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                                                                   EXHIBIT 10.33

                        [FORM OF STOCK PURCHASE WARRANT]

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE STATE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PURSUANT TO REGULATION D AND
SUCH OTHER SECURITIES LAWS. NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON
EXERCISE HEREOF MAY BE SOLD, PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE
PROVISIONS OF THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS. THIS WARRANT MAY
NOT BE EXERCISED BY OR ON BEHALF OF A UNITED STATES PERSON UNLESS REGISTERED
UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE, AS
REQUIRED BY REGULATION D.

                             STOCK PURCHASE WARRANT

                  To Purchase _______ Shares of Common Stock of

                                BIONUTRICS, INC.

                  THIS CERTIFIES that, for value received,______________________
(the "Holder"), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after the
date hereof (the "Initial Exercise Date") and on or prior to the close of
business on __________________, 200____ (the "Termination Date") but not
thereafter, to subscribe for and purchase from Bionutrics, Inc., a corporation
incorporated in the State of Nevada (the "Company"), up to _______________
shares (the "Warrant Shares") of Common Stock, $.001 par value, of the Company
(the "Common Stock"). The purchase price of one share of Common Stock (the
"Exercise Price") under this Warrant shall be $__________________. The Exercise
Price and the number of shares for which the Warrant is exercisable shall be
subject to adjustment as provided herein. In the event of any conflict between
the terms of this Warrant and the Common Stock Purchase Agreement dated as of
September 7, 2000 pursuant to which this Warrant has been issued (the "Purchase
Agreement"), the Purchase Agreement shall control. Capitalized terms used and
not otherwise defined herein shall have the meanings set forth for such terms in
the Purchase Agreement.

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                  1. Title to Warrant. Prior to the Termination Date and subject
to compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
holder hereof in person or by duly authorized attorney, upon surrender of this
Warrant together with the Assignment Form annexed hereto properly endorsed.

                  2. Authorization of Shares. The Company covenants that all
shares of Common Stock which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

                  3. Exercise of Warrant.

                           (a) Except as provided in Section 4 herein, exercise
of the purchase rights represented by this Warrant may be made at any time or
times on or after the Initial Exercise Date, and before the close of business on
the Termination Date by the surrender of this Warrant and the Notice of Exercise
Form annexed hereto duly executed, at the office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered holder hereof at the address of such holder appearing on the books of
the Company) and upon payment of the Exercise Price of the shares thereby
purchased by wire transfer or cashier's check drawn on a United States bank, the
holder of this Warrant shall be entitled to receive a certificate for the number
of shares of Common Stock so purchased. Certificates for shares purchased
hereunder shall be delivered to the holder hereof within three (3) Trading Days
after the date on which this Warrant shall have been exercised as aforesaid.
This Warrant shall be deemed to have been exercised and such certificate or
certificates shall be deemed to have been issued, and Holder or any other person
so designated to be named therein shall be deemed to have become a holder of
record of such shares for all purposes, as of the date the Warrant has been
exercised by payment to the Company of the Exercise Price and all taxes required
to be paid by Holder, if any, pursuant to Section 5 prior to the issuance of
such shares, have been paid.

                           (b) If this Warrant shall have been exercised in
part, the Company shall, at the time of delivery of the certificate or
certificates representing Warrant Shares, deliver to Holder a new Warrant
evidencing the rights of Holder to purchase the unpurchased shares of Common
Stock called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

                           (c) If no registration statement is effective
permitting the resale of the shares of Common Stock issued upon exercise of this
Warrant at any time commencing one year after the issuance date hereof, then
this Warrant shall also be exercisable by means of a "cashless exercise" in
which the holder shall be entitled to receive a certificate for the number of
shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = the average of the high and low trading prices per share of Common Stock
on the Trading Day preceding the date of such election on the Nasdaq Stock
Market, or if the Common Stock is

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not traded on the Nasdaq Stock Market, then the Principal Market in terms of
volume, and converted into US Dollars;

(B) = the Exercise Price of the Warrants; and

(X) = the number of shares issuable upon exercise of the Warrants in accordance
with the terms of this Warrant.

                  4. No Fractional Shares or Scrip. No fractional shares or
scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

                  5. Charges, Taxes and Expenses. Issuance of certificates for
shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the holder hereof for any issue or transfer tax or other incidental
expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in
the name of the holder of this Warrant or in such name or names as may be
directed by the holder of this Warrant; provided, however, that in the event
certificates for shares of Common Stock are to be issued in a name other than
the name of the holder of this Warrant, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the holder hereof; and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto.

                  6. Closing of Books. The Company will not close its
stockholder books or records in any manner which prevents the timely exercise of
this Warrant.

                  7. Transfer, Division and Combination. (a) Subject to
compliance with any applicable securities laws, transfer of this Warrant and all
rights hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at the
principal office of the Company, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer. In the event that the Holder wishes to transfer a
portion of this Warrant, the Holder shall transfer at least 50,000 shares
underlying this Warrant to any such transferee. Upon such surrender and, if
required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. A Warrant, if properly assigned,
may be exercised by a new holder for the purchase of shares of Common Stock
without having a new Warrant issued.

                           (b) This Warrant may be divided or combined with
other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by Holder or its agent or attorney.
Subject to compliance with Section 7(a), as to any transfer which

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may be involved in such division or combination, the Company shall execute and
deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
divided or combined in accordance with such notice.

                           (c) The Company shall prepare, issue and deliver at
its own expense (other than transfer taxes) the new Warrant or Warrants under
this Section 7.

                           (d) The Company agrees to maintain, at its aforesaid
office, books for the registration and the registration of transfer of the
Warrants.

                  8. No Rights as Shareholder until Exercise. This Warrant does
not entitle the holder hereof to any voting rights or other rights as a
shareholder of the Company prior to the exercise hereof. Upon the surrender of
this Warrant and the payment of the aggregate Exercise Price, the Warrant Shares
so purchased shall be and be deemed to be issued to such holder as the record
owner of such shares as of the close of business on the later of the date of
such surrender or payment.

                  9. Loss, Theft, Destruction or Mutilation of Warrant. The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
certificate or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock certificate.

                  10. Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday, then
such action may be taken or such right may be exercised on the next succeeding
day not a Saturday, Sunday or legal holiday.

                  11. Adjustments of Exercise Price and Number of Warrant
Shares. (a) Stock Splits, etc. The number and kind of securities purchasable
upon the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the following. In case
the Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares of Common Stock, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock or (iv) issue any shares
of its capital stock in a reclassification of the Common Stock, then the number
of Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the
Company which he would have owned or have been entitled to receive had such
Warrant been exercised in advance thereof. Upon each such adjustment of the kind
and number of Warrant Shares or other securities of the Company which are
purchasable hereunder, the holder of this Warrant shall thereafter be entitled
to purchase the number of Warrant Shares or other securities resulting from such
adjustment at an Exercise Price per Warrant Share or other security obtained by
multiplying the

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Exercise Price in effect immediately prior to such adjustment by the number of
Warrant Shares purchasable pursuant hereto immediately prior to such adjustment
and dividing by the number of Warrant Shares or other securities of the Company
resulting from such adjustment. An adjustment made pursuant to this paragraph
shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event.

                  12. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of
Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 12.
For purposes of this Section 12, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

                  13. Voluntary Adjustment by the Company. The Company may at
any time during the term of this Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

                  14. Notice of Adjustment. Whenever the number of Warrant
Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, as herein provided,
the Company shall promptly mail by registered or certified mail, return receipt
requested, to the holder of this Warrant notice of such adjustment or

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adjustments setting forth the number of Warrant Shares (and other securities or
property) purchasable upon the exercise of this Warrant and the Exercise Price
of such Warrant Shares (and other securities or property) after such adjustment,
setting forth a brief statement of the facts requiring such adjustment and
setting forth the computation by which such adjustment was made. Such notice, in
the absence of manifest error, shall be conclusive evidence of the correctness
of such adjustment.

                  15. Notice of Corporate Action. If at any time:

                           (a) the Company shall take a record of the holders of
its Common Stock for the purpose of entitling them to receive a dividend or
other distribution, or any right to subscribe for or purchase any evidences of
its indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

                           (b) there shall be any capital reorganization of the
Company, any reclassification or recapitalization of the capital stock of the
Company or any consolidation or merger of the Company with, or any sale,
transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation or,

                           (c) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 20
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 17(d).

                  16. Authorized Shares. The Company covenants that during the
period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under this
Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
the Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such

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reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Principal Market upon which the Common Stock may
be listed.

                           The Company shall not by any action, including,
without limitation, amending its articles of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

                           Before taking any action which would result in an
adjustment in the number of shares of Common Stock for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

                  17. Miscellaneous.

                           (a) Jurisdiction. This Warrant shall be binding upon
any successors or assigns of the Company. This Warrant shall constitute a
contract under the laws of New York, without regard to its conflict of law,
principles or rules, and be subject to arbitration pursuant to the terms set
forth in the Purchase Agreement.

                           (b) Restrictions. The holder hereof acknowledges that
the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, will have restrictions upon resale imposed by state and federal
securities laws.

                           (c) Nonwaiver and Expenses. No course of dealing or
any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice Holder's rights, powers
or remedies, notwithstanding all rights hereunder terminate on the Termination
Date. If the Company willfully fails to comply with any provision of this
Warrant, the Company shall pay to Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable
attorneys' fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

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                           (d) Notices. Any notice, request or other document
required or permitted to be given or delivered to the holder hereof by the
Company shall be delivered in accordance with the notice provisions of the
Purchase Agreement.

                           (e) Limitation of Liability. No provision hereof, in
the absence of affirmative action by Holder to purchase shares of Common Stock,
and no enumeration herein of the rights or privileges of Holder hereof, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

                           (f) Remedies. Holder, in addition to being entitled
to exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Warrant. The Company
agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

                           (g) Successors and Assigns. Subject to applicable
securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company
and the successors and permitted assigns of Holder. The provisions of this
Warrant are intended to be for the benefit of all Holders from time to time of
this Warrant and shall be enforceable by any such Holder or holder of Warrant
Shares.

                           (h) Indemnification. The Company agrees to indemnify
and hold harmless Holder from and against any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, claims, costs, attorneys' fees,
expenses and disbursements of any kind which may be imposed upon, incurred by or
asserted against Holder in any manner relating to or arising out of any failure
by the Company to perform or observe in any material respect any of its
covenants, agreements, undertakings or obligations set forth in this Warrant;
provided, however, that the Company will not be liable hereunder to the extent
that any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses or disbursements are
found in a final non-appealable judgment by a court to have resulted from
Holder's negligence, bad faith or willful misconduct in its capacity as a
stockholder or warrantholder of the Company.

                           (i) Amendment. This Warrant may be modified or
amended or the provisions hereof waived with the written consent of the Company
and the Holder.

                           (j) Severability. Wherever possible, each provision
of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited
by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.

                           (k) Headings. The headings used in this Warrant are
for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

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                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated: _____________________, 200__

                                       BIONUTRICS, INC.

                                       By:
                                          ____________________________________
                                           Ronald Lane, Ph.D., President & CEO

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                               NOTICE OF EXERCISE

To:      Bionutrics, Inc.

                  (1) The undersigned hereby elects to purchase          shares
                                                                --------
of Common Stock (the "Common Stock"), of Bionutrics, Inc. pursuant to the terms
of the attached Warrant, and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any.

                  (2) Please issue a certificate or certificates representing
said shares of Common Stock in the name of the undersigned or in such other name
as is specified below:

                           ----------------------------------------
                           (Name)

                           ----------------------------------------
                           (Address)

                           ----------------------------------------

Dated:

                                             ------------------------------
                                             Signature
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                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

         FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________

_______________________________________________________________

                                            Dated:  ______________, _______

                  Holder's Signature:
                                     ___________________________

                  Holder's Address:
                                     ___________________________

                                     ___________________________

Signature Guaranteed:
                     ___________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.EXHIBIT 10.46

                        INTERNATIONAL INTERCONNECTION MOU
                            ------------------------

                       THIS INTERNATIONAL INTERCONNECTION
              MEMORANDUM OF UNDERSTANDING is entered into as of the
              day of 6.9.1998 (the effective date) by and between:

        TRANS Global Communications, 421 Seventh Avenue NY, NY 1001, USA

and

TELECOM EGYPT CO. having its principal office at 26 Ramsis Street, P.O. Box 795,
Cairo, Arab Republic of Egypt (TELECOM EGYPTCO.  and with TGC collectively,  the
parties, BVG and individually, a party).

WITNESSETH:

WHEREAS, the parties desire to provide telecommunications services between their
respective Operating Territories (as defined below): and

WHEREAS,  in  connection   therewith,   the  parties  desire  to  formalize  the
interconnection  of their  respective  networks and  facilities and to implement
standards governing such telecommunications services

NOW THEREFORE, in consideration of the undertakings herein contained the parties
agree as follows:

1.   DEFINITIONS

1.1  "ITU" means the International Telecommunication Union.

1.2  Operating  Territory  in relation to TGC means the fifty (50) states of the
     United  States Of America,  and in relation to TELECOM EGYPT CO. means Arab
     Republic of Egypt.

1.3  "Recommendations"   means  the   International   Telegraph   and  Telephone
     consultative  Committee  Recommendations  and  Instructions  to  which  the
     Parties shall endeavor to conform.

1.4  "Regulations" means the International Telecommunication Regulations adopted
     by the ITU (Melbourne 1988) pursuant to the International Telecommunication
     Convention, as the same may be amended from time to time.

<PAGE>

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1.5  "Services" means international telecommunications services which especially
     set forth in the Annex  (es)  attached  hereto and  incorporated  herein by
     reference as well as those additional services which may be added from time
     to time to (the final  agreement)  upon terms and conditions to be mutually
     agreed upon by the parties and to be included by adding amended  Annexes to
     this MOU.

2.   SCOPE.

2.1  The  parties  hereby  undertake  to  provide  the  Services  between  their
     representative Operating Territories in order to facilitate interconnection
     and  interpretability  as contemplated by the Regulations.  In the event of
     any  inconsistency  between the terms of this MOU and the Regulations,  the
     terms of this MOU shall govern.

2.2  This  MOU  specifically   excludes  any   representation   or  warranty  of
     exclusivity of interconnection by one party with the other party.

2.3  accepts  to abide by all rules and  regulations  of  TELECOM  EGYPT CO. and
     shall not be involved in any shape or form of any illegal  activities  such
     as callback, Resale and Refiling.

<PAGE>

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3.   DURATION.

     This MOU shall  commence on the  effective  date and continue  until either
     another  agreement  supersedes  this or is  terminated  by either  party as
     specified in sections 7 or 15.

4.   ACCOUNTING AND SETTLEMENT RATES.

4.1  The accounting rates and the parties  respective  settlement rates for each
     particular  service shall be set forth where  applicable in the  respective
     Annexes hereto (collectively,  the Rates), which Rates may be adjusted from
     time to time

4.2  The parties recognize that the rates should reviewed regularly according to
     applicable market conditions.

4.3  The  parties  acknowledge  and  agree  that the rates  shall be  considered
     completely  separate and independent from the collection  charges which are
     charged by the parties to their respective end user customers. Furthermore,
     the parties acknowledge that the determination of the applicable collection
     charges for the  provision  of the services to the public is not covered by
     this MOU  However,  the parties  will strive to set  respective  collection
     charges in accordance with article 6 of the Regulations.  In no event shall
     their party assume any responsibility for any uncollectibles experienced by
     the other party with  respect to services  provided by the party to its own
     customers or end-users.

4.4  The collection  charges and the rates for the services are exclusive of all
     applicable  taxes and duties,  including  without  limitation,  value added
     taxes,  sales taxes,  and other duties or levies  imposed by any authority,
     government  agency,  all of  which  shall be paid  promptly  when  due,  if
     applicable, by the party receiving the services thereunder.

4.5  TGC agrees to provide a Letter Of Credit  (LOC) with amount of two millions
     U$ dollars from a bank in the United States to TELECOM EGYPTCO CO. securing
     first six months  usage.  TGC also agrees to pay its  monthly or  quarterly
     bills to TELECOM EGYPT CO. on or before their due days. The amount is to be
     based on an estimated amount of inbound and outbound traffic. TELECOM EGYPT
     CO. agrees to return the LOC after six months of active  operations and TGC
     agrees to provide three (3) months  deposit based on the average use during
     the first six (6) months.  Both parties  agree to settle  their  traffic on
     monthly basis.

<PAGE>
                                       4

5.   ROUTING OF SERVICES AND PROVISIONING OF FACILITIES.

5.1  The international  gateways, the routes and the capacity thereof to be used
     to provide the services  shall be as may be agreed  between the parties and
     may be amended from time to time by the mutual agreement of the parties.

5.2  TGC agrees to  initially  start with one (1) or more  circuits,  based upon
     anticipated  traffic  from both sides.  TGC agrees to pay all expenses of 2
     Mb/s (USD 120000) one hundred and twenty  thousands U.S.  Dollars  (through
     underwater)  related to  interconnection  between TGC and EGYPT TELECOM CO.
     during  the  first  year of  active  operation.  After  one year of  active
     operation  each party shall be responsible  for providing,  at its own cost
     and  expense,   the  necessary  facilities  located  within  its  operating
     territory,  which  facilities  shall  not be  deemed  to  include  customer
     premises  equipment or facilities this in addition that TGC bears all costs
     of  submarine  cable  (Full  Circuit  E1)  extension  Flag  Until USA (from
     Palermo, Italy Until USA border).

5.3  All  capital  investment  and  expenses  for the  necessary  communications
     equipment,  transmission  lines,  or  earth  station  as well as the  costs
     necessary for the hiring and training of local  engineers  will be financed
     by TGC for the first connection.

5.4  After  one year of active  operation,  the  parties  shall  coordinate  the
     management  of their  repective  system  facilities,  with each party being
     responsible for providing and operating, at its own expense, its respective
     network facilities. The parties also shall interface on a 24 hours 7 days a
     week basis with each other  regarding any  investigation  and mitigation of
     any real time traffic flow problems.

5.5  TGC  intends to use Egypt as a major  telecommunication  hub to  distribute
     traffic in Middle East and north Africa.

5.6  These services shall, as far as commercially  practicable,  be offered on a
     24 hours per day, 7 days per week continuous basis.

5.7  Each party  notify the other party as soon as  practicable  of any facility
     failure  arising  or  likely  to arise  from a cause  within  such  party's
     operating  territory which is likely to result in an interruption of any of
     the  services.  In the event of any such  interruption,  the Parties  shall
     cooperate in an endeavor to resume normal operations as soon as possible.

6.   TECHNICAL STANDARDS

     The parites shall endeavor to confirm the technical standards to be used in
     the provision of the services to the  technical  standards set forth in the
     recommendation

<PAGE>

                                        5

7.   TERMINATION

7.1  In  addition  to any  other  rights at law or in  equity  either  party may
     terminate this agreement immediately upon written notice to the other party
     in the event that other party (1) fails to make any payment  within two (2)
     months of written  notice that such payment is overdue  hereunder,  or (ii)
     commits a breach of any of the  terms of this MOU  (other  than a breach of
     any payment  obligation as addressed in (1) above) and fails to remedy such
     breach  within one (1) month after receipt of written  notice  thereof from
     such party.

7.2  In the event of any  termination  pursuant  to this  section 7, the parties
     shall be liable to each other for payment for any services rendered through
     and including  the date of  termination.  In addition,  in the event of any
     termination  of this MOU for any reason the parties  shall  cooperate in an
     endeavor  to  otherwise  reassign  the  joint  facilities   implemented  in
     condition with the services for other usage.

8.   LIMITATION OF LIABILITY

8.1  Neither  party  shall be liable  to the other  party for any loss or damage
     sustained by such party, its  interconnecting  carriers or its end users by
     reason  of any  failure  in or  breakdown  of the  facilities  or  circuits
     associated with providing the services hereunder or for any interruption or
     degradation  of the  services,  whatsoever  shall be the cause or  duration
     thereof.

8.2  In  no  event  shall  either  party  be  liable  to  the  other  party  for
     consequential,  special or indirect losses or damages  sustained by a party
     or any third party in using the service howsoever arising and whether under
     contract,  tort or otherwise  (including,  without limitation,  third party
     claims,  loss of profits,  loss of  customers,  or damage to  reputation or
     goodwill).

9.   CONFIDENTIALITY OF INFORMATION
     For a period of two (2) years  from the date of  disclosure  thereof,  each
     party shall maintain the  confidentiality of all information or data of any
     nature provided to it by the other party provided such information contains
     a conspicuous  marking  identifying it as  "Confidential"  or "proprietary"
     ("Information").   Each  party  shall  use  the  same  efforts  to  protect
     information   it  receives   hereunder  as  it  uses  to  protect  its  own
     information. The above requirements shall not apply to information which is
     already in the  possession of the receiving  party through no breach of any
     third party obligation of  confidentiality,  is already publicly  available
     through no breach of any third party obligation of confidentiality,  or has
     been previously  independently developed by the receiving party without the
     use of any other information. Notwithstanding the foregoing, this MOU shall
     not prevent any  disclosure of  information  pursuant to applicable  law or
     regulation,  provided that prior to making such  disclosure,  the receiving
     party shall use reasonable  efforts to notify the disclosing  party of this
     required disclosure.

<PAGE>

                                        6

10.  APPROVALS

     This MOU and the  continuance  hereof by the parties is contingent upon the
     obtaining and the continuance of such approvals, consents, governmental and
     regulatory  authorizations,  licenses  and  permits as may be  required  or
     deemed  necessary by the parties,  and the parties  shall use  commercially
     reasonable efforts to obtain and continue same in full force and effect.

11.  FORCE MAJEURE

     No failure or omission  by either  party to carry out or observe any or the
     terms and  conditions of this MOU (other than a payment  obligation)  shall
     give rise to any claim against such party or be deemed a breach of this MOU
     by such party if such failure or omission arises from an act of God, an act
     of government, or any other circumstance commonly known as force majeure.

12.  LANGUAGE

     English shall be the language used by technical and operating personnel for
     the establishment and provision of the services.

13.  NO WAIVER

     No waiver by either  party of any  provision  of this MOU shall be  binding
     unless  made in  writing,  and any such  waiver  shall  relate only to such
     matter,  non-compliance  or breach as it  relates to and shall not apply to
     any subsequent or other matter, non-compliance or breach.

14.  NOTICES

14.1 All  notices,  requests,  or  other  communications  hereunder  shall be in
     writing, addressed to the parties as follows:

     if to TELECOM EGYPT CO:
                                            TELECOM EGYPT

                           Attention:       Eng. AZZA TORKY
                           Facsimile:       202 777658
                           Telph.   :           777566

     if to:                TGC
                           Attention:       Arnold S. Gumowitz
                           Facsimile:       121 236 43501
                  `        Tlph.    :

<PAGE>

                                        7

14.2 Notices mailed by registered or certified mail shall be conclusively deemed
     to have been received by the addressee on the fifth  business day following
     the mailing of sending thereof. Notices sent by telex or facsimile shall be
     conclusively deemed to have been received when the delivery confirmation is
     received,  if followed by first-class mail postage prepaid. If either party
     wishes to alter the address to which  communications to it are sent, it may
     do so by providing the new address in writing to the other party.

15.  VIOLATIONS AND TERMINATION OF MOU

     In the event that TGC  violates  any one or more items in this MOU  TELECOM
     EGYPT CO. will  provide TGC with a warning  notice and TGC will have thirty
     (30) days to correct the violation. TELECOM EGYPT CO. reserves the right to
     cancel this MOU if the violation is not corrected within the thirty days by
     giving TGC a thirty (30) day written termination notice.

16.  TGC will  report  to EGYPT  TELECOM,  on a  monthly  basis,  any call  back
     activity monitored by the call back equipment.

     IN WITNESS WHEREOF,  the parties hereto have caused this MOU to be executed
     by a duly authorized officer as of the Effective Date.

     TGC                                    TELECOM EGYPT CO.

     BY:    /s/ Arnold S. Gumowitz          BY:    /s/ Azza Torky
            ----------------------                 ---------------------
     NAME:  Arnold S. Gumowitz              NAME:  Eng. Azza M. TORKY
     TITLE: Chairman                        TITLE: Central Department
                                                   Chief for
     Sept 6, 1998                                  International Communications

<PAGE>

                                     ANNEX 1

                INTERNATIONAL PUBLIC SWITCHED TELEPHONE SERVICE

1.   TYPE OF SERVICE

     The Telephone  Service to be provided by the parties pursuant to this Annex
     shall be International Direct Dial Services (include, Audiotext traffic)

2.   ACCOUNTING RATE AND DIVISION OF REVENUES

2.1  Effective  ___________________,  the  total  accounting  (TAR)  rate  to be
     applied to traffic  originating in the United States and terminating in the
     Territory,  and to traffic  originating in the Territory and terminating in
     the shall be as  detailed  in 2.2 below and shall be divided  50/50  unless
     mutually agreed otherwise.

2.2  SERVICE                 TAR/MINUTES               SURCHARGE PER CALL
     -------        ----------------------------  ----------------------------
     IDD             Equal to other US carriers    Equal to other US carriers

3.   RETURN OF TRAFFIC

3.1  Unless mutually agreed otherwise,  the parties shall implement proportional
     return traffic  arrangements on the basis of monthly traffic  measurements.
     The details of the arrangements will be defined in separate correspondence.

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