Document:

BRIDGE LOAN AGREEMENT

Exhibit 4.2

BRIDGE LOAN AGREEMENT

THIS BRIDGE LOAN AGREEMENT ("Loan Agreement") is dated as of
November 3, 2006, by and between Elite FX, Inc., a Florida corporation, having
an office at 140 NE 4th Avenue, Suite C Delray Beach, FL 33483 ("Elite"),
and Vector Ventures Corp., a Nevada corporation, having an office at Analipseos
30 Apt. #25, 52236 Panorama, Thessaloniki, Greece ("Vector").

W I T N E S S E T H

WHEREAS, Elite wishes to induce Vector to loan to Elite, and Vector is
willing to loan to Elite, subject to the terms and conditions set forth herein,
Two Hundred and Fifty thousand (US$ 250,000) United States Dollars.

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

    1. LOAN. Subject to the terms and conditions set forth herein, Vector
shall loan to Elite Two Hundred and Fifty Thousand (US$ 250,000) United States
Dollars (the "Loan") in one installment, by delivery of such amount to
Elite in U.S. funds by wire transfer to an account designated by Elite.

    2. NOTE. The terms of the Loan shall be set forth in and evidenced by
a Secured Promissory Note in substantially the form attached hereto as Exhibit A
in the aggregate amount of Two Hundred and Fifty Thousand (US$ 250,000) United
States Dollars, payable to the order of Vector or its assignees (the "Note").

    3. MUTUAL DELIVERIES.

        (a) Upon the delivery by Vector of the loan proceeds as provided in Section 1
above, Elite shall deliver to Vector the Note.

        (b) Elite shall also deliver, or cause to be delivered, the original or
execution copies of the following instruments and agreements duly executed by
all parties thereto other than Vector (together with the Note - the "Related
Agreements"):

	this Agreement;
	the promissory note in the Form annexed as Exhibit "A";
	the Security Agreement in the Form annexed as Exhibit "B"; and 
	the opinion of counsel in the form annexed hereto as Exhibit "C".

    4. REPRESENTATIONS AND WARRANTIES OF ELITE. Elite represents and
warrants to Vector that:

        (a) Elite has the corporate power and authority to enter into this Loan
Agreement and the Related Agreements and to perform its obligations hereunder
and thereunder. The execution and delivery by Elite of this Loan Agreement and
the Related Agreements and the consummation by Elite of the transactions
contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of Elite. This Loan Agreement and the Related
Agreements have been duly executed and delivered by Elite and constitute valid
and binding obligations of Elite enforceable against it in accordance with their
respective terms, subject to the effects of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally and to the application of equitable principles in any
proceeding (legal or equitable).

        (b) The execution, delivery and performance by Elite of this Loan Agreement
and the Related Agreements and the consummation of the transactions contemplated
hereby and thereby do not and will not breach or constitute a default under any
applicable law or regulation or of any agreement, judgment, order, decree or
other instrument binding on Elite which breach or default could reasonably be
expected to have a material adverse effect on Elite.

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        (c) Elite is in material compliance with all applicable laws, regulations,
judgments, decrees and orders material to the conduct of its business.

        (d) There is no pending, or to the knowledge of Elite, threatened, judicial,
administrative or arbitral action, claim, suit, proceeding or investigation
which might affect the validity or enforceability of this Loan Agreement or the
Related Agreements or which involves Elite and which if adversely determined,
could reasonably be expected to have a material adverse effect on Elite.

        (e) No consent or approval of, or exemption by, or filing with, any party or
governmental or public body or authority is required in connection with the
execution, delivery and performance under this Loan Agreement or the Related
Agreements or the taking of any action contemplated hereunder or thereunder.

        (f) Elite has been duly organized and is validly existing as a corporation in
good standing under the laws of the jurisdiction of its formation. Elite is duly
qualified and licensed and in good standing as a corporation in each
jurisdiction in which its current ownership or leasing of any properties or its
ownership or leasing of any properties or the character of its operations as
currently conducted requires such qualification or licensing, except where the
failure to be so qualified would not have a material adverse effect on Elite.
Elite has all power and authority, and has obtained all necessary
authorizations, approvals, orders, licenses, certificates, franchises and
permits of and from all governmental or regulatory officials and bodies
necessary to own or lease its properties and conduct its business other than
those authorizations, approvals and such other documents the lack of which could
not reasonably be expected to have a material adverse effect on Elite.

        (g) The execution, delivery and performance of this Agreement by Elite and
the Related Agreements to be delivered hereunder and the consummation of the
transactions contemplated hereby and thereby will not: (i) violate any provision
of Elite's corporate formation documents, (ii) violate, conflict with or result
in the material breach of any of the terms of, result in a material modification
of the effect of, or otherwise give any other contracting party the right to
terminate, or constitute (or with notice or lapse of time or both constitute) a
default under, any contract or other agreement to which Elite is a party or by
or to which Elite or any of Elite's assets or properties may be bound or
subject, (iii) violate any order, judgment, injunction, award or decree of any
court, arbitrator or governmental or regulatory body by which Elite, or the
assets or properties of Elite are bound, (iv) to Elite's knowledge, violate any
statute, law or regulation.

        (h) There has been no material change in the capitalization, assets, or
liabilities of Elite since the issuance of the financial statements, for the
period ending September 30, 2006, delivered to Vector.

    5. REPRESENTATIONS AND WARRANTIES OF VECTOR. Vector hereby represents
and warrants to Elite that:

        (a) Vector has the corporate power and authority to enter into this Loan
Agreement and the Related Agreements and to perform its obligations hereunder
and thereunder. The execution and delivery by Vector of this Loan Agreement and
the Related Agreements and the consummation by Vector of the transactions
contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of Vector. This Loan Agreement and the Related
Agreements have been duly executed and delivered by Vector and constitute valid
and binding obligations of Vector, enforceable against it in accordance with
their respective terms, subject to the effects of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally and to the application of equitable principles in any
proceeding (legal or equitable).

        (b) The execution, delivery and performance by Vector of this Loan Agreement
and the Related Agreements and the consummation of the transactions contemplated
hereby and thereby do not and will not breach or constitute a default under any
applicable law or regulation or of any agreement, judgment, order, decree or
other instrument binding on Vector.

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        (c) There is no pending, or to the knowledge of Vector, threatened, judicial,
administrative or arbitral action, claim, suit, proceeding or investigation
which might affect the validity or enforceability of this Loan Agreement or the
Related Agreements.

        (d) No consent or approval of, or exemption by, or filing with, any party of
governmental or public body or authority is required in connection with the
execution, delivery and performance under this Loan Agreement or the Related
Agreements or the taking of any action contemplated hereunder or thereunder.

    6. COVENANTS OF ELITE. Elite covenants and agrees that, so long as the
Note shall be outstanding, except as otherwise required under the Related
Agreements, Elite shall:

        (a) Promptly pay and discharge all lawful taxes, assessments and governmental
charges or levies imposed upon it or upon its income and profits, or upon any of
its property, before the same shall become in default as well as all lawful
material claims for labor, materials and supplies which, if unpaid, might become
a lien or charge upon such properties or any part thereof; provided, however,
that it shall not be required to pay and discharge any such tax, assessment,
charge, levy or claim so long as the validity thereof shall be contested in good
faith by appropriate proceedings, and Elite shall set aside on its books
adequate reserves with respect to any such tax, assessment, charge, levy or
claim so contested.

        (b) Pay, or cause to be paid, all material debts and perform, or cause to be
performed, all material obligations promptly and in accordance with the
respective terms thereof.

        (c) Implement and maintain a standard system of accounting in accordance with
generally accepted accounting principles ("GAAP").

        (d) Provide to Vector the following:

	as soon as available after the end of each fiscal year of Elite, a
  consolidated balance sheet of Elite as at the end of that fiscal year and the
  related statement of earnings, stockholders' equity and changes in financial
  position of Elite for such fiscal year, in accordance with GAAP and audited by
  independent certified public accountants of recognized standing; and
	as soon as available and in any event within ninety (90) days after the
  end of each of the first three quarters of each fiscal year (commencing the
  quarter ending September 30, 2006), an unaudited consolidated balance sheet of
  Elite as of the end of that quarter, and the related unaudited statement of
  earnings of Elite for the period from the beginning of that fiscal year to the
  end of that quarter, certified by the principal financial officer of Elite as
  having been prepared in accordance with GAAP, subject to normal year-end
  adjustments.

        (e) Do, or cause to be done, all things that may be necessary to:

	maintain its due organization, valid existence and good standing under the
  laws of its state of formation; 
	preserve and keep in full force and effect all qualifications,
  registrations and licenses in those jurisdictions in which the failure to do
  so could or would have a material adverse effect; 
	maintain its power or authority to carry on its business as now conducted;
  and 
	use its best efforts to keep available the services of its key present
  employees and agents and maintain its current relations with suppliers,
  customers, distributors and joint venture partners (subject to the business
  judgment of executive management).

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        (f) At all times maintain, preserve, protect and keep material property used
and useful in the conduct of its business in good repair, working order and
condition (subject to normal wear and tear), and from time to time make all
needful and proper repairs, renewals, replacements, betterment and improvements
thereto, so that the business carried on in connection therewith may be properly
conducted at all times.

        (g) Keep adequately insured all property of a character usually insured by
similar corporations and carry such other insurance as is usually carried by
similar corporations.

        (h) At all reasonable times upon Vector's request and upon advance notice to
Elite and for good reason, permit representatives designated by Vector to have
access to the books and records relating to the operations and procedures of
Elite (subject to execution of confidentiality undertakings).

        (i) Not assume, guaranty or otherwise, directly or indirectly, become liable
or responsible for the obligations of any other person or entity, except for 75%
or greater owned subsidiaries, for the purpose of paying or discharging the
obligations of such person or entity unless such guarantees relate to the
business of Elite, are incurred in the ordinary course of its business and do
not exceed in the aggregate $100,000.

        (j) Not consolidate with or merge with or into any entity or sell, lease,
transfer, exchange or otherwise dispose of any material part of its properties
and assets except in the ordinary course of business, however, Elite may engage
in any of the foregoing transactions with a parent or subsidiary of Elite so
long as such parent or subsidiary is no less creditworthy than Elite and such
parent or subsidiary assumes the obligations of Elite hereunder.

        (k) To use the Loan for general corporate purposes subject to approval by
Vector, which approval shall not be unreasonably withheld.

    7. ASSIGNMENT. This Loan Agreement and the Related Agreements may be
assigned by Vector to transferees or assignees of the Note, provided that Elite
consents to the assignment, which consent will not be unreasonably withheld, and
that Elite is, prior to or simultaneously with such transfer, furnished with
written notice of the name and address of such transferee or assignee, and such
assignee agrees in writing to be bound by the terms hereof and provided further
that, if the Note is only assigned or transferred in part, then such assignment
shall only be made in part on an appropriate proportionate basis. If there is a
conflict between this provision and any provision of the Related Agreements,
this provision shall govern. 

As a condition to any such assignment, the assignee shall warrant, represent
and acknowledge to Elite and to Vector that: 

	such assignee has adequate means of providing for its current needs and
 possible contingencies;
	such assignee has had an opportunity to ask questions of and receive
 answers from Elite concerning its investment as evidenced by the Loan to Elite,
 and all such questions have been answered to its full satisfaction;
	such assignee has received no representations and warranties from Elite
 other than those otherwise set forth herein;

    8. NOTICES. Notices and other communications provided
for herein shall be in writing (which shall include notice by facsimile
transmission) and shall be delivered or mailed (or if by graphic scanning or
other facsimile communications equipment of the sending party hereto, delivered
by such equipment), addressed as follows: 

	
  If to Elite:
	
   
	
  Elite FX, Inc.

	 	
   
	
  140 NE 4th Avenue, Suite C

	 	
   
	
  Delray Beach, FL 33483

	 	 	
  Attention: Steve Haley

	 	
   
	
  Fax No. (561) XXX-XXXX

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  with a copy to: 
	
   
	
  Baritz & Coleman LLP

		
   
	
  Bank of America Building 

	 	 	
  150 E. Palmetto Park Rd., Suite 750 

	 	
   
	
  Boca Raton, Florida 33432

	 	 	
  Attention: Neil Baritz

	 	
   
	
  Fax No. (561)750-5045

	 	 	 
	 	 	 
	
  If to Vector: 
	
   
	
  Vector Ventures Corp. 

	 	 	
  Analipseos 30 Apt. #25

	 	
   
	
  52236 Panorama, Thessaloniki, Greece

	 	
   
	
  Attention: Kristian Kostovski

	 	
   
	
  Fax No.: (011)(30)(697)(XXX-XXXX)

	 	 	 
	
  with a copy to: 
	
   
	
  Venture Law Corporation

	 	
   
	
  688 West Hastings Street, Suite 618

	 	 	
  Vancouver, British Columbia V6B 1P1

	 	
   
	
  Attention: Alixe B. Cormick

	 	
   
	
  Fax No.: (604) 659-9188

 

or to such other address as a party may from time to time
designate in writing in accordance with this section. All notices and other
communications given to any party hereto in accordance with the provisions of
this Loan Agreement shall be deemed to have been given, when delivered if
delivered by hand, when transmission confirmation is received if telecopied,
three (3) week days after mailing if mailed, and two (2) business days after
deposit with an overnight courier service if delivered by overnight courier.
Notwithstanding the foregoing, if a notice or other communication is actually
received after 5:00 p.m. at the recipient's designated address, such notice or
other communication shall be deemed to have been given the later of (i) the next
business day or (ii) the business day on which such notice or other
communication is deemed to have been given pursuant to the immediately preceding
sentence. 

    9. SEVERABILITY. If a court of competent jurisdiction determines that
any provision of this Loan Agreement is invalid, unenforceable or illegal for
any reason, such determination shall not affect or impair the validity, legality
and enforceability of the other provisions of this Loan Agreement. If any such
invalidity, unenforceability or illegality of a provision of this Loan Agreement
becomes known or apparent to any of the parties hereto, the parties shall
negotiate promptly and in good faith in an attempt to make appropriate changes
and adjustments to such provision specifically and this Loan Agreement generally
to achieve as closely as possible, consistent with applicable law, the intent
and spirit of such provision specifically and this Loan Agreement generally.

    10. EXECUTION IN COUNTERPARTS. This Loan Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute the same Loan Agreement.

    11. COSTS. Elite shall pay all fees and disbursements (including
reasonable attorneys fees) of Vector with respect to the enforcement of this
Agreement and the Related Agreements.

    12. GOVERNING LAW. THIS LOAN AGREEMENT AND THE VALIDITY AND
ENFORCEABILITY HEREOF SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
CONFLICT OF LAWS RULES OR CHOICE OF LAWS RULES THEREOF. EACH PARTY AGREES THAT
ALL LEGAL PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT AND DEFENSE OF
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (WHETHER BROUGHT AGAINST A PARTY
HERETO OR ITS RESPECTIVE  

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AFFILIATES, DIRECTORS, OFFICERS, SHAREHOLDERS,
EMPLOYEES OR AGENTS) SHALL BE COMMENCED IN THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN (THE "NEW YORK COURTS").
EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE NEW YORK COURTS FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED
HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY TERM THE LOAN
AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, OR SUCH NEW YORK COURTS ARE IMPROPER OR
INCONVENIENT VENUE FOR SUCH PROCEEDING.

IN WITNESS WHEREOF, the parties have executed this Bridge Loan Agreement as
of the date first written above.

 
  
   
          ELITE FX, INC.

          
          
          /s/ Steve Haley

          

   

  

 

By:                                                                  
     

    Name: Steve Haley

    Title: Chief Executive Officer

   
  
 

 

 
  
   
VECTOR VENTURES CORP.

   

  

 

    /s/ Kristian Kostovski

    

    By:                                                                   
    

    
    Name: Kristian Kostovski

    Title: President and CEO

   
  
 

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Exhibit "A" to Bridge Loan Agreement

FORM OF NOTE

THIS NOTE HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE OR UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THE NOTE MAY NOT BE OFFERED, RESOLD, PLEDGED
OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR
EXEMPTION OR SAFE HARBOR THEREFROM.

No. 11-03-2006 US $250,000

ELITE FX, INC.

10% SECURED NOTE DUE MAY 3, 2007

THIS Note is one of a duly authorized issue US$ 250,000 of ELITE FX, INC., a
corporation organized and existing under the laws of the State of Florida ("Elite")
designated as its 10% Secured Note.

    FOR VALUE RECEIVED, Elite promises to pay to Vector Ventures Corp. the
registered holder hereof (the "Holder"), the principal sum of Two Hundred
and Fifty Thousand United States Dollars (US $250,000) on the earlier of: (a)
May 3, 2007 (6 months from date of issuance) or (b) closing of a share
purchase agreement/agreement and plan of merger agreement between Elite, Vector,
and a wholly owned subsidiary of Vector, and to pay interest on the principal
sum outstanding from time to time in arrears on May 3, 2007 (the "Maturity
Date"), at the rate of 10% per annum accruing from the date of initial
issuance of this Note (the "Issue Date"). Accrual of interest shall
commence on the first such business day to occur after the date hereof and shall
continue until payment in full of the principal sum has been made or duly
provided for. The principal of, and interest on, this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts, at the address last
appearing on the Note Register of Elite as designated in writing by the Holder
from time to time. Elite will pay the principal of and interest upon this Note
on the Maturity Date, less any amounts required by law to be deducted, to the
registered holder of this Note as of the tenth day prior to the Maturity Date
and addressed to such holder at the last address appearing on the Note Register.
The forwarding of such check shall constitute a payment of principal and
interest hereunder and shall satisfy and discharge the liability for principal
and interest on this Note to the extent of the sum represented by such check
plus any amounts so deducted.

    This Note is subject to the following additional provisions:

    1. Elite shall be entitled to withhold from all payments of principal of, and
interest on, this Note any amounts required to be withheld under the applicable
provisions of the United States income tax laws or other applicable laws at the
time of such payments, and Holder shall execute and deliver all required
documentation in connection therewith.

    2. This Note has been issued subject to investment representations of the
original purchaser hereof and may be transferred or exchanged only in compliance
with the Securities Act of 1933, as amended (the "Act"), and other
applicable state and foreign securities laws. In the event of any proposed
transfer of this Note, Elite may require, prior to issuance of a new Note in the
name of such other person, that it receive reasonable transfer documentation
including legal opinions that the issuance of the Note in such other name does
not and will not cause a violation of the Act or any applicable state or foreign
securities laws. Prior to due presentment for transfer of this Note, Elite and
any agent of Elite may treat the person in whose name this Note is duly
registered on Elite's Note Register as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not
this Note be overdue, and neither Elite nor any such agent shall be affected by
notice to the contrary.

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    3. Subject to the terms of the Bridge Loan Loan Agreement dated as of
November 3, 2006 (the "Agreement") between Elite and the Holder (or the
Holder's predecessor in interest), no provision of this Note shall alter or
impair the obligation of Elite, which is absolute and unconditional, to pay the
principal of, and interest on, this Note at the time, place, and rate, and in
the coin or currency, herein prescribed. This Note is a direct obligation of
Elite.

    4. No recourse shall be had for the payment of the principal of, or the
interest on, this Note, or for any claim based hereon, or otherwise in respect
hereof, against any incorporator, shareholder, officer or director, as such,
past, present or future, of Elite or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

    5. The Holder of the Note, by acceptance hereof, agrees that this Note is
being acquired for investment and that such Holder will not offer, sell or
otherwise dispose of this Note except under circumstances which will not result
in a violation of the Act or any applicable state Blue Sky or foreign laws or
similar laws relating to the sale of securities.

    6. This Note shall be governed by and construed in accordance with the laws
of the State of New York. Each of the parties consents to the jurisdiction of
the state and federal courts sitting in the City of New York, Borough of
Manhattan and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non coveniens, to the bringing
of any such proceeding in such jurisdiction.

    7. The following shall constitute an "Event of Default":

	Elite shall default in the payment of principal or interest on this Note
  and same shall continue for a period of five (5) days; or
	Any of the representations or warranties made by Elite herein, in the
  Agreement, or in any certificate or financial or other written statements
  heretofore or hereafter furnished by Elite in connection with the execution
  and delivery of this Note or the Agreement shall be false or misleading in any
  material respect at the time made; or
	Elite shall fail to perform or observe, in any material respect, any other
  covenant, term, provision, condition, agreement or obligation of this Note (as
  defined in the Agreement, which term includes this Note) and such failure
  shall continue uncured for a period of thirty (30) days after written notice
  from the Holder of such failure; or
	Elite shall (1) admit in writing its inability to pay its debts generally
  as they mature; (2) make an assignment for the benefit of creditors or
  commence proceedings for its dissolution; or (3) apply for or consent to the
  appointment of a trustee, liquidator or receiver for its or for a substantial
  part of its property or business; or
	A trustee, liquidator or receiver shall be appointed for Elite or for a
  substantial part of its property or business without its consent and shall not
  be discharged within ninety (90) days after such appointment; or
	Any governmental agency or any court of competent jurisdiction at the
  instance of any governmental agency shall assume custody or control of the
  whole or any substantial portion of the properties or assets of the Elite and
  shall not be dismissed within ninety (90) days thereafter; or 
	Any money judgment (other than as set forth on Schedule 4(d) to the
  Agreement), writ or warrant of attachment, or similar process in excess of Two
  Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed
  against Elite or any of its properties or other assets and shall remain
  unpaid, unvacated, unbonded or unstayed for a period of ninety (90) days or in
  any event later than five (5) days prior to the date of any proposed sale
  thereunder; or
	Bankruptcy, reorganization, insolvency or liquidation proceedings or other
  proceedings for relief under any bankruptcy law or any law for the relief of
  debtors shall be instituted by or against Elite and, if instituted against
  Elite, shall not be dismissed within ninety (90) days after such institution
  or Elite shall by any action or answer approve of, consent to, or acquiesce in
  any such proceedings or admit the material allegations of, or default in
  answering a petition filed in any such proceeding; or

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Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Holder and in the Holder's sole discretion, the Holder may consider the
Redemption Amount of this Note immediately due and payable within five (5) days
of notice, without presentment, demand, protest or notice of any kinds, all of
which are hereby expressly waived, anything herein or in any note or other
instruments contained to the contrary notwithstanding, and the Holder may
immediately enforce any and all of the Holder's rights and remedies provided
herein or any other rights or remedies afforded by law.

    9. Nothing contained in this Note shall be construed as conferring upon the
Holder the right to vote or to receive dividends or to consent or receive notice
as a shareholder in respect of any meeting of shareholders or any rights
whatsoever as a shareholder of Elite, unless and to the extent converted in
accordance with the terms hereof.

    10. The obligation of Elite for payment of principal, interest and all other
sums hereunder is secured by security interest provisions between Elite and the
Holder as set forth in the form of Security Agreement annexed as Exhibit B to
the Bridge Loan Agreement.

    IN WITNESS WHEREOF, Elite has caused this instrument to be duly executed by
an officer thereunto duly authorized.

Dated: November 3, 2006

	ELITE FX, INC. 
	 a Florida Corporation
	 
	 	 	 	 /s/ Steve Haley
	  	 	By: 	________________________
	  	 	  	Name: 	Steve Haley
	  	 	  	Title: 	Chief Executive Officer
	  	 	  	  	 

 

Exhibit "B" to Bridge Loan Agreement

ELITE FX, INC.

SECURITY AGREEMENT

  

    THIS SECURITY AGREEMENT, dated as of November 3 2006 (this "Security
Agreement") by and between Elite FX, Inc., a
Florida corporation, having an office at 140 NE 4th Avenue, Suite C Delray
Beach, FL 33483 ("Elite" or the "Grantor"), and Vector Ventures Corp., a Nevada
corporation, having an office at Analipseos 30 Apt. #25, 52236 Panorama,
Thessaloniki, Greece ("Vector" or "Secured Party"). 

  RECITALS

      A.            
Vector has made and has agreed to make a certain advance of money and to extend
certain financial accommodation to Elite as evidenced by a promissory note in
the amount of $250,000 executed by Elite on November 3, 2006 in favor of Vector
(the "Note") pursuant to that certain Bridge Loan Agreement dated
November 3,
2006 between Elite and Vector, such advance and financial accommodations being
referred to herein as the "Loan". 

    B.            
Vector is willing to make the Loan to Elite, but only upon the condition, among
others, that the Grantor shall have executed and delivered to Vector this
Security Agreement. 

AGREEMENT

      NOW, THEREFORE , in order to induce the Secured Party to make the Loan and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, and intending to be legally bound, the Grantor hereby
represents, warrants, covenants and agrees as follows: 

    1.  DEFINED TERMS. When used in this Security Agreement, the following
terms shall have the following meanings (such meanings being equally applicable
to both the singular and plural forms of the terms defined): 

	"Acquisition Agreement" means a proposed purchase agreement/agreement and
 plan of merger agreement between Elite, Vector, and a wholly owned subsidiary
 of Vector .
	"Bankruptcy Code" means Title 11 of the United States Code, as amended or
 modified from time to time. 
	"Collateral" shall have the meaning assigned to such term in Section 2 of
 this Security Agreement. 
	"Contracts" means all contracts (including any customer, vendor, supplier,
 service or maintenance contract), leases, licenses, undertakings, purchase
 orders, permits, franchise agreements or other agreements (other than any right
 evidenced by Chattel Paper, Documents or Instruments), whether in written or
 electronic form, in or under which Grantor now holds or hereafter acquires any
 right, title or interest, including, without limitation, with respect to an
 Account, any agreement relating to the terms of payment or the terms of
 performance thereof. 
	"Copyright License" means any agreement, whether in written or electronic
 form, in which the Grantor now holds or hereafter acquires any interest,
 granting any right in or to any Copyright or Copyright registration (whether a
 Grantor is the licensee or the licensor thereunder) including, without
 limitation, licenses pursuant to which the Grantor has obtained the exclusive
 right to use a copyright owned by a third party. 

10

	"Copyrights" means all of the following now owned or hereafter acquired or
 created (as a work for hire for the benefit of the Grantor) by the Grantor or
 in which the Grantor now holds or hereafter acquires or receives any right or
 interest, in whole or in part: (a) all copyrights, whether registered or
 unregistered, held pursuant to the laws of the United States, any State thereof
 or any other country; (b) registrations, applications, recordings and
 proceedings in the United States Copyright Office or in any similar office or
 agency of the United States, any State thereof or any other country; (c) any
 continuations, renewals or extensions thereof; (d) any registrations to be
 issued in any pending applications, and shall include any right or interest in
 and to work protectable by any of the foregoing which are presently or in the
 future owned, created or authorized (as a work for hire for the benefit of the
 Grantor) or acquired by the Grantor, in whole or in part; (e) prior versions of
 works covered by copyright and all works based upon, derived from or
 incorporating such works; (f) income, royalties, damages, claims and payments
 now and hereafter due and/or payable with respect to copyrights, including,
 without limitation, damages, claims and recoveries for past, present or future
 infringement; (g) rights to sue for past, present and future infringements of
 any copyright; and (h) any other rights corresponding to any of the foregoing
 rights throughout the world. 
	 
	"Event of Default" shall have the meaning ascribed to such term in the
 Note. 
	"Intellectual Property" means any intellectual property, in any medium, of
 any kind or nature whatsoever, now or hereafter owned or acquired or received
 by the Grantor or in which the Grantor now holds or hereafter acquires or
 receives any right or interest, and shall include, in any event, any Copyright,
 Trademark, Patent, trade secret, customer list, internet domain name (including
 any right related to the registration thereof), proprietary or confidential
 information, mask work, source, object or other programming code, invention
 (whether or not patented or patentable), technical information, procedure,
 design, knowledge, know-how, software, data base, data, skill, expertise,
 recipe, experience, process, model, drawing, material or record. 
	"License" means any Copyright License, Patent License, Trademark License or
 other license of rights or interests, whether in-bound or out-bound, whether in
 written or electronic form, now or hereafter owned or acquired or received by
 the Grantor or in which the Grantor now holds or hereafter acquires or receives
 any right or interest, and shall include any renewals or extensions of any of
 the foregoing thereof. 
	"Lien" means any mortgage, lien, deed of trust, charge, pledge, security
 interest or other encumbrance. 
	"Patent License" means any agreement, whether in written or electronic
 form, in which the Grantor now holds or hereafter acquires any interest,
 granting any right with respect to any invention on which a Patent is in
 existence (whether a Grantor is the licensee or the licensor thereunder). 
	"Patents" means all of the following in which the Grantor now holds or
 hereafter acquires any interest: (a) all letters patent of the United States or
 any other country, all registrations and recordings thereof and all
 applications for letters patent of the United States or any other country,
 including, without limitation, registrations, recordings and applications in
 the United States Patent and Trademark Office or in any similar office or
 agency of the United States, any State thereof or any other country; (b) all
 reissues, divisions, continuations, renewals, continuations-in-part or
 extensions thereof; (c) all petty patents, divisionals and patents of addition;
 (d) all patents to issue in any such applications; (e) income, royalties,
 damages, claims and payments now and hereafter due and/or payable with respect
 to patents, including, without limitation, damages, claims and recoveries for
 past, present or future infringement; and (f) rights to sue for past, present
 and future infringements of any patent. 
	"Permitted Lien" means: (a) deposits or pledges to secure obligations under
 workmen's compensation, social security or similar laws, or under unemployment
 insurance; (b) deposits or pledges to secure bids, tenders, contracts (other
 than contracts for the payment of money), leases, statutory obligations, surety
 and appeal bonds and other obligations of like nature arising in the ordinary
 course of business; (c) mechanic's, workmen's, materialmen's or other like
 Liens arising in the ordinary course of business with respect to obligations
 which are not due, or which are being contested in good faith by appropriate
 proceedings which suspend the collection thereof and in respect of which
 adequate reserves have been made (provided that such proceedings do not, in
 Vector's sole discretion, involve any substantial risk of the sale, loss or
 forfeiture of such property or assets or any interest therein); and (d) Liens
 and encumbrances in favor of Vector.
 

11

	"Real Property" means that certain land, building, structures,
 appurtenances, improvements, fixtures and personal property on or within the
 real property located at postal address:  140 NE 4th Avenue, Suite C
 Delray Beach, FL 33483. 
	"Secured Obligations" means (a) indebtedness evidenced under the Note,
 including but not limited to, any extensions, modifications, substitutions,
 increases and renewals thereof, and (b) the payment of all amounts advanced by
 any Vector to preserve, protect, defend, and enforce its rights under this
 Agreement and in the Collateral in accordance with the terms of this Agreement.
 
	"Security Agreement" means this Security Agreement and all Schedules
 hereto, as the same may from time to time be amended, modified, supplemented or
 restated. 
	"Trademark License" means any agreement, whether in written or electronic
 form, in which the Grantor now holds or hereafter acquires any interest,
 granting any right in and to any Trademark or Trademark registration (whether
 Grantor is the licensee or the licensor thereunder). 
	"Trademarks" means any of the following in which the Grantor now holds or
 hereafter acquires any interest: (a) any trademarks, tradenames, corporate
 names, company names, business names, trade styles, service marks, logos, other
 source or business identifiers, prints and labels on which any of the foregoing
 have appeared or appear, designs and general intangibles of like nature, now
 existing or hereafter adopted or acquired, all registrations and recordings
 thereof and any applications in connection therewith, including, without
 limitation, registrations, recordings and applications in the United States
 Patent and Trademark Office or in any similar office or agency of the United
 States, any State thereof or any other country (collectively, the "Marks"); (b)
 any reissues, extensions or renewals thereof; (c) the goodwill of the business
 symbolized by or associated with the Marks; (d) income, royalties, damages,
 claims and payments now and hereafter due and/or payable with respect to the
 Marks, including, without limitation, damages, claims and recoveries for past,
 present or future infringement; and (e) rights to sue for past, present and
 future infringements of the Marks. 
	"UCC" means the Uniform Commercial Code as the same may from time to time
 be in effect in the State of Florida (and each reference in this Security
 Agreement to an Article thereof (denoted as a Division of the UCC as adopted
 and in effect in the State of Florida) shall refer to that Article (or
 Division, as applicable) as from time to time in effect, which in the case of
 Article 9 shall include and refer to Revised Article 9 from and after the date
 Revised Article 9 shall become effective in the State of Florida); provided,
 however, in the event that, by reason of mandatory provisions of law, any or
 all of the attachment, perfection or priority of the Secured Party' security
 interest in any Collateral is governed by the Uniform Commercial Code as in
 effect in a jurisdiction other than the State of Florida, the term "UCC" shall
 mean the Uniform Commercial Code (including the Articles thereof) as in effect
 at such time in such other jurisdiction for purposes of the provisions hereof
 relating to such attachment, perfection or priority and for purposes of
 definitions related to such provisions. 

In addition, the following terms shall be defined terms having the meaning
set forth for such terms in the UCC: "Account" (including health-care-insurance
receivables), "Account Debtor", "Chattel Paper" (including tangible and
electronic chattel paper), "Commercial Tort Claims", "Commodity Account",
"Deposit Account", "Documents", "Equipment" (including all accessions and
additions thereto), "Fixtures", "General Intangible" (including payment
intangibles and software), "Instrument", "Inventory" (including all goods held
for sale or lease or to be furnished under a contract of service, and including
returns and repossessions), "Investment Property" (including securities and
securities entitlements), "Letter-of-Credit Right" (whether or not the letter of
credit is evidenced by a writing), "Payment Intangibles", "Proceeds",
"Promissory Notes", "Securities Account", and "Supporting Obligations". Each of
the foregoing defined terms shall include all of such items now owned, or
hereafter acquired, by the Grantor. 

   

12

    2.  GRANT OF SECURITY INTEREST. As collateral security for the full,
prompt, complete and final payment and performance when due (whether at stated
maturity, by acceleration or otherwise) of all the Secured Obligations and in
order to induce the Secured Party to cause the Loans to be made, the Grantor
hereby assigns, conveys, mortgages, pledges, hypothecates and transfers to the
Secured Party, and hereby grants to the Secured Party, a security interest in
all of the Grantor's right, title and interest in, to and under the following,
whether now owned or hereafter acquired, (all of which being collectively
referred to herein as the "Collateral"): 

	All Accounts of the Grantor; 
	All Chattel Paper of the Grantor; 
	All Commercial Tort Claims of the Grantor; 
	All Contracts of the Grantor; 
	All Deposit Accounts of the Grantor; 
	All Documents of the Grantor; 
	All Equipment of the Grantor; 
	All Fixtures of the Grantor; 
	All General Intangibles of the Grantor, including, without limitation,
 Payment Intangibles, all Copyrights, Patents, Trademarks, Licenses, designs,
 drawings, technical information, marketing plans, customer lists, trade
 secrets, proprietary or confidential information, inventions (whether or not
 patentable), procedures, know-how, models and data; 
	All Instruments of the Grantor, including, without limitation, Promissory
 Notes; 
	All Inventory of the Grantor; 
	All Investment Property of the Grantor; 
	All Letter-of Credit Rights of the Grantor; 
	All Supporting Obligations of the Grantor; 
	All property of the Grantor, or held by any other holder of the Grantor for
 whom the holder is acting as agent for the Grantor, including, without
 limitation, all property of every-description now or hereafter in the
 possession or custody of or in transit to Grantor or such other party for any
 purpose, including, without limitation, safekeeping, collection or pledge, for
 the account of the Grantor, or as to which the Grantor may have any right or
 power; 
	All other goods and personal property of the Grantor, wherever located,
 whether tangible or intangible, and whether now owned or hereafter acquired,
 existing, leased or consigned by or to Grantor; 

13

	All Real Property; and
 
	To the extent not otherwise included, all Proceeds
 of each of the foregoing and all accessions to, substitutions and replacements
 for and rents, profits and products of each of the foregoing. 

 Notwithstanding the foregoing provisions of this Section 2 , the grant,
assignment and transfer of a security interest as provided herein shall not
extend to, and the term "Collateral" shall not include:  (a)
"intent-to-use" trademarks at all times prior to the first use thereof, whether
by the actual use thereof in commerce, the recording of a statement of use with
the United States Patent and Trademark Office or otherwise or (c) any Contract,
Instrument or Chattel Paper in which the Grantor has any right, title or
interest if and to the extent such Contract, Instrument or Chattel Paper
includes a provision containing a restriction on assignment such that the
creation of a security interest in the right, title or interest of the Grantor
therein would be prohibited and would, in and of itself, cause or result in a
default thereunder enabling another person party to such Contract, Instrument or
Chattel Paper to enforce any remedy with respect thereto; provided that the
foregoing exclusion shall not apply if (i) such prohibition has been waived or
such other person has otherwise consented to the creation hereunder of a
security interest in such Contract, Instrument or Chattel Paper or (ii) such
prohibition would be rendered ineffective pursuant to Sections 9.407(a) or
9.408(a) of the UCC, as applicable and as then in effect in any relevant
jurisdiction, or any other applicable law (including the Bankruptcy Code) or
principles of equity); provided further that immediately upon the
ineffectiveness, lapse or termination of any such provision, the Collateral
shall include, and the Grantor shall be deemed to have granted a security
interest in, all its rights, title and interests in and to such Contract,
Instrument or Chattel Paper as if such provision had never been in effect; and
provided further that the foregoing exclusion shall in no way be construed so as
to limit, impair or otherwise affect the Secured Party's unconditional
continuing security interest in and to all rights, title and interests of
Grantor in or to any payment obligations or other rights to receive monies due
or to become due under any such Contract, Instrument or Chattel Paper and in any
such monies and other proceeds of such Contract, Instrument or Chattel Paper. 

    3.  RIGHTS OF SECURED PARTY; COLLECTION OF ACCOUNTS. 

	Notwithstanding anything contained in this Security Agreement to the
 contrary, the Grantor expressly agrees that it shall remain liable under each
 of its Contracts and each of its Licenses to observe and perform all the
 conditions and obligations to be observed and performed by it thereunder and
 that it shall perform all of its duties and obligations thereunder, all in
 accordance with and pursuant to the terms and provisions of each such Contract
 or License. The Secured Party shall not have any obligation or liability under
 any Contract or License by reason of or arising out of this Security Agreement
 or the granting to the Secured Party of a lien therein or the receipt by the
 Secured Party of any payment relating to any Contract or License pursuant
 hereto, nor shall the Secured Party be required or obligated in any manner to
 perform or fulfill any of the obligations of the Grantor under or pursuant to
 any Contract or License, or to make any payment, or to make any inquiry as to
 the nature or the sufficiency of any payment received by it or the sufficiency
 of any performance by any party under any Contract or License, or to present or
 file any claim, or to take any action to collect or enforce any performance or
 the payment of any amounts which may have been assigned to it or to which it
 may be entitled at any time or times. 
	The Secured Party authorizes the Grantor to collect its Accounts. Upon the
 occurrence and during the continuance of any Event of Default, at the request
 of the Secured Party, the Grantor shall deliver all original and other
 documents evidencing and relating to the performance of labor or service which
 created such Accounts, including, without limitation, all original orders,
 invoices and shipping receipts. 
	The Secured Party may at any time, upon the occurrence and during the
 continuance of any Event of Default, notify in a commercially reasonable manner
 Account Debtors of the Grantor, parties to the Contracts of the Grantor,
 obligors in respect of Instruments of the Grantor and obligors in respect of
 Chattel Paper of the Grantor that the Accounts and the right, title and
 interest of the Grantor in and under such Contracts, Instruments and Chattel
 Paper have been assigned to the Secured Party and that payments shall be made
 directly to Secured Party. Upon the request of the Secured Party, the Grantor
 shall so notify such Account Debtors, parties to such Contracts, obligors in
 respect of such Instruments and obligors in respect of such Chattel Paper. Upon
 the occurrence and during the continuance of any Event of Default, the Secured
 Party may communicate in a commercially reasonable manner with such Account
 Debtors, parties to such Contracts, obligors in respect of such Instruments and
 obligors in respect of such Chattel Paper to verify with such parties, to such
 the Secured Party's satisfaction, the existence, amount and terms of any such
 Accounts, Contracts, Instruments or Chattel Paper. 

14

        4.  REPRESENTATIONS AND WARRANTIES. The Grantor hereby represents and
warrants to the Secured Party that: 

	Except for the liens described in Schedule A attached hereto, the security
 interest granted to the Secured Party under this Security Agreement and
 Permitted Liens, and other than joint ownership in any of the Collateral
 described on Schedule D attached hereto, the Grantor is the sole legal and
 equitable owner of each item of the Collateral in which it purports to grant a
 security interest hereunder. 
	Except as listed on Schedule A attached hereto, no effective security
 agreement, financing statement, equivalent security or lien instrument or
 continuation statement covering all or any part of the Collateral exists,
 except such as may have been filed by the Grantor in favor of the Secured Party
 pursuant to this Security Agreement and except for Permitted Liens. 
	Grantor's taxpayer identification number is, and chief executive office,
 principal place of business, and the place where Grantor maintains its records
 concerning the Collateral are presently located at the address set forth on the
 signature page hereof. The Collateral, other than Deposit Accounts, Securities
 Accounts, Commodity Accounts and motor vehicles and other mobile goods of the
 type contemplated in Section 9.103(3)(a) of the UCC, is presently located at
 such address and at such additional addresses set forth on Schedule B attached
 hereto. 
	The name and address of each depository institution at which Grantor
 maintains any Deposit Account and the account number and account name of each
 such Deposit Account is listed on Schedule C attached hereto. The name and
 address of each securities intermediary or commodity intermediary at which
 Grantor maintains any Securities Account or Commodity Account and the account
 number and account name is listed on Schedule C attached hereto. Grantor agrees
 to amend Schedule C upon the Secured Party's request to reflect the opening of
 any additional Deposit Account, Securities Account or Commodity Account, or
 closing or changing the account name or number on any existing Deposit Account,
 Securities Account, or Commodity Account. 
	All Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks
 and Trademark Licenses now owned or held by the Grantor are listed on Schedule
 D attached hereto. 

    5.  COVENANTS. Unless the Secured Party otherwise consents (which
consent shall not be unreasonably withheld), Grantor covenants and agrees with
the Secured Party that from and after the date of this Security Agreement and
until the Secured Obligations have been performed and paid in full: 

    5.1 Disposition of Collateral. Except for the Acquisition Agreement, the
Grantor shall not sell, lease, transfer or otherwise dispose of any of the
Collateral (each, a "Transfer"), or contract to do so, including, without
limitation, the granting of Licenses or other interests in any of any Grantor's
Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and
Trademark Licenses other than (a) the use of such Collateral in the ordinary
course of business (including without limitation, the sale of Inventory in the
ordinary course of business), (b) the disposal of worn-out or obsolete Equipment
and (c) Transfers of Collateral for fair market value as determined by the
Grantor in its good faith judgment, not exceeding $100,000 in the aggregate in
any fiscal year. 

15

    5.2 Change of Jurisdiction of Organization, Relocation of Business. The
Grantor shall not change its jurisdiction of organization or relocate its chief
executive office, principal place of business or its records from such address(es) provided to the Secured Party pursuant to Section 4(c) above without
at least thirty (30) days prior notice to the Secured Party. 

    5.3 Limitation on Liens on Collateral. The Grantor shall not, directly or
indirectly, create, permit or suffer to exist, and the Grantor shall take
commercially reasonable actions to defend the Collateral against and take such
other action as is necessary to remove, any Lien on the Collateral, except (a)
Permitted Liens, (b) the Lien granted to the Secured Party under this Security
Agreement and (c) the liens listed on Schedule A . 

    5.4 Insurance. The Grantor shall maintain insurance policies insuring the
Collateral against loss or damage from such risks and in such amounts and forms
consistent with its prior practice. 

    5.5 Taxes, Assessments, Etc. The Grantor shall pay promptly when due all
property and other taxes, assessments and government charges or levies imposed
upon, and all claims (including claims for labor, materials and supplies)
against, the Equipment, Fixtures or Inventory, except to the extent the validity
or amount thereof is being contested in good faith and adequate reserves are
being maintained in connection therewith. 

    5.6 Defense of Intellectual Property. The Grantor shall use commercially
reasonable efforts to (i) protect, defend and maintain the validity and
enforceability of all Copyrights, Copyrights Licenses, Patents, Patent Licenses,
Trademarks and Trademark Licenses material to Grantor's business and (ii) detect
infringements of all Copyrights, Copyright Licenses, Patents, Patent Licenses,
Trademarks and Trademark Licenses material to Grantor's business and Grantor
shall not permit any Copyright, Copyright License, Patent, Patent License,
Trademark or Trademark License material to Grantor's business to lapse, be
abandoned or to otherwise terminate unless Elite's Board of Directors, in the
exercise of its reasonable judgment and in good faith determines that any of the
foregoing is of inconsequential value. 

    5.7 Further Assurances. At any time and from time to time during the term of
this Security Agreement, upon the written request of the Secured Party, and at
the sole expense of Elite, the Grantor shall promptly and duly execute and
deliver any and all such further instruments and documents and take such further
commercially reasonable action as the Secured Party may reasonably deem
necessary to obtain the full benefits of this Security Agreement, including,
without limitation, (a) executing, delivering and causing to be filed any
financing or continuation statements (including "in lieu" continuation
statements) under the UCC with respect to the security interests granted hereby,
(b) at the Secured Party's reasonable request, placing the interest of the
Secured Party as lienholder on the certificate of title (or similar evidence of
ownership) of any vehicle, watercraft or other Equipment constituting Collateral
owned by the Grantor which is covered by a certificate of title (or similar
evidence of ownership), (c) executing and delivering and using commercially
reasonable efforts to cause the applicable depository institution, securities
intermediary, commodity intermediary or issuer or nominated party under a letter
of credit to execute and deliver a collateral control agreement with respect to
any Deposit Account, Securities Account or Commodity Account or Letter-of-Credit
Right in or to which the Grantor has any right or interest, (d) at the Secured
Party's reasonable request, using commercially reasonable efforts to obtain
acknowledgments from bailees having possession of any Collateral and waivers of
liens from landlords and mortgagees of any location where any of the Collateral
may from time to time be stored or located, and (e) at the Secured Party's
request, written guarantees of payment of the Secured Obligations in reasonable
and customary form. During the term of this Security Agreement, the Grantor also
hereby authorizes the Secured Party to file any such financing or continuation
statement (including "in lieu" continuation statements) without the signature of
Grantor. 

    6.  RIGHTS AND REMEDIES UPON DEFAULT. Upon the occurrence of any Event
of Default and while such Event of Default is continuing: 

(a) The Secured Party may exercise in addition to all other rights and
  remedies granted to it under this Security Agreement and the Purchase
  Agreement all rights and remedies of a secured party under the UCC. Without
  limiting the generality of the foregoing, the Grantor expressly agrees that in
  any such event the Secured Party, without demand of performance or other
  demand, advertisement or notice of any kind (except as may be 

 

16

store, maintain, finish,
  repair, prepare for sale or lease, shop, advertise for sale or lease and sell
  or lease (in the manner provided herein) the Collateral, and in connection
  with the liquidation of the Collateral and collection of the accounts
  receivable pledged as Collateral, use any Trademark, Copyright, or process
  used or owned by the Grantor and (ii) forthwith collect, receive, appropriate
  and realize upon the Collateral, or any part thereof, and may forthwith sell,
  lease, assign, give an option or options to purchase or sell or otherwise
  dispose of and deliver said Collateral (or contract to do so), or any part
  thereof, in one or more parcels at public or private sale or sales, at any
  exchange or broker's board or at the Secured Party's offices or elsewhere at
  such prices as it may deem commercially reasonable, for cash or on credit or
  for future delivery without assumption of any credit risk. The Grantor further
  agrees, at the Secured Party's request, to assemble its Collateral and make it
  available to the Secured Party at places which the Secured Party shall
  reasonably select, whether at a Grantor's premises or elsewhere. The Secured
  Party shall apply the net proceeds of any such collection, recovery, receipt,
  appropriation, realization or sale as provided in Section 6(e), below, with
  Elite remaining liable for any deficiency remaining unpaid after such
  application. Unless a longer period is required under applicable law, the
  Grantor agrees that the Secured Party need not give more than thirty (30)
  days' notice of the time and place of any public sale or of the time after
  which a private sale may take place and that such notice is reasonable
  notification of such matters. 

  (b) As to any Collateral constituting certificated securities or
  uncertificated securities, if, at any time when Secured Party shall determine
  to exercise its right to sell the whole or any part of such Collateral
  hereunder, such Collateral or the part thereof to be sold shall not, for any
  reason whatsoever, be effectively registered under Securities Act of 1933,
  as amended (as so amended the "Act"), the Secured Party may, in their
  reasonable discretion (subject only to applicable requirements of law), sell
  such Collateral or part thereof by private sale in such manner and under such
  circumstances as the Secured Party may deem necessary or advisable, but
  subject to the other requirements of this Section 6(b), and shall not be
  required to effect such registration or cause the same to be effected. Without
  limiting the generality of the foregoing, in any such event the Secured Party
  may, in their discretion, (i) in accordance with applicable securities laws,
  proceed to make such private sale notwithstanding that a registration
  statement for the purpose of registering such Collateral or part thereof could
  be or shall have been filed under the Act; (ii) approach and negotiate with a
  single possible Vector to effect such sale; and (iii) restrict such sale to a
  Vector who will represent and agree that such Vector is purchasing for its own
  account, for investment, and not with a view to the distribution or sale of
  such Collateral or part thereof. In addition to a private sale as provided
  above in this Section 6(b), if any of such Collateral shall not be freely
  distributable to the public without registration under the Act at the time of
  any proposed sale hereunder, then the Secured Party shall not be required to
  effect such registration or cause the same to be effected but may, in their
  discretion (subject only to applicable requirements of law), require that any
  sale hereunder (including a sale at auction) be conducted subject to such
  restrictions as the Secured Party may, in their discretion, deem necessary or
  appropriate in order that such sale (notwithstanding any failure so to
  register) may be effected in compliance with the Bankruptcy Code and other
  laws affecting the enforcement of creditors' rights and the Act and all
  applicable state securities laws. 

  (c) The Grantor also agrees to pay all fees, costs and expenses of the
  Secured Party, including, without limitation, reasonable attorneys' fees,
  incurred in connection with the enforcement of any of its rights and remedies
  hereunder. 

  (d) The Grantor hereby waives presentment, demand, protest or any notice
  (to the maximum extent permitted by applicable law) of any kind in connection
  with this Security Agreement or any Collateral. 

 

17

(e) The Proceeds of any sale, disposition or other realization upon all or
  any part of the Collateral shall be distributed by the Secured Party in the
  following order of priorities: 

 

 FIRST , to the Secured Party in an amount sufficient to pay in full the
    reasonable costs of such the Secured Party in connection with such sale,
    disposition or other realization, including all fees, costs, expenses,
    liabilities and advances incurred or made by the Secured Party in connection
    therewith, including, without limitation, reasonable attorneys' fees; and
    

   
   FINALLY , upon payment in full of the Secured Obligations, to Elite, or
    its respective representatives, in accordance with the UCC or as a court of
    competent jurisdiction may direct. 

   
  
 
 (f) The costs of enforcing or pursuing any right or remedy hereunder,
  including without limitation any repossession, sale, possession and management
  (including, without limitation, reasonable attorneys' fees), and distribution
  shall be borne by the Grantor.

 

    7.  RESERVED

    8.  INDEMNITY. The Grantor agrees to defend, indemnify and hold harmless
the Secured Party and its officers, employees, and agents against: (a) all
obligations, demands, claims, and liabilities claimed or asserted by any other
party in connection with the transactions contemplated by this Security
Agreement; and (b) all losses or expenses in any way suffered, incurred, or paid
by the Secured Party as a result of or in any way arising out of, following or
consequential to transactions between the Secured Party and the Grantor, whether
under this Security Agreement or otherwise (including without limitation,
reasonable attorneys fees and expenses), except for losses arising from or out
of such the Secured Party's gross negligence or willful misconduct. 

    9. REINSTATEMENT. This Security Agreement shall remain in full force and
effect and continue to be effective should any petition be filed by or against
the Grantor for liquidation or reorganization, should the Grantor become
insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of such
Grantor's property and assets, and shall continue to be effective or be
reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a "voidable preference, "
"fraudulent conveyance," or otherwise, all as though such payment or performance
had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Secured Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned. 

    10. MISCELLANEOUS. 

    10.1         Waivers; Modifications.
None of the terms or provisions of this Security Agreement may be waived,
altered, modified or amended except by an instrument in writing, duly executed
by Elite, and the Secured Party. 

    10.2         Termination of this
Security Agreement. Subject to Section 10 hereof, this Security Agreement shall
automatically terminate upon the payment and performance in full of the Secured
Obligations. Upon the termination of this Agreement, the Grantor is authorized
to file such termination statements or other instruments it deems reasonably
necessary to evidence the termination of the security interest granted pursuant
to this Security Agreement and the Secured Party agrees to cooperate with such
reasonable requests as the Grantor may make in connection therewith. 

  

18

    10.3         Successor and Assigns.
This Security Agreement and all obligations of the Grantor hereunder shall be
binding upon the successors and assigns of the Grantor, and shall, together with
the rights and remedies of the Secured Party hereunder, inure to the benefit of
the Secured Party, any future holder of any of the indebtedness and their
respective successors and assigns. No sales of participations, other sales,
assignments, transfers or other dispositions of any agreement governing or
instrument evidencing the Secured Obligations or any portion thereof or interest
therein shall in any manner affect the lien granted to the Secured Party
hereunder. 

    10.4         Governing Law. In all
respects, including all matters of construction, validity and performance, this
Security Agreement and the Secured Obligations arising hereunder shall be
governed by, and construed and enforced in accordance with, the laws of the
State of New York without regard to the principles thereof regarding conflict of
laws, except to the extent that the UCC provides for the application of the law
of the Grantor's state. Each party agrees that all legal proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by
this Agreement (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be
commenced in the state and federal courts sitting in the City of New York,
Borough of Manhattan (the "New York Courts"). Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any term the Agreement), and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, or such New York
Courts are improper or inconvenient venue for such proceeding.

  

Remainder of Page Intentionally Blank

19

    IN WITNESS WHEREOF, each of the parties hereto has caused this
Security Agreement to be executed and delivered by its duly authorized officer
on the date first set forth above.

  

	ADDRESS OF GRANTOR: 	ELITE FX, INC.
  
	  	 a Florida
  incorporated company
	140 NE 4th Avenue, Suite C 
  	 	 	 
	Delray Beach, FL 33483	 	 	 
	 	 	 	 /s/ Steve Haley
	 	  	By: 	______________________________
	 	  	  	Name: 	Steve Haley
	  	  	  	Title: 	Chief Executive Officer
	TAXPAYER IDENTIFICATION NUMBER OF
  

  GRANTOR: 20-1121122	  	  	  	 
	  	  	  
	 	 

 

	  	  	  
	  	 
	  	  	ACCEPTED AND
  ACKNOWLEDGED BY: 
	 	  	  
	  	  	SECURED PARTY: 
  
	  	  	  
	  	  	VECTOR VENTURES
  CORP.
	  	  	 
	  	  	  
	  	  	  /s/ Kristian
  Kostovski
	  	  	  	By: 	___________________________
	  	  	  	Name: 	Kristian Kostovski
	  	  	  	Title: 	President and C.E.O.

20

 

Schedule "A" to Security Agreement

Permitted Liens

Bibby Financial (factors Elite's receivables)

John Nugent & Tony Baudanza (security agreement & notes
totaling $600,000)

Tony Santini (unsecured loan totaling $650,000)

 

21

 

Schedule "B" to Security Agreement

Location of Certain Assets as Required in Subsection 4(c)

 
  
   
    
     
      
       
        
         
          
Inventory is currently kept in Rochester, NY at:

           
Monroe Warehousing & Distribution, Inc.

39 Breck Street

Rochester, NY 14609

(585) - 482-9510

           

Currently about 13,000 cases of Celsius and most raw materials
for another 28,000 case production run.

          

         

        

       

      

     

    

   

  

 

22

 

Schedule "C" to Security Agreement

Deposit Account Information as Required in Subsection 4(d)

Elite Deposit Accounts:

 

	Bank of America - Act# 005500650913
	First Farmers - Act# 7899483

23

 

Schedule "D" to Security Agreement

List of Intellectual Property Held by The Grantor as Required
in Subsection 4(e)

 
  
Trademark - "Celsius" in beverage category

Website Domains = Celsius.com, EliteFXbev.com & net, drinkcelsius.com & net,
my-celsius.com & net, elitefxsports.com & net

Actual Website

  

 

24

Exhibit "C" to Bridge Loan Agreement

LEGAL OPINION

 

 

________________, 2006

 

VECTOR VENTURES CORP.

Analipseos 30 Apt. #25

52236 Panorama, Thessaloniki, Greece

 

Dear Sirs and Madams:

RE: Bridge Loan of US$ 250,000 from Vector Ventures Corp. to 

Elite FX, Inc.

We have acted as legal counsel to Elite FX, Inc., a Florida corporation, ("Elite"
or the "Borrower"), in connection with a US$ 250,000 bridge loan (the "Loan")
from Vector Ventures Corp. ("Vector"). In such capacity, we have reviewed
the following documents, all dated as of this date unless otherwise noted, as
executed and delivered in connection with the Loan: 

	The Bridge Loan Agreement dated November 3, 2006 (the "Loan Agreement"),
 between Elite and Vector in the principal amount of US$ 250,000;
	The Promissory Note dated November 3, 2006 (the "Note"), between
 Elite and Vector in the principal amount of US$ 250,000; and
	The Security Agreement dated November 3, 2006 (the "Security Agreement")
 made by Elite in favor of Vector as security for the Note and as required under
 the Loan Agreement describing therein certain collateral of Elite (the "Collateral");

Documents (a) through (c) are collectively referred to herein as the "Loan
Documents". 

In rendering our opinion we have also examined the corporate charter
documents and all amendments thereto of Elite (the "Organizational Documents"),
certificates of public officials, and such other records, certificates,
documents and instruments as we have deemed necessary for the purposes of the
opinions herein expressed. As to various questions of fact material to our
opinion, we have relied upon information provided by representatives of the
executive management and Board of Directors of Elite. We have assumed that the
Security Agreement will be duly recorded in the Office of the Clerk of the Court
of the county in which the Collateral is located.

We express no opinion with respect to (i) the title to or the rights or
interests of Elite in the Collateral, (ii) the adequacy of the description of
the Collateral, or (iii) the creation, attachment, perfection or priority of any
liens thereon and/or security interests therein.

The law covered by this opinion is limited to the present federal law of the
United States and the present law of the State of Florida. We express no opinion
with respect to the law of any other jurisdiction and, unless specified, no
opinion with respect to the statutes, administrative decisions, rules,
regulations or requirements of any county, municipality, subdivision or local
authority of any jurisdiction. We have assumed that you have complied with all
state and/or federal laws and regulations applicable to you arising out of the
Loan or your status as lender therein.

Based on the foregoing, and upon such investigation as we have deemed
necessary, and subject to the qualifications and exceptions herein contained, we
are of the opinion that:

	Elite is a corporation validly existing under the law of the State of
 Florida.
	Elite has the power under its Organizational Documents and applicable law
 to own the Collateral and to execute, deliver and perform its obligations
 under, the Loan Documents.
	Elite has taken all action necessary under its Organizational Documents and
 applicable law to authorize the execution and delivery of the Loan Documents
 and the performance of its obligations thereunder and have duly executed and
 delivered the Loan Documents.
	The Loan Documents are the valid and binding obligations of Elite,
 enforceable against Elite in accordance with its terms, except as may be
 limited by (i) bankruptcy, insolvency or other similar laws affecting the
 rights and remedies of creditors generally and (ii) general principles of
 equity. 
	The execution and delivery by Elite of the Loan Documents, and compliance
 with the provisions thereof under the circumstances contemplated thereby, will
 not conflict with or constitute on the part of Elite a breach of or default
 under any contract or agreement or other instrument to which Elite is a party,
 or any existing law, regulations, court order, or consent decree to which Elite
 is subject.
	To our actual knowledge, Elite is not a party to any pending, or overtly
 threatened in writing, actions or proceedings that may adversely affect the
 transactions contemplated by the Loan Documents or that would have a material
 adverse effect on Elite.

 

 This opinion is furnished by us as counsel for Borrower solely for the purposes
 contemplated by the Loan Documents. The opinions expressed herein may not be
 assigned and may be relied upon only by you and only in connection with the
 Loan. 

Very truly yours,                                      

[Name of opinion giver]      

25Exhibit 10.1

    AGREEMENT

    

    THIS
      AGREEMENT
      is dated
      November 8, 2006 but made effective for all purposes as of first date of sales
      from Producing Properties described in attached Exhibit “B”, (the “Effective
      Date”) by and between Delta Oil and Gas, Inc., hereinafter referred to as
“Assignor”, and Production Specialties Company, hereinafter referred to as
“Assignee”, and together with Assignor, the “Parties.”

    

    RECITALS

    

    Assignor
      represents that it desires to sell to Assignee all of its interest in the
      Subject Leases, Agreements, Wells, Well Connections, all associated surface
      facilities and Pipelines (the Subject Leases, Agreements and Wells collectively
      hereinafter referred to as the “Producing Properties”). 

    Assignor
      represents it owns 12.50% (twelve and one half percent) working interest and
      8.5% (eight and one half percent) net revenue interest in these “Producing
      Properties” described herein. It is Assignee’s express intent to acquire 100%
      (one hundred percent) of Assignor’s working interest and 100% of Assignor’s net
      revenue interest in these “Producing Properties”. 

    Reference
      is made to that certain Assignment and Bill of Sale dated November 10, 2006,
      a
      copy of which is attached as Exhibit “C” by and between Delta Oil and Gas, Inc.,
      Assignor and Production Specialties Company, Assignee.

    

    THEREFORE,
      in
      consideration of the above recitals and of the covenants and agreements herein
      contained, Assignor and Assignee agree as follows:

    

    1.Purchase
      and Assignment.
      Subject
      to and upon all of the terms and conditions hereinafter set forth, Assignor
      shall sell, transfer, assign, convey and deliver unto Assignee, as of the
      Effective Date, all of Assignor’s right, title and interest in and to the
      Producing Properties as described in Exhibit “B”, and Assignee shall purchase,
      receive, pay for and accept all of the interest of Assignor in the Producing
      Properties as described in Exhibit “B” from Assignor, as of the Effective Date.
      Assignor makes this sale without representative covenants or warranties as
      to
      title or quantum of interest conveyed, either express or implied.

    

    2.
      Purchase
      Price. The
      sale
      price for the Producing Properties shall be One Million Five Hundred Thousand
      Dollars ($1,500,000.00) and shall be payable by wire transfer to the account
      of
      Assignor.

    

    3.
      Conditions
      Precedent to Obligation of Each Party to Close.
      The
      Parties shall consummate the sale and purchase of the Producing Properties
      contemplated by this Agreement at Closing, provided the following conditions
      have been satisfied or waived by both Parties:

    

    (a)
      No
      suits, actions or other proceedings are pending before any court or governmental
      entity in which a third party is seeking to restrain, enjoin or otherwise
      prohibit the consummation of or obtain material damages associated with the
      transactions contemplated by this Agreement (or the sale of any one or more
      of
      the Producing Properties), nor are there (to the best of the Parties’ knowledge
      and belief) any such actions pending that may result in any suit, action or
      other proceedings seeking to restrain, enjoin or otherwise prohibit the
      consummation of the transaction 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    contemplated
      by this Agreement (or the sale of any one or more of the Producing Properties).
      If on Closing a suit, action or other proceeding applicable to some (but not
      all) of the Producing Properties is pending, Closing with respect to the
      unaffected Producing Properties will not be delayed and the Parties will
      undertake a second closing when the above referenced condition to Closing is
      removed. If the above referenced condition to Closing is not removed as to
      the
      affected Producing Properties within sixty (60) days after the Closing, the
      affected Producing Properties will be removed from this Agreement and the
      Parties will have no further obligations to each other with respect to the
      same.

    

    4.
      Closing.
      The
      Closing shall be held on or before November 22, 2006 or such earlier date
      mutually agreed to by the Parties. At Closing the following will
      occur:

    

    (a)
      Assignor and Assignee shall execute, acknowledge and deliver a copy of this
      Agreement.

    

    (b)
      Assignee shall deliver to Assignor by wire transfer the Purchase Price as
      specified in Section 2, hereinabove.

    

    (c)
      Assignor and Assignee shall execute any necessary forms required by governmental
      or local agencies for the transfer of the Producing Properties and Assignee
      shall file same immediately following Closing.

    

    (d)
      Assignor shall (subject to the terms of any applicable agreements and to the
      other provisions hereof) deliver to Assignee exclusive possession of the
      Producing Properties, effective as of the Effective Date.

    

    5.
      Reservations
      and Exceptions.
      The
      assignment and purchase of the Producing Properties is made subject to all
      reservations, exceptions, limitations, contracts and other burdens or
      instruments that are of record or of which Assignee has actual or constructive
      notice. The burdens are to be limited to those described in those certain letter
      agreements described in Exhibit “A” attached hereto and made a part of this
      Agreement.

    

    6.
      Assumption
      of Liabilities and Indemnities:
      As used
      in this Paragraph 6, "claims" shall include claims, demands, causes of action,
      liabilities, damages, penalties, fines, assessments, and judgments of any kind
      or character and all costs and fees in connection therewith. Assignee shall,
      (i)
      at the Effective Date assume, and be solely responsible for and comply with
      all
      duties and obligations of Assignor, express or implied, with respect to the
      Interests, including, without limitation, those arising under or by virtue
      of
      any lease, contract, operating agreement, other agreement, document, permit,
      applicable statute or rule, regulation or order of any governmental authority
      (specifically including, without limitation, any governmental request or
      requirement to plug, re-plug, and/or abandon any well of whatsoever type, status
      or classification, or take any clean-up or other action with respect to the
      property or premises), and (ii) defend, indemnify and hold Assignor free and
      harmless from any and all claims in connection therewith.

    

    7.
      Adjustments.
      All
      Oil, gas and other production from or attributable to the Producing Properties
      which was produced after the Effective Date shall belong to Assignee. It is
      agreed and understood that it shall be Assignor’s responsibility to pay for any
      costs and joint interest billings attributable to the Properties previously
      received and received after the Effective Date, but only for costs related
      to
      drilling, completing, and tie-in of said wells described in Exhibit
      B
      attached to and made a part of this Purchase and Sale Agreement. Within sixty
      (60) days after closing, Assignor and Assignee will effect a cash adjustment
      to
      account for any costs and expenses for incurred by 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Assignor
      prior and after the Effective Date attributable to the Producing Properties
      prior to sales point which have not been paid by Assignor as of the Closing
      Date
      and (c) such other adjustments as may be agreed upon by the
      parties.

    

    8.
      Taxes.
      Ad
      valorem taxes, real property taxes and similar obligations (“Property Taxes”)
      shall be prorated as of the Effective Date and settlement shall be made within
      sixty (60) days after Closing. If any such Property Taxes are not due at
      Closing, Assignee will thereafter be responsible for payment of same and will
      invoice Assignor for its pro rata share, providing supporting documentation
      therefore, and such pro rata share shall be due upon receipt of such
      billing.

    

    9.
      Post-Closing
      Adjustments.
      After
      Closing, Assignee shall prepare, in accordance with this Agreement and with
      generally accepted accounting principles consistently applied, a statement
      (“Final Settlement Statement”), a copy of which shall be delivered by Assignee
      to Assignor no later than sixty (60) days after the Closing, setting forth
      each
      adjustment to the Purchase Price necessary to determine the Final Purchase
      Price
      and showing the calculation of such adjustments. Assignor shall have ten (10)
      days after receipt of the Final Settlement Statement to review such statement
      and to provide written notice to Assignee of Assignor’s objection to any item on
      the statement. If Assignor does not provide written objection(s) within the
      ten
      (10) day period, the Final Settlement Statement shall be deemed correct. If
      Assignor provides written objection(s), then the Final Settlement Statement
      shall be deemed correct with respect to items not objected to by Assignor.
      Assignor and Assignee shall immediately meet to resolve and negotiate the
      objections.

    

    10.
      Notices.
      All
      communications required or permitted under this Agreement shall be in writing
      and any communication or delivery hereunder shall be deemed to have been fully
      made if actually delivered, or if mailed by registered or certified mail,
      postage prepaid, to the address as set forth below.

    

    Assignor    

    

    Delta
      Oil
      and Gas, Inc.

    #300-1055
      West Hastings Street

    Vancouver,
      B.C. V6E 2E9

    CANADA

    

    

    Assignee

    

    Production
      Specialties Company

    P.O.
      Box
      22497

    Bakersfield,
      CA. 93390-2497

     

     

    11.
      Further
      Assurances.
      After
      Closing the Parties shall execute, acknowledge and deliver to the other such
      further instruments, and take such other actions as may be reasonably necessary
      to carry out the provisions of this Agreement. However, Assignee shall assume
      all responsibility for notifying the purchasers of production from the Producing
      Properties, and such other designated persons who may be responsible for
      disbursing payments for the purchase of such production, of the change of
      ownership of the Producing Properties. Assignee shall take all actions necessary
      to effectuate the transfer of such payments to Assignee as of the Effective
      

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Date.
      Assignor shall have no responsibility or liability for the proper distribution
      of proceeds from and after the Effective Date.

    

    12.
      Entire
      Agreement.
      This
      instrument states the entire agreement between the Parties and may be
      supplemented, altered, amended, modified or revoked by writing only, signed
      by
      all parties.

    

    13.
      Survival.
      The
      representations, warranties and agreements contained in this Agreement and
      in
      any assignment or certificate or other instrument delivered by or on behalf
      of
      either party pursuant to this Agreement shall survive the Closing and shall
      be
      unaffected by any investigation made by the other party.

    

    14.
      Headings.
      The
      headings and captions used in this Agreement are for the convenience of the
      parties only and shall have no significance in the interpretation of this
      Agreement.

    

    15.
      Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereto shall be
      governed, construed and enforced in accordance with the laws of the State of
      California. The parties agree that any litigation relating directly or
      indirectly to this Agreement must be brought before and determined by a court
      of
      competent jurisdiction within the State of California.

    

    16.
      Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

    

    IN
      WITNESS WHEREOF, this agreement is executed effective the 10th day of November,
      2006.

    

    

    ASSIGNOR

    

    Delta
      Oil
      and Gas, Inc.

    

    

    By:
      /s/ Doug Bolen

    Doug
      Bolen

    President

    

    

    

    

    ASSIGNEE

    

    Production
      Specialties Company

    

    By:
      /s/ Dero Parker

    Dero
      D.
      Parker Jr.

    President

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      “A”

    

    Attached
      to and made part of that certain Purchase and Sale Agreement dated effective
      from first date of sales from Producing Properties described on Exhibit “B”
between Production Specialties Company and Lario Oil & Gas
      Company  

    

    

    AGREEMENTS

    

    NA

    

    

    

    

    SUBJECT
      LEASES

    

    Lease:     05037

    Lessor:          
      C&C
      Minerals LTD

    Lessee:          
      NNG

    Legal:     T-4-N
      R-3-E

           
      Sec 7: SW, S2NW, NWNW, SWNE, N2SE 

            Containing
      400
      acres

            Sec
      6: SW, NWSE Pt

            Containing
      80
      acres

            Sec
      18: NE

            Containing
      160
      acres

            Sec
      17: W2NW Pt

            Containing
      185
      acres

            All
      in Solano County,
      California

     

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

    ATTACHED
      TO AND MADE A PART OF AGREEMENT DATE

    EFFECTIVE
      FROM FIRST DATE OF SALES FROM WELLS LISTED BELOW , BY AND
      BETWEEN

    PRODUCTION
      SPECIALTIES COMPANY AND LARIO OIL & GAS COMPANY

    

    

    

    

    WELLS,
      pipelines and all associated equipment:
      All
      located in Solano County, California

    

    

    C&C
      Minerals NNG #7-1

    T-4-N
      R-3-E Section 7

    

    C&C
      Minerals NNG #7-2

    1500’
      North & 420’ West from the S.E. corner of Section 7, Township 4 North, Range
      3 East, M.D.B.&M.

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