Document:

SECURITIES PURCHASE AGREEMENT

      This  Securities  Purchase  Agreement  (this  "AGREEMENT")  is dated as of
November 12, 2004, among The Bluebook  International Holding Company, a Delaware
corporation (the "COMPANY"), and the investors identified on the signature pages
hereto (each, an "INVESTOR" and collectively, the "INVESTORS").

      WHEREAS,  subject to the terms and  conditions set forth in this Agreement
and pursuant to Section 4(2) of the  Securities  Act (as defined below) and Rule
506  promulgated  thereunder,  the  Company  desires  to issue  and sell to each
Investor, and each Investor, severally and not jointly, desires to purchase from
the Company certain  securities of the Company,  as more fully described in this
Agreement.

      NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Agreement,  and for  other  good and  valuable  consideration  the  receipt  and
adequacy of which are hereby  acknowledged,  the Company and the Investors agree
as follows:

                                   ARTICLE I.
                                   DEFINITIONS

      1.1  Definitions.  In  addition  to the terms  defined  elsewhere  in this
Agreement,  for all purposes of this  Agreement,  the following terms shall have
the meanings indicated in this Section 1.1:

            "ACTION"  means any  action,  suit,  inquiry,  notice of  violation,
proceeding   (including  any  partial   proceeding  such  as  a  deposition)  or
investigation pending or threatened in writing against or affecting the Company,
any  Subsidiary or any of their  respective  properties  before or by any court,
arbitrator,   governmental  or  administrative   agency,   regulatory  authority
(federal,  state,  county,  local or foreign),  stock market,  stock exchange or
trading facility.

            "AFFILIATE"  means any Person that,  directly or indirectly  through
one or more  intermediaries,  controls or is  controlled  by or is under  common
control with a Person, as such terms are used in and construed under Rule 144.

            "BUSINESS  DAY"  means any day except  Saturday,  Sunday and any day
which is a federal legal holiday or a day on which banking  institutions  in the
State of New York are authorized or required by law or other governmental action
to close.

            "CLOSING"  means  the  closing  of  the  purchase  and  sale  of the
Securities pursuant to Article II.

<PAGE>

            "CLOSING DATE" means the Business Day immediately following the date
on which all of the  conditions  set forth in  Sections  5.1 and 5.2  hereof are
satisfied, or such other date as the parties may agree.

            "COMMISSION" means the Securities and Exchange Commission.

            "COMMON  STOCK"  means the common  stock of the  Company,  par value
$.0001 per share,  and any securities into which such common stock may hereafter
be reclassified.

            "COMMON STOCK  EQUIVALENTS"  means any  securities of the Company or
any  Subsidiary  which entitle the holder thereof to acquire Common Stock at any
time, including without limitation,  any debt, preferred stock, rights, options,
warrants  or  other   instrument  that  is  at  any  time  convertible  into  or
exchangeable  for, or otherwise  entitles the holder thereof to receive,  Common
Stock or other  securities  that  entitle  the holder to  receive,  directly  or
indirectly, Common Stock.

            "COMPANY COUNSEL" means Rein Evans & Sestanovich LLP.

            "COMPANY DELIVERABLES" has the meaning set forth in Section 2.2(a).

            "DISCLOSURE MATERIALS" has the meaning set forth in Section 3.1(h).

            "EFFECTIVE  DATE"  means  the date that the  Registration  Statement
required by Section 2(a) of the Registration  Rights Agreement is first declared
effective by the Commission.

            "EXCHANGE  ACT"  means  the  Securities  Exchange  Act of  1934,  as
amended.

            "GAAP" means U.S. generally accepted accounting principles.

            "INTELLECTUAL  PROPERTY RIGHTS" has the meaning set forth in Section
3.1(p).

            "INVESTMENT  AMOUNT"  means,  with  respect  to each  Investor,  the
Investment Amount indicated on such Investor's signature page to this Agreement.

            "INVESTOR DELIVERABLES" has the meaning set forth in Section 2.2(b).

            "INVESTOR PARTY" has the meaning set forth in Section 4.7.

            "LIEN" means any lien, charge, encumbrance, security interest, right
of first refusal or other restrictions of any kind.

            "LOCK-UP AGREEMENT" means the Agreement between the Company and Mark
A.  Josipovich,  Daniel T.  Josipovich and The Freedom  Family,  LLC, a Delaware
limited liability  company,  naming each Investor as a third party  beneficiary,
substantially in the form of Exhibit D hereto.

                                       2
<PAGE>

            "MATERIAL  ADVERSE  EFFECT"  means any of (i) a material and adverse
effect on the legality,  validity or enforceability of any Transaction Document,
(ii) a  material  and  adverse  effect on the  results  of  operations,  assets,
prospects, business or condition (financial or otherwise) of the Company and the
Subsidiaries,  taken as a whole, or (iii) an adverse impairment to the Company's
ability to  perform  on a timely  basis its  obligations  under any  Transaction
Document.

            "NEW YORK COURTS" means the state and federal  courts sitting in the
City of New York, Borough of Manhattan.

            "OUTSIDE DATE" means December 31, 2004.

            "PER UNIT  PURCHASE  PRICE"  equals  $0.0525  (which  price  will be
equitably adjusted upon the effectiveness of the Reverse Stock Split).

            "PERSON"  means an individual or  corporation,  partnership,  trust,
incorporated or  unincorporated  association,  joint venture,  limited liability
company,  joint stock company,  government (or an agency or subdivision thereof)
or other entity of any kind.

            "PROCEEDING"  means  an  action,   claim,  suit,   investigation  or
proceeding   (including,   without  limitation,   an  investigation  or  partial
proceeding, such as a deposition), whether commenced or threatened.

            "REGISTRATION  STATEMENT" means a registration statement meeting the
requirements  set forth in the  Registration  Rights  Agreement and covering the
resale by the Investors of the Shares and the Warrant Shares.

            "REGISTRATION   RIGHTS  AGREEMENT"  means  the  Registration  Rights
Agreement,  dated as of the date of this  Agreement,  among the  Company and the
Investors, in the form of Exhibit A hereto.

            "REVERSE  STOCK SPLIT" means the 1-for-20  "reverse"  stock split of
the  Common  Stock  to be  effected  prior  to  Closing.  For  purposes  of this
Agreement,   the  Reverse  Stock  Split  will  be  deemed   effective  upon  the
satisfaction  of  the  following:   (i)  the  Company  shall  have  amended  its
Certificate  of  Incorporation  to reflect the  Reverse  Stock  Split,  (ii) the
Company shall have issued a press release  disclosing the  effectiveness  of the
Reverse Stock Split, and (iii) the Common Stock shall have commenced  trading on
the Trading  Market at a price per share  adjusted to reflect the Reverse  Stock
Split.

            "RULE 144" means Rule 144 promulgated by the Commission  pursuant to
the  Securities  Act,  as such Rule may be  amended  from  time to time,  or any
similar  rule  or  regulation   hereafter   adopted  by  the  Commission  having
substantially the same effect as such Rule.

            "SEC REPORTS" has the meaning set forth in Section 3.1(h).

            "SECURITIES" means the Shares, the Warrants and the Warrant Shares.

                                       3
<PAGE>

            "SECURITIES ACT" means the Securities Act of 1933, as amended.

            "SHARES"  means the shares of Common Stock issued or issuable to the
Investors pursuant to this Agreement.

            "SHORT  SALES"  include,  without  limitation,  all "short sales" as
defined  in Rule  3b-3  of the  Exchange  Act and  Rule  200  promulgated  under
Regulation SHO under the Exchange Act and all types of direct and indirect stock
pledges,  forward sale contracts,  options,  puts, calls, short sales, swaps and
similar  arrangements  (including on a total return basis),  and sales and other
transactions through non-US broker dealers or foreign regulated brokers.

            "SUBSIDIARY"  means any "significant  subsidiary" as defined in Rule
1-02(w) of the Regulation S-X  promulgated by the Commission  under the Exchange
Act.

            "TRADING DAY" means (i) a day on which the Common Stock is traded on
a Trading  Market  (other than the OTC  Bulletin  Board),  or (ii) if the Common
Stock is not listed on a Trading Market (other than the OTC Bulletin  Board),  a
day on which  the  Common  Stock is traded in the  over-the-counter  market,  as
reported by the OTC Bulletin  Board,  or (iii) if the Common Stock is not quoted
on any  Trading  Market,  a day on  which  the  Common  Stock is  quoted  in the
over-the-counter   market  as  reported  by  the   National   Quotation   Bureau
Incorporated (or any similar  organization or agency succeeding to its functions
of reporting prices);  provided,  that in the event that the Common Stock is not
listed or quoted as set forth in (i),  (ii) and (iii)  hereof,  then Trading Day
shall mean a Business Day.

            "TRADING MARKET" means whichever of the New York Stock Exchange, the
American Stock Exchange,  the NASDAQ National Market, the NASDAQ SmallCap Market
or OTC Bulletin  Board on which the Common Stock is listed or quoted for trading
on the date in question.

            "TRANSACTION  DOCUMENTS"  means  collectively,  this Agreement,  the
Warrants, the Registration Rights Agreement and the Lock-Up Agreement.

            "WARRANTS"  means the Common Stock purchase  warrants in the form of
Exhibit C, which are issuable to the Investors at the Closing.

            "WARRANT  SHARES"  means the shares of Common  Stock  issuable  upon
exercise of the Warrants.

                                   ARTICLE II.
                                PURCHASE AND SALE

      2.1 Signing;  Closing.  Subject to the terms and  conditions  set forth in
this  Agreement,  at the  Closing  the  Company  shall  issue  and  sell to each
Investor, and each Investor shall, severally and not jointly,  purchase from the
Company,  the Shares and the Warrants  representing  such Investor's  Investment
Amount.  The  Closing  shall take place at the  offices of Bryan Cave LLP,  1290
Avenue of the Americas,  New York, NY 10104 on the Closing Date or at such other
location or time as the parties may agree.

                                       4
<PAGE>

      2.2 Closing Deliveries.  (a) At the Closing,  the Company shall deliver or
cause  to  be  delivered  to  each   Investor  the   following   (the   "COMPANY
DELIVERABLES"):

                  (i) a certificate  evidencing a number of Shares equal to such
Investor's Investment Amount divided by the Per Unit Purchase Price,  registered
in the name of such Investor;

                  (ii) a  Warrant,  registered  in the  name of  such  Investor,
pursuant  to which such  Investor  shall have the right to acquire the number of
shares of Common Stock  (rounded  down to the nearest whole number) equal to 20%
of the number of Shares issuable to such Investor  pursuant to Section 2.2(a)(i)
with an exercise price per share equal to 125% of the Per Unit Purchase Price;

                  (iii) the legal  opinion of Company  Counsel,  in agreed form,
addressed to the Investors;

                  (iv) the Registration  Rights Agreement,  duly executed by the
Company; and

                  (v) a copy of the Lock-Up Agreement.

            (b) At the  Closing,  the  Investors  will  deliver  or  cause to be
delivered to the Company the following (the "INVESTOR DELIVERABLES"):

                  (i) its Investment  Amount in immediately  available  funds in
accordance with wire instructions provided by the Company for such purpose; and

                  (ii) the Registration Rights Agreement,  duly executed by such
Investor.

                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

      3.1  Representations  and  Warranties of the Company.  The Company  hereby
makes the following representations and warranties to each Investor:

            (a) Subsidiaries. The Company has no direct or indirect Subsidiaries
other than as  specified  in the SEC  Reports.  Except as  disclosed in Schedule
3.1(a),  the Company owns,  directly or indirectly,  all of the capital stock of
each  Subsidiary  free and clear of any and all  Liens,  and all the  issued and
outstanding  shares of capital stock of each  Subsidiary  are validly issued and
are fully paid, non-assessable and free of preemptive and similar rights.

                                       5
<PAGE>

            (b) Organization and Qualification.  The Company and each Subsidiary
are duly  incorporated  or  otherwise  organized,  validly  existing and in good
standing under the laws of the jurisdiction of its incorporation or organization
(as  applicable),  with the  requisite  power and  authority  to own and use its
properties  and  assets and to carry on its  business  as  currently  conducted.
Neither the Company nor any  Subsidiary is in violation of any of the provisions
of its  respective  certificate  or articles of  incorporation,  bylaws or other
organizational  or charter  documents.  The Company and each Subsidiary are duly
qualified to conduct its  respective  businesses  and are in good  standing as a
foreign  corporation or other entity in each jurisdiction in which the nature of
the  business  conducted  or  property  owned  by it  makes  such  qualification
necessary,  except where the failure to be so qualified or in good standing,  as
the case may be, could not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect.

            (c)  Authorization;  Enforcement.  The  Company  has  the  requisite
corporate  power and authority to enter into and to consummate the  transactions
contemplated by each of the Transaction Documents and otherwise to carry out its
obligations  thereunder.  The execution and delivery of each of the  Transaction
Documents  by  the  Company  and  the  consummation  by it of  the  transactions
contemplated  thereby have been duly  authorized by all necessary  action on the
part of the  Company  and no  further  action  is  required  by the  Company  in
connection therewith.  Each Transaction Document has been (or upon delivery will
have been) duly executed by the Company and, when  delivered in accordance  with
the terms  hereof,  will  constitute  the valid and  binding  obligation  of the
Company  enforceable against the Company in accordance with its terms, except as
such  enforceability  may  be  limited  by  applicable  bankruptcy,  insolvency,
reorganization,   moratorium,  liquidation  or  similar  laws  relating  to,  or
affecting  generally the  enforcement of,  creditors'  rights and remedies or by
other equitable principles of general application.

            (d) No Conflicts.  The  execution,  delivery and  performance of the
Transaction  Documents by the Company and the consummation by the Company of the
transactions  contemplated  thereby  do not and  will not (i)  conflict  with or
violate any  provision  of the  Company's  or any  Subsidiary's  certificate  or
articles of incorporation,  bylaws or other organizational or charter documents,
or (ii) conflict  with, or constitute a default (or an event that with notice or
lapse of time or both  would  become a  default)  under,  or give to others  any
rights of termination,  amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument  (evidencing  a Company or  Subsidiary  debt or  otherwise)  or other
understanding  to which the Company or any Subsidiary is a party or by which any
property  or asset of the Company or any  Subsidiary  is bound or  affected,  or
(iii)  result in a violation  of any law,  rule,  regulation,  order,  judgment,
injunction,  decree or other restriction of any court or governmental  authority
to which the Company or a  Subsidiary  is subject  (including  federal and state
securities  laws and  regulations),  or by which  any  property  or asset of the
Company  or a  Subsidiary  is bound or  affected;  except in the case of each of
clauses (ii) and (iii),  such as could not,  individually  or in the  aggregate,
have or reasonably be expected to result in a Material Adverse Effect.

                                       6
<PAGE>

            (e) Filings,  Consents and Approvals. The Company is not required to
obtain any consent,  waiver,  authorization  or order of, give any notice to, or
make any filing or registration  with, any court or other federal,  state, local
or  other  governmental  authority  or  other  Person  in  connection  with  the
execution, delivery and performance by the Company of the Transaction Documents,
other  than (i) the  filing  with  the  Commission  of one or more  Registration
Statements  in  accordance  with the  requirements  of the  Registration  Rights
Agreement, (ii) filings required by state securities laws, (iii) the filing of a
Notice of Sale of Securities on Form D with the Commission under Regulation D of
the Securities  Act, (iv) the filings  required in accordance  with Section 4.5,
(v) filings  required to effect the Reverse  Stock  Split,  an  amendment to the
Company's  certificate  of  incorporation  increasing  the number of  authorized
shares  of  Common  Stock  and an  amendment  to the  Company's  certificate  of
designation  (Series B Convertible  Preferred  Stock),  each as described in the
Company's  Preliminary  Information  Statement  on  Schedule  14C filed with the
Commission  on  October  15,  2004  (each of which  will have been made prior to
Closing)  and (vi)  those that have been made or  obtained  prior to the date of
this Agreement.

            (f)  Issuance  of the  Securities.  The  Securities  have  been duly
authorized  and,  when issued and paid for in  accordance  with the  Transaction
Documents,  will be duly and validly issued, fully paid and nonassessable,  free
and clear of all  Liens.  The  Company  has  reserved  from its duly  authorized
capital stock the shares of Common Stock issuable pursuant to this Agreement and
the Warrants.

            (g) Capitalization. The number of shares and type of all authorized,
issued and  outstanding  capital stock of the Company,  and all shares of Common
Stock  reserved for issuance  under the Company's  various  option and incentive
plans, is specified in the SEC Reports.  Except as specified in the SEC Reports,
no securities of the Company are entitled to preemptive or similar  rights,  and
no  Person  has  any  right  of  first  refusal,   preemptive  right,  right  of
participation,   or  any  similar  right  to  participate  in  the  transactions
contemplated  by the  Transaction  Documents.  Except  as  specified  in the SEC
Reports or in Schedule 3.1(g), there are no outstanding options, warrants, scrip
rights  to  subscribe  to,  calls or  commitments  of any  character  whatsoever
relating  to,  or  securities,   rights  or  obligations   convertible  into  or
exchangeable  for, or giving any Person any right to  subscribe  for or acquire,
any  shares  of Common  Stock,  or  contracts,  commitments,  understandings  or
arrangements  by which the Company or any  Subsidiary  is or may become bound to
issue additional shares of Common Stock, or securities or rights  convertible or
exchangeable  into shares of Common Stock.  The issue and sale of the Securities
will not, immediately or with the passage of time, obligate the Company to issue
shares  of  Common  Stock or other  securities  to any  Person  (other  than the
Investors) and will not result in a right of any holder of Company securities to
adjust the exercise, conversion, exchange or reset price under such securities.

            (h) SEC  Reports;  Financial  Statements.  Except  as  specified  in
Schedule  3.1(h),  the Company has filed all reports  required to be filed by it
under the  Securities  Act and the Exchange Act,  including  pursuant to Section
13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such
shorter  period as the Company was  required by law to file such  reports)  (the
foregoing  materials being collectively  referred to herein as the "SEC REPORTS"
and,  together with the Schedules to this  Agreement (if any),  the  "DISCLOSURE
MATERIALS") on a timely basis or has timely filed a valid extension of such time
of filing and has filed any such SEC Reports prior to the expiration of any such
extension.  As of  their  respective  dates,  the SEC  Reports  complied  in all
material  respects with the  requirements of the Securities Act and the Exchange
Act and the rules and regulations of the Commission promulgated thereunder,  and
none of the SEC  Reports,  when  filed,  contained  any  untrue  statement  of a
material fact or omitted to state a material fact required to be stated  therein
or  necessary  in  order  to  make  the  statements  therein,  in  light  of the
circumstances  under  which  they  were  made,  not  misleading.  The  financial
statements  of the Company  included in the SEC Reports  comply in all  material
respects with applicable  accounting  requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing.  Such
financial  statements  have been prepared in  accordance  with GAAP applied on a
consistent  basis  during  the  periods  involved,  except  as may be  otherwise
specified in such financial  statements or the notes thereto, and fairly present
in all  material  respects  the  financial  position  of  the  Company  and  its
consolidated  Subsidiaries  as of and for the dates  thereof  and the results of
operations  and cash flows for the periods then ended,  subject,  in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

                                       7
<PAGE>

            (i) Press Releases.  The press releases  disseminated by the Company
during the twelve months  preceding the date of this Agreement  taken as a whole
do not  contain  any  untrue  statement  of a  material  fact or omit to state a
material  fact  required to be stated  therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made and
when made, not misleading.

            (j) Material Changes. Since the date of the latest audited financial
statements included within the SEC Reports,  except as specifically disclosed in
the SEC Reports, (i) there has been no event, occurrence or development that has
had or that could reasonably be expected to result in a Material Adverse Effect,
(ii) the Company has not  incurred any  liabilities  (contingent  or  otherwise)
other than (A) trade payables,  accrued expenses and other liabilities  incurred
in the  ordinary  course  of  business  consistent  with past  practice  and (B)
liabilities not required to be reflected in the Company's  financial  statements
pursuant  to  GAAP  or  required  to be  disclosed  in  filings  made  with  the
Commission,  (iii) the Company has not altered its method of  accounting  or the
identity of its auditors, (iv) the Company has not declared or made any dividend
or  distribution  of cash or other  property to its  stockholders  or purchased,
redeemed or made any  agreements to purchase or redeem any shares of its capital
stock,  and (v) except as specified in Schedule  3.1(j)(v),  the Company has not
issued any equity  securities  to any  officer,  director or  Affiliate,  except
pursuant to existing  Company  stock  option  plans.  The Company  does not have
pending  before  the  Commission  any  request  for  confidential  treatment  of
information.

            (k)  Litigation.  There is no Action which (i) adversely  affects or
challenges the legality,  validity or  enforceability  of any of the Transaction
Documents or the Securities or (ii) except as specifically  disclosed in the SEC
Reports,  could, if there were an unfavorable  decision,  individually or in the
aggregate,  have or  reasonably  be  expected  to result in a  Material  Adverse
Effect.  Neither  the Company nor any  Subsidiary,  nor any  director or officer
thereof  (in his or her  capacity  as such),  is or has been the  subject of any
Action  involving a claim of violation of or  liability  under  federal or state
securities laws or a claim of breach of fiduciary  duty,  except as specifically
disclosed in the SEC Reports.  There has not been,  and to the  knowledge of the
Company,  there is not pending any investigation by the Commission involving the
Company or any  current or former  director or officer of the Company (in his or
her  capacity as such).  The  Commission  has not issued any stop order or other
order suspending the  effectiveness  of any registration  statement filed by the
Company or any Subsidiary under the Exchange Act or the Securities Act.

                                       8
<PAGE>

            (l) Labor  Relations.  No material  labor dispute  exists or, to the
knowledge of the Company,  is imminent  with respect to any of the  employees of
the Company.

            (m)  Compliance.  Neither the Company nor any  Subsidiary  (i) is in
default  under or in violation  of (and no event has occurred  that has not been
waived that, with notice or lapse of time or both,  would result in a default by
the Company or any  Subsidiary  under),  nor has the  Company or any  Subsidiary
received  notice  of a  claim  that  it is in  default  under  or  that it is in
violation of, any indenture,  loan or credit agreement or any other agreement or
instrument  to which it is a party  or by which it or any of its  properties  is
bound  (whether or not such default or violation  has been  waived),  (ii) is in
violation of any order of any court,  arbitrator or governmental  body, or (iii)
is or  has  been  in  violation  of  any  statute,  rule  or  regulation  of any
governmental authority, including without limitation all foreign, federal, state
and local laws relating to taxes, environmental protection,  occupational health
and safety, product quality and safety and employment and labor matters,  except
in each case as could not, individually or in the aggregate,  have or reasonably
be expected to result in a Material Adverse Effect. The Company is in compliance
with all effective  requirements of the  Sarbanes-Oxley Act of 2002, as amended,
and the rules and  regulations  thereunder,  that are  applicable  to it, except
where such noncompliance could not have or reasonably be expected to result in a
Material Adverse Effect.

            (n) Regulatory Permits. The Company and the Subsidiaries possess all
certificates,  authorizations  and permits  issued by the  appropriate  federal,
state,  local or foreign  regulatory  authorities  necessary  to  conduct  their
respective businesses as described in the SEC Reports,  except where the failure
to possess such permits could not,  individually  or in the  aggregate,  have or
reasonably be expected to result in a Material  Adverse Effect,  and neither the
Company nor any Subsidiary  has received any notice of  proceedings  relating to
the revocation or modification of any such permits.

            (o) Title to Assets.  The Company and the Subsidiaries have good and
marketable  title in fee  simple  to all  real  property  owned by them  that is
material to their  respective  businesses and good and  marketable  title in all
personal property owned by them that is material to their respective businesses,
in each case free and clear of all Liens,  except for Liens as do not materially
affect the value of such property and do not  materially  interfere with the use
made  and  proposed  to be  made  of  such  property  by  the  Company  and  the
Subsidiaries.  Any real property and facilities  held under lease by the Company
and the  Subsidiaries  are held by them under valid,  subsisting and enforceable
leases of which the Company and the  Subsidiaries  are in compliance,  except as
could not,  individually or in the aggregate,  have or reasonably be expected to
result in a Material Adverse Effect.

                                       9
<PAGE>

            (p) Patents and Trademarks.  The Company and the Subsidiaries  have,
or have rights to use, all patents, patent applications,  trademarks,  trademark
applications, service marks, trade names, copyrights, licenses and other similar
rights  that  are  necessary  or  material  for  use in  connection  with  their
respective  businesses  as described in the SEC Reports and which the failure to
so have could,  individually or in the aggregate, have or reasonably be expected
to result in a Material Adverse Effect (collectively, the "INTELLECTUAL PROPERTY
Rights").  Neither the Company nor any  Subsidiary has received a written notice
that the  Intellectual  Property  Rights used by the  Company or any  Subsidiary
violates or infringes upon the rights of any Person.  Except as set forth in the
SEC Reports,  to the knowledge of the Company,  all such  Intellectual  Property
Rights are enforceable  and there is no existing  infringement by another Person
of any of the Intellectual Property Rights.

            (q)  Insurance.  The  Company  and the  Subsidiaries  are insured by
insurers of recognized  financial  responsibility  against such losses and risks
and in such amounts as are prudent and customary in the  businesses in which the
Company and the Subsidiaries  are engaged.  The Company has no reason to believe
that it will not be able to renew its and the Subsidiaries'  existing  insurance
coverage as and when such coverage  expires or to obtain  similar  coverage from
similar  insurers  as may  be  necessary  to  continue  its  business  on  terms
consistent with market for the Company's and such Subsidiaries' respective lines
of business.

            (r) Transactions With Affiliates and Employees.  Except as set forth
in the SEC Reports or Schedule 3.1(r),  none of the officers or directors of the
Company  and, to the  knowledge  of the  Company,  none of the  employees of the
Company  is  presently  a party  to any  transaction  with  the  Company  or any
Subsidiary  (other than for  services as  employees,  officers  and  directors),
including  any  contract,  agreement  or  other  arrangement  providing  for the
furnishing  of  services  to or by,  providing  for  rental of real or  personal
property to or from,  or  otherwise  requiring  payments to or from any officer,
director or such  employee or, to the  knowledge  of the Company,  any entity in
which any officer,  director, or any such employee has a substantial interest or
is an officer, director, trustee or partner.

            (s) Internal Accounting  Controls.  The Company and the Subsidiaries
maintain  a  system  of  internal  accounting  controls  sufficient  to  provide
reasonable  assurance  that (i)  transactions  are executed in  accordance  with
management's general or specific authorizations,  (ii) transactions are recorded
as necessary to permit  preparation of financial  statements in conformity  with
generally accepted accounting  principles and to maintain asset  accountability,
(iii) access to assets is permitted only in accordance with management's general
or specific  authorization,  and (iv) the recorded  accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. The Company has established disclosure
controls and procedures (as defined in Exchange Act rules 13a-15 and 15d-15) for
the Company and designed such disclosure  controls and procedures to ensure that
material  information  relating to the Company,  including its Subsidiaries,  is
made  known  to  the  certifying  officers  by  others  within  those  entities,
particularly  during the period in which the Company's Form 10-K or 10-Q, as the
case may be, is being prepared. The Company's certifying officers have evaluated
the  effectiveness  of the Company's  controls and procedures in accordance with
Item 307 of  Regulation  S-K  under  the  Exchange  Act for the  Company's  most
recently  ended fiscal quarter or fiscal  year-end  (such date, the  "EVALUATION
DATE").  The Company presented in its most recently filed Form 10-K or Form 10-Q
the  conclusions  of the  certifying  officers  about the  effectiveness  of the
disclosure  controls  and  procedures  based  on  their  evaluations  as of  the
Evaluation  Date.  Since the  Evaluation  Date,  there have been no  significant
changes  in the  Company's  internal  controls  (as such term is defined in Item
308(c) of Regulation S-K under the Exchange Act) or, to the Company's knowledge,
in  other  factors  that  could  significantly  affect  the  Company's  internal
controls.

                                       10
<PAGE>

            (t) Solvency.  Based on the financial condition of the Company as of
the Closing Date (and assuming that the Closing  shall have  occurred),  (i) the
Company's  fair  saleable  value of its assets  exceeds  the amount that will be
required to be paid on or in respect of the Company's  existing  debts and other
liabilities  (including known contingent  liabilities) as they mature,  (ii) the
Company's  assets do not constitute  unreasonably  small capital to carry on its
business  for the  current  fiscal year as now  conducted  and as proposed to be
conducted including its capital needs taking into account the particular capital
requirements  of the business  conducted by the Company,  and projected  capital
requirements and capital  availability  thereof, and (iii) the current cash flow
of the Company, together with the proceeds the Company would receive, were it to
liquidate all of its assets,  after taking into account all anticipated  uses of
the cash,  would be  sufficient  to pay all amounts on or in respect of its debt
when such amounts are required to be paid.  The Company does not intend to incur
debts  beyond its ability to pay such debts as they mature  (taking into account
the timing and amounts of cash to be payable on or in respect of its debt).

            (u)  Certain  Fees.  Except as  described  in  Schedule  3.1(u),  no
brokerage or finder's fees or commissions  are or will be payable by the Company
to any  broker,  financial  advisor  or  consultant,  finder,  placement  agent,
investment  banker,  bank or  other  Person  with  respect  to the  transactions
contemplated  by this  Agreement.  The Investors  shall have no obligation  with
respect  to any fees or with  respect  to any  claims  (other  than such fees or
commissions owed by an Investor pursuant to written agreements  executed by such
Investor  which fees or  commissions  shall be the sole  responsibility  of such
Investor) made by or on behalf of other Persons for fees of a type  contemplated
in this Section that may be due in connection with the transactions contemplated
by this Agreement.

            (v)  Certain  Registration  Matters.  Assuming  the  accuracy of the
Investors'  representations and warranties set forth in Section  3.2(b)-(e),  no
registration  under the Securities Act is required for the offer and sale of the
Shares,  the Warrants and Warrant  Shares by the Company to the Investors  under
the Transaction  Documents.  Except as specified in Schedule 3.1(v), the Company
has not  granted  or  agreed  to  grant  to any  Person  any  rights  (including
"piggy-back"  registration  rights)  to  have  any  securities  of  the  Company
registered with the Commission or any other governmental authority that have not
been satisfied.

                                       11
<PAGE>

            (w) Listing and Maintenance Requirements. Except as specified in the
SEC  Reports  or in  Schedule  3.1(w),  the  Company  has not,  in the two years
preceding the date hereof, received notice from any Trading Market to the effect
that  the  Company  is  not  in  compliance  with  the  listing  or  maintenance
requirements  thereof. The Company is, and has no reason to believe that it will
not in the foreseeable future continue to be, in compliance with the listing and
maintenance  requirements  for  continued  listing  of the  Common  Stock on the
Trading  Market on which the Common  Stock is  currently  listed or quoted.  The
issuance and sale of the  Securities  under the  Transaction  Documents does not
contravene  the rules and  regulations of the Trading Market on which the Common
Stock is currently listed or quoted,  and no approval of the shareholders of the
Company  thereunder  is  required  for the  Company to issue and  deliver to the
Investors the Securities contemplated by Transaction Documents.

            (x) Investment Company.  The Company is not, and is not an Affiliate
of, and immediately  following the Closing will not have become,  an "investment
company" within the meaning of the Investment Company Act of 1940, as amended.

            (y) Application of Takeover  Protections.  The Company has taken all
necessary  action,  if any, in order to render  inapplicable  any control  share
acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company's
Certificate of Incorporation  (or similar charter  documents) or the laws of its
state of incorporation  that is or could become applicable to the Investors as a
result  of the  Investors  and  the  Company  fulfilling  their  obligations  or
exercising  their  rights under the  Transaction  Documents,  including  without
limitation the Company's issuance of the Securities and the Investors' ownership
of the Securities.

            (z)  No  Additional  Agreements.  The  Company  does  not  have  any
agreement or  understanding  with any Investor with respect to the  transactions
contemplated  by the  Transaction  Documents  other  than  as  specified  in the
Transaction Documents.

            (aa) Disclosure. The Company confirms that neither it nor any Person
acting on its behalf has  provided  any  Investor  or its  respective  agents or
counsel with any information  that the Company  believes  constitutes  material,
non-public   information   (other  than  any   Investor   that  has  executed  a
confidentiality  agreement with respect to such information),  except insofar as
the existence and terms of the proposed  transactions  hereunder may  constitute
such information.  The Company  understands and confirms that the Investors will
rely on the foregoing representations and covenants in effecting transactions in
securities of the Company.  All disclosure  provided to the Investors  regarding
the Company, its business and the transactions contemplated hereby, furnished by
or on  behalf  of the  Company  (including  the  Company's  representations  and
warranties set forth in this  Agreement) are true and correct and do not contain
any untrue  statement  of a  material  fact or omit to state any  material  fact
necessary  in  order  to make  the  statements  made  therein,  in  light of the
circumstances under which they were made, not misleading.

      3.2 Representations and Warranties of the Investors. Each Investor hereby,
for itself and for no other Investor,  represents and warrants to the Company as
follows:

                                       12
<PAGE>

            (a)  Organization;  Authority.  Such  Investor  is  an  entity  duly
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
jurisdiction  of its  organization  with the requisite  corporate or partnership
power  and  authority  to  enter  into  and  to  consummate   the   transactions
contemplated by the applicable  Transaction Documents and otherwise to carry out
its  obligations  thereunder.  The execution,  delivery and  performance by such
Investor  of the  transactions  contemplated  by this  Agreement  has been  duly
authorized by all necessary corporate or, if such Investor is not a corporation,
such partnership,  limited liability company or other applicable like action, on
the part of such Investor. Each Transaction Document to which such Investor is a
party  has been duly  executed  by such  Investor,  and when  delivered  by such
Investor in accordance with terms hereof,  will constitute the valid and legally
binding obligation of such Investor,  enforceable  against it in accordance with
its  terms,   except  as  such  enforceability  may  be  limited  by  applicable
bankruptcy, insolvency, reorganization,  moratorium, liquidation or similar laws
relating to, or affecting  generally the enforcement of,  creditors'  rights and
remedies or by other equitable principles of general application.

            (b) Investment Intent.  Such Investor is acquiring the Securities as
principal for its own account for  investment  purposes only and not with a view
to or for distributing or reselling such Securities or any part thereof, without
prejudice,  however,  to such Investor's right at all times to sell or otherwise
dispose of all or any part of such  Securities  in  compliance  with  applicable
federal  and  state  securities  laws.  Subject  to  the  immediately  preceding
sentence,  nothing contained herein shall be deemed a representation or warranty
by such Investor to hold the Securities for any period of time. Such Investor is
acquiring the Securities hereunder in the ordinary course of its business.  Such
Investor does not have any agreement or  understanding,  directly or indirectly,
with any Person to distribute any of the Securities.

            (c)  Investor  Status.  At the time such  Investor  was  offered the
Securities,  it was,  and at the date hereof it is, and on each date on which it
exercises  Warrants  it will be, an  "accredited  investor"  as  defined in Rule
501(a) under the Securities Act. Such Investor is not a registered broker-dealer
under Section 15 of the Exchange Act.

            (d)  General  Solicitation.  Such  Investor  is not  purchasing  the
Securities  as  a  result  of  any  advertisement,   article,  notice  or  other
communication  regarding the Securities published in any newspaper,  magazine or
similar media or broadcast over  television or radio or presented at any seminar
or any other general solicitation or general advertisement.

            (e) Access to Information.  Such Investor  acknowledges  that it has
reviewed the Disclosure  Materials and has been afforded (i) the  opportunity to
ask such questions as it has deemed  necessary of, and to receive  answers from,
representatives  of the  Company  concerning  the  terms and  conditions  of the
offering of the Shares and the merits and risks of investing in the  Securities;
(ii) access to  information  about the Company  and the  Subsidiaries  and their
respective financial  condition,  results of operations,  business,  properties,
management and prospects sufficient to enable it to evaluate its investment; and
(iii) the  opportunity to obtain such  additional  information  that the Company
possesses  or can  acquire  without  unreasonable  effort  or  expense  that  is
necessary  to  make  an  informed   investment  decision  with  respect  to  the
investment.  Neither such inquiries nor any other investigation  conducted by or
on behalf of such Investor or its representatives or counsel shall modify, amend
or affect such Investor's right to rely on the truth,  accuracy and completeness
of the  Disclosure  Materials and the Company's  representations  and warranties
contained in the Transaction Documents.

                                       13
<PAGE>

            (f) Certain  Trading  Activities.  Such Investor has not directly or
indirectly,  nor  has  any  Person  acting  on  behalf  of or  pursuant  to  any
understanding with such Investor,  engaged in any transactions in the securities
of the Company (including,  without  limitations,  any Short Sales involving the
Company's  securities)  since  the  earlier  to occur of (1) the time  that such
Investor was first contacted by the Company,  Roth Capital Partners,  LLC or any
other Person  regarding an  investment in the Company and (2) the 30th day prior
to the date of this Agreement.  Such Investor  covenants that neither it nor any
Person acting on its behalf or pursuant to any understanding with it will engage
in any  transactions  in the securities of the Company  (including  Short Sales)
prior to the time  that the  transactions  contemplated  by this  Agreement  are
publicly disclosed.

            (g) Independent Investment Decision. Such Investor has independently
evaluated  the merits of its  decision  to purchase  Securities  pursuant to the
Transaction Documents,  and such Investor confirms that it has not relied on the
advice of any other  Investor's  business  and/or  legal  counsel in making such
decision.  Such  Investor has not relied on the business or legal advice of Roth
Capital Partners,  LLC or any of its agents, counsel or Affiliates in making its
investment decision  hereunder,  and confirms that none of such Persons has made
any  representations  or  warranties  to such  Investor in  connection  with the
transactions contemplated by the Transaction Documents.

The  Company  acknowledges  and agrees  that no  Investor  has made or makes any
representations  or  warranties  with respect to the  transactions  contemplated
hereby other than those specifically set forth in this Section 3.2.

                                   ARTICLE IV.
                         OTHER AGREEMENTS OF THE PARTIES

      4.1 (a)  Securities  may only be disposed of in compliance  with state and
federal securities laws. In connection with any transfer of the Securities other
than  pursuant to an effective  registration  statement,  to the Company,  to an
Affiliate  of an  Investor or in  connection  with a pledge as  contemplated  in
Section 4.1(b), the Company may require the transferor thereof to provide to the
Company an opinion of counsel selected by the transferor, the form and substance
of which opinion shall be reasonably  satisfactory to the Company, to the effect
that such transfer does not require registration of such transferred  Securities
under the Securities Act.

            (b)   Certificates   evidencing  the  Securities  will  contain  the
following legend, until such time as they are not required under Section 4.1(c):

            THESE  SECURITIES  HAVE NOT BEEN  REGISTERED WITH THE SECURITIES AND
            EXCHANGE  COMMISSION  OR THE  SECURITIES  COMMISSION OF ANY STATE IN
            RELIANCE UPON AN EXEMPTION  FROM  REGISTRATION  UNDER THE SECURITIES
            ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"),  AND,  ACCORDINGLY,
            MAY  NOT  BE  OFFERED  OR  SOLD  EXCEPT  PURSUANT  TO  AN  EFFECTIVE
            REGISTRATION  STATEMENT  UNDER THE  SECURITIES ACT OR PURSUANT TO AN
            AVAILABLE  EXEMPTION  FROM, OR IN A TRANSACTION  NOT SUBJECT TO, THE
            REGISTRATION  REQUIREMENTS  OF THE  SECURITIES ACT AS EVIDENCED BY A
            LEGAL  OPINION OF  COUNSEL TO THE  TRANSFEROR  TO SUCH  EFFECT,  THE
            SUBSTANCE OF WHICH SHALL BE  REASONABLY  ACCEPTABLE  TO THE COMPANY.
            THESE  SECURITIES  MAY BE  PLEDGED  IN  CONNECTION  WITH A BONA FIDE
            MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

                                       14
<PAGE>

            The Company  acknowledges  and agrees that an Investor may from time
to  time  pledge,  and/or  grant  a  security  interest  in  some  or all of the
Securities  pursuant to a bona fide margin  agreement in connection  with a bona
fide  margin  account  and,  if required  under the terms of such  agreement  or
account,  such  Investor  may  transfer  pledged  or secured  Securities  to the
pledgees or secured  parties.  Such a pledge or transfer would not be subject to
approval or consent of the Company and no legal  opinion of legal counsel to the
pledgee,  secured  party or pledgor  shall be  required in  connection  with the
pledge,  but such legal opinion may be required in connection  with a subsequent
transfer  following default by the Investor  transferee of the pledge. No notice
shall be required of such pledge.  At the appropriate  Investor's  expense,  the
Company will execute and deliver such reasonable  documentation  as a pledgee or
secured party of Securities may reasonably  request in connection  with a pledge
or  transfer  of the  Securities  including  the  preparation  and filing of any
required  prospectus  supplement  under Rule  424(b)(3) of the Securities Act or
other applicable provision of the Securities Act to appropriately amend the list
of Selling Stockholders thereunder.

            (c) Certificates  evidencing the Shares and Warrant Shares shall not
contain  any legend  (including  the legend  set forth in Section  4.1(b)):  (i)
following a sale or transfer  of such  Shares or Warrant  Shares  pursuant to an
effective registration statement (including the Registration Statement), or (ii)
following a sale or transfer of such Shares or Warrant  Shares  pursuant to Rule
144 (assuming the transferor is not an Affiliate of the Company), or (iii) while
such  Securities  are eligible  for sale under Rule 144(k).  The Company may not
make any notation on its records or give  instructions  to any transfer agent of
the Company that enlarge the restrictions on transfer set forth in this Section.

            4.2  Furnishing  of  Information.  As long as any Investor  owns the
Securities,  the  Company  covenants  to timely  file (or obtain  extensions  in
respect  thereof  and file  within the  applicable  grace  period)  all  reports
required  to be filed by the  Company  after  the date  hereof  pursuant  to the
Exchange  Act. As long as any Investor  owns  Securities,  if the Company is not
required to file reports  pursuant to such laws,  it will prepare and furnish to
the Investors and make  publicly  available in accordance  with Rule 144(c) such
information  as is  required  for the  Investors  to sell the Shares and Warrant
Shares  under Rule 144.  The Company  further  covenants  that it will take such
further action as any holder of Securities may  reasonably  request,  all to the
extent  required  from time to time to enable such Person to sell the Shares and
Warrant  Shares  without  registration  under  the  Securities  Act  within  the
limitation of the exemptions provided by Rule 144.

                                       15
<PAGE>

      4.3 Integration.  The Company shall not, and shall use its best efforts to
ensure that no Affiliate of the Company shall,  sell,  offer for sale or solicit
offers to buy or  otherwise  negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the offer or sale
of the  Securities  in a manner that would  require the  registration  under the
Securities Act of the sale of the Securities to the Investors,  or that would be
integrated  with the offer or sale of the  Securities  for purposes of the rules
and regulations of any Trading Market in a manner that would require stockholder
approval of the sale of the securities to the Investors.

      4.4  Subsequent  Registrations.  Other than  pursuant to the  Registration
Statement,   prior  to  the  Effective  Date,  the  Company  may  not  file  any
registration statement (other than on Form S-8) with the Commission with respect
to any securities of the Company.

      4.5 Securities Laws Disclosure; Publicity. By 9:00 a.m. (New York time) on
the Trading Day following the execution of this Agreement, and by 9:00 a.m. (New
York  time)  on the  Closing  Date,  the  Company  shall  issue  press  releases
disclosing the transactions  contemplated hereby and the Closing. On the Trading
Day following  the  execution of this  Agreement the Company will file a Current
Report on Form 8-K disclosing the material  terms of the  Transaction  Documents
(and attach as exhibits thereto the Transaction  Documents),  and on the Closing
Date the Company will file an additional  Current Report on Form 8-K to disclose
the Closing.  In addition,  the Company will make such other filings and notices
in the manner and time  required by the  Commission  and the  Trading  Market on
which the Common Stock is listed.  Notwithstanding  the  foregoing,  the Company
shall not publicly disclose the name of any Investor, or include the name of any
Investor  in any  filing  with  the  Commission  (other  than  the  Registration
Statement  and any  exhibits to filings made in respect of this  transaction  in
accordance  with  periodic  filing  requirements  under the Exchange Act) or any
regulatory  agency or Trading Market,  without the prior written consent of such
Investor,  except to the extent  such  disclosure  is required by law or Trading
Market regulations.

      4.6  Limitation  on Issuance of Future Priced  Securities.  During the six
months  following  the Closing  Date,  the  Company  shall not issue any "Future
Priced Securities" as such term is described by NASD IM-4350-1.

      4.7 Indemnification of Investors. In addition to the indemnity provided in
the  Registration  Rights  Agreement,  the Company will  indemnify  and hold the
Investors and their directors, officers,  shareholders,  partners, employees and
agents  (each,  an  "INVESTOR   PARTY")   harmless  from  any  and  all  losses,
liabilities,  obligations,  claims, contingencies,  damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable
attorneys'  fees and costs of  investigation  (collectively,  "LOSSES") that any
such  Investor  Party  may  suffer or incur as a result  of or  relating  to any
misrepresentation,   breach  or  inaccuracy  of  any  representation,  warranty,
covenant  or  agreement  made by the  Company in any  Transaction  Document.  In
addition to the indemnity  contained  herein,  the Company will  reimburse  each
Investor Party for its reasonable  legal and other expenses  (including the cost
of any investigation,  preparation and travel in connection  therewith) incurred
in connection therewith, as such expenses are incurred.

                                       16
<PAGE>

      4.8 Non-Public Information.  The Company covenants and agrees that neither
it nor any other  Person  acting on its behalf will  provide any Investor or its
agents or counsel with any  information  that the Company  believes  constitutes
material non-public  information,  unless prior thereto such Investor shall have
executed  a written  agreement  regarding  the  confidentiality  and use of such
information.  The Company  understands  and confirms that each Investor shall be
relying on the foregoing representations in effecting transactions in securities
of the Company.

      4.9 Listing of Securities.  The Company agrees, (i) if the Company applies
to have the Common Stock traded on any other Trading Market,  it will include in
such application the Shares and Warrant Shares,  and will take such other action
as is necessary or desirable to cause the Shares and Warrant Shares to be listed
on such other Trading Market as promptly as possible,  and (ii) it will take all
action  reasonably  necessary  to continue the listing and trading of its Common
Stock on a Trading  Market and will  comply in all  material  respects  with the
Company's  reporting,  filing and other obligations under the bylaws or rules of
the Trading Market.

      4.10 Use of Proceeds.  The Company will use the net proceeds from the sale
of the  Securities  hereunder  for  working  capital  purposes  and  not for the
satisfaction  of any portion of the Company's  debt (other than payment of trade
payables and accrued  expenses in the ordinary course of the Company's  business
and consistent  with prior  practices,  including but not limited to fees due to
consultants  and legal advisors  specified in Schedule  4.10),  or to redeem any
Common Stock or Common Stock Equivalents.

                                   ARTICLE V.
                         CONDITIONS PRECEDENT TO CLOSING

      5.1 Conditions  Precedent to the  Obligations of the Investors to Purchase
Securities. The obligation of each Investor to acquire Securities at the Closing
is  subject to the  satisfaction  or waiver by such  Investor,  at or before the
Closing, of each of the following conditions:

            (a)   Representations   and  Warranties.   The  representations  and
warranties  of the  Company  contained  herein  shall be true and correct in all
material  respects as of the date when made and as of the Closing as though made
on and as of such date;

            (b)  Performance.  The Company shall have  performed,  satisfied and
complied in all material respects with all covenants,  agreements and conditions
required by the  Transaction  Documents to be  performed,  satisfied or complied
with by it at or prior to the Closing;

            (c) No Injunction.  No statute, rule,  regulation,  executive order,
decree,  ruling or injunction shall have been enacted,  entered,  promulgated or
endorsed by any court or governmental  authority of competent  jurisdiction that
prohibits  the  consummation  of  any of the  transactions  contemplated  by the
Transaction Documents;

                                       17
<PAGE>

            (d) Adverse Changes.  Since the date of execution of this Agreement,
no event or series of events shall have occurred that  reasonably  could have or
result in a Material Adverse Effect;

            (e) No Suspensions of Trading in Common Stock;  Listing.  Trading in
the Common Stock shall not have been  suspended by the Commission or any Trading
Market  (except for any  suspensions of trading of not more than one Trading Day
solely to permit dissemination of material information regarding the Company) at
any time since the date of  execution  of this  Agreement,  and the Common Stock
shall  have been at all times  since such date  listed for  trading on a Trading
Market;

            (f) Reverse  Stock Split.  The Reverse Stock Split shall have become
effective;

            (g) Lock-Up Agreement.  The Purchasers shall have received a copy of
the Lock-up Agreement; and

            (h) Company  Deliverables.  The Company shall have  delivered all of
the Company Deliverables in accordance with Section 2.2(a).

      5.2  Conditions  Precedent  to the  Obligations  of the  Company  to  sell
Securities.  The obligation of the Company to sell  Securities at the Closing is
subject to the satisfaction or waiver by the Company,  at or before the Closing,
of each of the following conditions:

            (a)   Representations   and  Warranties.   The  representations  and
warranties  of each Investor  contained  herein shall be true and correct in all
material  respects as of the date when made and as of the Closing Date as though
made on and as of such date;

            (b) Performance.  Each Investor shall have performed,  satisfied and
complied in all material respects with all covenants,  agreements and conditions
required by the  Transaction  Documents to be  performed,  satisfied or complied
with by such Investor at or prior to the Closing;

            (c) No Injunction.  No statute, rule,  regulation,  executive order,
decree,  ruling or injunction shall have been enacted,  entered,  promulgated or
endorsed by any court or governmental  authority of competent  jurisdiction that
prohibits  the  consummation  of  any of the  transactions  contemplated  by the
Transaction Documents;

            (d) Reverse  Stock Split.  The Reverse Stock Split shall have become
effective; and

            (e) Investors  Deliverables.  Each Investor shall have delivered its
Investors Deliverables in accordance with Section 2.2(b).

                                       18
<PAGE>

                                   ARTICLE VI.
                                  MISCELLANEOUS

      6.1 Fees and Expenses. At the Closing, the Company shall pay to Bryan Cave
LLP $15,000 as partial  reimbursement of Roth Capital Partners LLC for its legal
fees in connection with the preparation of the Transaction  Documents,  it being
understood  that Bryan Cave LLP has only  rendered  legal advice to Roth Capital
Partners  LLC,  and not to the Company or any  Investor in  connection  with the
transactions contemplated hereby, and that each of the Company and each Investor
has relied for such matters on the advice of its own respective counsel.  Except
as specified in the  immediately  preceding  sentence,  each party shall pay the
fees and expenses of its advisers,  counsel,  accountants and other experts,  if
any, and all other expenses  incurred by such party incident to the negotiation,
preparation,  execution,  delivery and performance of the Transaction Documents.
The Company  shall pay all stamp and other taxes and duties levied in connection
with the sale of the Securities.

      6.2  Entire  Agreement.  The  Transaction  Documents,  together  with  the
Exhibits and Schedules thereto,  contain the entire understanding of the parties
with respect to the subject  matter hereof and  supersede all prior  agreements,
understandings,  discussions and representations,  oral or written, with respect
to such  matters,  which the  parties  acknowledge  have been  merged  into such
documents, exhibits and schedules.

      6.3 Notices.  Any and all notices or other  communications  or  deliveries
required or permitted to be provided  hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of  transmission,  if
such notice or  communication  is delivered via  facsimile  (provided the sender
receives a  machine-generated  confirmation of successful  transmission)  at the
facsimile  number  specified in this Section  prior to 6:30 p.m.  (New York City
time) on a Trading Day, (b) the next Trading Day after the date of transmission,
if such notice or  communication  is delivered  via  facsimile at the  facsimile
number  specified  in this  Section on a day that is not a Trading  Day or later
than 6:30 p.m.  (New York City time) on any  Trading  Day,  (c) the  Trading Day
following the date of mailing, if sent by U.S. nationally  recognized  overnight
courier service,  or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and  communications  shall be
as follows:

         If to the Company:  21098 Bake Parkway
                             Suite 100
                             Lake Forest, CA 92630-2163
                             Attention: Chief Financial Officer
                             Facsimile No.: (949) 470-9420

         With a copy to:     Rein Evans & Sestanovich LLP
                             1925 Century Park East, 16th Floor
                             Los Angeles, CA 90067
                             Facsimile No.: (310) 551-0238
                             Attn: Douglas K. Simpson, Esq.

                                       19
<PAGE>

         If to an Investor:  To the address set forth under such Investor's name
                             on the signature pages hereof;

or such other  address as may be designated  in writing  hereafter,  in the same
manner, by such Person.

      6.4 Amendments; Waivers; No Additional Consideration. No provision of this
Agreement may be waived or amended except in a written  instrument signed by the
Company and the  Investors  holding a majority  of the Shares.  No waiver of any
default  with  respect  to any  provision,  condition  or  requirement  of  this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any  subsequent  default  or a  waiver  of any  other  provision,  condition  or
requirement  hereof, nor shall any delay or omission of either party to exercise
any right  hereunder  in any manner  impair the  exercise of any such right.  No
consideration  shall be offered or paid to any Investor to amend or consent to a
waiver or modification  of any provision of any Transaction  Document unless the
same consideration is also offered to all Investors who then hold Shares.

            6.5 Termination. This Agreement may be terminated prior to Closing:

            (a)   by written agreement of the Investors and the Company; or

            (b)   by the  Company  or an  Investor  (as to  itself  but no other
                  Investor)  upon  written  notice to the other,  if the Closing
                  shall not have taken  place by 6:30 p.m.  Eastern  time on the
                  Outside  Date;  provided,  that the  right to  terminate  this
                  Agreement  under this Section 6.5(b) shall not be available to
                  any Person whose failure to comply with its obligations  under
                  this  Agreement  has been  the  cause  of or  resulted  in the
                  failure of the Closing to occur on or before such time.

      In the event of a termination  pursuant to this Section, the Company shall
promptly notify all non-terminating  Investors. Upon a termination in accordance
with this  Section 6.5, the Company and the  terminating  Investor(s)  shall not
have any  further  obligation  or  liability  (including  as  arising  from such
termination)  to the other and no Investor  will have any liability to any other
Investor under the Transaction Documents as a result therefrom.

      6.6  Construction.  The headings herein are for  convenience  only, do not
constitute a part of this  Agreement  and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent,  and no
rules of strict  construction  will be applied against any party. This Agreement
shall be construed as if drafted  jointly by the parties,  and no presumption or
burden of proof shall arise favoring or  disfavoring  any party by virtue of the
authorship  of any  provisions  of  this  Agreement  or  any of the  Transaction
Documents.

      6.7 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties and their  successors and permitted  assigns.  The
Company may not assign this  Agreement  or any rights or  obligations  hereunder
without the prior written consent of the Investors.  Any Investor may assign any
or all of its rights under this  Agreement  to any Person to whom such  Investor
assigns or transfers any Securities,  provided such transferee agrees in writing
to be bound,  with  respect to the  transferred  Securities,  by the  provisions
hereof that apply to the "Investors."

                                       20
<PAGE>

      6.8 No  Third-Party  Beneficiaries.  This  Agreement  is intended  for the
benefit of the parties  hereto and their  respective  successors  and  permitted
assigns and is not for the benefit of, nor may any provision  hereof be enforced
by, any other  Person,  except as otherwise set forth in Section 4.7 (as to each
Investor Party).

      6.9 Governing Law. All questions  concerning the  construction,  validity,
enforcement  and  interpretation  of this  Agreement  shall be  governed  by and
construed and enforced in accordance  with the internal laws of the State of New
York,  without regard to the principles of conflicts of law thereof.  Each party
agrees that all  Proceedings  concerning the  interpretations,  enforcement  and
defense  of the  transactions  contemplated  by this  Agreement  and  any  other
Transaction  Documents (whether brought against a party hereto or its respective
Affiliates,  employees or agents) shall be commenced exclusively in the New York
Courts.   Each  party  hereto  hereby  irrevocably   submits  to  the  exclusive
jurisdiction  of the  New  York  Courts  for  the  adjudication  of any  dispute
hereunder or in connection herewith or with any transaction  contemplated hereby
or discussed  herein  (including  with respect to the  enforcement of any of the
Transaction Documents),  and hereby irrevocably waives, and agrees not to assert
in  any  Proceeding,  any  claim  that  it is  not  personally  subject  to  the
jurisdiction  of any such New  York  Court,  or that  such  Proceeding  has been
commenced  in an  improper  or  inconvenient  forum.  Each party  hereto  hereby
irrevocably  waives  personal  service of process and consents to process  being
served in any such  Proceeding  by  mailing a copy  thereof  via  registered  or
certified  mail or overnight  delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this  Agreement and agrees that
such service shall constitute good and sufficient  service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way any right
to serve  process in any manner  permitted  by law.  Each  party  hereto  hereby
irrevocably  waives,  to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement or the transactions  contemplated  hereby.  If either party shall
commence a Proceeding to enforce any  provisions of a Transaction  Document or a
Proceeding in any way arising out of or related to the any Transaction Document,
then the prevailing  party in such  Proceeding  shall be reimbursed by the other
party for its reasonable  attorneys' fees and other costs and expenses  incurred
with the investigation, preparation and prosecution of such Proceeding.

      6.10 Survival. The representations,  warranties,  agreements and covenants
contained herein shall survive the Closing and the delivery of the Securities.

      6.11   Execution.   This   Agreement  may  be  executed  in  two  or  more
counterparts,  all of which when taken  together shall be considered one and the
same agreement and shall become effective when  counterparts have been signed by
each party and  delivered  to the other  party,  it being  understood  that both
parties need not sign the same  counterpart.  In the event that any signature is
delivered by facsimile  transmission,  such  signature  shall create a valid and
binding  obligation of the party executing (or on whose behalf such signature is
executed)  with the same force and effect as if such  facsimile  signature  page
were an original thereof.

                                       21
<PAGE>

      6.12  Severability.  If any  provision  of  this  Agreement  is held to be
invalid or unenforceable in any respect,  the validity and enforceability of the
remaining  terms  and  provisions  of  this  Agreement  shall  not in any way be
affected or impaired  thereby and the parties will attempt to agree upon a valid
and enforceable provision that is a reasonable substitute therefor,  and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

      6.13  Rescission and  Withdrawal  Right.  Notwithstanding  anything to the
contrary  contained in (and  without  limiting  any similar  provisions  of) the
Transaction Documents, whenever any Investor exercises a right, election, demand
or option under a Transaction  Document and the Company does not timely  perform
its related obligations within the periods therein provided,  then such Investor
may rescind or withdraw,  in its sole  discretion from time to time upon written
notice to the Company,  any relevant  notice,  demand or election in whole or in
part without prejudice to its future actions and rights.

      6.14   Replacement  of  Securities.   If  any  certificate  or  instrument
evidencing any Securities is mutilated,  lost, stolen or destroyed,  the Company
shall  issue or cause to be issued in  exchange  and  substitution  for and upon
cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument,  but only upon receipt of evidence reasonably satisfactory to the
Company  of such  loss,  theft  or  destruction  and  customary  and  reasonable
indemnity,  if requested.  The  applicants  for a new  certificate or instrument
under  such  circumstances  shall  also  pay any  reasonable  third-party  costs
associated with the issuance of such  replacement  Securities.  If a replacement
certificate  or  instrument  evidencing  any  Securities  is requested  due to a
mutilation  thereof,   the  Company  may  require  delivery  of  such  mutilated
certificate  or  instrument  as a  condition  precedent  to  any  issuance  of a
replacement.

      6.15  Remedies.  In  addition to being  entitled  to  exercise  all rights
provided herein or granted by law,  including  recovery of damages,  each of the
Investors  and the Company  will be entitled to specific  performance  under the
Transaction  Documents.  The  parties  agree that  monetary  damages  may not be
adequate  compensation  for  any  loss  incurred  by  reason  of any  breach  of
obligations  described in the  foregoing  sentence and hereby agrees to waive in
any action for specific  performance  of any such  obligation the defense that a
remedy at law would be adequate.

      6.16 Payment Set Aside.  To the extent that the Company makes a payment or
payments to any  Investor  pursuant to any  Transaction  Document or an Investor
enforces or exercises its rights thereunder, and such payment or payments or the
proceeds of such  enforcement  or exercise or any part thereof are  subsequently
invalidated,  declared to be fraudulent or  preferential,  set aside,  recovered
from, disgorged by or are required to be refunded,  repaid or otherwise restored
to the  Company,  a  trustee,  receiver  or  any  other  person  under  any  law
(including, without limitation, any bankruptcy law, state or federal law, common
law or equitable  cause of action),  then to the extent of any such  restoration
the  obligation  or part thereof  originally  intended to be satisfied  shall be
revived and  continued  in full force and effect as if such payment had not been
made or such enforcement or setoff had not occurred.

                                       22
<PAGE>

      6.17  Independent  Nature  of  Investors'   Obligations  and  Rights.  The
obligations of each Investor under any Transaction  Document are several and not
joint with the  obligations  of any other  Investor,  and no  Investor  shall be
responsible  in any way for the  performance  of the  obligations  of any  other
Investor  under any  Transaction  Document.  The  decision  of each  Investor to
purchase Securities pursuant to the Transaction  Documents has been made by such
Investor independently of any other Investor. Nothing contained herein or in any
Transaction  Document,  and no action  taken by any Investor  pursuant  thereto,
shall be deemed to constitute the Investors as a partnership,  an association, a
joint  venture  or any other kind of entity,  or create a  presumption  that the
Investors  are in any way acting in  concert or as a group with  respect to such
obligations or the transactions  contemplated by the Transaction Documents. Each
Investor  acknowledges  that no other  Investor  has  acted  as  agent  for such
Investor in connection with making its investment hereunder and that no Investor
will be acting as agent of such  Investor  in  connection  with  monitoring  its
investment  in the  Securities  or enforcing  its rights  under the  Transaction
Documents.  Each Investor shall be entitled to independently protect and enforce
its  rights,  including  without  limitation  the  rights  arising  out of  this
Agreement  or  out of the  other  Transaction  Documents,  and it  shall  not be
necessary  for any other  Investor  to be joined as an  additional  party in any
proceeding for such purpose. The Company acknowledges that each of the Investors
has been provided with the same Transaction Documents for the purpose of closing
a  transaction  with  multiple  Investors  and not  because it was  required  or
requested to do so by any Investor.

      6.18  Limitation  of  Liability.  Notwithstanding  anything  herein to the
contrary,  the Company acknowledges and agrees that the liability of an Investor
arising directly or indirectly,  under any Transaction Document of any and every
nature  whatsoever shall be satisfied solely out of the assets of such Investor,
and that no trustee, officer, other investment vehicle or any other Affiliate of
such  Investor or any  investor,  shareholder  or holder of shares of beneficial
interest of such a Investor  shall be personally  liable for any  liabilities of
such Investor.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                             SIGNATURE PAGES FOLLOW]

                                       23
<PAGE>

      IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  Securities
Purchase   Agreement  to  be  duly  executed  by  their  respective   authorized
signatories as of the date first indicated above.

                                      THE BLUEBOOK INTERNATIONAL HOLDING COMPANY

                                      _________________________________________
                                      Name:
                                      Title:

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGES FOR INVESTORS FOLLOW]

                                       24
<PAGE>

      IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  Securities
Purchase   Agreement  to  be  duly  executed  by  their  respective   authorized
signatories as of the date first indicated above.

                                      NAME OF INVESTOR

                                      _________________________________________
                                      By:  Name:
                                           Title:

                                      Investment Amount: $______________________

                                      Tax ID No.: ______________________________

                                      ADDRESS FOR NOTICE

                                      c/o: _____________________________________

                                      Street: __________________________________

                                      City/State/Zip: __________________________

                                      Attention: _______________________________

                                      Tel: _____________________________________

                                      Fax: _____________________________________

                                      DELIVERY INSTRUCTIONS
                                      (if different from above)

                                      c/o: _____________________________________

                                      Street: __________________________________

                                      City/State/Zip: __________________________

                                      Attention: _______________________________

                                      Tel: _____________________________________

                                       25NEITHER  THESE  SECURITIES  NOR THE  SECURITIES  ISSUABLE UPON EXERCISE OF THESE
SECURITIES HAVE BEEN  REGISTERED WITH THE SECURITIES AND EXCHANGE  COMMISSION OR
THE  SECURITIES  COMMISSION  OF ANY STATE IN  RELIANCE  UPON AN  EXEMPTION  FROM
REGISTRATION  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE  "SECURITIES
ACT"),  AND,  ACCORDINGLY,  MAY NOT BE OFFERED  OR SOLD  EXCEPT  PURSUANT  TO AN
EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OR PURSUANT TO AN
AVAILABLE  EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF THE  SECURITIES  ACT AND IN ACCORDANCE  WITH  APPLICABLE  STATE
SECURITIES  LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH  EFFECT,  THE  SUBSTANCE  OF WHICH SHALL BE  REASONABLY  ACCEPTABLE  TO THE
COMPANY.  THESE  SECURITIES AND THE  SECURITIES  ISSUABLE UPON EXERCISE OF THESE
SECURITIES MAY BE PLEDGED IN CONNECTION  WITH A BONA FIDE MARGIN ACCOUNT SECURED
BY SUCH SECURITIES.

                   THE BLUEBOOK INTERNATIONAL HOLDING COMPANY

                                     WARRANT

Warrant No. __                            Original Issue Date: November 17, 2004

      The Bluebook  International  Holding Company, a Delaware  corporation (the
"COMPANY"),  hereby certifies that, for value received,  _______________  or its
registered  assigns (the "HOLDER"),  is entitled to purchase from the Company up
to a total of  __________  shares of Common  Stock (each such share,  a "WARRANT
SHARE" and all such shares, the "WARRANT SHARES"),  at any time and from time to
time from and after the Original  Issue Date and through and including  November
17,  2009 (the  "EXPIRATION  DATE"),  and  subject  to the  following  terms and
conditions:

      1.  Definitions.  As used in this Warrant,  the following terms shall have
the respective  definitions set forth in this Section 1. Capitalized  terms that
are used and not  defined  in this  Warrant  that are  defined  in the  Purchase
Agreement (as defined below) shall have the respective  definitions set forth in
the Purchase Agreement.

      "BUSINESS DAY" means any day except Saturday, Sunday and any day that is a
federal  legal  holiday  in  the  United  States  or  a  day  on  which  banking
institutions in the State of New York are authorized or required by law or other
government action to close.

      "COMMON STOCK" means the common stock of the Company, par value $.0001 per
share,  and any  securities  into  which  such  common  stock may  hereafter  be
reclassified.
<PAGE>

      "EXERCISE  PRICE" means $1.31,  subject to adjustment  in accordance  with
Section 9.

      "FUNDAMENTAL  TRANSACTION"  means any of the  following:  (1) the  Company
effects any merger or  consolidation of the Company with or into another Person,
(2) the Company  effects any sale of all or  substantially  all of its assets in
one or a series of related transactions,  (3) any tender offer or exchange offer
(whether  by the  Company or  another  Person) is  completed  pursuant  to which
holders of Common  Stock are  permitted  to tender or exchange  their shares for
other   securities,   cash  or  property,   or  (4)  the  Company   effects  any
reclassification  of the Common Stock or any compulsory share exchange  pursuant
to which the Common Stock is  effectively  converted into or exchanged for other
securities, cash or property.

      "ORIGINAL ISSUE DATE" means the Original Issue Date first set forth on the
first page of this Warrant.

      "NEW YORK COURTS" means the state and federal  courts  sitting in the City
of New York, Borough of Manhattan.

      "PURCHASE  AGREEMENT"  means  the  Securities  Purchase  Agreement,  dated
November 12, 2004, to which the Company and the original Holder are parties.

      "TRADING  DAY"  means (i) a day on which the  Common  Stock is traded on a
Trading Market (other than the OTC Bulletin Board),  or (ii) if the Common Stock
is not listed on a Trading Market (other than the OTC Bulletin  Board), a day on
which the Common Stock is traded in the over-the-counter  market, as reported by
the OTC  Bulletin  Board,  or (iii) if the  Common  Stock is not  quoted  on any
Trading   Market,   a  day  on  which  the   Common   Stock  is  quoted  in  the
over-the-counter   market  as  reported  by  the   National   Quotation   Bureau
Incorporated (or any similar  organization or agency succeeding to its functions
of reporting prices);  provided,  that in the event that the Common Stock is not
listed or quoted as set forth in (i),  (ii) and (iii)  hereof,  then Trading Day
shall mean a Business Day.

      2.  Registration of Warrant.  The Company shall register this Warrant upon
records  to be  maintained  by  the  Company  for  that  purpose  (the  "WARRANT
REGISTER"),  in the name of the  record  Holder  hereof  from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise  hereof or any  distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

      3.  Registration of Transfers.  The Company shall register the transfer of
any portion of this  Warrant in the Warrant  Register,  upon  surrender  of this
Warrant,  with the Form of Assignment attached hereto duly completed and signed,
to the Company at its address  specified  herein.  Upon any such registration or
transfer,  a new Warrant to purchase Common Stock, in substantially  the form of
this Warrant (any such new Warrant, a "NEW Warrant"),  evidencing the portion of
this Warrant so transferred  shall be issued to the transferee and a New Warrant
evidencing  the remaining  portion of this Warrant not so  transferred,  if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by
the transferee  thereof shall be deemed the acceptance by such transferee of all
of the rights and obligations of a holder of a Warrant.

      4. Exercise and Duration of Warrants.

                                       2
<PAGE>

            (a) This Warrant shall be exercisable  by the  registered  Holder at
any time and from time to time on or after the  Original  Issue Date through and
including  the  Expiration  Date.  At  6:30  p.m.,  New  York  City  time on the
Expiration  Date, the portion of this Warrant not exercised  prior thereto shall
be and become void and of no value.

            (b) Subject to the  provisions  of this  Section  4(b),  at any time
after the first  anniversary  of the Closing  Date, if the: (i) closing price of
the  Common  Stock for each of 10  consecutive  Trading  Days  after  such first
anniversary  is equal  to or  greater  than  125% of the  Exercise  Price on the
Original Issue Date (as may be adjusted pursuant to Section 9), (ii) the Warrant
Shares are either  registered for resale  pursuant to an effective  registration
statement  naming  the  Holder  as a  selling  stockholder  thereunder  (and the
prospectus  thereunder  is  available  for  use by  the  Holder  as to all  then
available  Warrant Shares) or freely  transferable  without volume  restrictions
pursuant to Rule 144(k)  promulgated  under the Securities Act, as determined by
counsel to the Company  pursuant to a written  opinion  letter  addressed and in
form and substance  reasonably  acceptable to the Holder and the transfer  agent
for the Common  Stock,  and (iii) the Company  shall have  honored all  Exercise
Notices  delivered  prior to 1:00 p.m. (New York City time) on the Call Date (as
defined  below),  then the  Company  may,  subject to Section 11,  require  cash
exercise  pursuant to Section  10(a)  hereof of all, but (subject to Section 11)
not less than all, of the portion of this  Warrant  for which  Exercise  Notices
have not been  delivered by 5:00 p.m. on the Call Date.  To exercise this right,
the Company must deliver to the Holder an  irrevocable  written  notice (a "CALL
NOTICE"),  indicating  therein  that this  Warrant  shall be  exercised.  If the
conditions for such Call are satisfied from the period from the date of the Call
Notice  through and including the Call Date,  then,  subject to Section 11, this
Warrant shall be deemed to have been  exercised in full on a cash basis pursuant
to Section  10(a)  hereof at 6:30 p.m.  (New York City time) on the 30th Trading
Day after the date the Call  Notice is received  by the Holder  (such date,  the
"CALL DATE"). The Holder shall deliver payment in immediately available funds of
the  Exercise  Price for the number of Warrant  Shares for which this Warrant is
required to be  exercised  under this  subsection  promptly  but in any event no
later than the Call Date.  Subject to the immediately  following  sentence,  any
unexercised  portion of this Warrant following the Call Date shall automatically
be deemed cancelled. The Company and the Holder agree that, if and to the extent
Section 11 of this Warrant would  restrict the ability of the Holder to exercise
this  Warrant  in  full  in the  event  of a  delivery  of a Call  Notice,  then
notwithstanding  anything to the contrary set forth in the Call Notice, the Call
Notice  shall be deemed  automatically  amended to apply only to such portion of
this Warrant as may be  exercised  by the Holder by the Call Date in  accordance
with Section 11. The Holder will promptly (and, in any event,  prior to the Call
Date)  notify  the  Company  in writing  following  receipt of a Call  Notice if
Section 11 would  restrict its exercise of the Warrant,  specifying  therein the
number of Warrant Shares so restricted.

      5. Delivery of Warrant Shares.

            (a) To effect exercises hereunder,  the Holder shall not be required
to  physically  surrender  this  Warrant  unless the  aggregate  Warrant  Shares
represented  by this Warrant is being  exercised.  Upon delivery of the Exercise
Notice (in the form attached  hereto) to the Company (with the attached  Warrant
Shares Exercise Log) at its address for notice set forth herein and upon payment
of the Exercise Price multiplied by the number of Warrant Shares that the Holder
intends to purchase hereunder, the Company shall promptly (but in no event later
than three  Trading Days after the Date of Exercise (as defined  herein))  issue
and deliver to the Holder,  a certificate  for the Warrant Shares  issuable upon
such exercise, which, unless otherwise required by the Purchase Agreement, shall
be free of restrictive  legends.  The Company shall,  upon request of the Holder
and subsequent to the date on which a registration statement covering the resale
of the Warrant Shares has been declared effective by the Securities and Exchange
Commission,  use its reasonable best efforts to deliver Warrant Shares hereunder
electronically  through the Depository Trust Corporation or another  established
clearing corporation performing similar functions, if available, provided, that,
the Company may,  but will not be required to change its  transfer  agent if its
current transfer agent cannot deliver Warrant Shares electronically  through the
Depository Trust  Corporation.  A "DATE OF EXERCISE" means the date on which the
Holder shall have  delivered to the Company:  (i) the Exercise  Notice (with the
Warrant  Exercise Log attached to it),  appropriately  completed and duly signed
and (ii) if such Holder is not utilizing the cashless  exercise  provisions  set
forth in this Warrant,  payment of the Exercise  Price for the number of Warrant
Shares so indicated by the Holder to be purchased.

                                       3
<PAGE>

            (b) If by the third Trading Day after a Date of Exercise the Company
fails to deliver the required  number of Warrant  Shares in the manner  required
pursuant to Section  5(a),  then the Holder will have the right to rescind  such
exercise.

            (c) If by the third Trading Day after a Date of Exercise the Company
fails to deliver the required  number of Warrant  Shares in the manner  required
pursuant to Section  5(a),  and if after such third Trading Day and prior to the
receipt  of such  Warrant  Shares,  the  Holder  purchases  (in an  open  market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Warrant Shares which the Holder anticipated  receiving
upon such exercise (a  "BUY-IN"),  then the Company shall (1) pay in cash to the
Holder the amount by which (x) the  Holder's  total  purchase  price  (including
brokerage  commissions,  if any) for the  shares  of Common  Stock so  purchased
exceeds (y) the amount  obtained by multiplying (A) the number of Warrant Shares
that the Company was  required to deliver to the Holder in  connection  with the
exercise at issue by (B) the  closing bid price of the Common  Stock at the time
of the obligation giving rise to such purchase  obligation and (2) at the option
of the Holder, either reinstate the portion of the Warrant and equivalent number
of  Warrant  Shares for which such  exercise  was not  honored or deliver to the
Holder the number of shares of Common  Stock that would have been issued had the
Company timely  complied with its exercise and delivery  obligations  hereunder.
The Holder  shall  provide the Company  written  notice  indicating  the amounts
payable to the Holder in respect of the Buy-In.

            (d) The Company's obligations to issue and deliver Warrant Shares in
accordance with the terms hereof are absolute and unconditional, irrespective of
any action or inaction by the Holder to enforce the same,  any waiver or consent
with respect to any provision  hereof,  the recovery of any judgment against any
Person  or  any  action  to  enforce  the  same,  or any  setoff,  counterclaim,
recoupment,  limitation or  termination,  or any breach or alleged breach by the
Holder or any other Person of any  obligation to the Company or any violation or
alleged violation of law by the Holder or any other Person,  and irrespective of
any other  circumstance  which  might  otherwise  limit such  obligation  of the
Company to the Holder in connection with the issuance of Warrant Shares. Nothing
herein shall limit a Holder's right to pursue any other remedies available to it
hereunder,  at law or in  equity  including,  without  limitation,  a decree  of
specific  performance  and/or  injunctive  relief with respect to the  Company's
failure to timely deliver certificates representing Warrant Shares upon exercise
of the Warrant as required pursuant to the terms hereof.

                                       4
<PAGE>

      6. Charges,  Taxes and Expenses.  Issuance and delivery of Warrant  Shares
upon exercise of this Warrant shall be made without charge to the Holder for any
issue or transfer tax,  withholding tax,  transfer agent fee or other incidental
tax or expense in respect of the  issuance  of such  certificates,  all of which
taxes and expenses  shall be paid by the Company;  provided,  however,  that the
Company  shall not be required to pay any tax which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant Shares
or  Warrants  in a name  other  than that of the  Holder.  The  Holder  shall be
responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Warrant Shares upon exercise hereof.

      7. Replacement of Warrant.  If this Warrant is mutilated,  lost, stolen or
destroyed,  the  Company  shall  issue or cause to be  issued  in  exchange  and
substitution for and upon  cancellation  hereof,  or in lieu of and substitution
for this Warrant,  a New Warrant,  but only upon receipt of evidence  reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable  indemnity  (which shall not include a surety  bond),  if  requested.
Applicants  for a New Warrant  under such  circumstances  shall also comply with
such other  reasonable  regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe. If a New Warrant is requested as
a result of a mutilation  of this  Warrant,  then the Holder shall  deliver such
mutilated  Warrant to the  Company as a  condition  precedent  to the  Company's
obligation to issue the New Warrant.

      8.  Reservation of Warrant Shares.  The Company  covenants that it will at
all times reserve and keep  available out of the aggregate of its authorized but
unissued  and  otherwise  unreserved  Common  Stock,  solely for the  purpose of
enabling  it to issue  Warrant  Shares upon  exercise of this  Warrant as herein
provided,  the number of Warrant Shares which are then issuable and  deliverable
upon the exercise of this entire  Warrant,  free from  preemptive  rights or any
other  contingent  purchase rights of Persons other than the Holder (taking into
account the  adjustments and  restrictions of Section 9). The Company  covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable.

      9. Certain  Adjustments.  The Exercise  Price and number of Warrant Shares
issuable upon  exercise of this Warrant are subject to  adjustment  from time to
time as set forth in this Section 9.

            (a) Stock  Dividends and Splits.  If the Company,  at any time while
this Warrant is  outstanding,  (i) pays a stock  dividend on its Common Stock or
otherwise  makes a distribution on any class of capital stock that is payable in
shares of Common Stock, (ii) subdivides  outstanding shares of Common Stock into
a larger number of shares, or (iii) combines  outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares
of Common  Stock  outstanding  immediately  before  such  event and of which the
denominator   shall  be  the  number  of  shares  of  Common  Stock  outstanding
immediately  after such event.  Any  adjustment  made pursuant to this paragraph
shall become  effective  immediately  after the effective date of such dividend,
distribution, subdivision or combination.

                                       5
<PAGE>

            (b) Fundamental Transactions.  If, at any time while this Warrant is
outstanding there is a Fundamental  Transaction,  then the Holder shall have the
right thereafter to receive,  upon exercise of this Warrant, the same amount and
kind of  securities,  cash or property as it would have been entitled to receive
upon the occurrence of such Fundamental  Transaction if it had been, immediately
prior to such  Fundamental  Transaction,  the  holder of the  number of  Warrant
Shares then  issuable  upon  exercise in full of this  Warrant  (the  "ALTERNATE
CONSIDERATION").  For purposes of any such exercise,  the  determination  of the
Exercise  Price  shall be  appropriately  adjusted  to  apply to such  Alternate
Consideration based on the amount of Alternate Consideration issuable in respect
of one share of Common Stock in such  Fundamental  Transaction,  and the Company
shall  apportion  the  Exercise  Price among the  Alternate  Consideration  in a
reasonable manner  reflecting the relative value of any different  components of
the Alternate Consideration.  If holders of Common Stock are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration
it  receives  upon any  exercise  of this  Warrant  following  such  Fundamental
Transaction.   Any  successor  to  the  Company  or  surviving  entity  in  such
Fundamental Transaction shall issue to the Holder a new warrant substantially in
the form of this  Warrant  and  consistent  with the  foregoing  provisions  and
evidencing  the Holder's right to purchase the Alternate  Consideration  for the
aggregate Exercise Price upon exercise thereof;  provided, that at the Company's
option the  Company may  purchase  this  Warrant  from the Holder for a purchase
price equal to the Black Scholes value of the remaining  unexercised  portion of
this  Warrant,  payable  in cash  on the  effective  date  of  such  Fundamental
Transaction.  The  terms  of any  agreement  pursuant  to  which  a  Fundamental
Transaction  is effected  shall  include terms  requiring any such  successor or
surviving  entity  to  comply  with the  provisions  of this  paragraph  (b) and
insuring that the Warrant (or any such  replacement  security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

            (c) Number of Warrant Shares.  Simultaneously with any adjustment to
the Exercise Price pursuant to this Section 9, the number of Warrant Shares that
may be purchased  upon  exercise of this Warrant shall be increased or decreased
proportionately,  so that after such  adjustment  the aggregate  Exercise  Price
payable hereunder for the adjusted number of Warrant Shares shall be the same as
the aggregate Exercise Price in effect immediately prior to such adjustment.

            (d)  Calculations.  All  calculations  under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share,  as applicable.  The
number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company.

            (e) Notice of  Adjustments.  Upon the occurrence of each  adjustment
pursuant to this  Section 9, the Company at its expense  will  promptly  compute
such  adjustment  in  accordance  with the terms of this  Warrant  and prepare a
certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable  upon  exercise  of  this  Warrant  (as  applicable),   describing  the
transactions  giving  rise to such  adjustments  and showing in detail the facts
upon which such  adjustment  is based.  Upon written  request,  the Company will
promptly  deliver  a copy of each  such  certificate  to the  Holder  and to the
Company's Transfer Agent.

                                       6
<PAGE>

            (f)  Notice of  Corporate  Events.  If the  Company  (i)  declares a
dividend or any other  distribution  of cash,  securities  or other  property in
respect of its Common Stock, including without limitation any granting of rights
or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or  solicits  stockholder  approval  for any  Fundamental  Transaction  or (iii)
authorizes the voluntary  dissolution,  liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a notice describing
the material  terms and conditions of such  transaction  (but only to the extent
such disclosure would not result in the  dissemination  of material,  non-public
information  to the  Holder) at least 10 calendar  days prior to the  applicable
record or  effective  date on which a Person  would need to hold Common Stock in
order to  participate  in or vote  with  respect  to such  transaction,  and the
Company  will take all steps  reasonably  necessary  in order to insure that the
Holder is given the practical opportunity to exercise this Warrant prior to such
time so as to participate in or vote with respect to such transaction; provided,
however, that the failure to deliver such notice or any defect therein shall not
affect the  validity of the  corporate  action  required to be described in such
notice.

      10.  Payment of Exercise  Price.  The Holder may pay the Exercise Price in
one of the following manners:

            (a) Cash  Exercise.  The Holder may  deliver  immediately  available
funds; or

            (b) Cashless Exercise.  If an Exercise Notice is delivered at a time
when a registration statement permitting the Holder to resell the Warrant Shares
is not then  effective  or the  prospectus  forming a part  thereof  is not then
available  to the Holder for the resale of the Warrant  Shares,  then the Holder
may notify the Company in an Exercise Notice of its election to utilize cashless
exercise,  in which  event the  Company  shall issue to the Holder the number of
Warrant Shares determined as follows:

                  X = Y [(A-B)/A]

            where:

                  X = the number of Warrant Shares to be issued to the Holder.

                  Y = the number of Warrant  Shares  with  respect to which this
                      Warrant is being exercised.

                  A = the  average of the  closing  prices for the five  Trading
                      Days immediately prior to (but not including) the Exercise
                      Date.

                  B = the Exercise Price.

For purposes of Rule 144  promulgated  under the Securities Act, it is intended,
understood  and  acknowledged  that the  Warrant  Shares  issued  in a  cashless
exercise  transaction  shall be deemed to have been acquired by the Holder,  and
the holding period for the Warrant Shares shall be deemed to have commenced,  on
the date this Warrant was originally issued.

                                       7
<PAGE>

      11.  Limitations  on  Exercise.  Notwithstanding  anything to the contrary
contained  herein,  the number of Warrant  Shares  that may be  acquired  by the
Holder upon any exercise of this Warrant (or otherwise in respect  hereof) shall
be limited to the extent  necessary to insure that,  following such exercise (or
other  issuance),  the total number of shares of Common Stock then  beneficially
owned by such Holder and its Affiliates  and any other Persons whose  beneficial
ownership of Common Stock would be aggregated  with the Holder's for purposes of
Section 13(d) of the Exchange Act, does not exceed 9.999% of the total number of
issued and  outstanding  shares of Common Stock  (including for such purpose the
shares  of  Common  Stock  issuable  upon  such  exercise).  For such  purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange  Act  and  the  rules  and  regulations  promulgated  thereunder.  This
provision shall not restrict the number of shares of Common Stock which a Holder
may receive or  beneficially  own in order to determine the amount of securities
or  other  consideration  that  such  Holder  may  receive  in  the  event  of a
Fundamental  Transaction  as  contemplated  in Section 9 of this  Warrant.  This
restriction may not be waived.

      12. No Fractional  Shares.  No fractional shares of Warrant Shares will be
issued  in  connection  with  any  exercise  of  this  Warrant.  In  lieu of any
fractional shares which would, otherwise be issuable, the Company shall pay cash
equal to the product of such  fraction  multiplied  by the closing  price of one
Warrant  Share as  reported  by the  applicable  Trading  Market  on the date of
exercise.

      13.  Notices.  Any and all notices or other  communications  or deliveries
hereunder  (including,  without  limitation,  any Exercise  Notice)  shall be in
writing and shall be deemed given and  effective on the earliest of (i) the date
of  transmission,  if such notice or communication is delivered via facsimile at
the facsimile number specified in this Section prior to 6:30 p.m. (New York City
time)  on  a  Trading  Day,  (ii)  the  next  Trading  Day  after  the  date  of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or
later than 6:30 p.m. (New York City time) on any Trading Day,  (iii) the Trading
Day following the date of mailing,  if sent by nationally  recognized  overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The addresses for such communications  shall be: (i) if to
the Company, to The Bluebook  International Holding Company, 21098 Bake Parkway,
Suite 100, Lake Forest,  CA 92630-2163,  Attn:  Chief Financial  Officer,  or to
Facsimile  No.:  (949)  470-9420  (or such other  address as the  Company  shall
indicate in writing in accordance with this Section),  or (ii) if to the Holder,
to the address or facsimile  number  appearing  on the Warrant  Register or such
other  address or  facsimile  number as the Holder may provide to the Company in
accordance with this Section.

      14.  Warrant  Agent.  The Company  shall serve as warrant agent under this
Warrant.  Upon 10 days'  notice to the  Holder,  the  Company  may appoint a new
warrant agent.  Any corporation  into which the Company or any new warrant agent
may be merged or any corporation  resulting from any  consolidation to which the
Company or any new warrant  agent shall be a party or any  corporation  to which
the  Company  or  any  new  warrant  agent  transfers  substantially  all of its
corporate trust or shareholders  services  business shall be a successor warrant
agent under this Warrant  without any further act.  Any such  successor  warrant
agent shall  promptly  cause  notice of its  succession  as warrant  agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address as shown on the Warrant Register.

                                       8
<PAGE>

      15. Miscellaneous.

            (a) This Warrant shall be binding on and inure to the benefit of the
parties  hereto and their  respective  successors  and  assigns.  Subject to the
preceding  sentence,  nothing in this Warrant  shall be construed to give to any
Person  other than the  Company  and the Holder  any legal or  equitable  right,
remedy or cause of action under this  Warrant.  This Warrant may be amended only
in  writing  signed by the  Company  and the  Holder  and their  successors  and
assigns.

            (b) All questions concerning the construction, validity, enforcement
and  interpretation  of this  Warrant  shall be  governed by and  construed  and
enforced in  accordance  with the internal laws of the State of New York (except
for matters governed by corporate law in the State of Delaware),  without regard
to the principles of conflicts of law thereof.  Each party agrees that all legal
proceedings  concerning  the  interpretations,  enforcement  and defense of this
Warrant  and  the  transactions  herein  contemplated  ("PROCEEDINGS")  (whether
brought  against  a party  hereto or its  respective  Affiliates,  employees  or
agents) shall be commenced exclusively in the New York Courts. Each party hereto
hereby irrevocably submits to the exclusive  jurisdiction of the New York Courts
for the adjudication of any dispute hereunder or in connection  herewith or with
any transaction  contemplated hereby or discussed herein, and hereby irrevocably
waives,  and  agrees not to assert in any  Proceeding,  any claim that it is not
personally  subject  to the  jurisdiction  of any New York  Court,  or that such
Proceeding has been commenced in an improper or inconvenient  forum.  Each party
hereto hereby  irrevocably  waives  personal  service of process and consents to
process  being  served in any such  Proceeding  by  mailing a copy  thereof  via
registered or certified  mail or overnight  delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this  Warrant and
agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way
any right to serve  process in any manner  permitted  by law.  Each party hereto
hereby  irrevocably  waives,  to the fullest extent permitted by applicable law,
any and all right to trial by jury in any  legal  proceeding  arising  out of or
relating to this  Warrant or the  transactions  contemplated  hereby.  If either
party shall  commence a Proceeding  to enforce any  provisions  of this Warrant,
then the prevailing  party in such  Proceeding  shall be reimbursed by the other
party for its  attorney's  fees and other costs and expenses  incurred  with the
investigation, preparation and prosecution of such Proceeding.

            (c) The headings herein are for convenience  only, do not constitute
a part of this  Warrant  and shall  not be deemed to limit or affect  any of the
provisions hereof.

                                       9
<PAGE>

            (d) In case any one or more of the  provisions of this Warrant shall
be invalid or unenforceable in any respect,  the validity and  enforceability of
the  remaining  terms and  provisions  of this  Warrant  shall not in any way be
affected or impaired thereby and the parties will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially  reasonable
substitute  therefor,  and upon so agreeing,  shall  incorporate such substitute
provision in this Warrant.

            (e) Prior to exercise of this Warrant,  the Holder hereof shall not,
by reason of by being a Holder,  be entitled to any rights of a stockholder with
respect to the Warrant Shares

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

                                       10
<PAGE>

      IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                     THE BLUEBOOK INTERNATIONAL HOLDING COMPANY

                                     By: ______________________________________
                                         Name:
                                         Title:

                                       11
<PAGE>

                                 EXERCISE NOTICE
                   THE BLUEBOOK INTERNATIONAL HOLDING COMPANY
                         WARRANT DATED NOVEMBER 17, 2004

The  undersigned  Holder  hereby  irrevocably  elects to purchase  _____________
shares of Common Stock  pursuant to the above  referenced  Warrant.  Capitalized
terms used herein and not  otherwise  defined have the  respective  meanings set
forth in the Warrant.

(1)  The   undersigned   Holder   hereby   exercises   its  right  to   purchase
_________________ Warrant Shares pursuant to the Warrant.

(2) The Holder  intends  that  payment of the  Exercise  Price  shall be made as
(check one):

                        ____"Cash Exercise" under Section 10

                        ____"Cashless Exercise" under Section 10

(3) If the holder has elected a Cash  Exercise,  the holder shall pay the sum of
$____________ to the Company in accordance with the terms of the Warrant.

(4) Pursuant to this  Exercise  Notice,  the Company shall deliver to the holder
_______________ Warrant Shares in accordance with the terms of the Warrant.

(5) By its delivery of this Exercise  Notice,  the  undersigned  represents  and
warrants to the Company that in giving effect to the exercise  evidenced  hereby
the Holder will not beneficially own in excess of the number of shares of Common
Stock  (determined in accordance  with Section 13(d) of the Securities  Exchange
Act of 1934)  permitted  to be owned under  Section 11 of this  Warrant to which
this notice relates.

Dated:______________________, _____      Name of Holder:

                                         (Print) _______________________________

                                         By:____________________________________
                                         Name: _________________________________
                                         Title: ________________________________

                                         (Signature must conform in all respects
                                         to name of holder as  specified  on the
                                         face of the Warrant)

                                       12
<PAGE>

                           Warrant Shares Exercise Log

--------------------------------------------------------------------------------
Date       Number of Warrant      Number of Warrant     Number of Warrant
           Shares Available       Shares Exercised      Shares Remaining to
           to be Exercised                              be Exercised
--------------------------------------------------------------------------------

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

                                       13
<PAGE>

                   THE BLUEBOOK INTERNATIONAL HOLDING COMPANY
                   WARRANT ORIGINALLY ISSUED NOVEMBER 17, 2004
                                  WARRANT NO. 1

                               FORM OF ASSIGNMENT

           [To be completed and signed only upon transfer of Warrant]

      FOR VALUE RECEIVED,  the undersigned  hereby sells,  assigns and transfers
unto    ________________________________    the   right   represented   by   the
above-captioned Warrant to purchase ____________ shares of Common Stock to which
such  Warrant  relates  and  appoints  the  Secretary  of  the  Company  as  its
attorney-in-fact  to transfer  said right on the books of the Company  with full
power of substitution in the premises.

Dated:   _______________, ____

                                         _______________________________________
                                         (Name of Holder)

                                         _______________________________________
                                         (Signature must conform in all respects
                                         to name of holder as  specified  on the
                                         face of the Warrant)

                                         _______________________________________
                                         Name of Transferee

                                         _______________________________________

                                         _______________________________________
                                         Address of Transferee

In the presence of:

_______________________________________
Notary Public

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]