Document:

EXHIBIT
      10.13

    

    EXECUTIVE
      AGREEMENT

     

    THIS
      EXECUTIVE AGREEMENT
      (the
      "Agreement") is made effective as of the 31st day of May, 2005 (the "Effective
      Date") between Daniel P. Hoogterp, an individual resident of the State of
      Connecticut ("Executive"), and BANKRATE, INC., a Florida corporation with its
      principal places of business located in North Palm Beach, Florida and New York
      City (the "Company"). 

     

    WHEREAS,
      the Company desires to engage Executive to perform certain services for the
      Company, and Executive desires to accept said engagement from the Company;
      and

     

    WHEREAS,
      the Company and Executive have agreed upon the terms and conditions of
      Executive's engagement by the Company, and the parties desire to express the
      terms and conditions in this Agreement.

     

    WHEREAS,
      the Company and Executive intend for this Agreement to supersede all agreements
      between Executive and the Company.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements contained
      herein and other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged and accepted, the parties hereby agree as
      follows:

     

    1.           Employment
      of Executive.
      The
      Company hereby employs Executive initially as its Senior Vice President, Chief
      Technology Officer and Executive hereby accepts such employment by the Company,
      under the terms of this Agreement subject to termination pursuant to the
      provisions of Section 8 hereof.

     

    2.           Duties
      and Location.

     

    A.           Executive's
      position and duties will consist of a position and duties normally associated
      with the position identified in Section 1. Executive shall initially report
      to
      the Company’s Chief Executive Officer or his designee. Executive shall devote
      his full business time to the Company’s business and shall not render to others
      any service of any kind for compensation or engage in any activity which
      conflicts or interferes with the performance of his obligations under this
      Agreement without the express written consent of the Board; provided, however,
      that Executive may engage in non-profit or charitable activities which do not
      involve substantial time and which do not materially interfere with his
      employment under this Agreement and which activities are not in competition
      with
      the Company as determined in the discretion of the Board of Directors of the
      Company.

     

    B.           Executive
      agrees that he shall at all times faithfully and to the best of his ability
      and
      experience perform all of the duties that may be required of him pursuant to
      the
      terms of this Agreement.

     

    C.           Executive
      will perform his services from Company's North Palm Beach office in or at any
      other location within 50 miles of North Palm Beach at the Company’s
      discretion.

     

    3.           Base
      Salary.
      Executive shall receive a base salary commencing on the Effective Date and
      during his employment hereunder of $185,000 per annum (the "Base Salary"),
      which
      amount may be increase annually at the discretion of the Compensation Committee
      of the Board (the "Committee"). The Base Salary shall be paid to Executive
      by
      the Company in accordance with the Company's regular payroll practice as in
      effect from time to time.

     

    4.           Annual
      Bonus.
      Executive will be eligible for an annual bonus program generally available
      to
      executive officers of the Company as approved at the discretion of the
      Compensation Committee of the Board. The target bonus is to be $80,000.
      Executive will be guaranteed a bonus of $50,000 for the remainder of 2005,
      payable in the first quarter of 2006.

     

    5.           Stock
      Incentive.
      Executive shall be eligible to participate in the Company' stock option, stock
      purchase, or other stock incentive plans which are generally available to
      executive officers of the Company and shall be eligible for the grant of stock
      options, restricted stock or other awards there under in accordance with the
      terms and provisions of such plans. The executive will be granted 80,000 options
      of the company’s stock, subject to the approval of the board of directors. The
      options will vest in accordance with the company’s stock option
      plan.

     

    
      
        
        

      

      
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    Company
      represents and warrants that it shall timely prepare and file with the
      Securities and Exchange Commission all documents as may be necessary to comply
      with the provisions of the Securities Act of 1933 and the Securities Exchange
      Act of 1934, each as amended, with respect to such plans and Executive’s grants
      and awards thereunder.

     

    6.           Executive
      Benefits.
      Executive shall be entitled to participate in all benefit plans as shall be
      in
      effect for other executive officers of Company from time to time, subject to
      the
      terms and conditions of each such plan. Executive shall be entitled to paid
      vacation each year in accordance with Company policy. All vacation times shall
      be subject to the approval of the Company’s Chief Executive Officer or, absent
      the Chief Executive Officer, the Board of Directors, which approval may not
      be
      unreasonably withheld. 

     

    7.           Expenses.
      Executive shall be reimbursed by the Company monthly for the ordinary and
      necessary reasonable business expenses incurred by him in the performance of
      his
      duties for the Company, including travel and lodging expenses, meals, client
      entertainment, and cell phone expense, all in accordance with Company policy;
      provided that Executive shall first document said business expenses in the
      manner generally required by the Company under its policies and procedures,
      and
      in any event, in the manner required to meet applicable regulations of the
      Internal Revenue Service relating to the deductibility of such expenses. In
      addition, Executive will be reimbursed for all reasonable expenses associated
      with his move of his family from his current home to Florida.

     

    8.           Termination.
      

     

    This
      Agreement shall terminate upon the occurrence of any of the following events:
      

     

    A.           Death
      of Executive;

     

    B.           Mental
      or physical disability of Executive which prevents him from performing
      substantially all of his duties hereunder for a period of 90 consecutive days
      or
      120 days during any one year.

     

    C.           For
      Cause, as defined below:

     

    1.           The
      Executive's material breach of this agreement which is not cured within ten
      (10)
      days of receipt of written notice to Executive specifying the
      breach;

     

    2.           The
      Executive's dishonesty, fraud, malfeasance, gross negligence or misconduct
      which, in the reasonable judgment of the Board of Directors, is, or is likely
      to, lead to material injury to the Company or the business reputation of the
      Company;

     

    3.           The
      Executive's willful failure to comply with the direction (consistent with the
      Executive's duties) of the Board or to follow the policies, procedures, and
      rules of the Company;

     

    4.           The
      Executive's negligent failure to comply with the direction (consistent with
      the
      Executive's duties) of the Board or to follow the policies, procedures, and
      rules of the Company which is not cured within thirty (30) days of receipt
      of
      written notice;

     

    5.           Executive's
      conviction of, or the Executive's entry of a plea of guilty or no contest to,
      a
      felony or crime involving moral turpitude; or

     

    6.           Executive’s
      resignation.

     

    D.           By
      either party in their sole discretion upon at least thirty (30) days’ prior
      written notice.

     

    E.           Without
      Cause. "Without Cause" means any termination of employment by Company which
      is
      not defined in sub-sections A, B, or C, above.

     

    9.           Post
      Termination Payment Obligations.

     

    A.           If
      this Agreement terminates for any of the reasons stated in sub-sections A,
      B or
      C of Section 8 of this Agreement or is terminated by Executive pursuant to
      subsection D of Section 8 of this Agreement, then the Executive shall be
      entitled to receive his Base Salary at the then current rate and any accrued
      bonus through the effective date of the termination, payable within fifteen
      (15)
      days of the effective termination date, and thereafter the Company shall have
      no
      further obligations under this Agreement, but Executive shall continue to be
      bound by Sections 12, 13, and 14 and all other post-termination obligations
      contained in this Agreement and provisions of this Agreement that specifically
      survive termination of this Agreement.

     

    
      
        
        

      

      
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    B.           If
      this Agreement terminates in accordance with sub-sections E of Section 8 of
      this
      Agreement or is terminated by Company pursuant to subsection D of Section 8
      of
      this Agreement then Company shall pay Executive his Base Salary at the then
      current rate and any accrued bonus through the effective termination date,
      payable within fifteen (15) days of the termination date and the Company shall
      pay Executive a separation payment in the amount of one years Base Salary at
      the
      then current rate (the “Separation Payment”). The Separation Payment shall be
      paid in three installments as follows:

     

    1.           One-Third
      of the Separation Payment shall be payable upon the later of (a) fifteen (15)
      days after the termination date or (b) the day after the expiration date of
      Executive’s legally required right, if any, to revoke his signature or agreement
      in connection with the Separation and Release Agreement described in Section
      9(C) below;

     

    2.           One-Third
      of the Separation Payment shall be payable on the six (6) month anniversary
      of
      the termination date; and

     

    3.           One-Third
      of the Separation Payment shall be payable on the twelve (12) month anniversary
      of the termination date.

     

    The
      post-termination obligations under this Section 9(B) shall be binding upon
      the
      Company regardless of the Executive's subsequent employment with any other
      person, firm, partnership, association, business organization, corporation
      or
      other entity which is not affiliated with the Company.

     

    C.           In
      consideration of, and as a condition to the Company’s obligation to pay the
      Separation Payment, Executive shall:

     

    1.           Execute
      a Separation and Release Agreement in a form prepared by and acceptable to
      the
      Company whereby Executive releases the Company from any and all liability and
      settles claims of any kind; and

     

    2.           Comply
      with the restrictive covenants (Sections 12 and 13 of this Agreement), all
      other
      post-termination obligations contained in this Agreement and the provisions
      of
      this Agreement that specifically survive termination of this
      Agreement.

     

    10.           Work
      Product.
      All Work
      Product (defined below) shall be work made for hire by Executive and owned
      by
      the Company. If any of the Work Product may not, by operation of law or
      otherwise, be considered work made for hire by Executive for the Company, or
      if
      ownership of all right, title, and interest to the legal rights therein shall
      not otherwise vest exclusively in the Company, Executive hereby assigns to
      the
      Company, and upon the future creation thereof automatically assigns to the
      Company, without further consideration, the ownership of all Work Product.
      The
      Company shall have the right to obtain and hold in its own name copyrights,
      patents, registrations, and any other protection available in the Work Product.
      Executive agrees to perform, during or after termination of Executive's
      employment by the Company, such further acts as may be necessary or desirable
      to
      transfer, perfect and defend the Company's ownership of the Work Product as
      requested by the Company. "Work Product" means the data, materials, formulas,
      research, documentation, computer programs, communication systems, audio
      systems, system designs, inventions (whether or not patentable), and all works
      of authorship, including all worldwide rights therein under patent, copyright,
      trade secret, confidential information, moral rights and other property rights,
      created or developed in whole or in part by Executive, while employed by the
      Company, within the scope of Executive's employment or which otherwise relates
      in any manner to the Company's Business. 

     

    11.           Set-Off.
      If at
      the time of termination of this Agreement for any reason, Executive has any
      outstanding obligations to the Company, Executive acknowledges that the Company
      is authorized to deduct from Executive's final paycheck and the Separation
      Payment any then documented amounts owed to the Company.

     

    12.           Trade
      Secrets and Confidential Information.
      During
      the course of Executive's employment with the Company, the Company may disclose
      to Executive Trade Secrets and Confidential Information (defined below). The
      Trade Secrets and the Confidential Information of the Company are the sole
      and
      exclusive property of the Company (or a third party providing such information
      to the Company). The disclosure of the Trade Secrets and the Confidential
      Information of the Company to Executive does not give the Executive any license,
      interest or rights of any kind in the Trade Secrets or Confidential
      Information.

     

    
      
        
        

      

      
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    A.           Executive
      may use the Trade Secrets and Confidential Information solely for the benefit
      of
      the Company while Executive is an employee of the Company. Executive shall
      hold
      in confidence the Trade Secrets and Confidential Information of the Company.
      Except in the performance of services for the Company, Executive shall not
      reproduce, distribute, transmit, reverse engineer, decompile, disassemble,
      or
      transfer the Trade Secrets or the Confidential Information of the Company or
      any
      portion thereof. 

     

    B.           The
      obligations under this Agreement with regard to the Trade Secrets of the Company
      remain in effect as long as the information constitutes a trade secret under
      applicable law. The obligations with regard to the Confidential Information
      of
      the Company shall remain in effect while Executive is employed by the Company
      and for a period of three (3) years thereafter. 

     

    C.           Executive
      agrees to return to the Company, upon Executive's resignation, termination,
      or
      upon request by the Company, the Trade Secrets and Confidential Information
      of
      the Company and all materials relating thereto. 

     

    D.           As
      used herein, "Trade Secrets" means information of the Company, and its
      licensors, suppliers, clients and customers, including, but not limited to,
      technical or non-technical data, formulas, patterns, compilations, programs,
      devices, methods, techniques, drawings, processes, financial data, financial
      plans, product plans, or a list of actual or potential customers or suppliers,
      which is not commonly known or available to the public and which information
      (i)
      derives economic value, actual or potential, from not being generally known
      to,
      and not being readily ascertainable by proper means by, other persons who can
      obtain economic value from its disclosure or use and (ii) is the subject of
      efforts that are reasonable under the circumstances to maintain its
      secrecy.

     

    As
      used
      herein, "Confidential Information" means information, other than Trade Secrets,
      that is treated as confidential, and that would potentially damage or interfere
      with, in any manner, the Company's business if disclosed. Confidential
      Information includes, but is not limited to, information concerning the
      Company's financial structure, pricing, revenue sharing, partner agreements,
      customer agreements, marketing plans, methods of operation, and internal
      operating procedures. 

     

    Notwithstanding
      the foregoing, the provisions of this sub-section D do not apply to (i)
      information which is general knowledge in the Company's industry, (ii)
      information that has been disclosed to Executive by third parties who are
      unrelated to the Company and who are not bound by agreements of confidentiality
      with respect thereto, and (iii) as Executive may be required to disclose by
      law
      but only to the extent required by law. 

     

    13.           Restrictive
      Covenants.

     

    A.           Non-competition.
      Executive agrees that for so long as Executive is employed by the Company and
      for a period of six (6) months thereafter, Executive will not, individually
      or
      on behalf of any person, firm, partnership, association, business organization,
      corporation or other entity engaged in the Business of the Company, engage
      in or
      perform, anywhere within the United States, Canada and any other such geography
      in which the Company operates, which shall constitute the territory, any
      activities which are competitive with the Business of the Company. Nothing
      herein shall be construed to prohibit Executive from acquiring shares of capital
      stock of any public corporation, provided that such investment does not exceed
      5% of the stock of such public corporation.

     

    B.           Non-Recruit.
      Executive agrees that for so long as Executive is employed by the Company and
      for a period of one (1) year thereafter, Executive will not call upon, solicit,
      recruit, or assist others in calling upon, recruiting or soliciting any person
      who is an employee of the Company and with whom Executive had contact or became
      aware of by virtue of Executive's employment, for the purpose of having such
      person work for Executive or for any Client (as defined below) of the Company,
      or for any other person, firm, corporation or entity which is engaged in the
      Business (defined below).

     

    C.           For
      purposes of this Section 13, the term "Business" shall mean the business of
      the
      delivery of editorial content and product research related to consumer financial
      services delivered in print or over the Internet; and the term "Client" shall
      mean any individual or business entity which employs the Company for purposes
      of
      delivery of editorial content and product research related to consumer financial
      services delivered in print or over the Internet. 

     

    
      
        
        

      

      
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    14.           Injunctive
      Relief.

     

    Executive
      acknowledges that breach of the provisions of Sections 12, and/or 13 of this
      Agreement would result in irreparable injury and permanent damage to the
      Company, which prohibitions or restrictions Executive acknowledges are both
      reasonable and necessary under the circumstances, singularly and in the
      aggregate, to protect the interests of the Company. Executive recognizes and
      agrees that the ascertainment of damages in the event of a breach of Sections
      12
      and/or 13 of this Agreement would be difficult, and that money damages alone
      would be an inadequate remedy for the injuries and damages which would be
      suffered by the Company from breach by Executive. 

     

    Executive
      therefore agrees: (i) that, in the event of a breach of Sections 12 and/or
      13 of
      this Agreement, the Company, in addition to and without limiting any of the
      remedies or rights which it may have at law or in equity or pursuant to this
      Agreement, shall have the right to injunctive relief or other similar remedy
      in
      order to specifically enforce the provisions hereof; and (ii) to waive and
      not
      to (A) assert any defense to the effect that the Company has an adequate remedy
      at law with respect to any such breach, (B) require that the Company submit
      proof of the economic value of any Trade Secret, or (C) require that the Company
      post a bond or any other security. Nothing contained herein shall preclude
      the
      Company from seeking monetary damages of any kind, including reasonable fees
      and
      expenses of counsel and other expenses, in a court of law. 

     

    15.           Survival.
      The
      provisions of Paragraphs 9 through 31 shall survive termination of this
      Agreement.

     

    16.           Invalidity
      of Any Provision.
      It is
      the intention of the parties hereto that Sections 12 through 14 of this
      Agreement shall be enforced to the fullest extent permissible under the laws
      and
      public policies of each state and jurisdiction in which such enforcement is
      sought, but that the unenforceability (or the modification to conform with
      such
      laws or public policies) of any provision hereof shall not render unenforceable
      or impair the remainder of this Agreement which shall be deemed amended to
      delete or modify, as necessary, the invalid or unenforceable provisions. The
      parties further agree to alter the balance of this Agreement in order to render
      the same valid and enforceable.

     

    17.           Waiver
      of Breach.
      The
      waiver by either party of a breach of any provision of this Agreement by the
      other shall not operate or be construed as a waiver of any subsequent
      breach.

     

    18.           Successors
      and Assigns.
      This
      Agreement shall be binding upon and shall inure to the benefit of the Company,
      its successors and assigns, and the Company shall require any successors and
      assigns to expressly assume and agree to perform this Agreement in the same
      manner and to the same extent that the Company would be required to perform
      it
      if no such succession or assignment had taken place. Neither this Agreement
      nor
      any right or interest hereunder shall be assignable or transferable by
      Executive, his beneficiaries or legal representatives, except by will or by
      the
      laws of descent and distribution.

     

    19.           License.
      To the
      extent that any pre-existing materials are contained in the materials Executive
      delivers to the Company or the Company's customers, and such preexisting
      materials are not Work Product, Executive grants to the Company an irrevocable,
      nonexclusive, worldwide, royalty-free license to: (i) use and distribute
      (internally or externally) copies of, and prepare derivative works based upon,
      such pre-existing materials and derivative works thereof and (ii) authorize
      others to do any of the foregoing. Executive shall notify Company in writing
      of
      any and all pre-existing materials delivered to the Company by
      Executive.

     

    20.           Release.
      Executive acknowledges that Executive may provide the image, likeness, voice,
      or
      other characteristics of Executive or third parties ("Owner") in the services,
      materials, computer programs and other deliverables that Executive provides
      as a
      part of this Agreement ("Deliverables"). Executive hereby consents to the use
      of
      such characteristics of Executive by the Company in the products or services
      of
      the Company and releases the Company, its agents, contractors, licensees and
      assigns from any claims which Executive has or may have for invasion of privacy,
      right of publicity, defamation, copyright infringement, or any other causes
      of
      action arising out of the use, adaptation, reproduction, distribution,
      broadcast, or exhibition of such characteristics ("Release"). Executive
      represents that Executive has obtained the same Release in writing benefiting
      Company from all third party Owners whose characteristics are included in the
      Deliverables.

     

    21.           Severability.
      If any
      provision or part of a provision of this Agreement shall be determined to be
      void and unenforceable by a court of competent jurisdiction, the remainder
      of
      this Agreement shall remain valid and enforceable.

     

    
      
        
        

      

      
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    22.           Costs
      of Enforcement.
      In the
      event either party breaches this Agreement, the breaching party shall be liable
      to the non-breaching party for all costs of enforcement, including reasonable
      attorneys' fees and court costs, in addition to all other damages and redress
      available in equity or at law.

     

    23.           No
      Prior Agreements.
      Executive hereby represents and warrants to Company that the execution of this
      Agreement by Executive and Executive's employment by Company and the performance
      of Executive's duties hereunder shall not violate or be a breach of any
      agreement with a former employer, client or any other person or
      entity.

     

    24.           Entire
      Agreement.
      This
      Agreement represents the entire understanding of the parties concerning the
      subject matter hereof and supersedes all prior communications, agreements and
      understandings, whether oral or written, relating to the subject matter hereof.
      The language contained herein shall be deemed to be that negotiated and approved
      by both parties and no rule of strict construction shall be
      applied.

     

    25.           Modification.
      This
      Agreement may be modified only by agreement in writing signed by both Company
      and Executive.

     

    26.           Governing
      Law.
      This
      Agreement shall be governed in all aspects by the laws of the State of Florida
      without regard to its rules governing conflicts of law.

     

    27.           Section
      Headings.
      The
      section headings are included for convenience and are not intended to limit
      or
      affect the interpretation of this Agreement.

     

    28.           Notice.
      Whenever
      any notice is required, it shall be given in writing addressed as
      follows:

    

    
      	
              To
                Company:

            	 
	 	
              Bankrate,
                Inc.

            
	 	
              11811
                U.S. Highway One Suite 101

            
	 	
              North
                Palm Beach, Florida 33408

            
	 	
              Attention:
                Thomas R. Evans

               

            
	
              With
                a copy to:

            	 
	 	
              David
                G. Bates, Esq.

            
	 	
              Gunster
                Yoakley & Stewart, P.A.

            
	 	
              777
                South Flagler Drive, Suite 500

            
	 	
              West
                Palm Beach, FL 33401

            
	 	 
	 	 
	
              To
                Executive:

            	
              Daniel
                P. Hoogterp

            
	 	
              3
                Cherry Hill Circle

            
	 	
              Monroe,
                CT 06468

            

    

     

    Notice
      shall be deemed given and effective three (3) days after the deposit in the
      U.S.
      mail of a writing addressed as above and sent first class mail, certified,
      return receipt requested, or when actually received. Either party may change
      the
      address for notice by notifying the other party of such change in accordance
      with this Section. 

     

    29.           Indemnification.
      The
      Company agrees, to the extent permitted by applicable law and the Company's
      Articles of Incorporation, to defend, indemnify and hold harmless Executive
      against any and all loss, damage, liability and expense, including, without
      limitation, reasonable attorneys' fees, disbursements court costs, and any
      amounts paid in settlement and the costs and expenses of enforcing this section
      of the Agreement, which may be suffered or incurred by Executive in connection
      with the provision of his services hereunder, including, without limitation,
      any
      claims, litigations, disputes, actions, investigations or other matters,
      provided that such loss, damage, liability and expense (i) arises out of or
      in
      connection with the performance by Executive of his obligations under this
      Agreement and (ii) is not the result of any material breach by Executive of
      his
      obligations hereunder, and provided further that Company shall be under no
      obligation to defend, indemnify or hold harmless Executive if Executive has
      acted with gross negligence or willful misconduct.

     

    
      
        
        

      

      
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    In
      addition to the foregoing, Company agrees to provide Executive with coverage
      under a Directors & Officers insurance policy to the same extent as the
      Company currently provides its executive officers.

     

    30.           Jurisdiction
      and Venue.
      The
      parties acknowledge that a substantial portion of the negotiations, anticipated
      performance and execution of this Agreement occurred or shall occur in Palm
      Beach County, Florida. Any civil action or legal proceeding arising out of
      or
      relating to this Agreement shall be brought in the courts of record of the
      State
      of Florida in Palm Beach County or the United States District Court, Southern
      District of Florida. Each party consents to the jurisdiction of such Florida
      court in any such civil action or legal proceeding and waives any objection
      to
      the laying of venue of any such civil action or legal proceeding in such Florida
      court. Service of any court paper may be effected on such party by mail, as
      provided in this Agreement, or in such other manner as may be provided under
      applicable laws, rules of procedure or local rules.

     

    31.           JURY
      WAIVER. IN
      ANY
      CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH
      ARISES OUT OF, CONCERNS, OR RELATES TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS
      CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE
      RELATIONSHIP CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT,
      STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT
      JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT
      IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART
      OR A
      COPY OF THIS AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF
      THE
      PARTIES TO THIS AGREEMENT OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER
      PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER PARTY
      REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND
      UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION. EACH PARTY ACKNOWLEDGES
      THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION
      GOVERNED BY THIS AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS
      SECTION.

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

     

    
      	
              EXECUTIVE:

            	
              COMPANY:

            
	 	 
	 	
              BANKRATE,
                INC.

            
	 	 
	
              /s/
                DANIEL P. HOOGTERP 

                

              

            	
              By:
                /s/
                THOMAS R. EVANS

              
                

              

              
                Thomas
                  R. Evans

              

            
	 	
              President
                & CEO

            

    

    

    
      
        
        

      

      
        7STOCK EXCHANGE AGREEMENT

      THIS STOCK EXCHANGE  AGREEMENT (this "Agreement") is dated as of March 10,
2006 by and among Ocean West Holding Corporation, a Delaware corporation ("Ocean
West"),  Karrell Pty Limited (ACN 106 543 542), an Australian  corporation  (the
"Company"),   and  the   shareholders  of  the  Company  (the  "Initial  Karrell
Shareholders") whose names are set forth on the signature page.

                                    RECITALS

      WHEREAS, the Company is the holding company for Capital Sports Pty Limited
("Capital  Sports").  Capital  Sports  is a  licensed  sports  bookmaker  in the
Australian  Capital Territory and accepts  pari-mutuel wagers from its customers
and "lays-off" wagers on North American horse tracks (such business as conducted
by the Company and Capital Sports, the "Business");

      WHEREAS, the Karrell Shareholders wish to exchange,  and Ocean West wishes
to acquire  all of the  outstanding  share  capital of the Company for the Ocean
West Shares (the "Exchange");

      WHEREAS,  the Board of  Directors  of Ocean West has  determined  that the
Exchange  is  consistent  with  and in  furtherance  of its  long-term  business
strategy and in the best interest of Ocean West and its shareholders;

      WHEREAS,  the Board of  Directors of the Company has  determined  that the
Exchange  is  consistent  with  and in  furtherance  of its  long-term  business
strategy and in the best interest of the Company and its shareholders;

      WHEREAS,  the Boards of  Directors of Ocean West and the Company have each
adopted  resolutions  approving  the Exchange,  in accordance  with the Delaware
General   Corporation  law  and  the   Corporations  Act  (as  defined  herein),
respectively, and, in each such case, upon the terms and conditions set forth in
this Agreement; and

      WHEREAS,  for U.S.  federal  income tax purposes,  it is intended that the
Exchange will qualify as a tax-free reorganization within the meaning of Section
368(a)(1) of the Internal  Revenue Code of 1986, as amended  (together  with all
rules and regulations issued thereunder, the "Code"); and

      WHEREAS,  for  Australian  income tax  purposes,  it is intended  that the
exchange of shares by the Karrell Shareholders (other than Madison Avenue Growth
Fund, LLC) contemplated hereby will qualify for scrip for scrip roll-over relief
for Australian  income tax purposes (under  Subdivision  124-M of the Income Tax
Assessment Act 1997).

      NOW THEREFORE,  in consideration of the mutual covenants of the parties as
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, the parties hereto hereby agree as
follows:

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

      In addition to the capitalized  terms defined elsewhere in this Agreement,
the  following  capitalized  terms  shall have the  meanings  specified  in this
Article I.

      "Acquisition  Proposal"  means  any  proposal  relating  to a (1)  merger,
consolidation  or similar  transaction  involving the Company or any  Subsidiary
thereof,  (2) sale,  lease or other  disposition,  directly  or  indirectly,  by
merger, consolidation, share exchange or otherwise, of any assets of the Company
or any Subsidiary thereof representing,  in the aggregate,  twenty percent (20%)
or more of the assets of such entity on a consolidated basis, (3) issuance, sale
or other  disposition  of  (including  by way of  merger,  consolidation,  share
exchange or any similar transaction)  securities (or options, rights or warrants
to purchase or securities convertible into, such securities) representing twenty
percent (20%) or more of the votes attached to the outstanding securities of the
Company  or any  Subsidiary  thereof,  (4)  liquidation,  dissolution,  or other
similar  type of  transaction  with  respect to the  Company  or any  Subsidiary
thereof or (5)  transaction  which is similar in  substance or purpose to any of
the foregoing  transactions;  provided that the Madison Preferred Share Issuance
(as defined) shall not constitute an Acquisition Proposal hereunder.

      "Affiliate"  means,  with  respect to any  Person,  any other  Person that
directly or indirectly  controls,  is  controlled by or is under common  control
with such Person.  As used herein,  the term "control"  means:  (i) the power to
vote at least twenty percent (20%) of the voting power of a Person,  or (ii) the
possession,  directly or  indirectly,  of any other power to direct or cause the
direction  of the  management  and  policies of such a Person,  whether  through
ownership of voting securities, by contract or otherwise.

      "Affiliated Group" means an affiliated group as defined in Section 1504 of
the Code (or any analogous combined, consolidated or unitary group defined under
state, local or foreign income Tax law).

      "Australian  Equivalent"  means  a  statute  or  a  government  agency  of
Australia  or one of its  political  subdivisions  which is the  substantive  or
functional  equivalent of the referenced  statute or agency of the United States
or one of its Subsidiaries.

      "AU$" means Australian Dollars.

      "Books and  Records"  means all books and  records of the  Company and any
Subsidiary thereof,  including, but not limited to, all records, files, books of
account and financial  and  employment  records,  whether in tangible or digital
form.

      "Business Day" means a day other than Saturday, Sunday or a public holiday
on which  banks are  closed  under  the laws of the  State of New  York,  United
States.

      "Capital  Contribution"  means a contribution of no less than US$4,000,000
by Ocean West in cash to the Company to be made simultaneously with the Closing.

                                        2
<PAGE>

      "Claim"  means a Direct Claim or a Third Party Claim,  as the case may be,
as each such term is defined in Article VIII.

      "Closing"  means  the  closing  on the  Closing  Date of the  transactions
contemplated by this Agreement.

      "Closing Date" means the date on which Closing occurs as determined  under
Section 7.1.

      "Code" means the Internal Revenue Code of 1986, as amended.

      "Common  Stock" means the shares of common stock of Ocean West,  par value
$.01 per share.

      "Contracts" means any agreements, contracts, commitments, purchase orders,
licenses  and  leases,  whether  written  or oral,  to which the  Company or any
Subsidiary thereof is a party or by which any of them or their respective assets
or properties are bound.

      "Corporations Act" means the Corporations Act 2001(Cth) of Australia.

      "Deed of Accession" means a deed in the form set forth in Exhibit 3.20.

      "Development  Costs" means the exceptional  costs and expenses incurred by
the  Business  in  fiscal  year  2006  associated  with  the  Exchange  and  the
negotiation of this Agreement, and in the identification, development and growth
of new markets and opportunities.

      "Employee  Benefit  Plan"  means any of the  following:  (A) any  employee
welfare  benefit plan,  including,  but not limited to, any medical  plan,  life
insurance plan,  short-term or long-term  disability plan,  dental plan, or sick
leave plan; (B) any employee  pension benefit plan,  including,  but not limited
to,  any excess  benefit,  or  deferred  compensation  plan or any  nonqualified
deferred compensation or retirement plan or arrangement or any qualified defined
contribution  or defined  benefit plan; or (C) any other material plan,  policy,
program,  arrangement or agreement which provides  employee benefits or benefits
to any current or former employee, dependent, beneficiary, director, independent
contractor  or  like  person,  including,  but not  limited  to,  any  severance
agreement or plan,  vacation time, holiday pay, tuition  reimbursement  program,
service award, moving expense  reimbursement  programs,  material fringe benefit
plan or program,  bonus or incentive plan,  equity  appreciation,  stock option,
restricted stock, stock bonus or deferred bonus plan.

      "Environmental and Safety  Requirements"  means any Law that is related to
(i) pollution, contamination, cleanup, preservation,  protection, reclamation or
remediation  of the  environment,  (ii)  employee  health or  safety,  (iii) the
Release  or   threatened   Release   of  any   Hazardous   Material,   including
investigation,  study, assessment,  testing, monitoring,  containment,  removal,
remediation,  response, cleanup, abatement, prevention, control or regulation of
such  Release or  threatened  Release or (iv) the  management  of any  Hazardous
Material,  including  the  manufacture,   generation,  formulation,  processing,
labeling,  use,  treatment,   handling,   storage,   disposal,   transportation,
distribution,  re-use,  recycling or reclamation of any Hazardous Material;  and
includes,   without  limitation,   the  Comprehensive   Environmental  Response,
Compensation,  and Liability Act (42 U.S.C.  ss. 9601 et seq.)  ("CERCLA"),  the
Hazardous  Materials  Transportation  Act (49  U.S.C.  ss.  1801 et  seq.),  the
Resource  Conservation  and Recovery Act (42 U.S.C. ss. 6091 et seq.), the Clean
Air Act (42 U.S.C. ss. 7401 et seq.), the Clean Water Act (33 U.S.C. ss. 7401 et
seq.), the  Occupational  Safety and Health Act (29 U.S.C. ss. 651 et seq.), the
Toxic  Substance  Control  Act (15  U.S.C.  ss.  2601 et seq.)  and the  Federal
Insecticide,  Fungicide,  and Rodenticide Act (7 U.S.C. ss. 136 et seq.) and the
Australian Equivalent.

                                        3
<PAGE>

      "Employment  Contracts" means the employment  contracts to be entered into
between  the  Company  and each  Key  Employee,  in each  case  with an  initial
three-year term, and  substantially  in the forms attached as Exhibits  6.2(i)-A
and 6.2(i)-B hereto.

      "Escrow Agreement" has the meaning given such term in Section 2.4.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended,  and
the rules and regulations promulgated thereunder.

      "Final Net Working  Capital"  has the  meaning  given such term in Section
2.8(e).

      "Final Net Working  Capital  Statement" has the meaning given such term in
Section 2.8(d).

      "GAAP"  means  generally  accepted  accounting   principles   consistently
applied, in Australia,  in the case of the Company, and in the United States, in
the case of Ocean West.

      "Governmental Authority" means any court, tribunal, arbitrator, authority,
governmental agency, commission, official or other instrumentality of the United
States, any foreign country, or any domestic or foreign state, province, county,
city or other political subdivision.

      "Indebtedness"  means with  respect to any Person (i) all  obligations  of
such Person for borrowed money, whether current or funded, secured or unsecured,
(ii) all  obligations  of such  Person for the  deferred  purchase  price of any
property or services (other than trade accounts  payable arising in the ordinary
course of the business of such  Person),  (iii) all  obligations  of such Person
created or arising under any conditional sale or other title retention agreement
with  respect to property  acquired by such Person  (even  though the rights and
remedies of the Company or lender under such agreement in the event of a default
may be limited to repossession  or sale of such property),  (iv) all obligations
of such Person  secured by a purchase money mortgage or other lien to secure all
or part of the purchase price of property  subject to such mortgage or lien, (v)
all  obligations  under leases which shall have been or should be, in accordance
with GAAP,  recorded as capital leases in respect of which such Person is liable
as lessee, (vi) any obligation of such Person in respect of bankers' acceptances
or  letters  of  credit,  (vii) any  obligations  secured  by liens on  property
acquired by such Person,  whether or not such  obligations  were assumed by such
Person at the time of acquisition of such property,  (viii) all obligations of a
type  referred  to in clauses  (i)  through  (vii)  above  which is  directly or
indirectly  guaranteed  by such Person or which it has agreed  (contingently  or
otherwise)  to  purchase  or  otherwise  acquire  or in  respect of which it has
otherwise  assured  a  creditor  against  loss,  (ix)  any  refinancings  of any
obligation  of a type referred to in clauses (i) through  (viii) above,  and (x)
any interest,  principal,  prepayment penalty,  fees, or expenses, to the extent
due or owing in respect of any  obligation  of a type referred to in clauses (i)
through (ix) above.  For the avoidance of doubt, in no event shall  Indebtedness
be understood to include (A) provision for taxes,  or (B) adjustments to betting
odds, or ATBO's,  or provisions for customer funds, in each case as reflected in
the Company's consolidated financial statements.

                                        4
<PAGE>

      "Karrell Shares" means the outstanding  ordinary shares of the Company and
the Madison Redeemable Preference Shares held by Karrell Shareholders.

      "Karrell Shareholders" means the holders of the Karrell Shares immediately
prior to the Closing, being:

      (a)   the Initial Karrell Shareholders;

      (b)   those of the Remaining Karrell Shareholders (if any) who have signed
            a Deed of  Accession  in  accordance  with  Section 3.20 and thereby
            become bound by this Agreement.

      "Karrell  Shareholder   Representative"   means  Karl  J.  O'Farrell,   as
representative of the Karrell Shareholders.

      "Key Employees" means those persons identified on Schedule 6.1(g) hereto.

      "Knowledge,"  "to  the  knowledge  of  the  Company,"  "to  the  Company's
knowledge" or words of similar import, refers to the actual knowledge of Karl J.
O'Farrell.

      "Latest Balance Sheet Date" means December 31, 2005.

      "Law" means the common law of any state,  or any provision of any foreign,
federal, state or local law, statute, rule, regulation, order, permit, judgment,
injunction,  decree  or  other  decision  of any  court  or  other  tribunal  or
Governmental Authority legally binding on the relevant party or its properties.

      "Liabilities"  means  liabilities or  obligations  of any nature  (whether
accrued, asserted, absolute, secured or unsecured, contingent, direct, indirect,
known, unknown, perfected,  inchoate,  unliquidated or otherwise, whether due or
to become due),  including,  without limitation,  any obligations arising out of
facts,  circumstances or events that have occurred prior to the Closing that are
not known, but if known, would be contingent liabilities; provided however, that
the foregoing  shall in no case include  Adjustments to Betting Odds, or ATBO's,
or  provisions  for  customer  funds or  provision  for  taxes,  in each case as
reflected on the Company's consolidated financial statements.

      "Lien" means any covenants,  restrictions, claims, liens, charges, rights,
options,  preemptive  rights,  voting trust  arrangements,  mortgages,  deeds of
trust, hypothecations,  assessments,  pledges, encumbrances, claims of equitable
interest or security interests of any kind or nature  whatsoever,  other than in
each case any Permitted Lien.

      "Madison"  means  Madison  Avenue  Growth  Fund,  LLC, a Delaware  limited
liability company.

                                        5
<PAGE>

      "Madison  Preferred  Share  Issuance" means the issuance prior to the date
hereof by the Company to Madison of the Madison Redeemable Preference Shares.

      "Madison  Redeemable  Preference  Shares" means 333 redeemable  preference
shares in the capital of the Company.

      "Material  Adverse  Effect"  means a material and adverse  effect upon the
business, assets, liabilities,  financial condition, or operating results of any
Person and its Subsidiaries,  if any, taken as a whole; provided,  that the term
"Material  Adverse Effect" shall not include the impact  attributable to (a) any
change in GAAP made after the date  hereof,  (b) any change in general  economic
conditions  or in the  industry  in which such  Person or its  Subsidiaries  are
engaged in business  to the extent that such change does not  disproportionately
affect  such  Person or its  Subsidiaries,  if any,  (c) any  change or  effects
arising  out of  the  announcement  of the  transactions  contemplated  by  this
Agreement  or  the  consummation  of  the  transactions   contemplated  by  this
Agreement;  (d) the  engagement by the United States in  hostilities  other than
those  occurring as of the date hereof;  (e) changes in any Laws; (f) any action
taken by a party  hereto in  accordance  with an express  obligation  under this
Agreement; (g) in the case of the Company, any action taken by Ocean West or any
of its  respective  Affiliates  or agents;  (h) in the case of Ocean  West,  any
action taken by Ocean West or any of its respective  Affiliates or agents or (g)
financial,  banking or securities  markets (including any disruption thereof and
any decline in the price of any security or any market index).

      "Material  Contract"  has the meaning  given such term in Sections 4.9 and
5.12.

      "Net Working Capital" means (i) current assets (other than deferred income
taxes) (net of  allowances  and  accruals) and shall on the Closing Date include
the  Capital  Contribution,   minus  (ii)  current  liabilities  (excluding  (a)
provision for taxes,  (b) adjustments to betting odds, or ATBO's,  or provisions
for  customer  funds and (c) the  unsecured  loan from Karl J.  O'Farrell to the
Company  and  its  Subsidiary,  in  each  case  as  reflected  in the  Company's
consolidated  financial  statements),  in  each  case  of the  Company  and  its
Subsidiaries  as of  immediately  prior to the  Closing,  as  determined  (x) in
accordance  with the Company's  accounting  methods and principles  applied on a
basis  consistent with the calculation of the net working capital of the Company
and its  Subsidiaries  as of  December  31,  2005 and the  worksheet  for  which
calculation is attached as Schedule 2.8(b) hereto for illustrative  purposes, or
(y) if (and only to the extent that) any such  accounting  methods or principles
are not in accordance with GAAP, then in accordance with GAAP.

      "Net Working Capital Statement" has the meaning given such term in Section
2.8(b).

      "Ocean West Shares" means,  subject to adjustment under Sections 2.2, 2.6,
2.8 and 2.9,  the twenty  (20,000,000)  million  shares of Common  Stock,  to be
issued to the Karrell Shareholders.

      "Ocean West Stock  Option  Plan" means the Ocean West Stock Option Plan to
be agreed  between  Ocean West and the Karrell  Shareholder  Representative  and
containing the terms and awards and made available to the participants described
on  Schedule  6.2(e)  hereto  and   satisfactory  to  the  Karrell   Shareholder
Representative in all respects.

                                        6
<PAGE>

      "Permits"  means all  permits,  licenses,  certifications,  approvals  and
authorizations by or of, or registrations with, any Governmental Authority.

      "Permitted Liens" means any (a) mechanics',  carriers', workers' and other
similar  Liens  arising  in  the  ordinary  course  of  business  that  are  not
delinquent;  (b) minor  irregularities  of title that in the  aggregate  are not
material  in amount and do not  interfere  with the present use of the assets to
which they apply;  (c) Liens for current Taxes and  assessments  not yet due and
payable or which are being  contested in good faith by appropriate  proceedings;
(d)  zoning,  building  codes  and  other  land use laws  regulating  the use or
occupancy of the Real Property or the activities conducted thereon which are not
materially violated by the current use or occupancy of such Real Property or the
operation of the Business as currently conducted; and (e) easements,  covenants,
conditions,  restrictions and other similar matters  affecting title to the Real
Property  and other title  defects with  respect to the Real  Property,  in each
case, which do not materially  impair the use or occupancy of such Real Property
or the operation of the Business as currently conducted.

      "Person" means any individual,  sole proprietorship,  general partnership,
limited  partnership,  limited  liability  company,  joint venture,  joint stock
company,  trust,  business,  bank,  trust company,  unincorporated  association,
cooperative,  corporation, entity or government (whether federal, state, county,
city or otherwise, including, without limitation, any instrumentality, division,
agency or department thereof).

      "Proprietary Rights" means intellectual property, confidential information
and  proprietary  information,  including but not limited to (a) all  inventions
(whether patentable or unpatentable and whether or not reduced to practice), all
improvements  thereto,  and  all  patents,   patent  applications,   and  patent
disclosures,      together     with     all     reissuances,      continuations,
continuations-in-part,  revisions,  extensions,  and reexaminations thereof, (b)
all trademarks,  service marks, trade dress, logos, trade names, Internet domain
names,  assumed  names and  corporate  names,  together  with all  translations,
adaptations,  derivations,  and combinations  thereof and including all goodwill
associated  therewith,  and all  applications,  registrations,  and  renewals in
connection  therewith,  (c) all published and  unpublished  works of authorship,
whether copyrightable or not, including all statutory and common law copyrights,
applications,  registrations,  extensions and renewals in connection  therewith,
(d) all trade secrets and confidential  business  information  (including ideas,
research and development,  know-how, formulae, algorithms,  software, compounds,
compositions,  production  processes and techniques,  technical  data,  designs,
drawings,  specifications,   customer  and  supplier  lists,  pricing  and  cost
information,  and  business  and  marketing  plans,  promotional  materials  and
proposals),  (e) all proprietary  computer software  (including data and related
documentation) and computer programs,  applications,  routines,  interfaces, and
algorithms,  whether in source code or object code,  (f) all  websites,  (g) all
other proprietary  rights, and (h) all copies and tangible  embodiments  thereof
(in whatever form or medium, including digital and in any jurisdiction).

      "Registration Rights Agreement" means the Registration Rights Agreement to
be entered into among Ocean West, the Company,  certain Karrell Shareholders and
the Karrell  Shareholder  Representative,  substantially in the form attached as
Exhibit 3.14 hereto.

                                        7
<PAGE>

      "Release" shall mean any releasing,  spilling,  leaking, pumping, pouring,
emitting,  emptying,  discharging,  injecting,  escaping, leaching, disposing or
dumping into the indoor or outdoor environment.

      "Remaining  Karrell  Shareholders"  means  the  holders  of the  Remaining
Karrell Shares.

      "Remaining  Karrell Shares" means the  outstanding  ordinary shares of the
Company that are not held by the Initial Karrell Shareholders.

      "Securities  Act" means the  Securities  Act of 1933, as amended,  and the
rules and regulations promulgated thereunder.

      "SEC" means the United States Securities and Exchange Commission.

      "Subsidiary"   means,  with  respect  to  any  Person,   any  corporation,
partnership,  limited  liability  company,  association or other entity of which
securities or other  ownership  interests  representing  more than fifty percent
(50%)  of  the  ordinary  voting  power  are,  at  the  time  as  of  which  any
determination  is being made,  owned or controlled by such Person or one or more
Subsidiaries  of such Person or by such Person and one or more  Subsidiaries  of
such Person.

      "Tax" means with respect to any  country,  any  federal,  state,  local or
foreign  income,  gross receipts,  franchise,  estimated,  alternative  minimum,
add-on minimum, sales, use, transfer, registration, value added, excise, natural
resources,    severance,   stamp,   occupation,    premium,   windfall   profit,
environmental, customs, duties, real property, personal property, capital stock,
social security,  unemployment,  disability, payroll, license, employee or other
withholding,  or other tax,  of any kind  whatsoever,  including  any  interest,
penalties or additions to tax or additional amounts in respect of the foregoing;
the foregoing shall include any transferee or secondary  liability for a Tax and
any liability for a Tax assumed by agreement or arising as a result of being (or
ceasing to be) a member of any  Affiliated  Group or being included (or required
to be included) in any Tax Return relating thereto.

      "Tax Returns"  means with respect to any country,  returns,  declarations,
reports,  claims for refund,  information returns or other documents  (including
any  related  or  supporting  schedules,  statements  or  information)  filed or
required  to be  filed  in  connection  with the  determination,  assessment  or
collection  of any  Taxes  of any  party  or the  administration  of any Laws or
administrative requirements relating to any Taxes.

      "Transaction  Documents"  means this Agreement,  the  Registration  Rights
Agreement,  the  Employment  Agreements,  the  Escrow  Agreement  and each other
agreement, document, certificate and instrument being delivered pursuant to this
Agreement.

      "US$" means United States Dollars.

                                        8
<PAGE>

                                   ARTICLE II

                              EXCHANGE TRANSACTION

            2.1.  Authorization  of  the  Ocean  West  Shares.  Ocean  West  has
authorized  the issuance and exchange of the Ocean West Shares,  all pursuant to
the terms and conditions of this Agreement.

            2.2.  Exchange.  Subject  to terms  and  conditions  hereof,  on the
Closing Date, Ocean West will issue, convey, transfer and assign to each Karrell
Shareholder and each Karrell Shareholder shall accept from Ocean West all right,
title and  interest  in and to that number of Ocean West Shares set forth in the
next sentence in exchange for such Karrell  Shareholder's  Karrell  Shares,  and
each  Karrell  Shareholder  will  convey,  transfer and assign to Ocean West all
right,  title and  interest  in and to the Karrell  Shares held by such  Karrell
Shareholder  in  exchange  for that number of Ocean West Shares set forth in the
next sentence being issued to such person by Ocean West hereunder.  Each Karrell
Shareholder  shall receive that number of Ocean West Shares which is the product
of (i) the percentage of Karrell  Shares held by such Karrell  Shareholder as of
the Closing Date, and (ii) the number of Ocean West Shares.

            2.3.  Closing.  Subject to the provisions of this Agreement,  on the
Closing Date, Ocean West shall cause to be delivered to the Karrell Shareholders
certificate(s)  representing the Ocean West Shares and the Company shall deliver
to Ocean  West  certificate(s)  representing  no less  than  90% of the  Karrell
Shares.

            2.4. The Escrow.

      (a) At the Closing, Ocean West shall set aside and deliver to American
Stock Transfer & Trust Company, as escrow agent (the "Escrow Agent") pursuant to
an escrow agreement (the "Escrow Agreement") in the form to be agreed upon by
the parties, an aggregate number of Ocean West Shares, equal to the product of
(i) the quotient obtained by dividing (A) the number of Karrell Shares by (B)
the sum of all outstanding ordinary shares and Preference Shares of the Company,
and (ii) 7,500,000, which make up a portion of the Ocean West Shares and which
are for the account of the Karrell Shareholders (other than Madison)
(hereinafter referred to as the "Karrell Escrow Shares"). Ocean West shall be
solely responsible for the fees and expenses of the Escrow Agent.

      (b) At the Closing, Ocean West shall set aside and deliver to the Escrow
Agent pursuant to the Escrow Agreement, an aggregate of Two Million Five Hundred
Thousand (2,500,000) Ocean West Shares which make up a portion of the Ocean West
Shares and which are for the account of Madison, (hereinafter referred to as the
"Madison Escrow Shares"). Ocean West shall be solely responsible for the fees
and expenses of the Escrow Agent. The Karrell Escrow Shares and the Madison
Escrow Shares are hereinafter collectively referred to as the "Escrow Shares."

      (c) The Escrow Agreement shall provide that the Karrell Shareholders shall
continue to be the beneficial owners of the Escrow Shares and shall retain all
voting and other rights of ownership associated with the Escrow Shares.

                                        9
<PAGE>

      (d) Subject to subsection 2.4(f) below, the Escrow Shares shall not be
released from escrow in their entirety, if at all, prior to Ocean West's receipt
of consolidated financial statements for the Company audited in accordance with
GAAP for the fiscal year ended December 31, 2006 ("Fiscal 2006 Audit"). Subject
to subsections (h) and (i) below, all Escrow Shares shall be released from
escrow and delivered pro rata to the Karrell Shareholders within five days of
the Karrell Shareholder Representative providing to Ocean West a certificate
(the "Escrow Certificate"), if the Company's Fiscal 2006 Audit reports net
income at least equal to ninety (90%) percent of the audited net income reported
by the Company for the fiscal year ended December 31, 2005 ("Fiscal 2005
Audit"). In the event the Fiscal 2006 Audit reports net income of less than
fifty (50%) percent of the Fiscal 2005 Audit, none of the Escrow Shares shall be
released from escrow. In the event the Fiscal 2006 Audit reports net income of
between 50% and 90% of the Fiscal 2005 Audit, a corresponding percentage of the
Escrow Shares (which shall be treated as consisting of the original number of
Escrow Shares for this purpose) shall be released from escrow and delivered pro
rata to the Karrell Shareholders within five days of the Karrell Shareholder
Representative providing to Ocean West the Escrow Certificate. By way of
example, if the Fiscal 2006 Audit reports net income of 70% of the Fiscal 2005
Audit, 70% of the Escrow Shares shall be released from escrow.

      (e) For purposes of determining whether the Company's consolidated net
income for the fiscal year ending December 31, 2006 ("Fiscal 2006") or the
fiscal year ending December 31, 2007 ("Fiscal 2007") equals or exceeds
consolidated net income for the fiscal year ended December 31, 2005 ("Fiscal
2005"), as set forth in subsection (d) above, the currency exchange rate used
for Fiscal 2006 and Fiscal 2007, as the case may be, shall be the same exchange
rate used on the date of the accountants' report for the Fiscal 2005 audit.
Therefore, actual Fiscal 2006 consolidated net income and, if necessary, actual
Fiscal 2007 consolidated net income shall be adjusted for purposes of this
determination by using such currency exchange rate.

      (f) A portion of the Escrow Shares (which shall be treated as consisting
of the original number of Escrow Shares for this purpose) shall be released
during 2006 within five days of the Karrell Shareholder Representative providing
to Ocean West an escrow certificate (the "Escrow Certificate"), as follows. For
each of the four (4) fiscal quarters of Fiscal 2006, if the Company's reported
consolidated net income for such Fiscal 2006 quarter is at least equal to 90% of
reported consolidated net income for the corresponding quarter for Fiscal 2005,
that number of Escrow Shares that is equal to the product of (i) the quotient
whose numerator is the Company's consolidated net income for such Fiscal 2006
quarter and whose denominator is the Company's consolidated annual net income
for Fiscal 2005 reported in the Company's audited financial statements for
Fiscal 2005 (the "Fiscal 2005 Audit") and (ii) the original number of Escrow
Shares, shall be released on a quarterly basis. In the event the Company reports
consolidated net income for a Fiscal 2006 quarter which is between 50% and less
than 90% of the consolidated net income for the corresponding Fiscal 2005
quarter, that number of Escrow Shares that is the product of (x) the
corresponding percentage and (y) 25% of the original number of Escrow Shares,
shall be released from escrow and distributed pro rata to the Karrell
Shareholders who beneficially own such Escrow Shares. In the event that the
Company's consolidated net income for any Fiscal 2006 quarter is less than 90%
of the Company's reported consolidated net income for the corresponding quarter
for Fiscal 2005 and Escrow Shares are not released from escrow, such withheld
Escrow Shares can subsequently be released upon a cumulative basis after any
succeeding fiscal quarter if the Company's year to date consolidated net income
for Fiscal 2006 equals or exceeds 90% of the Company's consolidated net income
for the corresponding cumulative period in Fiscal 2005.

                                       10
<PAGE>

      (g) In determining the Company's consolidated net income for Fiscal 2006
for purposes of this Section 2.4, Development Costs shall be excluded.

      (h) In the event the audited consolidated net income reported by the
Company for the audit for Fiscal 2007 ("Fiscal 2007 Audit") equals at least
ninety (90%) percent of the consolidated net income of the Company reported for
the Fiscal 2005 Audit, then all Escrow Shares that have not been released from
escrow in accordance with the terms of this Section 2.4 shall be distributed pro
rata to the Karrell Shareholders who beneficially own such Escrow Shares. If the
Fiscal 2007 Audit reports consolidated net income which is between 50% and less
than 90% of the Fiscal 2005 Audit, the corresponding percentage of Escrow Shares
(which shall be treated as consisting of the original number of Escrow Shares
for this purpose) shall be released from escrow and distributed pro rata to the
Karrell Shareholders who beneficially own such Escrow Shares within five days of
the Karrell Shareholder Representative providing to Ocean West the Escrow
Certificate.

      (i) Up to two million (the "Indemnity Escrow Shares") of the Karrell
Escrow Shares, but none of the Madison Escrow Shares, shall be set aside from
the final quarterly distribution to be made to Karrell Shareholders under
subsection 2.4(f) as each Ocean West Indemnified Party's sole recourse for any
Claim for indemnification pursuant to Article VIII (except specific performance
shall be available if otherwise provided for in the event of a particular breach
in this Agreement) and no monetary damages shall otherwise be available to any
Ocean West Indemnified Party in the event any Claim for indemnification arises
pursuant to Article VIII. The number of Indemnity Escrow Shares to satisfy a
Claim for which the Karrell Shareholders may be liable shall be based on the
average last sales price (or, if not available, the average fair market value)
of Ocean West's Common Stock for the five (5) trading days prior to the date
such Escrow Shares are required to be delivered to Ocean West. No Shares shall
be held as Indemnity Escrow Shares following the 12-month anniversary of the
Closing Date provided there are no pending claims for indemnification by any
Ocean West Indemnified Party under Article VIII. If any Ocean West Indemnified
Party has a claim for indemnification pending under Article VIII on the 12-month
anniversary of the Closing Date, any Indemnity Escrow Shares shall continue to
be held in escrow solely for purposes of any such pending claim. In any event,
if a Claim is made beyond the one year anniversary date based on a longer
applicable statute of limitations, no Indemnity Escrow Shares shall be available
to satisfy any such Claim.

      (j) The number of Indemnity Escrow Shares is inclusive with the Karrell
Escrow Shares, thus, any Indemnity Escrow Shares which are set aside to Ocean
West to satisfy a Claim shall reduce the number of Karrell Escrow Shares
available under subsection (d) above.

      (k) In the event that any Escrow Shares remain in Escrow following the
Fiscal 2007 Audit, in accordance with the terms of Section 2.4(h), then after
the determination of the Fiscal 2007 Audit, such Escrow Shares shall be returned
to authorized but unissued capital of Ocean West.

                                       11
<PAGE>

            2.5. Exchange of Certificates.

            (a) Exchange  Agent.  Ocean West  designates  Registrar and Transfer
Company,  located in Cranford, New Jersey, or its successor, to act as agent for
the holders of the Karrell Shares in connection with the Exchange (the "Exchange
Agent") to receive in trust, the  certificate(s)  ("Certificates")  representing
the Karrell  Shares in exchange for the Ocean West Shares and to issue the Ocean
West Shares to the Karrell Shareholders.

            (b)  Lost,  Stolen  or  Destroyed  Certificates.  In the  event  any
Certificate(s) shall have been lost, stolen or destroyed,  upon the making of an
affidavit of that fact by the person  claiming such  Certificate(s)  to be lost,
stolen or destroyed  and, if required by Ocean West,  the posting by such person
of a bond in such sum as Ocean West may reasonably  direct as indemnity  against
any claim that may be made  against any party hereto or the Company with respect
to such  Certificate(s),  the Company will issue  replacement  certificate(s) in
exchange  for such lost,  stolen or destroyed  certificate(s)  in respect of the
Karrell Shares represented by such lost, stolen or destroyed Certificate(s).

            2.6. Adjustments.  If at any time during the period between the date
of this Agreement and the Closing Date, any change in the outstanding  shares of
capital  of  Ocean  West  shall   occur  by  reason  of  any   reclassification,
recapitalization,  stock  split or  combination,  exchange  or  readjustment  of
shares,  the number of Ocean West Shares to be exchanged shall be  appropriately
adjusted to provide the holders of Karrell Shares with the same economic  effect
as before the event.

            2.7.  Fractional  Shares.  No fractional  Ocean West Shares shall be
issued in the Exchange.

            2.8. Net Working Capital Adjustment.

            (a) The  parties  hereto  have  agreed that the number of Ocean West
Shares to be exchanged in the Exchange was  determined  based on the  assumption
that the Final Net Working  Capital (as defined in paragraph (e) below) would be
not less than US$3,600,000.

            (b) Net Working Capital Statement.  As soon as practicable,  but not
later than  thirty  (30) days,  following  the  Closing  Date,  Ocean West shall
prepare and deliver to the Karrell  Shareholder  Representative a statement (the
"Net Working  Capital  Statement"),  setting forth the Net Working Capital as of
the Closing Date. The Net Working  Capital  Statement  shall be prepared in good
faith in accordance with the terms of this Agreement and shall be accompanied by
a certificate as to such preparation  executed by the Chief Executive Officer of
Ocean West and shall  include a  worksheet  indicating  how such  statement  was
calculated.  Upon  receipt of the Net  Working  Capital  Statement,  the Karrell
Shareholder  Representative  and his agents and  representatives  shall be given
reasonable  access to all of the  Company's  books and  records  during  regular
business hours for the purpose of verifying the Net Working Capital Statement.

                                       12
<PAGE>

            (c) Protest Notice.  Within fifteen (15) days following  delivery of
the Net Working Capital Statement to the Karrell Shareholder Representative, the
Karrell  Shareholder  Representative  may deliver  written  notice (the "Protest
Notice")  to  Ocean  West  of any  disagreement  that  the  Karrell  Shareholder
Representative  may have as to any amount  included  in or omitted  from the Net
Working  Capital  Statement.  Such Protest  Notice shall set forth in reasonable
detail the basis of such  disagreement  together  with the amount(s) in dispute.
The failure of the Karrell  Shareholder  Representative  to deliver such Protest
Notice within the prescribed  time period will  constitute the acceptance of the
Net Working Capital Statement as determined by Ocean West.

            (d) Resolution of Protest. If Ocean West and the Karrell Shareholder
Representative  are unable to resolve any disagreement as to any amount included
in or omitted from the Net Working  Capital  Statement  within fifteen (15) days
following  Ocean  West's  receipt of the  Protest  Notice,  then the  amounts in
dispute will be promptly  referred to an accounting  firm mutually  agreeable to
Ocean West and the Karrell  Shareholder  Representative  (the "Accountants") for
final arbitration within forty-five (45) days after submitting the matter to the
Accountants, which arbitration shall be final and binding on both Ocean West and
the  Karrell  Shareholders.  The  Accountants  shall  act  as an  arbitrator  to
determine,  based  solely  on  presentations  by  Ocean  West  and  the  Karrell
Shareholder  Representative,  and not by independent  review, only those amounts
still in  dispute.  The fees and  expenses of the  Accountants  shall be paid by
Ocean  West.  The term "Final Net Working  Capital  Statement,"  as used in this
Agreement,  shall mean the definitive Net Working Capital Statement  accepted by
the Karrell  Shareholder  Representative or agreed to by the Karrell Shareholder
Representative  and  Ocean  West  in  accordance  with  Section  2.8(c)  or  the
definitive Net Working Capital Statement  resulting from the determinations made
by the Accountants in accordance with this Section 2.8(d).

            (e) Payment.  Within fifteen (15) days of the  determination  of the
Final Net Working Capital  Statement,  if the Net Working Capital of the Company
and its subsidiaries  set forth on the Final Net Working Capital  Statement (the
"Final Net  Working  Capital")  is less than  US$3,600,000,  then the  aggregate
number of Ocean West Shares to be  delivered  to Karrell  Shareholders  shall be
reduced by  two-thirds  of one Ocean West  Share for each U.S.  dollar  that the
Final Net Working Capital is less than US$3,600,000.

            2.9.   Indebtedness   Adjustment.   If   the   aggregate   long-term
Indebtedness of the Company and its  Subsidiaries  outstanding as of the open of
business on the Closing Date (the "Closing Indebtedness"),  is greater than US$4
million,  the  number  of  Ocean  West  Shares  to  be  issued  to  the  Karrell
Shareholders  at the Closing  shall be reduced by  two-thirds  of one Ocean West
Share for each U.S. dollar that the Closing Indebtedness exceeds US$4 million.

            2.10. Taking of Necessary Action; Further Action.

      If, at any time after the Closing Date, any further action is necessary or
desirable  to  carry  out the  purposes  of this  Agreement,  the  officers  and
directors  of the  Company  are fully  authorized  in the name of the Company or
otherwise to take, and will take, all such lawful and necessary action.

            2.11.  Tax-Free  Reorganization.  The  parties  intend  that (i) the
transactions   contemplated   under  this   Agreement   qualify  as  a  tax-free
reorganization  under Section  368(a)(1) of the Code, and (ii) that the Exchange
will  qualify for scrip for scrip  roll-over  relief for  Australian  income tax
purposes (under Subdivision 124-M of the Income Tax Assessment Act 1997) for the
Karrell Shareholders (other than Madison).

                                       13
<PAGE>

                                  ARTICLE III

                         OTHER AGREEMENTS AND COVENANTS

            3.1. Due Diligence.

            (a) By Ocean  West.  From the date hereof  through the Closing  Date
(the "Ocean  West's Due  Diligence  Period"),  Ocean West will have the right to
conduct (at its expense),  during regular  business  hours,  such due diligence,
inspections and  investigations as it may reasonably require with respect to the
Company,  its  Subsidiaries  and the Business,  including,  without  limitation,
claims relating to the Company,  its  Subsidiaries  or their  business,  and all
operational, environmental (excluding environmental testing), legal, regulatory,
accounting and financial  matters  relating to the Company,  its Subsidiaries or
their business.  During Ocean West's Due Diligence Period, upon reasonable prior
written notice during regular business hours, the Company will permit Ocean West
and its  representatives  to have reasonable access to and to inspect (a) all of
the foregoing (subject to restrictions  contained in confidentiality  agreements
to which the Company or any of its Subsidiaries is subject and the protection of
privileged  information)  and,  (b) work  history  related to  employees  of the
Company and its Subsidiaries.  All information  obtained by Ocean West hereunder
shall be treated as  confidential  information  pursuant  to  Section  3.9.  The
Company will cooperate,  and use  commercially  reasonable  efforts to cause its
officers and employees to cooperate,  with such due diligence,  inspections  and
investigations.

            (b) By the  Company.  From the date hereof  through the Closing Date
(the  "Company's  Due  Diligence  Period"),  the Company  will have the right to
conduct (at its expense),  during regular  business  hours,  such due diligence,
inspections  and  investigations  as it may  reasonably  require with respect to
Ocean West and its Subsidiaries,  including, without limitation, claims relating
to Ocean  West,  and all  operational,  environmental  (excluding  environmental
testing), legal, regulatory and financial matters relating to Ocean West. During
the Company's Due Diligence Period,  upon reasonable prior notice during regular
business hours,  Ocean West will permit the Company and its  representatives  to
have  reasonable  access to and to inspect (a) all of the foregoing  (subject to
restrictions  contained  in  confidentiality  agreements  to which Ocean West is
subject and the  protection  of  privileged  information)  and (b) work  history
related  to  employees  of Ocean  West  and its  Subsidiaries.  All  information
obtained by the Company  hereunder shall be treated as confidential  information
pursuant  to  Section  3.9.  Ocean  West  will  cooperate,   and  will  use  its
commercially   reasonable  efforts  to  cause  its  officers  and  employees  to
cooperate, with such due diligence, inspections and investigations.

                                       14
<PAGE>

            3.2.   Non-Negotiation.   In   consideration   of  the   substantial
expenditure of time,  effort and expense  undertaken by Ocean West in connection
with its due  diligence  review  and the  preparation  and  negotiation  of this
Agreement,  from and after the date of this  Agreement  until the earlier of the
termination  of this  Agreement or the Closing,  the Company agrees that it will
not, and will not permit,  any Subsidiary of the Company,  or the  shareholders,
directors,  officers, employees,  representatives and other agents of any of the
foregoing, to, directly or indirectly,  (1) solicit,  initiate, or encourage any
Acquisition  Proposal,  (2) engage in  negotiations  or discussions  concerning,
provide any non-public  information to any person or entity in connection  with,
or enter into any  agreement  with respect to, any  Acquisition  Proposal or (3)
agree to,  approve,  recommend or otherwise  endorse or support any  Acquisition
Proposal.  The Company will immediately  cease any and all existing  activities,
discussions or negotiations with any parties  conducted  heretofore with respect
to any of the  foregoing.  The Company  will  promptly  advise Ocean West of the
terms  of any  communications  they  may  receive  relating  to any  Acquisition
Proposal.

            3.3.  Conduct of  Business.  Prior to  Closing,  the Company and its
Subsidiaries  shall conduct business only in the ordinary course consistent with
past practice.  Without limiting the generality of the foregoing, but subject to
Section 3.4, the Company will:

            (a) itself,  and will cause its  Subsidiaries  to, use  commercially
reasonable efforts to (i) preserve intact the present business  organization and
reputation of the Company and its Subsidiaries,  (ii) keep available (subject to
dismissals,  voluntary  departures  and  retirements  in the ordinary  course of
business  consistent  with past practice) the services of the present  officers,
employees and  consultants of the Company and its  Subsidiaries,  (iii) maintain
the material assets and material  properties of the Company and its Subsidiaries
in working order and condition  subject to ordinary wear and tear, (iv) maintain
the goodwill of  customers,  lenders,  suppliers  and other  Persons to whom the
Company or any Subsidiary  thereof provides services or with whom the Company or
any  Subsidiary  thereof  otherwise  has  significant   business   relationships
consistent  with  past  practice  and (v)  continue  the  sales,  marketing  and
promotional  activities  relating to the business and operations the Company and
its  Subsidiaries  in the  ordinary  course  of  business  consistent  with past
practices;

            (b) except to the extent  required by  applicable  Law or GAAP,  (i)
cause the Books and Records to be maintained in the ordinary  course of business
consistent with past practice and (ii) not permit any material change in (A) any
pricing,  accounting,  financial  reporting  or Tax  practice  or  policy of the
Company or any of its  Subsidiaries  except in the  ordinary  course of business
consistent  with past practice,  or (B) the fiscal year of the Company or any of
its Subsidiaries;

            (c) use,  and will cause the  Company and its  Subsidiaries  to use,
their commercially reasonable efforts to maintain in full force and effect until
the Closing substantially the same levels of coverage as the insurance currently
in place in respect of the Business; and

            (d) cause the Company and its  Subsidiaries  to, promptly  following
receipt thereof,  give Ocean West copies of any written notice received from any
Governmental  Authority or other Person  alleging any material  violation of any
Law.

            3.4. Certain  Restrictions.  Except as set forth on Schedule 3.4 and
except as performed in the ordinary  course of business and consistent with past
practice and notwithstanding  anything in Section 3.3 to the contrary,  prior to
Closing, the Company shall and shall cause its Subsidiaries to refrain from:

                                       15
<PAGE>

            (a) amending their  respective  constitutions  (or other  comparable
corporate charter  documents) or taking any corporate action with respect to any
such  amendment or any  reorganization,  liquidation  or dissolution of any such
entity;

            (b)  authorizing,  issuing,  selling or  otherwise  disposing of any
shares of, or any option,  right or warrant to purchase with respect to, capital
stock of the Company or any of its  Subsidiaries  or altering any term of any of
its  outstanding  securities or making any change in its  outstanding  shares of
capital stock, convertible securities or other ownership interests, in all cases
other than the Madison Preferred Share Issuance;

            (c)  declaring,  setting  aside  or  paying  any  dividend  or other
distribution  in respect of the capital  stock of the Company or any  Subsidiary
not wholly owned by the Company, or directly or indirectly redeeming, purchasing
or  otherwise  acquiring  any  shares  of, or any  option,  right or  warrant to
purchase  with respect to,  capital stock of the Company or any  Subsidiary  not
wholly owned by the Company;

            (d) mortgaging, pledging, or acquiring or disposing of, or incurring
any Lien (other  than a Permitted  Lien) on, any  material  assets and  material
properties of the Company or its Subsidiaries, other than in the ordinary course
of business consistent with past practice, or on any Karrell Shares;

            (e) entering into, amending,  modifying,  terminating  (partially or
completely),  granting  any waiver  under or giving any consent with respect to,
any Permit (other than in the ordinary course of business,  consistent with past
practice) or Material Contract, without the prior written consent of Ocean West;

            (f) incurring any obligation or liability  (absolute or contingent),
except for wagering  liabilities,  current  liabilities  incurred or obligations
under contract entered into in the ordinary course of business;

            (g) making  capital  expenditures  or  commitments  for additions to
property,  plant or equipment constituting capital assets in an aggregate amount
exceeding AU$400,000;

            (h) making any material change in the lines of business in which the
Company and its Subsidiaries participate or are engaged;

            (i) selling,  assigning,  transferring,  abandoning or permitting to
lapse any material  Permits such that it would  reasonably be expected to result
in a Material  Adverse  Effect,  any  material  Proprietary  Rights or any other
material intangible assets, or disclosing any material proprietary  confidential
information  to any Person  outside the ordinary  course of business  consistent
with  past   practice,   other   than  to  Ocean   West,   and  its   respective
representatives,  or granting any license or  sublicense  of any rights under or
with  respect to any  material  Proprietary  Rights  (other than in the ordinary
course of business consistent with past practice);

            (j) materially  changing its cash management  practices  (including,
without  limitation,  the timing of  collection  of  receivables  and payment of
payables and other current liabilities);

                                       16
<PAGE>

            (k)  entering  into  any  merger,  acquisition,   joint  venture  or
partnership;

            (l) waiving any rights of material value;

            (m) making any election or giving any consent  under the Code or the
tax statutes of any state or making any termination,  revocation or cancellation
of any such  election or any consent or compromise or settle any claims for past
or present tax due;

            (n) engaging  any new employee for a salary in excess of  AU$150,000
per annum;

            (o) changing its method of accounting or the  accounting  principles
or practices utilized in the preparation of the financial  statements other than
as required by GAAP; or

            (p) committing or entering into any agreement to do or engage in any
of the foregoing.

            3.5.  Financial  Statements.  As promptly as practicable  and in any
event no later than twenty (20) days after the end of each calendar month ending
after the date hereof and before the Closing  Date,  the Company will deliver to
Ocean West true and complete copies of the unaudited  consolidated balance sheet
and the  related  unaudited  consolidated  statements  of income,  shareholders'
equity  and  cash  flows,  of the  Company  and  its  consolidated  Subsidiaries
(collectively,  the  "Financial  Statements")  as of and for each such  calendar
month and the portion of the fiscal year then ended, which financial  statements
shall be prepared on a basis  consistent  with those  accounting  principles and
procedures  employed in the preparation of the Financial  Statements (except for
year end adjustments that are not material, individually or in the aggregate and
the absence of  footnotes)  and shall be  certified  in writing to Ocean West as
true and correct in all material  respects by the Chief Executive Officer of the
Company.

            3.6.  Employee  Matters.  Except as may be required by Law or as set
forth on Schedule 3.6,  prior to Closing and only to the extent such action will
have a Material Adverse Effect on the Company  business  operations or financial
condition, the Company will refrain, and will cause its Subsidiaries to refrain,
from directly or indirectly:

            (a) making any increase in the salary,  wages or other  compensation
from the  Company or any of its  Subsidiaries  of any officer or employee of the
Company or any of its  Subsidiaries  whose annual  salary is or, after giving to
such change,  would be  AU$100,000  or more (other than pursuant to the terms of
existing agreements in effect as of the date hereof); or

            (b) adopting,  entering  into,  amending,  modifying or  terminating
(partially  or  completely)  any  Employee  Benefit  Plan,  except to the extent
required by applicable Law and, in the event compliance with legal  requirements
presents options, only to the extent that the option which the Company or any of
its Subsidiaries reasonably believes to be the least costly is chosen.

                                       17
<PAGE>

            (c)  establishing  or  modifying  any (i)  performance  compensation
thresholds or similar  targets  affecting  compensation in respect of any fiscal
year under any Employee Benefit Plan of the Company,  Contract for employment to
which  the  Company  or any  Subsidiary  thereof  is  party  or  other  employee
compensation   arrangement   with  respect  to  the  Company's  or  any  of  its
Subsidiaries' employees or (ii) salary ranges,  compensation increase guidelines
or similar  provisions  in respect of any Employee  Benefit Plan of the Company,
Contract for employment to which the Company or any Subsidiary  thereof is party
or other employee compensation  arrangement with respect to the Company's or any
of its Subsidiaries'  employees.  The Company will promptly notify Ocean West in
writing of each  receipt by the Company or any  Subsidiary  of the Company  (and
furnish Ocean West with copies  thereof) of any written notice of  investigation
or administrative  proceeding by the IRS, Department of Labor,  Pension Benefits
Guaranty  Corporation  ("PBGC")  or other  Person or the  Australian  Equivalent
involving any Employee Benefit Plan.

            3.7.  Affiliate  Transactions.  Except as set forth on Schedule 3.7,
and in respect of any loans from Karl J.  O'Farrell  to the  Company  and/or its
subsidiaries  on or prior to the Closing,  all  Indebtedness  and other  amounts
owing  under  Contracts  (other  than  Transaction   Documents  and  employment,
restrictive  covenant,  confidentiality and similar agreements with employees of
the Company and its  Subsidiaries)  between the  Company,  any  Affiliate of the
Company, or any officer,  director,  manager, or spouses,  parents,  children or
siblings of any  director,  or officer or member of the Company or  Affiliate of
any of the foregoing (other than the Company or any Subsidiary thereof),  on the
one hand, and the Company or any of its Subsidiaries, on the other hand, will be
paid in full,  and the Company will  terminate and will cause any such Affiliate
of the Company, or officer, director,  manager, or spouses, parents, children or
siblings of any  director,  officer or member of the Company or Affiliate of any
of the  foregoing  to  terminate,  each such  Contract  with the  Company or any
Subsidiary  thereof,  including,  but not  limited  to any  management  services
agreements,  between any such  Person and the  Company,  without any  obligation
thereunder surviving such termination. Prior to the Closing, except as expressly
contemplated by this Agreement or any other  Transaction  Document,  neither the
Company  nor any  Subsidiary  thereof  will enter into any  Contract or amend or
modify  in  any  material  respect  any  existing  Contract,  or  engage  in any
transaction  outside  the  ordinary  course  of  business  consistent  with past
practice or not on an arm's-length basis, with the Company or any such Affiliate
of the Company, or officer, director,  manager, or spouses, parents, children or
siblings of any  director,  officer or member of the Company or Affiliate of any
of the foregoing.

            3.8. Regulatory and Other Approvals.  Prior to Closing,  the Company
will,  and will  cause its  Subsidiaries  to,  (a) use  reasonable  efforts,  as
promptly as practicable, to (i) obtain all consents, approvals or authorizations
of,  to make  all  filings  with  and to give all  notices  to all  Governmental
Authorities or any other Person required of the Company or any Subsidiary of the
Company  to  consummate  the  transactions   contemplated   hereby  and  by  the
Transaction  Documents and operate their business  immediately after the Closing
in the same manner as operated  prior to the Closing,  in each case, at the sole
cost and expense of Ocean West,  and (ii)  maintain all Material  Contracts  and
Permits in full force and effect upon and immediately  after the consummation of
the transactions contemplated hereby and by the other Transaction Documents, and
(b)  cooperate  with Ocean West as promptly as  practicable  in  obtaining  such
consents,  approvals or  authorizations  or, making such filings with and giving
such notices.  Prior to Closing, the Company will provide prompt notification to
Ocean  West when any such  consent,  approval,  authorization,  filing or notice
referred  to in  clause  (a)  above  is  obtained,  taken,  made  or  given,  as
applicable,  and will periodically advise Ocean West of any communications (and,
unless precluded by Law, provide copies of any such  communications  that are in
writing) with any  Governmental  Authority or other Person  regarding any of the
transactions  contemplated  by this  Agreement  or any of the other  Transaction
Documents.

                                       18
<PAGE>

            3.9. Confidential Information. From the date of this Agreement until
the earlier of the  termination  of this  Agreement  or the  Closing,  except as
required by applicable  Law or by legal or  regulatory  process or in connection
with the financing of the transactions  contemplated  hereby, all parties hereto
shall keep secret and retain in strictest confidence, and refrain from using for
their  benefit  or  the  benefit  of  others,  or  disclosing  to  others,   all
confidential  matters  relating to the Company,  any of its  Subsidiaries or the
Business  (except,  with  respect  to the  Company,  in the  ordinary  course of
business, consistent with past practice).

            3.10. Capital  Contribution.  At the Closing,  Ocean West shall make
the Capital Contribution.

            3.11. Tax Cooperation and Other Tax Matters.

            (a) For the 18-month  period  following the Closing,  Ocean West and
the  Company  agree to  furnish or cause to be  furnished  to each  other,  upon
reasonable request, as promptly as practicable,  such information and assistance
relating  to the  Company and its  Subsidiaries  (including  access to Books and
Records)  as is  reasonably  necessary  for the filing of all Tax  Returns,  the
making of any election  related to Taxes,  the  preparation for any audit by any
taxing  authority,  and  the  prosecution  or  defense  of any  claim,  suit  or
proceeding relating to any Tax Return.

            (b) Prior to Closing,  the Company shall not to take or omit to take
any  action  out of the  ordinary  course  of  business  inconsistent  with past
practice if such action or omission  could have the effect of increasing the Tax
liability  relating  to the  Company or its  Subsidiaries  (and,  following  the
Closing, Ocean West or any of Ocean West's Affiliates).

            (c) The Company shall  cooperate in the  preparation,  execution and
filing of all returns, questionnaires, applications or other documents regarding
any real property transfer or gains,  sales, sue,  transfer,  value added, stock
transfer and stamp taxes, any transfer, recording,  transactions contemplated by
this Agreement  (together with any related  interest,  penalties or additions to
tax,  "Transfer  Taxes").  The Company hereby  acknowledges  and agrees that all
Transfer  Taxes  shall  be paid by the  Company  and  shall  expressly  not be a
liability of Ocean West.

            (d) On the Closing Date, all Tax sharing agreements and arrangements
(excluding in any event this Agreement) between (a) the Company on the one hand,
and (b) the  Company or any of its  Affiliates  (other  than the Company and its
Subsidiaries),  on the  other  hand,  shall be  terminated  effective  as of the
Closing  and have no further  effect for any taxable  year or period  (whether a
past,  present,  or future year or period),  and no additional payments shall be
made thereunder  after the Closing Date with respect to any period in respect of
the redetermination of Tax liabilities or otherwise.

                                       19
<PAGE>

            3.12.  Notice and Cure.  If the  Company  obtains  knowledge  of any
event,  transaction or  circumstance  occurring after the date of this Agreement
that causes or will cause any condition set forth in Section 6.1 to be incapable
of ever being  satisfied,  it will notify Ocean West promptly in writing of, and
contemporaneously  will provide Ocean West with true and complete  copies of any
and all  information  or  documents  relating  to  such  event,  transaction  or
circumstance.  No notice  given  pursuant  to this  Section  3.12 shall have any
effect on the representations,  warranties, covenants or agreements contained in
this  Agreement  for  purposes  of  determining  satisfaction  of any  condition
contained  herein or in any way  limit  the  remedies  available  to Ocean  West
hereunder.

            3.13.  Assistance  with  Financing.  Prior to  Closing,  the Company
shall,  and shall  cause its  Subsidiaries  to,  at Ocean  West's  sole cost and
expense,  to the extent Ocean West may reasonably request in connection with any
equity financing Ocean West may seek to obtain in order to fund the transactions
contemplated  hereby,  use commercially  reasonable efforts to: (i) cooperate in
the  preparation  of  any   registration   statement,   prospectus,   prospectus
supplement, offering memorandum, bank book or similar document, (ii) make senior
management  of  the  Company  and  its  Subsidiaries  reasonably  available  for
customary  "roadshow"  presentations,  lenders'  meetings and  presentations  to
rating  agencies,  (iii)  cooperate  with  prospective  underwriters,   lenders,
placement agents, initial purchasers and their respective advisors in performing
their due  diligence,  (iv) provide all financial  statements  and financial and
other information  (including footnote  disclosures) in the Company's possession
that have been prepared prior to the date hereof,  including without  limitation
the audited  financial  statements  of the  Company as of December  31, 2005 and
December 31, 2004 and, in each case, for the year then ended, (v) use reasonable
efforts,  if requested,  to cause the Company's  accountants to provide  comfort
letters to any underwriters or initial Ocean West,  including without limitation
standard  negative  assurance  on any  interim  period  or pro  forma  financial
statements  and  consent  to  inclusion  of  such  financial  statements  in any
registration statement,  prospectus,  prospectus supplement, offering memorandum
or similar  document,  and (vi) with the prior  written  consent of the Company,
allow reasonable access to its financial and accounting  personnel during normal
business hours and in any event without  causing undue business  interruption to
the  operations  of the Business  and provide  access to  preliminary  financial
statements and other  financial  information  to be used in connection  with the
preparation of pro forma financial  information.  Subject to the Company's prior
written  consent,  Ocean  West  may  use  the  Company's  name  and  logo  in  a
registration statement, prospectus,  prospectus supplement, offering memorandum,
bank book,  or similar  document  related to the  financing of the  transactions
contemplated hereby.

            3.14.  Registration  Rights.  Ocean West shall file with the SEC, no
later than 30 days  following  the Closing  (the  "Scheduled  Filing  Date"),  a
Registration  Statement on Form S-4 or such other suitable form (the  "Mandatory
Registration  Statement")  in  accordance  with the terms and  conditions of the
Regulation  Rights  Agreement in the form attached  hereto as Exhibit 3.14.  The
Mandatory   Registration  Statement  shall  cover  the  registration  under  the
Securities  Act of the Ocean West Shares  (the  "Registrable  Securities").  The
Registrable  Securities include all the Escrow Shares. Karl J. O'Farrell,  Helen
McRae and Madison agree, until the date which is the 12 month anniversary of the
Closing  Date,  to provide  Ocean  West with five (5) days prior  notice of such
person's intention of sell more than 50,000 Registrable Securities in any single
transaction  or more  than  250,000  Registrable  Securities  in any  series  of
transactions  in any  consecutive  30 day  period.  Ocean West  shall  cause the
Mandatory  Registration  Statement to be declared effective under the Securities
Act as soon as commercially  reasonable following the Scheduled Filing Date (the
"Effectiveness  Date"),  and shall use its best  efforts  to keep the  Mandatory
Registration Statement continuously effective under the Securities Act until the
date which is the later of (i) three years after the Effectiveness  Date or (ii)
at such time as all of the Registrable Securities have been resold.

                                       20
<PAGE>

            Ocean West shall  permit the  Mandatory  Registration  Statement  to
become effective within five business days after receipt of a "no review" notice
from the Commission and promptly file with the SEC a request for acceleration of
the effectiveness of the Mandatory Registration Statement to a time and date not
later than two business days after the  submission  of such request.  Ocean West
shall respond  promptly to any and all comments made by the SEC on the Mandatory
Registration Statement.

            3.15. Anti-Dilution Protection. Ocean West covenants and agrees with
the Karrell  Shareholders  that for so long as the Escrow Agent holds any Escrow
Shares,  the number of Ocean West  Shares  have been  changed  into a  different
number  of  shares  or a  different  class  by  reason  of any  stock  dividend,
subdivision,   reclassification,   recapitalization,   split,   reverse   split,
combination  or  exchange of more  shares,  then the number of Ocean West Shares
shall be correspondingly  adjusted to reflect such stock dividend,  subdivision,
reclassification,  recapitalization, split, reverse split, combination, exchange
of more shares or other similar transactions.

            3.16.  Ocean West Actions.  Prior to Closing,  Ocean West shall, and
shall cause its  Subsidiaries to, conduct their business in the ordinary course.
Without limiting the foregoing, Ocean West covenants and agrees with the Karrell
Shareholders  that neither  Ocean West nor its  Subsidiaries  shall (i) make any
material  change  in  the  lines  of  business  in  which  Ocean  West  and  its
Subsidiaries  participate or are engaged or enter into any new line of business,
(ii) enter into any merger, acquisition,  joint venture or partnership except as
disclosed in writing to the Company as of the date hereof, (iii) fail to make in
a timely manner any filings with the SEC required  under the  Securities  Act or
the Exchange Act or the rules and regulations promulgated  thereunder,  and (iv)
authorize,  commit  or enter  into any  agreement  to do or engage in any of the
foregoing without the approval of the Company.

            3.17. Ocean West Board of Directors. Ocean West covenants and agrees
with the Karrell  Shareholders that, Karl J. O'Farrell shall be elected by Ocean
West's  Board of  Directors as a member of such Board as of the Closing Date and
following  Closing,  Ocean West shall take all steps  necessary in order to have
Ocean West's shareholders  re-elect Karl J. O'Farrell to its Board of Directors,
including,  the calling of a meeting of its shareholders to approve the election
of Mr.  O'Farrell and the  preparation of all proxy materials in respect of such
meeting of shareholders and the filing of such proxy materials with the SEC, the
timely mailing of such materials to Ocean West's shareholders thereafter and the
recommendation  to Ocean West's  shareholders  to approve the re-election of Mr.
O'Farrell to Ocean West's Board of Directors.

      On Closing and at the date of election of Mr.  O'Farrell  to Ocean  West's
Board of  Directors,  Ocean  West's  Board of  Directors  shall  consist of four
persons.  If at any time  thereafter,  Ocean West shall increase the size of its
Board of Directors  beyond four directors,  Ocean West covenants and agrees with
the Karrell  Shareholders  that Mr.  O'Farrell  shall be entitled to designate a
second  director  to the Board of  Directors  of Ocean West and Ocean West shall
take the actions described in the foregoing paragraph to facilitate the election
of such additional person to its Board of Directors.

                                       21
<PAGE>

            3.18.  Ocean West  Capitalization.  Ocean West  covenants and agrees
with  the  Karrell  Shareholders  that,  for  the 12  month  period  immediately
following the Closing,  there shall be no more than 100,000,000 shares of Common
Stock authorized,  unless such increase is approved by the holders of at least a
majority of Ocean West's  issued and  outstanding  shares of Common Stock and by
the unanimous vote of the Board of Directors of Ocean West and provided that for
the 12 month period immediately following the Closing the issuance of any shares
of Common Stock of Ocean West in excess of (i) the shares issued and outstanding
on the  Closing  Date;  (ii)  all  shares  reserved  for  issuance  pursuant  to
outstanding   derivative  securities  and/or  existing  compensation  plans,  as
publicly  disclosed by Ocean West prior to the date hereof in its reports  under
the Exchange Act; (iii) any new compensation  plan approved by a majority of the
non-affiliated  public Ocean West  Stockholders;  (iv) issued in connection with
the financing of the Exchange if approved in writing by the Karrell  Shareholder
Representative;  or  (v)  issued  in  connection  with  a  potential  merger  or
acquisition disclosed in writing by Ocean West to the Company, shall require the
unanimous  approval of Ocean  West's  Board of  Directors.  Notwithstanding  the
foregoing,  in the event that Ocean West shall increase the size of its Board of
Directors  beyond  four  directors,  the  above-described  requirement  to  have
unanimous  Board of Directors  approval shall be replaced by the  requirement to
obtain approval of at least a majority of the  "independent  directors" of Ocean
West,  as such term is defined under the  Sarbanes-Oxley  Act of 2002 and/or any
applicable  securities exchange.

            3.19.  Company Board of Directors.  Ocean West, upon consummation of
the  transactions  contemplated  hereby,  shall have  authority to appoint fifty
(50%) percent of the Company's  Board of Directors,  subject to compliance  with
Australian Law.

            3.20. Deed of Accession.  Each Initial  Karrell  Shareholder and the
Company  undertake to use reasonable  endeavors to procure the Remaining Karrell
Shareholders,  by no later than the Business Day prior to the Closing  Date,  to
accede to this Agreement (and thereby agree to transfer their Remaining  Karrell
Shares to Ocean West in  exchange  for Common  Stock of Ocean  West) by entering
into a Deed of Accession.

                                   ARTICLE IV

       REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND KARL J. O'FARRELL

      The  Company and Karl J.  O'Farrell,  jointly and  severally,  and,  where
stated,  the Karrell  Shareholders,  represent  and  warrant to Ocean  West,  as
follows:

            4.1. Karrell Shares.

            Ownership.  Each Karrell Shareholder,  individually and not jointly,
represents and warrants that each of his (her) Karrell Shares is validly issued,
and is a fully  paid and  non-assessable  ordinary  share in the  capital of the
Company,  free and clear of all  Liens  (other  than  restrictions  on  transfer
arising  under  any  applicable  securities  laws).  There  are  no  agreements,
arrangements,  options,  warrants, calls, rights or commitments of any character
relating  to the  voting  (including,  without  limitations,  voting  trusts and
proxies), sale, purchase, redemption or other transfer of the Karrell Shares.

                                       22
<PAGE>

            4.2. Authorization.

            (a) The Company,  is duly  organized and validly  existing under the
laws of Australia,  and has full power, right and authority to execute,  deliver
and  perform  its  obligations  under  this  Agreement  and  each  of the  other
Transaction Documents to which it is a party, and to consummate the transactions
contemplated hereby and thereby. The execution,  delivery and performance by the
Company of this Agreement and each of the other  Transaction  Documents to which
the Company is a party, and the  consummation of the  transactions  contemplated
hereby and thereby,  have been duly and  properly  authorized  by all  requisite
action in accordance with applicable Law and with the  organizational  documents
of the Company.

            (b) This  Agreement  has been duly  executed  and  delivered  by the
Company and constitutes the legal, valid and binding obligations of the Company,
enforceable  against the Company in accordance with its terms. Each of the other
Transaction  Documents  to be  executed  and  delivered  by or on  behalf of the
Company will be duly  executed and delivered by the Company and when so executed
and delivered,  will be the legal,  valid and binding  obligation of the Company
enforceable against the Company in accordance with its terms. The enforceability
of this Agreement and each of the other Transaction  Documents is subject to (i)
the effect of any applicable Law of general application  relating to bankruptcy,
reorganization,  insolvency,  moratorium  or similar Laws  affecting  creditors'
rights and relief of debtors  generally  and (ii) the effect of rules of law and
general principles of equity,  including those governing  specific  performance,
injunctive  relief and other  equitable  remedies  (regardless  of whether  such
enforceability is considered in a proceeding in equity or at law).

            4.3.  No  Conflicts.  Neither  the  execution  and  delivery of this
Agreement  and  the  other  Transaction   Documents  by  the  Company,  nor  the
performance by the Company of the  transactions  contemplated  hereby or thereby
will:

            (a)  violate  or  conflict  with or result in a breach of any of the
terms,   conditions  or  provisions  of  the  constitution,   by-laws  or  other
organizational documents of the Company or any Subsidiary of the Company;

            (b) violate or conflict  with or result in a material  breach of any
Law  applicable  to the  Company or its  Subsidiaries  or by which its or any of
their respective properties or assets are bound or affected;

            (c) result in any breach or  constitute  (with or without  notice or
lapse of time or both) a default  (or an event that with notice or lapse of time
would become a default) under or otherwise violate any Material Contract, or any
material Permit of the Company or any of its Subsidiaries;

            (d)  constitute  an event which would permit any party to terminate,
or accelerate the maturity of any  Indebtedness  or other  obligation  under any
Material Contract;

                                       23
<PAGE>

            (e) impair the Company's or any of its Subsidiaries' rights or alter
the rights or obligations of any third party under, or give to others any rights
of termination,  amendment,  acceleration  or cancellation  of, or result in the
creation of a lien on any of the  properties  or assets of the Company or any of
its Subsidiaries  pursuant to, any note, bond,  mortgage,  indenture,  contract,
agreement,  lease, license,  permit, franchise or other instrument or obligation
to which  the  Company  or any of its  Subsidiaries  is a party or by which  the
Company or any of its Subsidiaries or its or any of their respective  properties
or assets are bound or affected;

            (f)  result  in the  creation  or  imposition  of any Lien  upon the
Karrell  Shares or any material  asset of the Company or any  Subsidiary  of the
Company; or

            (g) require any Permit, authorization,  consent, approval, exemption
or other action by or notice to any Person or Governmental Authority pursuant to
any Laws.

            4.4. Organization; Subsidiaries.

            (a) The Company is a corporation  duly organized,  validly  existing
and in good standing under the laws of Australia. Each Subsidiary of the Company
is duly organized and validly existing under the laws of Australia.  Each of the
Company  and its  Subsidiaries  has full  power  and  authority  to carry on its
business  as  presently  conducted  by it and to own or  hold  under  lease  the
properties  and  assets  it now  owns or  holds  under  lease.  The name of each
director and executive officer of the Company and each Subsidiary thereof is set
forth opposite the position held by same, on Schedule 4.4(a).  The Company shall
deliver to Ocean West prior to Closing true and correct  copies of the Company's
and its Subsidiaries'  (i) corporate,  constitution,  organizational  documents,
including,  but not limited  to,  certificates  or  articles  of  incorporation,
bylaws, operating agreements,  certificates of limited partnership,  partnership
agreements  and  certificates  of existence,  as  applicable,  (ii) minute books
(containing the records of meetings of the  shareholders and boards of directors
or committees thereof), and (iii) share ledgers of records.

            (b) The  Company has no  Subsidiaries  other than those set forth on
Schedule 4.4(b).  Other than as set forth on Schedule  4.4(b),  the Company owns
beneficially and of record 100% of the outstanding share capital or other equity
interests of each  Subsidiary  thereof set forth thereon,  free and clear of all
Liens  (other  than  restrictions  on  transfer  arising  under  any  applicable
securities  laws).  Except  as  set  forth  in  Schedule  4.4(b),  there  are no
agreements, arrangements, options, warrants, calls, rights or commitments of any
character relating to the voting (including,  without limitation,  voting trusts
and proxies), sale, purchase,  redemption or other transfer of any share capital
of any Subsidiary of the Company.

                                       24
<PAGE>

            4.5.  Capitalization.  Schedule  4.5 sets forth the total  number of
issued and outstanding  shares in the capital or other equity  interest,  of the
Company  and any  Subsidiary  thereof,  the names of the  beneficial  and record
holders  thereof and the number of shares held by each such  holder.  All of the
outstanding shares in the capital of the Company and any Subsidiary thereof have
been  validly  issued  and are fully paid and  non-assessable.  No shares in the
capital of the Company or any  Subsidiary  thereof are subject to, nor have been
issued in violation  of,  preemptive or similar  rights.  Except as set forth on
Schedule 4.5 and the Madison  Preferred Share Issuance,  neither the Company nor
any  Subsidiary  thereof  has any  outstanding  share  capital  or other  equity
interests,  or other  securities  convertible into or exchangeable for shares in
its  capital  or  other  equity  interests,  and  neither  the  Company  nor any
Subsidiary  thereof  has  any  outstanding  share  appreciation  rights,  profit
participation rights or phantom stock, or calls, options,  warrants or rights to
subscribe for or to purchase its share capital or other equity  interests or any
stock or securities directly or indirectly  convertible into or exchangeable for
share capital or other equity interests.  Neither the Company nor any Subsidiary
thereof is subject to any obligation  (contingent or otherwise) to repurchase or
otherwise  acquire or retire any  shares of its share  capital or any  warrants,
options or other rights to acquire its share capital.  All issuances,  sales and
repurchases  by the Company and any Subsidiary  thereof of its respective  share
capital or other equity  interests  have been  effected in  compliance  with all
applicable Laws,  including,  without  limitation,  applicable federal and state
securities laws.

            4.6. Financial  Statements.  The following financial statements (the
"Financial  Statements") have been provided to Ocean West: audited  consolidated
balance  sheet of the Company and its  Subsidiaries  as of December 31, 2004 and
December 21, 2005 and the related audited statements of income and comprehensive
income,  shareholders'  equity and  cashflows  for the two (2) years then ended,
together with a true and correct copy of the report on such audited  information
by Duesbury  Nexia,  and all letters from such  accountants  with respect to the
results of such audits. The Financial Statements are complete and correct in all
material respects, are consistent with the Books and Records, and fairly present
the financial  condition,  assets and  liabilities  of the Company,  as of their
respective  dates  and the  results  of  operations,  shareholders'  equity,  as
applicable,  and cash flows for the periods  related  thereto in accordance with
GAAP.

            4.7. Absence of Undisclosed Liabilities.

            (a)  Except  as and  to the  extent  of  (i)  Liabilities  expressly
reflected or reserved for on the Financial Statements, (ii) Liabilities incurred
in the ordinary  course of business  since the date of the Financial  Statements
(none of which is a  Liability  for  breach of  contract,  breach  of  warranty,
product liability, tort or infringement, a claim or lawsuit, or an environmental
liability),  (iii)  Liabilities  which  individually or in the aggregate are not
material  to the Company or any of its  Subsidiaries  (iv)  obligations  arising
under any  contract to which the Company or any of its  Subsidiaries  is a party
but only to the  extent  such  obligations  do not  arise  from or relate to any
breach by the Company or any of its  Subsidiaries or any event,  circumstance or
occurrence  that, with notice or lapse of time would  constitute a breach by the
Company or any Subsidiary and (v) Liabilities set forth on Schedule 4.7(a), none
of the  Company  nor any of its  Subsidiaries  has  any  Liabilities,  which  is
material to the condition  (financial  or otherwise) of the assets,  properties,
business or prospects of the Company and the Subsidiaries taken as a whole.

            (b) Except as set forth on Schedule 4.7(b),  none of the Company nor
any Subsidiary thereof has any Liabilities to, and no Indebtedness is owed to or
from,  the Company or any  Affiliate  of the Company or any  officer,  director,
manager of any of the  foregoing or spouses,  parents,  children and siblings of
any director,  officer or member of the Company or any  Affiliates of any of the
foregoing.

            4.8. Assets.

                                       25
<PAGE>

            (a) Title.  The Company or a  Subsidiary  thereof  has valid  rights
under Contract to use, all material  tangible  personal  property,  all material
intangible  assets,  used in the conduct of the  Business by the Company and the
Subsidiaries  thereof as presently  conducted,  other than property  disposed of
since  such  date in the  ordinary  course  of  business  consistent  with  past
practice. All such tangible personal property, intangible assets, properties and
rights,  and Real Property is free and clear of all Liens,  other than Permitted
Liens.

            (b) Condition. All of the assets of the Company and its Subsidiaries
are, in all material  respects,  in working condition and repair and are useable
in the ordinary course of business.

            4.9. Material Contracts.  As of the date of this Agreement,  neither
the Company nor any of its  Subsidiaries  is a party to or bound by any Contract
that (either  individually or together with any related or similar  Contract) is
material to the business of the Company and its Subsidiaries,  taken as a whole,
except as disclosed on Schedule 4.9 hereof (the "Material Contracts").

      4.10 Real Property. Schedule 4.10 lists all real property used or held for
use by the  Company or any  Subsidiary  thereof  which is owned or leased by the
Company or any Subsidiary thereof from third parties (the "Real Property"). Each
of the  Company  and the  Subsidiaries  thereof is the sole legal and  equitable
owner of the  leasehold  interest it holds in the Real  Property and possesses a
valid  leasehold  interest  thereto,  free and  clear of all Liens  (other  than
Permitted  Liens) that could  impair the ability of the Company or a  Subsidiary
thereof to realize the benefits of the rights  provided to it under  lease,  and
the right to quiet  enjoyment of such Real  Property.  No party to any lease has
sent  written  notice  to the  other  claiming  that  such  party is in  default
thereunder  and that such default  remains  uncured.  There has not occurred any
event  which  would  constitute  a breach of default in the  performance  of any
covenant, agreement or condition contained in any Lease.

      4.11  Litigation.  There is no suit,  action,  proceeding,  investigation,
arbitration,  mediation,  claim or order  pending  or, to the  knowledge  of the
Company, threatened,  against the Company, any Subsidiary thereof, or any of the
current  officers or  directors  of the Company or any  Subsidiary  thereof with
respect  to their  service  as an  officer  or  director  of the  Company or any
Subsidiary  thereof,  before any court,  or before any  Governmental  Authority.
Neither the Company nor any  Subsidiary  thereof (a) is subject to any  material
judgment, order or decree of any Governmental Authority or (b) is engaged in any
legal action to recover monies due it or for damages  sustained by it.  Schedule
4.11 also sets forth a complete and correct list and description of all material
claims, suits, actions,  proceedings and investigations made, filed or otherwise
initiated in connection with the Company or any of its  Subsidiaries  which have
been resolved in the past two (2) years and the resolution thereof.

      4.12  Compliance  with  Applicable  Laws.  None  of the  Company  nor  any
Subsidiary  thereof is in material violation of any Law or other requirements of
any  Governmental  Authority having  jurisdiction  over them or their respective
assets,  properties or businesses,  in connection  with the conduct,  ownership,
use,  occupancy or operation of the  Business,  including,  without  limitation,
regarding any alleged failure to possess any license,  Permit,  authorization or
other approval.  The Company or any Subsidiary  thereof has not received written
notice  asserting  any  such  past  or  present  violation,   and  no  facts  or
circumstances  exist which would  reasonably be expected to cause the Company or
any Subsidiary thereof to be in any such violation in the future.

                                       26
<PAGE>

      4.13 Proprietary Rights.

            (a) Except as set forth on  Schedule  4.13(a),  the  Company and its
Subsidiaries  own, or are licensed,  or otherwise  possess  legally  enforceable
rights,  to use, sell,  distribute or license,  as applicable,  all  Proprietary
Rights used by the Company and its Subsidiaries in or as part of the Business as
currently conducted by the Company and its Subsidiaries  ("Company  Intellectual
Property") and that is material to that Business.  Schedule  4.13(a)  contains a
complete and correct list of all of the Company's and its Subsidiaries'  present
and pending applications for the registration of intellectual  property.  Except
as set forth on Schedule  4.13(a),  the Company and its Subsidiaries own or have
licenses for all material  software used in their business.  Except as set forth
on  Schedule  4.13(a),  the  Company  and  its  Subsidiaries  will,  immediately
subsequent to the Closing  hereunder,  continue to own or have available for use
each  material  item of  Company  Intellectual  Property  on such  terms  as are
identical  to  those  pursuant  to  which  the  Company  and  its  Subsidiaries,
immediately  prior to the  Closing,  own or have the  right to use the  material
Company Intellectual Property.

            (b) Schedule  4.13(b) sets forth a complete list of all (i) material
licenses, sublicenses and other agreements as to which the Company or any of its
Subsidiaries  is a party (as licensor,  licensee or  otherwise)  and pursuant to
which the Company,  any of its Subsidiaries or any other Person is authorized to
use, sell,  distribute or license any  Proprietary  Rights  (including  Embedded
Products,  as defined  below) and (ii) material  licenses,  sublicenses or other
agreements  with the  Company  and  distributors  that  grant any rights to use,
modify,  resell or sublicense any Company product.  The Company has delivered to
Ocean West correct and complete  copies of all such  licenses,  sublicenses  and
agreements  (as  amended to date) set forth on  Schedule  4.13(b).  Neither  the
Company  nor  any of its  Subsidiaries  is in  violation  of any  such  license,
sublicense  or  agreement,  and such  license,  sublicense  and  agreement  will
continue to be in full force and effect immediately  following the Closing.  The
term "Embedded  Products" means any third Person's  Proprietary Rights which are
distributed by the Company and/or any of its  Subsidiaries or incorporated  into
any existing product owned by the Company and/or any of its Subsidiaries.

            (c) Neither the Company nor any of its  Subsidiaries  has infringed,
misappropriated or violated, or is infringing, misappropriating or violating any
Proprietary Rights of any third Persons.

            (d)  The  Company  and  each  of  its  Subsidiaries  has  taken  all
commercially reasonable security measures to safeguard and maintain the secrecy,
confidentiality and value of all Company  Intellectual  Property.  Except as set
forth on Schedule 4.13(d),  to the knowledge of the Company, no current or prior
officer,  employee  or  consultant  of the  Company  or any of its  Subsidiaries
claims,  and neither the  Company  nor any of its  Subsidiaries  is aware of any
grounds for any such  officer,  employee or  consultant to assert a claim to, or
any  ownership  interest  in, any  Proprietary  Right  created by such  officer,
employee or consultant in the course of his or her relationship with the Company
or any of its Subsidiaries,  as applicable,  as a result of having been involved
in the  development of such property  while employed by or providing  consulting
services to the Company or any such Subsidiary or otherwise.

                                       27
<PAGE>

      4.14  Conduct  of  Business.  During the  period  beginning  on the Latest
Balance  Sheet Date and ending as of the date  hereof,  (i) the  Company and its
Subsidiaries  have conducted  their  respective  businesses only in the ordinary
course of business  consistent  with past  practice,  and (ii) there has been no
change, event, occurrence, development or circumstance which, individually or in
the  aggregate,  has had, or would  reasonably  be expected to have,  a Material
Adverse Effect.

      4.15. Permits.  Each of the Company and its Subsidiaries hold all material
Permits of Governmental  Authorities  necessary for its current operation of the
Business,  all of which as of the date hereof are listed on Schedule  4.15,  and
complete and correct  copies of which have  previously  been  furnished to Ocean
West.  Except as set forth on Schedule 4.15,  upon the Closing,  the Company and
its  Subsidiaries  will hold all such  Permits.  Except as set forth on Schedule
4.15, the Company and each of its  Subsidiaries  are and have been in compliance
in all material  respects  with all Permits set forth on Schedule  4.15,  all of
which are valid,  binding and in full force and effect,  and none of the Company
nor any  Subsidiary  thereof has  received any written  notice to the  contrary.
Except as  disclosed  on Schedule  4.15,  none of such  Permits will require the
consent,  approval,  novation  or  waiver  of,  or  giving  of  notice  to,  any
Governmental  Authority or other third party in connection with the consummation
of the  transactions  contemplated  by this Agreement and the other  Transaction
Documents.

      4.16. Employee Benefit Plans.

            (a)  Schedule  4.16(a)  sets forth a complete  list of all  Employee
Benefit Plans (including without limitation,  all Contracts to which the Company
is  party  with  current  or  former   employees,   consultants  or  independent
contractors)   which  the  Company  or  any  Subsidiary   thereof  maintains  or
contributes  to, or with respect to which the Company or any Subsidiary  thereof
has any material  Liability  (each, an "Employee  Benefit Plan of the Company").
The Company has delivered complete copies to Ocean West of each written Employee
Benefit Plan of the Company, as amended to the date hereof.

            (b)  Other  than as set forth on  Schedule  4.16(b),  each  Employee
Benefit Plan of the Company has been in  compliance  and  currently  complies in
form and in operation in all material  respects with all  applicable  Australian
Laws.

            (c)  Other  than as set  forth on  Schedule  4.16(c),  there  are no
actions,  suits,  investigations  or claims  pending or, to the knowledge of the
Company, threatened with respect to any Employee Benefit Plan of the Company, or
the assets  thereof  (other  than  routine  claims for  benefits),  and,  to the
knowledge of the Company,  there are no facts which could reasonably by expected
to give rise to any liability, action, suit, investigation, or claim against any
Employee  Benefit  Plan of the  Company,  any  fiduciary  or plan  administrator
thereof.]

                                       28
<PAGE>

      4.17.  Affiliate  Transactions.  Except  as set  forth in  Schedule  4.17,
neither the Company,  nor any officer,  director,  manager or Affiliate  (or any
officer,  director  or  manager  of any such  Affiliate)  of the  Company or any
Subsidiary  of the  Company,  or spouses,  parents,  children or siblings of any
director,  officer  or  member of the  Company  or any  Affiliate  of any of the
foregoing, has any direct or indirect interest (other than an equity interest of
less than two percent  (2%) of a publicly  held  company) in any customer of the
Company or any  Subsidiary  thereof,  or in any Person  from whom or to whom the
Company or any Subsidiary thereof has leased any real or personal property or in
any other  Person  with  whom the  Company  or any  Subsidiary  thereof  has any
material  business  relationship.  Except  as set  forth in  Schedule  4.17,  no
affiliate is a party to any contract with, or has any claim or right against the
Company.

      4.18. Employees; Salaries; Personnel Agreements, Plans and Arrangements.

            (a) Schedule 4.18(a)  contains a true,  complete and correct list as
of the date hereof setting forth (i) the names, hire dates, current compensation
rates and job titles of all individuals presently employed by the Company or any
Subsidiary  thereof on a salaried  basis  receiving  annual  salary in excess of
AU$75,000 and (ii) the names and total annual  compensation  for all independent
contractors  who  render  services  on a  regular  basis to the  Company  or any
Subsidiary thereof whose current annual  compensation is in excess of AU$75,000.
The  Company  has  no  knowledge  that  any  employee  of  the  Company  or  its
Subsidiaries  whose annual salary is in excess of AU$75,000  will cease to be an
employee because of the  consummation of the  transactions  contemplated by this
Agreement.

            (b) Neither the Company nor any Subsidiary  thereof is a party to or
obligated with respect to any collective bargaining agreements or contracts with
any labor union or other  representative  of employees or any employee  benefits
provided  for by any such  agreement.  Correct and  complete  copies of all such
documents  previously  have been furnished to Ocean West. No strike,  picketing,
work  stoppage,  work slow down,  union  organizational  activity,  or notice to
bargain,  and no  allegation,  charge or  complaint  of unfair  labor  practice,
employment  discrimination or sexual  harassment or other similar  occurrence is
pending or, to the knowledge of the Company, is threatened except, in each case,
for events that did not and would not  reasonably be expected to have a Material
Adverse Effect.

            4.19. Taxes.

            (a) All Australian Tax and duty returns  required by law (including,
but not limited to, all laws imposing or relating to income tax, fringe benefits
tax,  payroll  tax and  goods  and  services  tax) to be  lodged or filed by the
Company have been lodged and filed and no returns are currently on extension;

            (b) No tax or duty or duty return contains a statement that is false
or misleading  in any material  particular or omits to refer to any matter which
is  required  to be  included  or  without  which  the  statement  is  false  or
misleading;

            (c)  All  records,  relating  to  tax  or  duty  returns  or to  the
preparation  of those  returns  required by law to be  maintained by the Company
have been duly maintained;

            (d) All taxes,  levies,  assessments,  contributions,  fees,  rates,
duties,  and other  governmental or municipal charges or impositions (other than
those which may be still paid without penalty or interest) for which the Company
is liable, including any penalty or interest, have been paid;

                                       29
<PAGE>

            (e) There is no current or pre-existing  dispute between the Company
and the  Commissioner of Taxation of the  Commonwealth of Australia or any other
federal,  state,  municipal body or authority  responsible for the collection of
tax or duty;

            (f) All amounts of income tax  required by law to be deducted by the
Company from salary and wages or employees  have been duly deducted  and,  where
appropriate, duly paid;

            (g) No dividend has been paid by the Company (i) in respect of which
the required  franking  amount (as provided for in section  160AQE of the Income
Tax  Assessment  Act of 1936 (the "Tax Act") has exceeded the franked amount (as
defined in  section  160APA of the Tax Act) of the  dividend,  or (ii) which has
been franked in excess of the required  franking amount,  and which would result
in that company being liable to pay franking deficit tax under section 160AQJ of
the Tax Act or additional tax under section 160ARX of the Tax Act; and

            (h)  All  documents  entered  into by the  Company  have  been  duly
stamped.

            4.20. Accounts Receivable and Accounts Payable.

            (a) All  accounts  receivable  of the  Company  and  any  Subsidiary
thereof reflected on the balance sheet included in the Financial Statements, and
all accounts  receivable arising subsequent to the date thereof and prior to the
Closing  Date,  represent  trades  actually  made and valid  claims  against the
respective  debtors  using normal  collection  procedures.  Except to the extent
reserved  against any accounts  receivable  or as reflected  by  prepayments  or
unused  credits,  no  counterclaims  or  offsetting  claims with respect to such
accounts receivable are pending or, to the knowledge of the Company, threatened.

            (b) The accounts  payable of the Company and any Subsidiary  thereof
reflected on the balance  sheet  included in the Financial  Statements,  and all
accounts payable arising subsequent to the date thereof and prior to the Closing
Date, arose or will arise from bona fide transactions.

            4.21.  Banking  Facilities.  Schedule  4.21 is a true,  complete and
correct  list as of the date  hereof of each bank,  savings  and loan or similar
financial  institution  in which the  Company or any  Subsidiary  thereof has an
account, safe deposit box or lockbox, or maintains a banking, custodial, trading
or similar  relationship,  the number of each such account or box, and the names
of all persons authorized to draw thereon or to having signatory power or access
thereto.

            4.22.  Brokers'  or  Finders'  Fees.  No agent,  broker,  investment
banker,  Person or firm acting on behalf of any of the Company or any Subsidiary
of the Company,  or under the authority  thereof,  is or will be entitled to any
brokers'  or finders'  fee or any other  commission  or similar fee  directly or
indirectly  from  any  of the  parties  hereto  in  connection  with  any of the
transactions  contemplated  hereby  except that Madison will receive the Madison
Preferred  Share  Issuance  and Vertical  Capital  Partners,  Inc.  will receive
placement  agent fees in connection with the  transactions  contemplated by this
Agreement.

                                       30
<PAGE>

            4.23. Insurance.  Schedule 4.23 is a true, correct and complete list
and description as of the date hereof,  including  policy numbers,  carriers and
risks insured,  of all insurance  policies  (with respect to general  liability,
fire, theft, product liability,  automobile,  property,  workers'  compensation,
directors'  and  officers'  liability  or  otherwise)  of  the  Company  or  any
Subsidiary  thereof,  or of any Person (other than the Company or any Subsidiary
thereof) for the benefit of the Company or any Subsidiary  thereof,  correct and
complete  copies of which policies have previously been delivered to Ocean West.
Such policies are valid,  binding and in full force and effect,  and none of the
Company nor any  Subsidiary  thereof is in  material  default  thereunder.  Such
policies provide insurance coverage in reasonably sufficient amounts against all
risks usually insured against by companies  operating similar  businesses to the
Business  in similar  localities  where the  Company or any  Subsidiary  thereof
conducts the Business. None of such insurance policies will terminate,  lapse or
be materially modified (with or without the giving of notice or lapse of time or
both) by reason of the transactions contemplated by this Agreement and the other
Transaction  Documents.  None of the  Company  nor any  Subsidiary  thereof  has
received any written  notice of  cancellation  or intent to cancel,  or material
increase in premiums,  with respect to such  insurance  policies.  Schedule 4.23
also  contains  a list of all  claims  filed by the  Company  or any  Subsidiary
thereof with any insurance  Company since  December 31, 2004,  and any instances
since such date of a denial of coverage of the Company or any Subsidiary thereof
by any insurance company.  The Company has provided Ocean West with complete and
correct  descriptions  of  all  material  claims  made  under  any  policies  of
insurance, whether or not currently in effect since December 31, 2004.

      4.24 Health, Safety and Environment.

            (a) Compliance. Except as set forth on Schedule 4.24(a), each of the
Company and any  Subsidiary  thereof is and at all times since December 31, 2004
has been in  compliance  in all material  respects  with all  Environmental  and
Safety Requirements applicable to their respective assets and any facilities and
operations thereon;

            (b) No Hazardous Materials; No Releases.  Other than as set forth on
Schedule  4.24(b),  except  in  compliance  in all  material  respects  with all
applicable  Environmental and Safety  Requirements and in a manner and condition
that would not  reasonably be expected to give rise to material  liabilities  or
material  remedial   obligations  under  applicable   Environmental  and  Safety
Requirements, (i) there are no Hazardous Materials on, in or under, or emanating
from or affecting,  the Real Property or any  facilities or operations  thereon;
(ii) none of the Company nor any Subsidiary thereof has generated, manufactured,
refined, transported, treated, stored, handled, disposed, transferred, produced,
recycled,  or processed any Hazardous  Material at the Real Property;  and (iii)
there has been no Release of any Hazardous Material at, migrating onto or under,
or emanating from the Real Property.

            (c) No Orders,  Actions,  Claims or Notices. Other than as set forth
on Schedule  4.24(c),  none of the Company  nor any  Subsidiary  thereof has (i)
entered  into  or been a party  to any  consent  decree,  compliance  order,  or
administrative order with respect to their respective assets, the Business,  the
Real  Property  or  any  facilities  or  operations   thereon  and  relating  to
Environmental  and Safety  Requirements;  (ii) received notice under the citizen
suit provision of any Environmental  and Safety  Requirements in connection with
their respective  assets,  the Business,  the Real Property or any facilities or
operations thereon, or (ii) received any request for information under CERCLA or
any analogous  Law,  demand  letter,  notice of material  violation,  or written
complaint or claim with  respect to any  Hazardous  Materials  relating to their
respective  assets,  the  Business,  the  Real  Property  or any  facilities  or
operations thereon (including off-site disposal of Hazardous Materials).

                                       31
<PAGE>

      4.25.  Exchange  Entirely  for Own  Account.  The Ocean West  Shares to be
acquired by the Karrell  Shareholders  will be acquired for  investment for each
Karrell  Shareholder's  own account,  not as a nominee or agent,  and not with a
view to the  resale  or  distribution  of any part  thereof,  and  each  Karrell
Shareholder has no present intention of selling,  granting any participation in,
or otherwise  distributing the same. Each Karrell Shareholder further represents
that he or she does not presently have any contract,  undertaking,  agreement or
arrangement  with any person to sell,  transfer or grant  participation  to such
person or to any third person, with respect to any of the Ocean West Shares.

      4.26.  Investment  Experience.  Each  Karrell  Shareholder  is  either  an
accredited investor under Rule 501 of Regulation D, or a sophisticated  investor
under Rule 506(b)(ii)  under the Securities Act and/or together with the Karrell
Shareholder  Representative.  As of the Closing Date,  each Karrell  Shareholder
shall be aware of Ocean West's business  affairs and financial  condition and/or
shall have had access to and will have  acquired  sufficient  information  about
Ocean West to reach an informed and knowledgeable  decision to acquire the Ocean
West Shares. Each Karrell Shareholder has such business and financial experience
as is  required  to  give  him or her the  capacity  to  protect  his or her own
interests in connection with the purchase of the Ocean West Shares.

      4.27 Restricted Securities.  Each Karrell Shareholder understands that the
Ocean West Shares are characterized as "restricted  securities" under applicable
U.S.  federal and state securities laws inasmuch as they are being acquired from
Ocean West in a transaction not involving a public  offering and that,  pursuant
to these laws and applicable regulations, each Karrell Shareholder must hold the
Ocean West  Shares  indefinitely  unless  they are  registered  with the SEC and
qualified by state  authorities,  or an  exemption  from such  registration  and
qualification  requirements  is  available.  Each  Karrell  Shareholder  further
acknowledges  that  if  an  exemption  from  registration  or  qualification  is
available,  it may be conditioned  on various  requirements  including,  but not
limited to, the time and manner of sale,  the holding  period for the Ocean West
Shares,  and on  requirements  relating  to Ocean West which are outside of each
Karrell Shareholder's control.

      4.28. Legends.  Each Karrell  Shareholder  understands that the Ocean West
Shares, and any securities issued in respect thereof or exchange  therefor,  may
bear one or all of the following legends:

      "THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE  SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION  THEREOF.  THESE
SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED  UNDER THE  SECURITIES  ACT OF 1933, AS AMENDED,  AND ANY  APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE"

                                       32
<PAGE>

                                   ARTICLE V

                  REPRESENTATIONS AND WARRANTIES OF OCEAN WEST

      Ocean West hereby  represents  and warrants to the Company and the Karrell
Shareholders:

            5.1. Ocean West Shares.

            (a) Ownership.  Each of the Ocean West Shares is validly issued, and
is a non-assessable share of common stock of the Company,  free and clear of all
Liens  (other  than  restrictions  on  transfer  arising  under  any  applicable
securities  laws).  There are no agreements,  arrangements,  options,  warrants,
calls, rights or commitments of any character relating to the voting (including,
without limitations,  voting trusts and proxies), sale, purchase,  redemption or
other transfer of Ocean West Shares.

            (b) Valid  Issuance of Common  Stock.  The Ocean West  Shares,  when
issued and paid for in accordance  with this Agreement will be duly  authorized,
validly issued, fully paid, and non-assessable and issued in compliance with all
applicable federal or state securities laws.

            5.2. Authorization.

            (a) The  execution,  delivery and  performance by Ocean West of this
Agreement and each of the other  Transaction  Documents to which Ocean West is a
party, and the consummation of the transactions contemplated hereby and thereby,
have been duly and properly  authorized  by all  requisite  action in accordance
with applicable Law and with the organizational documents of Ocean West.

            (b) This  Agreement  has been duly  executed and  delivered by Ocean
West and  constitutes  the legal,  valid and binding  obligations of Ocean West,
enforceable against Ocean West in accordance with its terms,  subject to (i) the
effect of any  applicable  Law of general  application  relating to  bankruptcy,
reorganization,  insolvency,  moratorium  or similar Laws  affecting  creditors'
rights and relief of debtors  generally  and (ii) the effect of rules of law and
general principles of equity,  including those governing  specific  performance,
injunctive  relief and other  equitable  remedies  (regardless  of whether  such
enforceability  is considered in a proceeding in equity or at law).  Each of the
other  Transaction  Documents  to be executed  and  delivered by or on behalf of
Ocean  West  will be duly  executed  and  delivered  by  Ocean  West and when so
executed and delivered,  the legal,  valid and binding  obligation of Ocean West
enforceable against Ocean West in accordance with its terms,  subject to (i) the
effect of any  applicable  Law of general  application  relating to  bankruptcy,
reorganization,  insolvency,  moratorium  or similar Laws  affecting  creditors'
rights and relief of debtors  generally  and (ii) the effect of rules of law and
general principles of equity,  including those governing  specific  performance,
injunctive  relief and other  equitable  remedies  (regardless  of whether  such
enforceability is considered in a proceeding in equity or at law).

                                       33
<PAGE>

            5.3. No Conflicts.  Except as set forth on Schedule 5.3, neither the
execution and delivery of this Agreement and the other Transaction  Documents by
Ocean West nor the  performance by Ocean West of the  transactions  contemplated
hereby or thereby will:

            (a)  violate  or  conflict  with or result in a breach of any of the
terms, conditions or provisions of the organizational documents of Ocean West or
any Subsidiary of Ocean West;

            (b) violate or conflict with or result in a breach of any Law;

            (c)  constitute  (with or without notice or lapse of time or both) a
default under or otherwise violate any material contract, or any material permit
of Ocean West any of its Subsidiaries;

            (d)  constitute  an event which would permit any party to terminate,
or accelerate the maturity of any  Indebtedness  or other  obligation  under any
material contract;

            (e) impair Ocean West's or any of its Subsidiaries'  rights or alter
the rights or obligations of any third party under, or give to others any rights
of termination,  amendment,  acceleration  or cancellation  of, or result in the
creation of a Lien on any of the  properties  or assets of the Company or any of
its Subsidiaries  pursuant to, any note, bond,  mortgage,  indenture,  contract,
agreement,  lease ,license, permit, franchise, or other instrument or obligation
to which  the  Company  or any of its  Subsidiaries  is a party or by which  the
Company or any of its Subsidiaries or its or any of their respective  properties
or assets are bound or affected;

            (f) result in the creation or  imposition of any Lien upon the Ocean
West Shares or any material asset of Ocean West or any Subsidiary of Ocean West;
or

            (g) require any Permit, authorization,  consent, approval, exemption
or other action by or notice to any Person or Governmental Authority pursuant to
any Laws.

            5.4. Organization; Subsidiaries.

            (a) Ocean West is a corporation duly organized, validly existing and
in good  standing  under the laws of the State of Delaware.  Each  Subsidiary of
Ocean West is duly organized and validly existing under the laws of the State of
its formation or  incorporation,  as the case may be. Each of Ocean West and its
Subsidiaries  has full power and authority to carry on the business as conducted
by it and to own or hold under  lease the  properties  and assets it now owns or
holds under lease. The name of each director and executive officer of Ocean West
and each Subsidiary  thereof is set forth opposite the position held by same, on
Schedule 5.4(a). Ocean West has delivered to the Company true and correct copies
of Ocean West's and its Subsidiaries' (i) corporate,  limited liability company,
partnership or other organizational  documents,  including,  but not limited to,
certificates  or  articles  of  incorporation,   bylaws,  operating  agreements,
certificates of limited partnership,  partnership agreements and certificates of
existence, as applicable,  (ii) minute books (containing the records of meetings
of the  shareholders and boards of directors or committees  thereof),  and (iii)
stock ledgers of records.

                                       34
<PAGE>

            (b) Ocean  West has no  Subsidiaries  other  than those set forth on
Schedule 5.4(b).  Other than as set forth on Schedule  5.4(b),  the company owns
beneficially and of record 100% of the outstanding capital stock or other equity
interests of each  Subsidiary  thereof set forth thereon,  free and clear of all
Liens  (other  than  restrictions  on  transfer  arising  under  any  applicable
securities  laws).  Except  as  set  forth  in  Schedule  5.4(b),  there  are no
agreements, arrangements, options, warrants, calls, rights or commitments of any
character relating to the voting (including,  without limitation,  voting trusts
and proxies), sale, purchase,  redemption or other transfer of any capital stock
of any Subsidiary of Ocean West.

            5.5.  Capitalization.  Schedule 5.5 sets forth the entire authorized
capital stock and the total number of issued and  outstanding  shares of capital
stock or  other  equity  interest,  of each of  Ocean  West  and any  Subsidiary
thereof,  and the number of shares of each class  thereof held in its  treasury.
All of the outstanding  shares of capital stock of Ocean West and any Subsidiary
thereof have been validly  issued and are fully paid and  non-assessable.  Since
June 6, 2005 and to its  knowledge,  after due  inquiry,  for the  period  prior
thereto,  no shares of capital stock of Ocean West or any Subsidiary thereof are
subject to, nor have been issued in violation of,  preemptive or similar rights.
Except as set forth in Schedule 5.5: (i) neither  Ocean West nor any  Subsidiary
thereof has any outstanding  capital stock or other equity  interests,  and (ii)
since June 6, 2005,  and,  to its  knowledge,  after due  inquiry for the period
prior thereto,  no other securities  convertible into or exchangeable for shares
of its capital stock or other equity  interests,  and neither Ocean West nor any
Subsidiary  thereof  has  any  outstanding  stock  appreciation  rights,  profit
participation rights or phantom stock, or calls, options,  warrants or rights to
subscribe for or to purchase its capital stock or other equity  interests or any
stock or securities directly or indirectly  convertible into or exchangeable for
capital stock or other equity interests.  To the best of its knowledge,  neither
Ocean West nor any Subsidiary  thereof is subject to any obligation  (contingent
or otherwise)  to  repurchase  or otherwise  acquire or retire any shares of its
capital  stock or any  warrants,  options or other rights to acquire its capital
stock.  Since June 6, 2005 and,  to its  knowledge,  after due  inquiry  for the
period prior thereto, all issuances, sales and repurchases by Ocean West and any
Subsidiary  thereof of its  respective  capital stock or other equity  interests
have been effected in compliance with all applicable  Laws,  including,  without
limitation, applicable federal and state securities laws.

            5.6. Liabilities.

            (a)  Except  as and  to the  extent  of  (i)  Liabilities  expressly
reflected  or reserved  for on Ocean West's  financial  statements  described in
Section 5.8, (ii) Liabilities  incurred in the ordinary course of business since
June 6, 2005 (none of which is a  Liability  for breach of  contract,  breach of
warranty,  product liability,  tort or infringement,  a claim or lawsuit,  or an
environmental  liability)  and to its  knowledge,  after  due  inquiry  no  such
Liability exists for periods prior thereto, (iii) Liabilities which individually
or in the  aggregate  are not material to Ocean West or any of its  Subsidiaries
(iv)  obligations  arising  under any contract to which Ocean West or any of its
Subsidiaries  is a party,  but only to the extent such  obligations do not arise
from or relate to any  breach by Ocean  West or any of its  Subsidiaries  or any
event,  circumstance  or  occurrence  that,  with  notice or lapse of time would
constitute  a breach by Ocean West or any  Subsidiary  and (v)  Liabilities  set
forth on Schedule  5.6, none of Ocean West nor any of its  Subsidiaries  has any
Liabilities,  which is material to the condition (financial or otherwise) of the
assets,  properties,  business or prospects  of Ocean West and the  Subsidiaries
taken as a whole.

                                       35
<PAGE>

            (b) Schedule 5.6 lists,  as of December  31, 2005,  the  outstanding
principal  amount of, the  outstanding  interest  on,  and, if  applicable,  the
maximum amount available for borrowing under, all Indebtedness of Ocean West and
its  Subsidiaries,   identifying  (i)  each  instrument  under  which  any  such
Indebtedness  will  accelerate  or become due or which  provides  for a right of
redemption,  repayment  or  repurchase  on  the  part  of  the  holder  of  such
Indebtedness  (with or without  due  notice or the lapse of time,  or both) as a
result of this Agreement,  the other  Transaction  Documents or the transactions
contemplated hereby or thereby and (ii) each instrument under which any penalty,
premium  or  similar  fee is  payable  by  the  obligor  upon  payment  of  such
Indebtedness prior to its maturity, and the amount of each such penalty, premium
or similar fee.

            (c) Except as set forth on Schedule  5.6, none of Ocean West nor any
Subsidiary  thereof has any  Liabilities  to, and no  Indebtedness is owed to or
from,  Ocean  West or any  Affiliate  of Ocean  West or any  officer,  director,
manager of any of the  foregoing or spouses,  parents,  children and siblings of
any  director,  officer or member of Ocean West or any  Affiliates of any of the
foregoing.

            5.7. Brokers' or Finders' Fees. No agent, broker, investment banker,
Person or firm acting on behalf of Ocean West, or under the  authority  thereof,
is or will be entitled to any brokers' or finders'  fee or any other  commission
or  similar  fee  directly  or  indirectly  from any of the  parties  hereto  in
connection with any of the transactions contemplated hereby.

            5.8. Ocean West Reports; Financial Statements.

            (a) Ocean West has provided to the Company prior to the execution of
this  Agreement  and shall have  provided  prior to Closing,  each  registration
statement, report, proxy statement or information statement prepared by it since
September 30, 2004,  including (x) Ocean West's Annual Report on Form 10-KSB for
the year ended  September 30, 2004,  and (y) Ocean West's  Quarterly  Reports on
Form 10-QSB for the periods ended  December 31, 2004,  March 31, 2005,  June 30,
2005, and June 6, 2005,  each in the form (including  exhibits,  annexes and any
amendments  thereto)  filed with the SEC. Ocean West has filed and furnished all
forms, statements, reports and documents required to be filed or furnished by it
with the SEC pursuant to applicable securities statutes,  regulations,  policies
and rules since  January 1, 2004 (the forms,  statements,  reports and documents
filed  since  January 1, 2004,  or those  filed  subsequent  to the date of this
Agreement,  and as amended  including,  any  financial  statements  or schedules
contained therein,  the "Ocean West Reports").  Ocean West Reports were prepared
in all material  respects in accordance with the applicable  requirements of the
Securities  Act, the Exchange Act and the rules and  regulations  thereunder and
complied in all material respects with the then applicable  accounting standards
Securities Act, Exchange Act and rules and regulations  thereunder.  As of their
respective dates (and, if amended,  as of the date of such amendment) Ocean West
Reports at the time filed (and in the case of registration  statements and proxy
statements  on the  dates  of  effectiveness  and  the  dates  of the  meetings,
respectively)  did not  (except to the  extent  such  Ocean  West  Reports  were
subsequently  amended or  supplemented by an Ocean West filing prior to the date
hereof), and any Ocean West Reports filed with the SEC subsequent to the date of
this Agreement will not, contain any untrue statement of a material fact or omit
to state a material fact required to be stated  therein or necessary to make the
statements made therein,  in light of the circumstances in which they were made,
not misleading.

                                       36
<PAGE>

            (b)  Each  of  the  consolidated   balance  sheets  included  in  or
incorporated  by reference into Ocean West Reports  (including the related notes
and schedules) filed prior to the date of this Agreement  fairly presents,  and,
if filed after the date of this Agreement, will fairly present, the consolidated
financial  position of Ocean West or any other entity included therein and their
respective Subsidiaries, as of its date, and each of the consolidated statements
of operations,  cash flows and of changes in shareholders' equity included in or
incorporated  by reference into Ocean West Reports  (including any related notes
and schedules) fairly presents,  and, if filed after the date of this Agreement,
will fairly present, the results of operations, retained earnings and changes in
financial  position,  as the case  may be,  of Ocean  West or any  other  entity
included  therein and their  respective  Subsidiaries  for the periods set forth
therein (subject,  in the case of unaudited  statements,  to notes and customary
year-end audit  adjustments  that will not be material in amount or effect),  in
each case in  accordance  with GAAP  consistently  applied  during  the  periods
involved, except as may be noted therein.

            (c) Ocean West has in place the "disclosure controls and procedures"
(as defined in Rules  13a-15(e)  and  15d-15(e) of the Exchange Act) required in
order for the Chief Executive  Officer and Chief Financial Officer of Ocean West
to engage in the review and  evaluation  process  mandated by Section 302 of the
Sarbanes-Oxley   Act  of  2002  ("SOXA").   Ocean  West  and  its  Subsidiaries'
"disclosure  controls and procedures" are reasonably designed to ensure that all
information (both financial and non-financial) required to be disclosed by Ocean
West in the reports that it files or submits under the Exchange Act is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
rules and forms of the SEC, and that all such  information  is  accumulated  and
communicated to Ocean West's management as appropriate to allow timely decisions
regarding  required  disclosure  and to make  the  certifications  of the  Chief
Executive  Officer and Chief Financial Officer of Ocean West required by Section
302 of SOXA with respect to such reports.

            (d)  Since  June 6,  2005,  (x)  neither  Ocean  West nor any of its
Subsidiaries  nor, to the knowledge of the officers of Ocean West, any director,
officer, employee, auditor, accountant or representative of Ocean West or any of
its  Subsidiaries  has  received or otherwise  had or obtained  knowledge of any
material  complaint,  allegation,  assertion or claim,  whether written or oral,
regarding the accounting or auditing  practices,  procedures,  methodologies  or
methods of Ocean West or any of its  Subsidiaries or their  respective  internal
accounting controls, including any material complaint,  allegation, assertion or
claim that Ocean West or any of its  Subsidiaries  has  engaged in  questionable
accounting or auditing practices, and (y) no attorney representing Ocean West or
any of its  Subsidiaries,  whether or not  employed  by Ocean West or any of its
Subsidiaries,  has reported evidence of a material violation of securities Laws,
breach  of  fiduciary  duty or  similar  violation  by Ocean  West or any of its
officers, directors, employees or agents to the Board of Directors of Ocean West
or any committee thereof or to any director or officer of Ocean West.

                                       37
<PAGE>

            5.9. Litigation. Ocean West is not a party to any litigation, nor to
the actual  knowledge of Ocean West,  is any  litigation  threatened,  except as
disclosed on Schedule 5.9.

            5.10. Taxes. Except as set forth on Schedule 5.10, all Taxes due and
payable by Ocean West or any  Subsidiary  thereof since January 1, 2005,  and to
the knowledge of Ocean West for periods prior thereto,  have been timely paid in
full.  All  material  Tax Returns  that are required to have been filed by Ocean
West or any  Subsidiary  thereof  have been  filed in a timely  manner  and such
returns are  complete  and correct in all material  respects.  Any  deficiencies
proposed as a result of any governmental  audits have been paid or settled,  and
there  are no  present  disputes  as to  Taxes  payable  by  Ocean  West  or any
Subsidiary thereof. There are no unexpired waivers of any statute of limitations
with respect to any Taxes by Ocean West or any Subsidiary  thereof,  and none of
Ocean West nor any Subsidiary thereof is a party to any action or proceedings by
any  Governmental  Authority for the collection or assessment of Taxes.  Each of
Ocean West and any Subsidiary  thereof has timely withheld and paid all material
Taxes  required to be paid or owing with  respect to any payment to any officer,
Ocean West,  director,  current or former  employee,  independent  contractor or
third party.  Except as set forth on Schedule  5.10,  none of Ocean West nor any
Subsidiary  thereof  is a party  to or  bound  by any  agreement  requiring,  or
otherwise  responsible  for,  the  sharing  or  payment  by  Ocean  West  or any
Subsidiary  thereof of Taxes of another Person.  There are no Tax liens upon any
of the assets of Ocean West or any of its Subsidiaries, except for Tax liens for
Taxes not yet due. There are no outstanding  agreements or waivers extending the
statute of limitations  applicable to any Tax Return that includes Ocean West or
any of its Subsidiaries. Neither Ocean West nor any of its Subsidiaries has been
a U.S. real property holding corporation within the meaning of Section 897(c)(2)
of the Code. No claim has ever been made by an authority in a jurisdiction where
Ocean West or any of its  Subsidiaries  does not file Tax Returns  that it is or
may be subject to taxation by that  jurisdiction.  Neither Ocean West nor any of
its  Subsidiaries  has received since January 1, 2005 from any taxing  authority
any written (i) notice  indicating  an intent to open an audit or other  review,
(ii)  request  for  information  related  to Tax  matters,  or (iii)  notice  of
deficiency or proposed adjustment for any amount of Tax proposed,  asserted,  or
assessed by any taxing authority against any Ocean West.  Neither Ocean West nor
any of its  Subsidiaries  (a) has been a member of any  Affiliated  Group  since
January 1, 2005, and to its knowledge, for periods prior thereto, or (b) has any
liability for the Taxes of any person under Treasury Regulation 1.1502-6 (or any
similar  provision of state,  local,  or foreign tax law),  as a  transferee  or
successor,  by contract or  otherwise  as a result of having been a member of an
Affiliated Group after January 1, 2005, and to its knowledge,  for periods prior
thereto, or as a result of any transactions occurring after January 1, 2005, and
to its knowledge,  for periods prior thereto, except by virtue of being a member
of a  consolidated  group of which Ocean West is the common  parent  corporation
within the meaning of Section  1504 of the Code.  Neither  Ocean West nor any of
its  Subsidiaries  will be required to include any item of income in, or exclude
any item of deduction  from,  taxable  income for any taxable period (or portion
thereof)  ending after the Closing Date as a result of any: (a) change in method
of accounting  for a taxable  period ending on or prior to the Closing Date; (b)
"closing   agreement"  as  described  in  Section  7121  of  the  Code  (or  any
corresponding  or similar  provision of state,  local or foreign income tax law)
executed on or prior to the Closing  Date;  (c) Ocean West  transactions  or any
excess loss account described in Treasury Regulations  promulgated under Section
1502 of the Code (or any corresponding or similar  provision of state,  local or
foreign income tax law); (d) installment  sale or open  transaction  disposition
made on or prior to the Closing Date; (e) prepaid amount received on or prior to
the Closing Date or (f) inclusion  under  Section  951(a) of the Code or amounts
earned on or before the Closing Date.  Ocean West has not  distributed  stock of
another Person, or had its stock distributed by another person, in a transaction
that was  purported  or  intended to be governed in whole or in party by Section
355 or Section 361 of the Code.  Neither Ocean West nor any of its  Subsidiaries
has engaged in any "reportable  transactions"  within the definition of Treasury
Regulation  Section 1.6011-4.  Neither Ocean West nor any of its Subsidiaries is
party to any  agreement,  contract,  arrangement,  or plan that has  resulted or
could result,  separately,  or in the  aggregate,  in the payment of any "excess
parachute payment" within the meaning of Section 280G of the Code.

                                       38
<PAGE>

            5.11. Assets.

            (a) Title. Ocean West or a Subsidiary thereof has valid rights under
Contract  to  use,  all  material  tangible  personal  property,   all  material
intangible  assets,  used in the  conduct  of  business  by  Ocean  West and the
Subsidiaries  thereof as presently  conducted,  other than property  disposed of
since  such  date in the  ordinary  course  of  business  consistent  with  past
practice. All such tangible personal property, intangible assets, properties and
rights,  and Real Property is free and clear of all Liens,  other than Permitted
Liens.

            (b) Condition.  All of the assets of Ocean West and its Subsidiaries
are, in all material  respects,  in working condition and repair and are useable
in the ordinary course of business.

            5.12. Material Contracts. As of the date of this Agreement,  neither
Ocean West nor any of its  Subsidiaries  is a party to or bound by any  Material
Contract  that  (either  individually  or  together  with any related or similar
Contract) is material to the business of Ocean West and its Subsidiaries,  taken
as a whole, except as disclosed on Schedule 5.12 hereof .

            5.13.  Real Property.  Schedule 5.13 lists all Real Property used or
held for use by Ocean West or any Subsidiary thereof which is owned or leased by
Ocean West or any Subsidiary thereof from third parties.  Each of Ocean West and
the Subsidiaries  thereof is the sole legal and equitable owner of the leasehold
interest it holds in the Real Property and possesses a valid leasehold  interest
thereto,  free and clear of all Liens  (other than  Permitted  Liens) that could
impair the ability of Ocean West or a Subsidiary thereof to realize the benefits
of the rights  provided to it under lease,  and the right to quiet  enjoyment of
such Real  Property.  No party to any lease has sent written notice to the other
claiming that such party is in default  thereunder and that such default remains
uncured.  There has not  occurred  any event which would  constitute a breach of
default in the performance of any covenant,  agreement or condition contained in
any Lease.

            5.14.  Compliance with  Applicable  Laws. None of Ocean West nor any
Subsidiary  thereof is in material violation of any Law or other requirements of
any  Governmental  Authority having  jurisdiction  over them or their respective
assets,  properties or businesses,  in connection  with the conduct,  ownership,
use, occupancy or operation of their respective businesses,  including,  without
limitation,  regarding  any  alleged  failure to possess  any  license,  Permit,
authorization  or other approval.  Ocean West or any Subsidiary  thereof has not
received  written notice  asserting any such past or present  violation,  and no
facts or  circumstances  exist which would reasonably be expected to cause Ocean
West or any Subsidiary thereof to be in any such violation in the future.

                                       39
<PAGE>

      5.15.Proprietary Rights.

            (a)  Except as set forth on  Schedule  5.15(a),  Ocean  West and its
Subsidiaries  own, or are licensed,  or otherwise  possess  legally  enforceable
rights,  to use, sell,  distribute or license,  as applicable,  all  Proprietary
Rights used by Ocean West and its  Subsidiaries in or as part of the business as
currently conducted by Ocean West and its Subsidiaries ("Ocean West Intellectual
Property") and that is material to that Business.  Schedule  5.15(a)  contains a
complete and correct list of all of Ocean West's and its  Subsidiaries'  present
and pending applications for the registration of intellectual  property.  Except
as set forth on Schedule  5.15(a),  Ocean West and its  Subsidiaries own or have
licenses for all material  software used in their business.  Except as set forth
on  Schedule  5.15(a),   Ocean  West  and  its  Subsidiaries  will,  immediately
subsequent to the Closing  hereunder,  continue to own or have available for use
each  material  item of Ocean West  Intellectual  Property  on such terms as are
identical  to  those  pursuant  to  which  Ocean  West  and  its   Subsidiaries,
immediately  prior to the  Closing,  own or have the  right to use the  material
Ocean West Intellectual Property.

            (b) Schedule  5.15(b) sets forth a complete list of all (i) material
licenses,  sublicenses and other agreements as to which Ocean West or any of its
Subsidiaries  is a party (as licensor,  licensee or  otherwise)  and pursuant to
which Ocean West, any of its  Subsidiaries  or any other Person is authorized to
use, sell,  distribute or license any  Proprietary  Rights  (including  Embedded
Products,  as defined  below) and (ii) material  licenses,  sublicenses or other
agreements  with  Ocean  West and  distributors  that  grant any  rights to use,
modify, resell or sublicense any Ocean West product. Ocean West has delivered to
the Company  correct and complete  copies of all such licenses,  sublicenses and
agreements  (as amended to date) set forth on Schedule  5.15(b).  Neither  Ocean
West nor any of its Subsidiaries is in violation of any such license, sublicense
or agreement, and such license,  sublicense and agreement will continue to be in
full force and effect  immediately  following  the Closing.  The term  "Embedded
Products", as used herein, means any third Person's Proprietary Rights which are
distributed by Ocean West and/or any of its  Subsidiaries or  incorporated  into
any existing product owned by Ocean West and/or any of its Subsidiaries.

            (c) Neither Ocean West nor any of its  Subsidiaries  has  infringed,
misappropriated or violated, or is infringing, misappropriating or violating any
Proprietary Rights of any third Persons.

            (d)  Ocean  West  and  each  of  its   Subsidiaries  has  taken  all
commercially  reasonable  security  measures to safeguard and maintain all Ocean
West Intellectual Property.

      5.16  Conduct  of  Business.  During the  period  beginning  on the Latest
Balance  Sheet  Date and  ending as of the date  hereof,  (i) Ocean West and its
Subsidiaries  have conducted  their  respective  businesses only in the ordinary
course of business  consistent  with past  practice,  and (ii) there has been no
change, event, occurrence, development or circumstance which, individually or in
the  aggregate,  has had, or would  reasonably  be expected to have,  a Material
Adverse Effect.

                                       40
<PAGE>

      5.17.  Permits.  Each of Ocean West and its Subsidiaries hold all material
Permits of Governmental Authorities necessary for its current operation of their
respective businesses,  all of which (along with the owner, the function and the
expiration  and  renewal  date of each)  as of the date  hereof  are  listed  on
Schedule  5.17, and complete and correct  copies of which have  previously  been
furnished  to the  Company.  Except  as set  forth on  Schedule  5.17,  upon the
Closing,  Ocean West and its Subsidiaries will hold all such Permits.  Except as
set forth on Schedule 5.17, Ocean West and each of its Subsidiaries are and have
been in  compliance  in all  material  respects  with all  Permits  set forth on
Schedule 5.17, all of which are valid, binding and in full force and effect, and
none of Ocean West nor any Subsidiary thereof has received any written notice to
the contrary.  Except as disclosed on Schedule  5.17,  none of such Permits will
require the  consent,  approval,  novation or waiver of, or giving of notice to,
any  Governmental  Authority  or  other  third  party  in  connection  with  the
consummation  of the  transactions  contemplated by this Agreement and the other
Transaction Documents.

      5.18. Employee Benefit Plans.

            (a)  Schedule  5.18(a)  sets forth a complete  list of all  Employee
Benefit Plans (including without  limitation,  all Contracts to which Ocean West
is  party  with  current  or  former   employees,   consultants  or  independent
contractors) which Ocean West or any Subsidiary thereof maintains or contributes
to, or with  respect  to which  Ocean  West or any  Subsidiary  thereof  has any
material Liability (each, an "Employee Benefit Plan of Ocean West").  Ocean West
has delivered  complete copies to the Company of each written  Employee  Benefit
Plan of Ocean West, as amended to the date hereof.

            (b)  Other  than as set forth on  Schedule  5.18(b),  each  Employee
Benefit Plan of Ocean West has been in compliance and currently complies in form
and in operation in all material respects with all applicable Laws.

            (c)  Other  than as set  forth on  Schedule  5.18(c),  there  are no
actions,  suits,  investigations or claims pending or, to the knowledge of Ocean
West, threatened with respect to any Employee Benefit Plan of Ocean West, or the
assets thereof  (other than routine claims for benefits),  and, to the knowledge
of Ocean West,  there are no facts which  could  reasonably  by expected to give
rise to any  liability,  action,  suit,  investigation,  or  claim  against  any
Employee  Benefit  Plan of  Ocean  West,  any  fiduciary  or plan  administrator
thereof.

      5.19.  Affiliate  Transactions.  Except  as set  forth in  Schedule  5.19,
neither  Ocean West,  nor any officer,  director,  manager or Affiliate  (or any
officer,  director  or  manager  of any such  Affiliate)  of  Ocean  West or any
Subsidiary  of Ocean  West,  or  spouses,  parents,  children or siblings of any
director,  officer  or  member  of  Ocean  West or any  Affiliate  of any of the
foregoing, has any direct or indirect interest (other than an equity interest of
less than two percent (2%) of a publicly  held company) in any customer of Ocean
West or any Subsidiary thereof, or in any Person from whom or to whom Ocean West
or any  Subsidiary  thereof has leased any real or  personal  property or in any
other  Person with whom Ocean West or any  Subsidiary  thereof has any  material
business relationship.

      5.20. Employees; Salaries; Personnel Agreements, Plans and Arrangements.

                                       41
<PAGE>

            (a) Schedule 5.20(a)  contains a true,  complete and correct list as
of the date hereof setting forth (i) the names, hire dates, current compensation
rates and job titles of all individuals  presently employed by Ocean West or any
Subsidiary  thereof on a salaried  basis  receiving  annual  salary in excess of
US$100,000 and (ii) the names and total annual  compensation for all independent
contractors  who  render  services  on a  regular  basis  to  Ocean  West or any
Subsidiary thereof whose current annual compensation is in excess of US$100,000.
Ocean West has no knowledge that any employee of Ocean West or its  Subsidiaries
whose  annual  salary is in excess of  US$100,000  will cease to be an  employee
because of the consummation of the transactions contemplated by this Agreement.

            (b) Neither Ocean West nor any  Subsidiary  thereof is a party to or
obligated with respect to any collective bargaining agreements or contracts with
any labor union or other  representative  of employees or any employee  benefits
provided  for by any such  agreement.  Correct and  complete  copies of all such
documents  previously have been furnished to the Company. No strike,  picketing,
work  stoppage,  work slow down,  union  organizational  activity,  or notice to
bargain,  and no  allegation,  charge or  complaint  of unfair  labor  practice,
employment  discrimination or sexual  harassment or other similar  occurrence is
pending or, to the knowledge of Ocean West, is threatened  except, in each case,
for events that did not and would not reasonably be expected to shave a Material
Adverse Effect.

      5.21. Accounts Receivable and Accounts Payable.

            (a) All accounts receivable of Ocean West and any Subsidiary thereof
reflected on the balance sheet as of June 6, 2005,  and all accounts  receivable
arising subsequent to the date thereof and prior to the Closing Date,  represent
transactions actually made and valid claims against the respective debtors using
normal collection procedures. Except to the extent reserved against any accounts
receivable or as reflected by prepayments or unused credits, no counterclaims or
offsetting  claims with respect to such accounts  receivable  are pending or, to
the knowledge of the Ocean West, threatened.

            (b) The accounts  payable of Ocean West and any  Subsidiary  thereof
reflected on the balance  sheet  included in the Financial  Statements,  and all
accounts payable arising subsequent to the date thereof and prior to the Closing
Date, arose or will arise from bona fide transactions.

      5.22. Banking Facilities.  No agent, broker,  investment banker, Person or
firm acting on behalf of any of Ocean West or any  Subsidiary  of Ocean West, or
under the authority thereof,  is or will be entitled to any brokers' or finders'
fee or any other  commission or similar fee directly or  indirectly  from any of
the  parties  hereto in  connection  with any of the  transactions  contemplated
hereby.

                                       42
<PAGE>

      5.23.  Insurance.  Schedule 5.23 is a true,  correct and complete list and
description as of the date hereof,  including  policy numbers,  carriers,  risks
insured, amounts of coverage, deductibles and expiration dates, of all insurance
policies (with respect to general  liability,  fire, theft,  product  liability,
automobile, property, workers' compensation,  directors' and officers' liability
or otherwise) of Ocean West or any Subsidiary  thereof,  or of any Person (other
than Ocean West or any Subsidiary  thereof) for the benefit of Ocean West or any
Subsidiary  thereof,   correct  and  complete  copies  of  which  policies  have
previously been delivered to the Company.  Such policies are valid,  binding and
in full force and effect, and neither Ocean West, nor any Subsidiary thereof, is
in material  default  thereunder.  Such policies provide  insurance  coverage in
reasonably  sufficient  amounts  against all risks  usually  insured  against by
companies  operating  similar  businesses  to Ocean  West's  business in similar
localities  where Ocean West or any  Subsidiary  thereof  conducts its business.
None of such insurance policies will terminate,  lapse or be materially modified
(with or without the giving of notice or lapse of time or both) by reason of the
transactions contemplated by this Agreement and the other Transaction Documents.
Neither Ocean West nor any Subsidiary thereof has received any written notice of
cancellation or intent to cancel, or material increase in premiums, with respect
to such  insurance  policies.  Schedule  5.23 also contains a list of all claims
filed by Ocean West or any Subsidiary  thereof with any insurance  company since
June 6, 2005, and any instances within the previous two (2) years of a denial of
coverage of Ocean West or any Subsidiary thereof by any insurance company. Ocean
West has  provided the Company with  complete  and correct  descriptions  of all
material  claims made under any policies of insurance,  whether or not currently
in effect, for the last two (2) years.

      5.24. Health, Safety and Environment.

            (a)  Compliance.  Except as set forth on Schedule  5.24(a),  each of
Ocean West and any  Subsidiary  thereof is and at all times since  December  31,
2004 has been in compliance in all material  respects with all Environmental and
Safety  Requirements  applicable to their respective  assets, and any facilities
and operations thereon;

            (b) No Hazardous Materials; No Releases.  Other than as set forth on
Schedule  5.24(b),  except  in  compliance  in all  material  respects  with all
applicable  Environmental and Safety  Requirements and in a manner and condition
that would not  reasonably be expected to give rise to material  liabilities  or
material  remedial   obligations  under  applicable   Environmental  and  Safety
Requirements, (i) there are no Hazardous Materials on, in or under, or emanating
from or affecting,  the Real Property or any  facilities or operations  thereon;
(ii) none of Ocean West nor any Subsidiary thereof has generated,  manufactured,
refined, transported, treated, stored, handled, disposed, transferred, produced,
recycled,  or processed any Hazardous  Material at the Real Property;  and (iii)
there has been no Release of any Hazardous Material at, migrating onto or under,
or emanating from the Real Property.

            (c) No Orders, Actions, Claims or Notices. . Other than as set forth
on  Schedule  5.24(c),  neither  Ocean West nor any  Subsidiary  thereof has (i)
entered  into  or been a party  to any  consent  decree,  compliance  order,  or
administrative order with respect to their respective assets, the Business,  the
Real  Property  or  any  facilities  or  operations   thereon  and  relating  to
Environmental  and Safety  Requirements;  (ii) received notice under the citizen
suit provision of any Environmental  and Safety  Requirements in connection with
their respective  assets,  the Business,  the Real Property or any facilities or
operations thereon, or (ii) received any request for information under CERCLA or
any analogous  Law,  demand  letter,  notice of material  violation,  or written
complaint or claim with  respect to any  Hazardous  Materials  relating to their
respective  assets,  the  business  of  Ocean  West,  the Real  Property  or any
facilities  or  operations  thereon  (including  off-site  disposal of Hazardous
Materials).  Notwithstanding  any  other  provision  of  this  Agreement  to the
contrary, the representations and warranties included in this Section 5.24 shall
constitute the sole and exclusive  representations  and warranties of Ocean West
relating to environmental matters.

                                       43
<PAGE>

      5.25.  Restricted  Securities.  Ocean West  understands  that the  Karrell
Shares are  characterized  as  "restricted  securities"  under  applicable  U.S.
federal and state  securities  laws inasmuch as they are being acquired from the
Company in a transaction not involving a public  offering and that,  pursuant to
these laws and applicable  regulations,  Ocean West must hold the Karrell Shares
indefinitely  unless they are  registered  with the SEC and  qualified  by state
authorities,   or  an  exemption  from  such   registration  and   qualification
requirements is available.  Ocean West further acknowledges that if an exemption
from  registration  or  qualification  is available,  it may be  conditioned  on
various requirements including, but not limited to, the time and manner of sale,
the holding period for the Karrell Shares,  and on requirements  relating to the
Company  which are  outside of Ocean  West's  control,  and which the Company is
under no obligation and may not be able to satisfy.  In this  connection,  Ocean
West  represents  that it is familiar with SEC Rule 144, as presently in effect,
and  understands  the resale  limitations  imposed thereby and by the Securities
Act.

      5.26.No forced transfer.  Ocean West acknowledges that if Ocean West fails
to obtain at least 90% of the  capital of the  Company,  the  Remaining  Karrell
Shareholders  cannot be forced to sell,  transfer  or  otherwise  dispose of the
Remaining  Karrell  Shares held by such persons,  whether in exchange for Common
Stock of Ocean  West,  cash or  otherwise.  Ocean  West  understands  that if it
obtains  at  least  90% of  the  capital  of the  Company,  it may  implement  a
compulsory  acquisition of the balance of the capital of the Company pursuant to
Part 6A.2 of the Corporations Act.

      5.27 Disclosure. No statement by Ocean West in this Agreement or in any of
the documents  attached hereto contains any untrue statement of a material fact,
or omits to state any material fact,  necessary to make such statements,  in the
light of the  circumstances  under which they were made, not  misleading.  Ocean
West knows of no material fact which specifically  applies to Ocean West and (so
far as Ocean West can reasonably foresee) materially threatens Ocean West or its
business,  which  has not been  disclosed  in  these  documents,  or  previously
disclosed to the Company.

                                   ARTICLE VI

                CONDITIONS PRECEDENT TO THE CLOSING; TERMINATION

            6.1.  Conditions   Precedent  to  Obligations  of  Ocean  West.  The
obligations of Ocean West under this  Agreement to consummate  the  transactions
contemplated  hereby  will be  subject to the  satisfaction,  at or prior to the
Closing,  of all of the  following  conditions,  any one or more of which may be
waived in whole or in part in writing in the sole discretion of Ocean West:

                                       44
<PAGE>

            (a) No Breach of  Covenants;  True and Correct  Representations  and
Warranties.  The representations and warranties of the Company contained in this
Agreement  (i) shall have been true and  correct as of the date  hereof and (ii)
shall be true and  correct as of the  Closing  with the same force and effect as
though made at and as of the Closing (other than  representations  or warranties
that are made by their  terms as of a  specified  date,  which shall be true and
correct  as  of  the  specified  date),  except  to  the  extent  that  if  such
representations  and warranties are qualified by the term "material," or contain
terms such as "Material Adverse Effect" in which case such  representations  and
warranties (as so written,  including the term  "material" or "Material  Adverse
Effect")  shall be true and  correct in all  respects  at and as of the  Closing
Date.  The Company shall have duly  performed or complied  with, in all material
respects,  all of the obligations to be performed or complied with by them under
the terms of this Agreement on, prior to or at Closing.

            (b)  Delivery  of  Documents.  Ocean West shall  have  received  all
documents and other items  required to be delivered by the Company under Section
7.2 of this Agreement.

            (c) No Legal  Obstruction.  No  provision of any  applicable  Law or
regulation and no judgment,  decree, order or injunction shall have been entered
by, and after the date hereof no  statute,  rule or  regulation  shall have been
enacted or promulgated  by, any  Governmental  Authority that would (i) have the
effect of making any of the  transactions  contemplated by this Agreement or the
other  Transaction   Documents  illegal,  (ii)  have  the  effect  of  otherwise
preventing  the  consummation  of such  transactions  or (iii)  have a  material
adverse effect on Ocean West's ability to operate the Business.

            (d) No  Material  Adverse  Effect.  There shall have been no change,
event,  occurrence,  development or circumstance  which,  individually or in the
aggregate,  has had, or would reasonably be expected to have, a Material Adverse
Effect with respect to the Company or the Business.

            (e)  Consents.  The Company  shall have  delivered to Ocean West all
consents  to  the  consummation  of the  transactions  contemplated  under  this
Agreement and the other Transaction Documents set forth on Schedule 6.1(e).

            (f)  Financing.  Ocean West shall have  obtained the proceeds of its
financing  transactions  sufficient to consummate the transactions  contemplated
hereby including, without limitation, making the Capital Contribution; provided,
that this condition shall be deemed  satisfied as of 5:01 P.M.  Eastern Standard
Time on April 14, 2006,  regardless of whether Ocean West has actually  obtained
such financing as of such date.

            6.2.  Conditions  Precedent  to  Obligations  of the Company and the
Karrell   Shareholders.   The   obligations  of  the  Company  and  the  Karrell
Shareholders  under this Agreement to consummate the  transactions  contemplated
hereby will be subject to the satisfaction,  at or prior to the Closing,  of all
the following conditions,  any one or more of which may be waived in whole or in
part  in  writing  in  the  sole  discretion  of the  Company  and  the  Karrell
Shareholder Representative:

                                       45
<PAGE>

            (a) No Breach of  Covenants;  True and Correct  Representations  and
Warranties.  The  representations and warranties of Ocean West contained in this
Agreement  shall have been true and  correct as of the date  hereof and shall be
true and correct as of the Closing with the same force and effect as though made
at and as of the Closing (other than representations or warranties that are made
by their terms as of a specified date, which shall be true and correct as of the
specified  date),  except  to  the  extent  that  if  such  representations  and
warranties  are  qualified  by the term  "material,"  or  contain  terms such as
"Material Adverse Effect" in which case such  representations and warranties (as
so written,  including the terms "material" or "Material  Adverse Effect") shall
be true and correct in all  respects at and as of the Closing  Date.  Ocean West
shall have duly performed or complied with, in all material respects, all of the
obligations  to be  performed  or complied  with by them under the terms of this
Agreement and/or the other Transaction Documents on, prior to or at Closing.

            (b)  Delivery of  Documents.  The Company  shall have  received  all
documents  and other items  required to be delivered by Ocean West under Section
7.3 of this Agreement.

            (c) No Legal  Obstruction.  No  provision of any  applicable  Law or
regulation and no judgment,  decree, order or injunction shall have been entered
by, and after the date hereof no  statute,  rule or  regulation  shall have been
enacted or promulgated  by, any  Governmental  Authority that would (i) have the
effect of making any of the  transactions  contemplated by this Agreement or the
other  Transaction   Documents  illegal,  (ii)  have  the  effect  of  otherwise
preventing  the  consummation  of such  transactions  or (iii)  have a  material
adverse effect on the Company's ability to operate the Business.

            (d)  Capital  Contribution.  The  Company  shall have  received  the
Capital Contribution.

            (e) Key Employee  Stock Option Plan.  Ocean West shall have executed
and established the Ocean West Stock Option Plan.

            (f) No  Material  Adverse  Effect.  There shall have been no change,
event,  occurrence,  development or circumstance  which,  individually or in the
aggregate,  has had, or would reasonably be expected to have, a Material Adverse
Effect with respect to Ocean West.

            (g) Release of O'Farrell  Guarantees.  Karl J. O'Farrell  shall have
received releases from the Company and its Subsidiary of all personal guarantees
issued by him for the account of the Company and its Subsidiary.

            (h) Named Insured.  Karl J. O'Farrell shall have been added as named
insured party on a director and officer  insurance policy on terms  satisfactory
to him in his absolute  discretion and which  insurance  shall include,  without
limitation,  coverage with respect to the  liabilities set forth on Schedule 5.9
hereto.

            (i) Employment Contracts. Karl J. O'Farrell and Helen L. McRae shall
have entered into Employment  Contracts in the forms attached hereto as Exhibits
6.2(i)-A and 6.2(i)-B, respectively.

                                       46
<PAGE>

            (j) Schedules. The Company shall have received all schedules to this
Agreement  to be prepared by Ocean West,  no less than 15 days prior to Closing,
satisfactory in all respects to the Company in its sole discretion.

            6.3. Termination.

            (a)  Termination of Agreement.  This Agreement may be terminated and
the other  transactions  contemplated  herein abandoned at any time prior to the
consummation of the Closing only under the following described circumstances:

                  (i) upon the written agreement of Ocean West and the Company;

                  (ii) by either the Company or Ocean West, if the Closing shall
not have occurred on or before April 28, 2006 (the "Outside Date"),  unless such
failure  to  occur is the  result  of a  material  breach  of a  representation,
warranty  or  covenant  contained  in this  Agreement  by the party  seeking  to
terminate;

                  (iii) by Ocean West,  if the Company  shall have  breached any
representation,   warranty,  covenant  or  other  agreement  contained  in  this
Agreement  which breach would give rise to the failure of a condition  set forth
in  Section  6.1 and cannot  ever be cured or has not been cured  within 30 days
after the giving of written notice by Ocean West to the Company  specifying such
breach;

                  (iv) by the Company, (x) if Ocean West shall have breached any
representation,   warranty,  covenant  or  other  agreement  contained  in  this
Agreement  which breach would give rise to the failure of a condition  set forth
in Section 6.2 and has not been cured within 30 days after the giving of written
notice by the Company to Ocean West specifying such breach or (y) if the Closing
shall not have occurred on the fourth  Business Day after all of the  conditions
set forth in Section 6.1 have been  satisfied or waived  (other than  conditions
that can only be  satisfied  by  delivery  of  documents  by the  Company at the
Closing in which case the Company shall have in its  possession  such  documents
and shall have tendered such documents to Ocean West);

                  (v) by Ocean West,  anytime before 5:00 p.m.  Eastern Standard
Time on April 28, 2006, if and only if as of the time of such termination  Ocean
West has not obtained financing  necessary to consummate any of the transactions
contemplated  hereby.  If Ocean West terminates on this basis, the Company shall
be entitled to receive and recover  from Ocean West a break-up fee in the amount
of Fifty Thousand (US$50,000) Dollars in immediately available funds;

                  (vi) by Ocean West,  anytime  before  Closing if Ocean West is
not satisfied with the results of its due diligence of the Company;

                  (vii) by Ocean West,  anytime  before  Closing,  if Ocean West
does not  receive  an  opinion  of its own  Australian  counsel  confirming  the
Company's operations are in compliance with all material Australian laws.

                                       47
<PAGE>

                  (viii) by the Company,  anytime  before Closing if the Company
is not  satisfied  with the  results of its due  diligence  of Ocean West or any
schedules to this Agreement furnished by Ocean West;

                  (ix)  by  either  Ocean  West  or  the  Company  if  a  final,
unappealable  order to  restrain,  enjoin  or  otherwise  prevent,  or  awarding
substantial  damages in connection with, a consummation of this Agreement or the
other transactions contemplated hereby shall have been entered;

                  (x) by Ocean  West if since the date of this  Agreement  there
has been a change in the  business  operations  or  financial  condition  of the
Company that would reasonably be expected to have a Material Adverse Effect;

                  (xi) by the Company if since the date of this Agreement  there
has been a change in the business  operations  or  financial  condition of Ocean
West that would reasonably be expected to have a Material Adverse Effect; and

                  (xii)Ocean  West reasonably  determines,  upon advice from its
principal  independent  auditing  firm and  legal  counsel,  that the  Company's
Financial Statements cannot be audited in accordance with GAAP and the rules and
regulations of the SEC applicable to Ocean West  (including the due date for the
filing of any  reports  pursuant  thereto)  or that such an audit  would  entail
unreasonable effort or expense.

            (b) Effect of  Termination.  If any party  terminates this Agreement
pursuant to Section  6.3(a),  this Agreement shall become null and void, and all
rights and  obligations of the parties  hereunder  shall  terminate  without any
liability of any party to any other party,  except for a willful  breach of this
Agreement;  provided,  however,  the provisions contained in this Section 6.3(b)
and Article IX (other than  Sections  9.3, 9.7, 9.8, 9.9 and 9.15) shall survive
termination  of this  Agreement.  Notwithstanding  any other  provision  in this
Agreement  to the  contrary,  upon  termination  of this  Agreement  pursuant to
Section  6.3(a),  the Company will remain liable to Ocean West for any breach of
this  Agreement  by the Company  existing at the time of such  termination,  and
Ocean West will remain liable to the Company for any breach of this Agreement by
Ocean West  existing at the time of such  termination,  and the Company or Ocean
West, as the case may be, may seek such remedies, against the other with respect
to any  such  breach  as are  provided  in this  Agreement  or as are  otherwise
available at law or in equity.

                                  ARTICLE VII

                                     CLOSING

            7.1. Time and Place.  The Closing shall take place at 10:00 a.m. New
York time on April 14,  2006 or sooner  when all of the  conditions  (other than
conditions  that  can  only  be  satisfied  at  the  Closing)  to  each  party's
obligations  hereunder have been satisfied or waived or at such other time, date
or place as the parties may mutually agree in writing,  at the offices of Olshan
Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street,
New York, NY 10022.

                                       48
<PAGE>

            7.2.  Deliveries  of the Company.  At the Closing,  the Company will
deliver or cause to be delivered to Ocean West,  pursuant to Section 6.1(b), the
following:

            (a)  Corporate  Documents.  Constitution  or similar  organizational
document  of the  Company  and  any  Subsidiary  thereof  (other  than  inactive
Subsidiaries),   certified  by  the  appropriate  Government  Authority  of  the
jurisdiction  of its  formation  as of the date not more than  twenty  (20) days
prior to the Closing Date, and the by-laws or similar organizational document of
each  of  the  Company  and  any   Subsidiary   thereof   (other  than  inactive
Subsidiaries),  certified by the secretary of the Company or such Subsidiary, as
applicable, as in effect at the Closing;

            (b) Resolutions. A copy of the resolutions of the Board of Directors
of the Company,  certified by the secretary or other equivalent  officer thereof
as  having  been  duly  and  validly  adopted  and in  full  force  and  effect,
authorizing  the  execution  and  delivery  of  this  Agreement  and  the  other
Transaction Documents to which the Company is a party and the performance of the
transactions contemplated hereby and thereby;

            (c)  Closing  Certificate.  A  certificate,  dated as of the Closing
Date, duly executed by the Company, certifying the fulfillment of the conditions
set forth in Sections 6.1(a) and (d);

            (d)  Karrell  Shares.  Certificates  representing  (i)  the  Karrell
Shares,  duly endorsed or accompanied  by stock powers duly  executed,  with all
necessary  stock  transfer  stamps  attached  thereto,   and  (ii)  all  of  the
outstanding  capital stock of each of the Company's  Subsidiaries  to the extent
certificated;

            (e) Employment  Contracts.  Copies of the Employment  Contracts duly
executed;

            (f)  Consents.  All  consents to the  consummation  of  transactions
contemplated under this Agreement as set forth on Schedule 6.1(e);

            (g)  Certificates of Good Standing..  Certificates of Good Standing,
dated not earlier than March 1, 2006, with respect to the Company, to the extent
available in Australia,  issued by the appropriate  Government  Authority of the
jurisdiction  of its  formation  and  provided  that the  failure to obtain each
certificate shall not entitle Ocean West to treat this Section 7.2 as not having
been satisfied;

            (h)  Opinions of  Counsel.  Opinion of  Australian  counsel to Ocean
West,  dated as of the Closing Date, in a form reasonably  satisfactory to Ocean
West;

            (i) Permits.  The Company has  delivered to Ocean West copies of all
permits contemplated by Section 4.15; and

            (j) Licenses and Agreements. The Company has delivered to Ocean West
all material licenses, sublicenses and agreements set forth on Schedule 4.13(b).

                                       49
<PAGE>

            (k) Employee  Benefit Plans. The Company has delivered to Ocean West
complete copies of the documents contemplated by Section 4.16(a);

            (l) Insurance. The Company has delivered to Ocean West copies of all
insurance policies contemplated by Section 4.23.

            7.3.  Deliveries  of Ocean  West.  At the  Closing,  Ocean West will
deliver to the Company or take the following actions:

            (a)  Certificate of  Incorporation  and Bylaws.  The  Certificate of
Incorporation of Ocean West, certified by the Secretary of State of the State of
Delaware as of not more than twenty (20) days prior to the Closing Date together
with the Bylaws or similar organizational document of Ocean West;

            (b) Good Standing  Certificates.  A certificate  of good standing in
respect of Ocean West from the Secretary of State of Delaware issued not earlier
than 10 days prior to Closing;

            (c) Resolutions. A copy of the resolutions of the Board of Directors
of Ocean West, certified by the secretary or other equivalent officer thereof as
having been duly and validly  adopted and in full force and effect,  authorizing
the execution and delivery of this Agreement and the other Transaction Documents
to  which  Ocean  West  is a  party  and  the  performance  of the  transactions
contemplated hereby and thereby;

            (d)  Closing  Certificate.  A  certificate,  dated as of the Closing
Date, duly executed by Ocean West,  certifying the fulfillment of the conditions
set forth in Sections 6.2(a) and (f);

            (e) Ocean West Shares.  Certificate or certificates evidencing Ocean
West Shares;

            (f)  Proof  of  Financing.  Documentation  evidencing  Ocean  West's
receipt of the financing described in Section 6.1(f);

            (g) Opinion of Counsel.  Opinion of counsel for Ocean West, dated as
of the Closing Date,  in a form  reasonably to be agreed upon between Ocean West
and the Company;

            (h)  Capital  Contribution.  Ocean West shall have made the  Capital
Contribution;

            (i) Election of O'Farrell. Karl J. O'Farrell shall have been elected
a director of Ocean West in accordance with Section 3.17;

            (j) Registration Rights Agreement. The Registration Rights Agreement
shall have been executed and delivered;

            (k) Employee Benefit Plans.  Ocean West has delivered to the Company
complete copies of the documents contemplated by Section 5.18(a);

                                       50
<PAGE>

            (l) Insurance. Ocean West has delivered to the Company copies of all
insurance policies contemplated by Section 5.23;

            (m) Permits.  Ocean West has delivered to the Company  copies of all
permits contemplated by Section 5.17;

            (n) Licenses and Agreements. Ocean West has delivered to the Company
all licenses, sublicenses and agreements set forth on Schedule 5.15(b); and

            (o) Stock Option Agreements. Ocean West has delivered to the Company
stock  option  agreements  in  respect  of each  "Participant"  as set  forth on
Schedule I to the Ocean West Stock Option Plan.

                                  ARTICLE VIII

                            INDEMNIFICATION; SURVIVAL

      8.1  Indemnification  by Company.  Subject to Section 8.5, each of Karl J.
O'Farrell,  the Karrell  Shareholders (on a several and pro rata basis and other
than  Madison),  the Company and the  Company's  Subsidiaries,  hereby  agree to
indemnify  Ocean  West  and  its  directors,   shareholders,  owners,  officers,
partners,  employees,  agents,  representatives  and successors (the "Ocean West
Indemnified  Parties) and save and hold each of them  harmless  from and against
and pay on behalf of or reimburse Ocean West  Indemnified  Parties in the amount
of any  and  all  Liabilities,  demands,  claims,  actions,  causes  of  action,
assessments,  losses,  costs,  damages,  deficiencies,  Taxes, fines or expenses
(whether  or  not  arising  out  of  third  party  claims),  including,  without
limitation,  interest, penalties,  reasonable attorneys' fees, fees and expenses
of accountants and other experts, and all amounts paid in investigation, defense
or settlement of any of the foregoing (collectively,  "Losses"), which any Ocean
West Indemnified  Party may suffer,  sustain or become subject to, in connection
with, incident to, resulting from or arising out of or in any way relating to or
by virtue of, directly or indirectly:

            (a) any breach of any  representation  or  warranty  of the  Company
contained  in this  Agreement  or other  instruments  or  documents,  including,
without limitation, the other Transaction Documents,  furnished to Ocean West by
the Company pursuant to this Agreement;

            (b) any nonfulfillment or breach of any covenant or agreement on the
part of the  Company  prior  to the  Closing,  under  this  Agreement  or  other
instruments or documents,  including,  without limitation, the other Transaction
Documents, furnished to Ocean West by the Company pursuant to this Agreement;

            (c) any  claim of any  employee,  officer  or  director,  or  former
employee, officer or director of the Company or any of its Subsidiaries that, on
or prior to the Closing Date,  such person was entitled to, or otherwise had any
rights with respect to, any equity interest in, or calls,  options,  warrants or
rights to subscribe for any equity  interest in, or stock  appreciation  rights,
profit  participation  rights or phantom stock of, the Company or any Subsidiary
of the Company; or

                                       51
<PAGE>

            (d) any claim by or on behalf of any individual with respect to such
person's  ownership  of or  rights  with  respect  to any  Company  Intellectual
Property,  which Company Intellectual Property exists on or prior to the Closing
Date.

      8.2  Indemnification by Ocean West. Each of Ocean West on behalf of itself
and its  successors  and assigns,  hereby agrees to indemnify  the Company,  the
Karrell  Shareholders  and their respective  Affiliates  after the Closing,  and
their respective past, present and future owners, directors, officers, partners,
employees,  agents,  representatives,  permitted  assigns  and  successors  (the
"Company Indemnified  Parties") and save and hold each of them harmless from and
against and pay on behalf of or reimburse the Company Indemnified Parties as and
when incurred,  for any and all Losses which any Company  Indemnified  Party may
suffer, sustain or become subject to, in connection with, incident to, resulting
from or arising out of or in any way  relating  to or by virtue of,  directly or
indirectly:

            (a) any  breach of any  representation  or  warranty  of Ocean  West
contained  in this  Agreement  or other  instruments  or  documents,  including,
without limitation, the other Transaction Documents, furnished to the Company or
any other person by Ocean West pursuant to this Agreement;

            (b) any nonfulfillment or breach of any covenant or agreement on the
part of Ocean West under  this  Agreement  or other  instruments  or  documents,
including, without limitation, the other Transaction Documents,  furnished to by
or on behalf of Ocean West pursuant to this Agreement.  If and to the extent any
provision of this Section 8.2 is unenforceable for any reason, Ocean West hereby
agrees to make the maximum  contribution to the payment and  satisfaction of any
Loss for which  indemnification  is  provided  for in this  Section 8.2 which is
permissible under applicable Law;

            (c) any  claim of any  employee,  officer  or  director,  or  former
employee,  officer or director of Ocean West or any of its  Subsidiaries  or any
other  Person,  not  previously  disclosed in writing to the Company that, on or
prior to the Closing  Date,  such person was entitled  to, or otherwise  had any
rights with respect to, any equity interest in, or calls,  options,  warrants or
rights to subscribe for any equity  interest in, or stock  appreciation  rights,
profit  participation  rights or phantom stock of, Ocean West or any  Subsidiary
thereof; and

            (d) any Loss arising out of the Claims set forth on Schedule 5.9.

                                       52
<PAGE>

      8.3  Indemnification  Procedure  for Third Party Claims In the event that,
subsequent  to the  Closing,  any  person  or  entity  that may be  entitled  to
indemnification under this Agreement (an "Indemnified Party") receives notice of
the assertion of any claim or of the commencement of any action or proceeding by
any Person who is not a party to this  Agreement  or an  Affiliate of a party to
this Agreement  (including,  but not limited to, any Governmental  Authority) (a
"Third Party Claim") against such  Indemnified  Party, for which a party to this
Agreement  may  be  entitled  to  indemnification  under  this  Agreement,   the
Indemnified  Party shall give prompt written notice  regarding such claim to the
party   hereto   required   to  provide   such   indemnification   (or  if  such
indemnification  is to be provided from the Escrow Account,  then to the Company
with a copy to the Karrell Shareholder Representative) (such notified party, the
"Responsible  Party") (but in no event later than ten (10)  Business  Days after
learning of such claim). The Responsible Party shall have the right upon written
notice to the Indemnified  Party (the "Defense Notice") within fifteen (15) days
after receipt from the Indemnified  Party of notice of such claim,  which notice
by the  Responsible  Party shall  specify the counsel it will  appoint to defend
such claim  ("Defense  Counsel"),  to conduct at its expense the defense against
such  claim in its own  name,  or if  necessary  in the name of the  Indemnified
Party;  provided,  however,  that the Indemnified  Party shall have the right to
approve the Defense Counsel,  which approval shall not be unreasonably  withheld
or delayed.

            (a) In the event that the  Responsible  Party shall fail to give the
Defense Notice within said 15-day period,  (or if the  Responsible  Party is not
entitled to assume the defense of the subject claim), it shall be deemed to have
elected not to conduct the defense of the subject  claim,  and in such event the
Indemnified Party shall conduct the defense in good faith and may compromise and
settle the claim in good faith with the prior consent of the Responsible  Party,
such consent not to be unreasonably withheld.

            (b) In the event that the  Responsible  Party does deliver a Defense
Notice and  thereby  elects to conduct the  defense of the  subject  claim,  the
Responsible  Party  shall be  entitled  to have  control  over said  defense  or
settlement of the subject claim,  the Indemnified  Party will cooperate with and
make available to the Responsible  Party such assistance and materials as it may
reasonably  request,  all at the  expense  of the  Responsible  Party,  and  the
Indemnified  Party shall have the right,  at its own expense,  to participate in
the  defense  assisted  by counsel of its own  choosing.  In such an event,  the
Responsible  Party will not settle the subject  claim  without the prior written
consent of the Indemnified  Party, such consent,  except as set forth in Section
8.3(c), not to be unreasonably withheld.

            (c) Without the prior written consent of the Indemnified  Party, the
Responsible  Party will not enter into any settlement of or consent to the entry
of any judgment with respect to any Third Party Claim or cease to defend against
such claim,  if (i) pursuant to or as a result of such  settlement,  judgment or
cessation,  injunctive  relief or specific  performance would be imposed against
the Indemnified Party, (ii) such settlement, judgment or cessation would lead to
liability  or  create  any  financial  or  other  obligation  on the part of the
Indemnified   Party  for  which  the  Indemnified   Party  is  not  entitled  to
indemnification hereunder, (iii) such settlement, judgment or cessation does not
include  as an  unconditional  term  thereof  the  giving  by each  claimant  or
plaintiff to each  Indemnified  Party of a release from all liability in respect
to such claim or (iv) such settlement, judgment or cessation would result in the
finding or admission of any violation of Law.

            (d) Notwithstanding  Section 8.3(b), the Responsible Party shall not
be entitled to control,  but may participate in, and the Indemnified Party shall
be entitled to have sole control  over,  the defense or  settlement of any claim
(i) that  seeks a  temporary  restraining  order,  a  preliminary  or  permanent
injunction or specific  performance  against the  Indemnified  Party,  (ii) that
involves criminal  allegations against the Indemnified Party, (iii) with respect
to which the  Indemnified  Party has been  advised by counsel  that a reasonable
likelihood  exists of a conflict of interest  between the Responsible  Party and
the Indemnified  Party with respect to such claim, or (iv) with respect to which
the  Responsible  Party  has  failed to  prosecute  or  defend  such  claim in a
reasonable manner.

                                       53
<PAGE>

            (e) Any final  judgment  entered or  settlement  agreed  upon in the
manner provided herein shall be binding upon the  Responsible  Party,  and shall
conclusively be deemed to be an obligation with respect to which the Indemnified
Party  is  entitled  to  prompt   indemnification   hereunder  (subject  to  all
limitations contained herein).

            (f) A failure by an  Indemnified  Party to give timely,  complete or
accurate  notice as provided  in this  Section 8.3 will not affect the rights or
obligations  of any party  hereunder  except and only to the extent  that,  as a
result of such failure,  any party  entitled to receive such notice was deprived
of its right to recover any payment under its applicable  insurance  coverage or
was otherwise directly and materially  prejudiced as a result of such failure to
give timely notice.

      8.4  Indemnification  Procedure for Non-Third Party Claims In the event an
Indemnified Party should have an indemnification  claim hereunder which does not
involve a Third  Party Claim (a "Direct  Claim"),  the  Indemnified  Party shall
transmit to the Responsible Party a written notice (the "Direct  Indemnification
Notice")  describing  in reasonable  detail the nature of the Direct  Claim,  an
estimate  of the amount of damages  attributable  to such  Direct  Claim and the
basis  of  the  Indemnified  Party's  request  for  indemnification  under  this
Agreement.  If the Responsible  Party does not notify the  Indemnified  Party in
writing  within thirty (30) days from its receipt of the Direct  Indemnification
Notice that the Responsible  Party disputes such Direct Claim,  the Direct Claim
specified by the Indemnified Party in the Direct Indemnification Notice shall be
deemed a  liability  for  which  the  Indemnified  Party  shall be  entitled  to
indemnification hereunder (subject to all limitations contained herein).

      8.5 Certain Limitations on Remedies.

            (a)  All  representations  and  warranties  of  the  parties  hereto
contained  in or  arising  out of this  Agreement  or  otherwise  in  connection
herewith  shall survive the Closing  hereunder and shall  continue in full force
and effect  thereafter  until the date that is 12 months after the Closing Date;
except with respect to the  representations  and warranties  made by the Company
and Karl J. O'Farrell as to employee  benefit and tax matters and  environmental
matters only,  the applicable  statute of  limitations  period for such employee
benefit,  tax  matters  and  environmental  matters  (but in no event  shall the
Indemnity  Escrowed Shares be held for any period later than 12 months after the
Closing  Date  unless  in  respect  of a Claim  that  has been  notified  to the
Responsible   Party  no  later  than  12  months  following  the  Closing  Date.
Notwithstanding anything herein to the contrary,  indemnification for any breach
of a  representation  or warranty for which  written  notice as provided in this
Article  VIII has  been  timely  given  prior to the  date  that is  within  the
applicable  survival  period after the Closing  Date shall not expire,  and such
claim for  indemnification  may be pursued,  until the final  resolution of such
claim in accordance with the provisions of this Article VIII.

            (b)  Notwithstanding  anything  to the  contrary  set  forth in this
Agreement:

                                       54
<PAGE>

                  (i)  The  Ocean  West  Indemnified  Parties  shall  only  have
recourse  against the Indemnity  Escrow Shares and shall have no cause of action
against any Karrell  Shareholder  personally or (other than the Indemnity Escrow
Shares)  against  such  persons  assets  for all Third  Party  Claims and Direct
Claims.   The  Ocean  West   Indemnified   Parties  shall  not  be  entitled  to
indemnification under this Article VIII, unless and until the Losses incurred by
all  Ocean  West  Indemnified  Parties,  as a  result  thereof  exceed,  in  the
aggregate,  such number of Indemnity Escrow Shares that have an aggregate market
value, at the date of delivery of the  indemnification  notice,  of $50,000 (the
"Basket Amount");  provided,  however, that in the event that such Losses exceed
the Basket Amount, the applicable Ocean West Indemnified Party shall be entitled
to cause Ocean West to seek  reimbursement  against the Indemnity  Escrow Shares
(and not against any Karrell  Shareholder or such persons assets (other than the
Indemnity Escrow Shares)) for all Losses incurred by such Ocean West Indemnified
Party that are  eligible  for  indemnification  pursuant to this  Article  VIII,
including the Basket Amount.  Notwithstanding  the foregoing,  the Basket Amount
shall  not  apply to Losses in  connection  with any  intentional  breach by the
Company or Karl J. O'Farrell of any representation or warranty.

                  (ii) Ocean West shall not be liable to the Company Indemnified
Parties  under this Article  VIII,  unless and until the Losses  incurred by all
Company Indemnified  Parties, as a result thereof exceed, in the aggregate,  the
Basket Amount; provided,  however, that in the event that such Losses exceed the
Basket  Amount,   Ocean  West  shall  fully  indemnify  the  applicable  Company
Indemnified  Party for all Losses  incurred by such Company  Indemnified  Party,
including the Basket Amount.  Notwithstanding  the foregoing,  the Basket Amount
shall not  apply to  Losses in  connection  with the  following  items:  (i) any
intentional  breach by Ocean West of any  representation  or  warranty,  or (ii)
relating to the  representations in Sections 5.1, 5.2, 5.3(a),  5.3(b), 5.4, 5.5
or 5.7.

                  (iii) In no event shall the indemnification paid by Ocean West
under Section 8.2 exceed in the aggregate $500,000.

            (c) The indemnification provisions of this Article VIII shall be the
sole and  exclusive  remedy of each  Ocean  West  Indemnified  Party or  Company
Indemnified  Party for any breach of any  party's  representations,  warranties,
covenants  or  agreements   contained  in  this  Agreement  or  the  Transaction
Documents;  provided,  however,  that this  Section  8.5(c) shall not in any way
limit the rights of parties hereto to seek injunctive or other equitable  relief
to enforce the performance of the obligations  under this Agreement or the other
Transaction Documents.

      8.6  Investigation;  Waivers.  The right to  indemnification  or any other
remedy based on representations,  warranties,  covenants and obligations in this
Agreement shall not be affected by any investigation  conducted with respect to,
or any knowledge  acquired (or capable of being  acquired) at any time,  whether
before or after the  execution  and  delivery of this  Agreement  or the Closing
Date, with respect to the accuracy or inaccuracy of or compliance with, any such
representation,  warranty,  covenant or obligation.  The waiver of any condition
based on the accuracy of any  representation or warranty,  or on the performance
of or compliance  with any covenant or obligation,  will not affect the right to
indemnification or any other remedy based on such  representations,  warranties,
covenants and obligations.

                                       55
<PAGE>

      8.7   Company's   Constitution.    Following   the   Closing   Date,   the
indemnification and exculpation  provisions contained in the constitution of the
Company shall be at least as favorable to individuals who  immediately  prior to
the Closing Date were directors, officers, agents or employees of the Company or
otherwise entitled to indemnification under the Company's  constitution as those
contained in the Constitution,  and shall not be amended,  repealed or otherwise
modified for a period of six (6) years after the Closing Date in any manner that
would adversely affect the rights thereunder of any Company  Indemnified  Party.
After the Closing Date, the Company shall, to the fullest extent permitted under
Australian law,  indemnify,  defend and hold harmless,  each Company Indemnified
Party  against any costs or expenses  (including  reasonable  attorneys'  fees),
judgments,  fines,  losses,  claims,  damages,  liabilities  and amounts paid in
settlement  in  connection  with  any  claim,   action,   suit,   proceeding  or
investigation,  including,  without limitation,  liabilities arising out of this
Agreement or under the Exchange Act,  occurring through the Closing Date, and in
the event of any such claim, action, suit, proceeding or investigation  (whether
arising  before  or after  the  Closing  Date),  (i)  Ocean  West  shall pay the
reasonable  fees and  expenses of counsel  selected  by the Company  Indemnified
Parties,  which  counsel  shall  be  reasonably   satisfactory  to  the  Karrell
Shareholder  Representative,  promptly as statements therefor are received,  and
(ii) the Company will  cooperate  in the defense of any such  matter;  provided,
however,  that the  Company  shall not be  liable  for any  settlement  effected
without its written consent (which consent shall not be unreasonably  withheld);
and  provided,  further,  that Ocean West shall not be obliged  pursuant to this
Section 8.7 to pay the fees and  disbursements  of more than one counsel for all
Company Indemnified Parties in any single action,  except to the extent that, in
the reasonable opinion of counsel for the Company  Indemnified  Parties,  two or
more of such  Company  Indemnified  Parties  have  conflicting  interests in the
outcome of such action.

      8.8 The provisions of this Article VIII are intended to be for the benefit
of, and shall be enforceable by, each  Indemnified  Party,  his or her heirs and
representatives and the Karrell Shareholder Representative.

                                   ARTICLE IX

                                  MISCELLANEOUS

            9.1.  Notices,   Consents,  etc.  Any  notices,  consents  or  other
communications required or permitted to be sent or given hereunder by any of the
parties shall in every case be in writing and shall be deemed properly served if
(a) delivered personally,  (b) sent by registered or certified mail, in all such
cases with first class postage prepaid, return receipt requested,  (c) delivered
by a recognized overnight courier service, or (d) sent by facsimile transmission
to the parties at the addresses as set forth below or at such other addresses as
may be furnished in writing.

            (a) If to the Company to:

                                       56
<PAGE>

                Karrell Pty Limited
                902/40 Macleay Street
                Potts Point
                Sydney NSW 2011
                Australia
                Attention: Karl J. O'Farrell
                Facsimile: 011-612-6253-9363

            (b) If to Ocean West to:

                Ocean West Holding Corporation
                26 Executive Park, Suite 250
                Irvine, California 92614
                Attention: Darryl Cohen
                Facsimile: (949) 861-2591

Date of service of such notice  shall be (w) the date such notice is  personally
delivered,  (x) three (3)  Business  Days  after the date of  mailing if sent by
certified or registered mail, (y) one (1) Business Day after date of delivery to
the overnight  courier if sent by overnight  courier or (z) the next  succeeding
Business  Day after  transmission  by  facsimile  (provided  a  confirmation  of
delivery is emitted by such machine upon transmission).

            9.2.  Third Party  Beneficiaries.  The terms and  provisions of this
Agreement  are  intended  solely for the  benefit  of each party  hereto and the
Karrell  Shareholders and their respective  successors or permitted assigns. The
Karrell  Shareholder  Representative  shall be entitled to enforce the rights of
the  Karrell  Shareholders  under  this  Agreement  and  the  other  Transaction
Documents.

            9.3. Invalid Provisions.  If any provision of this Agreement is held
to be illegal,  invalid or unenforceable under any present or future Law, and if
the rights or  obligations  of any party hereto under this Agreement will not be
materially  and adversely  affected  thereby,  (a) such  provision will be fully
severable, (b) this Agreement will be construed and enforced as if such illegal,
invalid or  unenforceable  provision had never comprised a part hereof,  (c) the
remaining  provisions of this Agreement will remain in full force and effect and
will not be affected by the illegal,  invalid or  unenforceable  provision or by
its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable
provision,  there  will be added  automatically  as a part of this  Agreement  a
legal,  valid and  enforceable  provision  as similar in terms to such  illegal,
invalid or unenforceable provision as may be possible.

            9.4.  Amendment and Waiver.  Any provision of this  Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is
signed, in the case of an amendment,  by each party to this Agreement, or in the
case of a waiver,  by the party against whom the waiver is to be  effective.  No
failure  or delay by any  party in  exercising  any  right,  power or  privilege
hereunder  shall  operate  as a waiver  thereof  nor shall any single or partial
exercise  thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

                                       57
<PAGE>

            9.5.  Counterparts.  This  Agreement  may be executed in two or more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together  shall  constitute one and the same  instrument.  This  Agreement,  the
agreements  referred to herein,  and each other agreement or instrument  entered
into in connection herewith or therewith or contemplated hereby or thereby,  and
any amendments hereto or thereto, to the extent signed and delivered by means of
a  facsimile  machine,  e-mail of a PDF file or other  electronic  transmission,
shall be  treated  in all  manner  and  respects  as an  original  agreement  or
instrument  and shall be  considered to have the same binding legal effect as if
it were  the  original  signed  version  thereof  delivered  in  person.  At the
reasonable  request of any party hereto or to any such  agreement or instrument,
each other party hereto or thereto shall  re-execute  original forms thereof and
deliver them to all other  parties.  No party hereto or to any such agreement or
instrument shall raise the use of a facsimile  machine,  e-mail of a PDF file or
other  electronic  transmission  to  deliver  a  signature  or the fact that any
signature or agreement or instrument was transmitted or communicated through the
use  of  a  facsimile  machine,  e-mail  of  a  PDF  file  or  other  electronic
transmission as a defense to the formation or  enforceability  of a contract and
each such party forever waives any such defense.

            9.6.  Expenses.  Except as otherwise  provided  herein,  each of the
parties  hereto  shall pay all costs and expenses  incurred by it in  connection
with the preparation,  negotiation, execution and delivery of this Agreement and
the  other  Transaction  Documents  and  the  consummation  of the  transactions
contemplated thereby.

            9.7.  Governing Law. This Agreement  shall be construed and enforced
in accordance  with, and all questions  concerning the  construction,  validity,
interpretation  and  performance  of this  Agreement  shall be governed  by, the
internal laws of the State of New York,  USA without giving effect to provisions
thereof  regarding  conflict of laws.  The parties hereto each  acknowledge  and
agree that the exclusive  venue and  jurisdiction  of any dispute arising out of
this  Agreement  shall be a federal or state court  located in the county of New
York, New York.

            9.8. Waiver of Jury Trial. Each of the parties hereto, the Company's
Subsidiaries  and the  Karrell  Shareholders  hereby  irrevocably  waives to the
fullest extent permitted by applicable Law any and all right to trial by jury of
any claim or cause of action in any legal  proceeding  arising out of or related
to this  Agreement  or the  transactions  or events  contemplated  hereby or any
course of conduct, course of dealing,  statements (whether verbal or written) or
actions of any party hereto. The parties hereto each agree that any and all such
claims and causes of action shall be tried by the court without a jury.  Each of
the parties  hereto  further  waives any right to seek to  consolidate  any such
legal  proceeding  in which a jury trial has been  waived  with any other  legal
proceeding in which a jury trial cannot or has not been waived.

            9.9. Specific Performance.  The parties hereto acknowledge and agree
that in the event of any breach of this Agreement, the non-breaching party would
be irreparably  and  immediately  harmed and could not be made whole by monetary
damages. It is accordingly agreed that the parties hereto (a) will waive, in any
action for specific performance,  the defense of adequacy of a remedy at law and
(b) shall be  entitled,  in  addition  to any other  remedy to which they may be
entitled at law or in equity,  to compel specific  performance of this Agreement
without the posting of a bond or other security.

                                       58
<PAGE>

            9.10. Headings.  The section headings of this Agreement are included
for  purposes  of  convenience  of the  parties  only and shall not  affect  the
construction or interpretation of any of its provisions or alter, modify, amend,
limit or restrict the contractual obligations of the parties.

            9.11. No  Assignment.  This Agreement will be binding upon and inure
to the  benefit  of the  parties  hereto  and their  respective  successors  and
permitted  assigns,  but will not be assignable or delegable by any party hereto
without the prior written consent of the other parties hereto.

            9.12.  Entire  Agreement.  This Agreement,  the Recitals and all the
Schedules and Exhibits  attached to this Agreement (all of which shall be deemed
incorporated in the Agreement and made a part hereof), and the other Transaction
Documents set forth the entire  understanding of the parties with respect to the
subject  matter hereof and supersede all prior  agreements,  written or oral, of
the  parties  hereto,  and shall  not be  modified  or  affected  by any  offer,
proposal, statement or representation, oral or written, made by or for any party
in connection with the negotiation of the terms hereof.

            9.13.  Interpretive Matters.  Unless the context otherwise requires,
(a) all references to Articles, Sections, Schedules or Exhibits are to Articles,
Sections,  Schedules or Exhibits contained in or attached to this Agreement, (b)
each  accounting  term not otherwise  defined in this  Agreement has the meaning
assigned  to it in  accordance  with GAAP,  (c) words in the  singular or plural
include the singular and plural and pronouns stated in either the masculine, the
feminine or neuter gender shall include the  masculine,  feminine and neuter and
(d) the use of the word "including" in this Agreement shall be by way of example
rather than limitation.

            9.14. No Strict  Construction.  The language used in this  Agreement
will be deemed to be the language  chosen by the parties hereto to express their
mutual intent,  and no rule of strict  construction  will be applied against any
party hereto.

            9.15.  Publicity.  The  parties  agree that they shall not issue any
announcement  or  press  release  relating,   directly  or  indirectly,  to  the
transactions  contemplated  hereby  prior  to the  Effective  Time  unless  such
announcement  or release is mutually  agreed to by each of the  parties  hereto.
Notwithstanding  the foregoing,  each party may release such information that is
required of them pursuant to any Law or applicable stock exchange  requirements;
provided that such releasing party (prior to such release)  promptly informs the
other parties hereto regarding the requirement and content of such release.

            9.16.  Status of Schedules as of  Signature  Date.  The parties each
acknowledge  and agree that as of the date of this  Agreement  is  executed  and
delivered,  no  Schedules  to this  Agreement  have been  delivered  (other than
Schedules  2.8(b),  3.4, 3.6, 3.7 and 6.2(e)) and/or  approved by the parties or
their respective  counsel.  In addition to and without in any way limiting,  any
other express and implied  condition  precedent to the obligations of any of the
parties under this Agreement,  the obligations of each of the parties under this
Agreement  are hereby  made  subject  to and  contingent  upon the  preparation,
delivery  and  approval  by the  parties  of all of the  Schedules  (other  than
Schedules 2.8(b), 3.4, 3.6, 3.7 and 6.2(e)) described in this Agreement;

                                       59
<PAGE>

[Signature Page Follows]

                                       60
<PAGE>

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

                          OCEAN WEST HOLDING CORPORATION

                          By:/s/ Darryl Cohen
                             --------------------------------------------------
                              Darryl Cohen
                              Chief Executive Officer

                          By:/s/ Darryl Cohen
                             --------------------------------------------------
                              Darryl Cohen, Individually
                              with respect to Section 3.17

                          KARRELL PTY LIMITED

                          By:/s/ Karl J. O'Farrell
                             --------------------------------------------------
                              Karl J. O'Farrell
                              Director

                          By:/s/ Helen L. McRae
                             --------------------------------------------------
                              Helen L. McRae
                              Secretary

                          INITIAL KARRELL SHAREHOLDERS

                             /s/ Karl J. O'Farrell
                          -----------------------------------------------------
                              Karl J. O'Farrell, Individually
                              with respect to Articles II, IV and VIII
                              and Section 3.14

                            /s/ Helen L. McRae
                          -----------------------------------------------------
                              Helen L. McRae, solely for purposes
                              of Articles II, VIII and Section 3.14

                            /s/ Madison Avenue Growth Fund, LLC by Robert Depalo
                          -----------------------------------------------------
                              Madison Avenue Growth Fund, LLC,
                              solely for purposes of Article II and
                              Section 3.14

                                   61

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