Document:

Exhibit 10.1

                        COMPOSITE TECHNOLOGY CORPORATION
                                2026 McGaw Avenue
                            Irvine, California 92614

                                                    November __, 2004

Feldman Weinstein LLP, as Custodian
420 Lexington Avenue
New York, New York 10170
Attn:  Robert F. Charron

      Re:   Release of Secured Collateral

Dear Mr. ________:

      Pursuant to Section 2(d) of that certain Custodial and Security  Agreement
("Custodial  Agreement"),   dated  August  17,  2004,  by  and  among  Composite
Technology  Corporation  (the  "Company"),  ____________  Fund ("Fund") and the
other  purchasers   signatory  thereto  (such  other   purchasers,   the  "Other
Purchasers" and collectively  with Fund, the  "Purchasers"),  the Company hereby
requests that Fund consent and agree to:

      1.    the  release to the  Company  of all  Secured  Proceeds  held in the
            Custodial Account by the Custodian that may be allocated pursuant to
            Section 1(g) of the Custodial Agreement to Fund, which amount is set
            forth on the signature page hereto;

      2.    the  release of all  interest  earned with  respect to such  Secured
            Proceeds (the "Interest");

      3.    the withdrawal of the pending  Registration  Statement  currently on
            file with the Commission; and

      4.    amend  the   definition   of  the  "Filing   Date"  of  the  initial
            Registration  Statement  to be filed  pursuant  to the  Registration
            Rights Agreement to be December 31, 2004.

      All capitalized  terms used but not defined herein shall have the meanings
set  forth in the  Custodial  Agreement,  in that  certain  Securities  Purchase
Agreement ("Securities Purchase Agreement"),  dated August 17, 2004 by and among
the  Company  and  the  Purchasers  and  in  that  certain  Registration  Rights
Agreement, dated August 17, 2004 by and among the Company and the Purchasers.

      In  consideration to Fund for the consents and agreements given hereunder,
the Company  shall have  delivered  to Fund a warrant  ("Amendment  Warrant") to
purchase up to  _________  shares of Common  Stock with an exercise  price equal
$3.23,  subject to adjustment  therein,  which warrant shall otherwise be in the
form attached hereto. The Company and Fund agree that the definition of Warrants
in the Securities  Purchase  Agreement is hereby amended to include  therein the
Amendment  Warrant  and as such,  among  other  things,  means  that the  shares
underlying the Amendment  Warrant are deemed  Registrable  Securities  under the
Registration  Rights  Agreement and are subject to all of the covenants of under
the Transaction Documents.

<PAGE>

      The  Company  and Fund  acknowledge  and  agree  that  this  letter  shall
constitute a joint  certificate (as required under Section 2(d) to the Custodial
Agreement)  to the  Custodian  certifying  that  consent to release such Secured
Proceeds has been  obtained for the amount of Secured  Proceeds set forth on the
signature  page  hereto and all  Interest  and that such  amount is the  maximum
amount  permitted to be released on account of Fund pursuant to the terms of the
Custodial  Agreement.  The Custodian may rely on an executed copy of this letter
to release said Secured Proceeds and all Interest per the wire  instructions set
forth on the signature page of the Company hereto.

      Fund  acknowledges and agrees that the Other Purchasers shall be requested
to executed  letters with the same terms and  conditions  as this letter and the
Company  acknowledges  that this  letter  shall not be  deemed  effective  until
letters from all Other  Purchasers  have been obtained by the Company.  Further,
the Company represents, warrants and covenants to Fund that the Other Purchasers
are receiving the same  consideration  as Fund,  pro-rata in proportion to their
respective holdings, and no Purchaser is or will receive more consideration than
any other Purchaser for entering into their respective letter agreements.

      Fund and the Company agree that upon release of such Secured  Proceeds and
all Interest  pursuant to this letter  agreement:  (i) the  Custodial  Agreement
shall be deemed  terminated and all rights Fund had with respect to such Secured
Proceeds and all Interest shall also be terminated;  and (ii) Fund shall release
the Company from all  security  interests  granted  pursuant to Section 3 of the
Custodial  Agreement and shall execute any further  documents or  instruments to
effect such release  (including,  but not limited to terminating any UCC filings
that were made with respect to the Secured Proceeds).

      Except as expressly  set forth above,  all of the terms and  conditions of
the Securities  Purchase Agreement,  the Registration  Rights Agreement,  or any
other  documents  entered into in connection  therewith  shall  continue in full
force and effect after the execution of this letter, and shall not be in any way
changed, modified or superseded by the terms set forth herein.

      This letter may be executed  in any number of  counterparts,  all of which
taken  together shall  constitute  one and the same  instrument and shall become
effective when  counterparts have been signed by each party and delivered to the
other parties  hereto,  it being  understood  that all parties need not sign the
same counterpart. Execution of this letter may be made by delivery by facsimile.

                            ************************

<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have caused this letter to be duly
executed by their respective authorized signatories as of November __, 2004.

                                               Sincerely,

                                               COMPOSITE TECHNOLOGY CORPORATION

                                               By:______________________________
                                                  Benton H Wilcoxon
                                                  Chief Executive Officer

                                                    Wire Instructions:

                                                    Bank:

           Accepted and Agreed:

           By:_____________________________

           Secured Proceeds: $CONSULTING AGREEMENT

      This Consulting  Agreement (the  "Agreement") is entered into effective as
of  July 1,  2004,  by and  between  Weight  Loss  Forever  International,  Inc.
("WLFI"),  with offices at 120 International  Parkway,  Suite 120, Heathrow,  FL
32746, and South Beach Securities Inc. ("SBSI"),  with offices at 2287 Lakeshore
Boulevard, Suite 1501, Etobicoke,  Ontario, Canada, Toronto, Ontario, Canada M2H
2N5.

      WHEREAS,  WLFI is in need of assistance in gaining  access to business and
financing opportunities and SBSI is experienced in these areas and is capable of
providing valuable services to WLFI.

      Therefore, it is agreed:

1.    SERVICES.  During the Term of this Agreement, SBSI shall provide advice to
      WLFI's management and shall consult with WLFI concerning financial matters
      in connection  with the operation of the businesses of WLFI,  expansion of
      services,   acquisitions  and  business  opportunities  and  consult  with
      management of WLFI regarding corporate financing including the structures,
      terms,  and  content of bank  loans,  institutional  loans,  private  debt
      funding, mezzanine financing, and other financing.

2.    TERM. The term ("Term") of this Agreement shall commence on the date first
      set forth above, and shall terminate on October 31, 2004.

3.    COMPENSATION.  As compensation for the services rendered  hereunder,  WLFI
      shall issue to SBSI, or as SBSI may direct, cash compensation as follows:

      A.    CASH FEE. WLFI agrees to pay to SBSI, or as SBSI directs, the sum of
            $250,000  US to be paid  concurrently  with the first  funding of at
            least $500,000 from Cornell Capital Partners.

      B.    FEES RELATED TO CORNELL  FUNDING.  WLFI will pay to SBSI, or as SBSI
            directs,  Twenty  Percent  (20.0%) of the amount of each  funding it
            receives through Cornell Capital Partners, LC for each draw in which
            SBSI participates, other than the first draw as set forth in Section
            3(a) above.  WLFI hereby confirms that SBSI is  participating in the
            structure and facilitation of the draws, and concurrently  upon each
            of the draws from Cornell, other than the first draw as set forth in
            Section  3(a) above,  SBSI will be  entitled  to his Twenty  Percent
            (20%) fee from each such draw.

4.    CONFIDENTIALITY.   SBSI  will  not   disclose  to  any  person,   firm  or
      corporation, nor use for his own benefit, during or after the Term of this
      Agreement,  any  trade  secrets  or  other  information,  whether  or  not
      designated  as  confidential  by WLFI,  that is  acquired by Salter in the
      course of performing services hereunder.  Any financial advice rendered by
      Salter  pursuant  to this  Agreement  may not be  disclosed  in any manner
      without the prior written approval of WLFI.

                                                                               1
<PAGE>

5.    INDEMNIFCATION.  Each party shall defend, indemnify, and hold harmless the
      other party,  its  affiliates,  directors,  officers,  employees,  agents,
      attorneys, and their successors and assigns (the "Indemnified Party") from
      and against any and all liabilities, obligations, losses, claims, damages,
      costs,  charges or other  expenses of every kind and character  (including
      but not limited to  reasonable  outside  attorneys'  fees and court costs)
      which  arise out of or result  from any third  party claim which would not
      have arisen but for a breach or alleged breach of any of the  indemnifying
      party's  duties  under this  Agreement.  The  Indemnified  Party agrees to
      notify the other party in writing by facsimile  transmission and overnight
      courier,  as soon as  practicable,  but at least within ten (10)  business
      days of receipt of knowledge of any claim, suit, action, or proceeding for
      which it may be entitled to  indemnification  under this  Agreement.  Each
      party  shall  have the right to hire its own  counsel  to defend any third
      party claims and the parties  agree to cooperate  and assist each other in
      defending and minimizing  costs and expenses in connection  with defending
      against any third party  claims.  In no  circumstances  will any party (i)
      admit to any  liability  of any  other  party to this  Agreement,  or (ii)
      prejudice  or settle  any claim  affecting  another  party,  without  such
      party's prior written consent,  which shall not be unreasonably  withheld.
      The  terms of any and all  settlements  of  third  party  claims  shall be
      strictly  confidential  unless all  parties  agree,  or a court  requires,
      disclosure.

6.    INDEPENDENT CONTRACTOR.  The relationship between SBSI and WLFI is that of
      independent  contractors.  SBSI  shall not hold  itself out as an agent of
      WLFI,  nor shall it take any action from which  others might infer that it
      is an agent of WLFI or that it is engaged in a joint venture with WLFI.

7.    MISCELLANEOUS.  This Agreement sets forth the entire  understanding of the
      parties  relating to the subject matter  hereof,  and supersedes any prior
      communications,  understandings  or agreements  between the parties.  This
      Agreement cannot be modified or changed,  nor can any of its provisions be
      waived, except by written agreement signed by both parties. This Agreement
      shall be governed by the laws of the  Province  of Ontario  applicable  to
      contracts  made and to be performed  therein.  The parties  agree that any
      suit, action or proceeding arising out of or relating to this agreement or
      any activity or any corporation to which this agreement applies,  shall be
      instituted  in the  courts of  general  jurisdiction  in the  Province  of
      Ontario.

8.    NOTICES.  Any notice  required or  permitted  hereunder  shall be given in
      writing,  and shall be deemed  effectively given upon personal delivery or
      one business day after tender to an overnight delivery service of national
      reputation, addressed to the parties at the address set forth at the start
      of this Agreement,  or at such other addresses as a Party may designate by
      ten days advance written.

9.    COUNTERPARTS  AND  FACSIMILE.  This agreement may be signed in one or more
      counterparts. Facsimile transmission of signatures of the parties shall be
      sufficient to constitute a binding agreement.

                                                                               2
<PAGE>

      IN WITNESS  WHEREOF,  the parties have executed  this  Agreement as of the
date set forth at the start of this Agreement.

WEIGHT LOSS FOREVER INTERNATIONAL, INC.         SOUTH BEACH SECURITIES INC.

By: /s/  Byron Rambo                            By: /s/ Brett Salter
    -----------------------------------         --------------------------
    Title: Chief Financial Officer              Title: President
    Name:  Byron Rambo                          Name: Brett Salter
    Dated: July 1, 2004                         Dated:_______________________

                                                                               3

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