Document:

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                                                                   Exhibit 10.44
                       GUARANTEE OF VALIDITY OF COLLATERAL

         THIS GUARANTEE OF VALIDITY OF COLLATERAL, dated as of May 9, 2003 (this
"Guarantee"),  is made by Robert E. Ciri,  individually  (the  "Guarantor"),  in
favor of EQUINOX  BUSINESS CREDIT CORP., as Lender (the "Lender") under the Loan
Agreement referred to below.

                              W I T N E S S E T H:

         WHEREAS,  pursuant to that certain Loan and Security Agreement dated as
of the date hereof by and between Titan PCB East,  Inc., a Delaware  corporation
(the  "Borrower")  and the  Lender  (as  from  time to time  amended,  restated,
supplemented or otherwise modified, the "Loan Agreement"), the Lender has agreed
to make Loans to, and incur  Letter of Credit  Obligations  for the  benefit of,
Borrower;

         WHEREAS,  the  Guarantor  will  derive  direct  and  indirect  economic
benefits  from the  making  of the  Loans  and  other  financial  accommodations
provided to the Borrower pursuant to the Loan Agreement; and

         WHEREAS,  it is a condition  precedent to the effectiveness of the Loan
Agreement that the Guarantor guarantee the validity of all of the Collateral.

         NOW,  THEREFORE,  to induce the Lender to enter into the Loan Agreement
and to induce the Lender to make its  extensions of credit to the Borrower under
the Loan Agreement and for other  consideration  the receipt and  sufficiency of
which is hereby  acknowledged,  the  Guarantor  hereby agrees with the Lender as
follows:

         1. Defined Terms.

                  (a) Unless otherwise defined herein, terms defined in the Loan
Agreement  and used  herein  shall have the  meanings  given to them in the Loan
Agreement.

                  (b) The words "hereof,"  "herein" and "hereunder" and words of
similar  import when used in this  Guarantee  shall refer to this Guarantee as a
whole and not to any  particular  provision of this  Guarantee,  and section and
paragraph references are to this Guarantee unless otherwise specified.

                  (c) The  meanings  given  to  terms  defined  herein  shall be
equally applicable to both the singular and plural forms of such terms.

                  (d) The  following  capitalized  terms used in this  Guarantee
shall have the following respective meanings:

                  "Contractual  Obligations"  shall mean as to any  Person,  any
                  provision  of any  security  issued  by such  Person or of any
                  agreement,  instrument,  or other  undertaking  to which  such
                  Person  is a party or by which  it or any of its  property  is
                  bound.

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                  "Requirement  of  Law"  shall  mean  as  to  any  Person,  the
                  Certificate or Articles of Incorporation  and By-Laws or other
                  organizational or governing  documents of such Person, and any
                  law,  treaty,  rule  or  regulation  or  determination  of  an
                  arbitrator or a court or other Governmental Authority, in each
                  case  binding  upon such  Person or any of its  property or to
                  which such Person or any of its property is subject.

2.  Guaranty.  The  Guarantor  hereby  unconditionally   warrants,   represents,
covenants and guarantees to the Lender,  and its  successors and assigns,  that:

                  (a) Each Account of the Borrower  included on a Borrowing Base
Certificate  furnished  to the Lender  pursuant  to the Loan  Agreement:  (i) is
genuine and enforceable in accordance with its terms and is in all respects what
it purports to be; (ii) is not evidenced by a judgment, Instrument,  Document or
Chattel Paper;  (iii) arises out of a completed,  bona fide sale and delivery of
goods or rendition  of services by the  Borrower in the  ordinary  course of its
business and in accordance with the terms and conditions of all purchase orders,
contracts or other documents relating thereto and forming a part of the contract
between the Borrower  and the Account  Debtor;  (iv) is for a liquidated  amount
maturing as stated in the invoice  covering such sale; (v) is not subject to any
defenses,  setoffs or counterclaims against such Account except those arising in
the ordinary course of business; and (vi) is not invalid, forged or fictitious;

                  (b) Each  Borrowing Base  Certificate  delivered to the Lender
pursuant to the Loan  Agreement is and shall be true and correct in all material
respects as and when submitted;

                  (c) All  proceeds of the  Collateral  required by the terms of
the Loan  Agreement  to be held by the  Borrower  in trust for the  Lender or as
property of the Lender or to be remitted to the Lender will be  delivered to the
Lender in the  identical  form as  received  by the  Borrower,  or as  otherwise
requested  by the Lender,  immediately  upon receipt but no later than the first
(1st) Business Day following  receipt thereof by the Borrower,  and the Borrower
shall not use any of such  proceeds or commingle  such  proceeds with any of its
own funds;

                  (d) The  Borrower  is and will be the owner of the  Collateral
free and clear of all Liens except for Permitted Liens;

                  (e)  Neither  the  Borrower  nor the  Guarantor  will cause or
permit  the  Borrower  to impede or  interfere  with the normal  collection  and
payment of all of the Accounts of the Borrower;

                  (f) All warranties and representations made by the Borrower to
the Lender, and all documents and schedules given by the Borrower to the Lender,
relating to the description,  quantity,  quality, condition and valuation of any
of the  Accounts  or the  Inventory  are and  will be true  and  correct  in all
material respects;

                  (g) All of the  Collateral  is and will be insured as required
by the provisions of the Loan Agreement and the Ancillary Agreements pursuant to
insurance policies in full compliance with the requirements thereof; and

                  (h) The Guarantor  shall promptly inform the Lender in writing
if he believes  that any  Borrowing  Base  Certificate,  or any other  schedule,
report or writing delivered to the Lender pursuant to the Loan Agreement, is not
true and accurate in all material respects as and when submitted

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         3. Obligations of the Guarantor.

                  (a) Upon  breach by the  Guarantor  of any of the  Guarantor's
warranties,   representations,   covenants  or  guarantees   contained  in  this
Guarantee, the Guarantor shall indemnify, save and hold the Lender harmless from
and against any loss or damage suffered or incurred by the Lender as a result of
any such breach,  and for all fees, costs and expenses incurred by the Lender in
connection therewith.

                  (b) The Guarantor  further  agrees to pay any and all expenses
(including, without limitation, all fees and disbursements of counsel) which may
be paid or incurred by the Lender in enforcing,  or obtaining  advice of counsel
in respect of, any rights with respect to, or enforcing, any rights with respect
to, or collecting against, the Guarantor under this Guarantee.

         4. No Subrogation.  Notwithstanding any payment or payments made by the
Guarantor  hereunder or any set-off or  application of funds of the Guarantor by
the Lender,  the Guarantor  shall not be entitled to be subrogated to any of the
rights  of the  Lender  against  the  Borrower  or any  other  guarantor  or any
collateral  security or  guarantee or right of offset held by the Lender for the
payment of the Obligations,  nor shall the Guarantor seek or be entitled to seek
any  contribution  or  reimbursement  from the  Borrower or any other  Person in
respect of payments made by the Guarantor  hereunder  until all amounts owing to
the Lender by the Borrower on account of the Obligations are  indefeasibly  paid
in  full.  If any  amount  shall be paid to the  Guarantor  on  account  of such
subrogation  rights at any time when all of the Obligations  shall not have been
indefeasibly  paid in full,  such amount shall be held by the Guarantor in trust
for the Lender, segregated from other funds of the Guarantor and shall forthwith
upon  receipt by the  Guarantor,  be turned over to the Lender in the exact form
received by the  Guarantor  (duly  indorsed by the  Guarantor to the Lender,  if
required), to be applied against the Obligations,  whether matured or unmatured,
in such order as the Lender may elect.

         5. Amendments, etc. with respect to the Obligations;  Waiver of Rights.
The Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation  of rights  against the Guarantor  and without  notice to or further
assent by the Guarantor,  any demand for payment of any of the Obligations  made
by the Lender may be rescinded  and any of the  Obligations  continued,  and the
Obligations,  or the  liability of any other party upon or for any part thereof,
or any collateral security or guarantee therefor or right of offset with respect
thereto,  may,  from time to time,  in whole or in part,  be renewed,  extended,
amended, modified, accelerated,  compromised, waived, surrendered or released by
the Lender,  and the Loan  Agreement and the Ancillary  Agreements and any other
documents  executed  and  delivered  in  connection  therewith  may be  amended,
modified,  supplemented  or terminated,  in whole or in part, as the Lender) may
deem  advisable from time to time,  and any  collateral  security,  guarantee or
right  of  offset  at any  time  held  by the  Lender  for  the  payment  of the
Obligations may be sold, exchanged,  waived, surrendered or released. The Lender
shall not have any obligation to protect,  secure, perfect or insure any Lien at
any time held by it as security for the Obligations or for this Guarantee or any
property  subject  thereto.   When  making  any  demand  hereunder  against  the
Guarantor,  the Lender may, but shall be under no obligation  to, make a similar
demand on the Borrower or any other guarantor,  and any failure by the Lender to
make any

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such  demand or to collect  any  payments  from the  Borrower  or any such other
guarantor or any release of the  Borrower or such other or  guarantor  shall not
relieve the Guarantor of the obligations or liabilities hereunder, and shall not
impair or affect the rights and remedies,  express or implied, or as a matter of
law, of the Lender against the Guarantor. For the purposes hereof "demand" shall
include the commencement and continuance of any legal proceedings.

         6. Guarantee Absolute and  Unconditional.  The Guarantor waives any and
all  notice  of  the  creation,  renewal,  extension  or  accrual  of any of the
Obligations and notice of or proof of reliance by the Lender upon this Guarantee
or acceptance of this Guarantee,  and the  Obligations,  and any of them,  shall
conclusively be deemed to have been created, contracted or incurred, or renewed,
extended,  amended or waived, in reliance upon this Guarantee;  and all dealings
between the Borrower and the  Guarantor,  on the one hand, and the Lender on the
other  hand,  likewise  shall  be  conclusively  presumed  to have  been  had or
consummated in reliance upon this  Guarantee.  The Guarantor  waives  diligence,
presentment,  protest, demand for payment and notice of default or nonpayment to
or upon the  Borrower or the  Guarantor  with  respect to the  Obligations.  The
Guarantor  understands  and agrees that this  Guarantee  shall be construed as a
continuing,  absolute  and  unconditional  guarantee  without  regard to (a) the
validity,  regularity or enforceability of the Loan Agreement,  or any Ancillary
Agreement,  any of the Obligations or any other collateral  security therefor or
guarantee  or right of offset with  respect  thereto at any time or from time to
time held by the Lender (b) any defense,  set-off or counterclaim  (other than a
defense of payment or  performance)  which may at any time be available to or be
asserted  by the  Borrower  against the  Lender,  or (c) any other  circumstance
whatsoever  (with or  without  notice to or  knowledge  of the  Borrower  or the
Guarantor) which constitutes,  or might be construed to constitute, an equitable
or legal  discharge  of the Borrower for the  Obligations,  or of the  Guarantor
under this Guarantee,  in bankruptcy or in any other instance. When pursuing its
rights and remedies  hereunder against any Guarantor,  the Lender may, but shall
be under no  obligation  to,  pursue  such  rights and  remedies  as it may have
against the Borrower or any other Person or against any  collateral  security or
guarantee for the Obligations or any right of offset with respect  thereto,  and
any failure by the Lender to pursue such other  rights or remedies or to collect
any  payments  from the Borrower or any such other Person or to realize upon any
such  collateral  security or guarantee or to exercise any such right of offset,
or any release of the Borrower or any such other  Person or any such  collateral
security,  guarantee or right of offset,  shall not relieve the Guarantor of any
liability  hereunder,  and shall not impair or affect  the rights and  remedies,
whether express,  implied or available as a matter of law, of the Lender against
the  Guarantor.  This  Guarantee  shall  remain in full  force and effect and be
binding in accordance with and to the extent of its terms upon the Guarantor and
the  successors  and  assigns  thereof,  and shall  inure to the  benefit of the
Lender, and its successors,  indorsees,  transferees and assigns,  until all the
Obligations and the obligations of the Guarantor under this Guarantee shall have
been satisfied by indefeasible payment in full in cash.

         7. Reinstatement.  This Guarantee shall continue to be effective, or be
reinstated,  as the case may be, if at any time payment, or any part thereof, of
any of the Obligations is rescinded or must otherwise be restored or returned by
the  Lender  upon  the  insolvency,  bankruptcy,  dissolution,   liquidation  or
reorganization  of the Borrower or the Guarantor,  or upon or as a result of the
appointment of a receiver,  intervenor or conservator  of, or trustee or similar
officer  for,  the  Borrower or the  Guarantor  or any  substantial  part of its
property, or otherwise, all as though such payments had not been made.

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         8. Payments.  The Guarantor hereby  guarantees that payments  hereunder
will be paid to the Lender without set-off or  counterclaim  in U.S.  Dollars at
the office of the Lender  located at 120 Wood Avenue South,  Suite 515,  Iselin,
New Jersey 08830, Attention: Allen H. Vogel.

         9. Representations and Warranties.  The Guarantor hereby represents and
warrants that:

                  (a) it has the power  and  authority  and the legal  right and
capacity  to execute and  deliver,  and to perform  its  obligations  under this
Guarantee  and has  taken  all  necessary  action to  authorize  its  execution,
delivery and performance of this Guarantee;

                  (b) this  Guarantee  constitutes  a legal,  valid and  binding
obligation of the Guarantor  enforceable in accordance with its terms, except as
affected  by  bankruptcy,  insolvency,  fraudulent  conveyance,  reorganization,
moratorium  and other similar laws relating to or affecting the  enforcement  of
creditors'  rights  generally,  general  equitable  principles  and  an  implied
covenant of good faith and fair dealing;

                  (c) the execution,  delivery and performance of this Guarantee
will  not  violate  any  provision  of any  Requirement  of  Law or  Contractual
Obligation  of the  Guarantor  and will not result in or require the creation or
imposition  of any Lien on any of the  properties  or revenues of the  Guarantor
pursuant to any Requirement of Law or Contractual Obligation of the Guarantor;

                  (d) no consent or authorization  of, filing with, or other act
by or in respect of, any arbitrator or Governmental  Authority and no consent of
any other Person  (including,  any  shareholder or creditor of the Guarantor) is
required in connection with the execution,  delivery,  performance,  validity or
enforceability of this Guarantee;

                  (e) no  litigation,  investigation  or proceeding of or before
any arbitrator or Governmental  Authority is pending or, to the knowledge of the
Guarantor,  threatened  by or  against  the  Guarantor  or  against  any  of its
properties  or  revenues  (1)  with  respect  to  this  Guarantee  or any of the
transactions  contemplated  hereby or (2) which  could have a  material  adverse
effect  on the  business,  property,  or  financial  or other  condition  of the
Guarantor;

                  (f) the statements  concerning the financial condition and net
worth of Guarantor previously provided to the Lender are true and correct; there
is no  event,  fact,  circumstance  or  condition  known to  Guarantor  which is
inconsistent  with such  statements  or is required to be  disclosed in order to
cause such statements not to be misleading.

         The Guarantor agrees that the foregoing  representations and warranties
shall be deemed to have been made by the Guarantor on the date of each borrowing
by the Borrower  under the Loan Agreement on and as of such date of borrowing as
though made hereunder on and as of such date.

         10. Notices. All notices, requests and demands to or upon the Lender or
the Guarantor to be effective  shall be in writing (or by telex,  fax or similar
electronic  transfer)  and shall be  deemed to have been duly  given or made (1)
when  delivered by hand or (2) if given by mail,  when deposited in the mails by
certified mail,  return receipt  requested,  or (3) if by telex,  fax or similar
electronic  transfer,  when sent and receipt has been  confirmed,  addressed  as
follows:

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                  (a) if to the Lender,  at its address or  transmission  number
for notices set forth under its signature below; and

                  (b) if to the Guarantor, at its address or transmission number
for notices set forth under its signature below.

         The Lender and the Guarantor may change their respective  addresses and
transmission  numbers  for  notices  by notice in the  manner  provided  in this
Section.

         11. Severabilility. Any provision of this Guarantee which is prohibited
or  unenforceable  in  any  jurisdiction  shall,  as to  such  jurisdiction,  be
ineffective  to the  extent  of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

         12.  Integration.  This  Guarantee  represents  the  agreement  of  the
Guarantor with respect to the subject matter hereof and there are no promises or
representations  by  the  Lender  relative  to the  subject  matter  hereof  not
reflected herein.

         13. Amendments in Writing; No Waiver; Cumulative Remedies.

                  (a) None of the terms or provisions  of this  Guarantee may be
waived,  amended,  supplemented  or  otherwise  modified  except  by  a  written
instrument executed by the Guarantor and the Lender, provided that any provision
of this Guarantee may be waived by the Lender in a letter or agreement  executed
by the Lender or by telex or facsimile transmission from the Lender.

                  (b) The  Lender  shall  not by any act  (except  by a  written
instrument pursuant to paragraph 13(a) hereof), delay,  indulgence,  omission or
otherwise  be deemed to have  waived  any right or remedy  hereunder  or to have
acquiesced  in any  Default  or Event of  Default or in any breach of any of the
terms  and  conditions  hereof.  No  failure  to  exercise,  nor  any  delay  in
exercising,  on the part of the Lender, any right, power or privilege  hereunder
shall operate as a waiver thereof.  No single or partial  exercise of any right,
power or  privilege  hereunder  shall  preclude  any other or  further  exercise
thereof or the exercise of any other right, power or privilege.  A waiver by the
Lender  of any  right or  remedy  hereunder  on any one  occasion  shall  not be
construed as a bar to any right or remedy which the Lender would  otherwise have
on any  future  occasion.

                  (c) The rights and remedies  herein  provided are  cumulative,
may be  exercised  singly or  concurrently  and are not  exclusive  of any other
rights or remedies provided by law.

         14. Section  Headings.  The section headings used in this Guarantee are
for convenience of reference only and are not to affect the construction  hereof
or be taken into consideration in the interpretation hereof.

         15.  Successors and Assigns.  This Guarantee  shall be binding upon the
successors  and assigns of the  Guarantor  and shall inure to the benefit of the
Lender and its successors and assigns.

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         16.  GOVERNING LAW. THIS GUARANTEE  SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW JERSEY.

         17.  Submission  to  Jurisdiction;   Waivers.   The  Guarantor  hereby
irrevocably and unconditionally:

                  (a) submits for itself and its property in any legal action or
proceeding  relating to this Guarantee or any other Ancillary Agreement to which
it is a party,  or for  recognition  and  enforcement of any judgment in respect
thereof, to the non-exclusive general jurisdiction of the courts of the State of
New Jersey,  the courts of the United States of America  located in the State of
New Jersey, and appellate courts from any thereof;

                  (b) consents that any such action or proceeding may be brought
in such  courts and waives  trial by jury and any  objection  that it may now or
hereafter  have to the venue of any such action or  proceeding in any such court
or that such  action or  proceeding  was  brought in an  inconvenient  court and
agrees not to plead or claim the same;

                  (c) agrees  that  service  of  process  in any such  action or
proceeding  may be effected by mailing a copy thereof by registered or certified
mail, restricted delivery, postage prepaid, to such Guarantor at its address set
forth  under its  signature  below or at such other  address of which the Lender
shall have been notified pursuant to Section 10; and

                  (d)  agrees  that  nothing  herein  shall  affect the right to
effect  service of process in any other  manner  permitted by law or shall limit
the right to sue in any other jurisdiction.

                            [SIGNATURE PAGE FOLLOWS]

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         IN WITNESS  WHEREOF,  the Guarantor has executed this  Agreement  under
seal and the  Lender  has  caused  this  Agreement  to be duly  executed  in its
corporate name as of the day and year first above written.

                             Guarantor:

                             /s/ Robert E. Ciri
                             ------------------------------------------
                             Robert E. Ciri, individually

                             Address for Notices:
                             7200 Cliff Pine Drive
                             Gaithersburg, Maryland 20879
                             Telephone:
                             Facsimile:

                             Lender:

                             EQUINOX BUSINESS CREDIT CORP.

                             By: /s/ Allen H. Vogel
                             ------------------------------------------
                             Name: Allen H. Vogel
                             Title: President

                             Address for Notices
                             120 Wood Avenue South, Suite 515
                             Iselin, New Jersey  08830
                             Attention: Allen H. Vogel
                             Telephone: (732) 635-9800
                             Facsimile: (732) 635-1111

                                       8
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STATE OF Massachusetts

COUNTY OF Worcester

         On this 5th day of May,  2003  before  me,  the  undersigned,  a Notary
Public in and for said County and State, personally appeared Robert E. Ciri, who
acknowledged  his due  execution  of the  foregoing  Guarantee  of  Validity  of
Collateral.

         WITNESS my hand and affixed seal.

                                               /s/ Glen Mair
                                               -----------------------------
                                               Notary Public in and for
                                               said County and State

My commission expires: 06/20/08

                                       9<PAGE>

                                                                   Exhibit 10.45

                          EQUINOX BUSINESS CREDIT CORP.
                        120 Wood Avenue South, Suite 515
                            Iselin, New Jersey 08830

                                                                     May 9, 2003

Titan PCB East, Inc.
2 Industrial Way
Amesbury, Massachusetts 01913

Ladies and Gentlemen:

         Reference is hereby made to that  certain  Loan and Security  Agreement
(the "Loan  Agreement")  dated as of the date hereof between the undersigned and
Equinox Business Credit Corp. ("Lender"). All capitalized terms used herein that
are not defined shall have the meanings given to them in the Loan Agreement.

         Borrower has informed  Lender that  pursuant to a lease dated  February
26,  2003  between  Borrower  and  Howard J.  Doane,  Jr.,  Trustee of HD Realty
Trust-1993 (the "Lease") it has an option to purchase the real property  located
at One and Two Industrial Way, Amesbury, Massachusetts (the "Real Property").

         In  the  event  Borrower  acquires  the  Real  Property,  Borrower  has
requested  that Lender consent to the sale and leaseback by Borrower of the Real
Property.  Lender is willing to consent to such sale and  leaseback and that the
proceeds be used for any lawful purpose,  provided, that, (a) prior to and after
giving effect to the transaction no Default or Event of Default has occurred and
is continuing  and (b) Lender  receives an agreement in writing  executed by any
lessor of the Real Property to Borrower  substantially  in the form of Exhibit A
attached hereto.

         Except as specially provided herein, the Loan Agreement,  and all other
documents,  instruments and agreements  executed and/or  delivered in connection
therewith,  shall remain in full force and effect,  and are hereby  ratified and
confirmed.

         The  execution,  delivery and  effectiveness  of this letter  agreement
shall not  operate  as a waiver of any  right,  power or remedy of  Lender,  nor
constitute  a waiver  of any  provision  of the  Loan  Agreement,  or any  other
documents,  instruments  or agreements  executed  and/or  delivered  under or in
connection therewith.

<PAGE>

         This letter agreement shall be binding upon and inure to the benefit of
the  parties  hereto and their  respective  successors  and assigns and shall be
governed  by and  construed  in  accordance  with the  laws of the  State of New
Jersey.

                                         Very truly yours,

                                         EQUINOX BUSINESS CREDIT CORP.

                                         By: /s/ Allen H. Vogel
                                             ---------------------------------
                                             Name: Allen H. Vogel
                                             Title: President

TITAN PCB EAST, INC.

By: /s/ Robert E. Ciri
    ---------------------------------
    Name: Robert E. Ciri
    Title: Chairman

                                       2
<PAGE>

                                    EXHIBIT A

                           [COPY OF LANDLORD'S WAIVER]

                                       3

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