Confidential portions of this document have been

redacted and filed separately with the Commission.



EXHIBIT 10.4





ACW-P1900 & AXW-P1900 SUPPLY AGREEMENT



This Product Supply Agreement is made on the              of November in the year 2003 between;



TeleCard Limited, having its registered office at World Trade Centre
75-East Blue Area, Fazul-ul-Haq road, Islamabad, Pakistan and Corporate office at World Trade Centre, 10 Khyaban-e-Roomi, Clifton, Karachi, Pakistan (hereinafter referred to as TeleCard)



and



Axesstel Inc., having its registered office at 6305 Lusk Blvd, San Diego, CA 92121, United States of America
(hereinafter referred to as Axesstel)



TeleCard is a government
licensed CDMA based Wireless-Local-Loop (WLL) operator and is engaged in development of its network in Pakistan. TeleCard wishes to purchase CDMA Terminals for onward supply to its customers. Axesstel having the required equipment, expertise and
skill to provide the terminals has agreed to supply the goods to TeleCard.



The
Parties now agree to the following:



|1. | TeleCard shall purchase [***] High-tier WLL terminals from Axesstel as follows:
|-- | -------------------------------------------------------------------------------



|          |  |                |  |          |  |    
|--------- |  | -------------- |  | -------- |  | ---
|Model     |  | Technology     |  | Quantity |  | S/W
|ACW-P1900 |  | IS-95A/B       |  | 15,000   |  | PCO
|AXW-P1900 |  | CDMA2000 1xRTT |  | [***]    |  | PCO



|2. | The order for the first 15,000 units is ACW-P1900 (currently shipping 95 A/B) terminals and is committed to be acquired by TeleCard Limited in distributed shipments by December 2003
@ US$[***] per unit, including [***]% [***] Warranty units. The second order for [***] units will be AXW-P1900 (CDMA2000 1xRTT) terminals and is committed to be acquired by TeleCard Limited in distributed shipments by June 2004 @ US$[***] per unit,
including [***]% [***] Warranty units. Remaining purchase of [***] units of AXW-P1900 is [***] shall be finalized along with prices at a later stage after mutual consent between the two parties. TeleCard will issue a single Purchase Order (PO) and
multiple Letters of Credit for the [***] units, with the final Letter of Credit opened no later than April 30, 2004. Axesstel shall ship Warranty units in each shipment.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The above unit prices are FOB Korea. In case TeleCard decides to use CIF Terms, the freight charges will be added at actuals
to the per unit price. All prices in this Agreement, except for the first order of 15,000 are inclusive of printing of TeleCard and PTCL logos on the phones.



|3. | AXW-P1900 (CDMA2000 1xRTT)  Upon type approval issued by the Pakistan Telecommunications Authority and field trials/ acceptance, TeleCard shall issue a single Purchase Order
for the entire quantity of [***] units. Further TeleCard shall also issue
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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---

Confidential portions of this document have been

redacted and filed separately with the Commission.



purchase orders for the [***]. Any deliveries of additional units of AXW- P1900 after the initial [***] Order will include the RUIM capability. The
quantity, the last date of shipment and partial shipping allowance will be mentioned in the Letter of Credit. TeleCard, at its option, may determine [***]. However, the quantity of a single delivery lot would not be less than [***] units.



|4. | Any type of equipment for which Type Approval certificate has already not been obtained from Pakistans regulatory bodyPakistan Telecommunication Authority
(PTA)[***] shall be responsible to get the certification prior to first shipment. [***] shall extend support to [***] for processing the approval with the PTA. All direct costs of processing the type approval application and certificate will
be borne by [***]. Type Approval fees are US$[***] per item. In case any costs are paid on becoming due by [***], these will be refunded / adjusted by [***]. Evidence and/or receipt should be sent to [***] by PTA or [***].
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | [***]
|-- | -----



|6. | For all Shipments, one hundred percent (100%) of the Price shall be paid by TeleCard through an at-sight L/C in favour of Axesstel. L/Cs shall be preferably established from a
foreign first class bank (Citibank or ABN/Amro) to avoid confirmation charges. TeleCard will make best possible efforts to make this possible.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                             |  |                                           |  |           |  |                      
|-------------------------------------------- |  | ----------------------------------------- |  | --------- |  | ---------------------
|Signed for and on behalf of TELECARD
LIMITED |  | Signed for and on behalf of AXESSTEL
INC.
|                                             |  |                                           | 
|By (name)                                    |  | JAVAID FIROZ                              |  | By (name) |  | MIKE KWON            
|                                             |  |                                           | 
|Signature                                    |  | /s/    Javaid Firoz                       |  | Signature |  | /s/    Mike Kwon     
|                                             |  |                                           | 
|Title                                        |  | Chief Executive Officer (CEO)             |  | Title     |  | Chairman of the Board
|                                             |  |                                           | 
|Date                                         |  | Nov. 14, 2003                             |  | Date      |  | Nov. 18, 2003        



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