensee:
EUROTECH, LTD.


 /S/ DON V. HAHNFELDT
----------------------------------------------------
Signature

DON V. HAHNFELDT
----------------
Typed or printed name:


PRESIDENT & CEO
---------------
Title:

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