Document:

EXHIBIT 10.1

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                             NOTE PURCHASE AGREEMENT

                                 BY AND BETWEEN

                    CONTINENTAL BEVERAGE AND NUTRITION, INC.

                                       AND

                         CORNELL CAPITAL PARTNERS, L.P.

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                              Dated April 22, 2005

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                             NOTE PURCHASE AGREEMENT

         THIS NOTE PURCHASE AGREEMENT (the "Agreement") is made as of the 22nd
day of April, 2005, by and between Continental Beverage and Nutrition, Inc., a
Delaware corporation (the "Company"), and Cornell Capital Partners, L.P. (the
"Investor").

                              W I T N E S S E T H:

         WHEREAS, the Company desires to sell to the Investor, and the Investor
desires to purchase from the Company, an 8% senior secured convertible
promissory note in the principal amount of $400,000 (the "Note"), in the form
attached as Exhibit A hereto, pursuant to the provisions of this Agreement; and

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties do hereby
agree as follows:

         1.       Purchase and Sale of Note.
                  -------------------------

                  1.1      Issuance and Sale of Note. Subject to the terms and
conditions of this Agreement, the Investor agrees to purchase at the Closing (as
hereafter defined), and the Company agrees to issue and sell to the Investor at
the Closing, the Note for an aggregate purchase price of Four Hundred Thousand
($400,000.00) Dollars (the "Purchase Price").

                  1.2      Closing.
                           -------

                           (a)      The purchase and sale of the Note (the
"Closing") shall take place at the offices of Sloan Securities Corp., 444
Madison Avenue, 23rd Floor, New York, New York 10022 at 10:00 a.m. (or remotely
via the exchange of documents and signatures), on April 22, 2005, or at such
other time and place as the Company and the Investor mutually agree upon orally
or in writing.

                           (b)      At the Closing, the Company shall deliver to
the Investor, the Note, against payment of the Purchase Price by wire transfer
to the Company.

         2.       Representations and Warranties of the Company. The Company
hereby represents and warrants to the Investor, except as set forth on a
Schedule of Exceptions to Representations and Warranties attached hereto as
Exhibit B (the "Schedule of Exceptions") or as disclosed in any current SEC
filings, the following:

                  2.1      Subsidiaries. The Company does not presently own or
control, directly or indirectly, any interest in any other corporation,
association or other entity. The Company is not a party to any joint venture,
partnership, or similar arrangement.

                  2.2      Organization, Good Standing, and Qualification. The
Company is a corporation duly organized, validly existing, and in good standing
under the laws of the State of Delaware, and has all requisite corporate power

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and authority to carry on its business as now conducted. The Company is duly
qualified to transact business and is in good standing in each jurisdiction in
which the failure so to qualify would have a Material Adverse Effect (as
hereafter defined) on the Company's business or properties.

                  2.3      Capitalization and Voting Rights. The number of
authorized, issued and outstanding capital stock of the Company is set forth in
Exhibit B. Except as disclosed in Exhibit B, no securities of the Company are
entitled to preemptive or similar rights, nor is any holder of securities of the
Company entitled to preemptive or similar rights arising out of any agreement or
understanding with the Company by virtue of any of the Transaction Documents
(defined hereinafter). Except as disclosed in Exhibit B, there are no
outstanding options, warrants, script rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, except as a
result of the purchase and sale of the Securities, or rights or obligations
convertible into or exchangeable for, or giving any Person (as defined below)
any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings, or arrangements by which the Company is or may
become bound to issue additional shares of Common Stock, or securities or rights
convertible or exchangeable into shares of Common Stock.

                  2.4      Authorization. All corporate action on the part of
the Company, its officers, directors, and shareholders necessary for the
authorization, execution, and delivery of this Agreement, the Note, the
Registration Rights Agreement and the Security Agreement (as herein defined)
(collectively, the "Transaction Documents"), the performance of all obligations
of the Company hereunder and thereunder and the authorization, issuance (or
reservation for issuance), and delivery of the Note being sold hereunder and the
Common Stock issuable upon conversion of the Note (collectively, the
"Securities"), has been taken or will be taken prior to the Closing, and the
Transaction Documents constitute valid and legally binding obligations of the
Company, enforceable in accordance with their respective terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors' rights
generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, and (iii) to the
extent the indemnification provisions contained in the Transaction Documents may
be limited by applicable federal or state laws.

                  2.5      Valid Issuance of Note and Common Stock. The Note
being purchased by the Investor hereunder, when issued, sold, and delivered in
accordance with the terms hereof for the consideration provided for herein, will
be duly and validly issued, and, based in part upon the representations of the
Investor in this Agreement, will be issued in compliance with all applicable
federal and state securities laws. The Common Stock issuable upon conversion of
the Note has been duly and validly reserved for issuance and, upon issuance in
accordance with the terms of the Note, shall be duly and validly issued, fully
paid and nonassessable, and issued in compliance with all applicable securities
laws, as presently in effect, of the United States and each of the states whose
securities laws govern the issuance of the Note hereunder.

                  2.6      Filings, Consents and Approvals. The Company is not
required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal,

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state, local or other governmental authority or other Person in connection with
the execution, delivery and performance by the Company of the Transaction
Documents, other than (i) if determined by Company counsel, a proper Form D in
accordance with Regulation D promulgated under the Securities Act of 1933, as
amended (the "Act"), and applicable Blue Sky filings and (ii) in all other cases
where the failure to obtain such consent, waiver, authorization or order, or to
give such notice or make such filing or registration could not have or result
in, individually or in the aggregate, a material adverse effect on the business,
prospects, operations, affairs, financial condition, assets or properties of the
Company taken as a whole ("Material Adverse Effect").

                  2.7      Litigation. Except as set forth of Exhibit B, there
is no action, suit, proceeding, claim or investigation pending or, to the
knowledge of the Company, currently threatened against the Company which
questions the validity of the Transaction Documents, or the right of the Company
to enter into any of them, or to consummate the transactions contemplated hereby
or thereby, or which might result, either individually or in the aggregate, in a
Material Adverse Effect or in any change in the current equity ownership of the
Company, nor is the Company aware that there is any basis for the foregoing. The
foregoing includes, without limitation, actions, pending or threatened (or any
basis therefor known to the Company), involving the prior employment of any of
the Company's employees, their use in connection with the Company's business of
any information or techniques allegedly proprietary to any of their former
employers, or their obligations under any agreements with prior employers. The
Company is not a party or subject to the provisions of any order, writ,
injunction, judgment, or decree of any court or government agency or
instrumentality.

                  2.8      Compliance with Other Instruments. The Company is not
in violation or default of any provisions of its Certificate of Incorporation or
Bylaws or, to its knowledge, of any instrument, judgment, order, writ, decree,
mortgage, indenture, lease, license or contract to which it is a party or by
which it is bound or, to its knowledge, of any provision of federal, state, or
local statute, rule, or regulation applicable to the Company, except as would
not reasonably be expected, singly or in the aggregate, to have a Material
Adverse Effect. The execution, delivery, and performance of the Transaction
Documents and the consummation of the transactions contemplated thereby will not
result in any such violation or be in conflict with or constitute, with or
without the passage of time and giving of notice, either a default under any
such provision, instrument, judgment, order, writ, decree or contract, or an
event which results in the creation of any lien, charge, or encumbrance upon any
assets of the Company or the suspension, revocation, impairment, forfeiture, or
nonrenewal of any material permit, license, authorization, or approval
applicable to the Company, its business or operations, or any of its assets or
properties, except as would not reasonably be expected, singly or in the
aggregate, to have a Material Adverse Effect.

                  2.9      Permits. The Company has all franchises, permits,
licenses, and any similar authority necessary for the conduct of its business as
now being conducted by it, the lack of which could have a Materially Adverse
Effect and believes it can obtain, without undue burden or expense, any similar
authority for the conduct of its business as planned to be conducted. The
Company is not in default in any material respect under any of such franchises,
permits, licenses, or other similar authority.

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                  2.10     Compliance with Laws. The conduct of business by the
Company as presently and proposed to be conducted is not subject to continuing
oversight, supervision, regulation or examination by any governmental official
or body of the United States or any other jurisdiction wherein the Company
conducts or proposes to conduct such business, except such regulation as is
applicable to commercial enterprises generally. The Company has not received any
notice of any violation of or noncompliance with, any federal, state, local or
foreign laws, ordinances, regulations and orders (including, without limitation,
those relating to environmental protection, occupational safety and health,
federal securities laws, equal employment opportunity, consumer protection,
credit reporting, "truth-in-lending", and warranties and trade practices)
applicable to its business, the violation of, or noncompliance with, which would
have a materially adverse effect on either the Company's business or operations,
and the Company knows of no facts or set of circumstances which would give rise
to such a notice.

                  2.11     Disclosure. This Agreement, the other Transaction
Documents and any other statements or certificates made or delivered in
connection herewith or therewith, when taken together with the Disclosure
Materials (as defined below), do not contain any untrue statement of a material
fact or omits to state a material fact necessary to make the statements herein
or therein not misleading.

                  2.12     SEC Reports; Financial Statements. Except as set
forth in the Schedule of Exceptions, the Company has filed all reports required
to be filed by it under the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof, for the two years preceding the date hereof (or such shorter
period as the Company was required by law to file such material) (the foregoing
materials being collectively referred to herein as the "SEC Reports" and,
together with the Schedule of Exceptions to this Agreement, the "Disclosure
Materials") on a timely basis or has received a valid extension of such time of
filing and has filed any such SEC Reports prior to the expiration of any such
extension. As of their respective dates, the SEC Reports complied in all
material respects with the requirements of the Securities Act and the Exchange
Act and the rules and regulations of the Commission promulgated thereunder, and
none of the SEC Reports, when filed, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. All material
agreements to which the Company is a party or to which the property or assets of
the Company are subject have been filed as exhibits to the SEC Reports to the
extent required. The financial statements of the Company included in the SEC
Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in
effect at the time of filing. Such financial statements have been prepared in
accordance with generally accepted accounting principles applied on a consistent
basis during the periods involved ("GAAP"), except as may be otherwise specified
in such financial statements or the notes thereto, and fairly present in all
material respects the financial position of the Company and its consolidated
subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments. Additionally,
since the adoption of the Sarbanes-Oxley Act of 2002 (the "New Act"), the
Company has complied in all material respects with the laws, rules and
regulation under the New Act.

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         3.       Representations and Warranties of the Investor. The Investor
hereby represents and warrants that:

                  3.1      Authorization. The Transaction Documents constitute
valid and legally binding obligations of the Investor enforceable in accordance
with their terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting
enforcement of creditors' rights generally and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief, or other
equitable remedies.

                  3.2      Purchase Entirely for Own Account. The Note to be
purchased by the Investor and the Common Stock issuable upon conversion of the
Note (collectively, the "Securities") will be acquired for investment for the
Investor's own account and not with a view to the resale or distribution of any
part thereof. The Investor represents that it has full power and authority to
enter into this Agreement.

                  3.3      Disclosure of Information. The Investor acknowledges
that it has received all the information that it has requested relating to the
Company and the purchase of the Note. The Investor further represents that it
has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the offering of the Note. The foregoing,
however, does not limit or modify the representations and warranties of the
Company in Section 2 of this Agreement or the right of the Investor to rely
thereon.

                  3.4      Accredited Investor. The Investor is an "accredited
investor" within the meaning of Rule 501 of Regulation D of the Securities and
Exchange Commission (the "SEC"), as presently in effect.

                  3.5      Restricted Securities. Investor understands that the
Note (and the shares of Common Stock, or if applicable Preferred Stock, issuable
upon conversion of the Note) that it is purchasing is characterized as
"restricted securities" under the federal securities laws inasmuch as it is
being acquired from the Company in a transaction not involving a public
offering, and that under such laws and applicable regulations such securities
may be resold without registration under the Act, only in certain limited
circumstances. In this connection, the Investor represents that it is familiar
with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the Act.

                  3.6      Legends. It is understood that the certificate
evidencing the Note (and the Common Stock issuable upon conversion of the Note)
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, AS AMENDED (THE
                  "ACT"), AND ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS
                  SET FORTH IN THIS CERTIFICATE. THE SECURITIES REPRESENTED
                  HEREBY MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF

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                  IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
                  THE ACT OR AN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO
                  COUNSEL FOR THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE,
                  TRANSFER, OR DISPOSITION MAY BE EFFECTUATED WITHOUT
                  REGISTRATION UNDER THE ACT."

                     3.7   Hedging Transactions. The Investor's trading
         activities with respect to the Company's Common Stock shall be in
         compliance with all applicable federal and state securities laws, rules
         and regulations and the rules and regulations of the principal market
         on which the Company's Common Stock is listed or traded. Neither the
         Investor nor its affiliates has an open short position in the Common
         Stock of the Company, and the Investor agrees that without the prior
         written consent of the Company, prior to the earlier of the (i)
         maturity date of the Note or (ii) date the Note is converted into
         equity securities or (iii) date the shares issuable upon conversion of
         the Note are registered pursuant to an effective registration statement
         under the Securities Act of 1933, as amended, it shall not, and that it
         will cause its affiliates not to, engage in any short sales with
         respect to the Common Stock. Nothing in this Agreement or otherwise
         shall limit or prohibit the Investor from selling any Common Stock
         after it has submitted a conversion notice to the Company.

         4.       Conditions of the Investor's Obligations at Closing. The
obligations of the Investor under subsection 1.1 of this Agreement is subject to
the fulfillment on or before the Closing of each of the following conditions:

                  4.1      Representations and Warranties. The representations
and warranties of the Company contained in Section 2 hereof shall be true on and
as of the Closing with the same effect as though such representations and
warranties had been made on and as of the date of such Closing.

                  4.2      Performance. The Company shall have performed and
complied with all agreements, obligations, and conditions contained in this
Agreement that are required to be performed or complied with by it on or before
the Closing.

                  4.3      Compliance Certificate. The President of the Company
shall deliver to the Investor, at the Closing, a certificate certifying that the
conditions specified in Sections 4.1 and 4.2 have been fulfilled.

                  4.4      Proceedings and Documents. All corporate and other
proceedings in connection with the transactions contemplated at the Closing and
all documents incident thereto shall be reasonably satisfactory in form and
substance to the Investor and counsel to the Investor, and they shall have
received all such counterpart original and certified or other copies of such
documents as they may reasonably request.

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                  4.5      Assistant Secretary's Certificate. The Company shall
have delivered to the Investor a certificate executed by the Assistant Secretary
of the Company dated as of the Closing certifying the following matters: (a) the
resolutions adopted by the Company's Board of Directors relating to the
transactions contemplated by this Agreement; and (b) the Certificate of
Incorporation and Bylaws of the Company.

                  4.6      Delivery of Note. The Company shall have delivered
the Note to the Investor, as specified in Section 1.

                  4.7      Ancillary Agreements. The Company and the Investor
shall have entered into a registration rights agreement dated of even date
herewith, a form of which is attached hereto as Exhibit C (the "Registration
Rights Agreement") and a security agreement dated of even date herewith, a form
of which is attached hereto as Exhibit D (the "Security Agreement").

                  4.8      Opinion of Counsel. The Purchasers shall have
received an opinion of counsel to the Company substantially in the form attached
hereto as Exhibit E.

                  4.9      Conversion of Accrued Salary, Notes and Preferred
Stock. The Company shall have delivered to the Investor agreements in form and
substance reasonably acceptable to the Investor providing for:

                           (a)      the conversion of all accrued but unpaid
salary of David Sackler (approximately $711,700 as of the date hereof) into
shares of the Company's Common Stock or options to purchase shares of common
stock at the prevailing price of the common stock at the time of an Acquisition
Transaction (as hereinafter defined) but in no event less than $0.10 per share;

                           (b)      the conversion of all principal and interest
under those promissory notes held by Harry Sackler (approximately $271,884 as of
the date hereof) and Jack Harrington (approximately $139,000) into shares of the
Company's Common Stock at the prevailing price of the common stock at the time
of an Acquisition Transaction but in no event less than $0.10 per share; and

                           (c)      the conversion of all issued and outstanding
shares of preferred stock held by CES Consulting Corp. into an aggregate of
2,002,230 shares of the Company's Common Stock on or before the Closing.

                           (d)      For the purpose of this Section 4.9,
"Acquisition Transaction" shall mean: (i) any merger, share exchange,
consolidation, reorganization or other business combination pursuant to which
the businesses of Target is combined with that of the Company; (ii) the
acquisition, directly or indirectly, by the Company of all or a substantial
portion of the assets or common equity of Target by way of negotiated purchase
or otherwise; or (iii) the acquisition, directly or indirectly, by Target of all
or a substantial portion of the assets or common equity of the Company by way of
negotiated purchase or otherwise. The term Acquisition Transaction shall include
any reverse merger transaction the Company undertakes.

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                  4.10     Insider Lock-Up Agreements. The Company shall have
delivered to the Investor agreements in form and substance reasonably acceptable
to the Investor providing for the lock-up of the shares held by David Sackler,
Harry Sackler and Jack Harrington and their respective affiliates.

                  4.11     Other Payments. Concurrent with the Closing, the
Company shall pay the Sloan Compensation and Yorkville Fee (as such terms are
defined in Section 7.7 hereto) and the Legal Expense Obligation (as defined in
Section 7.8 hereto).

         5.       Conditions of the Company's Obligations at Closing. The
obligations of the Company to the Investor under this Agreement is subject to
the fulfillment on or before any Closing of each of the following conditions by
the Investor:

                  5.1      Representations and Warranties. The representations
and warranties of the Investor contained in Section 3 shall be true on and as of
such Closing with the same effect as though such representations and warranties
had been made on and as of such Closing.

                  5.2      Payment of Purchase Price. The Investor shall have
delivered the Purchase Price specified in Section 1.2.

                  5.3       Ancillary Agreements. The Company and the
Investor(s) shall have entered into the Registration Rights Agreement and the
Security Agreement.

         6.       Indemnification. The Company agrees to indemnify and hold
harmless Investor and any of Investor's general partners, employees, officers,
directors, members, agents and other representatives (collectively, the
"Indemnitees"), against any investigations, proceedings, claims or actions and
for any expenses, damages, liabilities or losses (joint or several) arising out
of any actions or omissions by the Company that result in any such
investigations, proceedings, claims or actions, to which the Indemnitees may
become subject, whether under the act or any rules or regulations promulgated
thereunder, the Securities Exchange Act of 1934, as amended (the "Exchange Act")
or any rules or regulations promulgated thereunder, or any state law or
regulation, or common law, arising out of, related to or in any way attributable
to the Indemnitee's investment in the Company, including, but not limited to,
investigations, proceedings, claims or actions and any expenses, losses, damages
or liabilities (or actions in respect thereof) that arise out of or are based
upon any breach of any representation, warranty, agreement, obligation or
covenant of the Company contained herein. The Company also agrees to reimburse
the Indemnitees for any legal or other expenses reasonably incurred in
connection with investigating or defending any such investigations, proceedings,
claims or actions, as such expenses or other costs are incurred.

         7.       Miscellaneous.
                  -------------

                  7.1      Survival of Warranties. All of the representations
and warranties made herein shall survive the execution and delivery of this
Agreement. The Investor is entitled to rely, and the parties hereby acknowledge
that the Investor has so relied, upon the truth, accuracy and completeness of

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each of the representations and warranties of the Company contained herein,
irrespective of any independent investigation made by Investor. The Company is
entitled to rely, and the parties hereby acknowledge that the Company has so
relied, upon the truth, accuracy and completeness of each of the representations
and warranties of the Investor contained herein, irrespective of any independent
investigation made by the Company.

                  7.2      Successors and Assigns. This Agreement is personal to
each of the parties and may not be assigned without the written consent of the
other parties; provided, however, that any of the Investors shall be permitted
to assign its rights under this Agreement and the Ancillary Agreements to any
affiliate of such Investor.

                  7.3      Governing Law. This Agreement shall be governed by
and construed under the laws of the State of New York as applied to agreements
among New York residents entered into and to be performed entirely within New
York. The Company (1) agrees that any legal suit, action or proceeding arising
out of or relating to this Agreement shall be instituted exclusively in New York
State Supreme Court, County of New York, or in the United States District Court
for the Southern District of New York, (2) waives any objection which the
Company may have now or hereafter to the venue of any such suit, action or
proceeding, and (3) irrevocably consents to the jurisdiction of the New York
State Supreme Court, County of New York, and the United States District Court
for the Southern District of New York in any such suit, action or proceeding.
The Company further agrees to accept and acknowledge service of any and all
process which may be served in any such suit, action or proceeding in the New
York State Supreme Court, County of New York, or in the United States District
Court for the Southern District of New York and agrees that service of process
upon the Company mailed by certified mail to the Company's address shall be
deemed in every respect effective service of process upon the Company, in any
such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

                  7.4      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,
once executed by a party, may be delivered to the other party hereto by
facsimile transmission of a copy of this Agreement bearing the signature of the
party so delivering this Agreement.

                  7.5      Titles and Subtitles. The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

                  7.6      Notices. Any notice required or permitted by this
Agreement shall be in writing and shall be deemed sufficient upon receipt, when
delivered personally or by courier, overnight delivery service or confirmed
facsimile, or forty-eight (48) hours after being deposited in the U.S. mail as
certified or registered mail with postage prepaid, if such notice is addressed
to the party to be notified at such party's address or facsimile number as set
forth below or as subsequently modified by written notice. Any party may change
its address for such communications by giving notice thereof to the other
parties in conformity with this Section.

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                  7.7      Finder's Fee, Etc. Each party represents that it
neither is nor will be obligated for any finders' or brokers' fee or commission
in connection with this transaction; provided, however, that the Company is
obligated to pay (i) a cash fee equal to 10% of the principal amount of Note
issued hereby to Sloan Securities Corp. ("Sloan Compensation") pursuant to that
certain investment banking agreement dated February 17, 2005 and (ii) an
advisory fee equal to 10% of the principal amount of Note issued hereby to
Yorkville Asset Management, LLC ("Yorkville Fee").

                  7.8      Transaction Expenses; Enforcement of Transaction
Documents. The Company and each Investor shall pay their respective costs and
expenses incurred with respect to the negotiation, execution, delivery and
performance of this Agreement; provided, however, that if the Closing is
effected, the Company shall promptly make payment to (i) a law firm designated
by Sloan Securities Corp., for up to $12,500, of legal fees and expenses and
(ii) a law firm designated by the Investor, for up to $5,000, of legal fees and
expenses (collectively, "Legal Expense Obligation"). If any action at law or in
equity is necessary to enforce or interpret the terms of the Transaction
Documents, the prevailing party shall be entitled to reasonable attorney's fees,
costs, and necessary disbursements in addition to any other relief to which such
party may be entitled.

                  7.9      Amendments and Waivers. Any term of this Agreement
may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Investor.
Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each holder of any securities purchased under this Agreement at the
time outstanding (including securities into which such securities are
convertible), each future holder of all such securities, and the Company.

                  7.10     Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

                  7.11     Entire Agreement. This Agreement and the documents
referred to herein constitute the entire agreement among the parties and no
party shall be liable or bound to any other party in any manner by any
warranties, representations, or covenants except as specifically set forth
herein or therein.

                     Balance of page intentional left blank

                             Signature Page follows

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

                                          CONTINENTAL BEVERAGE & NUTRITION, INC.

                                          By: /s/ DAVID SACKLER
                                              ----------------------------------
                                              David Sackler, CEO & President

                                          INVESTOR

                                          CORNELL CAPITAL PARTNERS, L.P.

                                          By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                              Address:

                                              Facsimile Number

<PAGE>

                                    EXHIBIT A

                             FORM OF PROMISSORY NOTE

<PAGE>

                                    EXHIBIT B

                             SCHEDULE OF EXCEPTIONS

Section 2.3  - Capitalization and Voting Rights

The following represents the capitalization of the Company as of the date
hereof, on a fully diluted basis.

Currently Issued and Outstanding shares of Common Stock            20,702,193
                                                                   ----------

Convertible Securities:

Harry Sackler     (preferred stock conversion)                      2,002,230

Harry Sackler     (note conversion)                                 2,718,840

Jack Harrington   (note conversion)                                 1,395,000

David Sackler     (salary conversion)                               7,117,000

Sloan Stock Loan Conversion                                        40,000,000
                                                                   ----------

Total Convertible Securities                                       57,233,070

Total Fully Diluted Shares of Common Stock                         73,935,263

Section 2.7  Litigation.

             COBN Schedule of Judgments/Liens and current Litigation
             -------------------------------------------------------
                             (status in parenthesis)

o     Federal Tax Lien in the amount of $16,943.23 filed in Nassau County, NY
      (in negotiations)

o     State Tax Lien in the amount of $2,597.46 filed in Nassau County, NY (in
      negotiations)
<PAGE>

o     Judgment in favor of Lawrence Dobroff, CPA, in the amount of $12,043.80
      filed in Nassau County, NY (settled in principal- $5,500.00)

o     Judgment in favor of Charles Hendricks, Inc, d/b/a Starkey & Hendricks, in
      the amount of $4,545.56 filed in Nassau County, NY (in negotiations)

o     Judgment in favor of Michael Drive Partners, LLC, in the amount of
      $28,505.68 filed in Nassau County, NY (settled - $10,000.00)

o     Judgment in favor of the Counties of Warren and Washington, NY, in the
      amount of $4,256.32 filed in Warren County, NY. (in negotiations)

o     Litigation w/Zuckerman Honickman for $24,000.00 (settled in principal at
      $13,500.00)

o     Litigation w/Granite Springs for $15,00.00 (settled for $3,500.00)

o     Litigation w/Adirondack Beverages for $45,000 (settled for $10,000.00,
      negotiated to $9,000.00 - paid in full)
<PAGE>

                                    EXHIBIT C

                      FORM OF REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                    EXHIBIT D

                           FORM OF SECURITY AGREEMENT

<PAGE>

                                    EXHIBIT E

                                 FORM OF OPINION

      (i)   The Company has been duly organized as a corporation and is validly
            existing in good standing under the laws of the jurisdiction of its
            incorporation.

      (ii)  The execution and delivery by the Company of the Transaction
            Documents and the consummation by the Company of the transactions
            contemplated thereby have been duly authorized by all necessary
            corporate action on the part of the Company, and the Transaction
            Documents have been duly executed and delivered by the Company. Each
            of the Transaction Documents constitutes the valid and binding
            obligation of the Company, enforceable against the Company in
            accordance with its respective terms, except (i) as limited by
            applicable bankruptcy, insolvency, reorganization, moratorium, and
            other laws of general application affecting enforcement of
            creditors' rights generally, (ii) as limited by laws relating to the
            availability of specific performance, injunctive relief, or other
            equitable remedies, and (iii) to the extent the indemnification
            provisions contained in the Transaction Documents may be limited by
            applicable federal or state laws.

      (iii) To the knowledge of counsel, none of the execution and delivery of,
            or performance by the Company under, any of the Transaction
            Documents or the consummation of the transactions therein
            contemplated, will conflict with, or result in the creation or
            imposition of any lien, charge or other encumbrance upon any of the
            properties or assets of the Company pursuant to, the terms of any
            indenture, mortgage, deed of trust, note agreement or other
            instrument pursuant to which the Company is a party or by which the
            Company may be bound or to which any of its assets, properties or
            business is or may be subject, except as would not reasonably be
            expected, singly or in the aggregate, to have a Material Adverse
            Effect. None of the execution and delivery of, or performance by the
            Company under, any of the Transaction Documents or the consummation
            of the transactions therein contemplated, will conflict with any
            term of the Certificate of Incorporation or By-Laws of the Company,
            or any statute, rule, regulation or ordinance, or any material
            license, permit, judgment, decree or order, which, expressly by its
            terms is known by us to be applicable to the Company or any of its
            assets, properties or businesses, except as would not reasonably be
            expected, singly or in the aggregate, to have a Material Adverse
            Effect.
<PAGE>

      (iv)  Other than as described in the SEC Reports, we are not aware of any
            legal or regulatory, administrative or governmental charges,
            actions, proceedings, claims, hearings, investigations before or by
            any court, governmental authority, or instrumentality pending or
            threatened against the Company, or involving its assets or
            properties which, if determined adversely to the Company, could
            reasonably be expected to have a Material Adverse Effect on the
            Company or could be expected to adversely affect any of the
            transactions contemplated by the Transaction Documents or the
            validity or enforceability thereof.

      (v)   The Security Agreement creates in favor of the Holder (as defined in
            the Security Agreement) an enforceable security interest in the
            Collateral (as defined in the Security Agreement). The Financing
            Statement is in proper form so as to comply with the filing
            requirements of the Uniform Commercial Code as in effect of the
            State of Delaware (the "Delaware UCC"). Subject to the operation and
            effect of the Delaware UCC, the Holders will have a perfected
            interest in the Company's right, title and interest in the
            Collateral: (a) when the Financing Statement properly describing the
            Collateral, authenticated by the Company, as debtor, as required,
            and showing the Holders as secured party, has been duly accepted and
            filed in the filing office of the Secretary of State of the State of
            Delaware, and when value has been given by the Holders to the
            Company; and (b) to the extent that perfection of a security
            interest in the Collateral may be accomplished by filing the
            Financing Statement pursuant to the Delaware UCC and the Uniform
            Commercial Code in effect in the State of New York.

      (vi)  Based in part upon the representations made by the Investors in the
            Securities Purchase Agreement, the offer, sale and issuance of the
            Notes and Warrants to be issued in conformity with the terms of the
            Securities Purchase Agreement constitute transactions exempt from
            the registration requirements of Section 5 of the Securities Act.EXHIBIT 10.2

         THIS PROMISSORY NOTE AND THE SECURITIES OBTAINABLE UPON CONVERSION
         HEREOF (COLLECTIVELY, THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED ("THE ACT"), OR THE SECURITIES
         LAWS OF ANY STATE. THE SECURITIES MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
         TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
         UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
         APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND
         SUCH LAWS.

                  8% SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

U.S. $400,000.00                                                  April 22, 2005

         FOR VALUE RECEIVED, Continental Beverage and Nutrition, Inc., a
Delaware corporation (the "Company"), hereby promises to pay to the order of
Cornell Capital Partners, L.P. (the "Lender") the principal amount of Four
Hundred Thousand ($400,000) Dollars (the "Principal Amount"), together with
interest on the Principal Amount under this senior secured convertible
promissory note (this "Note") at the per annum rate of eight (8%) percent
(calculated daily on the basis of a 360-day year and actual calendar days
elapsed). Subject to conversion as provided herein, the Principal Amount and all
accrued interest on this Note shall become due and payable in one installment on
April 1, 2006 (the "Maturity Date").

                  Both the Principal Amount and accrued interest shall be paid
in lawful money of the United States of America to the Lender at 101 Hudson
Street, Suite 3700, Jersey City, NJ 07302 or at such other address as the Lender
may designate by notice in writing to the Company per Section 14 below, in
immediately available funds.

         If any payment hereunder falls due on a Saturday, Sunday or legal
holiday, it shall be payable on the next succeeding business day and such
additional time shall be included in the computation of interest.

         This Note is issued pursuant to that certain Note Purchase Agreement by
and between the Company and Lender, dated April 22, 2005 (the "Note Purchase
Agreement"). All capitalized terms not defined herein shall have the meanings
ascribed thereto in the Note Purchase Agreement.

         1.       Ranking. The indebtedness evidenced by this Note and the
payment of the Principal Amount and accrued interest thereon shall be Senior (as
hereinafter defined) to, and have priority in right of payment over, all
indebtedness of the Company. "Senior" shall be deemed to mean that, in the event
of any default in the payment of the obligations represented by this Note or of
<PAGE>

any liquidation, insolvency, bankruptcy, reorganization, or similar proceedings
relating to the Company, all sums payable on this Note shall first be paid in
full, with interest, if any, before any payment is made upon any other
indebtedness, now outstanding or hereinafter incurred, and, in any such event,
any payment or distribution of any character which shall be made in respect of
any other indebtedness of the Company, shall be paid over to the holder of this
Note for application to the payment hereof, unless and until the obligations
under this Note (which shall mean the Principal Amount and other obligations
arising out of, premium, if any, interest on, and any costs and expenses payable
under, this Note) shall have been paid and satisfied in full.

         2.       Conversion.
                  ----------

                  (a)      Conversion. At anytime, including prior to,
concurrent with, or following, the Company consolidating with, or merging into,
another corporation or entity, or effecting any other corporate reorganization
or other transaction or series of transactions resulting in the transfer of 50%
or more of the outstanding voting power of the Company (a "Merger Transaction"),
at the option of the Lender the entire Principal Amount and accrued interest on
this Note may be converted (the "Conversion") into the Company's (or the
successor entity's) common stock ("Equity Securities"). The number of shares of
Equity Securities to be issued upon such conversion shall be equal to the
quotient obtained by dividing (i) the entire principal amount of this Note,
together with accrued interest hereon by (ii) $0.01 ("Conversion Price"), and
concurrent with the issuance of such shares, the Lender shall be afforded no
less than piggyback registration rights on the Equity Securities. In addition,
if the Company has not consummated or entered into a definitive agreement with
respect to a Merger Transaction on or before October 1, 2005, the Conversion
Price shall be reduced to $0.005 per share. Any fraction of a share resulting
from these calculations shall be rounded upward to the whole share. The Company
covenants to cause such shares, when issued pursuant to this Section 2(a), to be
fully paid and nonassessable, and free from all taxes, liens and charges with
respect to the issuance thereof, other than any taxes, liens or charges not
caused by the Company.

                  (b)      Mechanics and Effect of Conversion. To exercise a
Conversion, the Lender shall surrender its Note, duly endorsed, together with a
written conversion notice to the Company at its principal office. At its
expense, the Company will, as soon as practicable thereafter, issue and deliver
to such Lender, at its address, a certificate or certificates for the number of
shares to which such Lender is entitled upon such conversion. This Note shall be
deemed to have been converted on the date a written notice of conversion has
been submitted to the Company and the Lender shall be treated for all purposes
as the record holder of the Equity Securities deliverable upon such conversion
as of the close of business on such date. In the event that the entire Principal
Amount of the Note is not converted, the Company shall issue Lender a new Note
for the balance of the Principal Amount and accrued interest, if any, not so
converted.

                  (c)      Certain Exercise Restrictions. Notwithstanding
anything contained herein to the contrary, Lender may not convert this Note to
the extent such conversion would result in the Lender, together with any
affiliate thereof, beneficially owning (as determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
and the rules promulgated thereunder) in excess of 4.999% of the then issued and
outstanding shares of Common Stock, including shares of Common Stock issuable
upon such conversion and held by such Lender after application of this Section.

                                      -2-
<PAGE>

Since the Lender will not be obligated to report to the Company the number of
shares of Common Stock it may hold at the time of a conversion hereunder, unless
the conversion at issue would result in the issuance of shares of Common Stock
in excess of 4.999% of the then outstanding shares of Common Stock without
regard to any other shares of Common Stock which may be beneficially owned by
the Lender or an affiliate thereof, the Lender shall have the authority and
obligation to determine whether the restriction contained in this Section will
limit any particular conversion hereunder and to the extent that the Lender
determines that the limitation contained in this Section applies, the
determination of which portion of this Note is convertible shall be the
responsibility and obligation of the Lender. If the Lender has delivered a Form
of Election to Purchase for a number of shares of Equity Securities that would
result in the issuance in excess of the permitted amount hereunder, the Company
shall notify the Lender of this fact and shall honor the exercise for the
maximum portion of this Note permitted to be converted on such date of
conversion in accordance with the periods described herein and disregard the
balance of such Form of Election to Purchase, as if never delivered The
provisions of this Section may be waived by Lender upon not less than 61 days
prior notice to the Company.

                  (d)      No Impairment. The Company will not, by amendment of
its Certificate of Incorporation or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Section 2 and in the taking of all
such action as may be necessary or appropriate in order to protect the
conversion rights of the Lender of this Note against impairment.

         3.       Reservation of Shares. The Company shall at all times have
authorized and reserved for issuance a sufficient number of shares of its
capital stock to provide for the full conversion of this Note.

         4.       Change of Control. Subject to the conversion provisions set
forth in section 2(a) above, in the event of (i) any transaction or series of
related transactions (including any reorganization, merger or consolidation)
that results in the transfer of 50% or more of the outstanding voting power of
the Company, and (ii) a sale of all or substantially all of the assets of the
Company to another person, this Note shall be automatically due and payable. The
Company will give the Lender not less than ten (10) business days prior written
notice of the occurrence of any events referred to in this Section 4.

         5.       Certain Adjustments. The number and class or series of shares
into which this Note may be converted under Section 2 shall be subject to
adjustment in accordance with the following provisions:

                  (a)      Adjustment for Reorganization or Recapitalization.
Subject to the mandatory conversion provisions set forth in Section 2 hereof,
if, while this Note remains outstanding and has not been converted, there shall
be a reorganization or recapitalization, combination, reclassification, exchange
or subdivision of shares otherwise provided for herein), all necessary or
appropriate lawful provisions shall be made so that the Lender shall thereafter

                                      -3-
<PAGE>

be entitled to receive upon conversion of this Note, the greatest number of
shares of stock or other securities or property that a holder of the class of
securities deliverable upon conversion of this Note would have been entitled to
receive in such reorganization or recapitalization if this Note had been
converted immediately prior to such reorganization or recapitalization, all
subject to further adjustment as provided in this Section 5. If the per share
consideration payable to the Lender for such class of securities in connection
with any such transaction is in a form other than cash or marketable securities,
then the value of such consideration shall be determined in good faith by the
Company's Board of Directors. The foregoing provisions of this paragraph shall
similarly apply to successive reorganizations or recapitalizations and to the
stock or securities of any other corporation that are at the time receivable
upon the conversion of this Note. In all events, appropriate adjustment shall be
made in the application of the provisions of this Note (including adjustment of
the conversion price and number of shares into which this Note is then
convertible pursuant to the terms and conditions of this Note) with respect to
the rights and interests of the Lender after the transaction, to the end that
the provisions of this Note shall be applicable after that event, as near as
reasonably may be, in relation to any shares or other property deliverable or
issuable after such reorganization or recapitalization upon conversion of this
Note.

                  (b)      Adjustments for Split, Subdivision or Combination of
Shares. If the Company at any time while this Note remains outstanding and
unconverted, shall split or subdivide any class of securities into which this
Note may be converted into a different number of securities of the same class,
the number of shares of such class issuable upon conversion of this Note
immediately prior to such split or subdivision shall be proportionately
increased and the conversion price for such class of securities shall be
proportionately decreased. If the Company at any time while this Note, or any
portion hereof, remains outstanding and unconverted shall combine any class of
securities into which this Note may be converted, into a different number of
securities of the same class, the number of shares of such class issuable upon
conversion of this Note immediately prior to such combination shall be
proportionately decreased and the Conversion Price for such class of securities
shall be proportionately increased.

                  (c)      Adjustments for Dividends in Stock or Other
Securities or Property. If, while this Note remains outstanding and unconverted,
the holders of any class of securities as to which conversion rights under this
Note exist at the time shall have received, or, on or after the record date
fixed for the determination of eligible stockholders, shall have become entitled
to receive, without payment therefor, other or additional stock or other
securities or property (other than cash) of the Company by way of dividend, then
and in each case, this Note shall represent the right to acquire, in addition to
the number of shares of such class of security receivable upon conversion of
this Note, and without payment of any additional consideration therefor, the
amount of such other or additional stock or other securities or property (other
than cash) of the Company that such holder would hold on the date of such
conversion had it been the holder of record of the class of security receivable
upon conversion of this Note on the date hereof and had thereafter, during the
period from the date hereof to and including the date of such conversion,
retained such shares and/or all other additional stock available by it as
aforesaid during said period, giving effect to all adjustments called for during
such period by the provisions of this Section 5.

                                      -4-
<PAGE>

         6.       Further Adjustments. In case at any time or, from time to
time, the Company shall take any action that affects the class of securities
into which this Note may be converted under Section 2, other than an action
described herein, then, unless such action will not have a materially adverse
effect upon the rights of the Lender, the number of shares of such class of
securities (or other securities) into which this Note is convertible shall be
adjusted in such a manner and at such time as shall be equitable in the
circumstances.

         7.       Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment pursuant to Section 5 or Section 6, the Company at
its sole expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Lender a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based. The Company shall, upon the written
request at any time of the Lender, furnish or cause to be furnished to Lender a
like certificate setting forth (i) such adjustments and readjustments, and (ii)
the number and class of securities and the amount, if any, of other property
which at the time would be received upon the conversion of this Note under
Section 2.

         8        Affirmative Covenants. The Company covenants and agrees that,
while any amounts under this Note are outstanding, it shall:

                  (a)      Do all things necessary to preserve and keep in full
force and effect its corporate existence, including, without limitation, all
licenses or similar qualifications required by it to engage in its business in
all jurisdictions in which it is at the time so engaged; and continue to engage
in business of the same general type as conducted as of the date hereof; and
(ii) continue to conduct its business substantially as now conducted or as
otherwise permitted hereunder;

                  (b)      Pay and discharge promptly when due all taxes,
assessments and governmental charges or levies imposed upon it or upon its
income or profits or in respect of its property before the same shall become
delinquent or in default, which, if unpaid, might reasonably be expected to give
rise to liens or charges upon such properties or any part thereof, unless, in
each case, the validity or amount thereof is being contested in good faith by
appropriate proceedings and the Company has maintained adequate reserves with
respect thereto in accordance with GAAP; notwithstanding the foregoing, with
respect to the liens and judgments that exist as of the date hereof as set forth
on Exhibit B of the Note Purchase Agreement, the Company covenants and agrees to
take all necessary steps to ensure that foregoing judgments are satisfied and
the liens released in accordance with the terms and conditions of that certain
escrow agreement of even date herewith (the "Escrow Agreement") and shall
provide evidence satisfactory to the Lender of such satisfaction and release;

                  (c)      Comply in all material respects with all federal,
state and local laws and regulations, orders, judgments, decrees, injunctions,
rules, regulations, permits, licenses, authorizations and requirements
applicable to it (collectively, "Requirements") of all governmental bodies,
departments, commissions, boards, companies or associations insuring the
premises, courts, authorities, officials or officers which are applicable to the
Company or any of its properties, except where the failure to so comply would

                                      -5-
<PAGE>

not have a material adverse effect on the results or operations of the Company
or any of its properties taken as a whole ("Material Adverse Effect"); provided,
however, that nothing provided herein shall prevent the Company from contesting
the validity or the application of any Requirements;

                  (d)      Keep proper records and books of account with respect
to its business activities, in which proper entries, reflecting all of their
financial transactions, are made in accordance with GAAP;

                  (e)      Notify the Lender in writing, promptly upon learning
thereof, of any litigation or administrative proceeding commenced or threatened
against the Company which involve a claim in excess of $50,000;

                  (f)      Use the proceeds from this Note shall be for the
repayment of approximately $46,000 of outstanding debentures and for general
working capital purposes; and

                  (g)      Keep all of its properties adequately insured at all
times with responsible insurance carriers against loss or damage by fire and
other hazards, and maintain adequate insurance at all times with responsible
insurance carriers against liability on account of damage or injury to persons
and property.

         9.       Negative Covenants. The Company covenants and agrees that
while any amount of this Note is outstanding it will not directly or indirectly:

                  (a)      Incur, guarantee, assume or otherwise become
responsible for (directly or indirectly) any indebtedness for borrowed funds,
performance, obligations, of any person, or the agreement by the Company to do
any of the foregoing, that is senior or pari passu to the Notes, without the
prior written consent of the Lender;

                  (b)      Declare or pay, directly and indirectly, any
dividends or make any distributions, whether in cash, property, securities or a
combination thereof, with respect to (whether by reduction of capital or
otherwise) any shares of its capital stock (including without limitation any
preferred stock) or directly or indirectly redeem, purchase, retire or otherwise
acquire for value any shares of any class of its capital stock or set aside any
amount for any such purpose;

                  (c)      Sell, transfer, discount or otherwise dispose of any
claim or debt owing to it, including, without limitation, any notes, accounts
receivable or other rights to receive payment, except for reasonable
consideration and in the ordinary course of business;

                  (d)      On or before October 1, 2005, issue or sell, or enter
into any agreement to issue or sell, any shares of capital stock or any options,
warrants or other right to purchase or acquire any shares of capital stock of
the Company, except that the Company shall permitted to do so to the extent that
(i) it provides thirty (30) day prior written notice to Lender of its proposed
sale of securities with details of the transaction and (ii) such transaction is
in connection with a Merger Transaction recommended to the Company by Sloan
Securities Corp.

                                      -6-
<PAGE>

                  (e)      Subsequent to October 1, 2005, issue or sell, or
enter into any agreement to issue or sell, any shares of capital stock or any
options, warrants or other right to purchase or acquire any shares of capital
stock of the Company, except that the Company shall permitted to do so to the
extent that (i) it provides thirty (30) day prior written notice to Lender of
its proposed sale of securities with details of the transaction and (ii) the
proceeds from such sale are used to repay the Notes in full; and

                  (f)      Redeem, purchase or otherwise acquire, directly or
indirectly, any shares of capital stock of the Seller or any option, warrant or
other right to purchase or acquire any such shares (in each case other than
repurchases from terminated employees of the Seller) or prepay any indebtedness.

         10.      Events of Default. The entire unpaid Principal Amount under
this Note and the interest due thereon shall forthwith become and be due and
payable, without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived, if any one or more of the following events
(herein called "Events of Default") shall have occurred (for any reason
whatsoever and whether such happening shall be voluntary or involuntary or come
about or be effected by operation of law or pursuant to or in compliance with
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body) and be continuing at the time of such
notice, except to the extent contemplated by the opening paragraph hereof, that
is to say:

                  (a)      the Company shall (i) fail to pay any amounts owed
hereunder as required under the terms of this Note or (ii) have an event of
default occur and be continuing under indebtedness of the Company (other than
this Notes) such that the holders of such indebtedness have declared the
outstanding principal and accrued interest to be immediately due and payable;

                  (b)      if the Company shall:

                           (i)      admit in writing its inability to pay its
debts generally as they become due;

                           (ii)     file a petition in bankruptcy or a petition
to take advantage of any insolvency act;

                           (iii)    make an assignment for the benefit of
creditors;

                           (iv)     consent to the appointment of a receiver of
the whole or any substantial part of its assets;

                           (v)      on a petition in bankruptcy filed against
it, be adjudicated a bankrupt;

                                      -7-
<PAGE>

                           (vi)     file a petition or answer seeking
reorganization or arrangement under the Federal bankruptcy laws or any other
applicable law or statute of the United States of America or any State, district
or territory thereof;

                           (vii)    fail to satisfy all of the liens, judgments
and litigation set forth on Exhibit B of the Note Purchase Agreement in
accordance with the terms and conditions of the Escrow Agreement; or

                           (viii)   fail to consummate a Merger Transaction, or
enter into a definitive agreement with respect to the consummation of a Merger
Transaction, on or before October 1, 2005.

                  (c)      if a court of competent jurisdiction shall enter an
order, judgment, or decree appointing, without the consent of the Company, a
receiver of the whole or any substantial part of Company's assets, and such
order, judgment or decree shall not be vacated or set aside or stayed within 90
days from the date of entry thereof;

                  (d)      if, under the provisions of any other law for the
relief or aid of debtors, any court of competent jurisdiction shall assume
custody or control of the whole or any substantial part of Company's assets and
such custody or control shall not be terminated or stayed within 90 days from
the date of assumption of such custody or control;

                  (e)      failure by the Company to perform or observe any
covenant or agreement of the Company contained in this Note, the Note Purchase
Agreement, the Registration Rights Agreement, or the Security Agreement
(collectively the "Loan Documents"), which remains uncured for a period of ten
(10) days from the date the Company is notified of such default; or

                  (f)      any representation or warranty made by the Company
under any of the Loan Documents was, when made, untrue or misleading.

         11.      Remedies. In case any one or more of the Events of Default
specified in Section 10 hereof shall have as occurred and be continuing, the
Lender may proceed to protect and enforce its rights either by suit in equity
and/or by action at law, whether for the specific performance of any covenant or
agreement contained in this Note or in aid of the exercise of any power granted
in this Note, or the Lender may proceed to enforce the payment of all sums due
upon this Note or to enforce any other legal or equitable right of the Lender.
In addition to, and not in substitution of, the foregoing remedies, upon any
Event of Default, the Conversion Price shall be lowered to $0.001 per share.

         12.      Security. Pursuant to the terms of a Security Agreement, dated
as of even date herewith (the "Security Agreement"), between the Company and
Lender, the Company is securing its obligations under this Note by the grant of
a first lien and security interest to the Lender in all of the Company's assets.

         13.      Prepayment. This Note may be prepaid, at the option of the
Company, upon 30 days' prior written notice to Lender (during which time, Holder
shall have the option to convert this Note in accordance with Section 2 hereto),

                                      -8-
<PAGE>

at a prepayment price equal to 100% of the principal amount that is being
prepaid, together with accrued interest through the date of prepayment.
Notwithstanding the foregoing, such prepayment option can only be exercised by
the Company on or after September 1, 2005 and provided that the Company has not
consummated, or entered into a definitive agreement to consummate, a Merger
Transaction by such date.

         14.      Amendments and Waivers. Any term of this Note may be amended
and the observance of any term of this Note may be waived (either generally or
in a particular instance and either retroactively or prospectively) with the
written consent of the Company and the Lender.

         15.      Notices. All notices, requests, consents, and other
communications under this Note shall be in writing and shall be deemed delivered
(i) three (3) business days after being sent by registered or certified mail,
return receipt requested, postage prepaid or (ii) one (1) business day after
being sent via a reputable nationwide overnight courier service guaranteeing
next business day delivery, in each case to the intended recipient as set forth
below:

                  If to the Company:

                  Continental Beverage and Nutrition, Inc.
                  100 Quentin Roosevelt Blvd.
                  Garden City, NY  11530
                  Attn: David Sackler, CEO & President

                  If to the Lender:

                  Cornell Capital Partners, L.P.
                  101 Hudson Street, Suite 3700
                  Jersey City, NJ 07302
                  Attn: Troy Rillo, Esq.

                  With a copy to:
                  --------------

                  Sloan Securities Corp.
                  444 Madison Avenue, 23rd Floor
                  New York, NY 10022
                  Attn: Daniel Meyer, Managing Director

                  (ii)     Any party may give any notice, request, consent or
other communication under this Note using any other means (including, without
limitation, personal delivery, messenger service, telecopy, first class mail or
electronic mail), but no such notice, request, consent or other communication
shall be deemed to have been duly given unless and until it is actually received
by the party for whom it is intended. Any party may change the address to which
notices, requests, consents or other communications hereunder are to be
delivered by giving the other parties notice in the manner set forth in this
Section.

                                      -9-
<PAGE>

         16.      Conflicting Agreements. In the event of any inconsistencies
between the terms of this Note and the terms of any other document related to
the loan evidenced by this Note, the terms of this Note shall prevail.

         17.      Severability. The unenforceability or invalidity of any
provision or provisions of this Note as to any persons or circumstances shall
not render that provision or those provisions unenforceable or invalid as to any
other provisions or circumstances, and all provisions hereof, in all other
respects, shall remain valid and enforceable.

         18.      Transfers; Assignments. The Company shall register this Note
in its records to be maintained by the Company for that purpose. Subject to any
required compliance with the legend endorsed hereon, this Note shall be freely
transferable and the Lender may assign, transfer or sell all or a portion of its
rights and interests to and under this Note to one or more persons and that such
persons shall thereupon become vested with all of the rights and benefits of the
Lender in respect hereof as to all or that portion of the Note which is so
assigned, transferred or sold. The Company shall register the transfer of this
Note upon records to be maintained by the Company for that purpose, upon
surrender of the Note for assignment with appropriate instruments of transfer
duly completed and signed, to the Company at its principal office. Upon any such
registration of transfer, a Note in substantially the form of this Note,
evidencing the Note so transferred, shall be issued to the transferee.

         19.      Governing Law. This Note shall be governed by and construed
under the laws of the State of New York as applied to agreements among New York
residents entered into and to be performed entirely within New York. The Company
(1) agrees that any legal suit, action or proceeding arising out of or relating
to this Note shall be instituted exclusively in New York State Supreme Court,
County of New York, or in the United States District Court for the Southern
District of New York, (2) waives any objection which the Company may have now or
hereafter to the venue of any such suit, action or proceeding, and (3)
irrevocably consents to the jurisdiction of the New York State Supreme Court,
County of New York, and the United States District Court for the Southern
District of New York in any such suit, action or proceeding. The Company further
agrees to accept and acknowledge service of any and all process which may be
served in any such suit, action or proceeding in the New York State Supreme
Court, County of New York, or in the United States District Court for the
Southern District of New York and agrees that service of process upon the
Company mailed by certified mail to the Company's address shall be deemed in
every respect effective service of process upon the Company, in any such suit,
action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS NOTE OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

         20.      Waivers. The nonexercise by either party of any of its rights
hereunder in any particular instance shall not constitute a waiver thereof in
that or any subsequent instance.

         21.      Lost Documents. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and (in the case of loss, theft or destruction) of
indemnity reasonably satisfactory to it (including the posting of a bond, if

                                      -10-
<PAGE>

reasonably requested), and upon reimbursement to the Company of all reasonable
expenses incidental thereto, and upon surrender and cancellation of such Note,
if mutilated, the Company will make and deliver in lieu of such Note a new Note
of like tenor and unpaid principal amount and dated as of the original date of
this Note.

         22.      Preferred Stock Issuance. Notwithstanding anything contained
herein, whenever a provision provides for conversion or exchange of securities
or debt for the Company's common stock, at a time when the Company does not have
sufficient authorized common stock to effectuate such conversion or exchange,
the Company shall undertake as promptly as possible to file an amendment to the
Company's certificate of incorporation which increases the authorized capital of
the Company so that sufficient capital stock exists with respect thereto and
pending such filing, the Holder may elect that the Company issue to it Preferred
Stock in lieu of common stock provided that upon conversion of such Preferred
Stock, an equivalent number of shares of common stock are issued to the holder
thereof on the same economic terms as is contemplated under this Note.

                                      -11-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused its duly authorized officer
to execute this Note as of the date first written above.

                                        CONTINENTAL BEVERAGE AND NUTRITION, INC.

                                        By: /s/ DAVID SACKLER
                                            ------------------------------------
                                            David Sackler, CEO & President

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