Document:

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

October 6, 2009

Russell K. Boyd
Chairman, CEO
501 Trophy Lake Drive Ste, 314 PMB 106, Trophy Club, Texas, 76262
www.INTREorg.com

Re: Funding/Financing Referral/Placement Agency Agreement

Dear Russell,

This  Funding/financing  referral/ Placement Agency Agreement (this "Agreement")
will confirm that INTREorg  Systems,  Inc. (the "Company") hereby engages Europa
Securities, LLC ("Europa"), to act as its exclusive referral/placement agent, on
a commercially  reasonable,  best-efforts basis, to provide certain Services (as
defined  below) to the Company in accordance  with the terms and  conditions set
forth  herein;   and  Europa  hereby  agrees  to  provide  such  Services  on  a
commercially  reasonable,  best-efforts  basis to the Company in accordance with
such terms and conditions.  Europa makes no assurances that the provision of the
Services hereunder will be successful.

Now,  therefore,  in  consideration  of the mutual  promises made herein and for
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

              For the  purposes of this  Agreement,  the term  "Services"  shall
                  include  efforts to obtain  capital  for the Company or any of
                  its Projects,  or otherwise arrange for the Company to receive
                  capital on terms and  conditions  acceptable  to the  Company,
                  through  any  legal  means,   whether  equity,   debt  or  any
                  combination thereof, etc (collectively, a "Financing")

              For the purposes of this  Agreement,  an Accredited  Investor,  as
                  such term is  defined  in Rule 501 of  Regulation  D, shall be
                  considered  to have  been  "introduced  to the  Company  by or
                  through  Europa" if the Accredited  Investor was introduced to
                  the Company  either  directly  or  indirectly  by Europa,  its
                  agents or employees, (a "Europa Investor").

              Nothing contained in this Agreement shall be construed as an offer
                  by  Europa  or any of its  affiliates  to  extend  credit.  In
                  addition,  Europa does not provide  legal,  tax or  accounting
                  services and does not render such advice.

              The "Term"  of this  Agreement  shall  extend  from the date  this
                  Agreement is fully  executed and shall continue until delivery
                  of written  notice by the Company to Europa to terminate  this
                  agreement at any time with or without cause (the  "Termination
                  Date"),  provided,  however,  that  the  termination  of  this
                  Agreement  shall not in any way limit,  modify,  or  otherwise
                  affect  the  rights of  Europa  to:  (i)  receive  its  entire
                  compensation  pursuant  to the  terms  of  this  Agreement  in
                  connection  with a Financing  involving the Company during the
                  Term of this  Agreement or  subsequent to the  termination  or
                  expiration of this  Agreement,  (ii) The Company,  its agents,
                  heirs,  assignees  and  successors  agree that there can be no
                  direct contact between the Company,  its agents and the source
                  of potential  financing  without the written  authorization or
                  consent of the Agent.  Said  provision  shall remain in effect
                  for Five years from effective date or last closing and include

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                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                  all third party persons or companies for financing/funding. An
                  introduction  will be  viewed  as  formally  made by  means of
                  facsimile,   email,  United  States  Postal  Service,   phone,
                  conference call or hand delivered  letter to the Company.  Any
                  funding source  introduced by the company itself, is excluded.
                  Expiration  of this  Agreement  and (iii) is  protected by the
                  indemnification  rights,  waivers and other provisions of this
                  Agreement.  The Company will authorize distribution or provide
                  comments to Europa within five  business days after  receiving
                  such material.

              In  consideration  of the performance of the Services  pursuant to
                  this  Agreement,   the  Company  shall  compensate  Europa  as
                  follows:

                      Upon the execution of this Agreement, the Company will pay
                      to Europa a fee of  $10,000,  of which  $5,000 is  payable
                      within two (2)  business  days  after the  signing of this
                      Agreement  by the  Company  and the  balance  at the first
                      closing  of any  financing.  Said  funds  will  be used to
                      defray  the  cost of  performing  initial  Due  Diligence,
                      travel and background  checks in conformity with the rules
                      of the Financial Industry Regulatory Authority ("FINRA").

                       Upon the closing of a Financing  on any terms accepted by
                           the Company with a Europa Investor, the Company shall
                           pay fees to Europa from  escrow at closing  following
                           the actual  transfer  of  Consideration  (as  defined
                           herein) to the Company, its stockholders,  affiliates
                           or  subsidiaries.  These  fees  shall  consist of the
                           following:

                               A.   In the case of  equity,  a cash fee equal to
                                    eight   percent   (8.0%)  of  the  aggregate
                                    Consideration  received by the Company,  its
                                    stockholders,   affiliates  or  subsidiaries
                                    from said investors  relative to a Financing
                                    referred to in this  Section  plus a two (2)
                                    percent  non-accountable  expense allowance.
                                    In  addition,  the  Company  shall  issue to
                                    Europa  common stock of the company equal to
                                    ten  percent  (10.0%)  of the gross  dollars
                                    number  raised for the Company at a price of
                                    110% of the five day  volume  weigh  average
                                    bid  price  (VWAP)  per  share  before  said
                                    transaction  is announced  Europa may assign
                                    any or all of its rights to affiliates.

                                    If all or  part of the  Financing  is in the
                                    form  of a note  that  is  convertible  into
                                    equity,  the  Company  shall pay fees on the
                                    portion  of  the  Consideration  that  meets
                                    these criteria in accordance  with the above
                                    Section of this Agreement.

                               B.   If  all  or  part  of  the  Financing  for a
                                    particular Company Project is in the form of
                                    non-convertible   debt  or  equity,   (i.e.)
                                    (merger  or  acquisition,  transaction,  etc
                                    then  the  cash  fee  shall be five per cent
                                    (5.0%). In addition, the Company shall issue
                                    to Europa common stock equal to eight and an
                                    half (8.50%) of the gross amount  raised for
                                    the  company at the five day (VWAP) or at $1
                                    ashare which every is closer to $1.00 before
                                    said  transaction  is announced.  Europa may
                                    assign   any  or  all  of  its   rights   to
                                    affiliates.

                               Subsequent  Transactions Tail. During the Term of
                                    this  Agreement,  minimum of three years and
                                    for a period of Sixty (60) months  after the
                                    termination or expiration of this Agreement,
                                    if the Company  consummates a Financing with
                                    any Europa  Investor  then the Company shall
                                    pay to Europa all fees and expenses provided
                                    hereunder.

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                      Fees and expenses due Europa hereunder shall be earned and
                           paid out of the funds  received  at the  closing of a
                           Financing. Europa and/or its affiliates may be Europa
                           Investors in the Financing.

                      During the  Term  of this  Agreement  and  subject  to The
                           Company's   prior  written   approval  which  may  be
                           reasonably  withheld,  Europa  reserves  the right to
                           have selected  dealers  ("Selected  Dealers") in good
                           standing  with  the  Financial  Industry   Regulatory
                           Authority  ("FINRA")  participate  in the  Financing,
                           specifically   for  the  purposes  of  assisting  the
                           Company in finding qualified Europa Investors for the
                           Financing. Such Selected Dealers shall be compensated
                           by Europa.

                      For  the  purposes  of  this   Agreement,   "Security"  or
                           "Securities"  shall  mean:  (i) any  stock  or  other
                           security or ownership  interest of the Company of the
                           class, series and with the same terms as is issued in
                           connection  with a Financing,  as the case may be, or
                           (ii) if no such stock, security or ownership interest
                           is  issued  in  connection  with  a  Financing,   the
                           existing  common stock or unit of ownership  interest
                           of the Company.

                      For  the purposes of this Agreement, "Consideration" shall
                           mean the aggregate  amount of all cash, plus the fair
                           market  value  of  all  securities,  other  property,
                           goods,  services,  use of  premises or  personnel  or
                           other items of value,  received by the  Company,  its
                           agents,  employees,  stockholders,   affiliates,  and
                           subsidiaries,  in connection with a Financing, as the
                           case may be, of any  nature,  arising  from  Europa's
                           rendering of the Services hereunder. For the purposes
                           of this  Agreement:  (i) the fair market value of any
                           share or unit of any stock or other security in which
                           a public  market exists shall be based at the average
                           of the last sales  price for such  securities  on the
                           five (5) trading days prior to the date of closing of
                           such  Financing,  or on the Closing price on the date
                           of the closing of the financing, whichever is higher,
                           as the case may be; (ii) the fair market value of any
                           share or unit of any stock or other security in which
                           no public  market  exists  and of all other  property
                           shall be the value as agreed to by the  parties or as
                           determined by an independent  appraiser chosen by the
                           parties  hereto;  and (iii) the fair market  value of
                           any services,  use of premises or personnel  received
                           in exchange for stock or other  security shall be the
                           fair  market  value  of  such  stock  or   securities
                           determined in accordance  with the foregoing  clauses
                           (i) and (ii).  Notwithstanding the foregoing,  to the
                           extent the Consideration  offered in a transaction is
                           other than cash, the Company shall determine, in good
                           faith,   whether  it  will   accept   such   non-cash
                           Consideration  as  part  of the  Financing.  If  such
                           non-cash   Consideration   are   excluded   from  the
                           Financing,  Europa  will be  entitled  to any fees on
                           such excluded non-cash Consideration.

                           Europa's fee in connection  with a Financing shall be
                           based  upon  the  percentages  provided  above of the
                           aggregate   Consideration,   before  any  deductions,
                           including,   but  not  limited  to  fees,   deposits,
                           transaction  expenses,  reserves,  insurance or other
                           amounts  withheld  or paid by the  investor  or party
                           providing the funds in such Financing.  Consideration
                           relative  to a  Financing  shall be deemed to include
                           total  value  of  equity  or  debt   Securities  sold
                           directly  or   indirectly,   in  connection   with  a
                           Financing,   including   proceeds   received  by  the
                           Company, its stockholders, affiliates or subsidiaries
                           upon  exercise of options,  warrants  and/or  similar
                           securities  (collectively,  the  "Options"),  and any
                           amounts  paid into escrow and any amounts  payable in
                           the  future  at such time as the money is paid to the
                           Company.   If  the  Consideration   received  by  the
                           Company, its stockholders, affiliates or subsidiaries
                           in connection with a Financing is to be paid in whole
                           or in part through installment payments, Europa's fee
                           shall be paid when funds are received by the Company.
                           To the extent such future payments relative to either
                           a Financing are not currently ascertainable or relate

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           to the  exercise of Options,  the portion of Europa's
                           fee relating  thereto  shall be  calculated  and paid
                           when and as such contingent payments are made or when
                           such Options are exercised  and the company  receives
                           money  from  such  exercise.   If  the  Consideration
                           received by the Company, its stockholders, affiliates
                           or subsidiaries  in connection  with a Financing,  as
                           the case  may be,  is paid in whole or in part in the
                           form of securities or other  non-cash  Consideration,
                           such Consideration shall be valued at the fair market
                           value thereof on the day prior to the date of closing
                           of  such   Financing   (or  later  date  on  which  a
                           contingent  payment  is  made),  as the  Company  and
                           Europa shall agree;  provided,  however, that if such
                           Consideration consists of securities with an existing
                           trading market,  such  securities  shall be valued at
                           the   average  of  the  last  sales  price  for  such
                           securities  on the five (5) trading days prior to the
                           date of  closing of such  Financing,  as the case may
                           be, (or later date on which a  contingent  payment is
                           made).

              Representations  and  Warranties  of  the  Company.   The  Company
                  understands  and agrees that  Europa will be relying  upon the
                  same  representations  and warranties required by and given to
                  Europa   Investors   in   connection   with   any   Financing.
                  Accordingly,  the  Company  agrees  that,  as a  condition  to
                  closing  of any  Financing  with  Europa  Investors  that  are
                  introduced  to the Company by or through  Europa,  the Company
                  will make customary  representations  and warranties to Europa
                  Investors  and will  confirm in writing to Europa  that Europa
                  may rely on such  representations and warranties in connection
                  with any such Financing.  Specifically, the Company represents
                  and warrants to Europa as follows:

                      Securities Law Compliance.  The Offering Documents conform
                           in all material  respects  with the  requirements  of
                           Section 4(2) of the  Securities  Act and Regulation D
                           promulgated  hereunder and with the  requirements  of
                           all  other  published  rules and  regulations  of the
                           Securities and Exchange Commission (the "Commission")
                           currently in effect  relating to "private  offerings"
                           to "accredited  investors."  The Offering  Documents,
                           when read together as of their respective dates, will
                           not contain an untrue statement of a material fact or
                           omit to state any material fact necessary in order to
                           make  the  statements   therein,   in  light  of  the
                           circumstances   in  which   they   were   made,   not
                           misleading.  If at any time prior to the  Termination
                           Date or other termination of this Agreement any event
                           shall  occur  as a result  of  which it might  become
                           necessary  to  amend  or   supplement   the  Offering
                           Documents  so that  they do not  include  any  untrue
                           statement of any  material  fact or omit to state any
                           material   fact   necessary  in  order  to  make  the
                           statements therein, in the light of the circumstances
                           then  existing,  not  misleading,  the  Company  will
                           promptly  notify  Europa and will supply  Europa with
                           amendments or supplements  correcting  such statement
                           or omission. The Company will also provide Europa for
                           delivery  to all  offered  and  purchasers  and their
                           representatives,  if any, any information,  documents
                           and  instruments  which  Europa  deems  necessary  to
                           comply with applicable state and federal law.

                      Organization. The Company is a corporation duly organized,
                           validly  existing and in good standing under the laws
                           of the State of  incorporation  and has all requisite
                           corporate  power and  authority  to own and lease its
                           properties,  to carry on its  business  as  currently
                           conducted and as proposed to be conducted, to execute
                           and  deliver  this  Agreement  and to  carry  out the
                           transactions  contemplated by this Agreement,  and is
                           duly  licensed  or  qualified  to  do  business  as a
                           foreign corporation in each jurisdiction in which the

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           conduct of its  business or  ownership  or leasing of
                           its properties requires it to be so qualified, except
                           where the failure to be so qualified would not have a
                           material  adverse  effect on the business,  financial
                           condition or prospects of the Company.

                      Capitalization.  The  authorized,  issued and  outstanding
                           capital   stock   of  the   Company   prior   to  the
                           consummation of the transactions  contemplated hereby
                           is as set forth in the Offering Documents. All issued
                           and  outstanding  shares of the  Company  are validly
                           issued,  fully paid and  non-assessable  and have not
                           been issued in violation of the preemptive  rights of
                           any  shareholder  of the Company.  All prior sales of
                           securities  of the  Company  were  either  registered
                           under  the  Securities   Act  and  applicable   state
                           securities laws or exempt from such registration.

                      Warrants,  Preemptive Rights, etc. Except for the Investor
                           Warrants  and  the  Financing  Warrants  to  purchase
                           shares of Common  Stock to be issued to Europa or its
                           designees  in  consideration  for acting as Placement
                           Agents  hereunder,  and  except as  disclosed  in the
                           Offering  Documents,  there  are not any  outstanding
                           warrants,    options,     agreements,     convertible
                           securities,  preemptive  rights to  subscribe  for or
                           other  commitments  pursuant to which the Company is,
                           or may become,  obligated  to issue any shares of its
                           capital stock or other  securities of the Company and
                           the  Offering   will  not  cause  any   anti-dilution
                           adjustments to such securities or commitments.

                      Subsidiaries  and  Investments.  Except  as  stated in the
                           Offering  Documents,  the Company has no subsidiaries
                           and the Company does not own, directly or indirectly,
                           any  capital  stock  or  other  equity  ownership  or
                           proprietary   interests  in  any  other  corporation,
                           company,  association,   trust,  partnership,   joint
                           venture or other entity.

                      Financial Statements.  The financial information contained
                           in the  Offering  Documents  will be  accurate in all
                           material respects (such financial statements included
                           as  part of the  Offering  Documents  is  hereinafter
                           referred   to    collectively   as   the   "Financial
                           Statements").  The  Financial  Statements  have  been
                           prepared  in  conformity   with  generally   accepted
                           accounting  principles  consistently applied and show
                           all material liabilities,  absolute or contingent, of
                           the  Company  required  to be  recorded  thereon  and
                           present fairly the financial  position and results of
                           operations of the Company as of the dates and for the
                           periods indicated, except that interim financial data
                           shall  be  subject  to  normal  year-end  adjustments
                           consistent with past practice.

                      National  Security  Legislation.  Neither  the sale of the
                           Securities  hereunder  nor the  Company's  use of the
                           proceeds  thereof  will  violate the Trading with the
                           Enemy Act, as amended,  or any of the foreign  assets
                           control  regulations  of the United  States  Treasury
                           Department  (31  CFR,   Subtitle  B,  Chapter  V,  as
                           amended) or any  enabling  legislation  or  executive
                           order   relating   thereto.   Without   limiting  the
                           foregoing,   neither  the  Company  nor  any  of  its
                           subsidiaries  (a)  is  a  person  whose  property  or
                           interests in property are blocked pursuant to Section
                           1 of  Executive  Order  13224 of  September  23, 2001
                           Blocking  Property and Prohibiting  Transactions With
                           Persons  Who Commit,  Threaten to Commit,  or Support
                           Terrorism (66 Fed. Reg.  49079 (2001)) or (b) engages
                           in any  dealings  or  transactions,  or be  otherwise
                           associated, with any such person. The Company and its

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           subsidiaries  are in compliance  with the USA Patriot
                           Act of 2001 (signed into law October 26, 2001).

                      Absence of  Changes.  Except as set forth in the  Offering
                           Documents,   the   Company  has  not   incurred   any
                           liabilities or obligations, direct or contingent, not
                           in the ordinary  course of business,  or entered into
                           any   transaction  not  in  the  ordinary  course  of
                           business,  which is material  to the  business of the
                           Company,  and  there  has not been any  change in the
                           capital stock of, or any incurrence of long term debt
                           by, the Company, or any issuance of options, warrants
                           or other rights to purchase the capital  stock of the
                           Company,  or any  adverse  change or any  development
                           involving,  so far as the Company can now  reasonably
                           foresee,   a  prospective   adverse   change  in  the
                           condition   (financial  or  otherwise),   net  worth,
                           results of  operations,  business,  key  personnel or
                           properties which would be material to the business or
                           financial  condition of the Company,  and the Company
                           has not become a party to, and neither  the  business
                           nor  the  property  of the  Company  has  become  the
                           subject  of,  any   litigation   which  if  adversely
                           determined  would  have a  material  adverse  affect,
                           whether or not in the ordinary course of business.

                      Title.  Except  as  set  forth  in the  Private  Placement
                           Memorandum, the Company has good and marketable title
                           to all  properties  and assets  owned by it, free and
                           clear  of  all  liens,   charges,   encumbrances   or
                           restrictions,  except  such  as  are  not  materially
                           significant or important in relation to the Company's
                           business;  all of the material  leases and  subleases
                           under which the Company is the lessor or sublessor of
                           properties or assets or under which the Company holds
                           properties  or assets as lessee or sub  lessee are in
                           full  force and  effect,  and the  Company  is not in
                           default in any  material  respect with respect to any
                           of the terms or  provisions  of any of such leases or
                           subleases, and no material claim has been asserted by
                           anyone  adverse  to rights of the  Company as lessor,
                           sublessor,  lessee  or sub  lessee  under  any of the
                           leases or subleases  mentioned above, or affecting or
                           questioning  the right of the  Company  to  continued
                           possession  of the leased or  subleased  premises  or
                           assets under any such lease or sublease.  The Company
                           owns or leases all such  properties  as are necessary
                           to  its   operations  as  now  conducted  and  to  be
                           conducted, as presently planned.

                      Patents,  Trademarks,  etc. The Company licenses,  owns or
                           possesses  adequate and enforceable rights to use all
                           patents,  patent  applications,  trademarks,  service
                           marks,   copyrights,    trade   secrets,   processes,
                           formulations, technology or know-how used or proposed
                           to  be  used  in  the  conduct  of  its  business  as
                           described  in the Offering  Documents  (collectively,
                           "Proprietary  Rights").  The Company has not received
                           any  notice  of any  claims,  nor  does it  have  any
                           knowledge of any threatened  claims,  and knows of no
                           facts  which  could  form  the  basis  of any  claim,
                           asserted by any person to the effect that the sale or
                           use of any  product or service now used or offered by
                           the  Company or proposed to be used or offered by the
                           Company  infringes on any patents or  infringes  upon
                           the use of any such  Proprietary  Rights  of  another
                           person and, to the best of the  Company's  knowledge,
                           no others have infringed the Proprietary Rights.

                      Software. The Company licenses all of the software used in
                           connection with the Company's  products.  The current
                           software licensed by the Company (the "Software") is,
                           to the knowledge of the Company, original and capable
                           of copyright protection in the United States, and the
                           Company  has  exclusive   licensed   rights  to  such
                           Software,  including  possession  of, or ready access
                           to, the  source  code for such  Software  in its most
                           recent  version.  No part of any such Software is, to
                           the  knowledge of the  Company,  an imitation or copy
                           of, or  infringes  upon,  the  software  of any other

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           person or entity,  or violates or infringes  upon any
                           common law or statutory rights of any other person or
                           entity,   including,   without   limitation,   rights
                           relating   to   defamation,    contractual    rights,
                           copyrights,  trade secrets,  and rights of privacy or
                           publicity.   The  Company  has  not  sold,  assigned,
                           licensed, distributed or in any other way disposed of
                           or  encumbered  the  Software,   other  than  in  the
                           ordinary course of its business. The Software, to the
                           extent   any  part  of  it  is   licensed   from  any
                           third-party  licensor or constitutes  "off-the-shelf"
                           software,  is held by the Company  legitimately.  The
                           Company  warrants  that, to the best of the Company's
                           knowledge,  the Software is free from any significant
                           software  defect  or  programming  or   documentation
                           error,   operates  and  runs  in  a  reasonable   and
                           efficient business manner, and conforms to its stated
                           specifications.  The Company has no  knowledge of the
                           existence  of any bugs or viruses with respect to the
                           Software  which would have a material  adverse effect
                           on the condition (financial or otherwise),  earnings,
                           operations,  business  or business  prospects  of the
                           Company.

                      Litigation.   There   is   no   material   action,   suit,
                           investigation,    customer   complaint,    claim   or
                           proceeding  at  law or in  equity  by or  before  any
                           arbitrator,  governmental  instrumentality  or  other
                           agency  now  pending  or,  to  the  knowledge  of the
                           Company,  threatened  against  the  Company (or basis
                           therefore known to the Company),  the adverse outcome
                           of  which  could  materially   adversely  affect  the
                           Company's business. The Company is not subject to any
                           judgment,  order,  writ,  injunction or decree of any
                           federal,   state,  municipal  or  other  governmental
                           department,  commission,  board,  bureau,  agency  or
                           instrumentality,  domestic  or  foreign  which  could
                           materially adversely affect the Company's business or
                           prospects.

                      No   defaults;  No  contravention.  The  Company is not in
                           violation of or default under, nor will the execution
                           and delivery of this Agreement or any of the Offering
                           Documents  or   consummation   of  the   transactions
                           contemplated  herein or therein result in a violation
                           of or  constitute  a default  in the  performance  or
                           observance   of  any   obligation   under,   (i)  its
                           Certificate of Incorporation or its Bylaws,  (ii) any
                           indenture,   mortgage,   deed  of   trust,   material
                           contract,  material  purchase order or other material
                           agreement  or  instrument  to which the  Company is a
                           party  or by  which  it or its  property  is bound or
                           affected or (iii) with respect to any material order,
                           writ,  injunction  or  decree  of  any  court  or any
                           federal,   state,  municipal  or  other  governmental
                           department,  commission,  board,  bureau,  agency  or
                           instrumentality,   domestic  or  foreign,  and  there
                           exists no condition,  event or act which constitutes,
                           nor which  after  notice,  the lapse of time or both,
                           could   constitute   a  default   under  any  of  the
                           foregoing, which in either case would have a material
                           adverse effect on the business of the Company.

                      Taxes. The Company has filed all federal, state, local and
                           foreign tax returns which are required to be filed by
                           it and all such  returns  are true and correct in all
                           material  respects.  The  Company  has paid all taxes
                           pursuant   to  such   returns  or   pursuant  to  any
                           assessments  received by it or which it is  obligated
                           to  withhold  from  amounts  owing  to any  employee,
                           creditor or third  party.  The  Company has  properly
                           accrued all taxes  required  to be  accrued.  The tax
                           returns  of  the  Company  are  not  currently  being
                           audited by any state,  local or federal  authorities.
                           The Company has not waived any statute of limitations

                                       7

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           with  respect to taxes or agreed to any  extension of
                           time  with   respect   to  any  tax   assessment   or
                           deficiency.

                      Compliance with Laws;  Licenses,  etc. The Company has not
                           received notice of any violation of or  noncompliance
                           with  any  federal,  state,  local or  foreign  laws,
                           ordinances,  regulations and orders applicable to its
                           business which has not been cured,  the violation of,
                           or noncompliance  with which, would have a materially
                           adverse  effect on the business or  operations of the
                           Company. The Company has all licenses and permits and
                           other governmental  certificates,  authorizations and
                           approvals  (collectively,   "Licenses")  required  by
                           every   federal,   state  and  local   government  or
                           regulatory  body for the operation of its business as
                           currently  conducted  and the use of its  properties,
                           except  where the  failure to be  licensed  would not
                           have a material adverse effect on the business of the
                           Company.  The  Licenses  are in full force and effect
                           and  no  violations  are or  have  been  recorded  in
                           respect of any License and no  proceeding  is pending
                           or, to the  knowledge of the Company,  threatened  to
                           revoke or limit any thereof.

                      Authorization of Agreement.  This  Agreement has been duly
                           executed  and   delivered  by  the  Company  and  the
                           execution, delivery and performance by the Company of
                           this  Agreement  and the  Subscription  Agreement and
                           other Offering Documents have been duly authorized by
                           all  requisite  corporate  action by the  Company and
                           constitute the legal,  valid and binding  obligations
                           of the Company,  enforceable in accordance with their
                           respective terms.

                      Authorization  of  Securities.   The  issuance,  sale  and
                           delivery of the Securities, the Investor Warrants and
                           the Financing  Warrants have been duly  authorized by
                           all  requisite  corporate  action of the Company and,
                           when  so  issued,  paid  for and  delivered,  will be
                           validly  issued,  fully paid and  non-assessable  and
                           will  not be  subject  to  preemptive  or  any  other
                           similar rights of the  shareholders of the Company or
                           others  which rights shall not have been waived prior
                           to the Closing.

                      Authorization of Reserved Shares.  The issuance,  sale and
                           delivery by the Company of the shares of Common Stock
                           reserved for issuance  upon  exercise of the Investor
                           Warrants  and  Financing   Warrants  (the   "Reserved
                           Shares")  have been duly  authorized by all requisite
                           corporate action of the Company.  The Reserved Shares
                           have been duly reserved for issuance upon exercise of
                           the Investor  Warrants and Agent's  Warrants and when
                           so issued, sold, paid for and delivered, the Reserved
                           Shares will be validly issued and outstanding,  fully
                           paid  and   non-assessable,   and  not   subject   to
                           preemptive  or  any  other  similar   rights  of  the
                           shareholders  of the Company or others  which  rights
                           shall not have been waived prior to the Closing.

                      Exemption from Registration.  Assuming (i) the accuracy of
                           the   information    provided   by   the   respective
                           Subscribers  in the  Subscription  Documents  and the
                           other  Offering  Documents  and (ii) that  Europa has
                           complied in all material respects with the provisions
                           of Rule 502(c) of Regulation D promulgated  under the
                           Securities  Act, the offer and sale of the Securities
                           pursuant  to the terms of this  Agreement  are exempt
                           from the registration  requirements of the Securities
                           Act and the rules and regulations  promulgated  there
                           under  (the   "Regulations").   The  Company  is  not
                           disqualified from the exemption under Regulation D by

                                       8

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                           virtue  of the  disqualifications  contained  in Rule
                           505(b) (2)(iii) or Rule 507 promulgated hereunder.

                      Registration Rights. Except  as  may be  set  forth in the
                           Offering  Documents, no person has any right to cause
                           the Company to effect  the  registration   under  the
                           Securities Act of any securities of the Company.

                      Brokers.  Neither  the  Company  nor any of its  officers,
                           directors, employees or shareholders has employed any
                           broker or finder in connection with the  transactions
                           contemplated  by this  Agreement  other than  Europa,
                           except  as may be set  forth  in an  Exhibit  to this
                           Agreement.

                      Title to Securities.  When certificates  representing  the
                           Securities  and/or  Reserved  Shares  shall have been
                           duly  delivered to the  purchasers  and payment shall
                           have been made therefore  (assuming  such  purchasers
                           are bona fide  purchasers  within the  meaning of the
                           Uniform  Commercial  Code),  the  several  purchasers
                           shall have marketable title to the Securities  and/or
                           Reserved   Shares   free  and  clear  of  all  liens,
                           encumbrances   and   claims   whatsoever   (with  the
                           exception of claims  arising from or through the acts
                           of  the   purchasers   and  except  as  arising  from
                           applicable  federal and state  securities  laws), and
                           the Company  shall have paid all transfer  taxes,  if
                           any, in respect of the original issuance thereof.

                      Right of First Refusal. No person,  firm or other business
                           entity  is a  party  to any  agreement,  contract  or
                           understanding,  written or oral, entitling such party
                           to a right of first refusal with respect to the offer
                           or  sale of any  equity  or  debt  securities  by the
                           Company.

                      Solvency.  The  Company's assets shall exceed its liabili-
                           ties at or prior to close of a Financing.

              Representations and Warranties  of Europa.  Europa  represents and
              warrants to the Company as follows:

                      This Agreement  has been  duly  authorized,  executed  and
                           delivered  by  Europa  and  is a  valid  and  binding
                           agreement on its part.

                      Europa is duly  registered  pursuant to the  provisions of
                           the Securities  Exchange Act of 1934, as amended (the
                           "Exchange  Act"), as a broker/dealer  and is a member
                           in good  standing of the New York Stock  Exchange and
                           Financial Industry  Regulatory  Authority  ("FINRA"),
                           and is duly  registered as a  broker/dealer  in those
                           states in which it is required to be so registered in
                           order to carry out the Offering contemplated hereby.

              Closing; Escrow; Placement and Fees.

              Closing.  Provided the Offering shall have been subscribed for and
                  funds  representing  the sale thereof  shall have  cleared,  a
                  closing (the "Closing") shall take place at an office location
                  in as  determined  by mutual  agreement of the Parties on such
                  date  (the  "Closing  Date")  which is  within  ten (10)  days
                  following the Termination  Date (which date may be accelerated
                  or adjourned by agreement between the Company and Europa).  At
                  the Closing, payment for the Securities issued and sold by the
                  Company shall be made against  delivery of stock  certificates
                  or other evidence of ownership representing such Securities. A
                  Closing will be deemed to occur only upon the release of funds

                                        9

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<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                  held by the  Escrow  Agent (as such term is defined in Section
                  8(b) hereof)  pursuant to such  Closing.  In addition,  one or
                  more subsequent closings,  if applicable (the date of each and
                  any subsequent  closing and such subsequent closing shall also
                  be  referred  to  as  a  "Closing   Date"  and  a   "Closing,"
                  respectively)  may  be  scheduled  at  the  discretion  of the
                  Company and Europa.

                      Escrow  Account.  Funds  received  from  the  sale  of the
                           Securities  will be  deposited  by the Company with a
                           duly-chartered  commercial  bank to be  determined by
                           mutual  agreement of the Parties as escrow agent (the
                           "Escrow  Agent"),  and  held by the  Escrow  Agent in
                           trust for the investors  until Europa and the Company
                           instruct the Escrow Agent to deliver the funds to the
                           Company  pursuant  to a Closing  or the return of the
                           funds  to  the  investors  upon  termination  of  the
                           Offering  or the receipt of other  instructions  from
                           Europa  and  the  Company.   All  funds  returned  to
                           investors will be without interest.

                      Conditions to Europa's  Obligations.  The  obligations  of
                           Europa  hereunder  will be subject to the accuracy of
                           the  representations  and  warranties  of the Company
                           herein contained as of the date hereof and as of each
                           Closing  Date, to the  performance  by the Company of
                           its  obligations   hereunder  and  to  the  following
                           additional conditions:

                               Due  Qualification or Exemption. (A) The Offering
                                    contemplated  by this  Agreement will become
                                    qualified  or be exempt  from  qualification
                                    under  the  securities  laws of the  several
                                    states  pursuant to paragraph 5(d) not later
                                    than  the  Closing  Date,  and  (B)  at  the
                                    Closing  Date no stop order  suspending  the
                                    sale  of  the  Securities  shall  have  been
                                    issued,  and no proceeding  for that purpose
                                    shall have been initiated or threatened.

                               No   Material Misstatements. Europa will not have
                                    notified  the  Company  that  the  Blue  Sky
                                    qualification  materials or this  Agreement,
                                    or  any  supplement  thereto,   contains  an
                                    untrue  statement  of a  fact  which  in its
                                    opinion  is  material,  or  omits to state a
                                    fact which in its opinion is material and is
                                    required  to  be  stated   therein,   or  is
                                    necessary to make the statements therein, in
                                    light of the circumstances  under which they
                                    were made not misleading.

                           iii Compliance with Agreements. The Company will have
                           complied  with  all   agreements  and  satisfied  all
                           conditions  on its part to be  performed or satisfied
                           hereunder,  including with respect to the Merger,  in
                           all  material  respects  at or prior  to the  Closing
                           Date.

                     iv    Corporate  Action.  The  Company  will have taken all
                           necessary   corporate  action,   including,   without
                           limitation,  obtaining  the approval of the Company's
                           Board of Directors, for the execution and delivery of
                           this Agreement, the performance by the Company of its
                           obligations  hereunder and the Offering  contemplated
                           hereby.

                     v.    Opinion of  Company  Counsel.  At each  Closing,  and
                           dated  as of  the date  thereof, Europa shall receive
                           the opinion of counsel to  the  Company substantially
                           to the effect that:

                                        The Company  is  a  corporation  validly
                                            existing and in good standing  under
                                            the laws of the  State  of  Delaware
                                            has   all   requisite    power   and
                                            authority   to  own  or  lease   its
                                            properties, to carry on its business
                                            as   currently   conducted   and  as
                                            proposed to be conducted, to execute
                                            and deliver  this  Agreement  and to
                                            carry    out    the     transactions
                                            contemplated  by this  Agreement and
                                            is duly  qualified or licensed to do
                                            business  as a  foreign  corporation
                                            and  is in  good  standing  in  each

                                       10

<PAGE>

<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                                            other jurisdiction to such counsel's
                                            knowledge, in which the ownership or
                                            leasing of its properties or conduct
                                            of  its   business   requires   such
                                            qualification,   except   where  the
                                            failure  to  be  so   qualified   or
                                            licensed  would not have a  material
                                            adverse   effect  on  the  business,
                                            financial  condition or prospects of
                                            the Company; each of this Agreement,
                                            the  Subscription   Agreement,   the
                                            other   Offering   Documents,    the
                                            Investor  Warrants and the Financing
                                            Warrants  has been duly and  validly
                                            authorized,  executed and  delivered
                                            by the Company, and is the valid and
                                            binding  obligation  of the Company,
                                            enforceable against it in accordance
                                            with  its  terms,   subject  to  any
                                            applicable bankruptcy, insolvency or
                                            other laws  affecting  the rights of
                                            creditors  generally  and to general
                                            equitable principles and except that
                                            the      enforcement      of     the
                                            indemnification   and   contribution
                                            provisions thereof may be limited or
                                            denied    based   on    federal   or
                                            applicable state securities laws and
                                            public   policies   underlying  such
                                            laws; the  authorized  capital stock
                                            of the Company as of the date hereof
                                            (before   giving   effect   to   the
                                            transactions  contemplated  by  this
                                            Agreement)  is as set  forth  in the
                                            Offering  Documents.  Except for the
                                            Investor   Warrants  and   Financing
                                            Warrants,  there are no  outstanding
                                            warrants,    options,    agreements,
                                            convertible  securities,  preemptive
                                            rights  to  subscribe  for or  other
                                            commitments  pursuant  to which  the
                                            Company is, or may become, obligated
                                            to issue any  shares of its  capital
                                            stock  or  other  securities  of the
                                            Company  other than as  disclosed in
                                            the Offering  Documents.  All of the
                                            issued  and  outstanding  shares  of
                                            capital  stock of the  Company  have
                                            been duly and validly authorized and
                                            issued,    are   fully    paid   and
                                            non-assessable  and  have  not  been
                                            issued   in    violation    of   the
                                            preemptive  rights  of any  security
                                            holder of the Company under Delaware
                                            law.     The    Shares    and    any
                                            Over-subscription  Shares  have been
                                            duly authorized and, when issued and
                                            delivered  in  accordance  with  the
                                            terms of the Subscription  Agreement
                                            and  this  Agreement,  respectively,
                                            these   shares  of  Stock   will  be
                                            validly   issued,   fully  paid  and
                                            non-assessable,   and  no   personal
                                            liability   will   attach   to   the
                                            ownership  thereof  and  such  stock
                                            will not be issued in  violation  of
                                            or  subject  to  any  preemptive  or
                                            other similar  rights.  The Reserved
                                            Shares have been duly  reserved  for
                                            issuance,   and   when   issued   in
                                            accordance  with  the  terms  of the
                                            Investor    Warrants   and   Agent's
                                            Warrants,  will be  validly  issued,
                                            fully  paid and  non-assessable  and
                                            such  Reserved  Shares  will  not be
                                            issued in violation of or subject to
                                            any  preemptive or any other similar
                                            rights  and  no  personal  liability
                                            will   attach   to   the   ownership
                                            thereof.  The Securities  conform in
                                            all   material   respects   to   all
                                            statements      relating     thereto
                                            contained in the Offering Documents;
                                            the   issuance   and   sale  of  the
                                            Securities     is    exempt     from
                                            registration  under  the  Securities
                                            Act and the Regulations  pursuant to
                                            Regulation D  promulgated  under the
                                            Securities   Act   subject   to  the
                                            following assumptions:

                                                 Other  than  the  Company,   no
                                                     party  to  the  transaction
                                                     contemplated     by    this

                                       11

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                                                     Agreement, the Subscription
                                                     Agreement      and      the
                                                     Questionnaire  executed  by
                                                     each     Subscriber    (the
                                                     "Subscription  Documents"),
                                                     or any  documents  relating
                                                     thereto,  is subject to any
                                                     statute,       rule      or
                                                     regulation,   or   to   any
                                                     impediment     to     which
                                                     contracting   parties   are
                                                     generally not subject, that
                                                     requires   the  Company  or
                                                     such  party to  obtain  the
                                                     consent  of,  or to  make a
                                                     declaration or filing with,
                                                     any governmental authority.

                                                 All terms,    provisions    and
                                                     conditions  of, or relating
                                                     to,  the  offer and sale of
                                                     the      Securities     are
                                                     correctly  and   completely
                                                     reflected  in  the  Private
                                                     Placement  Memorandum which
                                                     such  counsel has no reason
                                                     to  doubt as of the date of
                                                     the    Private    Placement
                                                     Memorandum.

                                                 All offers  and  sales  of  the
                                                     Securities   have  been  or
                                                     will be  made  in a  manner
                                                     complying with the terms of
                                                     the    Private    Placement
                                                     Memorandum      and     all
                                                     applicable state securities
                                                     laws  and   similar   laws.
                                                     Without     limiting    the
                                                     generality of the preceding
                                                     sentence,   counsel   shall
                                                     assume (i) the  accuracy of
                                                     the factual representations
                                                     and   warranties   of   the
                                                     Company      and     Europa
                                                     contained in this Agreement
                                                     and the full  and  complete
                                                     performance      of     all
                                                     covenants  of  the  Company
                                                     and  Europa as set forth in
                                                     this  Agreement,  (ii) that
                                                     offers  and  sales  of  the
                                                     Securities  have  been made
                                                     only     to     "accredited
                                                     investors," as that term is
                                                     defined      under      the
                                                     Securities  Act;  and (iii)
                                                     the       accuracy      and
                                                     completeness     of     the
                                                     representations         and
                                                     warranties and  information
                                                     provided by the Subscribers
                                                     in     the     Subscription
                                                     Documents.

                                                 Neither  the  Company,  Europa,
                                                     nor any  person  or  entity
                                                     acting  on  behalf  of  the
                                                     Company or Affiliated,  has
                                                     offered    or   sold    the
                                                     Securities  by any  form of
                                                     general   solicitation   or
                                                     general        advertising,
                                                     including,  but not limited
                                                     to, (i) any  advertisement,
                                                     article,  notice  or  other
                                                     communication  published in
                                                     any newspaper,  magazine or
                                                     similar  media or broadcast
                                                     over  television  or radio,
                                                     (ii) any seminar or meeting
                                                     whose  attendees  have been
                                                     invited   by  any   general
                                                     solicitation   or   general
                                                     advertising,    or    (iii)
                                                     electronic mail transmitted
                                                     over the Internet.

                                                 The Subscribers     are     not
                                                     "underwriters"  within  the
                                                     meaning of Section 2(11) of
                                                     the Securities Act.

                                                 A   Notice    of    Sales    of
                                                     Securities    Pursuant   to
                                                     Regulation   D  or  Section
                                                     4(6) ("Form D"),  including
                                                     any required  amendments to
                                                     such  Form D,  has  been or
                                                     will  be  filed   with  the
                                                     Commission   in  accordance
                                                     with  the  requirements  of
                                                     Rule 503 of Regulation D.

                                        Neither the  execution  and  delivery of
                                            this Agreement,  nor compliance with
                                            the    terms    hereof,    nor   the
                                            consummation  of  the   transactions
                                            herein contemplated,  has, nor will,
                                            conflict  with,  result  in a breach
                                            of, or  constitute  a default  under
                                            the Certificate of  Incorporation or
                                            Bylaws  of the  Company,  or, to the
                                            knowledge  of counsel,  any material

                                       12

<PAGE>

<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                                            contract,  instrument or document to
                                            which the Company is a party,  or by
                                            which it or any of its properties is
                                            bound,  or  violate  any  applicable
                                            law,  rule,  regulation,   judgment,
                                            order or decree of any  governmental
                                            agency or court having  jurisdiction
                                            over  the  Company  or  any  of  its
                                            properties or business which breach,
                                            default  or  violation  could have a
                                            material   adverse   effect  on  the
                                            business,   financial  condition  or
                                            prospects of the Company;

                                        To  counsel's  knowledge,  there  are no
                                            claims,        actions,       suits,
                                            investigations     or    proceedings
                                            (formal  or  informal)  before or by
                                            any arbitrator,  court, governmental
                                            authority    or     instrumentality,
                                            pending  or  threatened,  against or
                                            affecting  the Company or  involving
                                            the  properties of the Company which
                                            might  materially  adversely  affect
                                            the    business,    properties    or
                                            financial  condition  of the Company
                                            or which might materially  adversely
                                            affect  the  transactions  or  other
                                            acts  contemplated by this Agreement
                                            or the validity or enforceability of
                                            this Agreement,  except as set forth
                                            in or  contemplated  by the Offering
                                            Documents;    and    to    counsel's
                                            knowledge,  the  Company  is  not in
                                            violation or default with respect to
                                            any law, rule, regulation, judgment,
                                            order   or   decree    which   might
                                            materially   adversely   affect  the
                                            business,  properties  or  financial
                                            condition  of the  Company  or which
                                            might  materially  adversely  affect
                                            the   transactions   or  other  acts
                                            contemplated  by this  Agreement  or
                                            the  validity or  enforceability  of
                                            this  Agreement;  nor is the Company
                                            required to take any action in order
                                            to avoid any  violation  or default;
                                            and

                                        Such counsel   has    participated    in
                                            meetings    and    discussions    in
                                            connection  with the  preparation of
                                            any  Private  Placement  Memorandum,
                                            Subscription  Agreement,  and  other
                                            Offering Documents and in the course
                                            of such review and  discussions,  no
                                            facts have come to the  attention of
                                            such  counsel  to cause  counsel  to
                                            have  reason  to  believe  that  the
                                            Subscription   Agreement  and  other
                                            Offering  Documents,   as  of  their
                                            respective dates and taken together,
                                            on the Closing  Date,  contained any
                                            untrue  statement of a material fact
                                            required  to be  stated  therein  or
                                            omitted to state any  material  fact
                                            required  to be  stated  therein  or
                                            necessary  to  make  the  statements
                                            therein,    in    light    of    the
                                            circumstances  under which they were
                                            made, not misleading (except for the
                                            Financial Statements,  notes thereto
                                            and other financial  information and
                                            statistical data contained  therein,
                                            as  to  which  such   counsel   need
                                            express no opinion).

                                        Officers'   Certificate.   Europa  shall
                                            receive   a   certificate   of   the
                                            Company,   signed   by   the   Chief
                                            Executive   Officer  and   President
                                            thereof,    certifying    that   the
                                            representations    and    warranties
                                            contained  in  Section 2 hereof  are
                                            true and  accurate  in all  material
                                            respects  at such  Closing  with the

                                       13

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                                            same effect as though expressly made
                                            at such Closing and that the Company
                                            has   performed   in  all   material
                                            respects    all    agreements    and
                                            covenants   and   complied   in  all
                                            material     respects    with    all
                                            conditions    contained    in   this
                                            Agreement and the Offering Documents
                                            to be so performed at such Closing.

                                                          Secretary's
                                                              Certificate.
                                                              Europa       shall
                                                              receive        the
                                                              certificate of the
                                                              Secretary  of  the
                                                              Company,
                                                              certifying  as  to
                                                              (i)            the
                                                              Certificate     of
                                                              Incorporation   of
                                                              the   Company  and
                                                              any     amendments
                                                              thereto,  (ii) the
                                                              By-laws   of   the
                                                              Company, and (iii)
                                                              resolutions of the
                                                              Board of Directors
                                                              of   the   Company
                                                              authorizing    the
                                                              execution      and
                                                              delivery  of  this
                                                              Agreement,     the
                                                              other     Offering
                                                              Documents,     the
                                                              Securities and the
                                                              Agent's Warrants.

                                                          Lock-Up    Agreements.
                                                              Europa       shall
                                                              receive agreements
                                                              from  each  of the
                                                              executive
                                                              officers,
                                                              directors      and
                                                              other     existing
                                                              stockholders    of
                                                              the        Company
                                                              holding   50%   or
                                                              more of  shares of
                                                              the      Company's
                                                              Common   Stock  to
                                                              the  effect   that
                                                              each          such
                                                              stockholder  shall
                                                              not publicly sell,
                                                              assign or transfer
                                                              any    of    their
                                                              securities  of the
                                                              Company    for   a
                                                              period   extending
                                                              to 180 days  after
                                                              the effective date
                                                              of             the
                                                              registration
                                                              statement covering
                                                              the  resale of the
                                                              Shares,        any
                                                              Over-subscription
                                                              Shares   and   the
                                                              Reserved    Shares
                                                              sold     in    the
                                                              Offering.

              Anti-Money Laundering.  To assist the government fight the funding
                  of  terrorism  and money  laundering  activities,  federal law
                  requires  all  financial  institutions  to obtain,  verify and
                  record information that identifies each client company. Europa
                  will require official documentation proving identity. In order
                  to verify the identity of your  company,  a copy of one of the
                  following documents is required:

                      Certified certificate of incorporation;  Government issued
                      business  license;   Partnership  agreement  and/or  trust
                      instrument.

         Europa maintains physical,  electronic,  and procedural safeguards that
         comply with federal  standards in order to guard  non-public  corporate
         information.  In the course of conducting business, Europa may disclose
         some  or  all  of  the   previously-described   information  about  the
         corporation to non-affiliated third-parties, as allowed by law, for the
         purpose of: (i) effecting a transaction  that the corporation  requests
         or authorizes;  and (ii) responding to a subpoena, or to comply with an
         inquiry by a government  agency or regulator,  or to otherwise  prevent
         fraud or rule violations

                                       14

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

               Covenants of the Company.

                          Use of  Proceeds. The net  proceeds  of the  Financing
                           will be used by the Company for general corporate and
                           working capital purposes.

                          Expenses   of   Financing.   The   Company   shall  be
                           responsible for, and shall bear all expenses directly
                           incurred in connection with the Financing, including,
                           but not  limited  to,  legal  fees  of the  Company's
                           counsel  relating  to  the  costs  of  preparing  the
                           Financing  and  all   amendments,   supplements   and
                           Exhibits thereto delivering all Securities.

                          Notification.   The  Company   shall   notify   Europa
                           promptly,  in writing,  (i) when any event shall have
                           occurred  during  the period  commencing  on the date
                           hereof and ending on the later of the Closing Date of
                           the Financing or the Termination  Date as a result of
                           which the documents  relating to the Financing  would
                           include any untrue  statement  of a material  fact or
                           omit to state any material fact required to be stated
                           therein or necessary to make the  statements  therein
                           not  misleading,  and  (ii)  of  the  receipt  of any
                           notification   with  respect  to  the   modification,
                           rescission,   withdrawal   or   suspension   of   the
                           qualification  or registration  of Securities,  or of
                           any    exemption    from   such    registration    or
                           qualification,  in any jurisdiction. The Company will
                           use its reasonable efforts to prevent the issuance of
                           any  such  modification,  rescission,  withdrawal  or
                           suspension and, if any such modification, rescission,
                           withdrawal  or  suspension  is issued  and  Europa so
                           requests,  to obtain the lifting  thereof as promptly
                           as possible. The Company shall promptly notify Europa
                           if the Company is the subject of any investigation or
                           material litigation.

                          Form D and Blue Sky. If  required,  the Company  shall
                           file a Form D with respect to the Securities  sold in
                           any  Financing as required  under  Regulation D under
                           the  1933  Act  and,  upon  request,  provide  a copy
                           thereof to Europa  promptly  after such  filing.  The
                           Company  shall,  on or before the Closing Date of the
                           Financing,  take  such  action as the  Company  shall
                           reasonably  determine is necessary in order to obtain
                           an  exemption  for or to qualify the  Securities  for
                           sale to Europa Investors under applicable  securities
                           or  "Blue  Sky"  laws  of the  states  of the  United
                           States, and shall provide evidence of any such action
                           so taken to  Europa on or prior to the  Closing.  The
                           Company  shall make all filings and reports  relating
                           to the
                             offer  and sale of the  Securities  required  under
                           applicable  securities  or  "Blue  Sky"  laws  of the
                           states of the United States following the Closing.

                          Press  Releases.  The  Company  shall  not at any time
                           include  information  with  respect  to  the  use  of
                           Europa's name in any annual or other  reports,  press
                           release,  advertisement or on any website  maintained
                           by the Company  without the prior written  consent of
                           Europa.

                         The Company  acknowledges  that all advice  (written or
                           oral)  given by Europa to the  Company in  connection
                           with the Agreement  hereunder is intended  solely for
                           the  benefit  and use of the Company and its Board of
                           Directors  in  considering  a Financing  to which the
                           advice relates, and the Company agrees that no person
                           or entity  other  than the  Company  and its Board of
                           Directors  shall be  entitled  to make use of or rely
                           upon the  advice of  Europa,  and no such  opinion or
                           advice  shall  be  used  for  any  other  purpose  or
                           reproduced,  disseminated,  quoted or  referred to at
                           any time, in any manner or for any purpose.

                                       15

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                         The Company  recognizes that Europa now renders and may
                           continue to render financial consulting,  management,
                           investment   banking  and  other  services  to  other
                           companies  that may or may not conduct  business  and
                           activities  similar to those of the  Company.  Europa
                           shall  be  free  to  render  such  advice  and  other
                           services  and the Company  hereby  consents  thereto.
                           Europa  shall not be required to devote its full time
                           and attention to the  performance of its duties under
                           this Agreement,  but shall devote only so much of its
                           time  and   attention  as  it  deems   reasonable  or
                           necessary to fulfill its obligations hereunder.

              Transfer  Agent.  The Company shall  provide a transfer  agent and
              registrar in respect of its capital  stock,  which  transfer agent
              and registrar shall be reasonably acceptable to Europa.

              Representations of Europa. Europa  represents  and warrants to the
                  Company,  as  of the  date hereof,  and  as of the date of the
                  Closing Date as follows:

         It   is  a  member  of  the  Financial  Industry  Regulatory  Authority
              ("FINRA")  and it has,  and at all times while  taking any actions
              constituting   an  offer  or  sale  of  the  Securities  had,  all
              governmental  licenses  (including  both  federal and state broker
              dealer  licenses)  required  to act as  placement  agent  for  the
              Securities.

         It   has not used and will not use any general  solicitation or general
              advertising in its offering of the Securities or used any offering
              materials  not  approved by the Company in writing and will at all
              times comply with all applicable rules and regulations,  including
              without limitation those of FINRA.

         It   will only contact Accredited Investors, as defined in Regulation D
              promulgated   under  the   Securities  Act  of  1933,  as  amended
              ("Accredited Investors").

         It   reasonably believes that each of the Europa Investors contacted by
              Affiliated satisfies the definition of an Accredited Investor.

              Conditions  to Europa's  Obligations.  The  obligations  of Europa
              hereunder will be subject to the accuracy in all material respects
              of  the  representations  and  warranties  of the  Company  herein
              contained as of the date hereof and as of each Closing Date of the
              Financings,  to the  performance by the Company of its obligations
              hereunder and to the following additional conditions:

         Due  Qualification   or  Exemption.   (A)  The  Financing  will  become
              qualified or be exempt from qualification  under the securities or
              "blue sky" laws of the several  states not later than the "Closing
              Date(s)"of  the  Financing,  and  (B) at any  Closing  Date of the
              Financing  no stop  order  suspending  the sale of the  securities
              contemplated  herein shall have been issued and no  proceedings by
              any governmental  authority,  self regulatory  organization or any
              securities  exchange for that purpose shall have been initiated or
              threatened in writing;

         No   Material   Misstatements.   Neither  the  blue  sky  qualification
              materials  nor any  supplement  thereto,  will  contain any untrue
              statement of a fact which in the  reasonable  opinion of Europa is
              material, or omits to state a fact which in the reasonable opinion
              of Europa is material and is required to be stated therein,  or is
              necessary  to  make  the  statements  therein,  in  light  of  the
              circumstances under which they were made, not misleading;

                                       16

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<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

         Compliance with Agreements.  The Company will   have  complied  in  all
              material respects with all agreements and satisfied all conditions
              on its part to be performed or satisfied  hereunder at or prior to
              each Closing Date;

         Corporate  Action.  The  Company  has or will have taken all  necessary
              corporate action,  including,  without  limitation,  obtaining the
              approval  of its  Board of  Directors  and  stockholders,  for the
              execution and delivery of this  Agreement,  the performance by the
              Company   of  its   obligations   hereunder   and  the   Financing
              contemplated  hereby unless a waiver there from has been obtained;
              provided  that,  if the terms of such waiver  require  stockholder
              ratification of the issuance,  Europa shall receive an irrevocable
              proxy from each of the Company's  executive officers and directors
              solely for the purpose of voting in favor of such ratification);

              In  providing  the  Services  pursuant to this  Agreement,  Europa
                  shall  be an  independent  contractor,  and no  party  to this
                  Agreement  shall  make  any   representations   or  statements
                  indicating or suggesting that any joint venture,  partnership,
                  affiliation,  or other such relationship  exist between Europa
                  and the Company.

              Europa has no  responsibility  for the trading  activity of Europa
                  Investor(s) during the term of this Agreement or following the
                  expiration or termination of this  Agreement.  Europa makes no
                  representation  to the Company as to the location or nature of
                  the account in which Europa  Investor(s)  participating in the
                  Financing   will  place  the   Securities   purchased  in  the
                  Financing, nor for what period of time Europa Investor(s) will
                  retain ownership or possession of the Securities  purchased in
                  the Financing.

              Europa and the Company agree and acknowledge  that the decision to
                  consummate a Financing  Transaction  shall be in the Company's
                  sole and absolute discretion.

              The Company agrees to indemnify and hold harmless  Europa and each
                  Selected Dealer,  if any, and their  respective  stockholders,
                  directors,   officers,  agents  and  controlling  persons  (an
                  "Indemnified  Party")  against  any and all  loss,  liability,
                  claim,  damage  and  expense  whatsoever  (and all  actions in
                  respect thereof), and to reimburse Europa for reasonable legal
                  fees and  related  expenses as  incurred  (including,  but not
                  limited to the costs of investigating,  preparing or defending
                  any such  action or claim  whether or not in  connection  with
                  litigation  in which Europa is a party and the costs of giving
                  testimony or furnishing documents in response to a subpoena or
                  otherwise),  caused  by or  arising  out  of  (i)  any  untrue
                  statement  or alleged  untrue  statement  of a  material  fact
                  contained in the documents,  provided by the Company,  related
                  to the  Financing  or the omission or alleged  omission  there
                  from of a  material  fact  necessary  in  order  to  make  the
                  statements  therein, in light of the circumstances under which
                  they were made, not misleading  (provided,  however,  that the
                  Company  shall not be  liable  in any such case to the  extent
                  that any such loss, liability, claim, damage or expense arises
                  out of or is based  upon any  untrue  statement  of a material
                  fact or alleged  untrue  statement or a material  fact, or the
                  omission of a material  fact provided by Affiliated in writing
                  to  the  Company  in  connection  with  its  Services  or  any
                  Financing),  (ii) any  violation by the Company of the federal
                  securities  laws  or the  securities  laws of any  states,  or
                  otherwise arising out of Europa's engagement hereunder, except
                  in respect of any matters as to which  Europa  shall have been
                  adjudicated  to have acted with gross  negligence or except in
                  respect of any information  that was supplied by Europa or its
                  Selected Dealers, or (iii) any breach by the Company of any of
                  its representations, warranties or covenants contained in this
                  Agency Agreement.
                                       17

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<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

Promptly after receipt by an  Indemnified  Party under this Section 16 of notice
of the  commencement of any action,  the  indemnified  party will, if a claim in
respect  thereof is to be made against the Company under this Section 16, notify
in writing  the  Company of the  commencement  thereof;  but the  omission so to
notify the Company will not relieve it from any  liability  which it may have to
the Indemnified  Party otherwise than under this Section 16 except to the extent
the  defense  of the claim is  prejudiced.  In case any such  action is  brought
against an Indemnified  Party,  and it notifies the Company of the  commencement
thereof, the Company will be entitled to participate in, and, to the extent that
it may wish, jointly with any other indemnifying  party similarly  notified,  to
assume the  defense  thereof,  subject to the  provisions  herein  stated,  with
counsel reasonably  satisfactory to the Indemnified Party, and after notice from
the Company to the  Indemnified  Party of its  election so to assume the defense
thereof,  the  Company  will not be liable to the  Indemnified  Party under this
Section  16 for  any  legal  or  other  expenses  subsequently  incurred  by the
Indemnified  Party in connection  with the defense thereof other than reasonable
costs of  investigation  (provided  the Company has been advised in writing that
such  investigation is being  undertaken).  The Indemnified Party shall have the
right to employ  separate  counsel in any such action and to  participate in the
defense  thereof,  but the fees and expenses of such counsel shall not be at the
expense of the Company if the Company has assumed the defense of the action with
counsel reasonably satisfactory to the Indemnified Party; provided that the fees
and expenses of such  counsel  shall be at the expense of the Company if (i) the
employment  of such counsel has been  specifically  authorized in writing by the
Company  (which it shall have no  obligation to do) or (ii) the named parties to
any such action  (including any impleaded  parties) include both the Indemnified
Party or Parties and the Company and, in the reasonable  judgment of counsel for
the Indemnified  Party, it is advisable for the Indemnified  Party or Parties to
be  represented  by separate  counsel due to material  conflict of interest  (in
which case the  Company  shall not have the right to assume the  defense of such
action on behalf  of an  Indemnified  Party or  Parties),  it being  understood,
however,  that the Company shall not, in connection  with any one such action or
separate but  substantially  similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances,  be liable for the
reasonable fees and expenses of more than one separate firm of attorneys for all
the  Indemnified  Parties.  No settlement by an Indemnified  Party of any action
against an Indemnified  Party shall be made without the Company's  consent which
shall not be  unreasonably  withheld.  No  settlement  of any action  against an
Indemnified  Party by the Company shall be made unless such an Indemnified Party
is fully and completely released in connection therewith.

To provide for just and  equitable  contribution,  if (i) an  Indemnified  Party
makes a claim for  indemnification  pursuant  to Section 13 but it is found in a
final  judicial  determination,   not  subject  to  further  appeal,  that  such
indemnification  may not be  enforced  in such case,  even  though  this  Agency
Agreement  expressly  provides  for  indemnification  in such case,  or (ii) any
indemnified or  indemnifying  party seeks  contribution  under the 1933 Act, the
1934 Act,  or  otherwise,  then the  Company  (including  for this  purpose  any
contribution  made by or on behalf of any officer,  director,  employee or agent
for the Company, or any controlling person of the Company), on the one hand, and
Europa and any Selected Dealers  (including for this purpose any contribution by
or on behalf of an indemnified  party),  on the other hand,  shall contribute to
the losses,  liabilities,  claims, damages, and expenses whatsoever to which any
of them may be subject,  in such  proportions as are  appropriate to reflect the
relative benefits  received by the Company,  on the one hand, and Europa and the
Selected Dealers, on the other hand; provided,  however,  that if applicable law
does not permit such allocation,  then other relevant  equitable  considerations
such as the relative fault of the Company and Europa and the Selected Dealers in
connection  with the facts which resulted in such losses,  liabilities,  claims,
damages,  and expenses  shall also be  considered.  In no case shall Europa or a
Selected Dealer be responsible for a portion of the  contribution  obligation in
excess of the compensation  received by it or the Selected Dealer Agreement,  as
the case may be. No person  guilty of a  fraudulent  misrepresentation  shall be
entitled to  contribution  from any person who is not guilty of such  fraudulent
misrepresentation.  For purposes of this  Section 16, each  person,  if any, who
controls  Europa or a Selected  Dealer  within the  meaning of Section 15 of the
1933  Act  or  Section  20(a)  of the  1934  Act  and  each  officer,  director,
shareholder,  employee and agent of Affiliated or a Selected Dealer,  shall have
the same  rights to  contribution  as Europa or the  Selected  Dealer,  and each

                                       18

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<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

person,  if any who controls the Company within the meaning of Section 15 of the
1933 Act or Section 20(a) of the 1934 Act and each officer,  director,  employee
and agent of the  Company,  shall have the same  rights to  contribution  as the
Company,  subject in each case to the provisions of this Section 16. Anything in
this  Section 16 to the contrary  notwithstanding,  no party shall be liable for
contribution  with  respect to the  settlement  of any claim or action  effected
without its written consent.  This Section 16 is intended to supersede any right
to contribution under the 1933 Act, the 1934 Act, or otherwise.

              The representations, warranties, and obligations contained in this
                  Agreement  shall  survive the  closing of a Financing  and the
                  termination or expiration of this Agreement.

              This Agreement shall inure to the  benefit of and be binding  upon
                  Europa  and the  Company  and any of their  respective  heirs,
                  successors  and assigns.  This Agreement is intended to be and
                  is for the sole and  exclusive  benefit of the parties  hereto
                  and their respective heirs, successors and assigns and for the
                  benefit of no other person, and no other person shall have any
                  legal or equitable right,  remedy or claim under or in respect
                  of this Agreement.  Unless  otherwise  expressly  agreed to by
                  Europa,  in  writing,   no  one  other  than  the  Company  is
                  authorized  to rely  upon  this  engagement  of  Europa or any
                  statements  made by or conduct of Europa.  The Company may not
                  assign its rights and obligations under this Agreement without
                  the prior written consent of Europa, and Europa may not assign
                  its rights and  obligations  under this Agreement  without the
                  prior written consent of the Company.

                    The Company  covenants and agrees never to commence,  aid in
                  any way, prosecute or cause to be commenced or prosecuted, any
                  action or other  proceeding  based upon any  claims,  demands,
                  causes of action, obligations, damages or liabilities that are
                  the subject of this  Agreement  or which in any way relate to,
                  concern,  or  arise  out of the  performance  of the  Services
                  hereunder,  or any other actions taken by Europa on behalf of,
                  or for the benefit of the Company, except in the case or fraud
                  or  misrepresentation  on the part of Europa.  This  Agreement
                  constitutes  the entire  understanding  and  agreement  of the
                  Company and Europa with respect to the subject  matter of this
                  Agreement, and contains all of the covenants and agreements of
                  the  Company and Europa with  respect to this  Agreement.  The
                  Company and Europa each acknowledge  that no  representations,
                  inducements,  promises or agreements  (oral or written),  have
                  been made by the Company or Europa, or anyone acting on behalf
                  of the  Company or  Europa,  which are not  contained  in this
                  Agreement, and any prior agreements,  promises,  negotiations,
                  or representations  with respect to the subject matter of this
                  Agreement  (whether  written or oral), not expressly set forth
                  in this Agreement,  are of no force or effect.  This Agreement
                  may be  amended  or  modified  only by  writing  signed by the
                  parties  hereto.  This Agency  Agreement  supersedes all prior
                  agreements and  understandings,  written and oral, between the
                  parties with respect to the subject  matter hereof between the
                  Company and Europa. Neither this Agreement nor any term hereof
                  may be changed, waived,  or  terminated orally,  except  by an
                  instrument in  writing   signed  by  the party  against  which
                  enforcement of the change, waiver or termination is sought.

                  Europa  and the  Company  will  attempt to settle any claim or
                  controversy arising out of this Agreement through consultation
                  and   negotiation  in  good  faith  and  a  spirit  of  mutual
                  cooperation.  Any dispute arising under this Agreement will be
                  submitted to arbitration  in accordance  with the rules of the
                  American Arbitration Association.

                                       19

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                    This Agreement may be executed in one or more  counterparts,
                  each of which  shall be deemed an  original,  but all of which
                  together shall  constitute one and the same  instrument.  This
                  Agreement shall be construed and interpreted in such manner as
                  to be effective,  enforceable  and valid under all  applicable
                  laws.  If any  provision  of  this  Agreement  shall  be  held
                  invalid, prohibited or unenforceable under any applicable laws
                  or   regulations   of  any   applicable   jurisdiction,   such
                  invalidity,  prohibition or unenforceability  shall be limited
                  to such provision and shall not effect or invalidate the other
                  provisions  hereof or affect the validity or enforceability of
                  such  provision in any other  jurisdiction,  and to the extent
                  the provisions hereof are severable.

              The terms and  provisions  hereof shall be deemed to apply without
                  regard to number,  and shall  therefore  refer to  singular or
                  plural, as appropriate,  and shall apply without regard to the
                  gender of words and expressions used herein.

Any communications  specifically required hereunder to be in writing, if sent to
Europa,  will be sent by overnight courier providing a receipt of delivery or by
certified or registered mail to it at Europa,  and if sent to the Company,  will
be sent by overnight  courier providing a receipt of delivery or by certified or
registered mail to it at: INTREorg Systems,  Inc. 501 Trophy Lake Drive Ste, 314
PMB 106, Trophy Club, Texas, 76262

If this letter correctly sets forth the entire understanding  between Europa and
the Company with respect to the foregoing,  please so indicate by signing below,
at which time this letter shall become a binding contract.

                                              Sincerely,

                                              Europa Securities, LLC.

                                              ----------------------------
                                              John Calabria,
                                              Chief Executive Officer

Accepted and agreed as of the date first above written:

INTREorg systems, inc.

-----------------------------------
Russell K. Boyd           President

                                       20

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

                  Europa Securities, LLC. CLIENT QUESTIONNAIRE

                    TO BE COMPLETED BY CEO OF CLIENT COMPANY

Please provide all  applicable  information.  Company-specific  background to be
provided separately.

Client Information: (Please print or type)
------------------

Company Name: __________________________________________________________________

Federal Tax ID: ________________________________________________________________

Name of Individual: ____________________________________________________________

Title:   _______________________________________________________________________

Social Security Number: ________________________________________________________

Marital Status (Natural Persons):                      Date of Birth: __________
                                  -------------------

Citizen of or State of Organization__________ Business Phone: __________________

Home Phone: _____________________________ Mobile Phone: ________________________

Email Address: _________________________________________________________________

Business Address: ______________________________________________________________
                                    (Street)

                  (City)                             (State)               (Zip)

Home Address: __________________________________________________________________
                                    (Street)

                  (City)                             (State)               (Zip)

Net Worth _____________________________________________

Percent of Fully Diluted Ownership of the Company ____________

** Please attach a current resume or CV and copy of valid photo ID.

                                       21

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<TABLE>
<CAPTION>

<S>                                  <C>                                                <C>

                                             EUROPA SECURITIES LLC
                                     800 Village Square Crossing, Suite 121
TELEPHONE (561)656-2019                PALM BEACH GARDENS, FLORIDA 33410                FACSIMILE (561) 656-2091
</TABLE>

If any of your information changes, please let your representative know, so that
your records may be updated.  To satisfy FINRA  regulations,  Europa  Securities
LLC. will conduct a search on the Office of Foreign  Assets  Control (OFAC) list
as well as credit and background checks for law suits, bankruptcies,  judgments,
criminal records, etc. Please disclose any existing cases in the space below.

--------------------------------------------------------------------------------
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I  certify  that  the  information  disclosed  above  is true to the  best of my
knowledge.  I grante Europa  Securities  LLC.  permission  to conduct  necessary
credit  and  background  checks.  I  understand  this  information  will be kept
confidential.

-----------------------------------------            ----------------------
Signed                                               Date

-----------------------------------------
Printed Name

                       This part intentionally left blank.

                                       22EHIXIBT 10.1

                        DR. DAVID FU EMPLOYMENT AGREEMENT

THIS EMPLOYMENT  AGREEMENT  ("Agreement")  is made and entered into October 1st,
2009 (the "Effective Date"), by and between China Wi-Max Communications, Inc., a
Nevada corporation (the "Company") and Dr. David Fu (the "Executive").

                              W I T N E S S E T H:

WHEREAS,  the Company  wishes to employ the Executive and secure the services of
the Executive  subject to the contractual terms and conditions set forth herein;
and

WHEREAS,  the Executive is willing to enter into this  Agreement  upon the terms
and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth
herein, the parties hereto agree as follows:

1.  Employment.  The  Company  hereby  agrees to employ the  Executive,  and the
Executive hereby agrees to accept such employment with the Company, all upon the
terms and conditions set forth herein.

2. Term of Employment.  Subject to the terms and  conditions of this  Agreement,
the Executive  shall be employed year to year  commencing on the Effective  Date
and  ending  each and every one year  anniversary  (the  "Term")  unless  sooner
terminated  as provided for herein.  The Term shall renew  automatically  for an
additional one (1) year period of time, unless either party gives written notice
no less than sixty (60) days  prior to the  expiration  of the Term that the one
party does not intend to extend the Term.

3. Duties and Responsibilities.

     A.   Capacity.  During the Term, the Executive  shall serve in the capacity
          of Chief  Engineer,  China ("CEC") of Yuan Shan Da Chaun (Company "B")
          and Yuan Shan Shi Dai Technology  Development  Company  (Company "D"),
          each a wholly-owned foreign entity ("WOFE") of the Company, subject to
          the  supervision  of the  Managing  Director of such  WOFEs,  or other
          senior executive officer of the Company as directed by the Board.

     B.   Full-Time  Duties.  During  the Term,  and  excluding  any  periods of
          disability, vacation or sick leave to which the Executive is entitled,
          the Executive  shall devote  substantially  all of his business  time,
          attention  and  energies to the business of the Company and its WOFEs.
          During the Term, it shall not be a violation of this Agreement for the
          Executive to (i) serve on  corporate,  civic or  charitable  boards or
          committees,  including  continuing to fulfill his commitment to one or
          more  "clubs"  with which  Executive  is  currently  involved in; (ii)
          deliver  lectures or fulfill  speaking  engagements  and (iii)  manage
          personal  investments,  so long as such  activities do not  materially
          interfere with the performance of the Executive's  responsibilities as
          an employee of the Company in accordance with this Agreement.

                                       1
<PAGE>

     C.   Standard of  Performance.  The Executive will perform his duties under
          this Agreement with fidelity and loyalty,  to the best of his ability,
          experience and talent and in a manner  consistent  with his duties and
          responsibilities.

4. Compensation.

     A.   Base Pay.  The  Company  shall pay the  Executive  a salary (the "Base
          Salary") of Five Thousand Dollars ($5,000) U.S.D. per month,  prorated
          for partial months of employment.  The Base Salary shall be payable in
          accordance with the general payroll practices of the Company in effect
          from time to time.  During the remainder of the Term,  the Base Salary
          shall  be  reviewed  at  least  every  six  months,   as  the  Company
          determines,  and then annually. Such reviews shall be conducted by the
          President and CEO (or Managing  Director or Board) after  consultation
          with the  Executive  and may from time to time be  increased  (but not
          decreased  without  prior  notification  to the  Executive)  as solely
          determined by the Managing Director or President and CEO. Effective as
          of the date of any such  increase,  the Base  Salary  as so  increased
          shall be  considered  the new Base  Salary  for all  purposes  of this
          Agreement

     B.   Annual  Performance  Bonus. The Executive shall be eligible for annual
          discretionary  bonus awards  payable in cash,  options  and/or  common
          stock of the Company,  as so determined solely by the Board,  based on
          performance  objectives  submitted  annually by senior  management and
          approved by the Board.

     C.   Long-Term  Incentives.  Upon  the  execution  of this  Agreement,  the
          Company  agrees to issue the  Executive the initial grant of stock and
          option award set forth on the term sheet attached hereto as Exhibit A,
          and  incorporated  herein by  reference.  Following  the initial grant
          and/or  option award,  the  Executive  shall be eligible for grants of
          stock options,  restricted stock and/or other long-term incentives, in
          the sole discretion of the Board.

     D.   Benefits.  If, and to the extent that, the Company maintains  employee
          benefit plans for other employees primarily based in China (including,
          but not limited to,  pension,  profit-sharing,  disability,  accident,
          medical,  life  insurance,   and  hospitalization   plans)  (it  being
          understood  that the Company may but shall not be  obligated to do so)
          then (1) the  Executive  shall be entitled to  participate  therein in
          accordance  with the  Company's  regular  practices  with  respect  to
          similarly  situated  senior  executives.  (2) The  Executive  shall be
          entitled to prompt,  normally 15 days or less from receipt of approved
          expenses  incurred  by him in the  course  of the  performance  of his
          duties hereunder,  upon the submission of appropriate documentation in
          accordance with the practices,  policies and procedures  applicable to
          other senior  executives of the Company.  (3) The  Executive  shall be
          entitled to such vacation, holidays and other paid or unpaid leaves of
          absence as are consistent with the Company's normal policies available
          to other senior executives of the Company or as are otherwise approved
          by the Board.

                                       2
<PAGE>

5.  Termination  of  Employment.  Notwithstanding  the  provisions  of Section 2
hereof,  the Executive's  employment  hereunder shall terminate under any of the
following conditions:

     A.   Death. The Executive's employment under this Agreement shall terminate
          automatically upon his death.

     B.   Total  Disability.  The Company shall have the right to terminate this
          Agreement if the Executive becomes Totally  Disabled.  For purposes of
          this  Agreement,  "Totally  Disabled"  means that the Executive is not
          working  and is  currently  unable  to  perform  the  substantial  and
          material  duties of his  position  hereunder  as a result of sickness,
          accident  or bodily  injury  that  lasts for a period of two  calendar
          weeks or more.  Prior to a  determination  that  Executive  is Totally
          Disabled  (which shall be made in the sole discretion of the Company),
          but after Executive has exhausted all sick leave and vacation benefits
          provided by the Company,  if any,  Executive shall continue to receive
          his Base Salary,  offset by any disability benefits he may be eligible
          to receive,  conditioned  on the  execution  by the  Executive  or the
          Executive's  representative  of a  release  of all  employment-related
          claims; provided,  however, that such release shall be contingent upon
          the  Company's  satisfaction  of all  terms  and  conditions  of  this
          Agreement.

     C.   Termination "At Will" By Company. Notwithstanding any provision to the
          contrary, the Executive's employment hereunder is "at will" and may be
          terminated  by the Company with prior  written  notice by the Managing
          Director and/or President and CEO (or Board) to the Executive.

6. Payments Upon Termination.

     A.   Upon termination of Executive's employment hereunder for any reason as
          so provided for in Section 5 hereof, the Company shall be obligated to
          pay and the Executive shall be entitled to receive, within thirty (30)
          days of  termination,  Base  Salary  which has  accrued  for  services
          performed to the date of termination  and which has not yet been paid.
          In addition, the Executive shall be entitled to any vested benefits to
          which he is  entitled  under  the  terms of any  applicable  Executive
          benefit plan or program, vested restricted stock plan and stock option
          plan of the  Company,  and, to the extent  applicable,  short-term  or
          long-term  disability  plan or program with respect to any disability,
          or any life insurance policies and the benefits provided by such plan,
          program or policies,  or  applicable  law as duly adopted from time to
          time by the Board.

     B.   Upon  voluntary  termination  of  employment  by the Executive for any
          reason  whatsoever,  the Company shall have no further liability under
          or in connection  with this  Agreement,  except to provide the amounts
          set forth in Section 6.A.

     C.   Upon  termination  of employment,  the Executive  shall continue to be
          subject to the  provisions of Section 7, hereof.  it being  understood
          and agreed  that such  provisions  shall  survive any  termination  or
          expiration  of the  Executive's  employment  hereunder  for any reason
          whatsoever.

                                       3
<PAGE>

7. Confidentiality;  Return of Property;  Covenant Not To Compete;  Confidential
Information.

     A.   Company  Information.  The  Company  agrees  that it will  provide the
          Executive with Confidential Information,  as defined below, which will
          enable the Executive to optimize the  performance  of the  Executive's
          duties to the Company.  In exchange,  the Executive agrees to use such
          Confidential Information solely for the Company's benefit. The Company
          and the  Executive  agree and  acknowledge  that its provision of such
          Confidential   Information  is  not  contingent  on  the   Executive's
          continued  employment  with the  Company.  "Confidential  Information"
          means any  Company  proprietary  information,  technical  data,  trade
          secrets or know-how,  including, but not limited to, research, product
          plans, products services, customer lists and customers (including, but
          not limited to,  customers of the Company on whom the Executive called
          or with whom the Executive  became  acquainted  during the term of the
          Executive's employment), markets, software, developments,  inventions,
          processes,  formulas,  technology,   designs,  drawings,  engineering,
          hardware  configuration  information,   marketing  finances  or  other
          business information  disclosed to the Executive by the Company either
          directly  or  indirectly   in  writing,   orally  or  by  drawings  or
          observation of parts or equipment.  Confidential  Information does not
          include any of the foregoing items which has become publicly known and
          made generally  available  through no wrongful act of the Executive or
          of others who were under confidentiality obligations as to the item or
          items involved or improvements or new versions.  The Executive  agrees
          at all times  during  the Term and  thereafter,  to hold in  strictest
          confidence,  and not to use,  except for the exclusive  benefit of the
          Company,  or to  disclose  to any  person  or entity  without  written
          authorization   of  the  Board  of  Directors  of  the  Company,   any
          Confidential Information of the Company.

     B.   Former Employer  Information.  The Executive  agrees that he will not,
          during his employment with the Company, improperly use or disclose any
          proprietary  information  or trade  secrets of any former  employer or
          other person or entity and that the Executive  will not bring onto the
          premises  of the  Company  any  unpublished  document  or  proprietary
          information  belonging to any such  employer,  person or entity unless
          consented to in writing by such employer, person or entity.

     C.   Third Party Information. The Executive recognizes that the Company has
          received  and in the future  will  receive  from third  parties  their
          confidential  or  proprietary  information  subject  to a duty  on the
          Company's part to maintain the confidentiality of such information and
          to use it only for certain limited purposes.  The Executive shall hold
          all such  confidential  or  proprietary  information  in the strictest
          confidence  and not  disclose  it to any  person  or  entity or use it
          except as  necessary  in  carrying  out the  Executive's  work for the
          Company consistent with the Company's agreement with such third party.

     D.   Returning Confidential Information.  At the time of leaving the employ
          of the Company,  the  Executive  will deliver to the Company (and will
          not  keep  any  copies  in the  Executive's  possession)  any  and all
          Confidential  Information  or other Company  information  developed in
          whole or part by the Executive during the Executive's  employment with

                                       4
<PAGE>

          the Company or otherwise  belonging to the Company,  its successors or
          assigns.

     E.   Notification of New Employer.  In the event that the Executive  leaves
          the employ of the Company,  the  Executive  hereby  grants  consent to
          notification  by the Company to the Executive's new employer about the
          Executive's rights and obligations under this Agreement.

     F.   Solicitation of Employees.  The Executive  agrees that for a period of
          twenty-four (24) months  immediately  following the termination of the
          Executive's   relationship  with  the  Company  for  any  reason,  the
          Executive shall not either directly or indirectly  solicit,  induce or
          recruit any of the Company's  employees to leave their employment,  or
          take away such  employees,  or attempt to  solicit,  induce,  recruit,
          encourage or take away employees of the Company, either for himself or
          for any other person or entity.

     G.   Covenant Not to Compete.

          (1)  The Executive agrees that during the course of his employment and
               for  twenty-four  (24) months  following the  termination  of the
               Executive's  relationship  with the Company  for any reason,  the
               Executive will not compete,  without the prior written consent of
               the  Company,  as  a  partner,  employee,  consultant,   officer,
               director,  manager,  agent,  associate,  investor,  or otherwise,
               directly  or  indirectly,   own,   purchase,   organize  or  take
               preparatory  steps  for  the  organization  of,  build,   design,
               finance,  acquire,  lease,  operate,  manage,  invest in, work or
               consult  for  or  otherwise  affiliate  with  any  business,   in
               competition with the Company's Chinese  communications  business,
               provided,  however, that the beneficial ownership by Executive of
               up to 5% of the voting  stock of any  corporation  subject to the
               periodic reporting  requirements of the Securities and Securities
               Exchange  Act of 1934  shall  not  violate  this  Section  7. The
               foregoing  covenant  shall cover the  Executive's  activities  in
               every part of the  Territory in which the  Executive  may conduct
               business  during the term of such  covenant  as set forth  above.
               "Territory" shall mean the Peoples Republic of China.

          (2)  The Executive  acknowledges that he will derive significant value
               from the  Company's  agreement  in  Section  7.A to  provide  the
               Executive  with  that  Confidential  Information  to  enable  the
               Executive to optimize the performance of the  Executive's  duties
               to the  Company.  The  Executive  further  acknowledges  that his
               fulfillment  of the  obligations  contained  in  this  Agreement,
               including, but not limited to, the Executive's obligation neither
               to disclose  nor to use the  Company's  Confidential  Information
               other  than  for  the   Company's   exclusive   benefit  and  the
               Executive's  obligation not to compete contained in subsection G.
               above,  is  necessary  to  protect  the  Company's   Confidential
               Information and, consequently, to preserve the value and goodwill
               of the  Company.  The  Executive  further  acknowledge  the time,
               geographic and scope  limitations of the Executive's  obligations
               under subsection (1) above are reasonable, especially in light of

                                       5
<PAGE>

               the Company's desire to protect its Confidential Information, and
               that the Executive will not be precluded from gainful  employment
               if the  Executive  is  obligated  not to compete with the Company
               during the period and within the Territory as described above.

          (3)  The  covenants   contained  in  subsection  (1)  above  shall  be
               construed as a series of separate  covenants,  one for each city,
               county and state of any geographic area in the Territory.  Except
               for  geographic  coverage,  each such separate  covenant shall be
               deemed identical in terms to the covenant contained in subsection
               (1) above.  If, in any judicial  proceeding,  a court  refuses to
               enforce any of such  separate  covenants  (or any part  thereof),
               then  such  unenforceable   covenant  (or  such  part)  shall  be
               eliminated from this Agreement to the extent  necessary to permit
               the  remaining  separate  covenants  (or portions  thereof) to be
               enforced. In the event the provisions of subsection (1) above are
               deemed  to  exceed  the  time,  geographic  or scope  limitations
               permitted by Colorado and U.S. law, then such provisions shall be
               reformed to the maximum time, geographic or scope limitations, as
               the case may be, then permitted by such law.

     H.   Representations.  The  Executive  agrees to execute any proper oath or
          verify any  proper  document  required  to carry out the terms of this
          Agreement.  The Executive  represents  that his performance of all the
          terms of this  Agreement  will not  breach  any  agreement  to keep in
          confidence  proprietary  information  acquired  by  the  Executive  in
          confidence  or in trust  prior to the  Executive's  employment  by the
          Company.  The Executive has not entered into, and the Executive agrees
          that he will not enter into, any oral or written agreement in conflict
          herewith.

8. Arbitration.  Any dispute or controversy  arising under or in connection with
this Agreement  (other than any dispute or controversy  arising from a violation
or alleged  violation by the Executive of the  provisions of Section 7) shall be
settled  exclusively by final and binding  arbitration  in Denver,  Colorado (or
such other location in the United States as determined by the President and CEO)
in accordance with the Employment  Arbitration Rules of the American Arbitration
Association ("AAA"). The arbitrator shall be selected by mutual agreement of the
parties, if possible. If the parties fail to reach agreement upon appointment of
an  arbitrator  within thirty days  following  receipt by one party of the other
party's notice of desire to arbitrate,  the arbitrator  shall be selected from a
panel or panels of persons  submitted by the AAA. The selection process shall be
that which is set forth in the AAA Employment Arbitration Rules then prevailing,
except  that,  if the  parties  fail to  select an  arbitrator  from one or more
panels,  AAA shall not have the power to make an appointment  but shall continue
to  submit  additional  panels  until  an  arbitrator  has been  selected.  This
agreement  to  arbitrate  shall  not  preclude  the  parties  from  engaging  in
voluntary, non-binding settlement efforts including mediation.

9. Notices. All notices and other  communications  hereunder shall be in writing
in the  English  language  and shall be given  (and shall be deemed to have been
duly given upon  receipt)  by  delivery  in person,  by  registered  or recorded
delivery  international  air mail letter or by (and in proving  such it shall be
sufficient to prove that the envelope containing the same was properly addressed
and posted as aforesaid), or facsimile transmission to the respective parties.

                                       6
<PAGE>

China Wi-Max Communications, Inc.
Mr. Steven T. Berman, President and CEO
Denver Tower
1905 Sherman Street, Suite 335
Denver, CO 80203
Fax No. 703.349.4118

if to the Executive:
Dr. David Fu, Chief Engineer, China (CEC)

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

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

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

10.  Amendment;  Waiver.  The  terms and  provisions  of this  Agreement  may be
modified or amended only by a written instrument executed by each of the parties
hereto,  and compliance with the terms and provisions  hereof may be waived only
by a written instrument executed by each party entitled to the benefits thereof.
No failure or delay on the part of any party in exercising  any right,  power or
privilege  granted  hereunder shall  constitute a waiver thereof,  nor shall any
single or partial  exercise of any such right,  power or privilege  preclude any
other or further exercise  thereof or the exercise of any other right,  power or
privilege granted hereunder.

11. Entire Agreement. This Agreement and all Exhibits attached hereto constitute
the entire  agreement  between the parties  with  respect to the subject  matter
hereof and  supersede all prior  written or oral  agreements  or  understandings
between the parties relating thereto.

12.  Severability.  In the event that any term or provision of this Agreement is
found to be  invalid,  illegal or  unenforceable,  the  validity,  legality  and
enforceability  of the remaining terms and provisions hereof shall not be in any
way affected or impaired  thereby,  and this Agreement  shall be construed as if
such  invalid,  illegal or  unenforceable  provision  had never  been  contained
therein.

13. Binding Effect;  Assignment.  This Agreement shall be binding upon and inure
to the benefit of the parties and their  respective  successors  and assigns (it
being understood and agreed that, except as expressly  provided herein,  nothing
contained  in this  Agreement  is intended  to confer  upon any other  person or
entity any rights,  benefits or remedies of any kind or  character  whatsoever).
The Executive may not assign this Agreement without the prior written consent of
the Company.  Except as otherwise  provided in this  Agreement,  the Company may
assign this Agreement to any of its  affiliates or to any successor  (whether by
operation of law or otherwise) to all or  substantially  all of its business and

                                       7
<PAGE>

assets  without the consent of the  Executive.  For purposes of this  Agreement,
"affiliate"  means any entity in which the Company owns shares or other  measure
of ownership representing at least 40% of the voting power or equivalent measure
of control of such entity.

14. Governing Law.

     A.   Choice  of  Law.  This  Agreement,  which  is  in  English,  shall  be
          interpreted in accordance with the commonly  understood meaning of the
          words and phrases  hereof in the United States of America,  and it and
          performance  of the parties  hereto  shall be  construed  and governed
          according to the federal laws of the United  States of America and the
          internal laws of Colorado applicable to contracts made and to be fully
          performed therein,  without regard to its conflicts of law provisions.
          Executive  waives any right he may have  under the law of  Executive's
          Territory  to  have  this   Agreement   written  in  the  language  of
          Executive's  Territory;  provided,  however,  that the English version
          shall govern.

     B.   Jurisdiction.  The parties  irrevocably  submit to the jurisdiction of
          the  courts of  Denver,  Colorado,  U.S.A.;  provided,  however,  that
          nothing herein shall  preclude  Company from  instituting  proceedings
          concerning this Agreement in any place which may have jurisdiction for
          the  purpose of  protecting  and  enforcing  Company's  rights  either
          hereunder or pursuant to any other agreements,  documents, instruments
          or otherwise.

     C.   Waiver of Venue.  Each party hereby  irrevocably  waives any objection
          which it may now or hereafter have to the laying of venue of any suit,
          action or proceeding  relating to this Agreement in Denver,  Colorado,
          U.S.A. and further irrevocably waives any claim that Denver, Colorado,
          U.S.A.  is not a  convenient  forum  for  any  such  suit,  action  or
          proceeding.  Each party  consents to the  enforcement  of any judgment
          rendered  in the  United  States  of  America  in any  action  between
          Executive and Company.  Any and all defenses  concerning  the validity
          and enforceability of the judgment shall be deemed waived unless first
          raised in a court of competent jurisdiction in the United States.

     D.   Lawyers'  Fees. In the event any litigation is brought by either party
          in  connection  with this  Agreement,  the  prevailing  party shall be
          entitled to recover from the other party all the costs,  lawyers' fees
          and  other  expenses   incurred  by  such  prevailing   party  in  the
          litigation.

15. Headings.  The headings of the sections  contained in this Agreement are for
convenience  only and shall not be deemed to control  or affect  the  meaning or
construction of any provision of this Agreement.

16.  Counterparts.  This Agreement may be executed in one or more  counterparts,
each of which  shall be  deemed an  original,  but all of which  together  shall
constitute one and the same instrument.

                                       8
<PAGE>

IN WITNESS THEREOF,  the Company has caused this Agreement to be executed by its
duly  authorized  officer and the Executive has signed this  Agreement as of the
Effective Date.

China Wi-Max Communications, Inc.
By: Steven T. Berman, President and CEO

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

Executive:

---------------------------
Dr. David Fu

                                       9

<PAGE>

  Exhibit A -- Term Sheet -- Initial Award - Dr. David Fu Employment Agreement

I. Options.  Company will grant  Executive a signing bonus of 50,000  options of
the Company  common stock on the Effective  Date  (10/01/09),  based on the fair
market value as of the grant date, and such additional options (covering 150,000
shares in total) as set forth below in paragraph (B).

     A.   For each  option  granted,  the fair  market  value shall be $0.65 per
          share, the price established as of the Effective Date.

     B.   Options  shall be  granted  in  accordance  with this  paragraph  with
          respect  to (i) an  option  to  purchase  50,000  shares  on the first
          anniversary  of the  Effective  Date;  (ii) an  additional  option  to
          purchase  50,000  shares on the second  anniversary  of the  Effective
          Date; and (iii) an additional  option to purchase 50,000 shares on the
          third  anniversary  of the Effective  Date.  In addition,  vesting and
          exercisability   will  be  subject  to  the  Executive  (i)  achieving
          milestones,  if any, established by the Managing Director and/or Board
          in writing on an annual  basis.  In the event of  termination  for any
          reason, all options not yet vested shall be null and void.

     C.   Options will have a term of 3 years from the date of each grant.

     D.   Company will register the shares  subject to the option on Form S-8 or
          such other form as may be available and required,  and shall provide a
          cashless exercise procedure.

II. Change in Control.

     A.   In the event of a Change in Control and to the extent  that  Executive
          is subject to  taxation in the U.S.A.,  Company  will pay  Executive a
          gross-up  payment  to cover the  excise  tax,  if any,  imposed  under
          Section 4999 of the Internal  Revenue Code in  connection  with excess
          parachute  payments as defined in Section 280G of the Internal Revenue
          Code.

     B.   For  purpose  of the  options,  "Change  in  Control"  means:  (a) the
          consummation of a merger or  consolidation of the Company with or into
          another entity or any other transaction, where the stockholders of the
          Company  immediately  prior  to such  merger,  consolidation  or other
          transaction  own or beneficially  own  immediately  after such merger,
          consolidation  or other  transaction less than 50% of the voting power
          of the  outstanding  securities  of  each  of (i)  the  continuing  or
          surviving entity and (ii) any direct or indirect parent entity of such
          continuing  or  surviving  entity;  (b) the  sale,  transfer  or other
          disposition of all or  substantially  all of the Company's assets to a
          Person  which  is  not  owned  or  controlled  by the  Company  or its
          stockholders  immediately  prior  to  such  sale,  transfer  or  other
          disposition; (c) individuals who, 30 days following the effective date
          of this Agreement,  constitute the Board (the "Incumbent Board") cease
          for any  reason  to  constitute  at  least a  majority  of the  Board;
          provided,  however, that any individual becoming a director thereafter
          whose   election,   or  nomination   for  election  by  the  Company's
          shareholders,  was  approved  by a vote of at least a majority  of the
          directors then  comprising the Incumbent  Board shall be considered as
          though such  individual  were a member of the Incumbent  Board; or (d)
          any  transaction  as a result of which any  person is the  "Beneficial
          Owner" (as defined in Rule 13d-3 under the Exchange Act),  directly or
          indirectly,  of securities of the Company representing at least 50% of
          the total voting power  represented by the Company's then  outstanding
          voting  securities.  For  purposes  of this  definition  of  Change in

                                       10
<PAGE>

          Control,  the term "Persons" means, acting individually or as a group,
          an   individual  or  a   corporation,   Limited   Liability   Company,
          partnership,   joint  venture,  trust,  unincorporated   organization,
          association,  government  agency or political  subdivision  thereof or
          other entity.

                                       11

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