Document:

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                                                                   Exhibit 10.54

                          TITAN GENERAL HOLDINGS, INC.
                            PLACEMENT AGENT AGREEMENT

Dated as of: July 29, 2003.

The  undersigned,   Titan  General  Holdings,  Inc.,  a  Utah  corporation  (the
"COMPANY"), hereby agrees with Oftring & Company, Inc (the "PLACEMENTAGENT") and
Dutchess  Private  Equities  Fund,  L.P., a Delaware  Limited  Partnership  (the
"INVESTOR") as follows:

1.       OFFERING.  The Company hereby engages the Placement Agent to act as its
         exclusive  placement agent in connection with the Investment  Agreement
         dated the date hereof (the  "INVESTMENT  AGREEMENT")  pursuant to which
         the Company  shall issue and sell to the  Investor,  from time to time,
         and the Investor shall purchase from the Company (the "OFFERING") up to
         One Million Five Hundred Thousand Dollars ($1,500,000) of the Company's
         Class A Voting Common Stock (the "COMMITMENT AMOUNT"), par value $0.001
         per  share  (the  "COMMON  STOCK"),  at price  per  share  equal to the
         Purchase  Price,  as that term is defined in the Investment  Agreement.
         Pursuant  to  the  terms  hereof,  the  Placement  Agent  shall  render
         consulting  services  to the  Company  with  respect to the  Investment
         Agreement and shall be available for  consultation  in connection  with
         the advances to be requested by the Company  pursuant to the Investment
         Agreement.  All capitalized terms used herein and not otherwise defined
         herein  shall  have  the  same  meaning  ascribed  to  them  as in  the
         Investment Agreement. The Investor will be granted certain registration
         rights with  respect to the Common Stock as more fully set forth in the
         Registration  Rights  Agreement  between the  Company and the  Investor
         dated  the date  hereof  (the  "REGISTRATION  RIGHTS  AGREEMENT").  The
         documents to be executed and delivered in connection with the Offering,
         including,   but  not  limited,  to  this  Agreement,   the  Investment
         Agreement,  and the  Registration  Rights  Agreement,  are  referred to
         sometimes  hereinafter  collectively  as the "OFFERING  MATERIALS." The
         Company's  Common Stock is  sometimes  referred to  hereinafter  as the
         "SECURITIES."  The  Placement  Agent shall not be obligated to sell any
         Securities and this Offering by the Placement  Agent shall be solely on
         a "best  efforts  basis." The  Placement  Agent  shall  receive 1% (one
         percent) of each Put as a fee.

2.       REPRESENTATIONS,  WARRANTIES AND COVENANTS OF THE PLACEMENT  AGENT.  A.
         The Placement Agent represents, warrants and covenants as follows:

         (i) The  Placement  Agent has the  necessary  power to enter  into this
         Agreement and to consummate the transactions contemplated hereby.

         (ii)  The  execution  and  delivery  by the  Placement  Agent  of  this
         Agreement and the consummation of the transactions  contemplated herein
         will not  result  in any  violation  of,  or be in  conflict  with,  or
         constitute a default  under,  any  agreement or instrument to which the
         Placement  Agent  is a party  or by which  the  Placement  Agent or its
         properties  are  bound,  or any  judgment,  decree,  order  or,  to the
         Placement Agent's knowledge, any statute, rule or regulation applicable
         to the Placement  Agent.  This Agreement when executed and delivered by
         the  Placement  Agent,  will  constitute  the legal,  valid and binding
         obligations  of the Placement  Agent,  enforceable  in accordance  with
         their   respective   terms,   except  to  the   extent   that  (a)  the
         enforceability   hereof  or  thereof  may  be  limited  by  bankruptcy,
         insolvency,  reorganization,  moratorium  or similar  laws from time to
         time in effect and affecting the rights of creditors generally, (b) the
         enforceability  hereof or thereof is subject

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         to general principles of equity, or (c) the indemnification  provisions
         hereof or thereof may be held to be in violation of public policy.

         (iii) Upon receipt and execution of this Agreement the Placement  Agent
         will promptly  forward  copies of this  Agreement to the Company or its
         counsel and the Investor or its counsel.

         (iv) The  Placement  Agent will not take any action that it  reasonably
         believes  would cause the  Offering to violate  the  provisions  of the
         Securities  Act of 1933,  as amended (the "1933 ACT"),  the  Securities
         Exchange  Act of 1934  (the  "1934  ACT"),  the  respective  rules  and
         regulations  promulgated  there under (the "RULES AND  REGULATIONS") or
         applicable "Blue Sky" laws of any state or jurisdiction.

         (v) The Placement  Agent will use all  reasonable  efforts to determine
         (a) whether the  Investor is an  Accredited  Investor  and (b) that any
         information  furnished  by the  Investor  is  true  and  accurate.  The
         Placement  Agent shall have no obligation to insure that (x) any check,
         note,  draft or other  means of payment  for the  Common  Stock will be
         honored,  paid or enforceable  against the Investor in accordance  with
         its terms, or (y) subject to the  performance of the Placement  Agent's
         obligations and the accuracy of the Placement  Agent's  representations
         and  warranties  hereunder,   (1)  the  Offering  is  exempt  from  the
         registration requirements of the 1933 Act or any applicable state "Blue
         Sky" law or (2) the Investor is an Accredited Investor.

         (vi) The  Placement  Agent is a member of the National  Association  of
         Securities  Dealers,  Inc., and is a  broker-dealer  registered as such
         under the 1934 Act and under the securities laws of the states in which
         the Securities will be offered or sold by the Placement Agent unless an
         exemption  for such state  registration  is available to the  Placement
         Agent. The Placement Agent is in compliance with all material rules and
         regulations  applicable to the Placement Agent generally and applicable
         to the Placement Agent's participation in the Offering.

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

A. The Company represents and warrants as follows:

         (i) The execution,  delivery and performance of each of this Agreement,
         the Investment Agreement and the Registration Rights Agreement has been
         or will be duly and validly  authorized  by the Company and is, or with
         respect  to  this   Agreement,   the   Investment   Agreement  and  the
         Registration Rights Agreement will be, a valid and binding agreement of
         the Company,  enforceable  in  accordance  with its  respective  terms,
         except to the extent that (a) the enforceability  hereof or thereof may
         be limited by  bankruptcy,  insolvency,  reorganization,  moratorium or
         similar  laws from time to time in effect and

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       affecting  the  rights of  creditors  generally,  (b) the  enforceability
       hereof or thereof is subject to general  principles  of equity or (c) the
       indemnification  provisions  hereof  or  thereof  may  be  held  to be in
       violation of public policy.  The Securities to be issued  pursuant to the
       transactions  contemplated by this Agreement and the Investment Agreement
       have been duly  authorized  and,  when issued and paid for in  accordance
       with  (x)  this   Agreement,   the  Equity  Line  of  Agreement  and  the
       certificates/instruments  representing such Securities, (y) will be valid
       and binding  obligations of the Company,  enforceable in accordance  with
       their respective terms,  except to the extent that (1) the enforceability
       thereof  may  be  limited  by  bankruptcy,  insolvency,   reorganization,
       moratorium  or similar laws from time to time in effect and affecting the
       rights of  creditors  generally,  and (2) the  enforceability  thereof is
       subject to general principles of equity. All corporate action required to
       be taken for the  authorization,  issuance and sale of the Securities has
       been duly and validly taken by the Company.

       (ii)  The  Company  has  a  duly   authorized,   issued  and  outstanding
       capitalization as set forth herein and in the Investment  Agreement.  The
       Company is not a party to or bound by any instrument,  agreement or other
       arrangement  providing  for  it  to  issue  any  capital  stock,  rights,
       warrants,  options or other  securities,  except for this Agreement,  the
       agreements described herein and as described in the Investment Agreement,
       dated the date hereof and the agreements  described  therein.  All issued
       and outstanding  securities of the Company, have been duly authorized and
       validly issued and are fully paid and non-assessable; the holders thereof
       have no rights of rescission or  preemptive  rights with respect  thereto
       and are not  subject  to  personal  liability  solely  by reason of being
       security holders; and none of such securities were issued in violation of
       the preemptive  rights of any holders of any security of the Company.  As
       of the date hereof,  the authorized capital stock of the Company consists
       of  950,000,000  shares of Class A Voting Common Stock,  par value $0.001
       per  share of which  14,343,751  shares of Common  Stock are  issued  and
       outstanding.

       (iii) The Common Stock to be issued in accordance with this Agreement and
       the  Investment  Agreement has been duly  authorized  and when issued and
       paid for in accordance with this Agreement,  the Investment Agreement and
       the  certificates/instruments  representing  such Common  Stock,  will be
       validly issued,  fully-paid and non-assessable;  the holders thereof will
       not be  subject  to  personal  liability  solely by reason of being  such
       holders;  such  Securities  are  not  and  will  not  be  subject  to the
       preemptive rights of any holder of any security of the Company.

4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR.

A. The Investor represents, warrants and covenants as follows:

       (i) The Investor has the necessary power to enter into this Agreement and
       to consummate the transactions contemplated hereby.

       (ii) The execution and delivery by the Investor of this Agreement and the
       consummation of the transactions  contemplated  herein will not result in
       any violation of, or be in conflict  with, or constitute a default under,
       any  agreement or instrument to which the Investor is a party or by which
       the Investor or its properties are bound, or any judgment,  decree, order
       or,  to  the  Investor's  knowledge,  any  statute,  rule  or  regulation
       applicable to the Investor. This Agreement when executed and delivered by
       the Investor, will constitute the legal, valid and binding obligations of
       the Investor,  enforceable  in accordance  with their  respective  terms,
       except to the extent that (a) the enforceability hereof or thereof may be
       limited by bankruptcy, insolvency, reorganization,  moratorium or similar
       laws from time to time in effect and  affecting  the rights of  creditors
       generally, (b) the enforceability hereof or thereof is subject to general
       principles of equity,  or (c) the  indemnification  provisions  hereof or
       thereof may be held to be in violation of public policy.

       (iii)  The  Investor  will  promptly  forward  copies  of any and all due
       diligence questionnaires compiled by the Investor to the Placement Agent.

5. CERTAIN COVENANTS AND AGREEMENTS OF THE COMPANY.

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       The Company  covenants  and agrees at its expense and without any expense
       to the Placement Agent as follows:

A.     To advise  the  Placement  Agent of any  material  adverse  change in the
       Company's   financial   condition,   prospects  or  business  or  of  any
       development  materially  affecting  the  Company or  rendering  untrue or
       misleading any material statement in the Offering Materials  occurring at
       any time as soon as the  Company  is either  informed  or  becomes  aware
       thereof.

B.     To use its  commercially  reasonable  efforts to cause the  Common  Stock
       issuable in connection  with the Equity Line of Credit to be qualified or
       registered  for  sale  on  terms  consistent  with  those  stated  in the
       Registration  Rights  Agreement  and  under the  securities  laws of such
       jurisdictions  as the Placement  Agent and the Investor shall  reasonably
       request. Qualification, registration and exemption charges and fees shall
       be at the sole cost and expense of the Company.

C.     Upon written  request,  to provide and continue to provide the  Placement
       Agent and the Investor copies of all quarterly  financial  statements and
       audited  annual  financial  statements  prepared  by or on  behalf of the
       Company, other reports prepared by or on behalf of the Company for public
       disclosure and all documents delivered to the Company's stockholders.

D.     To  deliver,  during the  registration  period of the Equity  Line Credit
       Agreement, to the Placement Agent upon the Placement Agent's request,

       (i) within  forty five (45) days, a statement of its income for each such
       quarterly  period,  and its balance  sheet and a statement  of changes in
       stockholders'  equity  as of the end of  such  quarterly  period,  all in
       reasonable  detail,  certified by its  principal  financial or accounting
       officer;

       (ii) within  ninety (90) days after the close of each  fiscal  year,  its
       balance  sheet  as of the  close of such  fiscal  year,  together  with a
       statement of income, a statement of changes in stockholders' equity and a
       statement  of cash  flow  for  such  fiscal  year,  such  balance  sheet,
       statement  of income,  statement of changes in  stockholders'  equity and
       statement of cash flow to be in reasonable  detail and  accompanied  by a
       copy of the  certificate  or report  thereon of  independent  auditors if
       audited financial statements are prepared; and

       (iii) a copy of all documents,  reports and information  furnished to its
       stockholders at the time that such documents, reports and information are
       furnished to its stockholders.

E.     To comply with the terms of the Offering Materials.

F.     To ensure that any transactions  between or among the Company,  or any of
       its officers,  directors and affiliates be on terms and  conditions  that
       are no less favorable to the Company,  than the terms and conditions that
       would be available in an "arm's length"  transaction  with an independent
       third party.

6.     INDEMNIFICATION.

A.     The Company  hereby agrees that it will  indemnify and hold the Placement
       Agent and each officer, director, shareholder, employee or representative
       of the  Placement  Agent and each person  controlling,  controlled  by or
       under  common  control  with the  Placement  Agent  within the meaning of
       Section  15 of the 1933 Act or  Section  20 of the 1934 Act or the

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       SEC's  Rules and  Regulations  promulgated  there  under (the  "Rules and
       Regulations"), harmless from and against any and all loss, claim, damage,
       liability, cost or expense whatsoever (including, but not limited to, any
       and all  reasonable  legal  fees and  other  expenses  and  disbursements
       incurred  in  connection  with  investigating,  preparing  to  defend  or
       defending  any  action,  suit or  proceeding,  including  any  inquiry or
       investigation,  commenced or  threatened,  or any claim  whatsoever or in
       appearing or preparing for appearance as a witness in any action, suit or
       proceeding,  including any inquiry,  investigation or pretrial proceeding
       such as a deposition)  to which the Placement  Agent or such  indemnified
       person of the Placement  Agent may become subject under the 1933 Act, the
       1934 Act, the Rules and Regulations, or any other federal or state law or
       regulation, common law or otherwise, arising out of or based upon (i) any
       untrue statement or alleged untrue statement of a material fact contained
       in (a) Section 4 of this Agreement,  (b) the Offering  Materials  (except
       those  written  statements  relating to the  Placement  Agent given by an
       indemnified person for inclusion  therein),  (c) any application or other
       document or written  communication  executed by the Company or based upon
       written information furnished by the Company filed in any jurisdiction in
       order to qualify the Common Stock under the securities  laws thereof,  or
       any state securities  commission or agency;  (ii) the omission or alleged
       omission from  documents  described in clauses (a), (b) or (c) above of a
       material  fact  required to be stated  therein or  necessary  to make the
       statements   therein  not   misleading;   or  (iii)  the  breach  of  any
       representation,  warranty,  covenant or agreement  made by the Company in
       this  Agreement.  The  Company  further  agrees  that  upon  demand by an
       indemnified  person,  at any time or from time to time,  it will promptly
       reimburse such indemnified person for any loss, claim, damage, liability,
       cost or expense actually and reasonably paid by the indemnified person as
       to which  the  Company  has  indemnified  such  person  pursuant  hereto.
       Notwithstanding the foregoing provisions of this Paragraph 6(A), any such
       payment  or   reimbursement   by  the   Company  of  fees,   expenses  or
       disbursements  incurred by an  indemnified  person in any  proceeding  in
       which a final  judgment by a court of competent  jurisdiction  (after all
       appeals or the  expiration  of time to appeal)  is  entered  against  the
       Placement Agent or such indemnified person based upon specific finding of
       fact  that  the  Placement  Agent  or  such  indemnified  person's  gross
       negligence or willful misfeasance will be promptly repaid to the Company.

B.     The  Placement  Agent hereby  agrees that it will  indemnify and hold the
       Company   and  each   officer,   director,   shareholder,   employee   or
       representative of the Company, and each person controlling, controlled by
       or under common control with the Company within the meaning of Section 15
       of the  1933  Act  or  Section  20 of the  1934  Act  or  the  Rules  and
       Regulations,  harmless from and against any and all loss, claim,  damage,
       liability, cost or expense whatsoever (including, but not limited to, any
       and all  reasonable  legal  fees and  other  expenses  and  disbursements
       incurred  in  connection  with  investigating,  preparing  to  defend  or
       defending  any  action,  suit or  proceeding,  including  any  inquiry or
       investigation,  commenced or  threatened,  or any claim  whatsoever or in
       appearing or preparing for appearance as a witness in any action, suit or
       proceeding,  including any inquiry,  investigation or pretrial proceeding
       such as a deposition) to which the Company or such indemnified  person of
       the  Company may become  subject  under the 1933 Act,  the 1934 Act,  the
       Rules and  Regulations,  or any other federal or state law or regulation,
       common law or otherwise,  arising out of or based upon (i) the conduct of
       the Placement Agent or its officers,  employees or representatives in its
       acting as Placement Agent for the Offering or (ii) the material breach of
       any representation, warranty, covenant or agreement made by the Placement
       Agent  in this  Agreement  (iii)  any  false  or  misleading  information
       provided  to the  Company  by one of the  Placement  Agent's  indemnified
       persons.

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C.     The Investor  hereby agrees that it will indemnify and hold the Placement
       Agent and each officer, director, shareholder, employee or representative
       of the Placement  Agent,  and each person  controlling,  controlled by or
       under  common  control  with the  Placement  Agent  within the meaning of
       Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and
       Regulations,  harmless from and against any and all loss, claim,  damage,
       liability, cost or expense whatsoever (including, but not limited to, any
       and all  reasonable  legal  fees and  other  expenses  and  disbursements
       incurred  in  connection  with  investigating,  preparing  to  defend  or
       defending  any  action,  suit or  proceeding,  including  any  inquiry or
       investigation,  commenced or  threatened,  or any claim  whatsoever or in
       appearing or preparing for appearance as a witness in any action, suit or
       proceeding,  including any inquiry,  investigation or pretrial proceeding
       such as a deposition)  to which the Placement  Agent or such  indemnified
       person of the Placement  Agent may become subject under the 1933 Act, the
       1934 Act, the Rules and Regulations, or any other federal or state law or
       regulation, common law or otherwise, arising out of or based upon (i) the
       conduct of the Investor or its officers,  employees or representatives in
       its acting as the Investor  for the Offering or (ii) the material  breach
       of any  representation,  warranty,  covenant  or  agreement  made  by the
       Investor  in  the  Offering  Materials  (iii)  any  false  or  misleading
       information  provided  to the  Placement  Agent by one of the  Investor's
       indemnified persons.

D.     The  Placement  Agent hereby  agrees that it will  indemnify and hold the
       Investor   and  each   officer,   director,   shareholder,   employee  or
       representative of the Investor,  and each person controlling,  controlled
       by or under  common  control  with the  Investor  within  the  meaning of
       Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and
       Regulations,  harmless from and against any and all loss, claim,  damage,
       liability, cost or expense whatsoever (including, but not limited to, any
       and all  reasonable  legal  fees and  other  expenses  and  disbursements
       incurred  in  connection  with  investigating,  preparing  to  defend  or
       defending  any  action,  suit or  proceeding,  including  any  inquiry or
       investigation,  commenced or  threatened,  or any claim  whatsoever or in
       appearing or preparing for appearance as a witness in any action, suit or
       proceeding,  including any inquiry,  investigation or pretrial proceeding
       such as a deposition) to which the Investor or such indemnified person of
       the  Investor  may become  subject  under the 1933 Act, the 1934 Act, the
       Rules and  Regulations,  or any other federal or state law or regulation,
       common law or otherwise,  arising out of or based upon (i) the conduct of
       the Placement Agent or its officers,  employees or representatives in its
       acting as the  Placement  Agent  for the  Offering  or (ii) the  material
       breach of any representation, warranty, covenant or agreement made by the
       Placement   Agent  in  this  Agreement  (iii)  any  false  or  misleading
       information  provided  to the  Investor by one of the  Placement  Agent's
       indemnified persons.

E.     Promptly after receipt by an indemnified  party of notice of commencement
       of any action  covered by Section 6(A),  (B), (C) or (D), the party to be
       indemnified shall, within five (5) business days, notify the indemnifying
       party of the  commencement  thereof;  the omission by one (1) indemnified
       party  to  so  notify  the  indemnifying  party  shall  not  relieve  the
       indemnifying  party of its obligation to indemnify any other  indemnified
       party that has given such notice and shall not  relieve the  indemnifying
       party of any liability outside of this  indemnification if not materially
       prejudiced  thereby.  In the event that any action is brought against the
       indemnified party, the indemnifying party will be entitled to participate
       therein  and,  to the extent it may  desire,  to assume and  control  the
       defense thereof with counsel chosen by it which is reasonably  acceptable
       to the indemnified  party.  After notice from the  indemnifying  party to
       such indemnified  party of its election to so assume the defense thereof,
       the indemnifying party will not be liable to such indemnified party under
       such  Section  6(A),  (B),  (C),  or (D) for any legal or other  expenses
       subsequently  incurred by such

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       indemnified  party  in  connection  with  the  defense  thereof,  but the
       indemnified party may, at its own expense, participate in such defense by
       counsel  chosen  by it,  without,  however,  impairing  the  indemnifying
       party's  control of the defense.  Subject to the proviso of this sentence
       and notwithstanding any other statement to the contrary contained herein,
       the  indemnified  party or parties  shall have the right to choose its or
       their own counsel  and  control  the  defense of any  action,  all at the
       expense of the indemnifying  party if, (i) the employment of such counsel
       shall  have been  authorized  in  writing  by the  indemnifying  party in
       connection  with  the  defense  of  such  action  at the  expense  of the
       indemnifying  party,  or (ii)  the  indemnifying  party  shall  not  have
       employed counsel  reasonably  satisfactory to such  indemnified  party to
       have charge of the defense of such action within a reasonable  time after
       notice of commencement of the action,  or (iii) such indemnified party or
       parties  shall  have  reasonably  concluded  that  there may be  defenses
       available to it or them which are  different  from or additional to those
       available  to one or all of the  indemnifying  parties (in which case the
       indemnifying  parties  shall not have the right to direct the  defense of
       such action on behalf of the  indemnified  party or  parties),  in any of
       which events such fees and expenses of one  additional  counsel  shall be
       borne by the indemnifying party; provided, however, that the indemnifying
       party  shall  not,  in  connection  with any one action or  separate  but
       substantially similar or related actions in the same jurisdiction arising
       out of the same general  allegations or  circumstance,  be liable for the
       reasonable  fees and expenses of more than one separate firm of attorneys
       at any time for all such indemnified parties. No settlement of any action
       or  proceeding  against an  indemnified  party shall be made  without the
       consent of the indemnifying party.

F.     In order to provide for just and equitable  contribution in circumstances
       in which the indemnification  provided for in Section 6(A) or 7(B) is due
       in accordance  with its terms but is for any reason held by a court to be
       unavailable  on  grounds  of policy or  otherwise,  the  Company  and the
       Placement Agent shall contribute to the aggregate losses, claims, damages
       and liabilities (including legal or other expenses reasonably incurred in
       connection with the investigation or defense of same) which the other may
       incur in such proportion so that the Placement Agent shall be responsible
       for such percent of the  aggregate of such  losses,  claims,  damages and
       liabilities  as shall equal the  percentage of the gross proceeds paid to
       the Placement Agent and the Company shall be responsible for the balance;
       provided, however, that no person guilty of fraudulent  misrepresentation
       within the meaning of Section  11(f) of the 1933 Act shall be entitled to
       contribution  from  any  person  who was not  guilty  of such  fraudulent
       misrepresentation.   For  purposes  of  this  Section  6(F),  any  person
       controlling,  controlled  by or under common  control with the  Placement
       Agent, or any partner, director, officer, employee, representative or any
       agent of any thereof,  shall have the same rights to  contribution as the
       Placement  Agent  and each  person  controlling,  controlled  by or under
       common  control with the Company  within the meaning of Section 15 of the
       1933 Act or  Section 20 of the 1934 Act and each  officer of the  Company
       and  each  director  of  the  Company  shall  have  the  same  rights  to
       contribution  as the Company.  Any party entitled to  contribution  will,
       promptly after receipt of notice of commencement  of any action,  suit or
       proceeding   against   such  party  in  respect  of  which  a  claim  for
       contribution may be made against the other party under this Section 6(D),
       notify such party from whom contribution may be sought,  but the omission
       to  so  notify   such  party  shall  not  relieve  the  party  from  whom
       contribution may be sought from any obligation they may have hereunder or
       otherwise  if the  party  from  whom  contribution  may be  sought is not
       materially prejudiced thereby. The indemnity and contribution  agreements
       contained in this Section 6 shall remain  operative and in full force and
       effect  regardless  of any  investigation  made  by or on  behalf  of any
       indemnified person or any termination of this Agreement.

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7.     PAYMENT  OF  EXPENSES.  The  Company  hereby  agrees  to bear  all of the
       expenses in connection with the Offering,  including,  but not limited to
       the   following:   filing   fees,   printing   and   duplicating   costs,
       advertisements,   postage  and  mailing  expenses  with  respect  to  the
       transmission  of Offering  Materials,  registrar and transfer agent fees,
       and expenses,  fees of the Company's  counsel and accountants,  issue and
       transfer taxes, if any.

8.     CONDITIONS  OF CLOSING.  The Closing  shall be held at the offices of the
       Investor or its counsel. The obligations of the Placement Agent hereunder
       shall be subject to the continuing  accuracy of the  representations  and
       warranties of the Company herein as of the date hereof and as of the Date
       of Closing (the "Closing  Date") with respect to the Company as if it had
       been made on and as of such Closing  Date;  the accuracy on and as of the
       Closing  Date of the  statements  of the  officers  of the  Company  made
       pursuant to the provisions  hereof; and the performance by the Company on
       and as of the Closing Date of its covenants and obligations hereunder and
       to the following further conditions:

A.     Upon  the  effectiveness  of  a  registration   statement   covering  the
       Investment  Agreement,  the Placement  Agent shall receive the opinion of
       Counsel to the Company, dated as of the date thereof, which opinion shall
       be in form and substance reasonably  satisfactory to the Investor,  their
       counsel and the Placement Agent.

B.     At or prior to the Closing, the Placement Agent shall have been furnished
       such documents,  certificates  and opinions as it may reasonably  require
       for the  purpose  of  enabling  them to review  or pass upon the  matters
       referred to in this Agreement and the Offering Materials,  or in order to
       evidence  the  accuracy,  completeness  or  satisfaction  of  any  of the
       representations, warranties or conditions herein contained.

C.     At and prior to the  Closing,  (i)  there  shall  have  been no  material
       adverse  change nor  development  involving a  prospective  change in the
       condition  or  prospects  or  the  business   activities,   financial  or
       otherwise,  of the  Company  from  the  latest  dates  as of  which  such
       condition is set forth in the Offering  Materials;  (ii) there shall have
       been no  transaction,  not in the ordinary  course of business except the
       transactions  pursuant to the Securities  Purchase Agreement entered into
       by the Company which has not been disclosed in the Offering  Materials or
       to the  Placement  Agent in  writing;  (iii)  except  as set forth in the
       Offering  Materials,  the  Company  shall  not be in  default  under  any
       provision of any instrument relating to any outstanding  indebtedness for
       which a waiver or extension has not been otherwise received;  (iv) except
       as set forth in the Offering Materials, the Company shall not have issued
       any securities (other than those to be issued as provided in the Offering
       Materials) or declared or paid any dividend or made any  distribution  of
       its  capital  stock of any class and there shall not have been any change
       in the indebtedness (long or short term) or liabilities or obligations of
       the Company  (contingent  or otherwise)  and trade  payable debt;  (v) no
       material  amount of the assets of the Company  shall have been pledged or
       mortgaged,  except as  indicated in the  Offering  Materials;  and (v) no
       action, suit or proceeding,  at law or in equity,  against the Company or
       affecting  any of its  properties  or  businesses  shall  be  pending  or
       threatened before or by any court or federal or state  commission,  board
       or  other  administrative  agency,   domestic  or  foreign,   wherein  an
       unfavorable decision, ruling or finding could materially adversely affect
       the  businesses,  prospects  or  financial  condition  or  income  of the
       Company,  except as set forth in the Offering  Materials.  D. At Closing,
       the Placement  Agent shall receive a certificate of the Company signed by
       an  executive  officer  and  chief  financial  officer,  dated  as of the
       applicable  Closing,  to the  effect  that the  conditions  set  forth in
       subparagraph (C) above

<PAGE>

       have  been  satisfied  and  that,  as  of  the  applicable  closing,  the
       representations  and  warranties of the Company set forth herein are true
       and correct.

10.    TERMINATION. This Agreement shall be co-terminus with, and terminate upon
       the same  terms and  conditions  as those set  forth in,  the  Investment
       Agreement.  The rights of the Investor and the obligations of the Company
       under the Registration Rights Agreement,  and the rights of the Placement
       Agent and the obligations of the Company shall survive the termination of
       this Agreement  unabridged for a period of twenty-four (364) months after
       the Closing Date.

11.    MISCELLANEOUS.  A.  This  Agreement  may be  executed  in any  number  of
       counterparts,  each of which shall be deemed to be an  original,  but all
       which  shall be deemed to be one and the same  instrument.  B. Any notice
       required or permitted to be given hereunder shall be given in writing and
       shall be deemed  effective  when  deposited  in the United  States  mail,
       postage prepaid, or when received if personally  delivered or faxed (upon
       confirmation  of receipt  received by the sending  party),  addressed  as
       follows:

If to Placement Agent, to:

       Oftring & Company Inc..
       588 Main Street
       Worcester, MA 01601

       If to the Company, to:

       Titan General Holdings, Inc.

       Attention: Andrew Glashow
       Acting CFO
       Tel: (978) 338-5704
       Fax: (978)

       With a copy to:

       Robert Brown
       Reitler and Brown

       If to the Investor:

       Dutchess Private Equities fund, LP
       312 Stuart St.
       Boston, MA  02116
       Tel:   (617) 960-3582
       Fax:   (617) 960-3772

       or to such other address of which written notice is given to the others.

<PAGE>

C.     This  Agreement  shall be governed by and construed in all respects under
       the laws of the State of Delaware,  without  reference to its conflict of
       laws rules or  principles.  Any suit,  action,  proceeding  or litigation
       arising  out of or  relating  to this  Agreement  shall  be  brought  and
       prosecuted  in such federal or state court or courts  located  within the
       Commonwealth  of  Massachusetts  as provided by law.  The parties  hereby
       irrevocably and unconditionally  consent to the jurisdiction of each such
       court or courts located within the Commonwealth of  Massachusetts  and to
       service  of process by  registered  or  certified  mail,  return  receipt
       requested,  or by any other manner provided by applicable law, and hereby
       irrevocably and  unconditionally  waive any right to claim that any suit,
       action,  proceeding or  litigation so commenced has been  commenced in an
       inconvenient forum.

D.     This  Agreement and the other  agreements  referenced  herein contain the
       entire  understanding  between the parties hereto and may not be modified
       or amended  except by a writing  duly  signed by the party  against  whom
       enforcement of the modification or amendment is sought.

E.     If any  provision  of this  Agreement  shall  be held  to be  invalid  or
       unenforceable,  such invalidity or unenforceability  shall not affect any
       other provision of this Agreement.

       [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

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

COMPANY:

Titan General Holdings, Inc.

By: /s/ Andrew Glashow
    ------------------------------------
Name: Andrew Glashow
Title: President

PLACEMENT AGENT:

Oftring & Company, Inc.

By: /s/ Robert J Oftring
    ------------------------------------
Name: Robert J Oftring
Title: President

INVESTOR:

DUTCHESS PRIVATE EQUITIES FUND, L.P.
BY ITS GENERAL PARTNER DUTCHESS
CAPITAL MANAGEMENT, LLC

By: /s/ Douglas H. Leighton
    ------------------------------------
Name: Douglas H. Leighton
Title: A Managing Member<PAGE>

                                                                   Exhibit 10.55

NEITHER THE SECURITIES  REPRESENTED HEREBY NOR THE SECURITIES  ISSUABLE UPON THE
EXERCISE  HEREOF  HAVE BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
AMENDED (THE  "SECURITIES  ACT"),  OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED,  ASSIGNED,  OR  OTHERWISE  TRANSFERRED  UNLESS  (1)  A
REGISTRATION  STATEMENT WITH RESPECT  THERETO IS EFFECTIVE  UNDER THE SECURITIES
ACT AND ANY APPLICABLE  STATE  SECURITIES  LAWS, OR (2)  IRREVOCABLE  CHILDREN'S
TRUST (THE "TRUST") OR  VENTURES-NATIONAL  INCORPORATED  ("VNI"), AS APPLICABLE,
RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES,
WHICH COUNSEL AND OPINION ARE  REASONABLY  SATISFACTORY  TO THE TRUST OR VNI, AS
APPLICABLE, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN.

                          IRREVOCABLE CHILDREN'S TRUST

                            Warrant for the Purchase
                                       of
                Shares of Common Stock, Par Value $.001 per share
                                       of
                         Ventures-National Incorporated

No. 1                                                              July 29, 2003

         THIS CERTIFIES that, for value received,  Robert E. Ciri (together with
all permitted assigns,  the "Holder") is entitled to subscribe for, and purchase
from, IRREVOCABLE CHILDREN'S TRUST (the "Trust"),  upon the terms and conditions
set forth herein,  at any time or from time to time during the period commencing
on the date hereof (the "Initial  Exercise  Date") and terminating at 5:00 p.m.,
New York City local time, on the third  anniversary of the Initial Exercise Date
(the "Exercise Period"), up to 1,000,000 shares of common stock, par value $.001
per share  (the  "Common

<PAGE>

Stock"), of Ventures-National  Incorporated,  a Utah corporation  ("VNI").  This
Warrant is  exercisable at an exercise price per share equal to $0.50 per share;
provided,  however,  that upon the occurrence of any of the events  specified in
Section 5 hereof,  the rights  granted by this Warrant,  including the number of
shares of Common Stock to be received upon such  exercise,  shall be adjusted as
therein specified.

         This  Warrant,  together  with the Warrants  issuable upon the transfer
hereof, are hereinafter referred to as the Warrants.  Each share of Common Stock
issuable upon the exercise hereof or thereof shall be hereinafter referred to as
a "Warrant Share".

         Section 1 Exercise of Warrant.

         This Warrant may be exercised  during the  Exercise  Period,  either in
whole or in part, by the surrender of this Warrant  (accompanied by the election
form,  attached  hereto,  duly  executed) to  Irrevocable  Children's  Trust c/o
Reitler  Brown LLC,  800 Third  Avenue,  21st Floor,  New York,  New York 10022,
Attention:  Robert  Steven  Brown,  or at such other place as is  designated  in
writing by the Trust,  together with a certified or bank cashier's check payable
to the order of the  Trust in an amount  equal to the  product  of the  Exercise
Price  and the  number  of  Warrant  Shares  for  which  this  Warrant  is being
exercised.

         In lieu of  exercising  this Warrant by payment of cash to the Trust in
accordance with the  immediately  preceding  paragraph,  the Holder may elect to
receive shares equal to the value of this Warrant (or the portion  thereof being
canceled)  by surrender  of this  Warrant at the  principal  office of the Trust
together with notice of such  election,  in which event the Trust shall issue to
the Holder hereof a number of Shares computed using the following formula:

                                            Y (A - B)
                                    X =     ---------
                                                 A
                  Where:

                  X -- The  number of Shares to be issued to the  Holder of this
                       Warrant.
                  Y -- The  number of Shares  purchasable  under  this Warrant.
                  A -- The fair market value of one Share.
                  B -- The  Exercise  Price  (as  adjusted  to the  date of such
                       calculations).

For  purposes of this Section 1, the fair market value of a Share shall mean (i)
the last closing price per Share for VNI's Common Stock on the principal  market
or exchange on which VNI's shares are traded preceding the exercise date of this
Warrant or (ii) if no such market or exchange  exists,  the price per Share that
VNI could obtain from a willing buyer for Shares sold by VNI from authorized but
unissued Shares, as determined in good faith by VNI's Board of Directors.

         Section 2 Rights Upon Registration of Transfer; Delivery of Securities.

<PAGE>

              As soon as  practicable  after each exercise of this Warrant,  the
Trust  shall  issue and  deliver to the  Holder a  certificate  or  certificates
representing  the Warrant Shares issuable upon such exercise,  registered in the
name of the Holder or its designee.  If this Warrant should be exercised in part
only, the Trust shall, upon surrender of this Warrant for cancellation,  execute
and deliver a Warrant evidencing the right of the Holder to purchase the balance
of the aggregate number of Warrant Shares purchasable hereunder as to which this
Warrant has not been exercised or assigned.

         Section 3 Registration of Transfer and Exchange.

              Any Warrants  issued upon the transfer or exercise in part of this
Warrant  shall be numbered and shall be  registered  in a Warrant  register (the
"Warrant Register") as they are issued. The Trust shall be entitled to treat the
registered  holder of any Warrant on the  Warrant  Register as the owner in fact
thereof for all  purposes,  and shall not be bound to recognize any equitable or
other claim to, or interest  in, such  Warrant on the part of any other  person,
and shall not be liable for any  registration  or transfer of Warrants which are
registered  or to be  registered  in the name of a fiduciary or the nominee of a
fiduciary  unless made with the actual  knowledge that a fiduciary or nominee is
committing a breach of trust in requesting  such  registration  of transfer,  or
with the knowledge of such facts that its  participation  therein amounts to bad
faith.  This Warrant shall be  transferable  on the books of the Trust only upon
delivery thereof duly endorsed by the Holder or by his duly authorized  attorney
or representative, or accompanied by proper evidence of succession,  assignment,
or  authority to  transfer.  In all cases of transfer by an attorney,  executor,
administrator,  guardian,  or other  legal  representative,  duly  authenticated
evidence of his, her, or its authority shall be produced.  Upon any registration
of  transfer,  the Trust  shall  deliver a new Warrant or Warrants to the person
entitled  thereto.  This Warrant may be exchanged,  at the Warrant of the Holder
thereof, for another Warrant, or other Warrants of different  denominations,  of
like tenor and representing in the aggregate the right to purchase a like number
of Warrant Shares (or portions thereof), upon surrender to the Trust or its duly
authorized  agent.  Notwithstanding  the  foregoing,  the  Trust  shall  have no
obligation to cause Warrants to be transferred on its books to any person if, in
the  opinion of counsel to the Trust,  such  transfer  does not comply  with the
provisions of the Securities Act and the rules and regulations thereunder.

         Section 4 Reservation of Shares.

              The Trust shall at all times reserve and keep available out of the
shares of Common  Stock of VNI held by it,  solely for the purpose of  providing
for the  exercise  of the  Warrants,  such  number of shares of Common  Stock as
shall, from time to time, be sufficient therefor.  The Trust represents that all
shares of Common Stock  issuable upon exercise of this Warrant are  beneficially
owned by the Trust  free and clear of any and all liens and  encumbrances,  and,
when issued against payment therefore in accordance with the terms hereof, shall
be validly issued, fully paid, and nonassessable, without any personal liability
attaching  to the  ownership  thereof and will not be issued in violation of any
preemptive or similar rights of stockholders.

<PAGE>

         Section 5 Antidilution.

              (a) In the  event  that VNI shall at any time  after  the  Initial
Exercise Date: (i) declare a dividend on the outstanding Common Stock payable in
shares of the Trust's  capital  stock;  (ii)  subdivide the  outstanding  Common
Stock;  (iii)  combine the  outstanding  Common  Stock into a smaller  number of
shares; or (iv) issue any shares of its capital stock by reclassification of the
Common  Stock  (including  any  such   reclassification  in  connection  with  a
consolidation or merger in which the Trust is the continuing  entity),  then, in
each case,  the  Exercise  Price per Warrant  Share in effect at the time of the
record date for the  determination  of  stockholders  entitled  to receive  such
dividend  or  distribution  or  of  the  effective  date  of  such  subdivision,
combination,  or  reclassification  shall be adjusted so that it shall equal the
price determined by multiplying such Exercise Price by a fraction, the numerator
of which shall be the number of shares of Common Stock  outstanding  immediately
prior to such action, and the denominator of which shall be the number of shares
of Common Stock outstanding after giving effect to such action.  Such adjustment
shall be made successively whenever any event listed above shall occur and shall
become effective at the close of business on such record date or at the close of
business on the date immediately preceding such effective date, as applicable.

              (b) All  calculations  under  this  Section 5 shall be made to the
nearest cent or to the nearest one-hundredth of a share, as the case may be.

              (c) In any case in which  this  Section  5 shall  require  that an
adjustment in the number of Warrant Shares be made effective as of a record date
for a specified  event,  the Trust may elect to defer,  until the  occurrence of
such event,  issuing  transfering  to the Holder,  if the Holder  exercised this
Warrant after such record date, the Warrant Shares,  if any,  issuable upon such
exercise over and above the number of Warrant Shares issuable upon such exercise
on the basis of the  number of  shares of Common  Stock in effect  prior to such
adjustment;  provided, however, that the Trust shall deliver to the Holder a due
bill or other  appropriate  instrument  evidencing the Holder's right to receive
such  additional  shares  of  Common  Stock  upon the  occurrence  of the  event
requiring such adjustment.

              (d)  Whenever  there  shall be an  adjustment  as provided in this
Section  5, the Trust  shall  within 15 days  thereafter  cause  written  notice
thereof to be sent by the Company by registered mail,  postage  prepaid,  to the
Holder, at its address as it shall appear in the Warrant Register,  which notice
shall be  accompanied  by an officer's  certificate  setting forth the number of
Warrant Shares issuable and the Exercise Price thereof after such adjustment and
setting forth a brief  statement of the facts  requiring such adjustment and the
computation thereof, which officer's certificate shall be conclusive evidence of
the correctness of any such adjustment absent manifest error.

              (e) The Trust shall not be required to issue  fractions  of shares
of Common Stock or other capital stock of VNI upon the exercise of this Warrant.
If any

<PAGE>

fraction of a share of Common  Stock  would be issuable on the  exercise of this
Warrant  (or  specified  portions  thereof),  the  Trust  shall pay lieu of such
fraction an amount in cash equal to the same  fraction of the last  closing sale
price prior to the date of exercise.

                  (f) No  adjustment  in the  Exercise  Price per Warrant  Share
shall be required if such adjustment is less than $.01; provided,  however, that
any  adjustments  which by reason of this  Section 5 are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.

                  (g) Whenever the Exercise  Price payable upon exercise of this
Warrant is adjusted  pursuant  to  subsection  (a) above,  the number of Warrant
Shares issuable upon exercise of this Warrant shall  simultaneously  be adjusted
by multiplying the number of Warrant Shares  theretofore  issuable upon exercise
of this Warrant by the  Exercise  Price  theretofore  in effect and dividing the
product so obtained by the Exercise Price, as adjusted.

         Section 6 Reclassification; Reorganization; Merger.

                  (a) In case of any capital  reorganization,  other than in the
cases referred to in Section 5(a) hereof,  or the consolidation or merger of VNI
with or into another  corporation (other than a merger or consolidation in which
VNI  is  the   continuing   corporation   and  which  does  not  result  in  any
reclassification  of the outstanding shares of Common Stock or the conversion of
such  outstanding  shares of Common  Stock into  shares of other  stock or other
securities or  property),  or in the case of any sale,  lease,  or conveyance to
another  corporation  of the  property  and  assets  of any  nature of VNI as an
entirety  or  substantially  as an  entirety  (such  actions  being  hereinafter
collectively  referred  to as  "Reorganizations"),  there  shall  thereafter  be
deliverable  upon  exercise  of this  Warrant  (in lieu of the number of Warrant
Shares  theretofore  deliverable)  the  number  of  shares  of  stock  or  other
securities  or  property to which a holder of the  respective  number of Warrant
Shares which would  otherwise  have been  deliverable  upon the exercise of this
Warrant would have been entitled  upon such  Reorganization  if this Warrant had
been exercised in full immediately prior to such Reorganization.  In case of any
Reorganization,  appropriate  adjustment,  as  determined  in good  faith by the
Trustees or other governing body of the Trust,  shall be made in the application
of the  provisions  herein set forth with respect to the rights and interests of
the  Holder  so that  the  provisions  set  forth  herein  shall  thereafter  be
applicable,  as nearly as possible,  in relation to any shares or other property
thereafter  deliverable upon exercise of this Warrant. Any such adjustment shall
be made by, and set forth in, a supplemental agreement between the Trust, or any
successor thereto,  and the Holder, with respect to this Warrant,  and shall for
all purposes hereof conclusively be deemed to be an appropriate adjustment.  VNI
shall  use its best  efforts  to  ensure  that VNI  shall  not  effect  any such
Reorganization  unless, upon or prior to the consummation thereof, the successor
corporation,  or  if  VNI  shall  be  the  surviving  corporation  in  any  such
Reorganization  and is not the issuer of the shares of stock or other securities
or property to be delivered to holders of shares of the Common Stock outstanding
at the  effective  time  thereof,  then such  issuer,  shall  assume by  written
instrument  the  obligation  to  deliver  to the  Holder  such  shares of stock,
securities, cash, or

<PAGE>

other  property as such Holder shall be entitled to purchase in accordance  with
the foregoing  provisions.  In the event of sale,  lease, or conveyance or other
transfer of all or  substantially  all of the assets of VNI or the Trust as part
of a plan for  liquidation  of VNI or the  Trust,  all rights to  exercise  this
Warrant  shall  terminate  30 days  after  written  notice has been given to the
Holder that such sale or conveyance or other transfer has been consummated.

                  (b) In case of any reclassification or change of the shares of
Common Stock  issuable upon exercise of this Warrant (other than a change in par
value or from a  specified  par  value  to no par  value,  or as a  result  of a
subdivision or  combination,  but including any change in the shares into two or
more classes or series of shares),  or in case of any consolidation or merger of
another  corporation into VNI in which VNI is the continuing  corporation and in
which there is a reclassification  or change (including a change to the right to
receive  cash or other  property)  of the shares of Common  Stock  (other than a
change in par value,  or from no par value to a  specified  par  value,  or as a
result of a subdivision or  combination,  but including any change in the shares
into two or more  classes  or series of  shares),  the Holder or holders of this
Warrant shall have the right thereafter to receive upon exercise of this Warrant
solely  the kind and amount of shares of stock and other  securities,  property,
cash, or any combination thereof receivable upon such reclassification,  change,
consolidation,  or merger by a holder of the number of Warrant  Shares for which
this   Warrant   might   have   been   exercised   immediately   prior  to  such
reclassification,  change,  consolidation,  or merger.  Thereafter,  appropriate
provision shall be made for adjustments  which shall be as nearly  equivalent as
practicable to the adjustments in Section 5.

                  (c) The above  provisions  of this  Section 6 shall  similarly
apply to successive  reclassifications and changes of shares of Common Stock and
to successive consolidations, mergers, sales, leases, or conveyances.

         Section 7 Notice of Certain Events.

         In case at any time the Trust shall receive notice or become aware that
VNI proposes:

         (a) to pay any  dividend or make any  distribution  on shares of Common
Stock in shares  of Common  Stock or make any  other  distribution  (other  than
regularly  scheduled cash dividends  which are not in a greater amount per share
than the most recent such cash dividend) to all holders of Common Stock; or

         (b) to issue any rights,  Warrants,  or other securities to all holders
of Common Stock entitling them to purchase any additional shares of Common Stock
or any other rights, Warrants, or other securities; or

         (c) to effect any  reclassification  or change of outstanding shares of
Common  Stock or any  consolidation,  merger,  sale,  lease,  or  conveyance  of
property, as described in Section 6; or

<PAGE>

         (d) to effect any liquidation, dissolution, or winding-up of VNI; or

         (e) to take any other  action  which would cause an  adjustment  to the
Exercise Price per Warrant Share;

then,  and in any one or more of such  cases,  the Trust shall cause VNI to give
prompt written notice thereof by registered mail, postage prepaid, to the Holder
at the Holder's  address as it shall appear in the Warrant  Register,  mailed at
least 10 days prior to and such notice shall  include:  (i) the date as of which
the  holders of record of shares of Common  Stock to be  entitled to receive any
such dividend,  distribution,  rights,  Warrants,  or other securities are to be
determined;  (ii)  the  date on  which  any  such  reclassification,  change  of
outstanding  shares  of  Common  Stock,  consolidation,   merger,  sale,  lease,
conveyance of property,  liquidation,  dissolution, or winding-up is expected to
become  effective and the date as of which it is expected that holders of record
of shares of Common  Stock  shall be  entitled  to  exchange  their  shares  for
securities or other property,  if any,  deliverable upon such  reclassification,
change of outstanding shares, consolidation,  merger, sale, lease, conveyance of
property,  liquidation,  dissolution,  or winding-up;  or (iii) the date of such
action  which would  require an  adjustment  to the  Exercise  Price per Warrant
Share.

         Section 8 Charges and Taxes.

              The issuance of any shares or other  securities  upon the exercise
of  this  Warrant  and  the  delivery  of  certificates  or  other   instruments
representing such shares or other securities shall be made without charge to the
Holder for any tax or other charge in respect of such issuance.  Neither VNI nor
the Trust  shall be  required  to pay any tax which may be payable in respect of
any  transfer  involved in the issue and delivery of any  certificate  in a name
other than that of the Holder and neither the Trust nor VNI shall be required to
issue or  deliver  any such  certificate  unless and until the person or persons
requesting  the issue  thereof  shall have paid to VNI the amount of such tax or
shall have  established to the  satisfaction of the Trust that such tax has been
paid.

         Section 9 Periodic Reports.

              The Trust agrees that until all the Warrant Shares shall have been
sold pursuant to Rule 144 under the Securities  Act or a Registration  Statement
under the  Securities  Act,  it shall use its best  efforts to cause VNI to keep
current in filing all reports,  statements,  and other materials  required to be
filed with the  Commission to permit  holders of the Warrant Shares to sell such
securities under Rule 144 under the Securities Act.

<PAGE>

         Section 10 Legend.

              Until sold  pursuant to the  provisions  of Rule 144 or  otherwise
registered  under the  Securities  Act, the Warrant Shares issued on exercise of
the Warrants  shall be subject to a stop transfer  order and the  certificate or
certificates representing the Warrant Shares shall bear the following legend:

THE SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND
MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1)
A REGISTRATION  STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
ACT AND ANY  APPLICABLE  STATE  SECURITIES  LAWS,  OR (2) THE TRUST  RECEIVES AN
OPINION OF COUNSEL TO THE HOLDER OF THE  SECURITIES,  WHICH  COUNSEL AND OPINION
ARE REASONABLY  SATISFACTORY TO THE TRUST,  THAT SUCH SECURITIES MAY BE OFFERED,
SOLD,  PLEDGED,  ASSIGNED,  OR OTHERWISE  TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT  AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  SECURITIES  ACT  OR
APPLICABLE STATE SECURITIES LAWS.

         Section 11 Loss; Theft; Destruction; Mutilation.

              Upon  receipt of evidence  satisfactory  to the Trust of the loss,
theft,  destruction,  or  mutilation  of any Warrant (and upon  surrender of any
Warrant if mutilated),  and upon receipt by the Trust of reasonably satisfactory
indemnification, the Trust shall execute and deliver to the Holder thereof a new
Warrant of like date, tenor, and denomination.

         Section 12 Stockholder Rights.

              The  Holder of any  Warrant  shall not have,  solely on account of
such status,  any rights of a stockholder of VNI or the Trust,  either at law or
in  equity,  or to any  notice  of  meetings  of  stockholders  or of any  other
proceedings of VNI or the Trust, except as provided in this Warrant.

         Section 14 Governing Law.

              This Warrant shall be construed in accordance with the laws of the
State of New York applicable to contracts made and performed  within such State,
without regard to principles of conflicts of law.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

<PAGE>

         IN WITNESS WHEREOF,  the Trust has executed this Warrant as of the date
first above written.

                                     IRREVOCABLE CHILDREN'S TRUST

                                     By: /s/ David M. Marks
                                         ------------------------------------
                                         Name: David M. Marks
                                         Title: Trustee

<PAGE>

                               FORM OF ASSIGNMENT

(To be executed by the registered  holder if such holder desires to transfer the
attached Warrant.)

         FOR VALUE RECEIVED,  ______________________  hereby sells, assigns, and
transfers  unto  _________________  a Warrant to purchase  __________  shares of
Common Stock, par value $0.001 per share, of Ventures-National  Incorporated,  a
Utah corporation ("VNI") from Irrevocable Children's Trust (the "Company"),  and
does hereby irrevocably  constitute and appoint ___________ attorney to transfer
such Warrant on the books of the Trust, with full power of substitution.

Dated: _________________

                                             Signature_______________________

                                     NOTICE

         The signature on the foregoing  Assignment  must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.

<PAGE>

                              ELECTION TO EXERCISE

To:      Irrevocable Children's Trust

         The  undersigned  hereby  exercises his, her, or its rights to purchase
from  Irrevocable  Children's  Trust (the  "Trust")  ________________  shares of
common stock, par value $.001 per share of  Ventures-National  Incorporated (the
"Common Stock"),  covered by the within Warrant,  and requests that certificates
for the  securities  constituting  such shares of Common  Stock be issued in the
name of, and delivered to:

     (Print Name, Address, and Social Security or Tax Identification Number)

Method of Exercise (Please initial the applicable blank):

                  ___      The  undersigned  elects  to  exercise  the  attached
                           Warrant  by  means  of a cash  payment,  and  tenders
                           herewith  payment in full for the  purchase  price of
                           the  shares  being   purchased,   together  with  all
                           applicable transfer taxes, if any.

                  ___      The  undersigned  elects  to  exercise  the  attached
                           Warrant by means of the net  exercise  provisions  of
                           Section 2 of the Warrant.

and, if such  number of shares of Common  Stock  shall not  constitute  all such
shares of Common Stock covered by the within Warrant, that a new Warrant for the
balance of the shares of Common  Stock  covered by the within  Warrant  shall be
registered  in the name of, and  delivered  to, the  undersigned  at the address
stated below.

Dated: __________________                   Name________________________
                                                (Print)
Address:

                                            ------------------------
                                            (Signature)

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