Document:

Exhibit
10.3

** Certain information in this
exhibit has been omitted and has been filed separately with the Securities and
Exchange Commission pursuant to a confidential treatment request under Rule
24b-2 of the General Rules and Regulations under the Securities Exchange Act of
1934.

ASSET PURCHASE AGREEMENT

This Asset
Purchase Agreement (“Agreement”) is entered into on this 28th day of April, 2006 effective as of the
commencement of business on May 1, 2006 (the “Effective Date”) by and
among:

New Horizons Computer
Learning Center of Atlanta, Inc., a Delaware corporation (“Seller”),
together with its direct or indirect parent corporation, New Horizons
Worldwide, Inc. (“Parent”), on the one hand;

GBWH Atlanta,
LLC, a Georgia limited liability company (“Buyer”); and

David L.
Weinstein, Robert J. Hussey, III, Stanley Graber and Joel W. Brown, each a
natural person and, together, owners of membership interests of the Buyer (“Owners”).

Buyer, Owners,
Seller and Parent are hereinafter sometimes individually referred to as a “Party”
or collectively as the “Parties”.

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller,
substantially all of Seller’s assets related to Seller’s computer training
business located in Atlanta, Georgia (the “Business”); and

WHEREAS,
concurrent with the transactions described in this Agreement, Buyer desires to
become a franchisee of New Horizons Franchising Group, Inc. (“Franchisor”)
in Atlanta, Georgia, it being understood that Franchisor is an affiliate of
Seller and direct or indirect subsidiary of the Parent.

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein,
the Parties agree as follows:

Section 1                                           Purchase and Sale of Assets; Excluded Assets

1.1                                 Purchased Assets. 
Pursuant to the terms and subject to the conditions set forth in this
Agreement, on the Closing Date herein below provided for but effective as of
the Effective Date, Seller hereby agrees to sell, grant, transfer, convey,
assign and deliver to Buyer, and Buyer agrees to purchase and acquire from
Seller, all of the properties, assets and rights owned, used, acquired for use,
or arising or existing in connection with the Business, whether tangible or
intangible, and whether or not recorded on Seller’s books and records, except
for and excluding the Retained Assets provided for in Section 1.2 below (all
the foregoing being collectively

referred
to as the “Purchased Assets”). 
The Purchased Assets shall include, but not be limited to, the
following:

(A)                              All rights of Seller under its occupancy
leases (the “Facilities Leases”) covering (y) the facilities at
53 Perimeter Center East, Atlanta, Georgia (the “Perimeter Center Lease”),
and (z) the facilities at Newmarket Center, 2060 Lower Roswell Road,
Suite 400, Marietta, Georgia (the “Newmarket Center Lease” and, together
with the Perimeter Center Lease, the “Leased Premises”), a true and
complete copy of the Facilities Leases being included at Schedule 1.1(A) attached hereto;

(B)                                All of Seller’s (x) vehicles used in
connection with the conduct of the Business (“Vehicles”), (y)
furniture, furnishings, fixtures, equipment, machinery, trade fixtures,
leasehold improvements, computers, computer discs, telephone systems and
security systems (“Equipment”), and (z) supplies, training and
course materials, computer training kits and manuals, catalogs, advertising
copy and other properties of a similar type used or held for use in the conduct
of the Business (“Inventory” and, together with the Vehicles and
Equipment, whether owned or leased, the “Tangible Personal Property”), a
listing of all of which is included at Schedule
1.1(B) attached hereto (which Schedule indicates whether the
Vehicles and Equipment are owned or leased and, if leased, includes a full and
complete copy of the lease or other agreement(s) governing the same);

(C)                                All of Seller’s (u) telephone and
facsimile numbers, (v) permits and other governmental authorizations
pertaining to the Business, to the extent such authorizations may legally be
assigned (“Governmental Permits”), (w) goodwill with customers,
vendors or prospective customers, and all customer lists, relating to the
conduct of the Business (“Goodwill”), (x) security or similar
deposits relating to the Business including, but not limited to, the security
deposits made under the Newmarket Center Lease, but (i) such shall exclude
security deposits under the Cisco Equipment Lease as defined in Section 1.2(E)
or under any lease or agreement not comprising a part of the Assigned
Contracts, and (ii) Buyer shall repay to Seller the security deposits released
and paid to Buyer, as same occurs, under the Perimeter Center Lease (“Deposits”),
(y) prepaid advertising (inclusive of yellow page advertising), prepaid
expenses and other prepayments relating to the conduct of the Business (“Prepayments”),
and (z) all other intangible assets relating to the Business or any of
the Purchased Assets (the foregoing being collectively called the “Intangible
Personal Property”), a listing of all of which is included at Schedule 1.1(C) attached hereto;

(D)                               All of Seller’s software (including rights
under Seller’s software licenses), including SAGE accounting software, and
other software used in the conduct of the Business (“Software”), but
excluding the CMS software otherwise provided for in the Franchise Agreement
(as defined in Section 3.5(B)), a listing of the Software being included at Schedule 1.1(D) attached hereto (and, as to
each, identifying whether such is owned by Seller or licensed for use by Seller
and, if licensed, the name of the licensor and material terms governing Seller’s
right to use same in connection with the Business);

(E)                                 All of Seller’s accounts and notes
receivable, and other rights to receive payment, from customers, employees or
others arising from the conduct of the Business

 2
 

(“Receivables”),
a listing of all of which (showing, as to each, the name of the account debtor,
the amount owed and an aging schedule thereof) is included at Schedule 1.1(E) attached hereto;

(F)                                 Except as provided in Section 1.2(E), all
rights of Seller under any agreements or contracts (“Assigned Contracts”)
which relate to or arise from the operation of the Business and are accepted by
the Buyer, including any thereof with customers or prospective customers which
benefit the Business from and after the Effective Date, including, but not
limited to, computer training center agreements and, further, including all
rights to receive payment from customers for services to be performed and
invoiced after the Effective Date (“Customer Contracts”), including
without limitation the right to payment with regard to coupon sales and
redemptions, PC Club sales, corporate technical club sales or applications, and
future training classes, a listing of all of which Assigned Contracts is
included at Schedule 1.1(F)
attached hereto; and

(G)                                Seller’s book and records, books of account,
files, invoices, accounting records, and correspondence relating to any of the
foregoing (“Records”).

1.2                                 Retained Assets. 
Notwithstanding the provisions of Section 1.1, the Purchased Assets
shall not include any of the following (the “Retained Assets”):

(A)                              Any Customer Contracts between Seller’s
affiliate and third party customers for the delivery of training managed
through the Enterprise Learning Solutions department of Seller’s affiliate,
provided that Buyer shall be entitled to deliver training in its capacity as a
New Horizons franchisee and shall be deemed the “selling center” which shall
entitle Buyer to receive customary revenue sharing offered by the Enterprise
Learning Solutions department of Seller’s affiliate;

(B)                                Seller’s cash and cash deposits;

(C)                                Seller’s rights under this Agreement;

(D)                               Seller’s corporate minute books, stock
records and tax returns or other similar corporate books and Records relating
to the Business, to any of the Retained Assets, to any liability or obligation
of the Seller not comprising a part of the Assumed Liabilities, or to the
negotiation and consummation of the transactions provided for in this
Agreement, and those Records originals of which Seller is required to maintain
under applicable law;

(E)                                 Seller’s rights arising under any contracts
or agreements which are not among the Assigned Contracts, which includes
without limitation (i) the rental agreements with Minolta Business Solutions covering
office copy machines, (ii) the lease covering premises located in Tucker,
Georgia, and (iii) the Master Lease between Parent, as lessee, and Sunrise
International Leasing Corporation dated September, 2004 covering certain Cisco
equipment, which items of equipment shall be removed from the Leased Premises
promptly following the Closing by and at the cost of the Seller or Parent (the “Cisco
Equipment Lease”);

(F)                                 Any rights of Seller relating to its conduct
of the Business which arise from or are related to services previously provided
by the regional office of Seller’s affiliate

 3
 

(such
as accounting, payroll, legal or other similar services, except as otherwise
expressly provided herein); and

(G)                                Any assets of any of Seller’s affiliates.

Section 2                                             Purchase Price

2.1                                 Closing Payment.  In
consideration for the transfer of the Purchased Assets, Buyer shall on the
Effective Date pay to the Seller the following amounts (the “Purchase Price”):

(A)                              Cash Payment.  The
sum of Four Hundred and Twenty-Five Thousand ($425,000.00) Dollars (the “Cash
Payment”) in the form of a wire transfer or as directed by Seller; and

(B)                                Assumption of Liabilities.  An
agreement (the “Assignment and Assumption Agreement”) in form and
content as provided for in Section 3.2(A)(1) obligating Buyer to assume Seller’s
obligations with regard to, and to indemnify and hold harmless the Seller from,
the Assumed Liabilities as defined in Section 2.2(A) below.

2.2                                 Assumed and Retained Liabilities.

(A)                              Assumed Liabilities.  The
following shall constitute, and are herein together referred to as, the “Assumed
Liabilities”:

(1)                                  Those liabilities
which (a) are identified on Schedule
2.2(A)(1) attached hereto (including outstanding purchase orders,
trade accounts payable and accrued liabilities and expenses reflected on said
Schedule) and (b) consist of any trade payables not so listed if (i) neither
Seller nor Parent have “Knowledge” (which term, when used in reference
to any person, means matters which are known to such persons and matters which
might reasonably be discovered by them in the exercise of due inquiry,
excluding inquiry of any adverse party to this Agreement) thereof, (ii)
invoices are delivered to Buyer promptly following their receipt or discovery,
(iii) [***************************************************************], and
(iv) such liabilities are listed in the Supplemental Schedule provided for in
Section 3.2(G)(2) (the “Assumed Balance Sheet Liabilities”);

(2)                                  Subject to the provisions set forth in
Section 3.3(D) and the exclusion provided for in Section 2.2(B)(4)(e), the
Seller’s obligations to all individual and corporate customers to provide
training which has been purchased by such customers prior to the Effective Date
but not yet delivered as of the Effective Date (the “Training Obligations”);

(3)                                  Any obligation for
cash refunds to customers in respect to any prepaid training, except to the
extent such constitutes a Retained Liability under Section 2.2(B)(4)(e);

(4)                                  Any obligation to pay
for training provided by any other franchisee or affiliate of the Franchisor in
respect to national training coupons sold by Seller, except to the extent such
constitutes a Retained Liability under Section 2.2(B)(4)(f);

 4
 

(5)                                  Any
debt, liability or obligation accruing from and after the Effective Date under
or pursuant to any of the Assigned Contracts;

(6)                                  Any debts, liabilities or obligations
incurred by Buyer, or actions, claims or lawsuits asserted against either Buyer
or Seller, which relate to the operation of the Business on or after the Effective
Date; and

(7)                                  Any
claim (and any liability resulting therefrom) against Seller which is made by a
person employed by Seller immediately prior to the Effective Date which is
based solely upon Buyer’s failure or refusal to make an offer of employment to
such person as of the Effective Date (but excluding claims arising from any
other circumstances, including but not limited to, any agreements existing or
alleged to exist between Seller and any such person, or any claims under the
Worker Adjustment and Retraining Notification Act, 29 U.S.C. §§2101-2109, as
amended, or any claims under the Employee Retirement Income Security Act of
1974, as amended).

(B)                                Retained Liabilities. 
Buyer shall not be obligated to pay, perform or abide by, and Seller
shall retain exclusive responsibility for, any liabilities, debts, obligations,
undertakings or commitments of the Seller (the “Retained Liabilities”),
other than the Assumed Liabilities. 
Except for Assumed Balance Sheet Liabilities identified and set forth on
Schedule 2.2(A)(1) (as amended by the Supplemental Schedule), the Retained
Liabilities shall include, but not be limited to, the following:

(1)                                  Any sales, use, income, gross receipts,
excise, franchise, employment, withholding or other imposition, duty or tax (each,
a “Tax”) imposed by or payable to any governmental body, federal, state
or local, on or with respect to any period prior to the Effective Date or in
respect to the sale and transfer of the Purchased Assets or the Assumed
Liabilities;

(2)                                  Any liability or
obligation accruing prior to the Effective Date in respect to (a) any employee
benefit plan or any other employee benefit arrangement or commitment which is
or has been maintained or contributed to by Seller, (b) any portion of any
bonuses earned or accrued upon the basis of any events occurring prior to the
Effective Date, (c) any accrued vacation benefits, or (d) any obligation to
reimburse any employee for expenses incurred prior to the Effective Date;

(3)                                  Any liability or obligation which, absent this
provision, comprises a part of the Assumed Liabilities but which is covered by
any insurance policy maintained by Seller or any of Seller’s affiliates (but,
then, only to the extent of such insurance coverage);

(4)                                  Any (a) inter-company
charges or amounts due Parent or any affiliate of Seller or Parent, (b) claims
relating to inter-franchise payment obligations which are based on the
non-payment of amounts owing any other franchisee of the Franchisor, (c)
amounts due for borrowed money, (d) obligations arising under any agreement,
instrument or other contractual undertaking or commitment that is not an
Assigned Contract or which is not an Assumed Liability, (e) obligations to
refund prepayments by customers which Seller received without providing any training
prior to the Effective Date or which prepayments represent

 5
 

duplicate payments, or (f) inter-franchise obligations relating to (i)
payment for training programs sold to Harris Lanier Worldwide or (ii) payment
for training provided by franchisees of the Franchisor other than the Buyer or
its affiliates upon redemption of national training coupons sold by Seller
prior to the Effective Date in circumstances where same are redeemed more than
one (1) year after the issuance of such coupons.

(5)                                  [****************************************************];

(6)                                  Any (a) liability or
obligation to indemnify any director, officer, employee or agent of Seller,
except with regard to indemnification obligations owed to Seller or Parent from
Buyer and/or Owners arising under this Agreement, (b) liability arising out of
or in connection with any violation of a statute or governmental rule,
regulation, directive or other requirement, and any liability or obligation of
a conditional, contingent or similar nature, or (c) liability or obligation
which arises from or is based on a claim for injury to or death of persons, or
damage to or destruction of property, regardless of when asserted, but which
arises from facts or circumstances which occurred prior to the Effective Date;

(7)                                  Any liability or
obligation relating to the Cisco Equipment Lease or a Minolta copy machine
leased by Seller for use in the Leased Premises;

(8)                                  Any liability or
obligation relating to the premises previously occupied by Seller in Tucker,
Georgia (including, but not limited to, repairs, maintenance or deferred
maintenance, common area maintenance or other charges for the use of any common
areas, rental payments, taxes, insurance, or other charges) or relating to the
move of Seller’s assets and Business from the premises in Tucker, Georgia to
either of the Leased Facilities;

(9)                                  The obligations of
Seller, Parent or their affiliate(s) on any guaranty of the Facilities Leases
(but subject to the provisions set forth in Section 4.1) or for the making of
or payment for any tenant improvements or similar charges relating to the
Perimeter Center Lease; and

(10)                            Any debts, liabilities or
obligations incurred by Seller, or actions, claims or lawsuits asserted against
either Buyer or Seller which relate to the operation of the Business prior to
the Effective Date, except for matters which arise from or relate to (y)
the Assumed Liabilities, and/or (z) the Training Obligations.

Section 3                                             Closing and Closing
Date

3.1                                 Closing Date.  The
consummation of the transactions provided for in this Agreement (the “Closing”)
has been held on the date of this Agreement (the “Closing Date”)
effective as of the Effective Date.

3.2                                 Acts of Seller and Parent.  At
the Closing, Seller and Parent, or whichever thereof may have been required by
the circumstances, have taken such actions and executed and delivered, or
caused to be executed and delivered, to Buyer such certificates, instruments
and documents, as are required by this Agreement or as are required to give
full effect to the

 6
 

transactions
provided for herein.  Such actions and
materials include, but are not limited to, the following:

(A)                              Conveyance Documentation. 
Seller has executed and delivered to Buyer or shall execute and deliver
to Buyer (with such acknowledgments required by the circumstances) documents of
conveyance which are required to convey to Buyer the Purchased Assets free and
clear of all restrictions or conditions to sale, conveyance or transfer and
free and clear of all liens, mortgages, pledges, encumbrances, charges, claims,
security interests, Taxes, conditions or restrictions of any nature or
description whatsoever (“Liens”) (other than those identified on Schedule 3.2(A) hereto, the “Permitted
Liens”) and consistent with the other requirements of this Agreement.  Except as otherwise expressly provided in this
Agreement, the Purchased Assets are being sold “as is, where is” without any
express or implied warranties whatsoever. 
Without limiting the generality of the foregoing, the documents of
conveyance shall include the following:

(1)                                  An assignment and
assumption agreement (“Assignment and Assumption Agreement”) in form and
content substantially as shown on Exhibit A
attached hereto pursuant to which, among other things, the Seller conveys and
assigns to Buyer all right, title and interest of Seller arising under,
provided for in, or governed by any Assigned Contracts (other than the
Facilities Leases);

(2)                                  An assignment and
assumption agreement (“Assignment of Lease”) in form and content
substantially as shown on Exhibit B
attached hereto pursuant to which, among other things, the Seller conveys and
assigns to Buyer all right, title and interest of Seller arising under,
provided for in, or governed by the Newmarket Center Lease (included herewith
at Exhibit B-1) and the Perimeter
Center Lease (included herewith at Exhibit
B-2); and, therewith, Seller shall deliver a writing signed by the
landlords named in the Facilities Leases or other person whose approval or
consent is required in connection therewith setting forth, in form and content
reasonably acceptable to the Buyer, such person’s consent to said assignment
and certifying to the Buyer the date to which rents have been paid under the
Facilities Leases, the amount of any security or other deposit held by such person
in respect thereto, and the non-existence of any fact, occurrence or
circumstance known by such person which would, with or without the giving of
notice and/or lapse of time, constitute a default by the Seller under the
Facilities Leases;

(3)                                  A bill of sale (“Bill of Sale”) in
form and content substantially as shown on Exhibit
C attached hereto and conveying to Buyer all of the Purchased Assets
(other than as provided for in the Assignment and Assumption Agreement, the
Assignment of Lease, the Sublease or in any document of title provided for in
Section 3.2(A)(4) below;

(4)                                  An endorsement and delivery of certificates
of title required to effectuate the transfer to Buyer of any Vehicles or other
Equipment, and any instruments the endorsement and delivery of which is
required to effectuate transfer to Buyer; and

(5)                                  The written consent to assignment (in form
and substance reasonably satisfactory to Buyer) of third persons whose approval
of any conveyance

 7
 

contemplated
herein is required in order to comply with the requirements of any agreement or
legal requirement binding on the Seller, Parent or their affiliates.

(B)                                Delivery of Possession. 
Seller has delivered or will deliver to Buyer, or cause to be delivered
to Buyer, physical possession of all Records, the originals of all Assigned
Contracts, and other tangible properties comprising any part of the Purchased
Assets, and all keys, combinations and other mechanisms for controlling access
to the Leased Premises and to any lock box or other repository to which
Receivables or other correspondence of Seller is routinely received.

(C)                                Receivables.  Seller maintains with Wachovia Bank (the “Custodial
Bank”) administrative arrangements regarding the collection of
Receivables.  Such arrangement provides
for a lock box arrangement with all items of payment delivered thereto.  At the Closing, Seller will deliver, or cause
to be delivered, to the Custodial Bank a writing which cancels the account/lock
box arrangement and irrevocably instructs the Custodial Bank to remit directly
to Buyer all correspondence, items of payment and other materials received by
it pursuant to any arrangements maintained with the Seller.  To the extent that Seller shall, from and
after the Effective Date, receive any items of payment or be credited with any
items of payment in respect to any Receivables, Seller will promptly account to
Buyer and pay to Buyer such amounts.

(D)                               Closing Certificates.

(1)                                  Seller and Parent will cause the Franchisor
to execute and deliver to Buyer a certificate dated as of the Effective Date
and to the effect that the execution of the Franchise Agreement with Franchisor
shall comply with federal and state law regarding the sale of franchises in the
State of Georgia.

(2)                                  Parent’s President
and Chief Financial Officer shall execute and deliver to Buyer a certificate
dated as of the Effective Date and to the effect that: (a) the indebtedness of
Parent and its affiliates (including the Seller) secured by UCC financing
statements filed in favor of Bank of America, N.A., as agent, has been assigned
to and is held by Wells Fargo Bank, N.A., as agent; (b) the total indebtedness
owing to Wells Fargo Bank, N.A. is in an amount not exceeding the sum set forth
in said Certificate; (c) neither the Parent nor any of its affiliates shall
make any further or additional borrowings in respect thereto; and (d)
arrangements for the release of the Liens upon the assets of Seller have been
agreed to with the named lender which permit procurement of such releases
without requiring any further act or payment by the Parent, Seller or any other
affiliates thereof.

(E)                                 Secretary’s Certificate; Resolutions.  The
secretary or other executive officer of Seller and Parent have delivered or
shall deliver to Buyer a certificate, dated as of the Effective Date, and to
the effect (i) that all action required to authorize and direct the Seller’s
and Parent’s execution and performance of this Agreement and any other
agreement or instrument of conveyance provided for herein has been taken; and
(ii) that all such action so taken remains in effect without modification or
revocation.  There shall be or is
attached to such certificate a true and complete copy of the resolutions
adopted by Seller’s and Parent’s governing bodies which are required in order
to effectuate such actions.

 8
 

(F)                                 Seller’s Name. 
Seller agrees to and shall permit Buyer to use the name “New Horizons
Computer Learning Center of Atlanta” as a fictitious business name for
so long as the Franchise Agreement remains in effect and, in that regard, shall
(i) from time to time at or after the Closing, execute such documents and take
such actions as are reasonably requested by Buyer to effectuate such result and
(ii) refrain from using or permitting others to use such name or any name
similar thereto in the active conduct of business which is competitive with the
business of Buyer conducted under that name.

(G)                                Acts Following Closing

(1)                                  Lien Releases.  Within thirty (30) days following the
Effective Date (or, where a longer period is required for reasons beyond the
control of the Seller or Parent, then up to sixty (60) days following the
Effective Date), the Seller has caused or shall have caused any Liens of record
existing in respect to any of the Purchased Assets to be terminated or
otherwise released.

(2)                                  Supplemental
Schedules.  Because of the delay
customarily occurring in the posting of certain items to the books and records
of Seller, certain of the Schedules provided herewith by Seller reflect
information existing as of March 31, 2006 or a later date, but are incomplete
as of the Effective Date.  Therefore,
within thirty (30) days following the Effective Date, Seller shall deliver to
Buyer a schedule (the “Supplemental Schedule”) updating the listings,
documents and materials provided for in each of (a) Schedule 1.1(E) pertaining
to Receivables, (b) Schedule 1.1(F) pertaining to Assigned Contracts, and (c)
Schedule 2.2(A)(1) pertaining to Assumed Balance Sheet Liabilities.

(3)                                  Deliveries
Regarding Receivables.  From time to
time at the request of Buyer, Seller will provide Buyer with such assistance as
Buyer shall reasonably request in order to enable Buyer to enjoy the benefits
intended to be conveyed with regard to the Receivables (but no such request
shall require the expenditure of funds by, or require anything other than
telephone consultations or execution of letters or other written communications
to customers of Seller or issuers of credit cards honored by Seller in respect
to the Receivables).

3.3                                 Acts of Buyer and Owners.  At
the Closing (or, as to payments provided for in Clause (A) below, on the
Effective Date), Buyer and Owners, or
whichever thereof is required by the circumstances, will execute and deliver or
cause to be executed and delivered to Seller and Parent, or whichever thereof
shall be required by the circumstances, such certificates, instruments and
documents as are required by this Agreement or as are required to give full
effect to the transactions provided for herein. 
Such shall include, but not be limited to, the following:

(A)                              Cash Payment. 
Buyer shall (i) pay to Seller the Cash Payment as provided for in
Section 2.1(A) and (ii) pay to Franchisor the sum of Seventy-Five Thousand
($75,000.00) Dollars in full satisfaction of Buyer’s obligation to pay an
initial franchise fee (the “Initial Franchise Fee”) in connection with
the matters provided for in Section 3.5(B) below.

(B)                                Assumption.  Buyer will execute and
deliver, or has executed and delivered, to Seller (i) the Assignment and
Assumption Agreement pursuant to which, among

 9
 

other things, the Buyer assumes the Assumed Liabilities and all
obligations accruing on or after the Effective Date under any of the Assigned
Contracts, and (ii) the Assignment of Lease pursuant to which, among other
things, the Buyer assumes the obligations of Seller under the Newmarket Center
Lease and the Perimeter Center Lease to the extent such obligations accrue from
and after the Effective Date.

(C)                                Secretary’s Certificate; Resolutions.  The
secretary or other officer of Buyer has delivered or shall deliver to Seller a
certificate, dated as of the Effective Date, and to the effect that all action
required to authorize and direct the execution and performance of this
Agreement and any other agreement or instrument of conveyance provided for herein
has been taken; and that all such action so taken remains in effect without
modification or revocation.  There shall
be attached to such certificate a true and complete copy of the resolutions
adopted by the members of Buyer authorizing such actions.

(D)                               Acts Following Closing: Training Obligations.  Buyer
has determined that the procedures required to be followed by NPEC which are
necessary to be complied with in order for Buyer to enjoy the benefits of this
Agreement are such that Buyer’s application may not be submitted nor acted upon
until after the Closing hereunder.  Buyer
agrees (i) to make timely application to NPEC for such permits and licenses as
may be required for such purposes, (ii) to notify Seller of any progress
occurring with regard thereto, and (iii) to obtain final approval of such
permits and licenses from NPEC no later than ninety (90) days after the
Effective Date, failing in which Buyer shall be responsible for paying for the
delivery of training sufficient to meet the Seller’s training obligations.

3.4                                 Prorations at
Closing.  Any and all real property
Taxes, personal property taxes, assessments, lease rentals, and other charges
applicable to the Leased Premises, the Purchased Assets or the Assumed
Liabilities will be prorated to the Effective Date, and such Taxes and other
charges shall be allocated between the Parties by adjustment at the Closing, or
as soon thereafter as the Parties may agree. 
The Facilities Leases permit the landlords therein named to charge the
tenant for any incremental common area or other expense items provided for in
the Facilities Leases to the extent the annual costs relating thereto exceed
the amounts paid by the tenant during a calendar year and, therefore, Seller
will reimburse Buyer for its share of any such incremental charges imposed at
the end of the year 2006, such being one-third (1/3rd) in the case of the Newmarket Center
Lease and one-ninth (1/9th) in
the case of the Perimeter Center Lease.

3.5                                 Other Agreements.  In
addition to the matters provided for elsewhere in this Agreement, at or prior
to the Closing, the Parties shall additionally execute, or cause their
affiliates named therein to execute, the following separate agreements:

(A)                              Employment Arrangements. 
Notwithstanding any restrictions to the contrary contained in this
Agreement or in any other agreement contemplated hereby, Seller shall permit
Buyer to offer employment to, and to employ, such Persons employed in
connection with the operation of the Business as may be designated by Buyer.

(B)                                Franchise Agreement.  Buyer
and New Horizons Franchising Group, Inc., an affiliate of Seller and
wholly-owned direct or indirect subsidiary of Parent, as franchisor (the “Franchisor”),
shall execute a ten (10) year
franchise agreement (the “Franchise Agreement”).

 10
 

(C)                                Consents and Approvals.  All
consents, approvals or authorizations of any governmental agency (including the
Nonpublic Postsecondary Education Commission (“NPEC”)), the landlords
named in the Facilities Leases and any other person whose approval is required
to assign and convey to the Buyer the Assigned Contracts and any other
Purchased Assets shall have been obtained on terms satisfactory to the Buyer
and shall be in full force and effect; and, except as contemplated in Section
3.3(D), all Permits required to allow Buyer to conduct the operations of the
Business following the Effective Date shall have been assigned to Buyer by
Seller or otherwise obtained by Buyer. 
In connection herewith, Buyer agrees, consistent with applicable law and
circumstances, to expeditiously take such actions as are required to obtain the
approval of NPEC to the transfer of Seller’s applicable licenses or, if such is
not assignable, to initiate and diligently undertake to obtain such NPEC
approval as may be required.  Buyer
agrees to provide all reasonably required information to NPEC and to pay any
necessary fees associated with such approval.

Section 4                                             Additional Covenants
and Agreements

4.1                                 Indemnity of Owners
Regarding Guarantee of Facilities Leases. 
Together with the requirements set forth in this Agreement, the Buyer
and certain other organizations affiliated by common ownership with the Buyer
are acquiring, by way of sublease or assignment, the leasehold interests of
Seller and certain other corporations affiliated by common ownership with the
Seller.  Such leasehold interests, which
include those created by the Facilities Leases, are herein together referred to
as the “Occupancy Leases”.  Parent
is or may be a guarantor or otherwise obligated for the performance by the
tenant or lessee named in the Occupancy Leases, which tenant or lessee will
include the Buyer or its affiliates from and after the Effective Date, and
Parent may not be permitted to modify or cancel its guaranty of the Occupancy
Leases in connection with the assignments of the Occupancy Leases.  Accordingly, Parent may remain liable on the
Occupancy Leases in the event Buyer is unable to perform thereunder as required
in the Assignment of Lease or Sublease. 
In consideration of the transfers contemplated in this Agreement and the
assignment (or subletting) of the Occupancy Leases, the Owners agree to and do
hereby jointly and severally indemnity and agree to hold Parent harmless of and
from any claims made by the landlords named in the Occupancy Leases based on a
breach by Buyer (or any affiliated entity of the Buyer) of any such Occupancy
Lease; provided, however, the aggregate liability of the Owners
hereunder in respect to all of the aforesaid Occupancy Leases (and without
duplication by reason of any similar provision appearing in the agreements
executed by Owners relating to the purchases being contemporaneously made by
Buyer’s affiliates) shall be and is limited to the aggregate sum of Two Hundred
and Fifty Thousand Dollars ($250,000) minus Fifty Thousand Dollars
($50,000) for each year (12 months) after the Effective Date; i.e., if no
demand has been made upon Parent for payment under any of the Occupancy Leases
(or any guaranty or other document executed by Parent in connection therewith)
prior to each succeeding annual anniversary of the Effective Date, then the
liability of Owners in respect to their indemnity provided for herein shall be
reduced by Fifty Thousand Dollars ($50,000) on each such anniversary date.

4.2                                 Non-Solicitation. 
Excluding persons employed by Seller in connection with the Business to
whom Buyer shall make offers of employment as provided for in Section 3.5(A),
Buyer and Seller agree not to solicit, recruit or hire any employees of the
other

 11
 

Party,
or the other Party’s affiliates, for so long as the Franchise Agreement remains
in effect or, if a shorter period of time, for six (6) months following the
termination of the employee’s employment with such Party or such Party’s
affiliates.

4.3                                 Customer Records. The Parties will maintain the
confidentiality of all customer records and files in accordance with applicable
federal and state laws and regulations. 
On the Closing Date, Seller agrees to deliver to Buyer all original
customer records and files that relate to the purchase and delivery of computer
training for the Business, including the files which relate to the Training
Obligations.  In the event that Seller is
audited by any federal, state or local entity following the Effective Date,
Buyer shall provide Seller or its designees with reasonable access, during
normal business hours, to all original customer files related to the Purchased
Assets.

4.4                                 Insurance.  If Seller or Parent or any of
their affiliates possess insurance which provides coverage in respect to any
claim of loss made after the Effective Datelosing, then such insurance shall be
deemed primary coverage for any such loss and Seller, Parent and their
affiliates agree to cooperate with the Buyer in filing and prosecuting any
claim of loss relating to such matters. 
For a period of not more than three (3) years following the Effective
Date, Buyer agrees to maintain general liability insurance in the amount of
$1,000,000 per claim and $1,000,000 in the aggregate; and, upon written request
by the Seller, Buyer will provide Seller with certificates of insurance naming
Seller or its affiliated companies as additional insureds in order to ensure
that Buyer is able to meet its indemnification obligations hereunder.

4.5                                 Further Assurances.  Each
of the Parties agree to use their best efforts to timely satisfy any conditions
to Closing provided for herein and to assist each other in doing such things
and matters as are required to consummate the transactions provided for
herein.  Without limiting the generality
of the foregoing, the Seller and Parent agree to assist the Buyer in procuring
timely transfer of all Assigned Contracts (including licenses, authorized
training center agreements, vendor contracts and Software licenses).

4.6                                 Announcements; Confidentiality.  The
Parties (or certain of the Parties or their predecessors) have previously
executed a Confidentiality Agreement in connection with the transactions
contemplated herein.  As of the Effective
Date, said Confidentiality Agreement shall be of no further force or effect
and, instead, the Parties agree as follows:

(A)                              Confidentiality Agreement. 
Except to the extent of the representations and warranties provided for
in this Agreement, no Party shall have any liability to the other based on any
claim that the information provided by such Party pursuant to the
Confidentiality Agreement was untrue, incomplete or misleading in any way.  Rather, the Parties shall be entitled to rely
only upon the representations and warranties set forth or provided for in this
Agreement.

(B)                                Public Announcements.  The
Seller and Parent, on the one hand, and Buyer and Owners, on the other hand,
will consult with each other before issuing any press release or otherwise
making any public statement with respect to the transactions contemplated herein
and shall not issue any such press release or make any such public statement
without the approval of the others, unless counsel has advised such Party that
such release or other public

 12
 

statement
must be issued immediately and the issuing Party has not been able, despite its
good faith efforts, to secure the prior approval of the other Parties.

Section
5                                             Representations and
Warranties of Seller And Parent.  Each of Seller and/or Parent,
or whichever thereof is referred to or as the circumstances require (and, if
both, then jointly and severally), represents and warrants to the Buyer and
Owners as follows:

5.1                                 Organization and Existence. 
Seller and Parent are Delaware corporations, duly organized, validly
existing and in good standing under the laws of the State of Delaware and each
has all necessary corporate power to own its assets (including the Purchased
Assets) and to operate its business (including the Business) as now owned and
operated by them.  Seller is duly
qualified and in good standing under the laws of the State of Georgia and in
any other jurisdiction wherein the nature of the activities conducted or the
character of the assets owned require such qualification or licensing, and
where a failure to be so qualified or licensed would adversely affect (i) the
value of the Purchased Assets, or (ii) the amount of the Assumed
Liabilities.  Seller does not conduct any
of the Business through any subsidiary, joint venture, partnership, or other
Affiliate; and Seller does not maintain any offices, places of business, or
personnel assigned to locations outside of the State of Georgia.

5.2                                 Authority.  Seller and Parent each has the
full legal right, power, capacity, and authority required to enter into and
perform its obligations under this Agreement. 
All approvals of the Seller’s and/or Parent’s board of directors or
other governing body required to authorize the execution, delivery and
performance of this Agreement by such Parties has been obtained and, assuming
due execution and delivery by the Buyer and Owners, this Agreement represents a
legal, valid and binding obligation of Seller and Parent that is enforceable
against them in accordance with its terms, subject to (i) as to enforceability,
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors rights generally, (ii) the obtaining of any approvals
or consents required in connection herewith and as provided for herein, and
(iii) general equitable principles and to the discretion of the court before
which any proceedings seeking the remedy of specific performance and injunctive
and other forms of equitable relief may be brought.

5.3                                 Title.  Seller has good and marketable
title to, or a valid leasehold or licensed interest in, all of the Purchased
Assets and, except as otherwise indicated herein, such Purchased Assets are
free and clear of any Liens other than the Permitted Liens.

5.4                                 No Breach; Required
Approvals.  The execution and delivery by the Seller and
Parent of this Agreement, the consummation by them of the transactions
contemplated hereby, and the performance by them of their obligations under
this Agreement:

(A)                              will not violate (i) any provision of the charter or
bylaws of such Parties, (ii) any laws, orders, decrees, judgments or rulings of
any judicial or governmental body applicable to the Seller or Parent, or (iii)
except to the extent that any third party consent or approval is required to
convey same to Buyer as disclosed pursuant to Section 5.4(B), any provision of
any Facilities Lease, Software license or Assigned Contract; and

 13
 

(B)                                except as shown on Schedule 5.4 attached hereto, will not
require the Seller or Parent to obtain any consents or approvals of, or make
any filings with or give any notices to, any governmental bodies or any other
person and will not violate, result in the breach of, or constitute (or with
notice or lapse of time or both, constitute) a default under any contract,
lease, license or other agreement to which the Seller or Parent is a party or
is bound.

5.5                                 Books and Records.  The
books of account and other Records of Seller, all of which have been or shall
be made available to Buyer, are complete and correct in all material respects
and have been maintained in accordance with sound business practices.

5.6                                 Tax Matters.  Except as disclosed on Schedule 5.6:

(A)                              Claims and Assessments. 
There are no pending issues raised in an examination by any taxing
authority that might give rise to claims for taxes or assessments upon, and
there are no tax liens outstanding or, to the Knowledge of Seller or Parent,
threatened against, the Purchased Assets;

(B)                                Withholding Taxes. 
Seller has withheld and paid, or caused to be paid, all taxes required
to have been withheld and paid in connection with amounts paid or owing to any
employee, independent contractor, creditor, stockholder, or other third party;

(C)                                Taxes Relating to Transaction.  The
transactions contemplated herein are not subject to tax withholding under any
provisions of law and Seller and Parent shall be solely responsible for the
payment of all sales, use and similar taxes which may be imposed by reason of
any transfers provided for in this Agreement.

5.7                                 Financial Matters

(A)                              Income Statements Delivered to Buyer.  At Schedule 5.7(A) are the following financial
statements of Seller (“Income
Statements”): (i) an
unaudited income statement for the period from September, 2005 through
February, 2006, and (ii) an unaudited income statement for March, 2006.  The Income Statements are complete and
correct in all material respects, were prepared based on GAAP (subject to
changes resulting from audit and normal year-end adjustments and subject to the
absence of footnotes) consistently applied throughout the periods covered
thereby, present fairly the results of operations of Seller for such periods, and have been prepared from and are
consistent with the books and Records of Seller.

(B)                                Accounts Payable.  At Schedule 5.7(B) is a current listing of the
accounts payable included in the Assumed Liabilities, showing as to each the
aging, amount and name of the creditor.

(C)                                Unredeemed Coupons.  At Schedule 5.7(C) is a current listing of the
unredeemed but prepaid coupons sold by Seller which remain outstanding and in
respect to which Seller is obligated to delivered training.  Such listing reflects the expiration date as
to each.  To the Knowledge of Seller and
Parent, there exists no further or additional obligations of the Seller to
deliver training for which payment has been received or prepaid.

 14
 

5.8                                 No Other
Liabilities.  Except for the Retained
Liabilities and the Assumed Liabilities, to the Knowledge of Seller and Parent,
there is no liability, claim, deficiency, guarantee or obligation (absolute, accrued, contingent or otherwise), and
there is no basis for any such liability or obligation, with regard to
the Business, nor do Seller or Parent have Knowledge that any supplier, client
or customer intends to make a reduction in its present level of business
conducted with the Business after the Effective Date, either as a result of
this Agreement and the transactions contemplated hereby or for any other
reason.

5.9                                 Location of Tangible Assets.  The
only real property at which Seller conducts operations relating to its
Business, or which are otherwise leased or used by Seller or its Affiliates in
connection with the Business, are the Leased Premises.  Except for those items of Tangible Personal
Property identified on Schedule 5.9,
all Tangible Personal Property is (and will be as of the Effective Date)
physically located at the Leased Premises. 
To the extent any Tangible Personal Property included in the Purchased
Assets is located at any other location, the Seller shall, at its sole cost and
expense, promptly move same to the Leased Premises or whichever thereof is
designated by the Buyer.

5.10                           Legal Compliance; Permits

(A)                              Compliance With Law. 
Except as set forth on Schedule
5.10(A), to the Knowledge of Seller and Parent, the Business is in
compliance with all applicable laws (including statutes, rules, regulations,
codes, plans, injunctions, judgments, orders, decrees, and rulings) of federal,
state, local, and foreign governments (and all agencies thereof) the violation
of which may reasonably be expected to have, or does have, a material adverse
effect on the Purchased Assets, the Assumed Liabilities, or the Business
acquired by Buyer (including, but not limited to, laws respecting
employment, employment practices, employee classification, labor relations,
family and medical leaves, military leaves, leaves of absence generally, safety and health, wages, hours and terms
and conditions of employment);
and neither
Seller nor Parent have any
Knowledge of circumstances which are likely to result in a material violation of any of the
foregoing.  The foregoing includes, but is not limited
to, all laws relating to the protection of the environment, laws relating to
discrimination in the work place, laws relating to the use of proprietary
computer software, and laws governing the reporting, withholding or payment of
payroll, income, franchise or excise taxes.

(B)                                Governmental Permits. 
Except as shown at Schedule 5.10(B),
the Governmental Permits to be conveyed to Buyer comprise all of the permits,
concessions, grants, franchises, licenses, filings, authorizations and
approvals required from any governmental division or agency which are necessary
for the conduct of the Business.  A
complete and correct list of the Governmental Permits is shown at Schedule 5.10(B) and, except as shown on
said Schedule: (i) to the Knowledge of Seller and Parent, Seller is in
compliance with the respective terms and conditions of all such Governmental
Permits which are material to the conduct of the Business; and (ii) there are
no proceedings pending or, to the Knowledge of Seller or Parent, threatened
which may result in the revocation, cancellation,

 15
 

suspension
or adverse modification of any Governmental Permit; and (iii) to the Knowledge
of Seller and Parent, the consummation of the transactions provided for in this
Agreement will not result in any revocation, cancellation, suspension or
adverse modification of any Governmental Permit which is material to the
conduct of the Business.

5.11                           Receivables.  The Receivables consist of
those identified pursuant to the requirements of Section 1.1(E) and neither
Seller nor Parent has received any written notice, nor have any Knowledge of
the existence of any claim of offset or counterclaim by any account
debtor.  Otherwise, Seller makes no
representation or warranty regarding the quality of the Receivables nor whether
or not they are collectable.

5.12                           Software.  Except as set forth on Schedule 5.12, the Software used by Seller
and comprising a part of the Purchased Assets is all thereof which is necessary
to be assigned hereunder in order to enable Buyer to conduct the Business on
and after the Effective Date in a manner consistent with the manner in which
the Business is presently conducted and has been conducted during the year
prior to the Effective Date, and without infringing upon or conflicting with
the rights of any other Person.  Neither
Seller nor Parent has any Knowledge of any infringement or improper use by any
third Person of the Software of Seller.

5.13                           Assigned Contracts. 
Except as reflected on Schedule 5.13:

(A)                              The Assigned Contracts are, and on the
Effective Date will be, in full force and effect and there does not exist, and
will not exist, any default or event or condition which, after notice or lapse
of time or both, would constitute a default thereunder by Seller or, to the
best of Seller’s or Parent’s Knowledge, by any other Person.

(B)                                Seller has not received written notice that
any Person who is a party to any of the Assigned Contracts intends to cancel or
terminate such agreements, or to discontinue doing business with Seller.

5.14                           Litigation.  Except as set forth on Schedule 5.14, (A) there are no pending or,
to the Knowledge of Seller and Parent, threatened claims, actions, suits,
proceedings, hearings or investigations, whether initiated by Seller, Parent or
other Persons, before any court, arbitrator or governmental, administrative or
regulatory agency which involve the Business or any of the Purchased Assets or Assumed Liabilities; and (B) there
is no outstanding or unsatisfied writ, order, judgment, stipulation,
injunction, decree, determination, award or other order of any court,
arbitrator or governmental agency or instrumentality, domestic or foreign,
against Seller that adversely affects or involves any of the Purchased Assets,
the Assumed Liabilities or the Business.

5.15                           Identification
of Employees and Compensation.  Shown
on Schedule 5.15 is a list of the
name of each employee, sales agent or other Person, separately identified as to
part-time or full-time, who is currently employed in the Business by Seller,
together with each Person’s job classification, date of hire, and current rate
of compensation (or method for computing same).

5.16                           Brokers’ Fees. 
Seller does not have, and shall not have, any liability to pay any fees
or commissions to any broker, finder, or agent with respect to the transactions
contemplated by this Agreement for which Buyer could become liable or
obligated.

 16

Section 6                                             REPRESENTATIONS
OF BUYER AND OWNERS.

6.1                                 Buyer.  Buyer represents and warrants to the Seller
and Parent as follows:

(A)                              Organization and
Existence.  Buyer is a limited
liability company duly organized, validly existing and in good standing under the
laws of the State of Georgia.

(B)                                Authority and
Binding Effect.  Subject to receipt
of any approvals required to be obtained from NPEC for which provision is made
in Section 3.3(D) hereof, Buyer has the full legal right, power, capacity, and
authority required to enter into and perform its obligations under this
Agreement and the execution of this Agreement has been duly authorized.  Assuming due execution and delivery by the
Seller and Parent, this Agreement represents a legal, valid and binding obligation
of Buyer that is enforceable against it in accordance with its terms, subject
to (i) as to enforceability, bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors rights generally, (ii) the
obtaining of any approvals or consents required in connection herewith and as
provided for herein, and (iii) general equitable principles and to the
discretion of the court before which any proceedings seeking the remedy of
specific performance and injunctive and other forms of equitable relief may be
brought.

(C)                                Noncontravention;
Consents Required.  Neither the
execution and the delivery of this Agreement or of any other agreements and
documents to be executed pursuant hereto, nor the consummation of the
transactions contemplated hereby, will conflict with or violate any provision
of (i) any statute, law, regulation, rule, injunction, judgment, order, decree,
ruling, charge, or other restriction of any government, governmental agency, or
court to which Buyer or any of its assets is subject, or (ii) any provision of
the organizational documents governing the affairs of Buyer, or (iii) conflict
with or constitute a default (or, with notice or lapse of time or both, would
become a default) under any promissory note, mortgage, bond, instrument,
indenture, agreement, contract, lease, license, permit, instrument, or other
arrangement to which Buyer is a party or by which it is bound, or (iv) except
as contemplated in Section 3.3(D), require the giving of any notice to, any
filing with, or obtaining any comment or approval from any Person.

(D)                               Brokers’ Fees.  Buyer does not have, and shall not have, any
liability to pay any fees or commissions to any broker, finder, or agent with
respect to the transactions contemplated by this Agreement for which Seller or
Parent could become liable or obligated.

6.2                                 Owners.  Owners jointly and severally represent and
warrant to the Seller and Parent as follows:

(A)                              Ownership of Buyer.  Owners own 100% of the issued and outstanding
membership interests of Buyer.

(B)                                Binding Effect.  Assuming due execution and delivery by the
Seller and Parent, this Agreement represents a legal, valid and binding
obligation of Owners that is enforceable against them in accordance with its
terms, subject to (i) as to enforceability, bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors
rights generally, (ii) the obtaining of any approvals or consents required in
connection

 17
 

herewith and as provided for herein, and (iii) general equitable
principles and to the discretion of the court before which any proceedings
seeking the remedy of specific performance and injunctive and other forms of
equitable relief may be brought.

(C)                                Brokers’ Fees.  Owners do not have, and shall not have, any
liability to pay any fees or commissions to any broker, finder, or agent with
respect to the transactions contemplated by this Agreement for which Seller or
Parent could become liable or obligated.

Section
7                                             INDEMNIFICATION

7.1                                 Indemnity by Buyer and Owners.

(A)                              Buyer shall indemnify, hold harmless and
defend Seller and Parent, and their respective affiliates, officers, agents and
employees (each, a “Seller Indemnified Party”), from and against any
cause of action, claim, loss or liability arising out of or resulting in any
way from any breach or violation of the representations and warranties set
forth in Section 6.1.

(B)                                Buyer shall indemnify, hold harmless and
defend each Seller Indemnified Party from and against any cause of action,
claim, loss or liability arising out of or resulting in any way from: (w)
the negligent acts or omissions of Buyer’s officers, employees, agents or
members occurring in connection with the conduct of the Business after the
Effective Date; (x) any breach of any covenant of Buyer set forth in
this Agreement; (y) any debts, claims, liabilities or lawsuits which
relate to and are based upon the use or operation of the Business or the
Purchased Assets from and after the Effective Date; and (z) the failure
of Buyer to fully and adequately pay, perform or observe the requirements of
the Assumed Liabilities, including the Training Obligations.

(C)                                Owners shall indemnify, hold harmless and
defend each Seller Indemnified Party from and against any cause of action,
claim, loss or liability arising out of or resulting in any way from (i) any
breach or violation of the representations and warranties set forth in Section
6.2, or (ii) the indemnity regarding Parent’s liability in respect to the
Facilities Leases as set forth in Section 4.1, or (iii) any breach by Owners of
their undertakings relating to public announcements as provided in Section
4.6(B).

7.2                                 Indemnity by Seller and Parent. 
Seller and Parent (but, as to Parent, subject to the limitations set
forth in Section 7.4) shall indemnify, hold harmless and defend Buyer, Owners,
and their respective affiliates, officers, agents, members and employees (each,
a “Buyer Indemnified Party”) from and against any cause of action,
claim, loss or liability arising out of or resulting in any way from: (i) the
negligent acts or omissions of Seller’s officers, employees, agents or partners
occurring in connection with the conduct of the Business prior to the Effective
Date; (ii) any breach or violation of the representations and warranties set forth
in Section 5; (iii) any breach of any covenant of Seller or Parent set forth in
this Agreement; (iv) any debts, claims, liabilities or lawsuits which relate to
the use or operation of the Business or the Assets prior to the Effective Date,
including the Retained Liabilities, and (v) any failure to obtain the
appropriate release or termination of any Liens as contemplated in Section
3.2(G)(1) or any adverse action being taken by any secured party having a claim
through or under Seller or Parent in respect to such Liens at any time.

 18
 

7.3                                 Indemnification Procedure.

(A)                              Notification of Claim.  Any person seeking indemnification under
Section 7.1 or Section 7.2 (the “Indemnified Party”) shall promptly notify the
other party or parties from whom indemnification is being sought (the “Indemnifying
Party”) in writing of any claim
or demand for which the Indemnified Party is asserting an indemnification
claim.  Such notice shall be accompanied
by a reasonably full description of the basis for such claim or demand, a
reference to the provisions of this Agreement under which liability is asserted
and a statement as to the known amount of the loss or damage (or, if not known,
an estimate thereof if a reasonable basis exist for estimating the same);
provided, however, that no delay on the part of the Indemnified Party in
notifying any Indemnifying Party shall relieve the Indemnifying Party for any
liability or obligation hereunder unless (and then solely to the extent) the
Indemnifying Party is prejudiced by the delay.

(B)                                Defense of Legal Actions.  If the claim which is the subject of any
notification given pursuant to Section 7.3(A) is based on a legal action filed
by any third person (a “Third Party Claim”), the Indemnifying Party
shall have the right to take over the defense thereof, but the Indemnifying
Party shall notify the Indemnified Party within ten (10) Business Days of its
receipt of a claim notice pursuant to Section 7.3(A) as to whether or not it
will assume the defense against such Third Party Claim.

(1)                                  If the Indemnifying Party
elects to take over the defense of such Third Party Claim, then: (aa) it shall
keep the Indemnified Party informed as to the status thereof and promptly
provide copies of pleadings and other filings in the case; (bb) the Indemnifying
Party shall have the sole right to contest, settle or otherwise dispose of such
Third Party Claim on such terms as the Indemnified Party, in its sole
discretion, shall deem appropriate, provided that the consent of the
Indemnified Party to any settlement or disposition shall be required if (x) it
results in any liability to or equitable relief against the Indemnified Party
not fully satisfied by the Indemnifying Party, (y) the result would in any way
restrict the future activity of the Indemnified Party or any of its affiliates
or (z) it would result in the admission or finding of a violation of law or
violation of the rights of any person by the Indemnified Party or any of its
affiliates; and (cc) the Indemnified Party shall have the right to participate jointly
in the defense of such Third Party Claim, but shall do so at its own cost.

(2)                                  If the Indemnifying Party
does not elect to take over the defense of such Third Party Claim, then: (aa)
the Indemnified Party shall keep the Indemnifying Party informed as to the
status thereof and promptly provide copies of all pleadings and other filings
in the case; (bb) the Indemnified Party shall have the sole right to contest,
settle or otherwise dispose of such Third Party Claim on such terms as the
Indemnified Party, in its sole discretion, shall deem appropriate, provided
that the consent of the Indemnifying Party to any settlement or disposition
shall be required if (x) it results in any liability to or equitable
relief against the Indemnifying Party not fully satisfied by the Indemnified
Party, (y) the result would in any way restrict the future activity of
the Indemnifying Party or any of its affiliates or (z) it would result
in the admission or finding of a violation of law or violation of the rights of
any person by the Indemnifying Party or any of its affiliates; (cc) the
Indemnifying Party shall have the right to participate jointly in the defense
of such Third Party Claim, but shall do so at its own cost; and

 19
 

(dd) the Indemnified Party may preserve its rights to
indemnification for the recovery of any losses arising from such Third Party
Claim or the costs of defending the same, including, without limitation,
reasonable attorney’s fees.

(3)                                  The Indemnified Party and
the Indemnifying Party shall cooperate with each other in the defense of any
Third Party Claim.

7.4                                 Limitation on Parent’s Indemnity Liability. 
Notwithstanding the provisions of Section 7.2, the liability and
obligation of Parent to indemnify or hold harmless the Buyer or Owners with
respect to a breach or violation of the representations and warranties set forth in Section 5 (as set forth
in Clause (ii) of Section 7.2) shall be
limited to the amount of the Cash Payment; provided that such limitation
shall not apply in the event of a breach or violation of the warranties and
representations set forth in Sections 5.1, 5.2, 5.3 or 5.4(A).

7.5                                 Exclusivity of Remedies.  The
Parties hereby acknowledge and agree that their sole and exclusive remedy with
respect to any and all claims relating to the subject matter of this Agreement
(other than a claim for fraud or for specific performance of the terms of this
Agreement) shall be pursuant to, and limited by, the indemnification provisions
set forth in this Section 7.

Section
8                                             MISCELLANEOUS

8.1                                 Notices.  All notices with respect to
this Agreement will be in writing and sent by hand delivery, overnight delivery
via a national courier service, certified mail or facsimile to the Parties at
their addresses or facsimile numbers as follows:

If to Seller or Parent:

New Horizons
Computer Learning Center of Atlanta, Inc.

Attention:  Office of General Counsel

1900 S. State
College Blvd., Suite 200

Anaheim, CA
92806

Tel:  (714) 940-8000

Fax:  (714) 938-6007

If to Buyer or any Owner:

GBWH Atlanta,
LLC

Attention:  David L. Weinstein

4775 American
Way

Memphis, TN
38118

Tel:  (901) 328-2120

Fax:  (901) 362-9044

8.2                                 Entire Agreement; Assignment.  This
Agreement, together with the Exhibits and Schedules provided for herein and
attached hereto, represents the entire agreement and understanding between the
Parties and is and shall be binding on each Party and its or his

 20
 

respective
successors, heirs and assigns.  This
Agreement may not be assigned without the written consent of the other Party,
and may only be amended by a written agreement signed by authorized
representatives of all Parties.

8.3                                 Waiver.  The failure of either party to enforce any
right, remedy or condition of this Agreement shall not be deemed a waiver
thereof nor shall it void or otherwise affect its right to enforce the same
right, remedy or condition at any subsequent time.

8.4                                 Survival of Representations and Warranties.  The representations and warranties set forth
in this Agreement shall survive and continue until the expiration of the
applicable statute of limitations.

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

8.6                                 Facsimile Signatures.  For
purposes of execution of this Agreement, faxed signature pages shall be deemed
the same as original signature pages.

8.7                                 Governing Law.  This Agreement will be governed by
and construed in accordance with the laws of the State of Georgia applicable to agreements made and to be performed
entirely within the State of Georgia without giving effect to conflicts of laws
principles.

(End of Page)

 21
 

IN WITNESS
WHEREOF, the Parties have executed this Asset Purchase
Agreement as of the date first written above.

NEW HORIZONS COMPUTER LEARNING

CENTER
OF ATLANTA, INC.

	
  By:

  	
   

  	
   

  
	
  Thomas J.
  Bresnan

  
	
  Chief Executive
  Officer

  

 

GBWH ATLANTA, LLC

	
  By:

  	
   

  	
   

  
	
  David L.
  Weinstein

  
	
  President

  

 

The undersigned Owners are acknowledged to have executed this Agreement
solely for the purposes described and referred to in Section 7.1(C), and shall
have no liability hereunder other than as therein provided.  Additionally, the undersigned agree, as among
themselves, that any liability they or any of them may hereafter have pursuant
to any of the foregoing will be shared by them ratably based on their
respective ownership interests in Buyer, except that such agreement shall not
impact or affect the agreement of the undersigned that their liability to
Seller and/or Parent in respect to such matters is and shall be joint and
several.

	
  

  	
   

  	
   

  
	
  David L.
  Weinstein

  	
   

  	
  Stanley Graber

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Robert J.
  Hussey, III

  	
   

  	
  Joel W. Brown

  

 

 22

EXHIBIT
A

ASSIGNMENT AND ASSUMPTION AGREEMENT

This
Assignment and Assumption Agreement (the “Assignment”) is made for the
consideration provided for in, and pursuant to the requirements of, a certain
Asset Purchase Agreement (“Agreement”) of even date herewith by and between NEW
HORIZONS COMPUTER LEARNING CENTER OF ATLANTA, INC., a Delaware corporation (“Assignor”),
and GBWH ATLANTA, LLC, a Georgia limited liability company (“Assignee”).

WITNESSETH:

WHEREAS,
pursuant to the Agreement, Assignee desires to purchase and acquire from
Assignor all of the Assignor’s right, title and interest in, or arising under
or pursuant to, those certain agreements described in the Agreement, and herein
referred to, as the “Assigned Contracts”, being those (excluding, for these
purposes, the Facilities Leases) identified on the Attachment hereto, as a
consequence of which the Assignee is willing to assume Assignor’s obligations,
responsibilities and liabilities under the said Assigned Contracts which accrue
from and after the date hereof;

NOW,
THEREFORE:

1.                                       Assignor
hereby assigns, transfers and conveys to Assignee, all of Assignor’s right,
title and interest in, to and under the Assigned Contracts as defined herein
and identified on the Attachment hereto effective as of the date hereof.

2.                                       Assignee
does hereby accept the foregoing assignment and does hereby assume, and agree
to perform and be bound by, all of the covenants, conditions, obligations and
liabilities of Assignor under the said Assigned Contracts which accrue from and
after the date hereof.

IN WITNESS
WHEREOF, the parties hereto have caused this instrument to be duly executed and
delivered as of the Effective Date provided for in the Agreement.

	
  ASSIGNOR

  	
   

  	
  ASSIGNEE

  
	
   

  	
   

  	
   

  
	
  NEW HORIZONS COMPUTER LEARNING

  	
   

  	
  GBWH ATLANTA, LLC

  
	
  CENTER OF ATLANTA, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Thomas J. Bresnan

  	
   

  	
  David L. Weinstein

  
	
  Chief Executive Officer

  	
   

  	
  President and Chief
  Manager

  
							

 

 23
 

ATTACHMENT

TO

ASSIGNMENT AND ASSUMPTION
AGREEMENT

The following is a listing of
the Assigned Contracts, including the Customer Contracts but excluding the
Facilities Leases, to be and herewith assigned to the Assignee.  To the extent in writing, there is attached
hereto a true and complete copy of each of the Assigned Contracts.

 24
 

EXHIBIT
B-1

ASSIGNMENT OF LEASE

	
  STATE OF GEORGIA

  	
  )

  	
   

  
	
   

  	
  )

  	
  ASSIGNMENT OF LEASE

  
	
  COUNTY OF COBB

  	
  )

  	
   

  

 

FOR VALUABLE
CONSIDERATION, and in consideration of the agreements of the parties set forth
in a certain Asset Purchase Agreement (“Agreement”) of even date herewith by
and between NEW HORIZONS COMPUTER LEARNING CENTER OF ATLANTA, INC., a Delaware
corporation (herein called “ASSIGNOR”), and GBWH ATLANTA, LLC, a Georgia
limited liability company (herein called “ASSIGNEE”), the undersigned ASSIGNOR does
hereby set over, transfer, sell and assign unto ASSIGNEE all of ASSIGNOR’S
right, title and interest in and to the following described Lease (the “Facilities
Lease”) entered into by and between ASSIGNOR, as tenant or lessee, and the
landlord or lessor named below:

	
  Name of Landlord:

  	
   

  	
  G & R Georgia One, LLC

  
	
   

  	
   

  	
   

  
	
  Address of
  Premises:

  	
   

  	
  Newmarket Center, 2060 Lower Roswell Road, Suite
  400,

  Marietta, Georgia

  
	
   

  	
   

  	
   

  
	
  Date of Lease:

  	
   

  	
  October 11, 2000

  
	
   

  	
   

  	
   

  
	
  Amendments:

  	
   

  	
  First Amendment to Lease dated January 25, 2001

  

 

ASSIGNOR
warrants that it has full title to the foregoing leasehold estate, the
Facilities Lease is in full force and effect, no condition or state of facts
exists which (with or without the giving of notice and/or the lapse of time)
would constitute a default by ASSIGNOR or, to the Knowledge (as defined in the
Agreement) of ASSIGNOR, by any other party to the Facilities Lease, and
ASSIGNOR has the power and right to assign its rights as herein provided (subject
to the approval of the landlord above named).

By its
execution below, ASSIGNEE agrees to assume, and to pay, perform and abide by,
all of the obligations, indebtedness, terms, provisions and conditions
undertaken to be paid, performed or complied with by ASSIGNOR under or pursuant
to the Facilities Lease at any tme from and after May 1, 2006.

(Signatures on Next Page)

 25
 

IN WITNESS
WHEREOF, the undersigned parties have executed this Assignment of Lease
effective as of the 1st day of May, 2006.

	
  AS
  TO ASSIGNOR, SIGNED IN THE

  	
   

  	
  NEW HORIZONS COMPUTER LEARN-

  
	
  PRESENCE OF:

  	
   

  	
  ING CENTER OF ATLANTA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AS TO ASSIGNEE, SIGNED IN THE

  	
   

  	
  GBWH ATLANTA, LLC

  
	
  PRESENCE OF:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  
								

 

 26
 

LANDLORD’S CONSENT AND
ESTOPPEL CERTIFICATE

The undersigned, G & R
GEORGIA ONE, LLC (herein called the “Landlord”), a Georgia limited liability
company, is the lessor named in and under that certain Lease (herein called the
“Lease”) dated October 11, 2000, as amended on January 25, 2001 to add
additional square footage, covering the premises at 2058-60 Lower Roswell Road,
Cobb County, Georgia as described in the Lease (the “Demised Premises”) entered
into with Appletree Technologies Incorporated, a Georgia corporation (the “Original
Tenant”), which named Original Tenant, with the consent of the Landlord dated
March 30, 2001, assigned all of its right, title and interest under the Lease
to New Horizons Computer Learning Center of Atlanta, Inc., a Delaware
corporation (the “Tenant”).

The Landlord has been
advised that (1) the Tenant has agreed to sell, assign and transfer all or
substantially all of its business and assets, including Tenant’s rights, title
and interest in and under the Lease, to GBWH ATLANTA, LLC, a Georgia limited
liability company (herein called the “Assignee”); and (2) the Assignee has been
granted a license and franchise to operate a “New Horizons Computer Learning Center”
at and from the premises described in the Lease; and (3) the execution of this
Landlord’s Consent and Estoppel Certificate by Landlord constitutes a condition
precedent to Assignee’s acceptance of said assignment.

NOW, THEREFORE, in
consideration of the foregoing, the acceptance by Assignee of the assignment
above described, and the assumption and agreement by Assignee to pay, perform
and abide by the terms of the Lease from and after May 1, 2006:

1.                                       Landlord acknowledges Tenant’s assignment,
and consents to Tenant’s assignment, to Assignee of all of Tenant’s right,
title and interest in, to and under the Lease.

2.                                       Landlord confirms to Assignee that (a) the
Lease is valid, binding and in full force and effect, constitutes the entire
agreement between Landlord and Tenant with respect to the Demised Premises; (b)
the Lease has not been modified, supplemented or amended in any way (except as
specifically identified hereinabove); (c) the initial term of the Lease shall
continue to October 11, 2010; (d) Landlord has not received notice of a prior
sale, transfer, assignment, subletting, hypothecation or pledge of the Lease by
Tenant (other than the assignment to Assignee and the assignment to Tenant
previously approved by Landlord); (e) Landlord has not received notice of, and
has no knowledge of, the occurrence of any event which, with or without the
giving of notice and/or the lapse of time, would constitute a breach or default
by any party to the Lease; and (f) all rent, additional rent and other charges
provided for in the Lease to be paid by Tenant have been paid through April 30,
2006.

3.                                       Landlord agrees that in the event of any
default under the Facilities Lease, or any change in the circumstances
confirmed in the foregoing paragraph 2 of this instrument, Landlord will give
written notice thereof to Assignee at 4775 American Way, Memphis, TN 38118
(attention: David L. Weinstein), or to such other person(s) and at such other
address(es) as may be set forth in a writing delivered by Assignee to Landlord.

DATED this               
day of                                       ,
2006.

	
   

  	
  G & R GEORGIA ONE, LLC

  
	
   

  	
  a Georgia limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 27
 

EXHIBIT B-2

ASSIGNMENT OF LEASE

	
  STATE OF GEORGIA

  	
  )

  	
   

  
	
   

  	
  )

  	
  ASSIGNMENT OF LEASE

  
	
  COUNTY
  OF                         

  	
  )

  	
   

  

 

FOR VALUABLE
CONSIDERATION, and in consideration of the agreements of the parties set forth
in a certain Asset Purchase Agreement (“Agreement”) of even date herewith by
and between NEW HORIZONS COMPUTER LEARNING CENTER OF ATLANTA, INC., a Delaware
corporation (herein called “ASSIGNOR”), and GBWH ATLANTA, LLC, a Georgia
limited liability company (herein called “ASSIGNEE”), the undersigned ASSIGNOR
does hereby set over, transfer, sell and assign unto ASSIGNEE all of ASSIGNOR’S
right, title and interest in and to the following described Office Lease
Agreement (the “Facilities Lease”) entered into by and between ASSIGNOR, as
tenant, and the landlord named below:

	
  Name of Landlord:

  	
   

  	
  GA-PERIMETER CENTER, L.L.C.

  
	
   

  	
   

  	
   

  
	
  Address of
  Premises:

  	
   

  	
  53 Perimeter Center East, Atlanta, Georgia, Suites
  220 and 225

  
	
   

  	
   

  	
   

  
	
  Date of Lease:

  	
   

  	
  February 1, 2006

  
	
   

  	
   

  	
   

  
	
  Amendments:

  	
   

  	
  None

  

 

ASSIGNOR
warrants that it has full title to the foregoing leasehold estate, the
Facilities Lease is in full force and effect, no condition or state of facts
exists which (with or without the giving of notice and/or the lapse of time)
would constitute a default by ASSIGNOR or, to the Knowledge (as defined in the
Agreement) of ASSIGNOR, by any other party to the Facilities Lease, and
ASSIGNOR has the power and right to assign its rights as herein provided
(subject to the approval of the landlord above named).

By its
execution below, ASSIGNEE agrees to assume, and to pay, perform and abide by,
all of the obligations, indebtedness, terms, provisions and conditions
undertaken to be paid, performed or complied with by ASSIGNOR under or pursuant
to the Facilities Lease at any tme from and after May 1, 2006.

(Signatures on Next Page)

 28
 

IN WITNESS
WHEREOF, the undersigned parties have executed this Assignment of Lease
effective as of the 1st day of May, 2006.

	
  AS TO ASSIGNOR, SIGNED IN THE

  	
   

  	
  NEW HORIZONS COMPUTER LEARN-

  
	
  PRESENCE OF:

  	
   

  	
  ING CENTER OF ATLANTA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AS TO ASSIGNEE, SIGNED IN THE

  	
   

  	
  GBWH ATLANTA, LLC

  
	
  PRESENCE OF:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  
								

 

 29
 

LANDLORD’S CONSENT AND
ESTOPPEL CERTIFICATE

The undersigned,
GA-PERIMETER CENTER, L.L.C., (the “Landlord”), a Delaware limited liability
company, is the landlord named in and under that certain Office Lease Agreement
(herein called the “Lease”) dated February 1, 2006 covering the premises at 53
Perimeter Center East, Atlanta, Georgia, Suites 220 and 225, as described in
the Lease (the “Demised Premises”) entered into with New Horizons Computer
Learning Center of Atlanta, Inc., a Delaware corporation (the “Tenant”).

The Landlord has been
advised that (1) the Tenant has agreed to sell, assign and transfer all or
substantially all of its business and assets, including Tenant’s rights, title
and interest in and under the Lease, to GBWH ATLANTA, LLC, a Georgia limited
liability company (herein called the “Assignee”); and (2) the Assignee has been
granted a license and franchise to operate a “New Horizons Computer Learning
Center” at and from the premises described in the Lease; and (3) the execution
of this Landlord’s Consent and Estoppel Certificate by Landlord constitutes a
condition precedent to Assignee’s acceptance of said assignment.

NOW, THEREFORE, in
consideration of the foregoing, the acceptance by Assignee of the assignment
above described, and the assumption and agreement by Assignee to pay, perform
and abide by the terms of the Lease from and after May 1, 2006:

1.                                       Landlord acknowledges Tenant’s assignment,
and consents to Tenant’s assignment, to Assignee of all of Tenant’s right,
title and interest in, to and under the Lease.

2.                                       Landlord confirms to Assignee that (a) the
Lease is valid, binding and in full force and effect, constitutes the entire
agreement between Landlord and Tenant with respect to the Demised Premises; (b)
the Lease has not been modified, supplemented or amended in any way; (c) the
initial term of the Lease shall continue to March 31, 2011; (d) Landlord has
not received notice of a prior sale, transfer, assignment, subletting,
hypothecation or pledge of the Lease by Tenant (other than the assignment to
Assignee); (e) Landlord has not received notice of, and has no knowledge of,
the occurrence of any event which, with or without the giving of notice and/or
the lapse of time, would constitute a breach or default by any party to the Lease;
and (f) all rent, additional rent and other charges provided for in the Lease
to be paid by Tenant have been paid through April 30, 2006.

3.                                       Landlord agrees that in the event of any
default under the Facilities Lease, or any change in the circumstances confirmed
in the foregoing paragraph 2 of this instrument, Landlord will give written
notice thereof to Assignee at 4775 American Way, Memphis, TN 38118 (attention:
David L. Weinstein), or to such other person(s) and at such other address(es)
as may be set forth in a writing delivered by Assignee to Landlord.

DATED this               
day of                                       ,
2006.

	
  

  	
  GA-PERIMETER CENTER, L.L.C.

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 30
 

EXHIBIT
C

BILL OF SALE

FOR GOOD
AND VALUABLE CONSIDERATION, the receipt of which is
hereby acknowledged, the undersigned, New Horizons Computer Learning Center of
Atlanta, Inc., a Delaware corporation (“Seller”), hereby sells, conveys,
transfers, assigns and delivers to GBWH ATLANTA, LLC, a Georgia limited
liability company (“Buyer”), all of Seller’s right, title and interest in and
to the Purchased Assets as such term is defined in that certain Asset Purchase
Agreement (“Agreement”) dated as of May 1, 2006, by and among, inter alia, Buyer and Seller.

TO HAVE
AND TO HOLD the same unto Buyer, its successors and
assigns forever, free and clear of all Liens other than any Permitted Liens
(each of which terms being as defined in the Agreement.

This Bill of
Sale is delivered pursuant to and is subject to and governed by the terms and
conditions of the Agreement. The representations, warranties and covenants as
set forth in the Agreement shall survive delivery of this Bill of Sale as set
forth in the Agreement.

This Bill of
Sale is ancillary to the Agreement, and in the event of a conflict between the
terms of this Bill of Sale and the terms of the Agreement, the terms of the
Agreement shall govern.

IN WITNESS
WHEREOF, the undersigned has caused this instrument to
be duly executed as of the 1st day of May, 2006.

NEW HORIZONS COMPUTER LEARNING

CENTER OF ATLANTA, INC.

	
  By:

  	
   

  	
   

  
	
   

  	
  Thomas J. Bresnan

  
	
   

  	
  President

  

 

 31

Schedule 1.1(A)

Facilities Leases

 32
 

Schedule 1.1(B)

Tangible Personal Property 

 33
 

Schedule 1.1(C)

Intangible Personal Property 

 34
 

Schedule 1.1(D)

Software

[See Schedule 1(B)]

 35
 

Schedule 1.1(E)

Receivables 

 36
 

Schedule 1.1(F)

Assigned Contracts 

 37
 

Schedule 2.2(A)(1)

Assumed Liabilities 

 38
 

Schedule 3.2(A)

Permitted Liens

 39
 

Schedule 5.4

Required Approvals

-none-

 40
 

Schedule 5.6

Tax Matters

-none-

 41
 

Schedule 5.7(A)

Income Statements

 42
 

Schedule 5.7(B)

Accounts Payable

 43
 

Schedule 5.7(C)

Unredeemed Coupons

 44
 

Schedule 5.9

Tangible Personal Property

-none-

 45
 

Schedule 5.10(A)

Compliance With Law

-none-

 46
 

Schedule 5.10(B)

Governmental Permits

-none-

 47
 

Schedule 5.12

Software

-none-

 48
 

Schedule 5.13

Assigned Contracts

-none-

 49
 

Schedule 5.14

Litigation

-none-

 50
 

Schedule 5.15

Identification of Employees and Compensation

 51

FIRST AMENDMENT TO ASSET
PURCHASE AGREEMENT

WHEREAS, the undersigned, GBWH Atlanta, LLC, a Georgia
limited liability company (“Buyer”), has this date executed a certain Asset
Purchase Agreement (“Agreement”) providing for its purchase and acquisition of
certain of the assets and business of New Horizons Computer Learning Center of
Atlanta, Inc. (“Seller”), all of the capital stock of which is directly or
indirectly owned by New Horizons Worldwide, Inc. (“Parent”).  Except as otherwise provided herein, all terms
used herein which are defined in the Agreement shall have the meaning set forth
therein.

FURTHER, one of the requirements of the Agreement is
that Seller deliver to Buyer the consent and approval of the landlords named in
the Newmarket Center Lease, which approval the Seller has yet to obtain and, in
order to encourage and enable Buyer to consummate the transactions provided for
in the Agreement and to take possession of the Acquired Assets as of the
Effective Date, this First Amendment to Asset Purchase Agreement is executed by
Buyer, Seller and Parent.

NOW, THEREFORE, it is agreed by the undersigned that
the Agreement shall be, and is hereby, amended in pertinent part so as to
provide that the Cash Payment shall be paid as follows:  (i) $225,000.00 on the Effective Date, and
(ii) $200,000.00 on the day after Seller procures and delivers to Buyer the
consent and approval of landlord to the assignment and/or sublease of the
Newmarket Center Lease as required by the Agreement.

DATED as of the 1st day of May, 2006.

	
  NEW HORIZONS WORLDWIDE, INC.

  	
  NEW HORIZONS COMPUTER LEARN-

  
	
   

  	
  CENTER OF ATLANTA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  GBWH ATLANTA, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Title:Exhibit
10.4

ASSET
PURCHASE AGREEMENT

**
Certain information in this exhibit has been omitted and has been filed
separately with the Securities and Exchange Commission pursuant to a
confidential treatment request under Rule 24b-2 of the General Rules and Regulations
under the Securities Exchange Act of 1934.

This
Asset Purchase Agreement (“Agreement”) is entered into on this 17th day of
March, 2006 by and between New Horizons Computer Learning Center of Hartford,
Inc., a Delaware corporation (“Seller”), and NHCLC-Hartford, L.L.C., a Delaware limited liability company (“Buyer”).  Buyer and Seller are hereinafter sometimes
individually referred to as a “Party” or collectively as the “Parties”.

WHEREAS,
Seller wishes to sell to Buyer substantially all of its assets related to its
computer training business located in Hartford, Connecticut (the “Business”),
which includes the assets set forth on Exhibit “A” (the “Assets”) and Buyer’s
assumption of liabilities set forth on Exhibit “B” (the “Assumed Liabilities”);
and

WHEREAS,
Buyer desires to acquire the Assets and assume the Assumed Liabilities from
Seller; and

WHEREAS,
concurrent with the transaction described in this Agreement, Buyer desires to
become a franchisee of New Horizons Franchising Group, Inc. (“Franchisor”) in
Hartford, Connecticut, it being understood that Franchisor is an affiliate of
Seller.

NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, the Parties
agree as follows:

1.                                      Purchase
of Assets; Excluded Assets; Closing Date:

(a)                                  Pursuant to the
terms and subject to the conditions set forth in this Agreement, Seller hereby
agrees to sell, grant, transfer, convey, assign and deliver the Assets to Buyer
free and clear of all Liens (as defined in Section 5(c) below) as of the close
of business on April 30, 2006 (as such date may be amended by written agreement
of the parties, the “Closing Date”), and subject to fulfillment of each of the
conditions set forth in Section 4 below. 
The Assets shall include, without limitation, certain identified prepaid
assets, furniture and fixed assets, inventory, license fees and deposits,
accounts receivable, certain employee obligations, any consumer business,
customer lists and certain computer hardware and software associated with the Business,
all of which are set forth on Exhibit “A”.

(b)                                 The Assets shall
not include supply agreements between Franchisor and [********], [********], [********]
and [********].  Notwithstanding the
foregoing, Buyer shall be entitled to deliver training under the agreements set
forth in the preceding sentence in its capacity as a New Horizons
franchisee.  The Parties acknowledge and
agree that, other than as otherwise expressly stated in this Agreement, no
other assets, personal or real property of Seller is included in this
transaction, including but not limited to, non-scheduled lease obligations,
services previously provided by the regional office of Seller’s affiliate such
as accounting, payroll, legal or other similar services, and assets of any of
Seller’s affiliates.

2.                                      Consideration:  In consideration for the transfer of the
Assets, Buyer shall, on the Closing Date:

(i) pay to Seller, via
wire transfer or cashier’s check, the sum of $125,000.00.

(ii) execute a standard
ten (10) year franchise agreement with Franchisor for the Hartford, Connecticut
territory (the “Franchise Agreement”) and shall remit all fees to Franchisor
which are typically associated with such Franchise Agreement, such as the
payment of customary monthly royalties, advertising fees and a $75,000 initial
franchise fee, which initial franchise fee shall be payable on the Closing Date
in addition to the consideration set forth in Section 2(i) above.

(iii) assume the Assumed
Liabilities which are set forth on Exhibit “B”, including the Training
Obligations as defined in Section 7, below. Other than such Assumed
Liabilities, Buyer shall not assume, nor have any liability or obligation,
direct or indirect, absolute or contingent for, any liability or obligation of
the Seller (the “Excluded Liabilities”). Without limiting the foregoing, the
Excluded Liabilities include (A) any debt of Seller to Franchisor; (B) any
liability or obligation in respect of any litigation arising out of the conduct
of the Business by Seller prior to the Closing Date.

3.                                      Taxes; Access
to Assets:  Buyer shall be solely
responsible for the payment of any and all taxes, excise and other governmental
charges or fees, if any, which are payable in connection with the purchase of
the Assets.  As of the Closing Date,
Buyer shall be entitled to full access to the Assets located at Seller’s
facility at 839 Marshall Phelps

Windsor, Connecticut  06095 (the “Hartford
Facility”).

4.                                      Conditions
Precedent to Closing; Covenants; Extension of Closing Date:

(a)                                  Immediately upon the execution of this
Agreement, Buyer shall submit an application to the Connecticut Department of
Higher Education, Board of Governors for Higher Education (“DHE”) in accordance
with Section 10a-22k-3 of the Regulations for Approval of Private Occupational
Schools requiring certification promulgated by the DHE and seek a certificate
of authorization to operate the Business. 
Buyer shall use commercially reasonable efforts to expedite the approval
process, including providing all reasonably required information to the DHE and
paying any necessary fees associated with such approval.

(b)                                 The obligation of Buyer to consummate the
transactions contemplated by this Agreement on the Closing Date is subject to
the satisfaction of all of the following conditions, any of which may be waived
in writing by Buyer:

(i)                                     All representations and warranties made by
Seller in this Agreement shall be true and correct in all respects on the
Closing Date, with the same force and effect as if they had been made on and as
of such date. Seller shall have performed and complied in all respects with all
of their obligations under this Agreement which are to have been performed or
complied with on or prior to the Closing Date

 2
 

(ii)                                  Seller shall have received all third party
approvals, authorizations, consents or waivers which may be required by Seller
to consummate the transactions contemplated herein.

(iii)                               All of the Assets shall be owned free and
clear of all Liens.

(iv)                              There shall not be any litigation, action,
suit, claim, proceeding, order, investigation or inquiry pending or threatened
before any court or quasi-judicial or administrative agency to, or pursuant to
which a judgment, order, decree, stipulation, injunction or charge could be
entered which would: (i) enjoin or prevent the consummation of the
transactions contemplated in this Agreement, (ii) cause any of the transactions
contemplated in this Agreement to be rescinded following consummation, or
(iii) adversely affect the right of Buyer to own, operate or control the
Business and the Assets.

(v)                                 The lease for the Hartford Facility shall
have been assigned to Buyer on such terms as are mutually acceptable to Buyer
and Seller.  Seller shall have obtained
and delivered to Buyer an estoppel certificate and consent executed by the
landlord of the Hartford Facility, certifying the lease and all amendments
thereto and stating, among other things, that (i) the lease is in full
force and effect, (ii) there are no uncured defaults thereunder,
(iii) the date through which rent or any other applicable payments
thereunder has been paid, and (iv) the amount of any security deposit held
thereunder.  The form and content of the
estoppel certificate and consent shall be satisfactory to Buyer.

(vi)                              The DHE shall have issued the approval
referenced in Section 4(a) above to the Buyer.

(c)                                  The obligation of Seller to consummate the
transactions contemplated by this Agreement on the Closing Date is subject to
the satisfaction of all of the following conditions, any of which may be waived
in writing by Seller:

(i)                                     All representations and warranties made by
Buyer in this Agreement shall be true and correct in all respects on the
Closing Date, with the same force and effect as if they had been made on and as
of such date. Buyer shall have performed and complied in all respects with all
of its obligations under this Agreement which are to have been performed or
complied with on or prior to the Closing Date.

(ii)                                  Buyer shall have received all third party
approvals, authorizations, consents or waivers which may be required by Buyer
to consummate the transactions contemplated herein.

(iii)                               There shall not be any litigation, action, suit,
claim, proceeding, order, investigation or inquiry pending or threatened before
any court or quasi-judicial or administrative agency to, or pursuant to which a
judgment, order, decree, stipulation, injunction or charge could be entered
which would: (i) enjoin or prevent the consummation of the transactions
contemplated in this Agreement, or (ii) cause any of the transactions
contemplated in this Agreement to be rescinded following consummation.

 3
 

(iv)                              The lease for the Hartford Facility shall
have been assigned to Buyer on such terms as are mutually acceptable to Buyer
and Seller.

(v)                                 The DHE shall have issued the approval
referenced in Section 4(a) above to the Buyer.

(d)                                                         On the Closing Date:

(i)                                     Buyer shall deliver the purchase price for
the Assets to Seller;

(ii)                                  Seller shall execute the Bill of Sale which
is attached hereto as Exhibit “C” and shall deliver the Assets to Buyer;

(iii)                               Buyer and Franchisor shall execute the
Franchise Agreement;

(iv)                              An executive officer of Seller shall execute
and deliver to Buyer a certificate, dated the Closing Date, to the effect that
(i) representations and warranties made by Seller in this Agreement are true
and correct in all respects on the Closing Date, with the same force and effect
as if they had been made on and as of such date, and (ii) Seller has
performed and complied in all respects with all of its obligations under this
Agreement which are to have been performed or complied with on or prior to the
Closing Date.

(v)                                 An executive officer of Buyer shall execute
and deliver to Seller a certificate dated the Closing Date, to the effect that
(i) representations and warranties made by Buyer in this Agreement are true and
correct in all respects on the Closing Date, with the same force and effect as
if they had been made on and as of such date, and (ii) Buyer has performed
and complied in all respects with all of its obligations under this Agreement
which are to have been performed or complied with on or prior to the Closing
Date.

(vi)                              The Parties shall execute and deliver to each
other such other documents and instruments as are contemplated in this
Agreement or as they may reasonably request in order to effectuate the purpose
or intent of this Agreement.

(e)                                  Except as set
forth below, effective as of the Closing Date, Buyer agrees to refrain from
soliciting, recruiting or hiring any employees of Seller or any of Seller’s
affiliates for so long as the Franchise Agreement remains in effect.  The foregoing restriction shall apply to any
current or future employees of Seller or any of Seller’s affiliates and for a
period of one (1) year following the termination of any such employee’s
employment with Seller or any of Seller’s affiliates; provided, however, that
(i) such restriction shall not apply to any employees  of Seller who are terminated by Seller upon
the Closing of the transactions contemplated in this Agreement, as described in
Section 8, and (ii) Buyer may hire any person who responds to an advertisement
soliciting potential employees placed by Buyer in a medium directed generally
to the public at large.

 4
 

5.                                      Representations
and Warranties of Seller:  Seller
represents, warrants and covenants to Buyer, to the best of Seller’s knowledge,
as follows:

(a)                                Seller is a Delaware
corporation, duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all necessary corporate powers and
authority to own its assets and to operate its business as now owned and
operated by it.  Seller is duly qualified
to do business and in good standing in Connecticut.

(b)                                 Seller has the
right, power, legal capacity, and authority to enter into and perform its
obligations under this Agreement.  This
Agreement and all instruments of transfer and other documents to be delivered
by Seller in connection with this Agreement have been or will be, on or prior
to the Closing Date, duly authorized and approved by all necessary and proper
corporate action of Seller. This Agreement and all such other instruments and
documents, when executed and delivered, will constitute legal, valid and
binding obligations of Seller, enforceable against such party in accordance
with their respective terms. Neither the execution and delivery of this
Agreement nor the consummation of the transactions contemplated herein will conflict
with, constitute a default under, or result in the breach of Seller’s charter,
bylaws or any other agreement or instrument to which Seller is a party, or by
which it may be bound or to which it may be subject.

(c)                                  Seller has good
and marketable title to all of the Assets, and as of the Closing Date all of
the Assets will be free and clear of any restrictions or conditions to sale,
conveyance or transfer and are free and clear of all liens, mortgages, pledges,
encumbrances, leases, agreements, rental agreements, charges, claims, security
interests, taxes, conditions or restrictions of any nature or description
whatsoever (collectively, “Liens”).   The
Assets are in good working condition, ordinary wear and tear excepted.  Except as otherwise expressly provided
herein, the Assets are being sold “as is, where is” without any express or
implied warranties whatsoever.  The
Assets constitute all of the assets used by Seller in the operation of the
Business.

(d)                                 There are no
claims, actions, lawsuits, investigations or proceedings of any kind pending or
threatened against Seller relating to the Assets.  Seller is not in default with respect to any
order, writ, injunction or decree of any court or other governmental department,
commission, board, agency or instrumentality

(e)                                  Seller shall
execute all documents and take all steps reasonably necessary to transfer the
Assets to Buyer effective as of the Closing Date.

6.                                      Representations
of Buyer:  Buyer represents,
warrants and covenants to Seller as follows:

(a)                                  Buyer is a
limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware.

(b)                                 Buyer has the
right, power, legal capacity, and authority to enter into and perform its
obligations under this Agreement. This Agreement and all instruments of
transfer and

 5
 

other documents to
be delivered by Buyer in connection with this Agreement have been or will be,
on or prior to the Closing Date, duly authorized and approved by all necessary
and proper corporate action of Buyer. This Agreement and all such other
instruments and documents, when executed and delivered, will constitute legal,
valid and binding obligations of Buyer enforceable against it in accordance
with their respective terms. Neither the execution and delivery of this
Agreement nor the consummation of the transactions contemplated herein will
conflict with, constitute a default under, or result in the breach of Buyer’s
charter, operating agreement or any other agreement or instrument to which
Buyer is a party, or by which it may be bound or to which it may be subject.

7.                                      Training
Obligations.

Effective as of
the Closing Date, Buyer shall fulfill Seller’s obligations to customers for
training which has been purchased by such customers prior to the Closing Date
but not yet delivered as of the Closing Date, (the “Training Obligations”).  For purposes of this Agreement, the Training
Obligations shall include, but are not limited to, sold but unredeemed coupons,
unexpired club memberships, corporate seat licenses, unredeemed programs or
tracks, sold but undelivered training events (i.e., classes which were
purchased but not completed) and sold but undelivered room rental agreements.
The Training Obligations are set forth on Schedule 7, which schedule shall be
updated as of the Closing Date

8.                                      Employee
Matters

On the Closing Date, Seller shall terminate the existing
employees of the Business. Seller shall be responsible for all severance and
related costs payable to such terminated employees, including, without limitation,
all payroll and benefits obligations related to service by such employees prior
to the Closing Date, regardless of whether such amounts are customarily paid in
arrears. Buyer shall offer employment to those employees who Buyer in its sole
discretion desires to employ, on terms and conditions as Buyer in its
sole discretion determines. After the Closing Date, Buyer may evaluate its
employment needs with respect to the Business, and no provision of this
Agreement is intended to or shall confer on any employee any right to continued
employment after the Closing Date. 
Nothing in this Agreement shall be construed to amend or modify in any
way any at-will employment policy of Buyer. Notwithstanding the foregoing, Buyer
shall indemnify Seller and its affiliates from any discrimination claim arising
out of Buyer’s decision not to hire any employee of the Business.

9.                                      Indemnification

(a)                                  Buyer shall
indemnify, hold harmless and defend Seller and its affiliates, officers,
agents, shareholders and employees from and against any cause of action, claim,
loss, liability or expenses (including, without limitation, reasonable
attorneys’ and consultants’ fees) arising out of or resulting in any way from:
(i) any breach or inaccuracy of any representation, warranty or covenant of
Buyer set forth in this Agreement or any other related agreement which is
contemplated herein; (ii) the use or operation of the Business or the Assets
after the Closing Date; and (iii)  the
failure to fully and adequately assume the Assumed Liabilities, including the
Training Obligations.

 6
 

(b)                                 Seller shall
indemnify, hold harmless and defend Buyer and its affiliates, officers, agents,
member, managers and employees from and against any cause of action, claim,
loss, liability or expenses (including, without limitation, reasonable
attorneys’ and consultants’ fees) arising out of or resulting in any way from:
(i) any breach or inaccuracy of any representation, warranty or covenant of
Seller set forth in this Agreement or any other related agreement which is
contemplated herein; (ii) the use or operation of the Business or the Assets on
or prior to the Closing Date; and (iii) 
the failure to fully and adequately discharge the Excluded Liabilities.

(c)                                  If after ten (10)
days from receipt of written notice an indemnifying party fails to defend an
indemnified party as required above, the indemnified party will have the right
(but not the obligation) to undertake the defense, compromise or settlement of
such action on behalf of, for the account of, at the expense of and at the risk
of indemnifying party; provided, however, that no indemnified party may settle
any such claim that with respect to which it has assumed the defense without
the prior written consent of the indemnifying party.

(d)                                 Any Party shall be
entitled to exercise and resort to all rights and remedies for
misrepresentation or breach as are afforded to it at law or in equity by a
court of competent jurisdiction.  Neither
the existence or exercise of any specific remedies is intended to be exclusive
of or impair or otherwise adversely affect in any manner whatsoever any rights,
remedies or relief otherwise available to any Party, and each and every right
and remedy will be cumulative and in addition to every other right and remedy
provided in this Agreement or by law.

10.                               Termination.
 This Agreement may be terminated (a)
at any time by the written instrument of all of the Parties, (b) by Seller if
any of the conditions set forth in Section 4(c) above have not been fulfilled,
satisfied or waived by the Closing Date or at any time if Buyer breaches any of
its covenants or agreements under this Agreement, (c) by Buyer if any of the
conditions set forth in Section 4(d) above have not been fulfilled, satisfied
or waived by the Closing Date or at any time if Seller breaches any of its
covenants or agreements under this Agreement, and (d) automatically if the
Closing Date does not occur by September 8, 2006. If this Agreement is
terminated in accordance with this Section 10, it shall be null and void and have
no further force or effect.

11.                               Customer
Records: The Parties will maintain
the confidentiality of all customer records and files in accordance with
applicable federal and state laws and regulations.  On the Closing Date, Seller agrees to
transfer to Buyer all original customer records and files that relate to the
purchase and delivery of computer training for the Business, including the
files which relate to the Training Obligations. 
In the event that Seller is audited by any federal, state or local entity
following the Closing Date, Buyer shall provide Seller or its designees with
reasonable access, during normal business hours, to all original customer files
related to the Assets.

12.                               Insurance:  Buyer agrees to maintain general liability
insurance in the amounts of $1,000,000 per claim and $1,000,000 in the
aggregate, and upon written request Buyer will provide Seller with certificates
of insurance naming Seller or its affiliated companies as

 7
 

additional
insureds, in order to ensure that Buyer is able to meet its indemnification
obligations hereunder.  Notwithstanding
any provision to the contrary, to the extent permitted by law, Buyer may
satisfy, in whole or in part, the insurance requirements of this Agreement by a
plan of self insurance.

13.                               Notices:  All notices with respect to this Agreement
will be sent by certified mail or facsimile, to the following addresses or
facsimile numbers:

If to Seller:

New Horizons Computer
Learning Center of Hartford, Inc.

Attention:  Office of General Counsel

1900 S. State College
Blvd., Suite 200

Anaheim, CA  92806

Tel:  (714) 940-8000

Fax:  (714) 938-6007

If to Buyer:

NHCLC-Hartford, L.L.C.

Attention:  Robert H. Orley

40900 N. Woodward Avenue,
Suite 130

Bloomfield Hills, MI  48304

Tel:  (248) 540-8040

Fax:  (248) 540-7280

With a copy to:

Jaffe, Raitt, Heuer &
Weiss, P.C.

Attention: Richard A,
Zussman

27777 Franklin Road,
Suite 2500

Southfield, MI 48034

Tel:  (248) 351-3000

Fax:  (248) 351-3082

14.                               Entire
Agreement; Assignment:  Except
for the related agreements which are contemplated herein, this Agreement and
the exhibits attached hereto represent the entire agreement between the
Parties, This Agreement shall be binding on each Party’s respective successors,
heirs and permitted assigns.  No Party
may assign its rights or obligations under this Agreement without the written
consent of the other Parties. This Agreement may only be amended by a written
agreement signed by authorized representatives of all of the Parties.

15.                               Waiver:  The
failure of either party to enforce any right, remedy or condition of this
Agreement shall not be deemed a waiver thereof nor shall it void or otherwise
affect its right to enforce the same right, remedy or condition at any
subsequent time.

 8
 

16.                               Survival
of Representations and Warranties:  The
representations and warranties set forth in this Agreement shall survive and
continue until the expiration of the applicable statute of limitations.

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

18.                               Facsimile
Signatures:  For purposes of
execution of this Agreement, faxed signature pages shall be deemed the same as
original signature pages.

19.                               Governing
Law: 
This Agreement will be governed by the laws of the State of
California.

20.                               Further
Assurances.  From time to time
after the Closing Date, at Buyer’s request and without further consideration,
Seller shall execute and deliver or cause to be executed and delivered such
further instruments of conveyance, assignment and transfer and shall take such
other action as Buyer may reasonably request in order more effectively to
convey, transfer, reduce to possession or record title to any of the Assets.  Upon the reasonable request of Buyer, Seller
will cooperate and will use its best efforts to have the officers, directors
and other employees of Seller cooperate with Buyer after the Closing Date by
furnishing information, evidence, testimony and other assistance in connection
with any actions, proceedings, arrangements or disputes involving Buyer and
which are based upon contracts, leases, arrangements or acts of Seller which
were in effect or occurred on or prior to the Closing Date.

Seller:

NEW
HORIZONS COMPUTER LEARNING CENTER OF HARTFORD, INC.

	
  By:

  	
   

  	
   

  
	
   

  	
  Thomas J.
  Bresnan

  
	
   

  	
  President

  

 

Buyer:

NHCLC-HARTFORD, L.L.C.

	
  By:

  	
  NH MANAGER,
  INC., a Michigan corporation

  	
   

  
	
   

  	
  Its Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Robert Orley

  	
   

  	
   

  
	
   

  	
   

  	
  President

  	
   

  	
   

  

 

 9
 

EXHIBIT
A

Assets

1.                                       The following assets are included in the sale of
the Business:

	
  Trade Accounts Receivable:

  	
   

  	
  $

  	
  1,042,539

  	
  (a)

  
	
  Suspense:

  	
   

  	
  $

  	
  (8,600

  	
  )

  
	
  Futures Reserve:

  	
   

  	
  $

  	
  (244,703

  	
  )

  
	
  Credit Memo Reserve:

  	
   

  	
  $

  	
  (42,673

  	
  )

  
	
  Prepaid Expenses

  	
   

  	
  $

  	
  51,653

  	
   

  
	
  Inventory – Student Kits & Test Vouchers:

  	
   

  	
  $

  	
  31,229

  	
   

  
	
  Inventory – Manuals:

  	
   

  	
  $

  	
  8,300

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fixed Assets (b)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Leasehold Improvements:

  	
   

  	
  $

  	
  14,288

  	
   

  
	
  Capitalized Computer Software:

  	
   

  	
  $

  	
  78,121

  	
   

  
	
  Furniture & Fixtures:

  	
   

  	
  $

  	
  25,003

  	
   

  
	
  Computer
  Equipment:

  	
   

  	
  $

  	
  387,123

  	
   

  

 

(a)       Gross value to be netted against suspense, future reserve and CM reserve

(b)       Gross value of fixed assets shown. 
Accumulated depreciation and amortization is $475,251 and net fixed
asset value is $29,284

Buyer and Seller acknowledge
that the assets listed above have been calculated as of January 31, 2005.  Buyer and Seller agree to revise these assets
within thirty (30) days of the Closing Date to reflect the actual operations of
the Business as of the Closing Date. Notwithstanding the foregoing, such
revision shall not result in an adjustment to the purchase price.

 10
 

EXHIBIT
B

Assumed Liabilities

1.                                       DSL computer line (with any remaining service
term assumed at Buyer’s expense).

2.                                       Training Obligations as set forth on Schedule 7.

3.                                       Buyer shall assume those obligations which are
specifically listed below:

	
  Accounts Payable:

  	
   

  	
  $

  	
  40,877

  	
   

  
	
  Payable to other Franchisees:

  	
   

  	
  $

  	
  32,729

  	
   

  
	
  Sales Tax Payable:

  	
   

  	
  $

  	
  31,503

  	
   

  
	
  Net
  Other Accrued Liabilities to Buyer:

  	
   

  	
  $

  	
  166,126

  	
  (a)

  

 

(a) Adjusted to exclude
corporate audit fees, and accrued expenses related to sale of Online Live
and  Online Anytime

Buyer and Seller acknowledge
that the liabilities listed above have been calculated as January 31,
2005.  Buyer and Seller agree to revise
these obligations within thirty (30) days of the Closing Date to reflect the
actual operations of the Business as of the Closing Date. Notwithstanding the
foregoing, such revision shall not result in an adjustment to the purchase price.

 11
 

EXHIBIT
C

WARRANTY
BILL OF SALE

FOR
GOOD AND VALUABLE CONSIDERATION, the receipt of which is
hereby acknowledged, the undersigned, New Horizons Computer Learning Center of
Hartford, Inc., a Delaware corporation having its principal place of business
at 1900 S. State College Blvd., Suite 200, Anaheim, CA  92806 (“Seller”) hereby sells, conveys,
transfers, assigns and delivers to NHCLC-Hartford, L.L.C., a Michigan limited
liability company having an address at 40900 N. Woodward Avenue, Suite 130,
Bloomfield Hills, MI 48304 (“Buyer”), all of its right, title and interest in
and to the Assets, free and clear of all Liens.

TO HAVE AND TO HOLD the same unto Buyer,
its successors and assigns forever. Seller covenants and agrees to warrant and
defend the sale of the Assets against all and every person or persons
whomsoever.

This
Bill of Sale is delivered pursuant to and is subject to and governed by the
terms and conditions of the Agreement. The representations, warranties and
covenants as set forth in the Agreement shall survive delivery of this Bill of
Sale as set forth in the Agreement. All of the representations and warranties
made in the Purchase Agreement by the Parties are incorporated in this Bill of
Sale by reference as if fully set forth in this Bill of Sale.

This Bill of Sale is ancillary to the
Agreement, and in the event of a conflict between the terms of this Bill of
Sale and the terms of the Agreement, the terms of the Agreement shall govern.

Capitalized terms used but not defined in
this Bill of Sale shall have the meanings given tot hem in that certain Asset
Purchase Agreement (“Agreement”), dated as of March 17, 2006, among Buyer and
Seller.

IN
WITNESS WHEREOF, the undersigned has caused this instrument
to be duly executed as of 11:59 p.m. on the 30th day of April, 2006.

NEW
HORIZONS COMPUTER LEARNING CENTER OF HARTFORD, INC.

	
  By:

  	
   

  	
   

  
	
   

  	
  Thomas J. Bresnan

  
	
   

  	
  President

  

 

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]