Document:

Exhibit 10.3

                                                                  EXECUTION COPY

                         INSTRUMENT OF WARRANT REPRICING

      Reference is made to those certain Warrants (the "Warrants"), to purchase
an aggregate of 1,350,000 shares of the common stock, $0.001 par value per share
("Common Stock") exercisable at $2.96 per share, of American Leisure Holdings,
Inc., a Nevada corporation (the "Company") issued to such persons and in such
numbers as outlined in Schedule A attached hereto. Capitalized terms not defined
herein shall have the meaning given to them in the Credit Agreement the "Initial
Credit Agreement"), dated as of December 19, 2003, by and among the Company,
certain parties defined therein and Stanford Venture Capital Holdings, Inc., a
Delaware corporation ("Stanford").

      WHEREAS, the Company has determined it to be in its best interest to
secure additional financing from Stanford, pursuant to, and in accordance with,
the terms of a Credit Agreement dated as of June 17, 2004 and entered into by
and between American Leisure Marketing & Technology, Inc., Orlando Holidays,
Inc., American Leisure, Inc., Welcome to Orlando, Inc., American Travel &
Marketing Group, Inc., Hickory Travel Systems, Inc., the Company and Stanford
(the "2004 Credit Agreement"); and

      WHEREAS, as further consideration for Stanford entering into the 2004
Credit Agreement, the Company has agreed to reprice the Warrants.

      NOW THEREFORE, for value received, the Company hereby agrees that each
share of Common Stock represented by the Warrants (the "Warrant Shares") shall
be exercisable at an exercise price per Warrant Share of $0.001 in accordance
with the terms of this Warrant Agreement.

      Except as modified hereby, the terms and provisions of the Warrants remain
in full force and effect

Date: June 17, 2004

American Leisure Holdings, Inc.

By:________L/S_________________
L. William Chiles
Vice President
<PAGE>

                                                                  EXECUTION COPY

                                   SCHEDULE A

         Name                                                 Number
         ----                                                 ------

Osvaldo Pi                                                   168,750

Ronald M. Stein                                              168,750

Daniel T. Bogar                                              168,750

William R. Fusselman                                         168,750

Stanford Venture Capital Holdings, Inc.                      675,000
                                                             -------

         Total                                             1,350,000AMERICAN LEISURE HOLDINGS, INC.
                              A NEVADA CORPORATION

                           WARRANT PURCHASE AGREEMENT

      THIS  WARRANT  PURCHASE  AGREEMENT,   dated  as  of  June  17,  2004  (the
"AGREEMENT"),  is entered into by and between American Leisure Holdings, Inc., a
Nevada corporation (the "COMPANY") and Stanford Venture Capital Holdings,  Inc.,
a Delaware corporation (the "PURCHASER").

                              W I T N E S S E T H:

      WHEREAS, of even date herewith, the Purchaser,  American Leisure Marketing
& Technology,  Inc. ("ALMT"),  Orlando Holidays, Inc. ("OHI"), American Leisure,
Inc.  ("AL"),  Welcome to Orlando,  Inc.  ("WTO"),  American  Travel & Marketing
Group, Inc. ("ATMG"),  Caribbean Leisure Marketing,  Ltd. ("CLM"),  CastleCharts
Ltd. ("CC"),  Hickory Travel Systems,  Inc. ("HTS") and the Company (ALMT,  OHI,
AL, CLM,  WTO, CC, HTS and the Company are  collectively  referred to herein as,
the  "Makers")  have  entered  into a Credit  Agreement  of even  date  herewith
pursuant to which,  among other things, the Company and the Makers borrowed from
the  Purchaser  up  to  an  aggregate  of  Four  Million  Dollars  (the  "CREDIT
AGREEMENT"); and

      WHEREAS,  as partial  consideration  for the  Purchaser  entering into the
Credit  Agreement  and upon the  terms and  conditions  of this  Agreement,  the
Purchaser  has agreed to  purchase,  and the  Company  wishes to issue and sell,
warrants to purchase up to an aggregate of 500,000 of the Company's common stock
$0.001 par value per share (the "COMMON  STOCK"),  at an exercise price of $5.00
per share for warrants to purchase  500,000 shares of the Common Stock, on a pro
rata basis in accordance with Schedule A attached hereto,  expiring May 26, 2009
(the "WARRANTS"); and

      WHEREAS,  the Company and the Purchaser are executing and delivering  this
Agreement  in  reliance  upon  the  exemptions  from  registration  provided  by
Regulation  D  ("REGULATION  D")  promulgated  by the  Securities  and  Exchange
Commission (the "COMMISSION")  under the Securities Act of 1933, as amended (the
"SECURITIES ACT"), and/or Section 4(2) of the Securities Act.

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
contained  herein and other good and  valuable  consideration,  the  receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

      1.    AGREEMENT TO PURCHASE; PURCHASE PRICE

            (a) Capitalized terms used herein not otherwise defined herein shall
have the same meaning ascribed to such terms as in the Credit Agreement.

            (b)  Subject  to the terms and  conditions  in this  Agreement,  the
Purchaser  hereby  agrees to purchase from the Company,  and the Company  hereby
agrees  to  issue  and  sell  to  the  Purchaser,  the  Warrants  as  additional
consideration for the execution and delivery of the Credit Agreement on the date
hereof.

<PAGE>

            (c) With each Borrowing,  in accordance  with the Credit  Agreement,
the  Company  shall  issue  to  Purchaser  the  Warrants,  in such  numbers  and
exercisable at such exercise price as is set forth on Exhibit A attached hereto.

      2.    ACCESS TO INFORMATION; INDEPENDENT INVESTIGATION

      The Purchaser  represents  and warrants to, and covenants and agrees with,
the Company as follows:

            (a) QUALIFIED  INVESTOR.  The Purchaser is (i) experienced in making
investments of the kind  described in this Agreement and the related  documents,
(ii) able to afford the entire loss of its investment in the Warrants, and (iii)
an "ACCREDITED  INVESTOR" as defined in Rule 501(a) of Regulation D and knows of
no reason to anticipate any material  change in its financial  condition for the
foreseeable future.

            (b) RESTRICTED WARRANTS. The Warrants are "restricted Securities" as
defined in Rule 144 promulgated  under the Securities Act. All subsequent offers
and sales by the  Purchaser of the Warrants and the Common Stock  issuable  upon
exercise of the Warrants  shall be made  pursuant to an  effective  registration
statement  under the Securities Act or pursuant to an applicable  exemption from
such registration.

            (c) RELIANCE ON REPRESENTATIONS.  The Purchaser understands that the
Warrants are being offered and sold to it in reliance upon  exemptions  from the
registration requirements of the United States federal Securities laws, and that
the Company is relying upon the  truthfulness  and  accuracy of the  Purchaser's
representations  and  warranties,   and  the  Purchaser's  compliance  with  its
covenants and  agreements,  each as set forth herein,  in order to determine the
availability  of such exemptions and the eligibility of the Purchaser to acquire
the Warrants.

            (d) LEGALITY.  The Purchaser has the requisite  corporate  power and
authority to enter into this Agreement.

            (e) AUTHORIZATION.  This Agreement and any related  agreements,  and
the  transactions  contemplated  hereby and thereby,  have been duly and validly
authorized by the Purchaser, and such agreements, when executed and delivered by
each of the Purchaser and the Company will each be a valid and binding agreement
of the Purchaser,  enforceable in accordance with their respective terms, except
to the  extent  that  enforcement  of each  such  agreement  may be  limited  by
bankruptcy,  insolvency,  reorganization,  moratorium,  fraudulent conveyance or
other  similar  laws now or hereafter  in effect  relating to  creditors  rights
generally and to general principles of equity.

            (f) BROKER'S FEES AND COMMISSIONS.  Neither the Purchaser nor any of
its officers,  partners, employees or agents has employed any investment banker,
broker,  or finder  in  connection  with the  transactions  contemplated  by the
Primary Documents.

                                       2
<PAGE>

      3.    REPRESENTATIONS OF THE COMPANY

      The Company represents and warrants to, and covenants and agrees with, the
Purchaser that:

            (a)  ORGANIZATION.  The Company is a corporation  duly organized and
validly  existing and in good standing under the laws of the State of Nevada and
has all requisite  corporate power and authority to carry on its business as now
conducted  and  as  proposed  to be  conducted  after  the  consummation  of the
transactions  contemplated by this Agreement. The Company is duly qualified as a
foreign  corporation and in good standing in all  jurisdictions  in which either
the ownership or use of the properties owned or used by it, or the nature of the
activities  conducted by it, requires such  qualification.  The minute books and
stock record books and other  similar  records of the Company have been provided
or made available to the Purchaser or its counsel prior to the execution of this
Agreement,  are  complete  and correct in all  material  respects  and have been
maintained  in  accordance  with sound  business  practices.  Such minute  books
contain  true and complete  records of all actions  taken at all meetings and by
all written  consents in lieu of meetings  of the  directors,  stockholders  and
committees  of  the  board  of  directors  of  the  Company  from  the  date  of
organization through the date hereof. The Company has, prior to the execution of
this  Agreement,  delivered to the  Purchaser  true and  complete  copies of the
Company's  Articles of  Incorporation,  and Bylaws,  each as amended through the
date hereof.  The Company is not in violation of any  provisions of its Articles
of Incorporation or Bylaws.

            (b)  CAPITALIZATION.  On the date hereof,  the authorized capital of
the Company consists of: (i)100,000,000 shares of Common Stock, par value $0.001
per  share,  of which  7,488,983  shares  are  issued  and  outstanding  and the
preferred  stock set forth in the  Company's  most  recently  filed Form 10-QSB.
Except  as set  forth  on  Schedule  3(b),  the  Company  has no  authorized  or
outstanding  options or warrants issued and outstanding  except for the Warrants
to purchase  1,950,000 shares of Common Stock previously issued to the Purchaser
and the Warrants to purchase  500,000 shares of Common Stock to be issued to the
Purchaser hereunder, there are no outstanding rights,  agreements,  arrangements
or  understandings to which the Company is a party (written or oral) which would
obligate the Company to issue any equity interest, option, warrant,  convertible
note,  or other types of Warrants  or to register  any shares in a  registration
statement  filed with the  Commission.  There is no  agreement,  arrangement  or
understanding  between  or among any  entities  or  individuals  which  affects,
restricts or relates to voting,  giving of written consents,  dividend rights or
transferability  of shares  with  respect to any voting  shares of the  Company,
including without  limitation any voting trust agreement or proxy.  There are no
outstanding  obligations  of the  Company  to  repurchase,  redeem or  otherwise
acquire for value any  outstanding  shares of capital  stock or other  ownership
interests of the Company or to provide funds to or make any  investment  (in the
form of a loan,  capital  contribution or otherwise) in any other entity.  There
are no  anti-dilution  or price  adjustment  provisions  regarding  any security
issued by the Company (or in any agreement providing rights to security holders)
that will be triggered by the issuance of the Warrants.

                                       3
<PAGE>

            (c) CONCERNING THE WARRANTS. The Common Stock issuable upon exercise
of the Warrants, shall be duly and validly issued, fully paid and non-assessable
and will not subject the holder thereof to personal liability by reason of being
such a holder.

            (d) AUTHORIZED  SHARES. The Company has available and has reserved a
sufficient  number of authorized  and unissued  shares of Common Stock as may be
necessary  to effect  exercise  of the  Warrants.  The Company  understands  and
acknowledges the potentially dilutive effect to the Common Stock of the issuance
of shares of Common Stock upon the exercise of the Warrants. The Company further
acknowledges  that its  obligation to issue shares of Common Stock upon exercise
of the Warrants is absolute and unconditional  regardless of the dilutive effect
that such issuance may have on the ownership  interests of other stockholders of
the Company.

            (e)  LEGALITY.  The Company has the  requisite  corporate  power and
authority  to enter into this  Agreement,  and to issue and  deliver  the Common
Stock issuable upon exercise of the Warrants.

            (f)  TRANSACTION  AGREEMENTS.  This  Agreement,  the  Warrants,  the
Registration  Rights  Agreement of even date herewith  among the Company and the
Purchaser (the "REGISTRATION  RIGHTS  AGREEMENT"),  (collectively,  the "PRIMARY
DOCUMENTS"),  and the transactions  contemplated  hereby and thereby,  have been
duly and  validly  authorized  by the  Company;  this  Agreement  has been  duly
executed  and  delivered  by the  Company and this  Agreement  is, and the other
Primary Documents,  when executed and delivered by the Company,  will each be, a
valid and binding agreement of the Company, enforceable in accordance with their
respective  terms,  except to the extent that enforcement of each of the Primary
Documents may be limited by bankruptcy, insolvency, reorganization,  moratorium,
fraudulent  conveyance or other similar laws now or hereafter in effect relating
to creditors' rights generally and to general principles of equity. (f)

            (g) SEC  FILINGS.  As of the date  hereof,  none of the filings made
with the SEC by the  Company  since  January 1, 2000 (the  "ALHI SEC  FILINGS"),
contained  any untrue  statement of a material  fact or to the best of Company's
knowledge,  omitted any material fact required to be stated therein or necessary
to make the statements made therein, in light of the circumstances in which they
were made, not misleading, except to the extent such filings have been all prior
to the date of this  Agreement  corrected,  updated or  superseded by a document
subsequently filed with Commission.  The Company has furnished or made available
to the Purchaser true and complete copies of all the documents it has filed with
the Commission since January 1, 2000, all in the forms so filed.

      As of May 26,  2004,  the  Company  shall have made all  filings  with the
Securities and Exchange  Commission (the "COMMISSION") that it has been required
to  make  under  the  Securities  Act of 1933  (the  "SECURITIES  ACT")  and the
Securities  and  Exchange  Act of 1934 (the  "EXCHANGE  ACT"),  as amended  (the
"COMPANY  SEC  FILINGS")  and  will  have  furnished  or made  available  to the
Purchaser  true and complete  copies of all the  documents it has filed with the
Commission  since its inception,  all in the forms so filed. As of May 26, 2004,
filings  by  the  Company  will  comply  in  all  material   respects  with  the
requirements  of the  Securities  Act and the  Exchange  Act,  and the rules and
regulations of the Commission  promulgated  thereunder,  as the case may be, and
none of the filings  with the  Commission  contained  or will contain any untrue
statement of a material  fact or omitted or will omit any material fact required
to be stated therein or necessary to make the statements made therein,  in light
of the  circumstances  in which they were made,  not  misleading,  except to the
extent such filings have been all prior to the date of this Agreement corrected,
updated or superseded by a document  subsequently filed with Commission.  To the
best  of  the  Company's  knowledge,  the  confidential  informal  investigation
presently  underway by the Commission does not form, provide or give rise to any
basis for,  or cause,  a material  adverse  effect on the  Company or any of its
officers and/or directors.

                                       4
<PAGE>

            (h) FINANCIAL  STATEMENTS.  The Company's  financial  statements and
related notes thereto, as delivered to Purchaser (the "COMPANY  FINANCIALS") are
correct  and  complete  in all  material  respects  and have  been  prepared  in
accordance with United States generally accepted  accounting  principles applied
on a basis consistent  throughout the periods indicated and consistent with each
other.  The Company  Financials  present  fairly and  accurately  the  financial
condition  and operating  results of the Company in all material  respects as of
the dates and during the periods  indicated  therein and are consistent with the
books and records of the Company. Except as set forth in the Company Financials,
the Company has no material liabilities, contingent or otherwise.

            (i) NON-CONTRAVENTION.  The execution and delivery of this Agreement
and each of the other Primary Documents,  and the consummation by the Company of
the  transactions  contemplated  by this Agreement and each of the other Primary
Documents,  do not and will not  conflict  with,  or  result  in a breach by the
Company  of, or give any third  party  any right of  termination,  cancellation,
acceleration  or  modification  in or  with  respect  to,  any of the  terms  or
provisions of, or constitute a default under,  (A) its Articles of Incorporation
or Bylaws,  as amended  through the date  hereof,  (B) any  material  indenture,
mortgage,  deed of trust,  lease or other  agreement or  instrument to which the
Company is a party or by which it or any of its  properties or assets are bound,
or (C) any existing  applicable  law,  rule,  or  regulation  or any  applicable
decree,  judgment or order of any court or federal,  state, Warrants industry or
foreign regulatory body,  administrative  agency, or any other governmental body
having  jurisdiction  over the  Company  or any of their  properties  or  assets
(collectively, "LEGAL REQUIREMENTS"), other than those which have been waived or
satisfied on or prior to the First Closing Date.

            (j) APPROVALS AND FILINGS. No authorization,  approval or consent of
any court, governmental body, regulatory agency,  self-regulatory  organization,
stock  exchange or market or the  stockholders  of the Company is required to be
obtained by the Company for the entry into or the  performance of this Agreement
and the other Primary Documents.

            (k) COMPLIANCE WITH LEGAL REQUIREMENTS. The Company has not violated
in any material  respect,  and is not currently in material  default under,  any
Legal Requirement  applicable to the Company, or any of the assets or properties
of the  Company,  where such  violation  could  reasonably  be  expected to have
material adverse effect on the business or financial condition of the Company.

            (l) ABSENCE OF CERTAIN  CHANGES.  There has been no material adverse
change  nor  any  material  adverse  development  in the  business,  properties,
operations,  financial condition, prospects,  outstanding Warrants or results of
operations of the Company, and no event has occurred or circumstance exists that
may result in such a material adverse change.

                                       5
<PAGE>

            (m) INDEBTEDNESS TO OFFICERS, DIRECTORS AND STOCKHOLDERS.  Except as
set disclosed in the Company  Financials,  the Company is not indebted to any of
the  Company's  stockholders,  officers or directors or their  Affiliates in any
amount whatsoever  (including,  without limitation,  any deferred  compensation,
salaries or rent payable).

            (n) RELATIONSHIPS  WITH RELATED PERSONS.  Except as set forth in the
SEC filings of the Company, no officer,  director,  or principal  stockholder of
the Company nor any Related  Person (as defined  below) of any of the  foregoing
has had any  interest in any  property  (whether  real,  personal,  or mixed and
whether  tangible or  intangible)  used in or  pertaining to the business of the
Company. No officer,  director,  or principal stockholder of the Company nor any
Related Person of the any of the foregoing is or has owned an equity interest or
any other  financial or profit interest in, a Person (as defined below) that has
(i) had business  dealings or a material  financial  interest in any transaction
with the Company,  or (ii) engaged in competition  with the Company with respect
to any  line of the  merchandise  or  services  of such  company  (a  "COMPETING
BUSINESS") in any market  presently  served by such company except for ownership
of less than one  percent  of the  outstanding  capital  stock of any  Competing
Business  that  is  publicly  traded  on  any  recognized  exchange  or  in  the
over-the-counter  market. No director,  officer, or principal stockholder of the
Company  nor any  Related  Person  of any of the  foregoing  is a  party  to any
Contract  with,  or has claim or right  against,  the  Company.  As used in this
Agreement, "PERSON" means any individual,  corporation (including any non-profit
corporation),  general or limited partnership,  limited liability company, joint
venture, estate, trust, association,  organization, labor union, or other entity
or any  governmental  body;  "RELATED  PERSON"  means,  (X)  with  respect  to a
particular  individual,  (a) each other member of such  individual's  Family (as
defined below); (b) any Person that is directly or indirectly controlled by such
individual or one or more members of such individual's Family; (c) any Person in
which such individual or members of such individual's  Family hold (individually
or in the aggregate) a Material Interest (as defined below);  and (d) any Person
with  respect  to  which  such  individual  or  one  or  more  members  of  such
individual's Family serves as a director, officer, partner, executor, or trustee
(or in a similar capacity); (Y) with respect to a specified Person other than an
individual,  (a) any Person that directly or indirectly controls, is directly or
indirectly controlled by, or is directly or indirectly under common control with
such  specified  Person;  (b) any Person that holds a Material  Interest in such
specified Person; (c) each Person that serves as a director,  officer,  partner,
executor,  or trustee of such specified Person (or in a similar  capacity);  (d)
any Person in which such  specified  Person holds a Material  Interest;  (e) any
Person with respect to which such specified  Person serves as a general  partner
or a  trustee  (or in a similar  capacity);  and (f) any  Related  Person of any
individual  described  in  clause  (b) or (c).  For  purposes  of the  foregoing
definition, (a) the "FAMILY" of an individual includes (i) the individual,  (ii)
the individual's  spouse and former spouses,  (iii) any other natural person who
is  related  to the  individual  or the  individual's  spouse  within the second
degree, and (iv) any other natural person who resides with such individual,  and
(b) "MATERIAL INTEREST" means direct or indirect beneficial  ownership of voting
Warrants or other voting  interests  representing at least 1% of the outstanding
voting  power  of  a  Person  or  equity  Warrants  or  other  equity  interests
representing at least 1% of the  outstanding  equity Warrants or equity Warrants
in a Person.

                                       6
<PAGE>

            (o) TITLE TO PROPERTIES; LIENS AND ENCUMBRANCES. Except as set forth
in the SEC filings of the Company,  the Company has good and marketable title to
all of its material properties and assets, both real and personal,  and has good
title  to all its  leasehold  interests.  All  material  properties  and  assets
reflected in the Company  Financials are free and clear of all  Encumbrances (as
defined  below)  except  liens  for  current  Taxes  not yet due and  except  as
disclosed in the Company  Financials.  As used in this Agreement,  "ENCUMBRANCE"
means any charge,  claim,  community  property  interest,  condition,  equitable
interest,   lien,  pledge,  security  interest,   right  of  first  refusal,  or
restriction of any kind,  including any  restriction on use,  voting,  transfer,
receipt of income, or exercise of any other attribute of ownership.

            (p) PERMITS.  The Company has all permits,  licenses and any similar
authority  necessary for the conduct of its business as now conducted,  the lack
of which  would  materially  and  adversely  affect the  business  or  financial
condition of such  company.  The Company is not in default in any respect  under
any of such permits, licenses or similar authority.

            (q)  ABSENCE OF  LITIGATION.  Except as set forth in the Company SEC
Filings, there is no action, suit,  proceeding,  inquiry or investigation before
or by any court,  public board or body, or arbitration  tribunal  pending or, to
the Knowledge of the Company,  threatened  against or affecting the Company,  in
which an unfavorable  decision,  ruling or finding would have a material adverse
effect on the properties, business, condition (financial or other) or results of
operations of the Company, taken as a whole, or the transactions contemplated by
the  Primary  Documents,  or  which  would  adversely  affect  the  validity  or
enforceability  of, or the  authority  or ability of the  Company to perform its
obligations  under, the Primary  Documents.  All references to the "KNOWLEDGE OF
THE COMPANY" in this Agreement shall mean the actual knowledge of the Company or
any of its  officers or the  knowledge  that the Company or any of its  officers
could  reasonably be expected to have, after  reasonable  investigation  and due
diligence.

            (r) NO DEFAULT.  The Company is not in default in the performance or
observance of any obligation,  covenant or condition contained in any indenture,
mortgage,  deed of trust or other instrument or agreement to which it is a party
or by which it or its property may be bound.

            (s) TAXES.

               (i) All Tax  Returns  (as  defined  below)  required to have been
filed by or with respect to the Company  (including  any  extensions)  have been
filed.  All such Tax Returns  are true,  complete  and  correct in all  material
respects.  All Taxes (as defined below) due and payable by the Company,  whether
or not shown on any Tax Return, or claimed to be due by any Taxing Authority (as
defined below), have been paid.

               (ii) The Company does not have any material  liability  for Taxes
outstanding.

                                       7
<PAGE>

               (iii) The Company is not a party to any  agreement  extending the
time  within  which to file any Tax  Return.  No claim  has ever  been made by a
Taxing  Authority  of any  jurisdiction  in which the Company  does not file Tax
Returns that the Company is or may be subject to taxation by that jurisdiction.

               (iv) The Company has withheld and paid all Taxes required to have
been withheld and paid in connection with amounts paid or owing to any employee,
creditor or independent contractor.

               (v)  There  has  been  no  action  by  any  Taxing  Authority  in
connection  with  assessing  additional  Taxes  against,  or in respect  of, the
Company for any past  period.  There is no dispute or claim  concerning  any Tax
liability of the Company either (i) claimed,  raised or, to the Knowledge of the
Company,  threatened  by any Taxing  Authority  or (ii) of which the  Company is
otherwise aware.  There are no liens for Taxes upon the assets and properties of
the Company other than liens for Taxes not yet due.

               (vi) There are no outstanding agreements or waivers extending the
statutory  period of  limitation  applicable  to any Tax Returns  required to be
filed by, or which  include or are  treated as  including,  the  Company or with
respect to any Tax assessment or deficiency affecting the Company.

               (vii) The Company has not received any written  ruling related to
Taxes or entered into any agreement with a Taxing Authority relating to Taxes.

               (viii) The Company does not have any  liability  for the Taxes of
any person or entity  other than the Company (i) under  Section  1.1502-6 of the
Treasury  regulations (or any similar provision of state, local or foreign Legal
Requirements),  (ii) as a  transferee  or  successor,  (iii) by contract or (iv)
otherwise.

               (ix) The  Company  (i) has not agreed to make nor is  required to
make any adjustment  under Section 481 of the Internal Revenue Code by reason of
a change in accounting method and (ii) is not a "consenting  corporation" within
the meaning of Section 341(f)(1) of the Internal Revenue Code.

               (x) The  Company  is not a party to or  bound by any  obligations
under any tax sharing,  tax  allocation,  tax indemnity or similar  agreement or
arrangement.

               (xi) The Company is not  involved  in,  subject to, or a party to
any joint venture, partnership, contract or other arrangement that is treated as
a partnership for federal, state, local or foreign Tax purposes.

               (xii) The Company was not included nor is includible,  in the Tax
Return of any other entity.

As used in this Agreement, a "TAX RETURN" means any return, report, information
return, schedule, certificate, statement or other document (including any
related or supporting information) filed or required to be filed with, or, where
none is required to be filed with a Taxing Authority, the statement or other
document issued by, a Taxing Authority in connection with any Tax; "TAX" means
any and all taxes, charges, fees, levies or other assessments, including,
without limitation, income, gross, receipts, excise, real or personal property,
sales, withholding, social security, retirement, unemployment, occupation, use,
service, service use, license, net worth, payroll, franchise, transfer and
recording taxes, fees and charges, imposed by Taxing Authority, whether computed
on a separate, consolidated, unitary, combined or any other basis; and such term
includes any interest whether paid or received, fines, penalties or additional
amounts attributable to, or imposed upon, or with respect to, any such taxes,
charges, fees, levies or other assessments; and "TAXING AUTHORITY" means any
governmental agency, board, bureau, body, department or authority of any United
States federal, state or local jurisdiction or any foreign jurisdiction, having
or purporting to exercise jurisdiction with respect to any Tax.

                                       8
<PAGE>

            (t) CERTAIN  PROHIBITED  ACTIVITIES.  Neither the Company nor any of
its  directors,  officers or other  employees has (i) used any Company funds for
any unlawful contribution,  endorsement,  gift,  entertainment or other unlawful
expense  relating to any  political  activity,  (ii) made any direct or indirect
unlawful payment of Company funds to any foreign or domestic government official
or employee,  (iii)  violated or is in violation of any provision of the Foreign
Corrupt  Practices  Act of 1977,  as  amended,  or (iv) made any bribe,  rebate,
payoff, influence payment, kickback or other similar payment to any person.

            (u)  CONTRACTS.  As used in this  Agreement,  "CONTRACT"  means  any
agreement,  contract,  obligation,  promise, or undertaking  (whether written or
oral and whether  express or implied) that is legally  binding;  or any Contract
(a) under which the  Company has or may acquire any rights,  (b) under which the
Company has or may become  subject to any  obligation  or  liability,  or (c) by
which the  Company  or any of the  assets  owned or used by it is or may  become
bound.

With respect to each Contract (i) the Company is, and has been, in material
compliance with all applicable terms and requirements of each Contract under
which the Company has or had any obligation or liability or by which the Company
or any of the assets owned or used by it is or was bound; (ii) each other person
or entity that has or had any obligation or liability under any Contract under
which the Company has or had any rights is, and has been, in material compliance
with all applicable terms and requirements of such Contract; (iii) no event has
occurred or circumstance exists that (with or without notice or lapse of time)
may contravene, conflict with, or result in a material violation or breach of,
or give the Company or other person or entity the right to declare a default or
exercise any remedy under, or to accelerate the maturity or performance of, or
to cancel, terminate, or modify, any Contract; and (iv) the Company has not
given to or received from any other person or entity any notice or other
communication (whether oral or written) regarding any actual, alleged, possible,
or potential violation or breach of, or default under, any Contract.

Each Contract is valid, in full force, and binding on and enforceable against
the other party or parties to such contract in accordance with its terms and
provisions.

There have been no renegotiation of, attempts to renegotiate, or outstanding
rights to renegotiate any material amounts paid or payable to the Company under
current or completed Contracts with any person or entity and no such person or
entity has made written demand for such renegotiation.

                                       9
<PAGE>

            (v) AGENT  FEES.  Except for the fee paid  solely by the  Company to
Walter  Kolker,  with  regard  to which the  Company  shall  indemnify  and hold
Purchaser harmless for any amounts due thereunder,  the Company has not incurred
any  liability  for any finder's or  brokerage  fees or agent's  commissions  in
connection with the transactions contemplated by this Agreement.

            (w) EMPLOYEES.  The Company has no accrued  vacation or sick pay due
any employees.

            (x) EMPLOYEE BENEFITS.

               (i) The Company  does not have,  and has not at any time had, any
Plans (as defined below).

As used in this Agreement, "PLAN" means (i) each of the "employee benefit plans"
(as such term is defined  in  Section  3(3) of the  Employee  Retirement  Income
Security  Act of 1974  ("ERISA")),  of which any of the Company or any member of
the same  controlled  group of businesses  as the Company  within the meaning of
Section  4001(a)(14) of ERISA (an "ERISA AFFILIATE") is or ever was a sponsor or
participating employer or as to which the Company or any of its ERISA Affiliates
makes contributions or is required to make  contributions,  and (ii) any similar
employment,  severance or other  arrangement  or policy of any of the Company or
any of its ERISA  Affiliates  (whether  written or oral)  providing  for health,
life, vision or dental insurance coverage (including self-insured arrangements),
workers' compensation,  disability benefits, supplemental unemployment benefits,
vacation  benefits  or  retirement  benefits,  fringe  benefits,  or for  profit
sharing,  deferred  compensation,  bonuses, stock options, stock appreciation or
other forms of incentive compensation or post-retirement insurance, compensation
or benefits.

            (y) PRIVATE  OFFERING.  Subject to the  accuracy of the  Purchaser's
representations  and warranties  set forth in Section y2 hereof,  (i) the offer,
sale and  issuance  of the  Warrants,  and (ii) the  issuance  of  Common  Stock
pursuant  to the  exercise  of  the  Warrants  as  contemplated  by the  Primary
Documents, are exempt from the registration  requirements of the Securities Act.
The Company agrees that neither the Company nor anyone acting on its behalf will
offer any of the  Warrants  or any similar  Warrants  for  issuance or sale,  or
solicit  any offer to  acquire  any of the same from  anyone so as to render the
issuance and sale of such Warrants subject to the  registration  requirements of
the Securities Act

            (z) MERGERS,  ACQUISITIONS AND DIVESTITURES.  Except as set forth in
the SEC  filings of the  Company,  the  Company  has never  acquired  any equity
interest in or any major assets of any other Person, or sold the equity interest
or any major  asset  owned by it in a  transaction  the terms of which  were not
based on arms' length  negotiations.  None of the officers and  directors of the
Company  has  received  any  benefit  in  connection  with any of the  foregoing
transactions  or is  under  any  agreement  or  understanding  with  any  Person
(including  agreements or  understandings  among themselves) with respect to the
receipt of or entitlement to any such benefit.

            (aa) FULL  DISCLOSURE.  There is no fact known to the Company (other
than general  economic  conditions  known to the public  generally) that has not
been  disclosed to the Purchaser that could (i) reasonably be expected to have a
material  adverse  effect upon the  condition  (financial  or  otherwise) or the
earnings,  business  affairs,  properties  or  assets  of the  Company  or  (ii)
reasonably  be expected to materially  and  adversely  affect the ability of the
Company to perform  the  obligations  set forth in the  Primary  Documents.  The
representations and warranties of the Company set forth in this Agreement do not
contain  any untrue  statement  of a  material  fact or omit any  material  fact
necessary to make the statements contained herein, in light of the circumstances
under which they were made, not misleading.

                                       10
<PAGE>

      4.    CERTAIN COVENANTS, ACKNOWLEDGMENTS AND RESTRICTIONS

            (a)  TRANSFER  RESTRICTIONS.  The  Purchaser  acknowledges  that (i)
neither the Warrants nor the Common Stock issuable upon exercise of the Warrants
have been  registered  under the  Securities  Act, and such  Warrants may not be
transferred  unless  (A)  subsequently  registered  thereunder  or (B)  they are
transferred  pursuant to an exemption from such registration,  and (ii) any sale
of the Warrants or the Common Stock  issuable upon exercise or exchange  thereof
(collectively,  the "COVERED WARRANTS") made in reliance upon Rule 144 under the
Securities  Act ("RULE  144") may be made only in  accordance  with the terms of
said Rule 144. The  provisions of Section y4(a) and y4(b) hereof,  together with
the  rights  of the  Purchaser  under  this  Agreement  and  the  other  Primary
Documents, shall be binding upon any subsequent transferee of the Common Stock.

            (b) RESTRICTIVE LEGEND. The Purchaser  acknowledges and agrees that,
until such time as the Covered  Warrants  shall have been  registered  under the
Securities Act or the Purchaser  demonstrates to the reasonable  satisfaction of
the Company and its counsel that such registration  shall no longer be required,
such Covered Warrants may be subject to a stop-transfer order placed against the
transfer  of such  Covered  Warrants,  and such  Covered  Warrants  shall bear a
restrictive legend in substantially the following form:

      THESE  WARRANTS  (INCLUDING  ANY  UNDERLYING  CAPITAL STOCK) HAVE NOT BEEN
      REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THEY MAY NOT BE
      SOLD, OFFERED FOR SALE, PLEDGED,  HYPOTHECATED OR OTHERWISE TRANSFERRED IN
      THE ABSENCE OF AN  EFFECTIVE  REGISTRATION  STATEMENT  AS TO THE  WARRANTS
      UNDER  SAID ACT OR AN OPINION  OF  COUNSEL  OR OTHER  EVIDENCE  REASONABLY
      SATISFACTORY  TO THE  COMPANY  THAT SUCH  REGISTRATION  SHALL NO LONGER BE
      REQUIRED.

            (c) RESERVATION OF COMMON STOCK.  The Company will at all times have
authorized  and  reserved  for the  purpose of issuance a  sufficient  number of
shares of Common  Stock to provide  for the  conversion  of the  exercise of the
Warrants.

            (d) RETURN OF CERTIFICATES  ON CONVERSION.  Upon any exercise by any
holder of the Warrants of less than all of the shares of Common Stock into which
such Warrants are exercisable, the Company shall issue and deliver to the holder
thereof,  within  seven  business  days of the date of  exercise,  a new Warrant
exercisable  for the total number of shares of Common Stock which the holder has
not yet elected to exercise.

                                       11
<PAGE>

            (e) REPLACEMENT  CERTIFICATES.  The certificate(s)  representing the
Warrants  held by the  Purchaser  shall be  exchangeable,  at the  option of the
Purchaser  at any time and  from  time to time at the  office  of  Company,  for
certificates with different denominations representing,  as applicable, an equal
aggregate  number of Warrants as requested by the holder upon  surrendering  the
same.  No service  charge  will be made for such  registration  or  transfer  or
exchange.

            (f)  FINANCIAL  STATEMENTS.  At  the  expense  of the  Company,  the
Company's  accountant shall annually prepare for each calendar year, a report of
the Company,  including a balance sheet,  annual profit and loss statement,  and
annual cash flow  statement to be furnished to the Purchaser  within one hundred
twenty (120) days after the end of each  calendar  year. In addition the Company
shall cause to be prepared and  distributed  to the  Purchaser for each calendar
quarter during the term of this  Agreement a report of the Company,  including a
balance  sheet,  quarterly  profit and loss  statement,  and quarterly cash flow
statement  for such  calendar  quarter to be furnished to the  Purchaser  within
forty-five (45) days after the end of each calendar  quarter.  The Company shall
also cause to be  prepared  and filed all  Federal,  state and local  income tax
returns and information returns, if any, which the Company is required to file.

      5.    FEES AND EXPENSES

      The Company shall bear its own costs,  including attorney's fees, incurred
in the  negotiation  of this  Agreement  and  consummating  of the  transactions
contemplated  herein  and  in  the  corporate  proceedings  of  the  Company  in
contemplation  hereof and thereof. At the date of execution and delivery hereof,
the Company shall reimburse the Purchaser for all of the Purchaser's  reasonable
out-of-pocket   expenses   incurred  in  connection   with  the  negotiation  or
performance of this Agreement,  including without limitation reasonable fees and
disbursements of counsel to the Purchaser.

      6.    SURVIVAL

      The agreements,  covenants,  representations and warranties of the Company
and the Purchaser shall survive the execution and delivery of this Agreement and
the delivery of the Warrants  hereunder  for a period of two years from the date
of the Final Closing Date, except that:

            (a) the Company's  representations  and warranties  regarding  Taxes
contained in Section 3(r) of this Agreement shall survive as long as the Company
remains statutorily liable for any obligation referenced in Section 3(r), and

            (b)  the  Company's  representations  and  warranties  contained  in
Section y3(b) shall survive until the Purchaser and any of its affiliates are no
longer holders of any of the Warrants purchased hereunder.

      7.    INDEMNIFICATION

            (a) The Company,  on the one side,  and the Purchaser  (each in such
capacity under this section,  the "INDEMNIFYING  PARTY") agrees to indemnify the
other party and each officer, director,  employee, agent, partner,  stockholder,
member  and  affiliate  of such  other  party  (collectively,  the  "INDEMNIFIED
PARTIES") for, and hold each  Indemnified  Party harmless from and against:  (i)
any and all damages,  losses, claims,  diminution in value and other liabilities
of any and every kind,  including,  without  limitation,  judgments and costs of
settlement,  and (ii) any and all reasonable out-of-pocket costs and expenses of
any  and  every  kind,  including,  without  limitation,   reasonable  fees  and
disbursements  of counsel for such  Indemnified  Parties (all of which  expenses
periodically  shall be reimbursed as incurred),  in each case, arising out of or
suffered or incurred in  connection  with any of the  following,  whether or not
involving a third party claim:  (a) any  misrepresentation  or any breach of any
warranty  made by the  Indemnifying  Party herein or in any of the other Primary
Documents,  (b) any breach or  non-fulfillment of any covenant or agreement made
by the Indemnifying  Party herein or in any of the other Primary  Documents,  or
(c) any claim relating to or arising out of a violation of applicable federal or
state  Warrants laws by the  Indemnifying  Party in connection  with the sale or
issuance of the  Warrants by the  Indemnifying  Party to the  Indemnified  Party
(collectively,  the "INDEMNIFIED LIABILITIES"). To the extent that the foregoing
undertaking by the Indemnifying  Party may be unenforceable for any reason,  the
Indemnifying  Party  shall make the  maximum  contribution  to the  payment  and
satisfaction of each of the Indemnified  Liabilities  which is permissible under
applicable law.

                                       12
<PAGE>

      8.    NOTICES

      Any  notice  required  or  permitted  hereunder  shall be given in writing
(unless  otherwise  specified  herein)  and  shall be  effective  upon  personal
delivery, via facsimile (upon receipt of confirmation of error-free transmission
and mailing a copy of such  confirmation,  postage  prepaid by  certified  mail,
return  receipt  requested)  or three  business days  following  deposit of such
notice with an internationally  recognized courier service, with postage prepaid
and addressed to each of the other parties  thereunto  entitled at the following
addresses,  or at such other  addresses  as a party may  designate  by five days
advance written notice to each of the other parties hereto.

      COMPANY:              American Leisure Holdings, Inc.
                            2701 Spivey Lane
                            Orlando, Florida 32837
                            Attention: Malcolm J. Wright
                            Telephone: (407) 421-6660
                            Facsimile: (407) 857-3598

      WITH A COPY TO:       Nason, Yeager, Gerson, White & Lioce, P.A.
                            1645 Palm Beach Lakes Boulevard, Suite 1200
                            West Palm Beach, Florida 33401
                            Attention: Alan I. Armour II, Esquire
                            Facsimile No.: (561) 686-5442

                                       13
<PAGE>

      PURCHASER:            Stanford Venture Capital Holdings, Inc.
                            6075 Poplar Avenue
                            Memphis, TN 38119
                            Attention: James M. Davis, President
                            Telephone: (901) 680-5260
                            Facsimile: (901) 680-5265

      WITH A COPY TO:       Adorno & Yoss, P.A.
                            2601 S. Bayshore Drive, Suite 1600
                            Miami, Florida 33133
                            Attention: Seth Joseph, Esq.
                            Telephone: (305) 858-5555
                            Facsimile: (305) 858-4777

      9.    GOVERNING LAW; JURISDICTION

      This Agreement shall be governed by and interpreted in accordance with the
laws of the State of Florida,  without  regard to its  principles of conflict of
laws. Any action or proceeding  seeking to enforce any provision of, or based on
any right arising out of, this Agreement may be brought against any party in the
federal  courts  of  Florida  or the  state  courts  of the  State  of  Florida,
Miami-Dade  County and each of the parties  consents to the jurisdiction of such
courts and hereby waives, to the maximum extent permitted by law, any objection,
including any objections  based on forum non conveniens,  to the bringing of any
such proceeding in such jurisdictions.

      10.   MISCELLANEOUS

            (a) ENTIRE AGREEMENT. This Agreement supersedes all prior agreements
and  understandings  among the parties hereto with respect to the subject matter
hereof. This Agreement, together with the other Primary Documents, including any
certificate,  schedule,  exhibit or other document  delivered  pursuant to their
terms, constitutes the entire agreement among the parties hereto with respect to
the subject matters hereof and thereof,  and supersedes all prior agreements and
understandings,  whether written or oral, among the parties with respect to such
subject matters.

            (b)  AMENDMENTS.  This  Agreement  may not be  amended  except by an
instrument in writing signed by the party to be charged with enforcement.

            (c) WAIVER.  No waiver of any provision of this  Agreement  shall be
deemed a waiver of any other  provisions or shall a waiver of the performance of
a provision in one or more  instances  be deemed a waiver of future  performance
thereof.

            (d)  CONSTRUCTION.  This Agreement and each of the Primary Documents
have been  entered into freely by each of the  parties,  following  consultation
with their  respective  counsel,  and shall be interpreted  fairly in accordance
with its  respective  terms,  without  any  construction  in favor of or against
either party.

                                       14
<PAGE>

            (e) BINDING EFFECT OF AGREEMENT.  This Agreement  shall inure to the
benefit  of,  and be  binding  upon the  successors  and  assigns of each of the
parties hereto, including any transferees of the Warrants.

            (f)  SEVERABILITY.  If any  provision  of this  Agreement  shall  be
invalid   or   unenforceable   in   any   jurisdiction,   such   invalidity   or
unenforceability  shall  not  affect  the  validity  or  enforceability  of  the
remainder  of  this  Agreement  or the  validity  or  unenforceability  of  this
Agreement in any other jurisdiction.

            (g) ATTORNEYS'  FEES. If any action should arise between the parties
hereto to enforce or interpret the provisions of this Agreement,  the prevailing
party in such action shall be reimbursed for all reasonable expenses incurred in
connection with such action, including reasonable attorneys' fees.

            (h) HEADINGS.  The headings of this Agreement are for convenience of
reference only and shall not form part of, or affect the  interpretation of this
Agreement.

            (i)  COUNTERPARTS.  This  Agreement  may be  signed  in one or  more
counterparts,  each of which shall be deemed an original and all of which,  when
taken together, will be deemed to constitute one and the same agreement.

            (j) WAIVER OF JURY TRIAL. THE PARTIES HEREBY KNOWINGLY,  VOLUNTARILY
AND  INTENTIONALLY  WAIVE  THE  RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN
RESPECT  OF ANY  LITIGATION  BASED  HEREON,  OR  ARISING  OUT  OF,  UNDER  OR IN
CONNECTION WITH THIS AGREEMENT AND ANY OTHER  AGREEMENT,  DOCUMENT OR INSTRUMENT
CONTEMPLATED TO BE EXECUTED IN CONJUNCTION  HEREWITH,  OR ANY COURSE OF CONDUCT,
COURSE OF  DEALING,  STATEMENTS  (WHETHER  VERBAL OR  WRITTEN) OR ACTIONS OF ANY
PARTY HERETO.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       15
<PAGE>

      IN WITNESS  WHEREOF,  this Agreement has been duly executed by each of the
undersigned as of the date first written above.

                         AMERICAN LEISURE HOLDINGS, INC.

                         By:
                            ----------------------------------------------------
                         Name:
                              --------------------------------------------------
                         Title:
                               -------------------------------------------------

                         STANFORD VENTURE CAPITAL HOLDINGS, INC.

                         By:
                            ----------------------------------------------------
                         Name:
                              --------------------------------------------------
                         Title:
                               -------------------------------------------------

                                       16
<PAGE>

                                  EXHIBIT INDEX

EXHIBIT A                WARRANT

EXHIBIT B                CLOSING CERTIFICATE

                                 SCHEDULE INDEX

SCHEDULE A               WARRANT SPLIT CHART

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