Document:

Exhibit 4.2

NEITHER THESE  SECURITIES  NOR THE  SECURITIES  INTO WHICH THESE  SECURITIES ARE
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE  COMMISSION OR
THE  SECURITIES  COMMISSION  OF ANY STATE IN  RELIANCE  UPON AN  EXEMPTION  FROM
REGISTRATION  UNDER SECURITIES ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"),
AND,  ACCORDINGLY,  MAY NOT BE OFFERED OR SOLD EXCEPT  PURSUANT TO AN  EFFECTIVE
REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OR PURSUANT TO AN  AVAILABLE
EXEMPTION FROM THE REGISTRATION  REQUIREMENTS  THEREUNDER AND IN COMPLIANCE WITH
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

                                CATHAYONLINE INC.

                                     WARRANT

                             Dated: October 26, 1999

         CATHAYONLINE INC., a corporation  organized under the laws of the State
of  Nevada  (the   "Company"),   hereby  certifies  that,  for  value  received,
____________________ or its registered assigns ("Holder"), is entitled,  subject
to the terms set forth  below,  to  purchase  from the  Company up to a total of
_____________  shares of Common  Stock,  $.001 par value per share (the  "Common
Stock"), of the Company (each such share, a "Warrant Share" and all such shares,
the "Warrant Shares") at an exercise price equal to $0.33 per share (as adjusted
from time to time as provided in Section 9, the "Exercise  Price"),  at any time
and from time to time from and after the 26th of  October,  1999 and through and
including October 26, 2002 (the "Expiration Date"), and subject to the following
terms and conditions:

         1.  Registration  of Warrant.  The Company shall register this Warrant,
upon records to be  maintained  by the Company for that  purpose  (the  "Warrant
Register"),  in the name of the  record  Holder  hereof  from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise  hereof or any  distribution to the
Holder,  and for all other  purposes,  and the Company  shall not be affected by
notice to the contrary.

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         2. Registration of Transfers and Exchanges.

         (a) The  Company  shall  register  the  transfer of any portion of this
Warrant in the Warrant Register,  upon surrender of this Warrant,  with the Form
of Assignment  attached hereto duly completed and signed,  to the Transfer Agent
or to the Company at the office  specified in or pursuant to Section 3(b).  Upon
any such  registration  or transfer,  a new warrant to purchase Common Stock, in
substantially the form of this Warrant (any such new warrant,  a "New Warrant"),
evidencing  the portion of this  Warrant so  transferred  shall be issued to the
transferee and a New Warrant  evidencing  the remaining  portion of this Warrant
not so  transferred,  if any, shall be issued to the  transferring  Holder.  The
acceptance  of the New  Warrant by the  transferee  thereof  shall be deemed the
acceptance of such  transferee of all of the rights and  obligations of a holder
of a Warrant.

         (b) This  Warrant is  exchangeable,  upon the  surrender  hereof by the
Holder to the office of the Company specified in or pursuant to Section 3(b) for
one or more New Warrants,  evidencing in the aggregate the right to purchase the
number of Warrant  Shares  which may then be purchased  hereunder.  Any such New
Warrant will be dated the date of such exchange.

         3. Duration and Exercise of Warrants.

         (a) This Warrant shall be exercisable  by the registered  Holder on any
business day before 8:00 P.M.,  New York City time, at any time and from time to
time on or after the date hereof to and including the  Expiration  Date. At 8:00
P.M., New York City time on the Expiration Date, the portion of this Warrant not
exercised  prior thereto shall be and become void and of no value.  Prior to the
Expiration  Date,  the Company  may not call or  otherwise  redeem this  Warrant
without the prior written consent of the Holder.

 <PAGE>

         (b) Subject to Sections 2(b), 6 and 10, upon surrender of this Warrant,
with the Form of Election to Purchase attached hereto duly completed and signed,
to the  Company  at its  address  for  notice  set forth in  Section 12 and upon
payment of the Exercise  Price  multiplied by the number of Warrant  Shares that
the Holder intends to purchase hereunder, in the manner provided hereunder,  all
as  specified  by the Holder in the Form of  Election to  Purchase,  the Company
shall  promptly  (but in no event  later than 3 business  days after the Date of
Exercise  (as  defined  herein))  issue or cause to be  issued  and  cause to be
delivered  to or upon the written  order of the Holder and in such name or names
as the Holder may designate,  a certificate for the Warrant Shares issuable upon
such exercise, free of restrictive legends except (i) either in the event that a
registration  statement covering the resale of the Warrant Shares and naming the
Holder as a selling stockholder  thereunder is not then effective or the Warrant
Shares are not freely transferable without volume restrictions  pursuant to Rule
144(k) promulgated under the Securities Act of 1933, as amended (the "Securities
Act"),  or (ii) if this  Warrant  shall have been  issued  pursuant to a written
agreement  between  the  original  Holder and the  Company,  as required by such
agreement.  Any person so  designated  by the Holder to receive  Warrant  Shares
shall be deemed to have become holder of record of such Warrant Shares as of the
Date of Exercise of this Warrant.

         A "Date of  Exercise"  means the date on which the  Company  shall have
received (i) this Warrant (or any New Warrant, as applicable),  with the Form of
Election  to  Purchase  attached  hereto  (or  attached  to  such  New  Warrant)
appropriately  completed and duly signed, and (ii) payment of the Exercise Price
for the  number  of  Warrant  Shares so  indicated  by the  holder  hereof to be
purchased.

         (c) This Warrant shall be exercisable,  either in its entirety or, from
time to time, for a portion of the number of Warrant Shares. If less than all of
the Warrant  Shares which may be purchased  under this Warrant are  exercised at
any time, the Company shall issue or cause to be issued,  at its expense,  a New
Warrant  evidencing the right to purchase the remaining number of Warrant Shares
for which no exercise has been evidenced by this Warrant.

         4. (a) Piggyback  Registration Rights. During the term of this Warrant,
the Company may not file any  registration  statement  with the  Securities  and
Exchange Commission (other than registration  statements of the Company filed on
Form S-8 or Form S-4, each as promulgated  under the Securities Act, pursuant to
which the  Company is  registering  securities  pursuant  to a Company  employee
benefit  plan or  pursuant  to a  merger,  acquisition  or  similar  transaction
including   supplements   thereto,   but  not  additionally  filed  registration
statements  in  respect  of such  securities)  at any time when  there is not an
effective  registration  statement covering the resale of the Warrant Shares and
naming  the  Holder as a selling  stockholder  thereunder,  unless  the  Company
provides  the Holder with not less than 20 days notice of its  intention to file
such registration statement and provides the Holder the option to include any or
all of the applicable Warrant Shares therein. The piggyback  registration rights
granted to the Holder  pursuant to this Section shall  continue until all of the
Holder's  Warrant  Shares  have  been  sold  in  accordance  with  an  effective
registration  statement or upon the  Expiration  Date.  The Company will pay all
registration expenses in connection therewith.

<PAGE>

         (b) Demand  Registration  Rights. At any time after the two hundred and
seventieth  (270th)  day  following  the  date  ----------------------------  of
issuance of this Warrant, when the Warrant Shares are not registered pursuant to
an effective registration  statement,  the Holder may make a written request for
the registration under the Securities Act (a "Demand  Registration"),  of all of
the Warrant Shares (the "Registrable Securities"), and the Company shall use its
best efforts to effect such Demand Registration as promptly as possible,  but in
any case within 270 days thereafter. Any request for a Demand Registration shall
specify the aggregate number of Registrable  Securities  proposed to be sold and
shall also  specify the intended  method of  disposition  thereof.  The right to
cause a registration of the Registrable Securities under this Section 4(b) shall
be limited to one such registration.  In any registration  initiated as a Demand
Registration,  the  Company  will  pay  all  of  its  registration  expenses  in
connection  therewith.  A Demand  Registration  shall not be counted as a Demand
Registration  hereunder until the  registration  statement filed pursuant to the
Demand  Registration has been declared  effective by the Securities and Exchange
Commission  and  maintained  continuously  effective  for a period of at least 3
Years or such shorter period when all Registrable  Securities  included  therein
have been sold in accordance with such registration statement, provided, however
that any days on which such registration  statement is not effective or on which
the Holder is not permitted by the Company or any governmental authority to sell
Warrant Shares under such registration  statement shall not count towards such 3
Year period.

         5. Resale of Warrant Shares Upon Registration Under the Securities Act.
Notwithstanding registration of the Warrant Shares pursuant to Section 4, above,
the Holder  covenants and agrees that the Holder will the Warrant Shares only as
follows:

         (1) after the  expiration of six (6) months from the effective  date of
the registration  statement  pursuant to which the Warrant Shares are registered
under the  Securities  Act, the  Consultant  shall be entitled to sell up to one
third of the Warrant Shares;

         (2) after the  expiration of twelve (12) months from the effective date
of  the  registration  statement  pursuant  to  which  the  Warrant  Shares  are
registered under the Securities Act, the Consultant shall be entitled to sell up
to an additional one third of the Warrant Shares; and

         (3) after the  expiration  of eighteen  (18) months from the  effective
date of the  registration  statement  pursuant to which the  Warrant  Shares are
registered under the Securities Act, the Consultant shall be entitled to sell up
to the balance of the Warrant Shares.

<PAGE>

         5. Payment of Taxes.  The Company will pay all documentary  stamp taxes
attributable  to the  issuance  of  Warrant  Shares  upon the  exercise  of this
Warrant;  provided,  however,  that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration
of any  certificates for Warrant Shares or Warrants in a name other than that of
the Holder. The Holder shall be responsible for all other tax liability that may
arise as a result of holding or transferring  this Warrant or receiving  Warrant
Shares upon exercise hereof.

         6. Replacement of Warrant.  If this Warrant is mutilated,  lost, stolen
or  destroyed,  the Company  shall  issue or cause to be issued in exchange  and
substitution for and upon  cancellation  hereof,  or in lieu of and substitution
for this Warrant,  a New Warrant,  but only upon receipt of evidence  reasonably
satisfactory to the Company of such loss, theft or destruction and indemnity, if
requested,  satisfactory  to  it.  Applicants  for  a  New  Warrant  under  such
circumstances  shall also  comply  with such other  reasonable  regulations  and
procedures and pay such other reasonable charges as the Company may prescribe.

         7. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep  available out of the aggregate of its authorized but
unissued  Common  Stock,  solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein  provided,  the number of Warrant
Shares which are then issuable and deliverable  upon the exercise of this entire
Warrant,  free from preemptive  rights or any other actual  contingent  purchase
rights of persons other than the Holder (taking into account the adjustments and
restrictions  of Section 9). The Company  covenants that all Warrant Shares that
shall be so issuable and deliverable shall, upon issuance and the payment of the
applicable  Exercise  Price in  accordance  with the terms  hereof,  be duly and
validly authorized, issued and fully paid and nonassessable.

         8. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon  exercise of this Warrant are subject to  adjustment  from time to
time as set forth in this Section 9. Upon each such  adjustment  of the Exercise
Price  pursuant  to this  Section 9, the Holder  shall  thereafter  prior to the
Expiration  Date be entitled to purchase,  at the Exercise Price  resulting from
such  adjustment,  the number of Warrant  Shares  obtained  by  multiplying  the
Exercise Price in effect  immediately  prior to such adjustment by the number of
Warrant Shares issuable upon exercise of this Warrant  immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

         (a) If the Company, at any time while this Warrant is outstanding,  (i)
shall pay a stock  dividend  (except  scheduled  dividends  paid on  outstanding
preferred  stock as of the date hereof which contain a stated  dividend rate) or
otherwise make a distribution or  distributions on shares of its Common Stock or
on any other class of capital  stock and not the Common Stock  payable in shares
of Common Stock, (ii) subdivide outstanding shares of Common Stock into a larger
number of shares,  or (iii)  combine  outstanding  shares of Common Stock into a
smaller  number of shares,  the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock  (excluding
treasury  shares,  if any)  outstanding  before  such  event  and of  which  the
denominator  shall be the number of shares of Common Stock  (excluding  treasury
shares,  if any)  outstanding  after such event. Any adjustment made pursuant to
this Section shall become  effective  immediately  after the record date for the
determination of stockholders  entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision  or  combination,  and shall apply to  successive  subdivisions  and
combinations.

<PAGE>

         (b)  In  case  of  any   reclassification  of  the  Common  Stock,  any
consolidation or merger of the Company with or into another person,  the sale or
transfer  of  all or  substantially  all of the  assets  of the  Company  or any
compulsory  share exchange  pursuant to which the Common Stock is converted into
other  securities,  cash or  property,  then the  Holder  shall  have the  right
thereafter  to  exercise  this  Warrant  only into the shares of stock and other
securities  and  property  receivable  upon or deemed to be held by  holders  of
Common Stock  following  such  reclassification,  consolidation,  merger,  sale,
transfer or share exchange,  and the Holder shall be entitled upon such event to
receive  such amount of  securities  or property  equal to the amount of Warrant
Shares such Holder would have been  entitled to had such Holder  exercised  this
Warrant immediately prior to such reclassification, consolidation, merger, sale,
transfer or share exchange.  The terms of any such consolidation,  merger, sale,
transfer or share exchange shall include such terms so as to continue to give to
the Holder the right to receive the  securities  or  property  set forth in this
Section   9(b)  upon  any   exercise   following   any  such   reclassification,
consolidation, merger, sale, transfer or share exchange.

         (c) If the  Company,  at any time  while this  Warrant is  outstanding,
shall  distribute  to all  holders  of Common  Stock (and not to holders of this
Warrant)  evidences  of its  indebtedness  or assets or  rights or  warrants  to
subscribe for or purchase any security  (excluding those referred to in Sections
9(a),  (b) and  (d)),  then in each  such  case  the  Exercise  Price  shall  be
determined by multiplying the Exercise Price in effect  immediately prior to the
record date fixed for  determination  of  stockholders  entitled to receive such
distribution by a fraction of which the denominator  shall be the Exercise Price
determined  as of the record date  mentioned  above,  and of which the numerator
shall be such Exercise Price on such record date less the then fair market value
at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of Common Stock as determined by
the Company's  independent  certified public accountants that regularly examines
the financial statements of the Company (an "Appraiser").

         (d) If, at any time while  this  Warrant is  outstanding,  the  Company
shall issue or cause to be issued  rights or  warrants  to acquire or  otherwise
sell or  distribute  shares of Common Stock for a  consideration  per share less
than the Exercise Price then in effect, then, forthwith upon such issue or sale,
the  Exercise  Price  shall be reduced to the price  (calculated  to the nearest
cent) determined by multiplying the Exercise Price in effect  immediately  prior
thereto by a fraction, the numerator of which shall be the sum of (i) the number
of shares of Common Stock outstanding  immediately  prior to such issuance,  and
(ii) the  number of shares of Common  Stock  which the  aggregate  consideration
received (or to be received,  assuming  exercise or  conversion  in full of such
rights, warrants and convertible securities) for the issuance of such additional
shares of Common Stock would purchase at the Exercise Price, and the denominator
of which  shall be the sum of the number of shares of Common  Stock  outstanding
immediately after the issuance of such additional shares.  Such adjustment shall
be made successively whenever such an issuance is made.

         (e) For the purposes of this  Section 9, the  following  clauses  shall
also be applicable:

<PAGE>

         (i) Record Date. In case the Company shall take a record of the holders
of its Common Stock for the purpose of entitling  them (A) to receive a dividend
or other  distribution  payable in Common Stock or in securities  convertible or
exchangeable  into shares of Common  Stock,  or (B) to subscribe for or purchase
Common Stock or securities  convertible  or  exchangeable  into shares of Common
Stock, then such record date shall be deemed to be the date of the issue or sale
of the  shares of  Common  Stock  deemed  to have  been  issued or sold upon the
declaration  of such  dividend or the making of such other  distribution  or the
date of the granting of such right of subscription or purchase,  as the case may
be.

         (ii) Treasury Shares.  The number of shares of Common Stock outstanding
at any given time shall not include  shares  owned or held by or for the account
of the Company,  and the  disposition  of any such shares shall be considered an
issue or sale of Common Stock.

         (f) All calculations  under this Section 9 shall be made to the nearest
cent or the nearest 1/100th of a share, as the case may be.

         (g) Whenever the  Exercise  Price is adjusted  pursuant to Section 9(c)
above, the Holder,  after receipt of the  determination by the Appraiser,  shall
have the right to select an  additional  appraiser  (which shall be a nationally
recognized  accounting firm), in which case the adjustment shall be equal to the
average  of the  adjustments  recommended  by each  of the  Appraiser  and  such
appraiser.  The Holder shall promptly mail or cause to be mailed to the Company,
a notice  setting  forth the Exercise  Price after such  adjustment  and setting
forth a brief statement of the facts requiring such adjustment.  Such adjustment
shall become effective immediately after the record date mentioned above.

         (h) If:

         (i) the Company shall declare a dividend (or any other distribution) on
its Common Stock; or

         (ii) the Company shall declare a special  nonrecurring cash dividend on
or a redemption of its Common Stock; or

         (iii) the Company  shall  authorize  the granting to all holders of the
Common  Stock  rights or warrants  to  subscribe  for or purchase  any shares of
capital stock of any class or of any rights; or

         (iv) the approval of any  stockholders of the Company shall be required
in connection with any  reclassification of the Common Stock of the Company, any
consolidation or merger to which the Company is a party, any sale or transfer of
all or substantially  all of the assets of the Company,  or any compulsory share
exchange  whereby the Common Stock is converted into other  securities,  cash or
property; or

<PAGE>

         (v) the Company shall authorize the voluntary dissolution,  liquidation
or winding up of the affairs of the Company,

then the Company shall cause to be mailed to each Holder at their last addresses
as they shall appear upon the Warrant Register,  at least 30 calendar days prior
to the  applicable  record or effective  date  hereinafter  specified,  a notice
stating  (x) the date on which a record is to be taken for the  purpose  of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken,  the date as of which  the  holders  of  Common  Stock of record to be
entitled to such dividend, distributions,  redemption, rights or warrants are to
be  determined  or (y) the date on which such  reclassification,  consolidation,
merger,  sale,  transfer or share  exchange is expected to become  effective  or
close,  and the date as of which it is expected  that holders of Common Stock of
record  shall  be  entitled  to  exchange  their  shares  of  Common  Stock  for
securities,  cash or other  property  deliverable  upon  such  reclassification,
consolidation,  merger, sale, transfer, share exchange, dissolution, liquidation
or winding up;  provided,  however,  that the failure to mail such notice or any
defect  therein or in the mailing  thereof  shall not affect the validity of the
corporate action required to be specified in such notice.

         9. Payment of Exercise Price.  The Holder may pay the Exercise Price in
one of the following -------------------------- manners:

         (a) Cash  Exercise.  The Holder  shall  deliver  immediately  available
funds; or

         (b) Cashless  Exercise.  The Holder shall surrender this Warrant to the
Company together with a notice of cashless exercise,  in which event the Company
shall issue to the Holder the number of Warrant Shares determined as follows:

                  X = Y (A-B)/A

         where:

                           X = the number of Warrant  Shares to be issued to the
                           Holder.

                           Y = the  number of  Warrant  Shares  with  respect to
                           which this Warrant is being exercised.

                           A = the  average of the  closing  sale  prices of the
                           Common   Stock   for  the  five  (5)   trading   days
                           immediately  prior to (but not including) the Date of
                           Exercise.

                           B = the Exercise Price.

For purposes of Rule 144  promulgated  under the Securities Act, it is intended,
understood  and  acknowledged  that the  Warrant  Shares  issued  in a  cashless
exercise  transaction  shall be deemed to have been acquired by the Holder,  and
the  holding  period  for the  Warrant  Shares  shall  be  deemed  to have  been
commenced, on the issue date.

<PAGE>

         10.  Fractional  Shares.  The Company shall not be required to issue or
cause to be issued  fractional  Warrant  Shares on the exercise of this Warrant.
The number of full Warrant  Shares which shall be issuable  upon the exercise of
this Warrant shall be computed on the basis of the  aggregate  number of Warrant
Shares purchasable on exercise of this Warrant so presented.  If any fraction of
a Warrant Share would, except for the provisions of this Section 11, be issuable
on the exercise of this  Warrant,  the Company shall pay an amount in cash equal
to the Exercise Price multiplied by such fraction.

         11. Notices.  Any and all notices or other communications or deliveries
hereunder  shall be in writing and shall be deemed  given and  effective  on the
earliest of (i) the date of  transmission,  if such notice or  communication  is
delivered  via  facsimile at the facsimile  telephone  number  specified in this
Section  prior to 8:00 p.m.  (New York City  time) on a business  day,  (ii) the
business day after the date of transmission,  if such notice or communication is
delivered  via  facsimile at the facsimile  telephone  number  specified in this
Section  later than 8:00 p.m.  (New York City time) on any date and earlier than
11:59 p.m.  (New York City time) on such date,  (iii) the business day following
the date of mailing, if sent by nationally recognized overnight courier service,
or (iv) upon  actual  receipt by the party to whom such notice is required to be
given.  The addresses for such  communications  shall be: (i) if to the Company,
Suite  1000,  6 East 45th  Street,  New York,  New York,  USA 10017,  Attention:
Corporate  Secretary,  or to  facsimile  no. (212)  867-6908,  or (ii) if to the
Holder,  to the  Holder at the  address or  facsimile  number  appearing  on the
Warrant  Register or such other  address or  facsimile  number as the Holder may
provide to the Company in accordance with this Section 12.

         12. Warrant Agent.  The Company shall serve as warrant agent under this
Warrant.  Upon thirty (30) days' notice to the Holder, the Company may appoint a
new warrant  agent.  Any  corporation  into which the Company or any new warrant
agent may be merged or any corporation resulting from any consolidation to which
the Company or any new  warrant  agent  shall be a party or any  corporation  to
which the Company or any new warrant agent  transfers  substantially  all of its
corporate trust or shareholders  services  business shall be a successor warrant
agent under this Warrant  without any further act.  Any such  successor  warrant
agent shall  promptly  cause  notice of its  succession  as warrant  agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address as shown on the Warrant Register.

         13. Miscellaneous.

         (a) This  Warrant  shall be binding on and inure to the  benefit of the
parties hereto and their respective  successors and assigns. This Warrant may be
amended  only in  writing  signed  by the  Company  and  the  Holder  and  their
successors and assigns.

         (b) Subject to Section 14(a),  above,  nothing in this Warrant shall be
construed  to give to any person or  corporation  other than the Company and the
Holder any legal or equitable  right,  remedy or cause under this Warrant.  This
Warrant  shall  inure to the sole and  exclusive  benefit of the Company and the
Holder.

<PAGE>

         (c) This  Warrant  shall be governed by and  construed  and enforced in
accordance with the internal laws of the State of New York without regard to the
principles  of  conflicts  of law  thereof.  The Company  and the Holder  hereby
irrevocably submit to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York,  borough of Manhattan,  for the adjudication of
any  dispute  hereunder  or in  connection  herewith  or  with  any  transaction
contemplated  hereby or discussed herein,  and hereby  irrevocably  waives,  and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally  subject to the  jurisdiction  of any such court,  or that such suit,
action or  proceeding  is  improper.  Each of the Company and the Holder  hereby
irrevocably  waives  personal  service of process and consents to process  being
served in any such suit,  action or  proceeding by receiving a copy thereof sent
to the Company at the address in effect for notices to it under this  instrument
and agrees that such service shall  constitute  good and  sufficient  service of
process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law.

         (d) The headings herein are for  convenience  only, do not constitute a
part of this  Warrant  and shall  not be  deemed  to limit or affect  any of the
provisions hereof.

         (e) In case any one or more of the  provisions of this Warrant shall be
invalid or unenforceable in any respect,  the validity and enforceability of the
remaining  terms and provisions of this Warrant shall not in any way be affected
or impaired  thereby and the parties  will attempt in good faith to agree upon a
valid  and  enforceable  provision  which  shall  be a  commercially  reasonable
substitute  therefor,  and upon so agreeing,  shall  incorporate such substitute
provision in this Warrant.

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                             SIGNATURE PAGE FOLLOWS]

<PAGE>

                  IN WITNESS WHEREOF,  the Company has caused this Warrant to be
duly executed by its authorized officer as of the date first indicated above.

                                CATHAYONLINE INC.

                                                     By:

                                                     Name:

                                                     Title:

<PAGE>

                          FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To CathayOnline Inc.:

         In accordance  with the Warrant  enclosed with this Form of Election to
Purchase,  the undersigned hereby  irrevocably elects to purchase  _____________
shares  of Common  Stock  ("Common  Stock"),  $.001  par  value  per  share,  of
CathayOnline  Inc. and , if such Holder is not utilizing  the cashless  exercise
provisions  set forth in this  Warrant,  encloses  herewith  $________  in cash,
certified or official bank check or checks,  which sum  represents the aggregate
Exercise  Price (as defined in the  Warrant)  for the number of shares of Common
Stock to which this Form of  Election  to Purchase  relates,  together  with any
applicable taxes payable by the undersigned pursuant to the Warrant.

         The  undersigned  requests that  certificates  for the shares of Common
Stock issuable upon this exercise be issued in the name of

                                              PLEASE INSERT SOCIAL SECURITY OR
                                              TAX IDENTIFICATION NUMBER

                         (Please print name and address)

         If the number of shares of Common  Stock  issuable  upon this  exercise
shall not be all of the shares of Common Stock which the undersigned is entitled
to purchase in accordance with the enclosed  Warrant,  the undersigned  requests
that a New Warrant (as defined in the Warrant)  evidencing the right to purchase
the shares of Common  Stock not  issuable  pursuant  to the  exercise  evidenced
hereby be issued in the name of and delivered to:

                         (Please print name and address)

Dated:            ,                                  Name of Holder:

                                                    (Print)

                                                    (By:)
                                                    (Name:)
                                                    (Title:)
                      (Signature  must conform in all respects to name of holder
                       as specified on the face of the Warrant)

<PAGE>

                               FORM OF ASSIGNMENT

           [To be completed and signed only upon transfer of Warrant]

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto  ________________________________  the  right  represented  by  the  within
Warrant to purchase  ____________ shares of Common Stock of CathayOnline Inc. to
which the within  Warrant  relates  and  appoints  ________________  attorney to
transfer  said  right on the  books of  CathayOnline  Inc.  with  full  power of
substitution in the premises.

Dated:

---------------, ----

                                        ---------------------------------------
   (Signature  must  conform in all  respects to name of holder as specified on
    the face of the Warrant)

                                        ---------------------------------------
                                        Address of Transferee

                                        ---------------------------------------

                                        ---------------------------------------

In the presence of:

--------------------------Exhibit 4.3

                       SHARE PURCHASE WARRANT CERTIFICATE

                   WARRANT TO PURCHASE ________ COMMON SHARES
                                       OF
                            KYOCERA MANAGEMENT, LTD.

              (Incorporated under the laws of the State of Nevada)

                             SHARE PURCHASE WARRANT
                                 (the "Warrant")

THIS SHARE PURCHASE  WARRANT  CERTIFICATE AND ANY SECURITIES  ISSUED PURSUANT TO
THE TERMS HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE "ACT")

THIS IS TO CERTIFY THAT for value received,  _______________ (the "Holder"),  is
entitled to purchase  ______ fully paid and  non-assessable  shares of US $0.001
Par Value (each a "Share") in the common stock (the  "Common  Stock") of KYOCERA
MANAGEMENT,  LTD. (the  "Corporation") at any time up to 5:00 p.m. local time in
the city of Vancouver,  Province of British Columbia at a purchase price of U.S.
$0.60 per Share,  prior to the first  anniversary  of the sate of  acceptance of
this Agreement by the Corporation,  and at any time after the first anniversary,
but  prior  to the  second  anniversary  from  the  date of  acceptance  of this
Agreement by the Corporation at U.S.$0.70 per Share.

1.       The aforesaid  right to purchase  Shares may be exercised by the Holder
         at times and from time to time within the time period  required  herein
         before  set out by (i) duly  completing  in the  manner  indicated  and
         executing the subscription form attached hereto, (ii) surrendering this
         Warrant to the  Corporate  Secretary  of the  Corporation,  and,  (iii)
         paying the  appropriate  purchase  price for the Shares  subscribed for
         together with the requisite  share transfer tax, if any, either in cash
         or by certified  cheque  payable at par, in Las Vegas,  Nevada,  to the
         order  of  the  Corporation.  Upon  said  surrender  and  payment,  the
         Corporation  will  issue to the  Holder  of the  subscription  form the
         number of  Shares  subscribed  for and the said  Holder  will  become a
         shareholder of the  Corporation in respect of the Shares as of the date
         of such  surrender and payment.  subject to the Terms and Conditions of
         this Warrant,  the Corporation  will, as soon as practicable after said
         surrender and payment,  mail to the person or persons at the address or
         addresses   specified  in  the  subscription   form  a  certificate  or
         certificates  evidencing  the Shares  subscribed  for. If the Holder of
         this Warrant  subscribes  for a lesser number of Shares than the number
         of shares  referred to in the Warrant,  the Holder shall be entitled to
         receive a further Warrant in respect of Shares not subscribed for.

2.       The Holder  may, at its sole  discretion,  transfer or assign the Share
         Purchase Warrants to another party or parties.

3.       Nothing  contained herein shall confer any right upon the Holder hereof
         or any other person to subscribe for or purchase any Shares at any time
         subsequent to 5:00 o'clock in the  afternoon  (Las Vegas time) on April
         29th,  2001, and from and after such time,  this Warrant and all rights
         hereunder shall be void and of no value.

4. This Warrant shall not constitute the Holder a member of the Corporation.

5. This Warrant is subject to the Terms and Conditions that are attached to this
Warrant as Schedule "A".

6. Time shall be of the essence hereof.

IN WITNESS WHEREOF,  KYOCERA  MANAGEMENT,  LTD. has caused its common seal to be
affixed and this Warrant to be signed by its authorized representative effective
on this 29th day of April, 1999.

THE CORPORATE SEAL OF
KYOCERA MANAGEMENT, LTD.
Was affixed hereto in the presence of:

---------------------------------
Authorized Signatory

<PAGE>

                              FORM OF SUBSCRIPTION

To: KYOCERA MANAGEMENT, LTD.

And to: THE CORPORATE SECRETARY OF KYOCERA MANAGEMENT, LTD.

The undersigned  holder of the attached  Warrant hereby  subscribes for ________
Shares of Common Stock of KYOCERA  MANAGEMENT,  LTD.  (again the  "Corporation")
pursuant to the attached  Warrant at any time up to 5:00 p.m.  local time in the
city of  Vancouver,  Province of British  Columbia  at a purchase  price of U.S.
$0.60 per Share,  prior to the first  anniversary  of the sate of  acceptance of
this Agreement by the Corporation,  and at any time after the first anniversary,
but  prior  to the  second  anniversary  from  the  date of  acceptance  of this
Agreement  by the  Corporation  at U.S.$0.70  per Share.  This  subscription  is
accompanied by a certified cheque or money order payable to, or to the order of,
the  Corporation  for the whole amount of the purchase price of the said Shares,
together  with the  amount of any issue tax that may be imposed on issue of such
Shares (or if such tax has been paid,  evidence  satisfactory  to the trustee of
such payment).

The undersigned hereby directs that the said Shares be registered as follows:

=========================== ========================= =========================
Name in Full                Address                   Number of Shares
=========================== ========================= =========================

=========================== ========================= =========================

=========================== ========================= =========================

DATED this ____ day of _________, _____

In the presence of:

----------------------                     ------------------------------------
Witness                                    Signature of Warrant Holder

Please print your name and address in full:

Name:       ____________________________________

Address:   ____________________________________

                  ------------------------------------

<PAGE>

                                  SCHEDULE "A"

                              TERMS AND CONDITIONS
                                       OF
                                    WARRANTS

These are the Terms  and  Conditions  that are  attached  to the Share  Purchase
Warrants issued by Kyocera Management, Ltd.

                          ARTICLE ONE - INTERPRETATION

Section 1.01 - Definitions

In these Terms and  Conditions,  unless there is something in the subject matter
or context inconsistent:

a)       "Corporation"  means  Kyocera   Management,   Ltd.  until  a  successor
         corporation or its successor is present in Article 6;

b)       "Corporations  Auditors" means an independent  firm of accountants duly
         appointed as auditors of the Corporation;

c)       "Director"  means a director of the Corporation for the time being, and
         reference,  without more, to action by the directors of the Corporation
         as a  board,  or  whenever  duly  empowered,  action  by  an  executive
         committee of the board;

d)       "herein",  "hereby"  and similar  expressions  refer to these Terms and
         Conditions  as the same may be amended or  modified  from time to time;
         and the expression "Article" or "Section" followed by a number refer to
         the specified Article or Section of these Terms and Conditions;

e)       "Issuance  Date"  means that date on which the  Corporation  issued the
         attached Warrants;

f)       "person" means an individual, corporation,  partnership, trustee or any
         unincorporated  organization,  and any words  importing  persons have a
         similar meaning;

g)       "shares"  means the US $0.001 par value common shares in the capital of
         the  Corporation  as  constituted  at the Issuance  Date and any shares
         resulting from any subdivision or consolidation of the shares;

h)       "Transfer Agent" means Signature Stock Transfer,  Inc., of 14675 Midway
         Road, Suite 221, Dallas, Texas, 75244;

i)       "Warrants"  means the Warrants of the Corporation  issued and presently
         authorized,  as set  out  in  Section  2.01  and  for  the  time  being
         outstanding,  and any other  warrants  made  subject to these Terms and
         Conditions;

j)       "Warrant  Holders" or  "Holders"  means the bearers of the Warrants for
         the time being; and

k)       words  importing the singular number include the plural and vice-versa,
         and words  importing  the  masculine  gender  include the  feminine and
         neuter genders.

Section 1.02 - Interpretation Not Affect By Headings

The division of these Terms and  Conditions  in to Articles and Sections and the
insertion of headings are for  convenience of reference only and will not affect
their construction of interpretation.

Section 1.03 - Applicable Law

The Warrants will be construed in accordance with the laws of Nevada and will be
treated in all respects as Nevada contracts.

                         ARTICLE TWO - ISSUE OF WARRANTS

Section 2.01 - Issue of Warrants

Warrants  entitling  the Holders  thereof to purchase  an  aggregate  of _______
shares and hereby  authorized to be issued by the Corporation  where one Warrant
is required to purchase one share of the Corporation.

Section 2.02 - Additional Warrants

Nothing  contained  herein shall preclude the  Corporation  from time to time to
make further equity or debt offerings and sell  additional  shares,  warrants or
grant options or similar rights to purchase shares of its capital stock.

Section 2.03 - Issue In Substitution for Lost Warrants

a)   Subject to Section 2.03(b), if a Warrant is mutilated,  lost,  destroyed or
     stolen, the Corporation shall issue and deliver a new Warrant of like, date
     and tenor as the one mutilated, lost, destroyed or stolen, in exchange for,
     and in place of, and upon  cancellation  of such mutilated  Warrant,  or in
     lieu of, and in  substitution  for such lost,  destroyed or stolen Warrant.
     The substituted  Warrant will be entitled to the benefit of these Terms and
     Conditions  and rank  equally in  accordance  with its terms with all other
     Warrants issued, or to be issued, by the Corporation.

b)   The  applicant  for the  issue of a new  Warrant  will bear the cost of its
     issue and in case of loss, destruction or theft, furnish to the Corporation
     such evidence of ownership and of loss, destruction or theft of the Warrant
     so lost, destroyed or stolen, as will be satisfactory to the Corporation in
     its  discretion,  and  such  applicant  may  also be  required  to  furnish
     indemnity in an amount and form  satisfactory  to the  Corporation,  in its
     discretion, and will pay the reasonable charges of the Corporation.

Section 2.04 - Warrant Holder Not a Shareholder

The  holders  of a  Warrant  will not  constitute  the  Holder  a member  of the
Corporation,  nor  entitle  him to any right or  interest  except  as  expressly
provided in the Warrant and herein.

                     ARTICLE THREE - OWNERSHIP AND TRANSFER

Section 3.01 - Exchange of Warrants

a)   Warrants in any  authorized  denomination  may,  upon  compliance  with the
     reasonable  requirements of the  Corporation,  be exchanged for Warrants in
     any other  authorized  denomination,  of the same class and date of expiry,
     entitling  the Holder to purchase any equal  aggregate  number of shares at
     the same  subscription  price  and on the same  terms  as the  Warrants  so
     exchanged.

b)   Warrants may be exchanged only at the office of the Corporate  Secretary of
     the Corporation and any Warrants  tendered for exchange will be surrendered
     and cancelled.

Section 3.02 - Ownership and Transfer of Warrants

a)   The Corporation may deem and treat the registered  holder of any Warrant as
     absolute owner of such Warrant,  for all purposes,  and will not e affected
     by any notice or knowledge to the contrary.

b)   The  registered  holder  of any  Warrant  will be  entitled  to the  rights
     evidenced  by such  Warrant  free from all equities or rights of set-off or
     counterclaim  between the Corporation and the original or any  intermediate
     Holder and all  persons  may act  accordingly,  and the receipt of any such
     bearer for the shares will be a good discharge to the  Corporation  for the
     same and the Corporation will not be bound to inquire into the title of any
     such bearer.

Section 4.01 - Notice to Warrant Holders

Any notice to be given to Warrant  Holders will be deemed to be validly given on
the date on which it has been  published if such notice is published once in the
City of Las Vegas,  such  publication  to be made in the daily  newspaper in the
English language of general circulation in such city.

                       ARTICLE FOUR - EXERCISE OF WARRANTS

Section 4.01 - Method of Exercise Warrants

The right to purchase shares conferred by the Warrants may be exercised,  before
its expiry  time,  by the Holder of such  Warrant  surrendering  it, with a duly
completed and executed  subscription in the form attached  thereto and cash or a
certified cheque payable to or to the order of the  Corporation,  at par in such
city as the  Corporation  may reside from time to time,  for the purchase  price
applicable at the time of surrender in respect of the shares  subscribed  for in
lawful money of the United States of America,  to the Corporate Secretary of the
Corporation.

Section 4.02 - Effect of Exercise Warrants

As soon as practicable after surrender and payment, and subject to the Terms and
conditions set forth herein,  the Corporation  will cause to be delivered to the
person or persons in whose  name or names the  shares  subscribed  for are to be
issued  as  specified  in such  subscription  or mailed to him or them at his or
their  respective  addresses  specified in such  subscription,  a certificate or
certificates for the appropriate  number of shares not exceeding those which the
Warrant Holder is entitled to purchase pursuant to the Warrant surrendered. Upon
issuance, such person or persons shall be deemed to become the holder or holders
of record of such shares on the date of surrender and payment.

Section 4.03 - Subscription For Less than Entitlement

The Holder of any Warrant may subscribe for and purchase a number of shares less
than the number  which he is entitled to  purchase  pursuant to the  surrendered
Warrant. In the event of any purchase of a number of shares less than the number
that can be purchased  pursuant to a Warrant,  the Corporation  will endorse the
Warrant,   note  the  number  of  Warrants  exercised  and  return  the  Warrant
Certificate  to the Holder or may issue a new  Warrant in respect of the balance
of the  shares  which the  Holder  was  entitled  to  purchase  pursuant  to the
surrendered Warrant and which were not then purchased.

Section 4.04 - Warrants For Fractions of Shares

To the extent  that the  Holder of any  Warrant  is  entitled  to receive on the
exercise or partial  exercise,  a fraction of a common share,  such right may be
exercised in respect of such fraction only in combination  with another  Warrant
or other Warrants which in the aggregate  entitles the Holder to receive a whole
number of such shares.

Section 4.05 - Expiration of Warrants

After the  expiration of the period within which a Warrant is  exercisable,  all
rights will wholly cease and  terminate  and such Warrant will be void and of no
effect.

Section 4.06 - Exercise Price

The price per share which must be paid to exercise a Warrant is as prescribed by
resolution  of the Board of  Directors of the  Corporation  and set forth on the
face of the Warrant Certificate.

Section 4.07 - Adjustment of Exercise Price

The exercise price and the number of shares deliverable upon the exercise of the
Warrants  will  be  subject  to  adjustment  in the  events  and  in the  manner
following:

a)   in the  event of any  subdivision  or  subdivisions  of the  shares  of the
     Corporation  as such shares are  constituted  on the Issuance  Date, at any
     time while the Warrants are  outstanding,  into a greater number of shares,
     the Corporation will deliver at the time of purchase of shares, in addition
     to the number of shares in respect of which the right to  purchase  is then
     being  exercised,  such  additional  number of shares as a result from such
     subdivision  or  subdivisions  without the bearer of the Warrant making any
     additional payment or giving any other consideration;

b)   in the event of any  consolidation or  consolidations  of the shares of the
     Corporation  as such shares are  constituted  on the Issuance  Date, at any
     time while the Warrants are  outstanding,  into a lesser  number of shares,
     the  Corporation  will deliver and the bearer will  accept,  at the time of
     purchase,  in lieu of the number of shares in respect of which the right to
     purchase is then being  exercised,  the lesser number of shares as a result
     from such consolidation or consolidations;

c)   in the event of any change of the shares of the  Corporation as such shares
     are  constituted  on the Issuance  Date, at any time while the Warrants are
     outstanding,  the  Corporation  will  deliver at the time of  purchase  the
     number of shares of the appropriate class resulting from such change as the
     bearer  would  have been  entitled  to  receive in respect of the number of
     shares so purchased,  had the right to purchase been exercised  before such
     change;

d)   in the event of any capital  reorganization,  reclassification or change of
     outstanding  equity  shares  of  the  Corporation  or in the  event  of any
     consolidation,  merger or amalgamation of the Corporation  with or into any
     other company,  then the Holder of each Warrant then  outstanding will have
     the right to purchase and receive,  in lieu of the shares  receivable  upon
     the exercise of the rights represented by the Warrants, the kind and amount
     of shares and other  securities and property  receivable  upon such capital
     reorganization,   reclassification,   change,   consolidation,   merger  or
     amalgamation  which the Holder of a number of shares equal to the number of
     shares  receivable  upon the  exercise  of the  rights  represented  by the
     Warrants would have received as a result of such event, but the subdivision
     or consolidation of shares at any time outstanding into a greater or lesser
     number of shares,  whether with or without par value, will not be deemed to
     be a capital  reorganization  or a  reclassification  of the capital of the
     Corporation for the purposes of this paragraphs (d);

e)   if the Corporation,  at any time while the Warrants are  outstanding,  pays
     any stock dividend or stock dividends upon the shares of the Corporation in
     respect of which the right to purchase is then given,  the Corporation will
     deliver  at the time of  purchase  of shares in  addition  to the number of
     shares in respect of which the right of purchase  is then being  exercised,
     the additional number of shares of the appropriate class as would have been
     payable on the shares so purchased as if they had been  outstanding  on the
     record date for the payment of such stock dividend;

f)   the  adjustments  provided for in this Section in the  subscription  rights
     pursuant to any Warrants are cumulative; and,

g)   the  Corporation  will  not be  required  to  issue  fractional  shares  in
     satisfaction of its obligations but, if any fractional interest in a shares
     would, except for the provisions of this paragraph (g), be deliverable upon
     the exercise of Warrant,  the Corporation  will, at its option,  in lieu of
     delivering a fractional share, satisfy the right to receive such fractional
     interest  by  payment  to the  Holder of such  Warrant of an amount in cash
     equal, computed in the case of a fraction of a cent to the next lower cent,
     to the current  market value of the right to subscribe for such  fractional
     interest,  computed  on the basis of the last  sale  price of shares of the
     Corporation on the Nasdaq  Bulletin  Board  preceding the day on which such
     exercise takes place.

Section 4.08 - Determination of Adjustments

If any questions arise with respect to the exercise price, such question will be
conclusively  determined by the Corporation's  auditors,  or, if they decline to
act, any other national firm of Chartered  Accountants,  in Las Vegas,  that the
Corporation may designate and who will have access to all  appropriate  records,
and such  determination  will be binding upon the Corporation and the Holders of
the Warrants.

                     ARTICLE FIVE - COVENANTS BY THE COMPANY

The  Corporation  will  reserve  and  there  will  remain  unissued  out  of its
authorized  capital a  sufficient  number of shares  to  satisfy  the  rights of
purchase in the Warrants  should the Holders of all the  Warrants,  from time to
time  outstanding,  determine  to exercise  such rights in respect of all shares
which they are or may be entitled to purchase pursuant thereto.

             ARTICLE SIX - MODIFICATION OF TERMS, MERGER, SUCCESSORS

Section 6.01 - Modification of Terms for Certain Purposes

From time to time the Corporation may modify these Terms and Conditions, for any
one or more, or all of the following purposes:

a)   adding to or altering these  provisions in respect of the  registration and
     transfer  of  Warrants  making  provision  for the  exchange of Warrants of
     different  denominations;  and making any  modification  in the form of the
     Warrants which does not affect their substance;

b)   for any other  purpose,  including the correction or  rectification  of any
     ambiguous, defective provisions, errors or omissions herein; or,

c)   to evidence any  succession of any  corporation  and the  assumption by any
     successor of the covenants of the Corporation and in the Warrants contained
     as provided in this Article.

Section 6.02 - No Extension of Expiry Date

Notwithstanding Section 6.01, no modification will be made to the Expiry Date of
Warrants without the prior consent of the Holder.

Section 6.03 - Corporation May Consolidate etc. On Certain Terms

Nothing  will  prevent  any   consolidation,   amalgamation  or  merger  of  the
Corporation with or into any other  corporation,  but the corporation  formed by
such  consolidation  or into  which  such  merger  will have been made will be a
corporation organized and existing under the laws of Canada or the United States
of America,  or any Province,  State,  District or Territory thereof,  and will,
simultaneously  with such  consolidation,  amalgamation or merger assume the due
and punctual  performance  and  observance of all the  covenants and  conditions
hereof to be performed or observed by the Corporation.

Section 6.04 - Successor Corporation Substituted

In case the Corporation is consolidated,  amalgamated or merged with or into any
other  corporation or  corporations,  the successor  corporation  formed by such
consolidation  or  amalgamation,  or into which the  Corporation  will have been
merged, will succeed to and be substituted for the Corporation  hereunder.  Such
changes  in  phraseology  and  form  (but not in  substance)  may be made in the
Warrants as may be appropriate in view of such  consolidation,  amalgamation  or
merger.

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