Document:

PROMISSORY NOTE

$5,000                                                     As of August 29, 2005
                                                              New York, New York

Platinum Energy Resources, Inc. (the "Maker") promises to pay to the order of
Mark Nordlicht (the "Payee") the principal sum of Five Thousand Dollars and No
Cents ($5,000.00) in lawful money of the United States of America, together with
interest on the unpaid principal balance of this Note, on the terms and
conditions described below.

      1. Principal. The principal balance of this Note shall be repayable on the
earlier of (i) May 5, 2006 or (ii) the date on which Maker consummates an
initial public offering of its securities.

      2. Interest. Interest shall accrue at the rate of 4% annually
(non-compounded) on the unpaid principal balance of this Note.

      3. Application of Payments. All payments shall be applied first to payment
in full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys' fees, then to the payment
in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

      4. Events of Default. The following shall constitute Events of Default:

         (a) Failure to Make Required Payments. Failure by Maker to pay the
principal of or accrued interest on this Note within five (5) business days
following the date when due.

         (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary
case under the Federal Bankruptcy Code, as now constituted or hereafter amended,
or any other applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of
creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of
the foregoing.

         (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of maker in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of the affairs of
Maker, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

      5. Remedies.

         (a) Upon the occurrence of an Event of Default specified in Section
4(a), Payee may, by written notice to Maker, declare this Note to be due and
payable, whereupon the principal amount of this Note, and all other amounts
payable thereunder, shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding.

         (b) Upon the occurrence of an Event of Default specified in Sections
4(b) and 4(c), the unpaid principal balance of, and all other sums payable with
regard to, this Note shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.

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      6. Waivers. Maker and all endorsers and guarantors of, and sureties for,
this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and
imperfections in any proceedings instituted by Payee under the terms of this
Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon, may be sold upon any such writ in whole
or in part in any order desired by Payee.

      7. Unconditional Liability. Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of
time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to them or affecting their liability hereunder.

      8. Notices. Any notice called for hereunder shall be deemed properly given
if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail
or delivery service providing receipted delivery, (iv) sent by telefacsimile or
(v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

       If to Maker:

         Platinum Energy Resources, Inc.
         152 West 57th Street, 54th Floor
               New York, New York 10019
         Attn.: Chief Executive Officer

       If to Payee:

         Mark Nordlicht
         c/o Platinum Partners L.P.
         152 West 57th Street
         New York, New York 10019

Notice shall be deemed given on the earlier of (i) actual receipt by the
receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the
receiving party's on-line access provider (iv) the date reflected on a signed
delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

      9. Construction. This Note shall be construed and enforced in accordance
with the domestic, internal law, but not the law of conflict of laws, of the
State of New York.

      10. Severability. Any provision contained in this Note 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.

         IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has
caused this Note to be duly executed the day and year first above written.

                                          PLATINUM ENERGY RESOURCES, INC.

                                          By: /s/ Barry Kostiner
                                              -------------------
                                          Name:  Barry Kostiner
                                          Title: Chief Executive OfficerExhibit 10.1

                          CORNELL CAPITAL PARTNERS, LP
                          101 HUDSON STREET, SUITE 3700
                          JERSEY CITY, NEW JERSEY 07302

                                 August 29, 2005

                                                  PREFERRED STOCK

PERSONAL AND CONFIDENTIAL

      On the terms and subject to the conditions set forth below, Cornell
Capital Partners, LP (the "Investor") will commit to purchase $1.0 million of
preferred stock from Celerity Systems Inc. (the "Issuer") on the principal terms
set forth below. This letter is binding and the parties will enter into formal
agreements setting forth their respective rights and obligations. Such
agreements will contain customary representations, warranties and
indemnifications. The material terms of the offering are set forth below:

Issuer                              Celerity Systems Inc. (CESY)

Investor                            Cornell Capital Partners, LP

Securities                          Preferred Stock ("Preferred")

Amount                              $1,000,000 ("Commitment Amount") which
                                    will be disbursed on the Closing Date

Dividend Rate                       0% per annum although if the outstanding
                                    shares of the company become less than 4
                                    billion shares prior to conversion, the
                                    Preferred will accrue a dividend at 12%
                                    per annum.

Liquidation Preference              $100,000

Closing Date                        The closing date will be the date on which
                                    definitive documents are signed by and
                                    between the Issuer and Investor ("Closing
                                    Date"). It is estimated that the Closing
                                    Date shall take place within a reasonable
                                    amount of time from the execution of this
                                    term sheet, notwithstanding any and all
                                    due diligence and documentation issues
                                    that can arise.

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August 31, 2005
Page 2 of 4

Redemption                          The Issuer shall have the right to redeem
                                    the Preferred upon three (3) business days
                                    prior written notice, any or
                                    all-outstanding Preferred remaining in its
                                    sole discretion.  The redemption price
                                    shall be one hundred twenty-five percent
                                    (125%) of the face amount redeemed plus
                                    accrued dividends.

Conversion                          Upon termination of the Issuer's status as
                                    a business development company under the
                                    Investment Company Act of 1940, the
                                    Preferred will become convertible.  At
                                    such time, the Investor shall have the
                                    right to convert the Preferred including
                                    accrued dividends, at its sole option and
                                    at any time, into Common Stock of the
                                    Issuer at a fixed conversion price equal
                                    to $0.001 per share ("Conversion Price").

                                    In no event shall the number of shares
                                    issuable to the Investor cause the
                                    aggregate number of shares of common stock
                                    beneficially owned by the Investor and its
                                    affiliates exceed four and 9/10 percent
                                    (4.9%) of the then outstanding common
                                    stock of the company.

Registration Rights                 Promptly,  but  no  later  than  forty-five
                                    (45)  calendar  days from the Closing Date,
                                    the  Issuer   shall  file  a   registration
                                    statement    with   the    United    States
                                    Securities  & Exchange  Commission  ("SEC")
                                    for the  Preferred and Warrants (see below)
                                    and use its best  efforts  to  ensure  that
                                    such  registration  statement  is  declared
                                    effective  within one hundred  twenty (120)
                                    calendar  days from the  Closing  Date.  In
                                    the event  the  registration  statement  is
                                    not declared  effective  within one hundred
                                    twenty  (120)  calendar   days,   then  the
                                    Issuer  shall pay to the  Investors  a cash
                                    amount  within 3  business  days of the end
                                    of the month  equal to two  percent  (2.0%)
                                    per month of the  Liquidation  Value of the
                                    Preferred    outstanding    as   liquidated
                                    damages  and not as a  penalty.  The Issuer
                                    shall  keep  the   registration   statement
                                    "Evergreen"    for   the    life   of   the
                                    Convertible.   The   Issuer   shall  use  a
                                    recommended    law   firm   to   file   the
                                    registration statement.

Due Diligence Fee                   The Issuer shall pay the Investor at
                                    closing a due diligence fee of $5,000 in
                                    connection with this transaction.

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August 31, 2005
Page 3 of 4

Structuring Fee                     The Issuer shall pay the Investor at
                                    closing a structuring fee of $15,000 in
                                    connection with this transaction.  The
                                    Issuer shall be responsible for all of its
                                    own fees and expenses incurred in
                                    connection with the documentation and
                                    closing of this transaction.

Banker Fee                          For its services, the Issuer shall pay the
                                    Investor a commitment fee of 10% of the
                                    Commitment Amount, which shall be paid
                                    proportionally upon each disbursement.
Share Issuance
                                    At all times, the Issuer shall keep
                                    available Common Stock duly authorized for
                                    issuance against the Preferred including
                                    the Escrow Shares.  If at any time, the
                                    Issuer does not have available an amount
                                    of authorized and non-issued Common Stock
                                    necessary to satisfy issuance of the
                                    Escrow Shares, the Issuer shall call and
                                    hold a special meeting within thirty (30)
                                    days of such occurrence, for the sole
                                    purpose of increasing the number of shares
                                    of Common Stock authorized.  Management of
                                    the Issuer shall recommend to shareholders
                                    to vote in favor of increasing the number
                                    of Common Stock authorized.  Management
                                    shall also vote all of its shares in favor
                                    of increasing the number of Common Stock
                                    authorized.
Short Selling
                                    Neither the Investor nor its affiliates
                                    has an open short position in the Common
                                    Stock of the Issuer, and the Investor
                                    agrees that it will not, and that it will
                                    cause its affiliates not to, engage in any
                                    short sales of, or hedging transactions
                                    with respect to the Common Stock.

Confidentiality                     The existence of this term sheet and the
                                    individual terms and conditions are of a
                                    confidential nature and shall not be
                                    disclosed to anyone, except the Issuer,
                                    the Issuer's management and its Board of
                                    Directors and its legal and accounting
                                    advisors.

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August 31, 2005
Page 4 of 4

      If the terms and conditions contained herein are satisfactory, please sign
as indicated below. We appreciate this opportunity to work with you on this
investment. We look forward to an expeditious and successful closing of this
transaction.

                                       Sincerely,

                                       CORNELL CAPITAL PARTNERS, LP

                                       By:  Yorkville Advisors Management, LLC
                                       Its:  General Partner

                                       By: _________________________________
                                       Name:    Mark Angelo
                                       Title:   Portfolio Manager

AGREED TO AND ACCEPTED:

Celerity Systems Inc.

By:  _________________________________
Name: Rob Legnosky
Title:  CEO

Dated:  August ___, 2005

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