Document:

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                                                                  Exhibit 10.17

                               LICENSE AGREEMENT

This License Agreement ("Agreement") is entered into this 25th day of May 2000,
by and between

LIFE SCIENCES INC., (hereinafter referred to as "Licensor"), a corporation
established under the laws of Delaware, having its registered offices at 2900
72nd Street North, St. Petersburg, Florida 33710, U.S.A.,

and

ORGANON TEKNIKA B.V. (hereinafter referred to as "Licensee"), a private company
with limited liability incorporated under the laws of The Netherlands, having
its principal place of business at Boseind 15, 5281 RM Boxtel, The Netherlands,

Licensor and Licensee to be referred to as each a "party" or together as "the
parties".

WHEREAS, Licensor possesses Know How (as defined herein) relating to a NASBA
Enzyme Cocktail which includes T7 RNA Polymerase in glycerol free medium,
AMV-Reverse Transcriptase in glycerol free medium and E.coli RNase H in
glycerol free medium;

WHEREAS, Licensee wishes to acquire rights under the Know How for the purpose
of developing, manufacturing and using the Product (as defined herein);

WHEREAS, Licensor has the right to license, and is desirous of licensing the
Know How, to the extent set forth herein;

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

ARTICLE 1 DEFINITIONS

1.1.    The term "Know How" means all the know how, show-how, information,
        methods, techniques, specifications, formulae, instructions, procedures
        and data, whether patented or unpatented and disclosed by Licensor
        orally, in writing or in any other form to Licensee, and related to the
        development, manufacture and use of the Product.

1.2.    The term "Product" means a NASBA Enzyme Cocktail which includes T7 RNA
        Polymerase in glycerol free medium, AMV-Reverse Transcriptase in
        glycerol free medium and E.coli RNase H in glycerol free medium.

1.3.    The term "Supply Agreement" means the agreement for the supply of the
        Products entered into by Licensor and Licensee on; May 25th, 2000.

1.4.    The term "Affiliate" means any company or other business entity which,
        by ownership of a majority of shares or more than 50% interest in income
        or otherwise, directly or indirectly controls, is controlled by or is
        under common control with either party.

1.5.    The term "Effective Date" shall mean the day, month and year first set
        out above.

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                                     Page 2

ARTICLE 2 - RIGHTS

2.1.     Commencing with the effective date, Licensor hereby grants to
         Licensee, which accepts the same, a royalty free, non-transferable,
         non-exclusive and indivisible license, without the right to
         Sublicense, to manufacture the Product for use in Licensee's own
         products for sale under its own label throughout the entire world.

2.2.     Licensee is not permitted to develop, manufacture, use or sell any
         Product other than the Product for which a license is hereby granted
         under paragraph 2.1.

ARTICLE 3 - DEVELOPMENT

3.1.     Promptly after execution of this Agreement, Licensor will disclose and
         deliver to Licensee all Know How in the possession of Licensor as
         needed by Licensee in the manufacture of the Product.

         The parties acknowledge, for the avoidance of doubt, that no transfer
         of ownership rights to intellectual property embodied in the Know How
         will be effected by such transfer of Know How.

3.2.     After the transfer of the Know How by Licensor to Licensee pursuant to
         paragraph 3.1, Licensee shall assume and diligently pursue at its own
         expense all activities reasonably necessary to develop and manufacture
         the Product.

3.3.     Where Licensee makes improvements to the Product or discovers or
         develops a new application of the Know How or the Product during the
         term of this Agreement, Licensee will grant a royalty free, non
         exclusive license to Licensor for the manufacture, development and use
         of these improvements for the commercial sale throughout the world of
         goods including the improvements.

ARTICLE 4 - TRADE MARK

Licensee will provide markings on the Product indicating that the Product was
manufactured subject to a know how license of Licensor. Such markings do not
in any way effect the exclusion of liability of Licensor as provided for in
Article 8.

ARTICLE 5 - DURATION AND TERMINATION

5.1.     This Agreement shall become effective as from the Effective Date and
         shall remain in effect for the duration of the underlying Supply
         Agreement or until Licensor has resumed production of the Products as
         provided for in paragraph 11.2 of the Supply Agreement, whichever
         event occurs first.

5.2.     In the event of a major breach by either party of this Agreement, in
         addition to all other rights and remedies which either party may have,
         the party not in default may terminate this Agreement by written
         notice to the other. Such termination shall become effective on the
         date set forth in the notice of termination, but in no event shall it
         be earlier than sixty (60) days from the date of mailing thereof and
         shall have no effect if to the satisfaction of the party not in
         default the breach has been cured within the said period of notice.

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                                     page 3

5.3.     If one of the parties hereto becomes insolvent or makes an assignment
         for the benefit of creditors or proceedings in voluntary or involuntary
         bankruptcy are instituted on behalf of or against said party or a
         receiver or trustee of said party's property is appointed, this
         Agreement may be terminated with immediate effect by written notice by
         the other party without any notice period.

5.4.     Licensor may terminate this Agreement in the event that Licensee,
         without the prior written consent of Licensor, assigns, in whole or in
         part, this Agreement to a third party other than an Affiliate or in the
         event there is a substantial change in the identity of Licensee's
         present control or shareholding. Licensor shall, at its own discretion,
         only exercise such right if such event has or might have a substantial
         impact on the business of Licensor or on the proper implementation of
         this Agreement.

5.5.     Licensor may terminate this Agreement immediately where Licensee
         challenges, or threatens to challenge the validity and/or ownership of
         the Know How, including the secret nature, substance or identity of the
         owner of the Know How.

5.6.     Upon termination, Licensee shall immediately cease to use the Know How
         and shall return promptly to the Licensor upon its request all data,
         information, records, reports etc. in respect of the Know How, and
         transfer all rights accruing to Licensee as a consequence of this
         Agreement.

ARTICLE 6 - CONFIDENTIALITY

6.1.     Licensee agrees that any Confidential Information (as defined in
         paragraph 19.2 of the Supply Agreement) obtained by it from Licensor
         pursuant to this Agreement or the Supply Agreement, shall be kept in
         the strictest confidence and shall only be used for the proper
         performance of this Agreement, except that this obligation shall not
         apply to:

         a)       information which is in or becomes part of the public domain
                  otherwise than by breach of this Agreement; or

         b)       information which the Licensee can show by written documents
                  was in its possession at the date of receipt thereof from the
                  Licensor; or

         c)       information which was received by Licensee on a
                  non-confidential basis from a third party having the legal
                  right to transmit the same.

6.2.     In the event that either party, its representatives or its Affiliates,
         or anyone to whom either party, its representatives or its Affiliates
         supply Confidential Information of the other party, are requested or
         required by oral questions, interrogations, requests for information or
         documents, subpoena, or any informal or formal investigation by any
         government or governmental agency or authority, or as a result of
         relevant laws, rules or regulations, to disclose any Confidential
         Information of the other party or such person's opinion, judgment, view
         or recommendation concerning or as developed from the Confidential
         Information of the other party, the parties agree:

         (a)      to notify the other party immediately of the existence, terms
                  and circumstances surrounding such a request or requirement;

         (b)      to consult with the other party on the advisability of taking
                  legally available steps to resist or narrow such request or
                  requirement; and

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                                     page 4

         (c)      if disclosure of such information is required, to furnish
                  only that portion of the Confidential Information of the
                  other party which, in the opinion of the disclosing party's
                  counsel, such party is legally compelled to disclose and to
                  cooperate with any action by the other party to obtain an
                  appropriate judicial order or other reliable assurance that
                  confidential treatment will be accorded the Confidential
                  Information of the other party.

6.3.     The foregoing obligations shall cease five (5) years after termination
         or expiration of this Agreement.

ARTICLE 7 - LIABILITY

7.1.     Licensee hereby undertakes to indemnify, defend and hold Licensor
         harmless against any claims, demands, damages and expenses (including
         reasonable attorneys' fees) in connection with any loss, damage, injury
         or death suffered by Licensee, its Affiliates, employees or any third
         party and either directly or indirectly arising or resulting or alleged
         to arise or result from the development, manufacture or use or sale of
         the Product.

7.2.     The provisions of Paragraph 7.1 above shall apply with the provision
         that:

         (a)      Licensor promptly notifies Licensee in writing after Licensor
                  receives notice of any claim;

         (b)      Licensee shall have as between Licensor and Licensee the
                  right to sole control of the defense, trial, and any related
                  settlement negotiations; and

         (c)      Licensor reasonably cooperates with Licensee in the defense
                  of any such claim.

ARTICLE 8 - ASSIGNMENT

Licensor shall have the right to assign this Agreement to, or to delegate its
obligations hereunder to be performed by any successor, Affiliate of Licensor or
third party. Subject to paragraph 2.1, this Agreement is not assignable by
Licensee without the prior written consent of Licensor, which shall not be
unreasonably withheld.

ARTICLE 9 - WHOLE AGREEMENT

This Agreement sets forth or refers to the entire agreement between the parties
hereto relating to the subject matter of this Agreement and supersedes all prior
agreements. This Agreement may be modified in writing only.

ARTICLE  10 - REPRESENTATIONS AND WARRANTIES

10.1.    Licensor represents and warrants to Licensee that it has the full right
         and power to grant the license to the Know How as set forth in this
         Agreement.

10.2.    Except as specifically set forth in paragraph 10.1. herein, Licensor
         makes no representations or warranties, either express or implied,
         arising by law or otherwise, including, but not limited to, implied
         warranties of merchantability or fitness for a particular purpose. In
         no event will Licensor have any obligation or liability arising from
         tort, or for loss of revenue or profit, or for incidental or
         consequential damages in this respect.
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                                     page 5

         In particular, with no limitation, nothing in this Agreement will be
construed as:

         (i)      A warranty or representation that anything made, used, sold or
                  otherwise disposed of under the license granted in this
                  Agreement is or will be free from infringement of patents or
                  other intellectual property rights of third parties;

         (ii)     Conferring the right to use in advertising, publicity, or
                  otherwise any trademark, trade name, or any contraction,
                  abbreviation, simulation, or adaptation thereof, of Licensor,
                  unless specifically authorized in this Agreement; or

         (iii)    Conferring by implication, estoppel, or otherwise any license
                  or rights under any patents or licenses of Licensor.

10.3.    In the event of Licensee becomes aware of infringement of the Know How
         by a third party, it will immediately notify Licensor thereof.

         Licensor intends to use such reasonable efforts, as it in its sole
         discretion determines, to pursue infringers and enforce its rights in
         respect of the Know How.

         Licensee at Licensor's request, shall render all reasonable assistance
         and cooperation in that regard. Any recoveries resulting from such
         action by Licensor shall be Licensor's property.

ARTICLE 11 - APPLICABLE LAW AND DISPUTE RESOLUTION

11.1.    This Agreement shall be deemed to have been made in and shall be
         construed in accordance with the laws of the State of Florida.

11.2.    The parties shall attempt in good faith to resolve promptly any dispute
         arising out of or relating to this Agreement by negotiation. If the
         matter can not be resolved in the normal course of business, any
         interested party shall give the other party written notice of any such
         dispute not resolved, after which the dispute shall be referred to more
         senior executives of both parties, who shall likewise attempt to
         resolve the dispute.

11.3.    If the dispute has not been resolved by negotiation within forty-five
         (45) days of the disputing party's written notice, or if the parties
         fail to meet within twenty (20) days as from such notice, the parties
         shall endeavor to settle the dispute by mediation under the supervision
         of and in accordance with the guidelines of the Centre for Dispute
         Resolution (CEDR) in London, UK.

         Unless otherwise agreed, both parties or each individual party may
         request the CEDR to appoint an independent mediator. The language of
         mediation shall be English and the seat of mediation shall be agreed
         upon by both parties and, in the event parties do not timely agree, the
         seat will be determined by the mediator.

11.4.    If the dispute has not been resolved by non-binding means as provided
         in 11.3 hereof within ninety (90) days of the initiation of such
         procedure, the dispute shall be finally and exclusively settled by
         arbitration in The Hague, or any other mutually agreed upon venue under
         the Uncitral Arbitration Rules by three (3) independent arbitrators
         appointed in accordance with said Rules. The appointing authority shall
         be The London Court of International Arbitration in London, England.
         The language of the arbitration shall be English. The arbitration shall
         be in lieu of any other remedy and the award shall be final
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         binding and enforceable by any court having jurisdiction for that
         purpose. This Paragraph shall, however, not be construed to limit or to
         preclude either party from bringing any action in any court of
         competent jurisdiction for injunctive or other provisional relief as
         necessary or appropriate.

ARTICLE 12 - MISCELLANEOUS PROVISIONS

12.1.    All notices which shall or may be given hereunder shall be in writing
         in English and shall be sent by registered mail or recognized carrier
         service addressed to the recipient at the addresses herein stated, or
         at such other address as a party may from time to time designate:

                  Organon Teknika B.V.
                  Boseind 15
                  5281 RM Boxtel
                  The Nethelands
                  Attn.: President

                  and

                  Life Sciences Inc.
                  2900 72nd Street North
                  St. Petersburg
                  Florida 33710, U.S.A.
                  Attn.: Vice President

12.2.    The invalidity or impracticability of any terms of this Agreement
         shall not affect the validity of its remaining terms. In such a case,
         the parties shall agree without delay on a valid substitute term which
         shall approximate as closely as possible the purpose of the invalid or
         impracticable term.

12.3.    The following provisions shall survive the expiration or termination
         of this Agreement.

         (a) for an indefinite period: Article 6 and 12; and

         (b) for a period of five (5) years: Article 7.

12.4.    This Agreement does not appoint either party as the agent or legal
         representative of the other party, nor does it give either party the
         right or authority, expressed or implied, to incur liability of any
         kind in the name of or on behalf of the other party.

12.5.    This Agreement is written in the English language and executed in two
         (2) counterparts, each of which shall be deemed an original. The
         English language is the official language of this Agreement and that
         text of the Agreement shall prevail over any translation thereof.

12.6.    Each party shall bear its own attorneys' fees and other expenses
         incurred in evaluating, drafting and negotiating this Agreement and in
         connection with the execution of this Agreement and shall hold the
         other party harmless for any such charges.
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                                     page 7

IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their
duly authorized officers in duplicate the day, month and year first written
above.

For and on behalf of                        For and on behalf of
ORGANON TEKNIKA B.V.                        LIFE SCIENCES INC.

/s/ DR. R. SALSMANS                         /s/ ALEX BURNS
--------------------------------            --------------------------------
Name:  Dr. R. Salsmans                      Name:  Alex Burns
Title: President                            Title: Vice President

/s/ A.J.F. STAP
--------------------------------            --------------------------------
Name:  A.J.F. Stap                          Name:
Title: Executive Vice President             Title:<PAGE>   1

                                                                  Exhibit 10.18

                                LETTER OF INTENT

            LIFE SCIENCES, INC. WITH BEIJING AOKAI AUTOMATION SYSTEM
           ENGINEERING CO. AND VAMED MEDICAL INSTRUMENTATION CO. LTD.

This shall serve to confirm the understanding of the parties with respect to a
proposed Joint Venture by and between Life Sciences, Inc. ("LSI"), a St.
Petersburg Florida company having its principal offices at 2900 72nd Street
North, St. Petersburg Florida, USA; Beijing Aokai Automation System Engineering
Co. ("BAKASC") a Beijing, China company having its principal offices at fl: 12
Chengxiang Hua mao Building A-23 Fuxing Road Haidiam Distyic, Beijing China and
Vamed Medical Instrumentation Co. Ltd. ("VAMED") a Foshan, Guangdong, China
Company having its principal offices at 6 Harbour Road, Foshan City, Guangdong
China.

     WHEREAS, LSI is a producer of molecular biology enzymes and related
reagents together with complete kits that incorporate these components in unique
combinations for applications in molecular biology and will require instrument
design and manufacturing resources of the types possessed by VAMED, and

     WHEREAS, VAMED is the manufacturer of an Enhanced External Counterpulsation
(EECP(R)) apparatus used in patient treatment in a noninvasive, outpatient
procedure to relieve angina by improving perfusion in areas of the heart
deprived of adequate blood supply, and

     WHEREAS, BAKASC desires to join in this joint venture as an equity investor
and has committed to provide a substantial portion of the start-up working
capital and raise from outside sources the additional capital necessary to fund
the intermediate development stage of the proposed joint venture together with
participating in the regulatory approvals and marketing of the products of the
proposed joint venture:

NOW, THEREFORE, the parties hereto express their intent to establish to a joint
venture to create, market and distribute nationally, in China, and in other
countries, all of the products of the joint venture within the limitations
defined by the contractual commitments of each of VAMED and LSI:

         1.       The joint venture shall be established as a separate Foshan,
                  Guangdong China Corporation ("Life Sciences Foshan Co."
                  [LSFC]) having total capital of $US 1,500,000 of which 70%
                  ($US $1,050,000) shall be registered capital. Each of LSI,
                  BAKASC and VAMED shall own 51%, 29%, and 20% respectively of
                  the capital stock of LSFC. The accompanying table at the end
                  of this document is incorporated to illustrate this
                  distribution. LSFC shall have a Board of Directors of four (4)
                  persons; two (2) nominated by LSI, one (1) nominated by
                  BAKASC, and one (1) nominated by VAMED. The affirmative vote
                  of three (3) directors shall be required for any corporate
                  action by LSFC.

         2.       LSI shall:

                  (a)     Contribute a 51% pro rata share of the cash component
                          of the initial registered capital of LSFC amounting to
                          $US 306,000. Within 24 months of the issuance of the
                          Business Certificate of LSFC, LSI shall make
                          additional contributions to the registered capital of
                          LSFC comprised of intellectual property (IP) valued a
                          not less than US$ 200,000 and equipment valued at not
                          less than $29,500. Within the same 24 month period,
                          LSI shall

                                                                     Page 1 of 4

<PAGE>   2

                           make further contributions to the total capital of
                           LSFC of specialized equipment valued at not less than
                           US$229,500.

                  (b)      Make available to LSFC a fully paid up license as
                           required to implement the production and sale of
                           dried, thermostable nucleic modifying enzymes and
                           other components utilized in molecular biology
                           research, clinical diagnosis utilizing nucleic acid
                           amplification and other related applications.

                  (c)      Make available to LSFC a fully paid up licenses as
                           required to develop produce and sell in China and
                           Taiwan diagnostic test kits based on the nucleic
                           acid sequence based amplification (NASBA) technology
                           for detection of human pathogens in clinical
                           specimen and in environmental related matrices to
                           include air and water.

                  (d)      Provide skilled management to plan and direct the
                           development of the capability within the joint
                           venture to develop, produce, and sell molecular
                           biology enzymes and reagents and complete test kits
                           that combine these materials in unique ways to enable
                           the detection of specific pathogens and related
                           applications.

                  (e)      Provide skilled management to develop and install
                           accounting and other internal control system that
                           satisfy the reporting requirements for United States
                           registered public companies and Chinese commercial
                           entities.

         3.       BAKASC shall:

                  (a)      Contribute a 29% pro rata share of the cash
                           component of the initial registered capital of LFSC
                           amounting to US$174,000. Within 24 months of the
                           issuance of the Business Certificate of LSFC BAKASC
                           shall provide additional funds totaling US$261,000
                           of which US$130,500 will be added to the registered
                           capital of LSFC.

                  (b)      Contribute its best efforts to secure as needed, the
                           additional US$5 million in working capital that the
                           Parties project will be required to achieve LSFC's
                           2-3 year objectives for development, regulatory
                           approval and production and sale in China and Taiwan
                           of its own NASBA based diagnostic tests for
                           detection of pathogens in clinical specimen.

                  (c)      Provide skilled managers or experts to represent
                           LSFC before National (China) regulatory and
                           administrative agencies.

                  (d)      Provide skilled management to develop an administer
                           networks for distribution and sale in China of the
                           products of LSFC during the initial 2-3 years of the
                           operations of LSFC.

         4.       VAMED shall:

                  (a)      Provide a 20% pro rata share of the cash component of
                           the initial registered capital of LSFC amounting to
                           US$120,000. Within 24 months of the issuance of the
                           Business Certificate of LSFC, VAMED shall make
                           additional contributions to the registered capital of
                           LSFC of US$90,000 of and further contributions of
                           US$90,000 to the total capital of LSFC of which
                           US$75,000 shall be IP. These latter contributions
                           shall be in the form of VAMED's corporate assets to
                           include its manufacturing, office and miscellaneous
                           equipment and furnishings, real property leases and
                           intellectual property related to its current good
                           manufacturing practices (cGMP) certification by the
                           U.S. Food and Drug Administration (FDA). In addition,
                           within 60 days of the issuance of the Business
                           Certificate of LSFC, the EEPC Advisory Committee
                           shall notify the FDA of the change in the business
                           name of VAMED effected by the formation of LSFC.

                  (b)      Provide skilled management to sustain the operation
                           of the manufacturing facility for production of
                           complete EECP apparatus; new and replacement parts
                           for EECP apparatus;

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<PAGE>   3

                           instruments produced for the molecular biology
                           operations of LSFC and instruments produced for
                           others on an OEM basis.

                  (c)      Provide skilled management to sustain the
                           administration of LSFC to include VAMED's current
                           operations and the expanded operations
                           contemplated by the Business Plan of LSFC.

                  (d)      Provide skilled managers or experts to maintain the
                           current and future requirements for implementation
                           of FDA and SDA cGMPs and other regulatory
                           requirements.

         5.       The Parties have mutually agreed to the following additional
                  organizational, administrative and financial considerations
                  that will be reflected in the LSFC's Certificate of
                  Incorporation (Charter), By-Laws or Joint Venture Agreement,
                  as appropriate.

                  (a)      At formation, the original Directors and Officers of
                           LSFC shall be:

<TABLE>
                  <S>                     <C>                      <C>
                  Simon Srybnik           (LSI nominee)            Chairman of the Board, CEO, Director
                  Wang Ben                (LSI nominee)                   Director
                  Tan Jian                (BSKASC nominee)                Director
                  Ma Ji                   (VAMED nominee)                 Director
                  Li Xi-chang                                             President, COO
                  Alex Burns                                              Executive Vice President
                  -------------                                           Chief Financial Officer
                  Ma Jun                                                  Secretary
</TABLE>

                  (b)      EECP Operations

                           The EECP operations and molecular biology and OEM
                           instrumentation manufacturing of LSFC will be
                           operated under the direct oversight of an Advisory
                           Committee comprised of the members of the Board of
                           Directors of Vamed Medical Instrument Co. Ltd.
                           immediately prior to the formation of LSFC.

                           The EECP Advisory Committee shall have total claim,
                           for the benefit of the shareholders of Vamed Medical
                           Instrument Co. Ltd., and full rights for distribution
                           of profits arising from the sale of the current
                           family of EECP products to included complete
                           apparatus and new and replacement parts. Such profits
                           shall be made available for distribution by the Board
                           of Directors of LSFC within 30 days of the rendering
                           of an audit opinion to the LSFC Board of Directors by
                           LSFC's independent auditors.

                                                                     Page 3 of 4
<PAGE>   4
The Parties contemplate the final agreement with respect to matters set forth
in this Letter of Intent shall be executed prior to October 15, 2000. In the
interim period an during any period of delay after October 15, 2000, each of
LSI, BAKASC and VAMED is fully committed to pursue the critical elements of the
LSFC Business Plan developed during the organizational meetings held on July
8-13, 2000 at Foshan, Guangdong China. Expenditures of funds by each of the
parties during the interim and delay periods in furtherance of this Plan shall
be treated as loans to LSFC and repaid from the proceeds from the initial
distribution of the securities of LSFC to the parties to the Joint Venture upon
issuance of its Business Certificate. All expenditures related to the
organization of LSCP shall be made in China. The said final agreement shall be
subject to the approval of the board of directors of each party hereto.

July 18, 2000.

Life Sciences, Inc.

/s/ ALEX A. BURNS
----------------------
Alex A. Burns

Beijing Aokai Automation System Engineering Co.

/s/ Tan Jian
----------------------
Tan Jian

Vamed Medical Instrument Co. Ltd.

/s/ Ma Ji
----------------------
Ma Ji

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
             TOTAL INVESTMENT    INITIAL REGISTERED      2ND REGISTERED CAPITAL           FINAL 30% OF
                   (TI)         CAPITAL (40% OF TI)    (30% OF TI; WITHIN 24 MO.)              TI
------------------------------------------------------------------------------------------------------
<S>          <C>                <C>                    <C>                             <C>
LSI                $  765,000         Cash $306,000                  IP $200,000        EQP  $229,500
(51)%                                                               EQP $ 29,500
------------------------------------------------------------------------------------------------------
BAKASC             $  435,000         Cash $174,000                Cash $130,500        Cash $130,500
(29)%
------------------------------------------------------------------------------------------------------
VAMED              $  300,000         Cash $120,000              Assets $ 90,000          IP $ 75,000
(20)%                                                                                 Assets $ 15,000
------------------------------------------------------------------------------------------------------
Total              $1,500,000              $600,000                     $450,000             $450,000
------------------------------------------------------------------------------------------------------
</TABLE>

                                                                     Page 4 of 4

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