Document:

Exhibit 10.23  

 
  EXCHANGE AGREEMENT    
    

        Exchange Agreement, dated as of June 4, 2004 (the "Exchange Agreement"), by and among IMCOR Pharmaceutical Co., a Nevada corporation (the
"Company"), Xmark Fund, L.P., a Delaware limited partnership, and Xmark Fund, Ltd., a Cayman Islands corporation (individually and collectively, together with their respective successors
and assigns "Senior Creditor"), and Oxford BioScience Partners IV L.P., a Delaware limited partnership, MRNA Fund II, L.P. a Delaware limited partnership, and
Mi3 L.P., a Delaware limited liability partnership (individually and collectively, together with their respective successors and permitted assigns, "Subordinate Creditor"). 

RECITALS:  

        WHEREAS, pursuant to the terms of that certain Going Forward Agreement, dated as of May 2, 2003 and amended on August 18, 2003 (the "Going Forward
Agreement"; capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Going Forward Agreement), by and among Senior Creditor and the Company:
(i) Senior Creditor has the right to require the Company to purchase from Senior Creditor an aggregate of 1,611,989 shares (the "Put Shares") of the Company's common stock, par value $.001 per
share, owned by Senior Creditor at a per share purchase price equal to $1.00 (the aggregate amount due and payable to Senior Creditor pursuant to the Company's obligation to purchase the Put Shares is
referred to herein as the "Put Share Price"); (ii) the Company is obligated to issue Senior Creditor Interest Shares having an aggregate value equal to $74,263 (the "Interest Share
Obligation"); and (iii) the Company owes Senior Creditor an aggregate of $92,195, as of the date hereof, as a result of its postponement of Senior Creditor's right to exercise the Put Right
(the "Put Right Penalty Payment" and together with the Put Share Price and the Interest Share Obligation, the "Going Forward Obligations"); and 

        WHEREAS,
the obligations of the Company under the Going Forward Agreement (including, without limitation, the obligations arising pursuant to the Put Right) are secured by a first
priority duly perfected security interest in certain collateral of the Company pursuant to the terms of that certain Security Agreement, dated as of June 18, 2003 (the "General Security
Agreement"), by and among the Company and Senior Creditor and that certain Patent and Trademark Security Agreement, dated as of June 18, 2003 (the "IP Security Agreement" and together with the
General Security Agreement, the "Security Agreements"), by and among the Company and Senior Creditor; 

        WHEREAS,
the Company desires to obtain a loan from Silicon Valley Bank in the aggregate principal amount of $750,000 (the "SVB Loan"); 

        WHEREAS,
it is a condition of the SVB Loan that Senior Creditor consent to the SVB Loan; and 

        WHEREAS,
in order to induce Senior Creditor to consent to the SVB Loan and to extend the payment date of certain of the Going Forward Obligations, the Company has offered to issue
and deliver to Senior Creditor the secured promissory notes (the "Notes") in the form attached hereto as Exhibit A in exchange for Senior
Creditor's right, title and interest in and to the Put Shares, the Interest Shares and the Put Right ("Exchange"); and 

        WHEREAS,
the Notes and the indebtedness evidenced thereby are a secured Obligation (as defined in each of the Security Agreements) under the Security Agreements; and 

        WHEREAS,
in order to induce Senior Creditor to consent to the SVB Loan, Subordinate Creditor desires to (i) consent to the Exchange, (ii) re-affirm the
priority, validity and extent of Senior Creditor's liens in the Company (which liens secure the Company's obligations under the Notes) and (iii) acknowledge that the existing Lien and
Subordination Agreement, dated as of June 18, 2003 (the "Lien Subordination Agreement"), by and among Senior Creditor and Subordinate Creditor remains in full force and effect; and 

        WHEREAS,
the parties hereto desire to effectuate the Exchange on the terms and conditions set forth herein; 

 

        NOW
THEREFORE, in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereby agree as follows: 

        1.    Exchange.    Simultaneously herewith, (i) Senior Creditor is hereby tendering the Put Shares, together
with stock powers duly endorsed in favor of the Company, and all of its right, title and interest in and
to the Interest Shares and the Put Right to the Company in exchange for the Notes, and (ii) the Company is issuing and delivering the Notes to Senior Creditor duly executed on behalf of the
Company. 

        2.    Senior Creditor Representations and Warranties.    Senior Creditor hereby represents and warrants to the Company
that: 

        (a)   Senior
Creditor is duly incorporated or organized, validly existing and in good standing in its jurisdiction of incorporation or organization. Senior Creditor has full
power and authority to enter into, deliver and perform this Agreement and has taken all action required to authorize the execution and delivery of this Agreement and to consummate the transactions
contemplated hereby, and the person signing this Agreement on behalf of Senior Creditor has been duly authorized to act on behalf of and to bind Senior Creditor. 

        (b)   The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not (i) violate, conflict with or result in an
event of default under any agreement or contract to which Senior Creditor is a party or by which it is bound, (ii) violate any applicable law, ordinance, rule or regulation of any governmental
body having jurisdiction over the Senior Creditor or its business or any order, judgment or decree applicable to the Senior Creditor, (iii) require the Senior Creditor to obtain the consent of
any governmental agency or entity or any other third party (other than any consent which has been obtained by the Senior Creditor), (iv) result in the creation of any liens, claims, charges or
encumbrances (collectively, "Encumbrances") on the Notes or the Put Shares to be transferred to the Company, or (v) violate any provision of its certificate of incorporation or certificate of
limited partnership, as applicable, and by-laws or partnership agreement, as applicable. 

        (c)   This
Agreement has been duly executed and delivered by the Senior Creditor and constitutes the valid and binding obligation of the Senior Creditor, enforceable against
the Senior Creditor in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors' rights generally or by
general equitable principles and except insofar as the enforceability of any provision of such agreement would be restricted or void by reason of public policy. 

        (d)   The
Senior Creditor owns the Put Shares being transferred to the Company beneficially and of record, free and clear of all Encumbrances, except for those Encumbrances
imposed by securities laws generally or created by the Company. Except for the Put Shares which are being transferred to the Company, Senior Creditor is not entitled to registration rights with
respect to any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock. 

        (e)   The
Notes have not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and, therefore, the Notes cannot be resold
or transferred unless they are subsequently registered under the Securities Act and applicable state securities or "Blue Sky" laws or exemptions from such registration are available. 

        3.    Company Representations and Warranties.    The Company hereby represents and warrants to the Senior Creditor
that: 

        (a)   The
Company is duly incorporated, validly existing and in good standing in its jurisdiction of incorporation. The Company has full power and authority to enter into,
deliver and perform this Agreement, and it has taken all action required to authorize the execution and delivery of this 

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Agreement
and to consummate the transactions contemplated hereby, and the person signing this Agreement on behalf of the Company has been duly authorized to act on behalf of and to bind the Company. 

        (b)   The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not (i) violate, conflict with or result in an
event of default under any agreement or contract to which the Company is a party or by which it is bound, (ii) violate any applicable law, ordinance, rule or regulation of any governmental body
having jurisdiction over the Company or its business or any order, judgment or decree applicable to the Company, (iii) require the Company to obtain the consent of any governmental agency or
entity or any other third party (other than any consent which has been obtained by the Company), (iv) result in the creation of any Encumbrances on the Notes or the Put Shares being transferred
to the Company, or (v) violate any provision of its certificate of incorporation or by-laws. 

        (c)   This
Agreement has been duly executed and delivered by the Company and constitutes the valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors' rights generally or by general equitable
principles and except insofar as the enforceability of any provision of such agreement would be restricted or void by reason of public policy. 

        (d)   The
Notes have been duly and validly authorized by the Company. 

	4.
	[intentionally
omitted] 

        5.    Security Agreements.    The parties hereto hereby agree that each of the Security Agreements shall be amended as
follows: 

        (a)   in
the case of the General Security Agreement, the defined term "Obligations" shall be amended and restated in its entirety to read as follows: 

	

	""Obligations"
shall mean

	(1)
	all
obligations and liabilities to the Secured Parties, whether now existing or hereafter arising, under the Notes, this Security Agreement, the Patent and Trademark Security
Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement and/or any document or agreement related to any of the foregoing and the due performance and
compliance with the terms of the Notes, this Security Agreement, the Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement
and/or any document or agreement related to any of the foregoing;

	(2)
	any
and all sums advanced by the Secured Parties in order to preserve the Collateral or to preserve the Secured Parties' security interest in the Collateral; and

	(3)
	in
the event of any proceeding for the collection or enforcement of any obligations or liabilities of the Grantor referred to in the immediately preceding clauses (1) through
(2) in accordance with the terms of the Notes, this Security Agreement, the Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the
Exchange Agreement and/or any document or agreement related to the foregoing, the expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the
Collateral, or of any other exercise by the Secured Parties of their rights hereunder, together with reasonable attorneys' fees and court costs." 

3

 

        (b)   in
the case of the IP Security Agreement, the defined term "Obligations" shall be amended and restated in its entirety to read as follows: 

	

	""Obligations"
shall mean

	(1)
	all
obligations and liabilities to the Secured Parties, whether now existing or hereafter arising, under the Notes, the Security Agreement, this Patent and Trademark Security
Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement and/or any document or agreement related to any of the foregoing and the due performance and
compliance with the terms of the Notes, the Security Agreement, this Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement
and/or any document or agreement related to any of the foregoing;

	(2)
	any
and all sums advanced by the Secured Parties in order to preserve the Collateral or to preserve the Secured Parties' security interest in the Collateral; and

	(3)
	in
the event of any proceeding for the collection or enforcement of any obligations or liabilities of the Grantor referred to in the immediately preceding clauses (1) through
(2) in accordance with the terms of the Notes, the Security Agreement, this Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the
Exchange Agreement and/or any document or agreement related to the foregoing, the expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the
Collateral, or of any other exercise by the Secured Parties of their rights hereunder, together with reasonable attorneys' fees and court costs." 

        (c)   in
the case of each of the Security Agreements, the defined term "Notes" shall be amended and restated in its entirety to read as follows 

	

	""Notes"
shall have the meaning ascribed thereto in that certain Exchange Agreement, dated as of June 4, 2004 (the "Exchange Agreement"), by and
among Grantor, the Secured Parties and the other entities party thereto." 

        6.    Acknowledgment of Security Interest; Amendment to Lien and Subordination Agreement.    

        (a)   The
Company hereby acknowledges, confirms and agrees that (i) Senior Creditor has and shall continue to have valid, enforceable and perfected first priority liens
upon, and security interests in, the Collateral (as defined in the Security Agreements) and (ii) the Notes and the indebtedness evidenced thereby are secured obligations of the Company pursuant
to the terms of the Security Agreements. Subordinate Creditor hereby acknowledges, confirms and agrees that (i) Senior Creditor's Lien (as defined in the Lien Subordination Agreement) on the
Collateral constitutes a first priority Lien on such property to secure the payment and performance of all of the Senior Obligations (as defined in the Lien Subordination Agreement) and is superior to
any Lien or other interest of Subordinate Creditor in the same property arising pursuant to the Subordinated Obligations Documents (as defined in the Lien Subordination Agreement), by operation of law
or otherwise; and any Lien or other interests of Subordinate Creditor in any of the Collateral shall be subordinate to the Lien of Senior Creditor therein, and (ii) the Notes and the
indebtedness evidenced thereby are secured obligations of the Company pursuant to the terms of the Security Agreements. 

4

 

        (b)   Senior
Creditor and Subordinate Creditor acknowledge and agree that the Lien Subordination Agreement is and remains in full force and effect and is hereby amended as
follows: 

        (i)    The
defined term "Notes" shall be amended and restated in its entirety to read as follows: 

	

	""Notes"
shall have the meaning ascribed thereto in that certain Exchange Agreement, dated as of June 4, 2004, by and among Borrower, Senior Creditor
and Subordinate Creditor. " 

        (ii)   The
defined term "Senior Creditor Loan Documents" shall be amended and restated to read in its entirety as follows: 

	

	""Senior
Creditor Loan Documents" shall mean and include the Notes (as defined in the Exchange Agreement, dated as of June 4, 2004, by and among
Borrower, Senior Creditor and Subordinate Creditor) and all other instruments or agreements now or hereafter evidencing or securing the payment of the whole or any part of the Senior Obligations. " 

        7.    Notices.    All notices and other communications required or permitted to be given pursuant to this Agreement
shall be in writing signed by the sender, and shall be deemed duly given (a) on the date
delivered if personally delivered, (b) on the date sent by telecopier with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error,
(c) upon receipt by the receiving party of any notice sent by registered or certified mail (first-class mail, postage pre-paid, return receipt requested) or (d) on the date
targeted for delivery if delivered by nationally recognized overnight courier or similar courier service, in each case addressed to the receiving party, at the following addresses: 

	

	If
to the Company:

	

	IMCOR
Pharmaceutical Co.

6175 Lusk Boulevard

San Diego, California 92121

Facsimile: (858) 410-5161

Attention: Chief Executive Officer

	

	with
a copy (which shall not in itself constitute effective notice) to:

	

	Grippo &
Elden

227 W. Monroe Street, Suite 3600

Chicago, IL 60606

Facsimile: (312) 558-1195

Attention: Matthew I. Hafter, Esq.

	

	If
to Senior Creditor:

	

	152
West 57th Street, 21st Floor

New York, New York 10019

Attention: Mitchell D. Kaye

Facsimile: (212) 247-1329

	

	with
a copy (which shall not in itself constitute effective notice) to:

	

	Lowenstein
Sandler PC

65 Livingston Avenue

Roseland, New Jersey 07068

Attention: Steven Siesser, Esq.

Facsimile: (973) 597-2507 

5

 
	

	If
to Subordinate Creditor:

	

	Oxford
Bioscience Partners IV L.P.

222 Berkley Street, Suite 1650

Boston, MA 02116

Facsimile: (617) 357-7476

Attention: Jonathan Fleming

	

	With
a copy (which shall not in itself constitute effective notice) to:

	

	Mintz
Levin Cohn Ferris Glovsky and Popeo PC

12010 Sunset Hills Road

Reston, VA 20190

Facsimile: (703) 464-4895

Attention: Mark J. Wishner, Esq. 

or
to such other address as either party shall have previously specified in writing to the other party in a manner compliant with the above provision for giving notice hereunder. 

        8.    Entire Agreement.    This Agreement, together with the other documents referenced herein, constitutes the entire
agreement among the parties regarding the subject matter hereof, there being no other written, oral or other agreements or understandings between them with respect to the subject matter hereof. 

        9.    Severability.    The invalidity of any portion of this Agreement shall not affect the validity, force or effect
of the remaining portions of this Agreement. If it is ever held that any provision hereunder is too broad to permit enforcement of such provision to its fullest extent, such provision shall be
enforced to the maximum extent permitted by law. 

        10.    Applicable Law; Jurisdiction; Venue; Waiver of Jury Trial.    This Agreement and all matters arising hereunder
shall be governed and construed in accordance with the applicable laws of the State of New York without regard to principles of conflicts of applicable law or any rule of interpretation or
construction as to which party drafted this Agreement. Each party hereto hereby irrevocably submits to the personal and subject matter jurisdiction of the United States District Court and the courts
of the State of New York located in New York County, New York, over any suit, action or proceeding arising out of or relating to this Agreement. EACH PARTY HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, (A) THE RIGHT TO TRIAL BY JURY; (B) ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT; AND (C) ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. Final judgment in any suit, action or
proceeding brought in any such court shall be conclusive and binding upon each party duly served with process therein and may be enforced in the courts of the jurisdiction of which either party or any
of their property is subject, by a suit upon such judgment. 

        11.    Expenses.    The Company shall pay the fees and expenses of counsel for Senior Creditor in connection with or
arising out of the negotiation and preparation of this Agreement and the Notes. 

        12.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same instrument. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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        IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed and delivered, all as of the first date written
above. 

	 	COMPANY:
	

 	

IMCOR PHARMACEUTICAL CO.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
SUBORDINATE CREDITOR:
	

 	

OXFORD BIOSCIENCE PARTNERS IV L.P
	 	By:	 	OBP Management IV L.P., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

MRNA FUND II, L.P.
	

 	

By:	
 	

OBP Management IV L.P., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

Mi3 L.P.
	

 	

By:	
 	

MI3 Services L.L.C., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
SENIOR CREDITOR:
	

 	

XMARK FUND, L.P.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

XMARK FUND, LTD.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 

7Exhibit 10.1

THIS AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION
TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933
ACT) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES TO WHICH THIS AGREEMENT (THE
"AGREEMENT") RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD,
DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED
HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933
ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.

                            SHARE EXCHANGE AGREEMENT

      This SHARE EXCHANGE AGREEMENT, dated as of December 29, 2004 (this
"Agreement"), is by and between Slabsdirect.com, Inc., a Delaware corporation
("Slabsdirect"), CTT Distributors Ltd., a British Columbia corporation ("CTT
Distributors") and the shareholders of CTT Distributors set forth on Schedule I
attached hereto ("the "Shareholders").

                                   WITNESSETH:

      WHEREAS, the Shareholders are the owners of 455,001 shares of common
stock, without par value per share (the "Shares"), of CTT Distributors, which
represent all of the issued and outstanding shares of common stock of CTT
Distributors;

      WHEREAS, the Shareholders desire to exchange the Shares for shares of
common stock, $.0001 par value per share, of Slabsdirect ("Slabsdirect Common
Stock");

      WHEREAS, the respective Boards of Directors of CTT Distributors and
Slabsdirect deem it advisable and in the best interests of CTT Distributors and
Slabsdirect, respectively, and their respective shareholders, to consummate the
transactions contemplated by this Agreement upon the terms and conditions set
forth herein;

      WHEREAS, it is the parties' mutual intent that the exchange of the Shares
contemplated by this Agreement be part of plan of reorganization under Section
368 of the Internal Revenue Code of 1986, as amended;

      NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements set forth herein and in reliance upon the undertakings,
representations, warranties and indemnities contained herein, Slabsdirect, CTT
Distributors and the Shareholders hereby agree as follows:

                                        1
<PAGE>

                                    ARTICLE 1
                           EXCHANGE OF SHARES; CLOSING

      Section 1.1 Sale of Shares. Subject to the terms and conditions herein
stated, the Shareholders agree at the Closing to exchange with full title
guarantee, transfer, assign and deliver to Slabsdirect, and Slabsdirect agrees
to acquire from the Shareholders, the Shares, free and clear of any and all
liens.

      Section 1.2 Consideration. In consideration for its acquisition of the
Shares, Slabsdirect agrees at the Closing to issue and deliver an aggregate of
455,001 shares of Slabsdirect Common Stock (the "New Shares") to the
Shareholders, to be allocated among the Shareholders in accordance with Schedule
I attached hereto.

      Section 1.3 Closing. The closing of the transactions contemplated by this
Agreement (the "Closing") shall take place simultaneously with the execution and
delivery hereof at the offices of Slabsdirect or such other place as the parties
may agree.

      Section 1.4 Deliveries at Closing. At the Closing:

      (a)   Slabsdirect shall deliver to the Shareholders:

            (i) certificates, registered in their individual names in accordance
      with the allocation set forth on Schedule I, representing the New Shares;
      and

            (ii) resolutions of Slabsdirect's board of directors, certified by
      the Secretary of Slabsdirect, authorizing this Agreement and the
      transactions contemplated hereby;

      (b)   the Shareholders and CTT Distributors shall deliver to Slabsdirect:

            (i) certificates evidencing all of the issued and outstanding shares
      of common stock of CTT Distributors; and

            (ii) resolutions of CTT Distributors' board of directors and
      shareholders, certified by the Secretary of CTT Distributors, authorizing
      this Agreement and the transactions contemplated hereby.

                                    ARTICLE 2
     REPRESENTATIONS AND WARRANTIES OF CTT DISTRIBUTORS AND THE SHAREHOLDERS

      The Shareholders and CTT Distributors represent and warrant to Slabsdirect
as of the date hereof as follows:

                                       2
<PAGE>

      Section 2.1 Organization.

      CTT Distributors is a corporation duly organized, validly existing and in
good standing under the laws of the Province of British Columbia, and has all
requisite corporate power and authority to own its properties and carry on its
business as now being conducted. Unless the context otherwise requires, CTT
Distributors and its subsidiaries are collectively referred to as "CTT
Distributors".

      Section 2.2 Capitalization. As of the date of this Agreement, the
authorized capital stock of CTT Distributors consists of unlimited shares of
common stock, without par value per share, 455,001 shares of which are validly
issued and outstanding and constitute the Shares, which are fully paid and
non-assessable.

      Section 2.3 Ownership.

      The Shareholders are the sole record and beneficial owners of the Shares
in the amounts set forth in Schedule I attached hereto. The Shareholders have
good and marketable title to the Shares and the absolute right to deliver the
Shares in accordance with the terms of this Agreement, free and clear of all
Liens. The transfer of the Shares to Slabsdirect in accordance with the terms of
this Agreement transfers good and marketable title to the Shares to Slabsdirect
free and clear of all liens, restrictions, rights, options and claims of every
kind.

      Section 2.4 Authority; Enforceability. The Shareholders have full legal
capacity, and CTT Distributors has full legal right, power and authority, to
execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby. This Agreement has been duly authorized, executed and
delivered by CTT Distributors and the Shareholders, and each other agreement,
instrument or documents executed or to be executed by CTT Distributors and the
Shareholders in connection with the transactions contemplated hereby has been
duly authorized, executed and delivered by CTT Distributors and the Shareholders
and constitutes a valid and legally binding obligation of CTT Distributors and
the Shareholders enforceable against CTT Distributors and the Shareholders in
accordance with their respective terms, except as (a) enforceability may be
limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium or
similar laws from time to time in effect affecting creditors' rights generally
and (b) the availability of equitable remedies may be limited by equitable
principles of general applicability.

      Section 2.5 Third Party Consents. No consent, authorization, order or
approval of, or filing or registration with, any governmental authority or other
person is required for the execution and delivery of this Agreement or the
consummation by CTT Distributors of any of the transactions contemplated hereby.

      Section 2.6 Title to Assets. CTT Distributors, and each of its
subsidiaries has good and marketable title to all of its assets, and such assets
will be free and clear of all liens, charges, security interests or other
encumbrances except liens for current taxes not yet due.

                                       3
<PAGE>

      Section 2.7 Condition of Assets. CTT Distributors' assets have been
maintained for their respective intended purposes in the ordinary course of
business and are in good condition and repair except for ordinary wear and tear;
and the facilities leased in connection with CTT Distributors' business
operations have been maintained in the ordinary course and no material
expenditures are presently required for the repair and maintenance thereof.

      Section 2.8 Books and Records. Except with respect to taxes not yet
assessed, the underlying books and records of CTT Distributors reflect all of
the debts, liabilities and obligations of any nature (whether absolute, accrued
or otherwise, and whether due or to become due) of CTT Distributors at the dates
thereof. CTT Distributors has not given any guarantees of the obligations of any
other person or entity.

      Section 2.9 Undisclosed Liabilities. CTT Distributors had no liabilities
of any nature, whether accrued, absolute, contingent, or otherwise; including
without limitation, tax liabilities due or to become due. CTT Distributors does
not know or have reasonable grounds to know of any basis for the assertion
against CTT Distributors of any liability of any nature or in any amount not
fully reflected or reserved against.

      Section 2.10 Litigation. There is no litigation, action, suit or other
proceeding pending or, to the best of CTT Distributors' knowledge, any material
litigation, action, suit or other proceeding threatened against CTT Distributors
relating to the business or the assets of CTT Distributors, or which could
adversely affect the transactions contemplated by this Agreement.

      Section 2.11 Taxes. Except for the income tax returns required to be filed
in the Province of British Columbia, all tax returns and reports of CTT
Distributors and its subsidiaries required by law to be filed have been filed
and are true, complete and correct, and any taxes payable in accordance with any
return filed by CTT Distributors and its subsidiaries or in accordance with any
notice of assessment or reassessment issued by any taxing authority have been so
paid. Adequate provisions have been made for taxes payable for the current
period for which tax returns are not yet required to be filed and there are no
agreements, waivers, or other arrangements providing for an extension of time
with respect to the filing of any tax return by, or payment of, any tax,
governmental charge or deficiency by CTT Distributors or its subsidiaries. CTT
Distributors is not aware of any contingent tax liabilities or any grounds which
would prompt a reassessment including aggressive treatment of income and
expenses in filing earlier tax returns.

      Section 2.12 Compliance with Laws. The business of CTT Distributors is in
compliance in all material respects with all laws, federal, state or local, and
all provisions of all rules, and regulations of any federal agency, authority,
board, commission, or the like, or any state or local government, or any
authority, agency, board, commission, or the like having jurisdiction over such
business; including those relating to environmental laws and regulations. CTT
Distributors possesses all material licenses, permits and governmental approvals
and authorizations which are required to own its assets and conduct its business
as heretofore conducted.

                                       4
<PAGE>

      Section 2.13 Material Agreements. All such material contracts, leases and
agreements permit the transactions contemplated by this Agreement without the
consent of any other party, or, if such consent is required, the consent has
been obtained. All such material contracts, leases and agreements are in full
force and binding upon the parties thereto, and no party thereto is in material
default of any such agreements.

      Section 2.14 Officers and Directors. Schedule 2.14 sets forth the names of
the executive officers and directors of CTT Distributors and each of its
Subsidiaries.

      Section 2.15 Charter. True and correct copies of all of its minute and
stock record books and certificate of incorporation and bylaws have been
delivered to Slabsdirect.

      Section 2.16 Insurance. All policies of fire, liability and other forms of
insurance held by CTT Distributors are deemed by CTT Distributors to be
sufficient, and valid policies, in such amounts; will be outstanding and duly in
force on the Closing Date.

      Section 2.17 Guarantees. Neither CTT Distributors nor any of its
subsidiaries is liable for and/or has guaranteed the obligations of any person
or entity other than the obligations of a subsidiary nor is CTT Distributors or
any such subsidiary a party to any agreement to do so.

      Section 2.18 Accuracy; Survival. The representations, warranties and
statements of CTT Distributors contained in this Agreement or any Exhibit
hereto, or in any Certificate delivered by CTT Distributors pursuant to this
Agreement, are true and correct in all material respects and do not omit to
state a material fact necessary in order to make the representations, warranties
or statements contained herein or therein not misleading. All such
representations, warranties and statements shall survive the Closing (and none
shall merge into any instrument of conveyance), regardless of any investigation
or lack of investigation by either of the parries to this Agreement.

      Section 2.19 No Conflict. Neither the execution and the delivery of this
Agreement by the Shareholders, nor the consummation of the transactions
contemplated hereby (a) violate, conflict with, or result in a breach of any
provisions of, (b) constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, (c) result in the
termination of or accelerate the performance required by, (d) result in the
creation of any Lien upon the Shares under any of the terms, conditions or
provisions of the Articles of Incorporation or Bylaws of CTT Distributors or, to
any material extent, under the terms and conditions of any note, bond, mortgage,
indenture, deed of trust, lease, license, loan agreement or other instrument or
obligation to or by which either CTT Distributors or the Shareholders or any of
their assets are bound, or (e) to any material extent, violate any Applicable
Law binding upon either CTT Distributors or the Shareholders or any of their
assets.

      Section 2.20. Investment Representation. Each of the Shareholders
represents and warrants as follows:

                                       5
<PAGE>

            (a) Each of the Shareholders has relied solely on her independent
      investigation in making the decision to purchase the New Shares. Each of
      the Shareholder's determination to purchase the New Shares was made
      independent of, and was not affected by, any statements or opinions (or
      the lack thereof) regarding the advisability of the purchase or as to the
      properties, business, prospects or condition of Slabsdirect (financial or
      other) which may have been made or given by Slabsdirect or its
      shareholders. The Shareholder is not aware of any advertisement of any of
      the New Shares.

            (b) Shareholder represents and warrants that he/she is at least
      twenty-five years of age, is not nor has ever been a United States person,
      as defined in Rule 902 of Regulation S promulgated under the Securities
      Act of 1933 (the "1933 Act"), and the Shareholder is outside of the United
      States when receiving and executing this Agreement.

            (c) The undersigned Shareholder is an "accredited investor" as
      defined in Rule 501 of Regulation D promulgated under the 1933 Act.

            (d) The New Shares are being purchased for the Shareholder's own
      account without the participation of any other person, with the intent of
      holding the New Shares for investment and without the intent of
      participating, directly or indirectly, in a distribution of the New Shares
      and not with a view to, or for a resale in connection with, any
      distribution of the New Shares or any portion thereof, nor is the
      undersigned aware of the existence of any distribution of Slabsdirect's
      securities. Furthermore, the undersigned has no present intention of
      dividing such New Shares with others or reselling or otherwise disposing
      of any portion of such New Shares, either currently or after the passage
      of a fixed or determinable period of time, or upon the occurrence or
      nonoccurrence of any predetermined event or circumstance.

            (e) The Shareholders recognize that the New Shares will be: (i) sold
      to Shareholder without registration under any state or federal law
      relating to the registration of securities for sale; (ii) issued and sold
      in reliance on the exemption from registration under the Delaware
      Securities Act (the "Act"); (iii) issued and sold in reliance on the
      exemption from registration under the 1933 Act provided by Section 4(2) of
      the 1933 Act; and (iv) issued and sold to non-United States persons, as
      defined in Section 902(k) under Regulation S promulgated under the 1933
      Act.

            (f) The Shareholders understand and agree that offers and sales of
      any of the New Shares, prior to the expiration of a period of one year
      after the date of transfer of the Shares (the "Distribution Compliance
      Period"), shall only be made in compliance with the safe harbor provisions
      set forth in Regulation S, pursuant to the registration provisions of the
      1933 Act or an exemption therefrom, and that all offers and sales after
      the Distribution Compliance Period shall be made only in compliance with
      the registration provisions of the 1933 Act or an exemption therefrom and
      in each case only in accordance with all applicable securities laws. The
      Shareholders understand and agree not to engage in any hedging
      transactions involving the new Shares, prior to the end of the
      Distribution Compliance Period unless such transactions are in compliance
      with the provisions of the 1933 Act.

                                       6
<PAGE>

            (g) The Shareholders have not acquired the New Shares as a result
      of, and will not itself engage in, any "directed selling efforts" (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the New Shares which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the New Shares; provided, however, that the Shareholder may sell or
      otherwise dispose of the New Shares pursuant to registration of the New
      Shares pursuant to the 1933 Act and any applicable state and provincial
      securities laws or under an exemption from such registration requirements
      and as otherwise provided herein.

            (h) The Shareholders agree that the Company will refuse to register
      any transfer of the New Shares not made in accordance with the provisions
      of Regulation S, pursuant to an effective registration statement under the
      1933 Act or pursuant to an available exemption from the registration
      requirements of the 1933 Act and in accordance with applicable state and
      provincial securities laws

      Section 2.21 Legends. The Shareholders hereby acknowledge that that upon
the issuance thereof, and until such time as the same is no longer required
under the applicable securities laws and regulations, the certificates
representing any of the New Shares will bear a legend in substantially the
following form:

            THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS
            WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION
            S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
            "1933 ACT"). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
            CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY
            U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
            OFFERED OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO
            U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE
            REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A
            TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
            1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE
            SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
            SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933
            ACT.

      Section 2.22 Records. The Shareholders hereby acknowledge and agree to the
Company making a notation on its records or giving instructions to the registrar
and transfer agent of the Company in order to implement the restrictions on
transfer set forth and described in this Subscription Agreement.

                                       7
<PAGE>

      Section 2.23 No Other Representations or Warranties. Except as set forth
above in this Section 2, no other representations or warranties of any kind,
express or implied, are made in this Agreement by CTT Distributors or the
Shareholders to Slabsdirect.

                                    ARTICLE 3
                  REPRESENTATIONS AND WARRANTIES OF SLABSDIRECT

      Slabsdirect represents and warrants to CTT Distributors and the
Shareholders as of the date hereof as follows:

      Section 3.1 Organization. Slabsdirect is a corporation duly organized,
validly existing and in good standing under the laws of Delaware and has all
requisite corporate power and authority to own its properties and carry on its
business as now being conducted. Section 3.2 Capitalization. As of the date of
this Agreement, the authorized capital stock of Slabsdirect consists of
30,000,000 shares of common stock, $.0001 par value per share, of which
10,312,100 shares of common stock are validly issued and outstanding and
5,000,000 shares of preferred stock, $0.0001 par value, of which no shares are
validly issued and outstanding.

      Section 3.3 Authority; Enforceability. Slabsdirect has the requisite
corporate power and authority to execute and deliver this Agreement and to carry
out its obligations hereunder. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby have been
duly authorized by all necessary corporate action on the part of Slabsdirect and
no other corporate proceedings on the part of Slabsdirect are necessary to
authorize this Agreement or to consummate the transactions so contemplated. This
Agreement has been duly executed and delivered by Slabsdirect and constitutes a
valid and binding obligation of Slabsdirect, enforceable against Slabsdirect in
accordance with its terms, except as (a) enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent transfer, moratorium or similar
laws from time to time in effect affecting creditors' rights generally and (b)
the availability of equitable remedies may be limited by equitable principles of
general applicability.

      Section 3.4 Third Party Consents. No consent, authorization, order or
approval of, or filing or registration with, any governmental authority or other
person is required for the execution and delivery of this Agreement or the
consummation by Slabsdirect of any of the transactions contemplated hereby.

      Section 3.5 Title to Assets. Slabsdirect, and each of its subsidiaries has
good and marketable title to all of its assets and such assets will be free and
clear of all liens, charges, security interests or other encumbrances except
liens for current taxes not yet due.

      Section 3.6 Condition of Assets. Slabsdirect's assets have been maintained
for their respective intended purposes in the ordinary course of business and
are in good condition and repair except for ordinary wear and tear.

                                       8
<PAGE>

      Section 3.7 Books and Records. Except with respect to taxes not yet
assessed, the underlying books and records of Slabsdirect reflect all of the
debts, liabilities and obligations of any nature (whether absolute, accrued or
otherwise, and whether due or to become due) of Slabsdirect at the dates
thereof. Slabsdirect has not given any guarantees of the obligations of any
other person or entity.

      Section 3.8 Undisclosed Liabilities. Slabsdirect had no liabilities of any
nature, whether accrued, absolute, contingent, or otherwise; including without
limitation, tax liabilities due or to become due. Slabsdirect does not know or
have reasonable grounds to know of any basis for the assertion against
Slabsdirect of any liability of any nature or in any amount not fully reflected
or reserved against.

      Section 3.9 Litigation. There is no litigation, action, suit or other
proceeding pending or, to the best of Slabsdirect's knowledge, any material
litigation, action, suit or other proceeding threatened against Slabsdirect
relating to the business or the assets of Slabsdirect, or which could adversely
affect the transactions contemplated by this Agreement.

      Section 3.10 Taxes. Except for the income tax returns required to be filed
in the State of Delaware or the Province of British Columbia, all tax returns
and reports of Slabsdirect and its subsidiaries required by law to be filed have
been filed and are true, complete and correct, and any taxes payable in
accordance with any return filed by Slabsdirect and its subsidiaries or in
accordance with any notice of assessment or reassessment issued by any taxing
authority have been so paid. Adequate provisions have been made for taxes
payable for the current period for which tax returns are not yet required to be
filed and there are no agreements, waivers, or other arrangements providing for
an extension of time with respect to the filing of any tax return by, or payment
of, any tax, governmental charge or deficiency by Slabsdirect or its
subsidiaries. Slabsdirect is not aware of any contingent tax liabilities or any
grounds which would prompt a reassessment including aggressive treatment of
income and expenses in filing earlier tax returns.

      Section 3.11 Compliance with Laws. The business of Slabsdirect is in
compliance in all material respects with all laws, federal, state or local, and
all provisions of all rules, and regulations of any federal agency, authority,
board, commission, or the like, or any state or local government, or any
authority, agency, board, commission, or the like having jurisdiction over such
business; including those relating to environmental laws and regulations.
Slabsdirect possesses all material licenses, permits and governmental approvals
and authorizations which are required to own its assets and conduct its business
as heretofore conducted.

      Section 3.12 Material Agreements. All material contracts, leases and
agreements permit the transactions contemplated by this Agreement without the
consent of any other party, or, if such consent is required, the consent has
been obtained.

      Section 3.13 Officers and Directors. As of the date of this Agreement,
Steven Bruk is the sole executive officer and director of Slabsdirect.

      Section 3.14 Intentionally left blank.

                                       9
<PAGE>

      Section 3.15 Intentionally left blank.

      Section 3.16 Intentionally left blank.

      Section 3.17 Guarantees. Neither Slabsdirect nor any of its subsidiaries
is liable for and/or has guaranteed the obligations of any person or entity nor
is Slabsdirect or any such subsidiary a party to any agreement to do so.

      Section 3.18 Accuracy; Survival. The representations, warranties and
statements of Slabsdirect contained in this Agreement or any Exhibit hereto, or
in any Certificate delivered by Slabsdirect pursuant to this Agreement, are true
and correct in all material respects and do not omit to state a material fact
necessary in order to make the representations, warranties or statements
contained herein or therein not misleading. All such representations, warranties
and statements shall survive the Closing (and none shall merge into any
instrument of conveyance), regardless of any investigation or lack of
investigation by either of the parties to this Agreement.

      Section 3.19 No Conflict. Neither the execution and delivery of this
Agreement by Slabsdirect, nor the consummation of the transactions contemplated
hereby, do or will (a) violate, conflict with, or result in a breach of any
provisions of, (b) constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, (c) result in the
termination of or accelerate the performance required by, (d) result in the
creation of a Lien upon the New Shares under any of the terms, conditions or
provisions of the Articles of Incorporation or Bylaws of Slabsdirect or any
note, bond, mortgage, indenture, deed of trust, lease, license, loan agreement
or other instrument or obligation to or by which Slabsdirect or any of its
assets are bound, or (e) violate any Applicable Law binding upon Slabsdirect and
on any of its assets.

      Section 3.20 Slabsdirect Common Stock. All shares of Slabsdirect Common
Stock to be issued pursuant to this Agreement will be, when issued, duly
authorized, validly issued, fully paid and non-assessable.

      Section 3.21 Investment Representation. Slabsdirect acknowledges that the
Shares are restricted securities, that Slabsdirect is acquiring the Shares for
its own account with the present intention of holding the Shares for purposes of
investment and not with a view to their distribution within the meaning of the
Securities Act of 1933, as amended. Slabsdirect has relied solely on its
independent investigation in making the decision to purchase the Shares.
Slabsdirect's determination to purchase the Shares was made independent of, and
was not affected by, any statements or opinions (or the lack thereof) regarding
the advisability of the purchase or as to the properties, business, prospects or
condition (financial or other) of CTT Distributors which may have been made or
given by CTT Distributors or the Shareholders.

      Section 3.22 No Other Representations or Warranties. Except as set forth
above in this Section 3, no other representations or warranties, express or
implied, are made in this Agreement by Slabsdirect to CTT Distributors and the
Shareholders.

                                       10
<PAGE>

                                    ARTICLE 4
                                  MISCELLANEOUS

      Section 4.1 Survival of Representations, Warranties and Agreements. The
representations, warranties, covenants and agreements in this Agreement or in
any instrument delivered pursuant to this Agreement shall survive the Closing
and shall not be limited or affected by any investigation by or on behalf of any
party hereto.

      Section 4.2. Further Assurances. Each of Slabsdirect, CTT Distributors and
the Shareholders will use its, his or her, as the case may be, best efforts to
take all action and to do all things necessary, proper or advisable on order to
consummate and make effective the transactions contemplated by this Agreement.

      Section 4.3 Notices. All notices hereunder must be in writing and shall be
deemed to have been given upon receipt of delivery by: (a) personal delivery to
the designated individual, (b) certified or registered mail, postage prepaid,
return receipt requested, (c) a nationally recognized overnight courier service
(against a receipt therefor) or (d) facsimile transmission with confirmation of
receipt. All such notices must be addressed as follows or such other address as
to which any party hereto may have notified the other in writing:

      If to Slabsdirect, to:

            Slabsdirect.com, Inc.
            1145 West 7th Avenue
            Vancouver, British Columbia V6H 1B5
            Canada
            Attn:  Steven Bruk, President
            Phone:  (604) 649-8336
            Telecopier: (604) 682-5564

      If to CTT Distributors or the Shareholders, to:

            CTT Distributors Ltd.
            Suite 1200 - 750 West Pender Street
            Vancouver, British Columbia V6C 2T8
            Canada
            Attn:  Amit Sankhala
            Phone:  (604) 681-1194
            Telecopier:  (604) 681-9652

      Section 4.4 Headings; Gender. When a reference is made in this Agreement
to a section, exhibit or schedule, such reference shall be to a section, exhibit
or schedule of this Agreement unless otherwise indicated. The headings contained
in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. All personal pronouns used
in this Agreement shall include the other genders, whether used in the
masculine, feminine or neuter gender, and the singular shall include the plural
and vice versa, whenever and as often as may be appropriate.

                                       11
<PAGE>

      Section 4.5 Entire Agreement; No Third Party Beneficiaries. This Agreement
(including the documents, exhibits and instruments referred to herein) (a)
constitutes the entire agreement and supersedes all prior agreements, and
understandings and communications, both written and oral, among the parties with
respect to the subject matter hereof, and (b) is not intended to confer upon any
person other than the parties hereto any rights or remedies hereunder.

      Section 4.6 Governing Law. This Agreement shall be governed and construed
in accordance with the laws of the State of New York without regard to any
applicable principles of conflicts of law.

      Section 4.7 Assignment. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties
hereto (whether by operation of law or otherwise) without the prior written
consent of the other party.

      Section 4.8 Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by reason of any rule of law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any adverse
manner to either party.

      Section 4.9 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same document.

      Section 4.10 Amendment and Modification. This Agreement may not be amended
or modified except by an instrument in writing signed by each of the parties
hereto.

      Section 4.11 Brokers. Slabsdirect and CTT Distributors agree to indemnify,
defend and hold harmless each other from and against any liability or expense
arising out of any claim asserted by any third party for brokerage or finder's
fees or agent's commissions, based on an allegation that the other impliedly or
expressly engaged such claimant as a finder, broker or agent, or brought such
claimant into the negotiations between CTT Distributors and Slabsdirect.

      Section 4.12 Fees and Expenses. Except as otherwise expressly provided in
this Agreement or assumed by Slabsdirect in writing; attorneys' fees, accounting
fees and all other fees for professional services incurred by each party in
effectuating the transactions contemplated by this Agreement shall be paid by
the party which incurred such fees. Except as otherwise expressly provided in
this Agreement, Slabsdirect and CTT Distributors shall each bear its own
expenses incurred in connection with this Agreement and the transactions
contemplated by this Agreement whether or not such transactions shall be
consummated.

                            [SIGNATURE PAGE FOLLOWS]

                                       12
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed themselves or by their respective duly authorized officers as of the date
first written above.

Slabsdirect.COM, INC.                    CTT Distributors LTD.

By: /s/ Steven Bruk                      By: /s/ Amit Sankhala
    ------------------------------------     -----------------------------------
    Name: Steven Bruk                        Name: Amit Sankhala
    Title: CEO                               Title: President

SHAREHOLDERS

                                             /s/ Jessika Prasad
                                             -----------------------------------
                                             Jessika Prasad

                                             /s/ Michael Shevchenko
                                             -----------------------------------
                                             Michael Shevchenko

                                             /s/ Jagdeep Bhathal
                                             -----------------------------------
                                             Jagdeep Bhathal

                                             /s/ Nicholas Brown
                                             -----------------------------------
                                             Nicholas Brown

                                             /s/ Taryn Enns
                                             -----------------------------------
                                             Taryn Enns

                                             /s/ Tom Novis
                                             -----------------------------------
                                             Tom Novis

                                             /s/ Lynne Enns
                                             -----------------------------------
                                             Lynne Enns

                                             /s/ Roy Enns
                                             -----------------------------------
                                             Roy Enns

                                             /s/ Kate MacLean
                                             -----------------------------------
                                             Kate MacLean

                                       13
<PAGE>

                                             /s/ Susan Novis
                                             -----------------------------------
                                             Susan Novis

                                             /s/ Richard Novis
                                             -----------------------------------
                                             Richard Novis

                                             /s/ Gordon Moreland
                                             -----------------------------------
                                             Gordon Moreland

                                             /s/ Harry Joa
                                             -----------------------------------
                                             Harry Joa

                                             /s/ Kerri Enns
                                             -----------------------------------
                                             Kerri Enns

                                             /s/ Ali Hussain
                                             -----------------------------------
                                             Ali Hussain

                                             /s/ Abid Shah
                                             -----------------------------------
                                             Abid Shah

                                             /s/ Cyrus Kashani
                                             -----------------------------------
                                             Cyrus Kashani

                                             /s/ Amit Sankhala
                                             -----------------------------------
                                             Amit Sankhala

                                       14
<PAGE>

                                   SCHEDULE I

<TABLE>
<CAPTION>
                        Shares Owned       Allocation Percentage       New Shares to be Issued
<S>                        <C>                        <C>                            <C>
Jessika Prasad              35,000                      7.69%                         35,000
Michael Shevchenko          23,000                      5.05%                         23,000
Jagdeep Bhathal             20,000                      4.04%                         20,000
Nicholas Brown              25,000                      5.49%                         25,000
Taryn Enns                  12,000                      2.64%                         12,000
Tom Novis                   13,000                      2.86%                         13,000
Lynne Enns                   9,000                      1.98%                          9,000
Roy Enns                     9,000                      1.98%                          9,000
Kate MacLean                10,000                      2.20%                         10,000
Susan Novis                 17,000                      3.74%                         17,000
Richard Novis              100,000                     21.98%                        100,000
Gordon Moreland             17,000                      3.74%                         17,000
Harry Joa                   80,000                     17.58%                         80,000
Kerri Enns                  19,000                      4.18%                         19,000
Ali Hussain                 26,000                      5.71%                         26,000
Abid Shah                   18,000                      3.96%                         18,000
Cyrus Kashani               22,000                      4.84%                         22,000
Amit Sankhala                    1                         0%                              1
                                                      ------
                           455,001                    100.00%                        455,001
                                                      ------
</TABLE>

                                       15
<PAGE>

                                  SCHEDULE 2.14
                             OFFICERS AND DIRECTORS

             Amit Sankhala              Director, President and Secretary

                                       16

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