Document:

Unassociated Document

    RESCISSION
      OF STOCK PURCHASE AGREEMENT

     

    RESCISSION
      OF STOCK PURCHASE AGREEMENT, dated as of August 12, 2005
      (the
      "Original Agreement"), between Titan Global Holdings, Inc. (f/k/a Ventures
      National Incorporated),
      a corporation existing under the laws of the State of Utah (the "Purchaser"),
      and Farwell
      Equity Partners LLC, a Delaware limited liability company (the
      "Seller").

     

    WITNESSETH:

    

    WHEREAS,
      the Purchaser and the Seller entered into the Original Agreement on August
      12, 2005 ("Original Closing Date"), pursuant to which the Seller sold 1,000
      shares of common
      stock, par value $0.01 (the "Shares"), of Oblio Telecom, Inc., a corporation
      existing under
      the
      laws of the State of Delaware, in exchange for 66,000,000 shares of common
      stock, par value
      $.001 par value of the Purchaser;

     

    WHEREAS,
      due to mutual mistake concerning the effect arising from the Original
      Agreement and the underlying transaction, the Seller,and the Purchaser wish
      to
      rescind the
      Original Agreement, retroactive nunc pro tuns, and effective as of the Original
      Closing Date;

     

    WHEREAS,
      the parties wish to be restored to the status quo ante and the relative
positions
      that they would have occupied had no contract been made;

     

    WHEREAS,
      the parties wish to achieve this restoration within the taxable year of
the
      transaction;

     

    WHEREAS,
      because the Seller does not wish to work a hardship on the shareholders of
      the
      Purchaser whom have contemplated that Purchaser has and will own 1,000 shares
      of
      Oblio Telecom, Inc.,

     

    NOW,
      THEREFORE, in consideration of these recitals, the Original Agreement
is
      hereby
      rescinded and abrogated. This Rescission shall be effected, on or before
      December 31, 2005,
      as
      follows:

     

    1.
      Seller
      shall return to Purchaser the subject 66,000,000 shares of Purchaser,

    

    2.Purchaser
      shall return to Seller the subject 1,000 shares of Oblio Telecom,
      Inc.;

     

    3.
      Seller
      shall make, for no consideration, a capital contribution to Purchaser of
the
      subject 1,000 shares of Oblio Telecom, Inc;

     

    4.
      The
      stock return and capital contribution reflected in 2. and 3. above may
occur
      constructively.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Further
      Assurances.

     

    The
      Seller and the Purchaser each agree to execute and deliver timely such other
      documents
      or agreements and to take such other action as may be reasonably necessary
      or
      desirable for the implementation of this Rescission and the consummation of
      the
      transactions contemplated
      hereby.

     

    Submission
      to Jurisdiction; Consent to Service of Process.

     

    The
      parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
      of
any
      federal or state court located within the State of Delaware over any dispute
      arising out of or relating
      to this Rescission or any of the transactions contemplated hereby and each
      party
      hereby irrevocably
      agrees that all claims in respect of such dispute or any suit, action, or
      proceeding related
      thereto may be heard and determined in such courts. The parties hereby
      irrevocably waive,
      to
      the fullest extent permitted by applicable Law, any objection that they may
      now
      or hereafter
      have to the laying of venue of any such dispute brought in such court or any
      defense of inconvenient forum for the maintenance of such dispute. Each of
      the
      parties hereto agrees that a judgment
      in any such dispute may be enforced in other jurisdictions by suit on the
      judgment or in any other manner provided by law. 

    

    Entire
      Agreement; Amendments and Waivers.

    

    This
      Rescission (including the schedules and exhibits hereto) represents the entire
      understanding
      and agreement among the parties hereto with respect to the subject matter hereof
      and
      can
      be amended, supplemented or changed, and any provision hereof can be waived,
      only by written instrument making specific reference to this Rescission signed
      by the party against whom enforcement of any such amendment, supplement,
      modification or waiver is sought. No action taken
      pursuant to this Rescission, including without limitation, any investigation
      by
      or on behalf of
      any
      party, shall be deemed to constitute a waiver by the party taking such action
      of
compliance
      with any representation, warranty, covenant, or agreement contained herein.
      The
waiver
      by
      any party hereto of a breach of any provision of this Rescission shall not
      operate or be construed
      as a further or continuing waiver of such breach or as a waiver of any other
      or
subsequent
      breach. No failure on the part of any party to exercise, and no delay in
      exercising, any
      right, power or remedy hereunder shall operate as a waiver thereof, nor shall
      any single or partial
      exercise of such right, power or remedy by such party preclude any other or
      further exercise
      thereof or the exercise of any other right, power, or remedy. All remedies
      hereunder are cumulative
      and are not exclusive of any other remedies provided by law.

     

    Governing
      Law.

     

    This
      Rescission shall be governed by and construed in accordance with the laws
of
      the
      State of Delaware.

    

    Severability.

    

    If
      any
      provision of this Rescission is invalid or unenforceable, the balance of this
      Rescission
      shall remain in effect.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    Binding
      Effect; Assignment.

    

    This
      Rescission shall be binding upon and inure to the benefit of the parties and
      their
      respective successors and permitted assigns. Nothing in this Rescission shall
      create or be deemed
      to
      create any third party beneficiary rights in any person or entity not a party
      to
      this Rescission
      except as provided below. No
      assignment of this Rescission or of any rights or obligations
      hereunder may be made by either the Seller or the Purchaser (by operation of
      law
      or otherwise)
      without the prior written consent of the other parties hereto and any attempted
      assignment
      without the required consents shall be void.

    
      	 	 	 
	 	TITAN
              GLOBAL
              HOLDINGS, INC.
	 
 	 
 	 
 
	Date: 12/30/05	By:  	/s/ David
              Marks,
	 	
              
 David
              Marks
	 	Chairman 

    

    
      	 	 	 
	 	FARWELL
              EQUITY PARTNERS LLC. 
	 
 	 
 	 
 
	Date: 12/30/05	By:  	/s/ David
              Marks,
	 	
              
David
              Marks,
	 	Managing
              Member

    

     

    
      
         

      

        3Unassociated Document

    LOAN
      CONVERSION AGREEMENT

    

    WHEREAS,
      from on or about July 28, 2005 through November 28, 2005, Titan Global
      Holdings, Inc., a Utah corporation (the "Company"), borrowed an aggregate of
      $573,696.85
      (the "Loans") from Farwell Equity Partners, LLC, a Delaware limited liability
      company ("Farwell");

    

    WHEREAS,
      the Loans are due and payable on December 31, 2005, together with accrued
interest
      thereon in the amount of $17,996.46, for a total balance due of $591,663.31
      (the
"Debt");

    

    WHEREAS,
      the Company and Farwell wish to have the Debt satisfied through the
      issuance of restricted shares of common stock of the Company;

    

    NOW,
      THEREFORE, in consideration of the foregoing promises, the Company and FEP
      hereby agree as follows:

    

    1.
      Effective
      as of December 30, 2005, the Debt shall be repaid in its entirety
      to Farwell through the issuance of 9,253,414 shares of the Company's
common
      stock (the "Shares") which is based on $0.0639 per share. Farwell
      understands
      that the certificates or other instruments representing the Shares, until
such
      time
      as the resale of the have been registered under the Securities Act of 1933
      Act
      or such legend is not otherwise required pursuant to applicable law,
shall
      bear any legend as
      required by the "blue sky" laws of any state and a restrictive
      legend in substantially the following form (and a stop-transfer order may be
      placed against transfer of such stock certificates):

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT
      OF
      1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
      LAWS. THE SECURITIES MAY NOT BE OFFERED
      FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
      IN THE
      ABSENCE
      OF
      (A)
      AN
      EFFECTIVE
      REGISTRATION STATEMENT
      FOR
      THE
      SECURITIES
      UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED, OR (B)
      AN
      OPINION OF COUNSEL, IN
      A
GENERALLY
      ACCEPTABLE FORM, THAT
      REGISTRATION
      IS
      NOT
      REQUIRED
      UNDER SAID ACT OR
      (II)
      UNLESS SOLD PURSUANT
      TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE
      FOREGOING,
      THE
      SECURITIES
      MAY BE PLEDGED
      IN CONNECTION WITH A BONA
      FIDE
      MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
      ARRANGEMENT SECURED
      BY
      THE
      SECURITIES.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.
      The
      Seller and the Purchaser each agree to execute and deliver such
      other documents or agreements and to take such other action as may be reasonably
      necessary or desirable for the implementation of this Agreement and the
      consummation of
      the
      transactions contemplated hereby.

    

    3.
      The
      parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
      of any federal or state court located within the State of Delaware over any
      dispute
      arising out of or relating to this Agreement or any of the transactions
contemplated
      hereby and each party hereby irrevocably agrees that all claims in respect
      of
      such
      dispute or any suit, action proceeding related thereto may be heard and
      determined in such courts. The parties hereby irrevocably waive, to all fullest
      extent permitted
      by applicable Law, any objection which they may now or hereafter have to the
      laying
      of
      venue of any such dispute brought in such court or any defense of inconvenient
      forum
      for
      the maintenance of such dispute. Each of the parties hereto agrees that a
judgment
      in any such dispute may be enforced in other jurisdictions by suit on the
judgment
      or in any other manner provided by law.

     

    4.
      This
      Agreement (including the schedules and exhibits hereto) represents
      the entire understanding and agreement among the parties hereto with respect
      to
      the
      subject matter hereof and can be amended, supplemented or changed, and any
      provision
      hereof can be waived, only by written instrument making specific reference
      to
this
      Agreement signed by the party against whom enforcement of any such amendment,
      supplement, modification or waiver is sought. No action taken pursuant to this
      Agreement, including without limitation, any investigation by or on behalf
      of
      any party, shall be deemed to constitute a waiver by the party taking such
      action of compliance with any representation, warranty, covenant or agreement
      contained herein. The waiver by any party hereto of a breach of any provision
      of
      this Agreement shall not operate or be construed as a further or continuing
      waiver of such breach or as a waiver of any other or subsequent breach. No
      failure on the part of any party to exercise, and no delay in excercising,
      any
      right, power or remedy hereunder shall operate as a waiver thereof, nor shall
      any single or partial exercise of such right, power or remedy by such party
      preclude any other or further exercise
      thereof
      or the exercise of any other right, power or remedy. All remedies hereunder
      are
      cumulative and are not exclusive of any other remedies provided by law.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    5.
      This
      Agreement shall be governed by and construed in accordance with
      the
      laws of the State of Delaware.

     

    6.
      If
      any
      provision of this Agreement is invalid or unenforceable, the balance
      of this Agreement shall remain in effect.

     

    7.
      This
      Agreement shall be binding upon and inure to the benefit of the
      parties and their respective successors and permitted assigns. Nothing in this
      Agreement
      shall create or be deemed to create any third party beneficiary rights in any
      person
      or
      entity not a party to this Agreement except as
      provided
      below. No assignment of
      this
      Agreement or of any rights or obligations hereunder may be made by either the
      Seller of the Purchaser (by operation of law or otherwise) without the prior
      written consent of the other parties hereto and any attempted assignment without
      the required consents shall be void.

     

    
      	 	 	 
	 	TITAN
              GLOBAL HOLDINGS INC.
	 
 	 
 	 
 
	 	By:  	/s/ David
              Marks,
	 	
              
David
              Marks
	 	Managing
              Member

    

    
       

        	 	 	 
	 	FARWELL
                EQUITY PARTNERS LLC.
	 
 	 
 	 
 
	 	By:  	/s/ David
                Marks,
	 	
                
David
                Marks,
	 	Managing
                Member

      

    

     

     

    
      
         

      

        3

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