Document:

SOFTWARE LICENSE AGREEMENT

       THIS AGREEMENT is entered into this 23 day of March 1999.
       BETWEEN:
                EUROASIAN E-CASINOS INTERNATIONAL LTD., with registered
                offices in St. John's Antigua, West Indies
                (the "Licensee")
       AND
                SOFTEC SYSTEMS CARIBBEAN INC. with offices at 1589 Newgate
                Street, St. John's Antigua, West Indies

                ("Softec") .

       WHEREAS,

       A. Softec owns rights to Internet casino software (the "Software");
       B. Softec wishes to license the Software to other companies;
       C. Softec wishes to provide a complete computer hardware and software
          package that the Licensee may use to operate an Internet gaming site;
       D. The Licensee wishes to license the Software and make use of Softec's
          computer hardware in order to operate an Internet gaming site;

        NOW THEREFORE,  in  consideration  of the premises and mutual  covenants
        herein set forth, the parties agree as follows:

1.      GENERAL PROVISIONS
--      ------------------

1.1    Definitions

       1.1.1.  "licensed Software" shall mean a licensed data processing program
               or micro  program  consisting of a series or sequence of signals,
               or instructions, statements, or fonts stored on any

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               media  in  machine   readable  form,  and  any  related  licensed
               materials  such as, but not limited to,  graphics,  flow  charts,
               logic diagrams,  manuals, and listing made generally available by
               Softec for use in  connection  with the  licensed  programs.  The
               Licensed  Software  shall  initially  consist  of not more than 2
               casinos  (collectively,  the  "Casino").  The  Casino  shall have
               various games of chance which  includes,  but are not limited to,
               blackjack,  roulette, pai gow poker, video poker and slot machine
               and  other  games as added  from  time to time,  based on  themes
               chosen by the Licensee,  a sportsbook  web site within the gaming
               site,  an HTML version of the  sportsbook,  and a lottery  ticket
               distribution web site.

       1.1.2   "Net Monthly  Revenue" shall mean, for any given calendar  month,
               the total  amount  wagered  in the  Casino,  horse  track and the
               sportsbook,  less  winnings  in the  Casino,  horse track and the
               sportsbook,  PLUS,  total  sales  of  lottery  tickets,  less the
               invoiced  cost for  purchasing  lottery  tickets  for the lottery
               ticket sales,  PLUS, any membership  fees or additional fees that
               may be charged by the  Licensee  that are not related to currency
               conversion or transaction processing.,

       1.1.3   "Hardware"  shall  mean  all the  necessary  computers,  routers,
               cabling,  monitors,  hard  drives,  back-up  systems,  and  other
               equipment,  as determined  by Softec in its absolute  discretion,
               located at its offices in St. John's Antigua,  or other locations
               designated  by Softec  as may be  required  in order to  properly
               store, distribute and run the Licensed Software.

       1.1.4   "Games" shall mean the casino style games,  sportsbook,  lottery,
               and pari-mutuel games that are played using the Licensed Software
               and are available from time to time.

       1.1.5  "Downloadable  Software"  shall mean the portion of the  Licensed
               Software that must be resident on a customer's  computer in order
               for the customer to access and play the Games.

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       1.1.6   "Master  CD"  shall  mean  the  compact   disc   containing   the
               Downloadable  Software  that may be used to mass produce  compact
               discs for delivery to the Licensee's customers.

       1.1.7   "Customer  Information"  shall mean all data collected and stored
               on customers  including,  without  limiting the generality of the
               foregoing,  name, address,  phone and fax number, e-mail address,
               credit card numbers and expiration  dates or information on other
               types of payments, amounts wagered and frequency of wagering.

       1.1.8  "Confidential  Information" shall mean material in the possession
               of Softec which is not  generally  available to or used by others
               or the  utility  or  value of  which  is not  generally  known or
               recognized as standard practice,  including,  without limitation,
               all  financial  business and personal  data  relating to Softec's
               clients,    any   non-public    information   about   affiliates,
               subsidiaries,   consultants   and  employees  of  Softec  or  its
               affiliates, business and marketing plans, strategies and methods,
               studies,  charts,  plans,  tables and  compilations  of  business
               industrial information, computer software and computer technology
               whether  patentable,  copyrightable  or not, which is acquired or
               developed by or on behalf of Softec or its  affiliates  from time
               to time.

1.2 Right to Audit

       1.2.1   The Licensee shall, within reason, have the right,  without prior
               notice to  Softec to  inspect  and audit all  Softec's  business,
               accounting  and  supporting   records  which  are  necessary  for
               purposes of  determining  Softec's  compliance  with the terms of
               Agreement.  Softec shall fully  co-operate  with any  independent
               chartered  accountants or certified public  accountants  hired by
               the Licensee to conduct any such inspection or audit. If any such
               inspection or audit  discloses an under statement of less than 3%
               for any period,  Softec shall pay,  within ten days after receipt
               of the  inspection  or audit  report,  the sums due on account of
               such understatement with interest  calculated at U.S.  prime plus

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               one  percent.  Further,  if  such  inspection  or  audit  is made
               necessary by failure of Softec to furnish  invoice reports or any
               other  documentation as herein required,  or if an understatement
               for any period is determined by such inspection or audit to be 3%
               or greater,  Softec shall,  on demand and in any event within the
               said ten days,  in  addition to paying the sums due on account of
               such  understatement,   also  reimburse  for  the  cost  of  such
               inspection or audit, including without limitation, the charges of
               any  independent   chartered   accountants  or  certified  public
               accountants  retained  by the  Licensee in  connection  with such
               audit or inspection and the  reasonable  travel  expenses,  room,
               board and compensation of employees of the Licensee.

       1.2.2   The  Licensee's  right to audit  records  shall  only  extend  to
               records that date back no more than two of Softec's  fiscal years
               prior to the date Softec receives notice of an impending audit.

1.3 Indemnification

       1.3.1   The Licensee  acknowledges and agrees that neither Softec nor any
               of its members,  shareholders,  directors, officers, employees or
               representatives  will be  liable to the  Licensee  or any of .the
               Licensee's  customers for any special,  indirect,  consequential,
               punitive or exemplary damages,  or damages for loss of profits or
               savings,  in connection with this Agreement,  the services or the
               Hardware or any other information,  material or services provided
               by  Softec to the  Licensee  under  Agreement.  If,  despite  the
               foregoing  limitations,   Softec  or  any  of  its  shareholders,
               directors,  officers,  employees or representatives should become
               liable to the  Licensee  or any other  person (a  "Claimant")  in
               connection  with  this  Agreement,  then  the  maximum  aggregate
               liability  of  Softec,  its  members,  shareholders,   directors,
               officers,  employees and  representatives for all such things and
               to all such  parties  will be limited to the lesser of the actual
               amount of loss or damage  suffered by the  Claimant or the amount
               of the  Licensee's  fee payable by the Licensee to Softec for the
               six months prior to the loss.

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       1.3.2   The Licensee  shall  indemnify and save  harmless  Softec and its
               members,  shareholders,  directors,  officers, employees, agents,
               contractors,  representatives,  parent  company,  or subsidiaries
               (together,  the  "Indemnified  Parties")  from  and  against  all
               damages,  losses, costs and expenses (including actual legal fees
               and costs), fines and liabilities incurred by or awarded asserted
               or  claimed  against  any  of  the  Indemnified  Parties  by  any
               licensing  or  government  agency  who  licenses,  regulates,  or
               otherwise  governs the  licensing or use of Internet  gambling in
               connection with the Licensee's  activities  under this Agreement,
               including  claims  brought by a person  using or relying upon any
               advice given or _  publication  produced and  distributed  by the
               Licensee.

       1.3.3   Nothwithstanding anything in this Section 1.3, if Softec is found
               guilty of fraud in executing its obligations under Agreement, the
               Licensee shall not be responsible for any  indemnification of the
               Indemnified Parties to the extent that the fraud has caused there
               to be damages.

1.4 Disruptions

       1.4.1   The Licensee  acknowledges that from time to time, as a result of
               Hardware failure, supplier failures, or acts of god, the services
               provided  under  this  Agreement  by  Softec  can be  temporarily
               disrupted.  The  Licensee  acknowledges  and agrees that  neither
               Softec nor any of its members, shareholders, directors, officers,
               employees  or  representatives  will be liable to the Licensee or
               any  of the  Licensee's  customers  for  any  special,  indirect,
               consequential, punitive or exemplary damages, or damages for loss
               of  profits  or  savings,  in  connection  with  these  temporary
               disruptions.  For the purpose of this  section,  if the  services
               provided under this Agreement by Softec are temporarily disrupted
               for a total of seven days or more during any calendar month,  the
               minimum  monthly  fees as  calculated  in section  1.7.3 shall be
               reduced on a pro rata basis.

       1.4.2   The Licensee  acknowledges  that Softec's  ability to perform its
               obligations  under  this  Agreement  are  subject  to  government
               licensing in whatever  jurisdiction Softec may choose to operate.
               Softec shall not be held liable for any damages of

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               any kind  whatsoever  that may result from changes in  government
               legislation or policy.

1.5 Conditions of License

       This license is granted under the following conditions:

       1.5.1   The Licensee  acknowledges that its rights in and to the Licensed
               Software may not be assigned,  licensed or otherwise  transferred
               by operation of law without the prior written  consent of Softec.
               Violation of this section is grounds for immediate termination of
               this Agreement.

       1.5.2   Copyright  and other  proprietary  rights of Softec  protect  the
               Licensed Software.  The Licensee may be held directly responsible
               for  acts  relating  to  the  Licensed  Software  which  are  not
               authorized by Agreement.

       1.5.3   All right,  title and interest in and to the  Licensed  Software,
               and any copies thereof,  and all  documentation,  code and logic,
               which describes  and/or  comprises the Licensed  Software remains
               the sole property of Softec.

       1.5.4   Softec shall not be  responsible  for failure of  performance  of
               Agreement  due to causes beyond its control,  including,  but not
               limited to, work stoppages,  fires,  civil  disobedience,  riots,
               rebellions, acts of God, and similar occurrences.

       1.5.5   The sportsbook  "format" shall remain  standard,  and will not be
               materially altered from Softec's standard sportsbook  facilities.
               Format  shall  refer to the  tabular  presentation  of the sports
               information  making up the sportsbook look and feel and shall not
               include the  graphics  that may be added in order to  personalize
               it.

       1.5.6   The Licensee acknowledges that this is a non-exclusive  agreement
               and that Softec will  license  the  Licensed  Software to as many
               other parties as are willing to enter into a licensing  agreement
               with Softec.

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       1.5.7   The  Licensee  shall  supply to Softec an  irrevocable  letter of
               credit in the amount of $100,000 U.S.. An  appropriate  amount of
               these funds shall be released to Softec in the event the Licensee
               should  become  unable or unwilling  to pay for any  legitimately
               invoiced  amounts.  This  security  shall  only be used to remedy
               non-payment  of  legitimate  invoices,  and  cannot be applied by
               Softec to any other  alleged  breaches  of this  Agreement.  This
               section shall only become  effective upon the Licensee  achieving
               in any one month Net Monthly Revenue of $1,000,000 or greater.

       1.5.8   The Licensee  shall be  responsible  for  ensuring  that they are
               operating the Licensed  Software in  compliance  with any and all
               applicable state, provincial, national, and international laws.

       1.5.9   The  Licensee  shall  provide   Softec  with  all   documentation
               necessary  to show that the  Licensee  has  obtained  any and all
               necessary  licenses in order to operate an Internet casino and/or
               Sportsbook in the  jurisdiction  in which the gaming  servers are
               located.

       1.5.10  It is the  policy of Softec to  prevent  the use of the  Licensed
               Software for use as a "money  laundering"  vehicle.  The Licensee
               warrants  that they will  undertake  all  reasonable  efforts  to
               prevent  persons  from using the  Licensed  Software for use as a
               money laundering  vehicle. If it is revealed that the Licensee is
               purposely  allowing or is  willfully  blind to money  laundering,
               Softec may terminate this agreement without notice.

        1.5.11 The Licensee  shall not accept  wagers from  persons  residing in
               Canada and shall  implement all measures  stipulated by Softec to
               ensure  that  persons  residing  in Canada  are not able to wager
               utilizing the Licensed Software.

1.6 Term and Termination

       1.6.1   This Agreement shall commence and be deemed effective on the date
               when fully executed (the "Effective Date").  This Agreement is in

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               effect  for a  period  of one  year  (the  "Term")  and  shall be
               automatically renewed indefinitely with additional one year terms
               unless the Licensee  gives written  notice of termination of this
               Agreement  at  least  45 days  prior  to the end of any one  year
               period.

       1.6.2   Softec may terminate  this  agreement by giving written notice to
               the Licensee at least six months prior to the end of any one year
               term  provided,   however,   Softec  shall  not  give  notice  of
               termination in the first year of this Agreement.

       1.6.3   Softec  may  terminate  this  Agreement  any time  upon five days
               notice if the  Licensee is more than 30 days in arrears in paying
               any material  monthly fees due and owing to Softec.  The Licensee
               shall be  allowed to cure the  breach  during the notice  period,
               thus pre-empting  Softec's ability to terminate this Agreement in
               accordance  with this section.  The arrears  contemplated in this
               section must be of a material  amount for this section to be used
               by Softec. For the purposes of this section,  material shall mean
               anything greater than 5% of the previous month's fees.

       1.6.4   Softec may  terminate  this  Agreement at any time upon five days
               notice if the  Licensee  becomes  bankrupt or insolvent or ceases
               carrying on business for any reason.

       1.6.5.  The Licensee may terminate  this  Agreement at any time upon five
               days notice if Softec  becomes  bankrupt or  insolvent  or ceases
               carrying on business for any reason.

       1.6.6   The Licensee may,  inter alia,  terminate  this  Agreement at any
               time upon five days notice if Softec is  materially  in breach of
               Agreement for more than 30 days.  Softec shall be allowed to cure
               the  breach  during  the  notice  period,  thus  pre-empting  the
               Licensee's ability to terminate this Agreement in accordance with
               this section.

       1.6.7   Softec  may  terminate  this  Agreement  any time  upon five days
               notice if Softec, or any of its principals, officers or Directors
               becomes the  subject of third party civil or criminal  litigation
               as a result of the Licensee's  operations  under this  Agreement.

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               The  litigation  contemplated  herein  must  be  Agreement,   the
               Licensee  shall  immediately  return  to  Softec  any  and all of
               Softec's  materials which Softec has a proprietary  right in that
               are in the Licensee's  possession and/or in the possession of the
               Licensee's agents, servants and employees.

       1.6.8   Upon  termination  of this  Agreement,  all Customer  Information
               shall be given to the  Licensee  and Softec shall not make use of
               or disclose any Customer Information to any third party.

       1.6.10  Upon  termination of this Agreement for any reason,  any security
               given by the Licensee  shall be returned to the  Licensee  within
               thirty days of  termination,  provided  however that if there are
               any outstanding  invoiced  amounts (as per section 1.5.7) against
               the Licensee,  sufficient  security shall be retained in order to
               pay for those claims.

1.7 Remuneration

       1.7.1   The Licensee shall pay to Softec a non-refundable one time fee of
               $100,000 U.S. for the  development of the graphical  front end of
               the gaming site and all set-up costs.  This payment shall be paid
               in accordance with the following schedule:

               o    $25,000 upon signing this Agreement,
               o    $5,000  thirty days from the  acceptance  of the first wager
                    using the Licensed Software,
               o    $10,000 per month, for seven  consecutive  months,  with the
                    first payment being made 60 days from the  acceptance of the
                    first wager using the Licensed Software,

       1.7.2   The  Licensee  shall  pay to  Softec  a  monthly  fee  based on a
               percentage of the Net Monthly  Revenue.  The fee shall be paid in

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               accordance with Schedule A of Agreement.  The fees shall commence
               when  the  Licensee   accepts  a  wager  utilizing  the  Licensed
               Software.

       1.7.3   Notwithstanding  any  amount  due and  owing in  accordance  with
               Schedule A of this Agreement,  the Licensee shall pay to Softec a
               minimum of $25,000 per month. This section shall become effective
               90 days  from the date the  first  wager is  accepted  using  the
               Licensed Software.  For clarity,  the month in which this section
               becomes  effective,  the  minimum  payment  shall be applied on a
               pro-rata basis for that billing month.

       1.7.4   All monthly  payments shall be delivered to Softec by the 15th of
               each month in payment  for the  previous  month's  activity.  1.8
               Confidentiality

       1.8.1   The  Licensee  shall  not  disclose,   publish,   or  disseminate
               confidential  Information  to  anyone  other  than  those  of its
               employees or others with a need to know, and the Licensee  agrees
               to take reasonable  precautions to prevent any unauthorized  use,
               disclosure,   publication,   or   dissemination  of  Confidential
               Information.   The  Licensee  agrees  not  to  use   Confidential
               Information  otherwise for its own or any third  party's  benefit
               without   the   prior   written   approval   of   an   authorized
               representative of Softec in each instance.

       1.8.2   Softec  shall  not  disclose,  publish  or  disseminate  Customer
               Information  to anyone other than those of its  employees  with a
               need to know, and Softec agrees to take reasonable precautions to
               prevent  any  unauthorized  use,  disclosure,   publication,   or
               dissemination of Customer  Information.  Softec agrees not to use
               Customer  Information  otherwise for its own or any third party's
               benefit  without  the prior  written  approval  of an  authorized
               representative of the Licensee in each instance.

       1.8.3   All Confidential Information, and any Derivatives thereof whether
               created by Softec or the Licensee, remains the property of Softec
               and no license or other  rights to  Confidential  information  is

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               granted  or  implied   hereby.   For   purposes   of   Agreement,
               "Derivatives"  shall mean: (a) for  copyrightable  or copyrighted
               material, any translation, abridgement, revision or other form in
               which an existing work may be recast, transformed or adapted; (b)
               for patentable or patented material, any improvement thereon; and
               (c) for  material  which is protected  by trade  secret,  any new
               material  derived  from such  existing  trade  secret . material,
               including  new  material  which may be  protected  by  copyright,
               patent and/or trade secret.

       1.8.4   Notwithstanding  anything i this  Section  1.8,  Softec  shall be
               allowed to use Customer Information for the purpose of fulfilling
               its reporting obligations as a public company.  Softec shall also
               be allowed to use Customer  Information in a statistical  form so
               long as it does not identify individuals or specific companies.

       1.8.5   The Licensee shall not disclose the contents of this Agreement to
               any  third  party who is not  bound to  maintain  confidentiality
               between the parties. The Licensee acknowledges that disclosure of
               the terms of Agreement to third parties would cause  considerable
               damage to Softec and its parent company,  Starnet  Communications
               International Inc.

OBLIGATIONS OF THE LICENSOR
---------------------------

1.2 Hardware

       2.1.1   Softec shall supply the Hardware as defined in Agreement.

       2.1.2   Softec  shall  maintain  the  Hardware  and  pay  all  costs  for
               maintaining and/or upgrading the Hardware.

       2.1.3   Softec  shall  supply  the  office  space  required  to house the
               Hardware.

       2.1.4   The Hardware shall, at all times, remain the property of Softec.

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       2.1.5   Softec shall  supply an  appropriate  connection  to the Internet
               with  sufficient  bandwidth  to  properly  operate  the  Licensed
               Software.  The Licensee  shall pay for all  bandwidth  associated
               only with those  customers  that are not  playing the Games using
               real money and for the  downloading of the Licensed  Software via
               the  Internet,  and for any related  marketing  via the Internet.
               Bandwidth shall be charged to the Licensee at market rates.

       2.1.6   Softec shall not be required to maintain a redundant site.

       2.1.7   Softec  shall make all  reasonable  efforts to repair and correct
               any problems arising under Softec's areas of responsibility  that
               may arise from time to time which  would cause it to be unable to
               perform its obligations under this Agreement (see section 1.5.4).

       2.1.8   Softec shall  notify the Licensee of any problems  that may arise
               from time to time and shall  keep the  Licensee  apprised  of any
               efforts undertaken to rectify the problem.

       2.1.9   The  Hardware  shall be  located  only in places  where  Internet
               gambling  may be  operated  legally  and where the  Licensee  has
               obtained all necessary licenses to conduct online gaming.

2.2 The Licensed Software

       2.2.1   Softec shall install the Licensed Software on the Hardware.

       2.2.2   Softec  shall  allow  all of the  Licensee's  customers  and  all
               persons who seek to be licensee's  customers  Internet  access to
               the Licensed Software.

       2.2.3   Softec shall allow the Licensee's  customers to download directly
               from the  server  the  Downloadable  Software  necessary  for the
               Licensee's customer to play the Games.

       2.2.4   Softec shall supply to the Licensee a single Master CD containing
               the Downloadable Software.

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        2.2.5  Softec  may  from  time  to  time,  at  its  discretion,   create
               additional games, which can be added to the Licensed Software. If
               additional  games become  available,  the Licensee may request to
               have the  additional  games added to the Licensed  Software at no
               additional licensing cost to the Licensee.

        2.2.6  Softec may from time to time, at its  discretion,  translate part
               or all of the Games into other  languages,  which can be added to
               the Licensed Software.  If additional languages become available,
               the Licensee may request to have the additional  languages  added
               to the Licensed Software at-no cost to the Licensee.

       2.2.7   Notwithstanding  anything stated in this section 2.2, any changes
               requested by the  Licensee to be made to the graphics  portion of
               the Licensed Software, shall be charged to the Licensee at market
               rates.

       2.2.8   Notwithstanding  anything  stated i this section 2.2, any changes
               made to the Master CD at the Licensee's request will be billed to
               the Licensee at market rates, plus a $100.00 U.S.  administration
               fee.  Softec  retains  the right to refuse to make the  requested
               changes. Such request shall not be unreasonably refused.

       2.2.9   Softec shall only be required to provide the Licensed Software in
               the English language only.

       2.2.10  Softec will provide all upgrades of the Licensed Software that do
               not require changes to the graphical  interface,  at no charge to
               the Licensee.

       2.2.11  All upgrades are to be made  available to the Licensee  within 30
               days of the completion of testing.

       2.2.12  The Licensee may operate the Casino on as many separate  URL's as
               the Licensee wants, with no additional licensing fee to be paid.

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[GRAPHIC OMITTED]

       2.2.13  Softec warrants that the Licensed Software  correctly  implements
               algorithms,  which are in accordance  with the rules and payouts,
               which may be  displayed  on the screen at any time by the player.
               Pseudo-random  numbers  used by the  software for the purposes of
               choosing game  outcomes and  shuffling  cards are generated in an
               unbiased manner.

       2.2.14  From time to time and with the  consent of Softec,  the  Licensee
               may further add  additional  casinos,  with  different  names and
               themes,  to  the  Licensed   software.   Such  consent  shall  be
               consistent  with  Softec's  business  practices  and shall not be
               unreasonably withheld. The Licensee may add these casinos for its
               own  direct  benefit or for that of various  joint  ventures,  in
               which the Licensee is has at least 50% ownership in, entered into
               with third parties from time to time. Additional casinos shall be
               added at no further  license  cost,  but may require  market rate
               payments  for  incidental  costs such as, but not  limited to, CD
               masters and graphical charges.

2.3 Financial Transactions

       2.3.1   Softec shall  provide a transaction  processing  system that will
               allow the  Licensee's  customers to deposit  funds for use of the
               Games  (the  "Transaction  Processing  System").  The  Licensee's
               customers will be able to deposit funds via the Internet  through
               the use of, but not  limited to Visa,  Master  Card,  or American
               Express  credit  cards.  Other  methods  of  payment  may be made
               available from time to time at Softec's discretion,  at a cost to
               the Licensee to be agreed upon at the time.

       2.3.2   Softec  shall only be  responsible  for  processing  credit  card
               debits and credits for which the Licensee  holds the  appropriate
               merchant number accounts.

       2.3.3   The Licensee shall be  responsible  for all aspects of collecting
               and paying funds, in accordance with this Agreement.

       2.3.4   The Licensee shall have no rights  whatsoever in the  Transaction
               Processing System.

                                       14
<PAGE>
2.4 Technical Support

       2.4.1   Softec shall supply 24 hour technical  support for the Licensee's
               customers and for the Licensee.

       2.4.2   Softec  shall  make  the  Technical  support  available  via  the
               Internet and via toll free telephone lines.

       2.4.3   Softec shall  determine  the number of people acting as technical
               support and the number of incoming  telephone lines for technical
               support in its absolute discretion.

       2.4.4   Technical  support  offered via th telephone  shall be in English
               language only.

       2.4.5   Technical  support  offered  via  th  Internet  shall  be in  all
               languages in which the Licensed Software is available.

2.5 Accounting

       2.5.1   Softec  shall  maintain  records of all  transactions  and wagers
               placed utilizing the Licensed  Software.  The Licensee shall have
               access to these records via the Internet at all times.

       2.5.2   The  Licensee  shall  pay  a  flat  fe of  $100.00  US  plus  all
               reasonable   hourly   administration   fees  and   disbursements,
               including  printing,  photocopy  and  shipping  costs,  each time
               accounting information is requested. Administration fees shall be
               paid out at  market  prices.  No fees  are  payable  for  regular
               accounting  information  provided to the Licensee for the purpose
               of calculating Net Revenue.

       2.5.3   Softec shall supply a complete  accounting  record, as defined by
               Softec  from  time to  time,  of the  previous  month's  activity
               relating to the Licensed  Software within ten working days of the
               end of each month.  The  accounting  records  shall be  delivered
               either by facsimile or by e-mail.

                                       15
<PAGE>

       2.5.4   Softec shall provide daily interim accounting reports, as defined
               by Softec from time to time. The daily interim accounting records
               shall be delivered via the Internet.

       2.5.5   Softec shall have the right to utilize the accounting information
               for  statistical  and  reporting   purposes   provided   specific
               information about the Licensee is not disclosed.

       2.5.6   Softec shall archive and maintain the accounting  information for
               a period of 2 fiscal years.

       2.5.7   Softec,  at  its  discretion,  may  destroy  any  portion  of the
               accounting   information  that  Softec  deems  to  be  no  longer
               relevant.

       2.5.8   The Licensee  shall be given thirty days written  notice prior to
               the destruction of any accounting  information.  The Licensee may
               choose to archive  information about to be destroyed,  at its own
               facilities.

2.6 Customer Data

       2.6.1   Softec  shall   maintain  a  database   containing  the  Customer
               Information.

       2.6.2   The  Customer  Information  shall  remain  the  property  of  the
               Licensee.

       2.6.3   Softec shall provide daily interim Customer  Information reports,
               as defined by Softec from time to time.

       2.6.4   The  Licensee  shall pay a fee of $100.00 US plus all  reasonable
               hourly administration fees and disbursements, including printing,
               photocopy  and  shipping  costs,  each time  additional  Customer
               Information is requested.  Administration  fees shall be paid out
               at market prices.

       2.6.5   Softec  shall have the righ to utilize the  Customer  Information
               for any  purpose  that  does not  conflict  with  the  Licensee's
               marketing of the Licensed Software, nor in a manner that violates

                                       16
<PAGE>
               reasonable customer confidentiality. Under no circumstances shall
               Softec  utilize the Customer  Information in the marketing of any
               gaming   site  being   operated  by  a   subsidiary   of  Starnet
               Communications International Inc., Softec's parent company.

       2.6.6   Softec shall archive and maintain the Customer  Information for a
               period of two years.

       2.6.7   Softec,  in  its  discretion,  may  destroy  any  portion  of the
               Customer Information that Softec deems to be no longer relevant.

       2.6.8   The Licensee  shall be given thirty days written  notice prior to
               the  destruction  of any Customer  Information.  The Licensee may
               choose to archive  information about to be destroyed,  at its own
               facilities.

2.7 The Games

       2.7.1   The lottery tickets and play options available in the lottery web
               site shall be determined  from time to time by Softec in its sole
               discretion.

       2.7.2   Softec shall determine the odds for the casino from time to time.
               The Licensee  shall be  responsible  for setting the odds for the
               sportsbook  and the HTML  sportsbook,  from time to time,  in its
               sole discretion.

       2.7.3   The  Licensee  shall  determine  the betting  limits for both the
               casino sportsbook and the HTML sportsbook,  from time to time, in
               its sole  discretion.  The  Licensee may choose zero as a betting
               limit.

       2.7.4   The Licensee, in its sole discretion, shall determine the betting
               limits for the Games.  The  Licensee may choose zero as a betting
               limit.

       2.7.5   Softec shall  determine the games availabl in the casino and both
               versions  of the  sportsbook,  from  time to  time,  in its  sole
               discretion.

                                       17
<PAGE>
       2.7.6   Softec  shall  determine  the lottery  tickets  available  in the
               casino  as well as the forms of play,  from time to time,  in its
               sole discretion.

       2.7.7   Softec  shall  only  supply  the  Games  that  the  Licensee  has
               appropriate  licenses to operate from the  jurisdiction  in which
               the servers are located.

2.         OBLIGATIONS OF THE LICENSEE
--------------------------------------

2.1    Licenses

       3.1.1   The Licensee  shall be responsible  for obtainin and  maintaining
               all necessary  licenses for the  operation of an Internet  Casino
               and an Internet Sportsbook  operation,  or whichever the Licensee
               intends  to  operate,   in  a  location  where  Softec  maintains
               Hardware.

       3.1.2   Softec  shall  recommend  a lawyer in Antigua  tha can assist the
               Licensee in obtaining,  an Internet casino license as required by
               the Antigua Free Trade Zone.

2.2    Merchant Numbers

       2.2.1   The Licensee  shall be responsible  for obtainin and  maintaining
               appropriate  merchant numbers for the processing of Visa,  Master
               Card American  Express credit cards and any other credit card the
               Licensee  may  obtain   merchant   numbers  for  (the   "Merchant
               Numbers").

       2.2.2   Notwithstanding  that from time to time, Softec may make merchant
               numbers  available to the Licensee through another  subsidiary of
               Starnet  Communications   International  Inc.  ("SCII"),  neither
               Softec  nor  SCII,  nor any  other  subsidiary  of SCII  shall be
               responsible  for  maintaining  or continuing to provide  merchant
               numbers.

                                       18
<PAGE>
3.3 Marketing

       3.3.1   The  Licensee  shall  be  responsible  for all  marketing  of the
               services offered through the Licensed Software.

       3.3.2   The Licensee shall, based on a yearly average, spend on a monthly
               basis,  a minimum of 10% of the  previous  month's Net Revenue on
               marketing and promoting the Licensee's  gaming site. This section
               shall only apply to the first 365 days of operations.

       3.3.3   Softec is not responsible for tracking or maintaining any records
               or data with respect to marketing.  The Licensee shall be allowed
               access  to  the   Hardware  for  .the  purpose  of  tracking  and
               maintaining marketing data.

       3.3.4   The Licensee shall be responsible for all aspects of nontechnical
               customer  service,  including,  but not  limited to dealing  with
               customer complaints and paying out winnings.

3.4 Distribution of Software

       3.4.1   The  Licensee  shall  be  responsible   for  the  production  and
               distribution  of  compact  discs   containing  the   Downloadable
               Software.

       3.4.2   The Licensee shall not alter the Licensed Software as supplied on
               the Master CD in any way.

       3.4.3   The  Licensee  shall ensure that the  packaging  for the Licensed
               Software,  the entry web page for the casino and  sportsbook,  as
               well on any compact disks containing the Licensed Software, shall
               display all  proprietary  rights  symbols such as  Copyright  and
               Trademark,  as supplied by Softec  (the  "Symbols").  The Symbols
               shall be of the exact same size and font as supplied by Softec.

                                       19
<PAGE>
3.5 Regulatory Issues

       3.5.1   The Licensee shall be solely  responsible for  determining  which
               jurisdictions they choose to market to and receive wagers from.

       3.5.2   The Licensee shall be responsible for determining the legality of
               accepting wagers in whichever jurisdictions they choose to market
               to and receive wagers from.

       3.5.3   The Licensee  shall  indemnify  Softec for any  reasonable  legal
               costs, and fines that arise as a,result of the Licensee  choosing
               to accept  wagers from any  jurisdiction  that  determines or has
               determined that Internet wagering is illegal.

3.6 The Web Site

       3.6.1   The Licensee shall  construct and maintain the entire web site(s)
               where the  Downloadable  Software is to be made  available to the
               Licensee's customers (the "Web Sites"). Softec agrees to host the
               web sites.

       3.6.2   The Licensee shall pay for any and all Uniform Resource  Locators
               ("URL's")  that the Licensee deems  necessary to properly  market
               the Licensed Software.

       3.6.3   The  Licensee  shall  ensure that the Web Sites  shall  display a
               statement  that  the  software  is  licensed,   as  well  as  all
               proprietary  rights symbols such as Copyright and  Trademark,  as
               supplied by Softec (the  "Symbols").  The Symbols shall be of the
               exact same size and font as supplied by Softec.

       3.6.4   The  Licensee  shall have the right to add as many URL's that are
               dedicated  solely to the promotion of the Licensee's  gaming site
               as the Licensee deems necessary.

        3.6.5  The Licensee  shall have the right to make any changes to the Web

                                       20
<PAGE>
               Sites  the  Licensee  feels  appropriate.  All  changes  that are
               effected  by Softec  will be  charged to the  Licensee  at market
               rates.

       3.6.6   If  requested,  Softec shall  construct  and maintain any and all
               additional  web  sites  the  Licensee  deems  necessary  for  the
               marketing  of the  Licensed  Software.  All  work  done to  build
               additional  web sites shall be charged to the  Licensee at market
               rates.

       3.6.7   Softec shall not in any way be responsible  for the design of the
               Web Sites utilized by the Licensee.

       3.6.8   The Licensee  shall include in thei Terms and  Conditions of Play
               for the  Licensed  Software  the  Terms and  Conditions  that are
               recommended by Softec. The Licensee may embellish or add to these
               Terms and  Conditions.  If the Licensee  does not  implement  the
               minimum required Terms and Conditions, in so far as the Terms and
               Conditions would have protected the Licensee, Softec shall not be
               responsible  to the  Licensee,  notwithstanding  anything in this
               Agreement.

       3.6.9   To enhance the  credibility of the Licensee's  gaming  operation,
               the  Licensee  is  required  to utilize  the Softec  intermercial
               provided and  designed by Softec,  and display the Softec Seal of
               Approval icon on the website's homepage.

4      STANDARD CLAUSES
-----------------------

       4.1     Notices

               Unless otherwise  provided in Agreement,  any notice provided for
               under  Agreement  shall be in writing  and shall be  sufficiently
               given if delivered  personally,  or if  transmitted  by facsimile
               with  an  original  signed  copy  delivered   personally   within
               twenty-four  hours  thereafter,  or mailed by prepaid  registered
               post addressed to Softec at their respective  addresses set forth
               below or at such other than  current  address as is  specified by
               notice.

                                       21
<PAGE>
                       To Softec: Newgate Street
                                  P.O. Box 1589
                                  St. John's, Antigua
                                  West Indies
                                  Attention: Chris Zacharias
                                  Fax: (268) 480-1656

                        To the Licensee:
                                  Registered offices in St. John's, Antigua

       4.2     Entire Agreement and Schedules

               The  parties  agree  that  Agreement  and its  Schedule,  if any,
               constitute the complete and exclusive  statement of the terms and
               conditions   between  the   Licensee  and   Softec.covering   the
               performance  hereof and cannot be  altered,  amended or  modified
               except in writing  executed by an  authorized  representative  of
               each  party.  The  Licensee  further  agrees  that any  terms and
               .conditions of any purchaser order or other instrument  issued by
               the Licensee in connection  with Agreement  which are in addition
               or inconsistent  with the terms and conditions of Agreement shall
               not be binding on Softec and shall not apply to Agreement.

       4.3     Governing Law and Arbitration

               Any  dispute in  connection  with  Agreement  shall be settled by
               arbitration in accordance  with any  Arbitration  Act agreed upon
               between the parties; provided,  however, should any dispute arise
               under  Agreement,  the  parties  shall  endeavor  to settle  such
               dispute  amicably  between  themselves.  In the  event  that  the
               parties  fail to agree upon an amicable  solution,  such  dispute
               shall be finally determined by arbitration as aforesaid.

       4.4     Good Faith

               The parties  acknowledge  to one another  that each  respectively
               intends to perform its  obligations  as specified in Agreement in
               good faith.

                                       22
<PAGE>

[GRAPHIC OMITTED]

       4.5     Parties to Act Reasonably .

               The parties agree to act reasonably in exercising any discretion,
               judgment,  approval or  extension of time that may be required to
               effect the purpose and intent of Agreement. Whenever the approval
               or consent of a party is required under  Agreement,  such consent
               shall not be unreasonably withheld or delayed.

       4.6     Governing Law

               This  agreement  and  all  Schedules  shall  be  governed  by and
               construed in accordance  with the laws of the Country of Antigua,
               and the Licensee hereby attorns to the jurisdiction of the courts
               of  Antigua  notwithstanding  any other  provision  expressed  or
               implied in either the agreement or the Schedules.

       4.7     Time to be of the Essence

               Time is of the essence.

       4.8     Number and Gender

               In this  Agreement  the use of the singular  number  includes the
               plural and vice versa the use of any gender includes all genders,
               and  the  word  "person"  includes  an  individual,  a  trust,  a
               partnership, a body corporate and politic, an association and any
               other incorporated or unincorporated organization or entity.

       4.9     Captions

               Captions or descriptive  words at the commencement of the various
               sections are inserted only for  convenience  and are in no way to
               be construed  as a part of Agreement or as a limitation  upon the
               scope of the particular section to which they refer.

       4.10    Non-assignability

               This Agreement is personal to the Licensee, except as provided in
               S. 4.11, and  the Licensee may  not assign or transfer any of its

                                       23
<PAGE>
               rights or obligations  under Agreement  without the prior written
               consent or Softec.

       4.11    Benefit

               This Agreement  shall enure to the benefit of and be binding upon
               the  Licensee,  its  successors  and  assigns.  The  Licensee may
               delegate the performance of any of its  obligations  hereunder to
               any  corporation  which  controls,  is  controlled by or is under
               common control with the Licensee.

       4.12    Waiver

               No  condoning,  excusing  or  waiver by any  party,hereto  of any
               default,  breach of  non-observance by any other party hereto, at
               any time or times with  respect to any  covenants  or  conditions
               herein  contained,  shall  operate  as a waiver  of that  party's
               rights  hereunder  with respect to any  continuing  or subsequent
               default, breach or nonobservance, and no waiver shall be inferred
               from or implied  by any  failure  to  exercise  any rights by the
               party having those rights.

       4.13    Further Assurance

               Each of the parties hereto hereby covenants and agrees to execute
               such further and other  documents and  instruments and to do such
               further and other things as may be  necessary  to  implement  and
               carry out the intent of Agreement.

       4.14    Cumulative Rights

               All  rights and  remedies  of Softec  are  cumulative  and are in
               addition to and shall not be deemed to exclude  any other  rights
               or remedies allowed by law except as specifically limited hereby.
               All rights and remedies may be exercised concurrently.

       4.15    Prior Agreements

               Except as  specifically  provided  for  herein,  this  Agreement,
               including its Schedules, contains all of the terms agreed upon by

                                       24
<PAGE>
               the  parties  with  respect  to the  subject  matter  herein  and
               supersedes all prior agreements,  arrangements and understandings
               with respect thereto, whether -oral or written.

       4.16    Severability

               If any part of Agreement is unenforceable  because of any rule of
               law or  public  policy,  such  unenforceable  provision  shall be
               severed from  Agreement,  and this severance shall not affect the
               remainder of Agreement.

       4.17    No Partnership

               Notwithstanding.  anything  in  this  Agreement,  no part of this
               Agreement,  nor the  Agreement  as a whole shall be  construed as
               creating  a  partnership  or  agency  relationship   between  the
               parties. If any part of this Agreement should become construed as
               forming a partnership or agency  relationship  that part shall be
               amended  such  that no  partnership  or  agency  relationship  is
               created,  but, that part achieves what it was originally intended
               to achieve.

       4.18    Dollar Amounts

               All  references  to  money or  specific  dollar  amounts  in this
               Agreement are in United States Dollars.

                                       25
<PAGE>

[GRAPHIC OMITTED]

       4.19    Interpretation

               In the  interpretation of this Agreement or any provision hereof,
               no  inference  shall be drawn in favor of or against any party by
               virtue of the fact that one party or its agents may have  drafted
               this Agreement or such provision.  Notwithstanding  the above, if
               there is any uncertainty in the interpretation of this Agreement,
               the uncertainty shall be interpreted in Softec's favor.

IN  WITNESS  WHEREOF  the  parties  have  executed  Agreement  on the date first
written.

Softec Systems Caribbean Inc.

Per:/s/Christopher H. Zacharias                  Per:/s/Mark Dohcen
    ---------------------------                      --------------
Name: Christopher H. Zacharias                      Name: Mark Dohcen
Title: In House Counsel                             Title:CEO

                                                    '
The Licensee: /s/EuroAsian E-Casinos, Inc.
              ----------------------------
              EuroAsian E-Casinos, Inc.

Per:/s/ Arthur Rosenberg
    --------------------
Name: Arthur Rosenberg
Title: President

                                       26
<PAGE>

                                   Schedule A
                                   ----------

The Licensee agrees to pay Softec monthly fees according to the following:

The Licensee's Net Monthly                               Fee Payable
--------------------------                               -----------
Revenue (U.S. Dollars)
----------------------
     '   > $0.00 but < or = to $250,000                    25%
         > $250,000 but < or = to $500,000                 20%
         > $500,000 but < or = to $1,000,000               17.5%
         > $1,000,000 but < or = to $5,000,000             15%
         > $5,000,000 but < or = to $10,000,000            12.5%
         > $10,000,000                                     10%

The above table should be read with the following understanding: If the licensee
has Net Monthly Revenue of $550,000, the fee payable is calculated as follows:

        25% on the first $250,000         =          $62,500
        20% on the next $250,000          =          $50,000
        17.5% on the next $50,000         =           8 750
        For a total fee payable           =         $121,250

                                       27
<PAGE>

                            Schedule of Market Rates
                            ------------------------

         The Market  rates as set out in this  schedule  and referred to in this
Agreement are subject to change without notice to the Licensee.

3D graphics: ---------------------------------------------$150.00 per hour

Video editing: -------------------------------------------$100.00 per hour

Graphic design: ------------------------------------------ $75.00 per hour

Programming: -,------------------------------------------ $150.00 per hour

Quality Assurance and testing: --------------------------- $40.00 per hour

                                       28
<PAGE>

                        Schedule of Merchant Number Terms
                        ---------------------------------

o      Monthly processing limit:                            $250,000
o      Merchant discount: 5.50%
o      Rolling reserve: 5% for 180 days if chargeback are less than 5%
o      25% if chargebacks exceed 5% - but will be subject to review
o      Transaction  fee: $1.60 per transaction  applied to both debit and credit
       transactions
o      Fraud Screen fee: $0.60 per transaction  applied to all sales transaction
       regardless of the response,  (accept or reject). This system is essential
       to keep the chargeback ratio down.
o      Settlement:   30  days  following  the  month  end  (e.g.  All  September
       transactions will be settled by October 30th 1998)
o      Chargeback: $25 per chargeback transaction
o      Payout processing fee is $5.00 per bank draft.

Softec  makes  no  guarantee  as to the  availability  of the  merchant  numbers
contemplated  in this Schedule.  Please refer to section 3.2.2 of this Agreement
for clarification.

                                       29<PAGE>

                              CROWN ANDERSEN INC.                   Exhibit 10y
                              -------------------                   -----------
                       1998 DIRECTORS STOCK WARRANT PLAN
                       ---------------------------------
                             (As Amended In 1999)

                                      1.

                                    PURPOSE
                                    -------

          The Directors Stock Warrant Plan (the "Plan") is intended to provide
additional incentive to those members of the Board of Directors of Crown
Andersen Inc. (the "Company") who are not employees of the Company or any of its
subsidiaries by encouraging them to acquire share ownership in the Company, thus
giving them a proprietary interest in the Company's business and providing them
with a personal interest in the Company's continued success and progress. These
objectives will be promoted through the issuance and sale of warrants to acquire
shares of the Company's common stock pursuant to the terms hereof ("Warrants").

                                      2.

                            EFFECTIVE DATE OF PLAN
                            ----------------------

         This Plan shall take effect upon approval by the shareholders of the
Company.

                                      3.

                                ADMINISTRATION
                                --------------

          This Plan shall be administered by a committee (the "Warrant
Committee") which shall consist initially of those persons so designated by the
Board of the Directors of the Company (the "Board"). The Warrant Committee shall
consist at all times of not fewer than two members who may, but need not, also
be members of the Board, but no person eligible to purchase Warrants or stock
upon the exercise of Warrants pursuant to this Plan may serve as a member of the
Warrant Committee. The Board from time to time may remove members from, or add
members to, the Warrant Committee. Vacancies on the Warrant Committee, howsoever
caused, shall be filled by the Board. The Warrant Committee shall select one of
its members as Chairman and shall hold meetings at such times and places as the
Chairman shall determine. Minutes of all meetings shall be made and observed. A
majority of the members of the Warrant Committee shall control its actions at
any meeting. The interpretation and construction by the Warrant Committee of any
provision of this Plan or of any Warrant sold pursuant to the terms hereof shall
be final unless otherwise determined by the Board. No

                                       1
<PAGE>

member of the Board or the Warrant Committee shall be liable for any action or
determination made in good faith with respect to this Plan or any Warrant sold
pursuant to the terms hereof.

                                      4.

                                  ELIGIBILITY
                                  -----------

          The persons who shall be eligible to purchase Warrants hereunder shall
be all members of the Board of Directors of the Company who are not employees of
the Company or any of its subsidiaries. The current eligible board members are
Michael P. Marshall, Ruyintan E. Mehta, Richard A. Beauchamp, Lester K.
Legatski, and Jack C. Hendricks. Such person or persons to whom Warrants are
sold hereunder are hereinafter individually referred to as "Holder" and
collectively as "Holders." An eligible director may purchase more than one
Warrant, but only on the terms and subject to the restrictions hereinafter set
forth.

                                      5.

                                     STOCK
                                     -----

          (a)  Authorized Shares. The stock to be issued upon the exercise of
               -----------------
Warrants sold pursuant to this Plan shall be the $0.10 par value common stock of
the Company and, at the election of the Committee, may be either treasury stock
or stock original issued for purposes of this Plan. The maximum aggregate number
of shares of stock which may be available and sold pursuant to this Plan during
the term of this Plan shall be 300,000 shares of the common stock of the
Company, subject to adjustment upon changes in capitalization of the Company in
as provided in Paragraph 9 hereof.

          (b)  Rights of Holder. A Holder of a Warrant shall have no rights as a
               ----------------
shareholder with respect to any shares subject to a Warrant sold pursuant to
this Plan until the date of the issuance of a stock certificate to such person
for such shares as a result of such person's exercise of such Warrant. Subject
to the provisions set forth in Paragraph 9 hereof, no adjustment shall be made
for dividends (ordinary or extraordinary, whether in cash, securities, or other
property) or distributions or other rights for which the record date is prior to
the date the stock certificate is issued to the older.

                                       2
<PAGE>

                                      6.

                               SALE OF WARRANTS
                               ----------------

          (a)  Amount and Price of Warrants. Subject to the terms of this Plan,
               ----------------------------
Warrants covering up to a maximum of 100,000 shares common stock of the Company
may be purchased by each eligible current direct on or before January 25, 2008.
Any eligible future directors may make such purchase on or before the
termination date of this Plan established pursuant to Paragraph 6(c)(ii) below.
The price for which the Warrants are to be sold shall be the fair market value
thereof prior to their issuance as determined by the Warrant Committee.

          (b)  Form of Warrant. Each Warrant shall be in writing, in the form
               ---------------
prepared by the Warrant Committee and executed and dated by the Company, and
shall set forth the terms and conditions of the Warrant in accordance with this
Plan. The Warrant Committee shall present the form of Warrant to the eligible
director, and upon execution of the form of Warrant by the eligible director and
payment of the full purchase price of the Warrant, such Warrant shall be deemed
to have been purchased as of the date of the latest of such events. Payment
shall be in cash or, at the election of the Holder, with common stock of the
Company having a fair market value as of the date of payment equal to the
purchase price, with such fair market value to be determined in accordance with
the provisions of Paragraph 7(a) hereof. The failure of the eligible director to
execute the form of Warrant and pay the full purchase price of the Warrant
within seven (7) days of the date of receipt of the form of Warrant shall render
the Warrant and the form of Warrant null and void.

          (c)  Limitations on Sale of Warrants.  Notwithstanding  any
               -------------------------------
provisions to the contrary contained herein, no Warrant shall be sold hereunder:

          (i)  If the sale thereof would cause the maximum aggregate number of
               shares of stock of the Company made available under this Plan
               during the term of this Plan, or would cause the maximum number
               of shares of stock of the Company made available to any eligible
               director pursuant to this Plan, to exceed the maximum number of
               shares allowed by Paragraphs 5(a) or 6(a), respectively, hereof;
               or

          (ii) After 5:00 p.m., Atlanta, Georgia time, on the date ten years
               subsequent to the Effective Date of this Plan (the "Termination
               Date").

                                       3
<PAGE>

                                      7.

                       VESTING AND EXERCISE OF WARRANTS
                       --------------------------------

          (a)  Vesting. Warrants shall vest with respect to each Holder,
               -------
and each Holder shall be entitled to exercise Warrants for the purchase of
shares of common stock in accordance with the following schedule.

     No. of Shares
        as % of
    Individual Grant
      (Cumulative)                                 Vesting Date
--------------------------------------------------------------------------------
          20%                 12 months after Warrant purchase or Jan 25,2008,
                              whichever comes first

          40%                 24 months after Warrant purchase or Jan 25, 2008,
                              whichever comes first

          60%                 36 months after Warrant purchase or Jan 25, 2008,
                              whichever comes first

          80%                 48 months after warrant purchase or Jan 25, 1008,
                              whichever comes first

          100%                60 months after Warrant purchase or Jan 25, 2008,
                              whichever comes first

             The actual Stock Purchase Warrants will be revised in accordance
             with the Plan revisions above.

          (b)  Exercise Price. In the event a Holder elects to purchase shares
               --------------
of common stock of the Company under a Warrant, the exercise price per share
shall be equal to the fair market value of a share of common stock of the
Company on the date said Warrants are purchased. The fair market value per share
of the common stock of the Company for purposes of this Plan shall be the
closing price of the stock on such stock exchange the stock is listed, on the
date preceding the date the Warrant is purchased. If, for any reason, the fair
market value per share of common stock of the Company cannot be ascertained or
is unavailable for the date preceding the date on which the Warrant is
purchased, the fair market value of such stock shall be determined as of the
nearest preceding date on which such fair market value can be ascertained
pursuant to the term hereof.

          (c)  Exercise Procedure. A Holder who elects to purchase shares of
               ------------------
common stock by exercising a Warrant shall surrender the Warrant to the Company,
prior to the Termination Date, at the principal offices of the Company, together
with the purchase price for the shares to be purchased. Payment shall be in cash
or, at

                                       4
<PAGE>

the election of the Holder, with common stock of the Company having a fair
market value as of the date of payment equal to the purchase price, with such
fair market value to be determined in accordance with the provisions of
Paragraph 7(b) hereof. If exercise for less than full value, the Holder shall be
issued another Warrant for the balance of the shares not purchased, which shall
be subject to all of the terms and conditions of his original Warrant. The right
of exercise shall be limited to whole shares.

                                      8.

                       TERMS AND CONDITIONS OF WARRANTS
                       --------------------------------

          Each Warrant shall contain terms and conditions as determined in this
Paragraph 8 and also shall incorporate by reference all of the other terms and
conditions set forth in this Plan.

          (a)  Holder and Number of Shares. Each Warrant shall state the
               ---------------------------
name of the Holder and the number of shares of stock of the Company which are
subject to the Warrant.

          (b)  Price. Each Warrant shall set forth the amount which the
               -----
Holder must pay to the Company for (i) the Warrant, and (ii) each share of stock
subject to the Warrant, which in each case shall be the fair market value
thereof determined as of the dates and in the manner specified in Paragraphs 6
and 7, respectively, of this Plan.

          (c)  Vesting, Exercise and Term of Warrants. Each Warrant shall
               --------------------------------------
provide that the Warrant may be exercised only in accordance with the vesting
schedule set forth in Section 7(a) hereof and shall be exercised only by
delivery by the Holder to the Warrant Committee of written notice of exercise
executed by the Holder on the exercise form attached as Exhibit "A" to the
Warrant, which exercise form shall identify the Warrant for which the exercise
is being made, together with the number of shares with respect to which the
Holder is exercising the Warrant. The exercise of a Warrant may be for fewer
than the full number of shares of stock subject to such Warrant and, subject to
the other restrictions on exercise set forth herein, the unexercised portion of
a Warrant may be exercised at a later date by the Holder. Notwithstanding any
provisions to the contrary herein set forth, no Warrant shall be exercisable
either in whole or in part:

          (i)  After the Termination Date; or

                                       5
<PAGE>

          (ii)  After the date upon which the shareholders of the Company have
                voted to liquidate or dissolve the Company.

          (d)  Medium and Time of Payment. Payments for Warrants and for shares
               --------------------------
of common stock upon the exercise of Warrants shall be in cash or, at the
election of the Holder (or his successors pursuant to Paragraph 8(g) below, with
common stock of the Company having a fair market value as of the date of payment
equal to the purchase price, with such fair market value to be determined in
accordance with the provisions of Paragraph 7(a) hereof.

          (e)  Warrants Non-Transferable. During the lifetime of a Holder, any
               -------------------------
Warrant purchased by such Holder shall be exercisable only by such Holder and
shall not be assignable or transferable by him, and subject to Paragraph 8(g)
below, no other person shall acquire any rights therein. No Warrant may be
pledged or hypothecated nor shall any such Warrant be subject to execution,
attachment or similar process.

          (f)  Termination of Directorship. If the Holder ceases to be a
               ---------------------------
director of the Company for any reason other than death or legal incapacity, the
Company shall repurchase such Holder's unexercised and outstanding Warrants
within 60 days from the effective date of termination of his directorship,
provided a written request for repurchase and the Warrants covered by such
request are delivered to the Company within such period. If no such request is
made within said 60 day period, said Holder's Warrants, upon expiration of said
period, shall become null and void. The repurchase price shall be based upon
whichever of the following is applicable as of the effective date of the
termination of directorship.

          (i)  If the market value per share of the common stock of the Company
          is equal to or above the exercise price per share specified in the
          Warrant, the Company shall purchase the Warrant from the Holder a the
          price that the Holder originally paid for said Warrant based upon the
          number of shares of common stock covered thereby which remain
          unexercised and outstanding plus interest at the rate of eight percent
          (8%) per annum from date of original purchase to date of repurchase.

          (ii) If the market value per share of the common stock of the Company
          is less than the exercise price per share specified in the Warrant,
          the Company shall purchase the Warrant from the Holder for a price
          equal to said market value divided by said exercise price, multiplied
          by the

                                       6
<PAGE>

          Holder's original purchase price for the number of shares of common
          stock covered by said Warrant which remains unexercised and
          outstanding.

          (g)  Death or Incapacity of Holder. In the event of the legal
               -----------------------------
incapacity or death of a Holder while a director of the Company, an unexercised
Warrant owned by such incapacitated or deceased Holder may be exercised at any
time within one year of the date of declaration of incapacity or death of such
Holder, subject to the restrictions or exercisability set forth in Paragraphs
8(c)(i) and 8(c)(ii) above, by the legal guardian, executors, or administrators
of the estate of the Holder or by any person or persons who shall have acquired
the Warrant directly from the Holder by bequest or inheritance. Such exercise
shall be effected in a accordance with the terms set forth in this Paragraph 8
as if such legal guardian, executor, or administrator was the named Holder. No
Warrant shall be transferable by any Holder otherwise than by will or the laws
of descent and distribution.

          (h)  Agreement of Holder. Each Holder shall agree to hold all Warrants
               -------------------
and all shares of stock acquired by such Holder pursuant to such Holder's
exercise of any Warrant for investment purposes and not with a view to resale or
distribution thereof to the public.

          (i)  Delivery of Stock Certificates. As promptly as practicable
               ------------------------------
after the date of exercise of a Warrant the receipt by the Company of full
payment therefor, the Company shall deliver to each Holder a stock certificate
representing the stock of the Company purchased by the Holder pursuant to the
such Holder's exercise of the Warrant.

                                      9.

                           CHANGES IN CAPITALIZATION
                           -------------------------

          (a)  Recapitilizations and Reorganization. In the event that
               ------------------------------------
subsequent to the Effective Date of this Plan and as a result of a stock split,
stock dividend, combination or exchange of shares, exchange for other
securities, reclassification, reorganization, redesignation, merger,
consolidation, recapitalization or other such change, the shares of common stock
of the Company are increased or decreased or change into or exchanged for a
different number or kind of shares of stock or other securities of the Company
or of another corporation, then (i) there shall be substituted for each share of
common stock subject to an unexercised Warrant (in whole or in part) sold under
this

                                       7
<PAGE>

Plan the number and kind of shares of stock or other securities into which each
such share of common stock shall be changed or into which each such share of
commons stock shall be exchanged; (ii) the exercise price per share of commons
stock or unit of securities shall be increased or decreased proportionately so
that the aggregate purchase price for the securities subject to the Warrant
shall remain the same as immediately prior to such event; and (iii) the
Committee shall make such other adjustments to the securities subject to
Warrants and the provisions of the Plan as may be appropriate and equitable. Any
such adjustment may provide for the elimination of fractional shares.

          (b)  Rights of Holder. Except as hereinabove expressly provided, no
               ----------------
Holder of a Warrant shall have any rights by reason of any subdivision or
consolidation of shares of stock or any class or the payment of any stock
dividend or any other increase, decrease or change in the number of shares of
stock of the Company of any class by reason of any merger, consolidation,
recapitalization or spinoff of assets or stock of another corporation. Except as
hereinabove expressly provided, any issue by the Company of shares of stock of
any class, or securities convertible into shares of stock of any class, shall
not affect, and no adjustment by reason thereof shall be made with respect to,
the number or purchase price of shares of common stock subject to a Warrant. The
purchase of a Warrant pursuant to the Plan shall not affect in any way the right
or power of the Company to make adjustments, reclassifications, reorganizations
or changes in its capital or business structure or to merge or to consolidate or
to dissolve, liquidate or sell, or transfer all or any part of its business or
assets.

                                      10.

                        SECURITIES REGISTRATION; LEGEND
                        -------------------------------

          In the event that the Company shall deem it necessary to register,
under the Securities Act of 1933 or other applicable statutes, any shares with
respect to which a Warrant shall have been exercised, or to qualify any such
shares for exemption from the Securities Act of 1933 under the Rules and
Regulations of the Securities and Exchange Commission or any state securities
statute, then the Company shall take such action at its own expense before
delivery of the certificates representing such shares to a Holder. In any event,
any shares with respect to which a Warrant is exercised shall contain a legend
on the share certificate reflecting all restrictions on transferability which
may be require pursuant to federal and state securities laws.

                                       8
<PAGE>

                                      11.

                     AMENDMENT, TERMINATION OR SUSPENSION
                     ------------------------------------

          In the event the Board shall determine that this Plan is not in the
best interest of the Company or its shareholders for any reason, the Board shall
have the power to add to, amend, or repeal any of the provisions of this Plan,
to suspend the operation of the entire Plan or any of its provisions for any
period or periods or to terminate this Plan in whole or in part. In the event of
any such action, the Warrant Committee shall prepare written procedures which,
when approved by the Board, shall govern the administration of the Plan
resulting from such addition, amendment, repeal, suspension or termination shall
affect, in any way, the rights of the Holders of outstanding Warrants without
the consent of the Holders.

                                      12.

                                    NOTICES
                                    -------

          All notices or other communications by a Holder to the Warrant
Committee pursuant to or in connection with the Plan shall be deemed to have
been duly given when received in the form specified by the Warrant Committee at
the location, or by the person, designated by the Warrant Committee for the
receipt therof.

                                      13.

                                 TERM OF PLAN
                                 ------------

          Subject to Paragraph 11 hereof, this Plan shall terminate and the last
date upon which a Warrant may be purchased shall be the Termination Date as
defined in Paragraph 6(c)(ii) hereof.

                                      14.

                     INDEMNIFICATION OF WARRANT COMMITTEE
                     ------------------------------------

          In addition to such other rights of indemnification as they have as
directors or officers of the Company or as members of the Warrant Committee, the
members of the Warrant Committee shall be indemnified by the Company against the
reasonable expenses, including attorneys' fees, actually incurred in connection
with the defense of any action, suit, or proceeding, or in connection with any
appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act pursuant to or in connection with this Plan or
any Warrant purchased hereunder, and

                                       9
<PAGE>

against all amounts paid by them in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Company) or paid by
them in satisfaction of a judgment in any action, suit, or proceeding; provided,
however, that no Warrant Committee member shall be indemnified by the Company
hereunder in relation to matters as to which it shall be adjudged in such
action, suit or proceeding that such Warrant Committee member is liable for
negligence or misconduct in the performance of his duties.

                                       10

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