Document:

clesb-2083007ex44.htm

    Exhibit
      4.4

     

    WARRANT
      FOR THE PURCHASE OF

    SHARES
      OF COMMON STOCK

    OF

    ALTERNATIVE
      ETHANOL TECHNOLOGIES, INC.

    (a
      Delaware corporation)

    

    DATED
      AS OF MAY 31, 2007

    

    VOID
      AFTER 5:00 P.M., CENTRAL STANDARD TIME, ON AUGUST 31, 2009

    

    

    Alternative
      Ethanol Technologies, Inc., a Delaware corporation (the “Company”), hereby
      certifies that William Meyer (“Warrant Holder”), is entitled, subject to the
      terms set forth below, to purchase, at the time, in the amounts and during
      the
      period described in Section 3 below, that number of shares of its Common Stock
      of the Company determined pursuant to the provisions of Section 2 below, at
      the
      Purchase Price (as defined below).

    

    1.           Definitions.

    

    “Common
      Stock” means the Company’s common stock and stock of any other class of the
      equity of the Company into which such shares may hereafter have been
      changed.

    

    “Exercise
      Term” means any time between the date hereof and August 31,
      2009.

    

    “Market
      Price” of a share of Common Stock on any day means (i) the average closing
      price of a share of Common Stock for the three consecutive trading days
      preceding such day on the principal national securities exchange on which the
      shares of Common Stock are listed or admitted to trading, or (ii) if not listed
      or admitted to trading on any national securities exchange, the average of
      the
      last reported sales price for the three consecutive trading days preceding
      such
      day on the Nasdaq National Market, or (iii) if not traded on the Nasdaq National
      Market, the average of the highest reported bid and the lowest reported asked
      prices on each of the three consecutive trading days preceding such day in
      the
      over-the-counter market as furnished by the National Association of Securities
      Dealers automated quotation system, or (iv) if such firm is not then engaged
      in
      the business of reporting such prices, as furnished by any similar firm then
      engaged in such business selected by the Company or, if there is no such firm,
      as furnished by any member of the National Association of Securities Dealers,
      Inc. selected by the Company or, if the shares of Common Stock are not publicly
      traded, the Market Price for such day shall be equal to the price per share
      of
      the Company’s Common Stock (or other capital stock of the Company convertible
      into Common Stock at a 1:1 ratio) sold in the Company’s latest bona fide round
      of equity financing or if none, determined in good faith by the Company’s Board
      of Directors.

    

    “New
      Security” shall have the meaning set forth in Section 4(b)
      hereof.

    

    “Purchase
      Price” shall have the meaning set forth in Section 3(b) hereof.

    

    “Strike
      Price” means the price per share for which Common Stock is issuable upon the
      exercise of any rights, options or warrants for the purchase of Common Stock,
      determined by dividing (i) the total amount, if any, received or receivable
      by
      the Company as consideration for the grant of such rights, options or warrants,
      plus the minimum aggregate amount of additional consideration payable to the
      Company upon the exercise of such rights, options or warrants, by (ii) the
      total
      maximum number of shares of Common Stock issuable upon the exercise of such
      rights, options or warrants.

    

    “Warrant
      Holder” means William Meyer, together with any successors and permitted
      assigns.

    

    “Warrant
      Stock” means the shares of Common Stock or New Securities acquired or
      acquirable upon exercise of this Warrant, any shares of Common Stock or New
      Securities issued as (or issuable upon the conversion or exercise of any
      warrant, right or other security that is issued as) a dividend or other
      distribution with respect to, or in exchange for, or in replacement of, such
      shares of Common Stock, or any other interest in the Company that has been
      or
      may be acquired upon exercise of this Warrant.

    

    2.           Shares
      to be Issued Upon Exercise.

    

    The
      Warrant Holder is hereby entitled to purchase from the Company 1,923,495 shares
      of Common Stock at a total price of $0.13 per share of Warrant
      Stock.

    

    3.           Exercise
      of Warrant.

    

    (a)           In
      addition to the Warrant Holder’s rights pursuant to Section 3(e) hereof, this
      Warrant may be exercised at any time during the Exercise Term by the Warrant
      Holder in whole or in part, and from time to time, by surrendering this Warrant,
      with the purchase form appended hereto as Annex B duly executed by such Warrant
      Holder, at the principal office of the Company, or at such other office or
      agency as the Company may designate, accompanied by payment in full of the
      Purchase Price payable in respect of the number of shares of Warrant Stock
      purchased upon such exercise.  The Purchase Price may be paid by a
      check drawn on the bank account of the Warrant Holder, or, initial public
      offering, by the surrender of shares of Warrant Stock or Common Stock having
      a
      Market Price as of the date of the surrender equal to the Purchase
      Price.

    

    (b)           As
      used herein, the term “Purchase Price,” with respect to a share of Warrant
      Stock, shall mean $0.13 per share.

    

    (c)           Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company as provided in subsection 3(a) above.  At
      such time, the person(s) or entity(ies) in whose name or names any certificates
      for Warrant Stock shall be issuable upon such exercise as provided in subsection
      3(d) below shall be deemed to have become the holder or holders of record of
      the
      Warrant Stock represented by such certificates.

    

    (d)           As
      soon as practicable after each exercise of this Warrant in whole or in part,
      and
      in any event within ten (10) days thereafter, the Company at its expense will
      cause to be issued in the name of, and delivered to, the Warrant Holder, or,
      subject to the terms and conditions hereof, as the Warrant Holder (upon payment
      by the Warrant Holder of any applicable transfer taxes) may direct:

    

    (i)           a
      certificate or certificates for the number of full shares of Warrant Stock
      to
      which such Warrant Holder shall be entitled upon such exercise plus, in lieu
      of
      any fractional share to which such Warrant Holder would otherwise be entitled,
      cash in an amount determined pursuant to Section 5 hereof; and

    

    (ii)               in
      case such exercise is in part only, a new warrant or warrants (dated the date
      hereof) of like tenor, with a new Warrant Schedule attached thereto reflecting
      the number of shares of Warrant Stock equal (without giving effect to any
      adjustment therein) to the number of such shares reflected in the Warrant
      Schedule attached as Annex A to this Warrant on the date of such exercise minus
      the number of such shares purchased by the Warrant Holder upon such exercise
      as
      provided in subsection 3(a) above.

    

    (e)            Net
      Issue Election.  The Warrant Holder may elect to receive, without
      the payment by the Warrant Holder of any additional consideration, shares equal
      to the value of this Warrant or any portion hereof by the surrender of this
      Warrant or such portion to the Company, with the net issue election notice
      (attached hereto as Annex C) duly executed, at the office of the
      Company.  Thereupon, the Company shall issue to the Warrant Holder
      such number of fully paid and nonassessable shares of Common Stock as is
      computed using the following formula:

    

    
      	
              X
                =

            	
              Y
                (A-B)

            
	 	
              A

            

    

     

    where

    
      	
               

            	
              X
                =

            	
              the
                number of shares to be issued to the Warrant Holder pursuant to this
                Section 3(e).

            

    

    

    Y
      =           the number of
      shares covered by this Warrant in respect of which the net issue election is
      made pursuant to this Section 3(e).

    

    A
      =           the Market
      Price of one share of Common Stock at the time the net issue election is made
      pursuant to this Section 3(e).

    

    B
      =           the Purchase
      Price in effect under this Warrant at the time the net issue election is made
      pursuant to this Section 3(e).

    

    The
      Board
      of Directors of the Company shall promptly respond in writing to an inquiry
      by
      the Warrant Holder as to the Market Price of one share of Common
      Stock.

     

    4.           Adjustments.

    

    (a)           Adjustment
      of Purchase Price Amount Upon Stock Splits, Dividends, Distributions and
      Combinations.  In case the Company shall at any time subdivide its
      outstanding shares of Common Stock into a greater number of shares or issue
      a
      stock dividend or make a distribution with respect to outstanding shares of
      Common Stock or convertible securities payable in Common Stock or in convertible
      securities which are convertible with no additional consideration into shares
      of
      Common Stock, the Purchase Price for all shares of Warrant Stock issuable
      immediately prior to such subdivision or stock dividend or distribution shall
      be
      proportionately reduced (treating for such purpose any such shares of
      convertible securities outstanding or payable as being the number of shares
      of
      Common Stock issuable upon their conversion); and conversely, in case the shares
      of Common Stock of the Company shall be combined into a smaller number of
      shares, the Purchase Price for all shares of Warrant Stock issuable immediately
      prior to such combination shall be proportionately increased.

    

    (b)           Reorganization
      or Reclassification.  In case of any capital
      reorganization, or of any reclassification of the capital stock, of the Company
      (other than a change in par value or from par value to no par value or from
      no
      par value to par value), or any consolidation or merger of the Company with
      another corporation or other entity, or the sale of all or substantially all
      of
      the assets of the Company which shall be effected in a manner by which the
      holders of Common Stock shall be entitled (either directly or upon subsequent
      liquidation) to equity securities with respect to or in exchange for Common
      Stock, then this Warrant shall, after such capital reorganization,
      reclassification of capital stock, merger or sale of assets, entitle the Warrant
      Holder hereof to purchase the kind and number of shares of stock or other
      securities of the Company, or of the entity resulting from such consolidation
      (the “Surviving Entity”) to which the Warrant Holder hereof would have been
      entitled if it had held the Common Stock issuable upon the exercise hereof
      immediately prior to such capital reorganization, reclassification of capital
      stock, consolidation, merger or sale of assets.  If the holders of
      Common Stock shall be entitled to cash, cash equivalents, nonequity securities
      or other property of the Company or the Surviving Entity (“Property”) with
      respect to or in exchange for Common Stock, then this Warrant shall, after
      such
      capital reorganization, reclassification of capital stock, merger or sale of
      assets, entitle the Warrant Holder hereof to purchase the kind of issued and
      outstanding common stock or other equity security of the Company or the
      Surviving Entity (“New Security”), as the case may be, which is most similar to
      the Common Stock, which shall be in an amount equal to a number of shares of
      the
      New Security having a Market Price on the effective date of such capital
      reorganization, reclassification of capital stock, merger or sale of assets
      equal to the Market Price on such effective date of the Property issued per
      share of the Common Stock.  The Company shall not effect any such
      capital reorganization, reclassification of capital stock, consolidation, merger
      or sale of assets unless prior to the consummation thereof the Surviving Entity
      (if other than the Company) resulting therefrom or the corporation purchasing
      such assets shall, by written instrument executed and mailed to the Warrant
      Holder hereof at the last address of such Warrant Holder appearing on the books
      of the Company, (i) assume the obligation to deliver to such Warrant Holder
      such
      shares of stock, securities or assets as, in accordance with the foregoing
      provisions, such Warrant Holder may be entitled to purchase, and (ii) agree
      to
      be bound by all the terms of this Warrant.  Furthermore, in the case
      of a capital reorganization, reclassification of capital stock, consolidation,
      merger or sale of assets which entitles the Warrant Holder to purchase New
      Securities under  this Warrant, the Purchase Price for all shares of
      Warrant Stock issuable immediately prior to such capital reorganization,
      reclassification of capital stock, consolidation, merger or sale of assets
      shall
      be adjusted to equal the price determined by dividing the Purchase Price for
      each such share of Warrant Stock immediately prior to such capital
      reorganization, reclassification of capital stock, consolidation, merger or
      sale
      of assets by the number of shares of New Securities the Warrant Holder is
      entitled to receive for each share of Common Stock hereunder.

    

    (c)           Computation
      of Adjustments.  Upon each computation of an adjustment in
      the Purchase Price for any share of Warrant Stock issuable hereunder, the
      Purchase Price for all such shares of Warrant Stock shall be computed to the
      nearest cent (i.e., fractions of .5 of a cent, or greater, shall be
      rounded to the highest cent) and the shares which may be purchased upon exercise
      of this Warrant shall be calculated to the nearest whole share (i.e.,
      fractions of one half of a share, or greater, shall be treated as being a whole
      share).  No such adjustment shall be made, however, if the change in
      the Purchase Price for any such share of Warrant Stock would be less than $.05
      per share, but any such lesser adjustment shall be made at the time and together
      with the next subsequent adjustment which, together with any adjustments carried
      forward, shall amount to $.05 per share or more.

    

    (d)           Certain
      Prohibited Adjustments.  Notwithstanding anything herein to the
      contrary, the Company agrees not to enter into any transaction which would
      cause
      an adjustment of the Purchase Price to less than the par value of the Common
      Stock.

    

    (e)           Notice
      of Adjustment of Purchase Price.  Upon any adjustment of
      the Purchase Price for any share of Warrant Stock issuable hereunder or in
      the
      occurrence of any event which should result in an adjustment to the Purchase
      Price for any share of Warrant Stock issuable hereunder, the Company shall
      promptly give written notice thereof to the Warrant Holder of this Warrant,
      which notice shall state the Purchase Price resulting from such adjustment
      and
      the increase or decrease, if any, in the number of shares purchasable at such
      price upon the exercise of this Warrant and the increase or decrease, if any,
      in
      the number of shares constituting the Maximum Issuance, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based.

    

    5.           Fractional
      Shares.

    

    The
      Company shall not be required to issue fractional shares upon the exercise
      of
      this Warrant.  If the Warrant Holder would be entitled upon the
      exercise of any rights evidenced hereby to receive a fractional interest in
      a
      share of Common Stock, the Company shall, upon such exercise, pay in lieu of
      such fractional interest an amount in cash equal to the value of such fractional
      interest, calculated based upon the Market Price as of the date this Warrant
      is
      exercised.

    

    6.           Limitation
      on Sales.

    

    The
      Warrant Holder, and each subsequent holder of this Warrant, if any, acknowledges
      that this Warrant and the Warrant Stock have not been registered under the
      Securities Act of 1933, as now in force or hereafter amended, or any successor
      legislation (the “Act”), and agrees not to sell, pledge, distribute, offer for
      sale, transfer or otherwise dispose of this Warrant or any Warrant Stock issued
      upon its exercise in the absence of (i) an effective registration statement
      under the Act as to this Warrant or such Warrant Stock and registration or
      qualification of this Warrant or such Warrant Stock under any applicable Blue
      Sky or state securities law then in effect, or (ii) an opinion of counsel,
      reasonably satisfactory to the Company and the Warrant Holder, that such
      registration and qualification are not required. Without limiting the generality
      of the foregoing, unless the offering and sale of the Warrant Stock to be issued
      upon the particular exercise of this Warrant shall have been effectively
      registered under the Act, the Company shall be under no obligation to issue
      the
      shares covered by such exercise unless and until the Warrant Holder shall have
      executed an investment letter in form and substance satisfactory to the Company,
      including a warranty at the time of such exercise that it is acquiring such
      shares for its own account, for investment and not with a view to, or for sale
      in connection with, the distribution of any such shares, in which event the
      Warrant Holder shall be bound by the provisions of a legend to such effect
      on
      the certificate(s) representing the Warrant Stock.  In addition,
      without limiting the generality of the foregoing, the Company may delay issuance
      of the Warrant Stock until completion of any action or obtaining of any consent,
      which the Company deems necessary under any applicable law (including without
      limitation state securities or “blue sky” laws).

    

    7.           Notices
      of Record Date, Etc.

    

    In
      the
      event that:

    

    
      	
               

            	
              (a)

            	
              the
                Company shall set a record date for the purpose of entitling or enabling
                the holders of its Common Stock (or other stock or securities at
                the time
                deliverable upon the exercise of this Warrant) to receive any dividend
                or
                other distribution, or to receive any right to subscribe for or purchase
                any shares of stock of any class or any other securities, or to receive
                any other right, or

            

    

    

    
      	
               

            	
              (b)

            	
              there
                shall occur any capital reorganization of the Company, any
                reclassification of the capital stock of the Company, any consolidation
                or
                merger of the Company with or into another corporation, or any transfer
                of
                all or substantially all of the assets of the Company,
                or

            

    

    

    
      	
               

            	
              (c)

            	
              there
                shall occur any voluntary or involuntary dissolution, liquidation
                or
                winding-up of the Company,

            

    

    

    then,
      and
      in each such case, the Company will mail or cause to be mailed to the Warrant
      Holder a notice specifying, as the case may be, (i) the record date for the
      purpose of such dividend, distribution or right, and stating the amount and
      character of such dividend, distribution or right, (ii) the effective date
      of such reorganization, reclassification, consolidation, merger or transfer
      or
      (iii) the date of such dissolution, liquidation or winding-up is to take
      place, and also specifying, if applicable, the date and time as of which the
      holders of record of Common Stock (or such other stock or securities at the
      time
      deliverable upon the exercise of this Warrant) shall be entitled to exchange
      their shares of Common Stock (or such other stock or securities) for securities
      or other property deliverable upon such reorganization, reclassification,
      consolidation, merger, transfer, dissolution, liquidation or
      winding-up.  Such notice shall be mailed at least ten (10) days prior
      to the record date or effective date for the event specified in such
      notice.

    

    8.           Reservation
      of Stock.

    

    The
      Company will at all times reserve and keep available, solely for issuance and
      delivery upon the exercise of this Warrant, such shares of Warrant Stock and
      other stock, securities and property, as from time to time shall be issuable
      upon the exercise of this Warrant.

    

    9.           Replacement
      of Warrants.

    

    Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement (with surety if reasonably
      required) in an amount reasonably satisfactory to the Company, or (in the case
      of mutilation) upon surrender and cancellation of this Warrant, the Company
      will
      issue, in lieu thereof, a new Warrant of like tenor.

    

    10.           Transfers,
      Etc.

    

    (a)           The
      Company will maintain a register containing the names and addresses of the
      Warrant Holders of this Warrant.  The Warrant Holder may change its,
      his or her address as shown on the warrant register by written notice to the
      Company requesting such change.

    

    (b)           This
      Warrant shall not be transferable by the Warrant Holder and shall be exercisable
      only by the Warrant Holder; provided that this Warrant may be transferred to,
      and may be exercisable by, any company that directly, or indirectly through
      one
      or more intermediaries, is controlled by, or is under common control with,
      the
      Warrant Holder.

    

    (c)           Until
      any transfer of this Warrant is made in the warrant register, the Company may
      treat the Warrant Holder of this Warrant as the absolute owner hereof for all
      purposes; provided, however, that if and when this Warrant is properly assigned
      in blank, the Company may (but shall not be obligated to) treat the bearer
      hereof as the absolute owner hereof for all purposes, notwithstanding any notice
      to the contrary.

    

    11.           Mailing
      of Notices, Etc.

    

    All
      notices and other communications to the Warrant Holder of this Warrant shall
      be
      mailed by first-class certified or registered mail, postage prepaid, to the
      address furnished to the Company in writing by the last Warrant Holder of this
      Warrant who shall have furnished an address to the Company in
      writing.  All notices and other communications in connection herewith
      shall be mailed by first-class certified or registered mail, postage prepaid,
      to
      the party’s address listed below or to such other address as such party shall so
      notify the other party:

    

    If
      to the
      Company, to:

    

    
      	 	
              Alternative
                Ethanol Technologies, Inc.

            
	 	 
	 	 
	 	 

    

    

    If
      to the
      Warrant Holder, to:

    
      	 	 
	 	 
	 	 
	 	 

    

    

    12.           No
      Rights as Stockholder.

    

    Until
      the
      exercise of this Warrant, the Warrant Holder of this Warrant shall not have
      or
      exercise any rights by virtue hereof as a stockholder of the
      Company.

    

    13.           Change
      or Waiver.

    

    Any
      term
      of this Warrant may be changed or waived only by an instrument in writing signed
      by the party against which enforcement of the change or waiver is
      sought.

    

    14.           Headings.

    

    The
      headings in this Warrant are for purposes of reference only and shall not limit
      or otherwise affect the meaning of any provision of this Warrant.

    

    15.           Governing
      Law.

    

    This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of Delaware.

    

    
      	 	
              ALTERNATIVE
                ETHANOL

              TECHNOLOGIES,
                INC.

            
	 	 
	 	 
	 	
              By:

            	 
	
              Dated:

            	
              May
                31, 2007

            	
              Name:

            	 
	 	 	
              Title:

            	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
      A

    

    WARRANT
      SCHEDULE

    

    
      	
              Date

            	 	
              Number
                of Shares

              of
                Warrant Stock

              Issuable
                Pursuant

                  
                   to Warrant      

            	
              Purchase
                Price

            
	 	 	 	 
	 	 	 	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    ANNEX
      B

    

    PURCHASE
      FORM

    

    

    

    
      	
              To:

            	 
	 	 
	 	 

    

    

    

    The
      undersigned pursuant to the provisions set forth in the attached Warrant, hereby
      irrevocably elects to purchase ___________ shares of the Common Stock (the
      “Common Stock”) covered by such Warrant and herewith makes payment of $_______,
      representing the full purchase price for such shares at the price per share
      provided for in such Warrant.

    

    The
      undersigned understands and acknowledges the terms and restrictions on the
      right
      to transfer or dispose of the Common Stock set forth in Section 6 of the
      attached Warrant, which the undersigned has carefully reviewed.  The
      undersigned consents to the placing of a legend on its certificate for the
      Common Stock referring to such restrictions and the placing of stop transfer
      orders until the Common Stock may be transferred in accordance with the terms
      of
      such restrictions.

    

    
      	 	 
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 
	 	 	 	 
	 	 	 	 
	 	 	
              Dated:

            	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      

      ANNEX
        C

      
 

    

    Net
      Issue
      Election Notice

    

    
      	
              To:

            	 	 	
              Date:

            	 

    

    

    

    The
      undersigned hereby elects under Section 3(e) to surrender the right to purchase
      _______ shares of Common Stock pursuant to this Warrant.  The
      certificate(s) for the shares issuable upon such net issue election shall be
      issued in the name of the undersigned or as otherwise indicated
      below.

    

    
      	 	
              [INSERT
                NAME OF WARRANT HOLDER]

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 
	 	 
	 	
              Name
                for Registration:

            
	 	 
	 	 
	 	 
	 	 
	 	
              Mailing
                Address:clesb-2083007ex101.htm

    Exhibit
      10.1

    BRELSFORD
      ENGINEERING, INC.

    8655
      BRIDGER CANYON RD.

    BOZEMAN,
      MONTANA

    

    EXCLUSIVE
      LICENSE AGREEMENT

    

     

    A.     Parties
      to This Agreement

    

    THIS
      EXCLUSIVE LICENSE AGREEMENT is made this 1st day of
      April 2005
      by and between:

    

    LICENSOR:
      BRELSFORD ENGINEERING, INC.

    Having
      its principal place of business at:

    

    8655
      BRIDGER CANYON RD.

    BOZEMAN,
      MONTANA 59715

    

    And

    

    LICENSEE:
      SRS Energy, Inc.

    Having
      its principal place of business at:

    

    7320
      Forsyth, Unit 102

    St.
      Louis, MO 63105

    

    B.     Definitions

    

    The
      following terms, whenever used in this Agreement, shall have the respective
      meanings set forth below:

    

    (1)  “Licensed
      Products” shall mean (1) the technology, processes, techniques which are applied
      in accordance with the Licensed Know-How or the Licensed Patents as hereinafter
      defined, and; (2) any equipment and substances which are manufactured in
      accordance with the Licensed Know-How or the Licensed Patents as hereinafter
      defined.

    

    (2)  “Subject
      Matter of this Agreement” shall mean the Licensed Products, any processes for
      producing the same, or any of them, and any devices for practicing or applying
      any such processes, or for producing the Licensed Products.

    

    (3)  “Licensed
      Know-How” shall mean LICENSOR’s present and future specialized, novel, and
      unique techniques, inventions, practices, knowledge, skill, experience, and
      other proprietary information relating to the Subject Matter of this
      Agreement.

    

    (4)  “Designated
      Affiliate” shall mean any firm, corporation, or other organization in which
      LICENSEE has an ownership interest and which LICENSEE has identified in writing
      to LICENSOR as an Affiliate of LICENSEE.

    

    (5)  “Agreement”
      shall mean this Agreement and License including all Exhibits
      hereto.

    

    (6)  “Licensed
      Territory” as specified below.

    

    (7)  “Year”
      shall mean each successive twelve-month period during the term of this
      agreement, the first of which shall commence on the date of this Agreement,
      or
      on the date of the end of the “Trial Option Period”, if one is
      exercised.

    

    (8)  “Licensed
      Product” shall include Licensed Know-How.

    

    (9)  “Minimum
      Annual Royalty” shall mean the minimum royalty required to keep this U.S. Patent
      License Agreement in full force and effect throughout the term of this
      Agreement.

    

    (10)  “Monthly
      Trial Option Premium” shall mean the monthly amount due LICENSOR from LICENSEE
      to keep this agreement in full force and effect during and through the Trial
      Option Period.

    

    (11)  “Net
      Sales” shall mean the actual gross sales; related to anyway to the Licensed
      Products, and made by the LICENSEE and/or Designated Affiliate; f.o.b. seller’s
      factory, less; (a) all sales, use, and other similar taxes paid or payable
      by
      the seller in connection with the particular transaction involved and not
      reimbursed or reimbursable by the purchaser or customer, and; (b) Amounts
      credited or refunded to the purchaser or customer for returned or defective
      goods.

    

    C.     Licensing
      Fee

    

    Exclusive
      License Territories:  All of USA

    Initiation
      of License Execution Fee:  $50,000.00

    Minimum
      Annual Royalty; begins 10-01-06:  $15,000.00

    Annual
      License Payment per project:  $30,000.00

    License
      Royalty Fees: 4% Net Sales, related to “Licensed Product”

    Monthly
      Trial Option Premium:  $5,000.00

    

    PATENT
      NUMBER AND ISSUE DATE:  U.S. P. # 5,411,594 – MAY 2,
      1995

    TRIAL
      OPTION GRANTED:  xx Yes __ No

    TRIAL
      OPTION PERIOD: 6 Months

    

    D.     General
      Scope of LICENSEE’s Activities

    

    (1)  LICENSEE
      and/or its Designated Affiliates shall manufacture the Licensed Products or
      use
      and sell such products.

    

    (2)  LICENSEE
      and/or its Designated Affiliates shall have the Exclusive Right to utilize
      the
      Licensed Products and Know How for all applications as they relate to processing
      Municipal Solid Waste and Green Waste.  If such a “MSW & “GW” to
      Fuel Ethanol” Project is not initiated within three (3) years of the date of
      this Agreement, the Exclusive Right will be automatically drop to
      Non-Exclusive.

    

    (3)  LICENSEE
      and/or its Designated Affiliates shall have the Non Exclusive Right to utilize
      the Licensed Products and Know How for processing biomass feedstock applications
      including but not limited to Sugar Cane Bagasse (SCB), High Fiber Cane (HFC),
      and Forestry Product (FP) feed-stocks in all United States
      territories.

    

    (4)  LICENSEE
      and/or its Designated Affiliates shall have a 60 day first right of refusal
      on
      any licensing agreement for the Country of Canada.

    

    (5)  LICENSEE
      and/or its Designated Affiliates will neither manufacture, use, nor sell,
      directly or indirectly, any of the Licensed Products in any area other than
      the
      Licensed Territories, unless exempted by written agreement with the
      LICENSOR.

    

    (6)  LICENSEE
      and/or its Designated Affiliates will neither manufacture, use, nor sell,
      directly nor indirectly, any of the Licensed Products in or for shipment to,
      or
      (to the best of its ability) for resale in, any area other than the Licensed
      Territory; unless mutually agreed to by written exception agreement with the
      LICENSOR.

    

    E.     Trial
      Option

    

    If
      a
“Trial Option” is granted and noted in Section C, then the Patent License Grant
      of Section F below shall not apply except as defined in this Section; LICENSOR
      hereby grants to LICENSEE, for the Monthly Trial Option Premium stated herein,
      the exclusive rights to investigate LICENSOR’s invention for the Trial Option
      Period, noted in Section C.  Such Trial Option Period shall commence
      from the date of this agreement.  LICENSOR will furnish to LICENSEE
      all information and know-how (if any) concerning LICENSOR’s invention then in
      LICENSOR’s possession.  LICENSEE will thereafter investigate
      LICENSOR’s invention for operability, cost, marketability, etc.  At
      any time, during the Trial Option Period, LICENSEE shall have the right to
      the
      following, in its sole and absolute discretion:

    

    (1)           To
      terminate the Trial Option by giving written notice of termination to the
      LICENSOR at its principal place of business.  If the LICENSEE gives
      such notice, then no Patent License grant shall take effect, and all rights
      hereunder shall revert to the LICENSOR effective as of the date of the
      notice.  LICENSEE will not make, use, nor sell the Licensed Products
      and will not profit in any manner, directly or indirectly from said Licensed
      Products.  LICENSEE shall also keep confidential all discussions,
      drawings, samples and any other related material pertaining to the Licensed
      Products.

    

    (2)           To
      exercise the Trial Option by giving written notice of that option to the
      LICENSOR at its principal place of business.  If the LICENSEE gives
      such notice, then Patent License Grant of Section F below shall become effective
      as of the date of the notice.

    

    F.     Exercised
      Grant or No Trial Option

    

    If
      a
      Trial Option has been granted, and LICENSEE had exercised its option, or if
      a
      Trial Option had not been granted, then the LICENSOR hereby grants LICENSEE,
      subject to the terms and conditions herein, a Patent License indicated in
      Section C herein.  Such Patent License shall include the right to use
      throughout the Licensed Territories:  (1) any of the Licensed Know
      How, and (2) the patents set forth in Section C of this agreement and (3) any
      other patent(s) relating to the Subject Matter of this Agreement which may
      hereafter be issued to the LICENSOR, or to a third party and then subsequently
      acquired by LICENSOR (all of which patents are herein collectively called
      Licensed Patents) and (4) to make the Licensed Products and to sell such
      products in the Licensed Territories.  The Patent License may be
      Exclusive and Non-Exclusive, as defined in Paragraph D of this
      agreement.

    

    G.     Disclosure
      of Licensed Know-How

    

    (1)           Promptly
      upon the execution of this Agreement, and from time to time thereafter, as
      the
      same shall become available to LICENSOR, the LICENSOR shall disclose to LICENSEE
      the Licensed Know-How.

    

    (2)           Statements,
      provisions, and/or Sections of this Agreement to the contrary notwithstanding,
      LICENSOR shall not be required to disclose to LICENSEE any Licensed
      Know-How.

     

    
      (a) Regarding
        aspects of this Licensed Product still in research or development

       

      (b) Regarding
        matters with respect to which patent applications are to be filed, unless
        or
        until the same shall have been filed

       

      (c) Which
        LICENSOR shall be prevented from disclosing to LICENSEE by reason of any
        governmental regulation, or

       

      
        (d) Which,
          by the express terms and provisions of any other part of this Agreement,
          LICENSOR shall not be required to disclose to LICENSEE.

      

    

     

    H.     Inspection
      of LICENSEE’s Premises

    

    LICENSEE
      shall permit, during normal business hours, one duly authorized representative
      of the LICENSOR, upon (5) days advance notice, to enter into and upon any
      premises of the LICENSEE where LICENSEE is conducting operations pertaining
      to
      said licensed Products hereunder for the purpose of ascertaining that the
      LICENSEE is complying with the provisions of this agreement.

    

    I.     Confidential
      Information

    

    All
      the
      Licensed Know-How shall be and remain the sole and exclusive property of the
      LICENSOR.  Said Know-How shall be used by LICENSEE only in connection
      with and for the term of this Agreement and shall be disclosed by the LICENSEE
      only to those of its employees or contractors to whom such disclosure shall
      be
      absolutely necessary in order to facilitate LICENSEE’s operations
      hereunder.  Furthermore, said Know-How shall be kept and maintained by
      LICENSEE in strict confidence both during the term of this Agreement, as well
      as
      after the termination of this Agreement for any reason, and LICENSEE will take
      all reasonable measures to prevent its employees and others from divulging
      the
      Licensed Know-how, provided however that the provisions of this paragraph shall
      apply only while the Licensed Know-how is not published or becomes otherwise
      available in the public domain from any source other than from the
      LICENSEE.

    

    J.     New
      Developments and Improvements

    

    In
      the
      event that an improvement patent is licensed or granted to the LICENSOR bearing
      the same expiration date as a patent listed in this agreement, that patent
      shall
      be automatically included under the terms defined herein.

    

    In
      the
      event that the LICENSEE is granted an improvement patent, bearing the same
      expiration date as any patent listed in this agreement, this Agreement shall
      include said granting.

    

    K.     Licensing
      Fees and Royalties

    

    (1)  Initiation
      of Licensee Execution Fee:  Unless a Trial Option has been granted,
      LICENSEE shall pay to LICENSOR upon execution of this Agreement, a nonrefundable
      Initiation of License Execution Fee as specified in Section C
      hereof.  This Initiation of License Execution Fee shall not be
      construed as an advance against future royalties.  If a Trial Option
      is granted and exercised in accordance with Section C above, then LICENSEE
      shall
      pay the Initiation of License Fee to LICENSOR if and when LICENSEE exercises
      said Trial Option.

    

    (2)  Minimum
      Annual Royalties:  In the event that this is an Exclusive Agreement as
      noted in Section C or elsewhere in this agreement, minimum royalties shall
      commence on the date specified in Section C.  Minimum annual royalties
      shall be due and payable on the first day of said royalty year and upon the
      anniversary of each subsequent 12-month royalty year thereafter.  If a
      Trial Option is granted under Section C, then no minimum annual royalty shall
      be
      due until and unless LICENSEE exercises the option.

    

    (3)  Annual
      License Payment Per Project:  The Annual License Payment Per Project,
      as noted in Section C, shall be first due and payable on the day of the
      initiation of the Project as generated by the exploitation of the Licensed
      Products for any facility of the LICENSEE or its Designated
      Affiliate(s).  Succeeding Annual License Payments Per Project shall be
      due and payable on the anniversary of the day first due above.

    

    (4)  The
      License Royalty Fees due shall be paid by LICENSEE to LICENSOR in the following
      manner:

    

    
      	
              (a) 
                 

            	
              On
                the fifteenth business day following each and every successive three-month
                period during the term of this Agreement, LICENSEE shall pay to LICENSOR
                the royalties due hereunder for the immediately preceding
                quarter.

            

    

    

    
      	
              (b)  
                

            	
              Sales
                shall be deemed to have been made either when the Licensed Products
                shall
                have been shipped, or when such sales shall have been charged against
                a
                purchaser or customer on the books of said LICENSEE, whichever event
                shall
                first occur.

            

    

    

    
      	
              (c)  
                

            	
              Sales
                shall be deemed to include all sales, whether for cash or on credit,
                and
                whether the amount thereof shall be collected or uncollected, and
                whether
                made by an affiliate of LICENSEE.

            

    

    

    I.     Accounting
      for Royalties

    

    (1)  At
      each
      and every time a royalty payment is due and payable hereunder, LICENSEE will
      render to LICENSOR a written Statement of Account giving full disclosures
      regarding LICENSEE’s sales of the Licensed Products to which royalties shall
      have accrued during the period then involved.

    

    (2)  LICENSEE
      shall keep, and will cause each of its Designated Affiliates to keep, full
      and
      true Books of Accounts and other records in sufficient detail to enable the
      royalties’ payable hereunder to be properly ascertained.

    

    (3)  LICENSEE
      shall permit at it’s request, and share the expense with the LICENSOR, a
      certified public accountant selected by LICENSOR, and to whom LICENSEE has
      no
      reasonable objection, to have access to such Books of Accounts and other records
      as may be necessary or desirable to insure the correctness of any statement
      of
      account or payment made under this Agreement.

    

    M.     Minimum
      Royalty Default

    

    (1)  In
      the
      event LICENSOR is operating under an “Exclusive License” grant, and if sales of
      Licensed Products in any royalty year do not equal or exceed the Minimum Annual
      Royalty identified in Section C hereof, LICENSEE may elect not to pay the
      Minimum Annual Royalty when due and payable.  In this case, LICENSEE
      shall notify LICENSOR of this election by the date on which the last royalty
      for
      such year is due, i.e., within one month after any anniversary of the date
      identified in Section A above.  Thereupon the licenses granted under
      Section C above shall automatically and without further notice be converted
      to a
      Non-Exclusive Grants, and LICENSOR may immediately license others to a
      Non-Exclusive Grant for the Licensed Product.  The late Minimum Annual
      Royalty will continue to be due and payable, subject to the terms as noted
      in
      this Section M.

    

    (2)  Royalty
      payments due but not paid, as agreed herein, are subject to a penalty not to
      exceed 15% per year on balances late, overdue, or unpaid.  Such
      interest shall be compounded monthly.

    

    N.     Patent
      Prosecution

    

    (1)  LICENSOR
      shall, at LICENSOR’s sole expense, prosecute its above named United States
      Patent Application, and any continuations, divisions, continuations-in-part,
      substitutes, and reissues of each patent application or any patent thereon,
      similarly maybe prosecuted at LICENSOR’s own expense, until all applicable
      patents issue or any patent application becomes finally
      abandoned.  LICENSOR shall also pay any maintenance fees which become
      due on any patent(s) which issue on said patent application.  If for
      any reason LICENSOR intends to abandon any patent application hereunder,
      LICENSOR shall notify LICENSEE at least two months prior to any such abandonment
      to permit LICENSEE the opportunity to assume prosecution of any such application
      and maintenance of any patent.  If LICENSEE assumes prosecution,
      LICENSOR shall cooperate with LICENSEE in any manner LICENSEE requires, at
      LICENSEE’s expense.

    

    (2)  The
      LICENSOR shall be responsible for all maintenance fees due and payable to the
      U.S. Patent and Trademark Office as applicable during the term of this Agreement
      and warrants that it will pay such fees so as to preserve all rights
      hereunder.  If LICENSOR intends not to pay any such fees, LICENSOR
      shall notify LICENSEE, at least two months prior, whereupon LICENSEE may, at
      its
      sole discretion and option, pay such fees, whereupon LICENSEE shall deduct
      said
      amount from any royalty payment due LICENSOR.  Such payment by
      LICENSEE shall not relieve LICENSOR of its obligation to pay maintenance fees
      as
      required herein.

    

    (3)  If
      LICENSEE assumes prosecution of any United States patent application under
      sub-section (1) above, and LICENSEE is successful so that a patent issued,
      then
      LICENSEE shall pay LICENSOR royalties thereafter at a rate of 75% of the regular
      or normal royalty rate and 75% of any applicable minimum
      royalties.  Subsequently, LICENSOR shall be entitled to deduct
      prosecution and maintenance expenses from royalty payments.

    

    (4)  Infringement:  If
      either Party discovers that the LICENSOR’s patent is infringed upon, the
      discoverer shall notify the other Party.  LICENSOR shall thereupon
      have the right, but not the obligation, to take whatever action it deems
      necessary, including the filing of lawsuits, to protect the rights of the
      Parties to this Agreement and to cause such infringement to
      terminate.  LICENSEE shall cooperate with LICENSOR if LICENSOR takes
      such action.  All expenses of such action shall be borne by
      LICENSOR.  If LICENSOR recovers any damages or compensation for any
      action hereunder, LICENSOR shall be entitled to retain 100% of such awards
      or
      damages.  If LICENSOR elects not to take any legal action hereunder,
      LICENSEE shall then have the right, but not the obligation, to take any such
      action.  In such event, LICENSOR shall cooperate with LICENSEE, but
      all of LICENSEE’s expenses shall be borne by LICENSEE.  LICENSEE shall
      be entitled to receive 75% of any damages or compensation recovered from any
      such infringement and shall pay 25% of such damages or compensation to LICENSOR,
      after deducting its costs, including attorney’s fees.

    

    O.     Warranty
      Disclaimer

    

    Nothing
      herein shall be construed as a warranty or representation given by LICENSOR
      to
      LICENSEE attesting to the scope or validity of the herein named Patent or any
      Patent Improvement thereon.

    

    P.     Default

    

    Any
      obligation or duty, to be done by LICENSEE, which LICENSEE fails or refuses
      to
      do or perform, shall be considered a “default”.  Any obligation or
      duty, to be done by LICENSOR, which LICENSOR fails or refuses to do or perform,
      shall be considered a “default”.

    

    If
      LICENSEE fails to make any payment on the date such payment is due under this
      Agreement, or if LICENSEE causes any other default under or breach of this
      Agreement, LICENSOR shall have the right to terminate this Agreement upon giving
      sixty (60) days written notice of intent to terminate.  Said notice
      shall specify the failure, breach, or default.  If LICENSEE fails to
      make-up any payment in arrears, or otherwise fails to cure said breach or
      default within sixty (60) days following written notice, then LICENSOR may
      terminate this Agreement.  If this Agreement is terminated, LICENSEE
      shall not be relieved of any of its obligations to the date of termination,
      and
      LICENSOR may act to enforce LICENSEE’s obligations after any such
      termination.

    

    Q.     Term
      and Termination

    

    (1)           The
      term of the Agreement shall continue, unless sooner terminated as otherwise
      herein provided, until the expiration of the letters patent comprising the
      Technology.  The term of the Agreement for each Project shall be for
      the earlier of: (i) the cessation of all activities with respect to the active
      use of the Technology at any plant/facility using the Technology and located
      or
      to be located on the Project site by LICENSEE and/or any Designated affiliate;
      or (ii) the life of the patent(s) used by LICENSEE and/or any Designated
      Affiliate thereon.  LICENSOR expressly agrees that LICENSEE and/or any
      Designated Affiliate shall not be liable for any damages that may be incurred
      by
      LICENSOR as a result of the failure of LICENSEE or any Designated Affiliate
      to
      pay any royalties. The payment of royalty fees under this Agreement are for
      the
      life of the patent(s) used, the longest patent validity period
      governing.  Notwithstanding the foregoing, the termination of the
      Agreement for one Project site due to the cessation of activities using the
      Technology at such plant/facility does not terminate this Agreement with respect
      to any other or future Projects.

    

    (2)           Nothing
      herein to the contrary, this Agreement shall terminate, without notice from
      LICENSOR, upon (a) the bankruptcy or insolvency of LICENSEE, (b) the filing
      by
      LICENSEE of a petition therefore, (c) LICENSEE’s assignment for the benefit of
      creditors, (d) the appointment of a receiver for LICENSEE or of any of its
      assets which appointment shall not be vacated within sixty (60) days thereafter,
      or (e) the filing of any other petition based upon an alleged bankruptcy or
      insolvency of LICENSEE.

    

    (3)           LICENSOR
      shall not be liable to LICENSEE, for any reason, by virtue of the termination
      of
      this Agreement, for any compensation, reimbursement, expenditure, or statutory
      or other indemnities, or for any investment, leases, or other commitments,
      or
      for any damages on account of the loss of prospective profits or anticipated
      sales, or for any other loss, damage, expense, or matter growing out of such
      termination.

    

    (4)           No
      termination of this Agreement for any reason shall relieve LICENSEE of or
      release LICENSEE from its obligations to be performed after such termination
      has
      become effective.

    

    (5)           Antishelving:  If
      LICENSEE discontinues its sales or manufacture of Licensed Product without
      intent to resume, LICENSEE shall so notify LICENSOR within 30 days of such
      discontinuance, whereupon LICENSOR shall have the right to terminate this
      Agreement upon 30 days written notice, even if this Agreement has been converted
      to a Non-Exclusive Grant.  If LICENSEE does not begin manufacture or
      sales of Licensed Product within one and one-half years from either the date
      of
      this Agreement or the date of the option trial exercise if an option is granted,
      LICENSOR shall have the right to terminate this Agreement upon 30 days written
      notice.  LICENSOR at LICENSOR’s sole option may extend an additional
      period of up to one (1) year to enable LICENSEE to resume or begin manufacture
      or sales.

    

    (6)           Upon
      the termination of this Agreement prior to expiration of the Term of this
      Agreement, in addition to the other matters herein provided:

    

    (a) All
      rights, privileges, and licenses of LICENSEE hereunder shall terminate
      immediately and revert to LICENSOR, and LICENSEE thereafter shall not make
      any
      use whatsoever of any Licensed Know-How or of any licensed Patent, PROVIDED
      HOWEVER THAT this prohibition shall apply only in relation to licensed Know
      How
      which is not then published or in the public domain from a source other than
      the
      LICENSEE.

    

    (b) LICENSEE
      shall promptly return to LICENSOR all the Licensed Know How, including, but
      not
      limited to, blueprints, drawings, and specifications.

    

    R.     Assignment
      and Succession

    

    This
      agreement shall not be assigned, pledged, or otherwise encumbered or disposed
      of
      by LICENSEE, whether in whole or in part, whether voluntarily or involuntarily,
      by operation of law, without the prior consent of LICENSOR in each such
      instance.  LICENSEE shall not grant any Sub-Licenses
      hereunder.  Any attempt by LICENSEE to assign, pledge, or otherwise
      encumber said License, or to grant any such Sub-License without written consent
      from LICENSOR shall be null and void, and of no force or
      effect.  Furthermore, such attempt by LICENSEE to assign, encumber, or
      sub-license shall result in the termination of this
      Agreement.  Notwithstanding anything to the contrary contained in this
      Agreement, LICENSEE shall have the right, without the consent of LICENSOR,
      to
      appoint Agents on terms usual in the trade between unrelated parties to sell
      the
      Licensed Products in the Licensed Territory.  And in addition where
      local laws or conditions make appointment of agents either necessary or
      desirable, the Licensee shall have the further right to appoint agents to
      manufacture the Licensed Product.

    

    S.     Notice

    

    All
      notices, payments, or statements one Party to the other under this Agreement,
      shall be in writing and shall be sent by first-class certified mail, return
      receipt requested, postage prepaid, to the Party concerned at the address as
      shown on page one (1) of this Agreement, or to any substituted address given
      by
      notice hereunder.  Any such notice, payment, or statement shall be
      considered sent or made on the day deposited in the mail and evidenced by
      postmark.

    

    T.     Arbitration

    

    If
      any
      dispute arises under this Agreement, the Parties shall negotiate in good faith
      to settle such dispute.  If the Parties cannot resolve such dispute
      themselves, then either Party may submit the dispute to mediation by a mediator
      approved by both Parties.  The Parties both shall cooperate with the
      mediator.  If the parties cannot agree to any mediator, or if either
      Party fails to abide by any decision of the mediator, then both Parties shall
      submit the dispute to arbitration by any mutually-acceptable
      arbitrator.  If no arbitrator is mutually acceptable, then the Parties
      shall submit the matter to arbitration under the rules of the American
      Arbitration Association (AAA).  Under any arbitration, both parties
      shall be bound by the decision of the arbitration proceeding.  The
      arbitration hearing shall be held in the city of the arbitrator selected under
      the rules of AAA.  Division of the costs of arbitration shall be at
      the discretion of the arbitrator.  The arbitrator’s award shall be
      final and enforceable in any court of competent jurisdiction.

    

    U.     Jurisdiction

    

    This
      Agreement shall be interpreted under and in accordance with the laws of
      LICENSOR’s State, as provided in Section A above.

    

    V.     Miscellaneous

    

    (1)           LICENSOR
      shall be held harmless and shall have no liability what so ever to LICENSEE
      or
      any other Party regarding the sale, manufacture, or use of the Licensed
      Product.

    

    (2)           If
      any of the terms or provisions of this Agreement are in conflict with any
      applicable statute or rule of law, then such terms or provisions shall be deemed
      inoperative to the extent that they may conflict therewith and shall be deemed
      to be modified to conform to such statute or rule of law.  The
      voidance of one term does not void the entire Agreement.

    

    (3)           The
      failure of either Party hereto to enforce any of the terms or provisions herein
      shall not be deemed to be a waiver of any further or future breach of or default
      in any of those or any other of the terms or provisions herein.  Nor
      shall the acceptance by LICENSOR of any money paid hereunder after any breach
      or
      default by LICENSEE of any one or more of the terms or provisions herein,
      whether before or after notice or knowledge thereof or by LICENSOR, constitute
      a
      waiver by LICENSOR of such breach of default.

    

    (4)           The
      headings of sections hereof are inserted for convenience only and are in no
      way
      to be construed as limiting any of the terms or provisions of this
      Agreement.

    

    (5)           If
      and when a patent issues, LICENSEE shall attach proper notices of the Licensed
      Patents to all of the Licensed Products manufactured by LICENSEE and in a manner
      conforming to the applicable law of the licensed Territory or any political
      subdivision thereof.  Patent pending markings will be appropriately
      attached to Licensed Product if applicable until the patent issues.

    

    (6)           This
      Agreement contains all the oral and written agreements, representations,
      arrangements, and understandings between the Parties hereto.  Any
      rights which the respective parties hereto may have had under any previous
      agreements, representations, arrangement, or understandings, whether written
      or
      oral, are hereby canceled and terminated.  This Agreement can be
      changed only by an instrument in writing executed by the Parties
      hereto.

    

    (7)           Nothing
      contained herein shall be construed as making the Parties hereto partners or
      joint-ventures, or to render either party liable for any of the debts or
      obligations of the other party hereto.  Licensee shall in no way be
      considered as being an agent or representative of LICENSOR in any dealings
      which
      LICENSEE may have with any third party, and LICENSEE may neither act for, nor
      bind the Licensor in any such dealings.

    

    W.     Signatures

    

    
      	
              LICENSOR:

            	 /s/
              Donald L. Brelsford	
              LICENSEE:

            	 /s/
              Edward P. Hennessey, Jr.
	 	
              (Signature)

            	 	
              (Signature)

            
	 	 
	
              Donald
                L. Brelsford, P.E., President

            	
              Edward
                P. Hennessey, Jr., President

            
	
              Brelsford
                Engineering, Inc.

            	
              SRS
                Energy, Inc.

            
	 	 
	
              Dated:
                /s/ 4/6/05

            	
              Dated:
                /s/ 4/1/05

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