Document:

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                                                                   Exhibit 10.48

         Assignment  and  Assumption  Agreement,  dated as of May 5, 2003 by and
         among,  among  Titan  PCB  East,  Inc.,  a  Delaware  corporation  (the
         "Company"),  Titan EMS, Inc., a Delaware  corporation ("Titan EMS") and
         Personal  Resources  Management,   Inc.  (the  "Collateral  Agent")  as
         Collateral  Agent on behalf of the investors named on Schedule A of the
         Note (as defined herein) (collectively, the "Investors").

--------------------------------------------------------------------------------

         WHEREAS,  the  Collateral  Agent is the agent for the Investors who are
the holders of a Secured 24% Promissory Note in the aggregate  principal  amount
of Six Hundred and Forty Thousand Dollars ($640,000.00) issued by the Company on
February 27, 2003 (the "Note").

         WHEREAs,  the Company wishes to assign its rights and obligations under
the Note to Titan EMS in order to enter into additional  financing  arrangements
with a third party lender ("Lender");

         WHEREAS,  the Titan EMS has  agreed to take on the  obligations  of the
Company under the Note in  consideration  for $640,000,  to be provided to Titan
EMS by the Lender;

         WHEREAS,  simultaneously with this Assumption and Assignment, Titan EMS
has entered into an amendment to that certain security  agreement dated February
27, 2003 by and among the Company and the Investors to provide  security for the
payment of the Note to the Investors (the "Security Agreement").

         NOW THEREFORE, the parties hereby agree as follows:

1.   The Company does hereby  convey,  transfer and assign to Titan EMS (and its
     successors and assigns) all of its rights and  obligations  under the Titan
     Note and Titan EMS does  hereby  accept  and  assume  all of the rights and
     obligations  under  the  Titan  Note and  agrees  to  perform  all of those
     obligations.

2.   The Company does hereby  convey,  transfer and assign to Titan EMS (and its
     successors  and  assigns)  all of its  rights  and  obligations  under  the
     Security  Agreement  and Titan EMS does hereby accept and assume all of the
     rights and obligations  under the Security  Agreement and agrees to perform
     all of those obligations.

3.   This   Assignment  and   Assumption   may  not  be  modified,   changed  or
     supplemented, nor may any obligations hereunder be deemed waived, except by
     written instrument signed by the party to be charged.

4.   The covenants and  agreements  set forth herein shall be binding upon,  and
     shall  inure to the benefit of,  respective  successors  and assigns of the
     Investors, the Company and Titan.

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

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

                                          TITAN EMS, INC.

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

  ACKNOWLEDGED AND AGREED BY

VENTURES-NATIONAL INCORPORATED

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

  ACKNOWLEDGED AND AGREED BY

PERSONAL RESOURCES MANAGEMENT as AGENT FOR THE INVESTORS

By: /s/ Fred Kudish
-----------------------------------
Name: Fredric Kudish
Title: President<PAGE>

                                                                   Exhibit 10.49

                                     SBI-USA
                          2361 Campus Drive, Suite 210
                                  Irvine 92612

                                                                   July 24, 2003

Ventures-National Incorporated
44358 Old Warm Springs Boulevard
Fremont, California 94538

Attention: Robert E. Ciri, Chief Executive Officer

Gentlemen:

         We are  pleased  to set forth the terms of the  retention  of  SBI-USA.
("SBI"), by  Ventures-National  Incorporated,  a Utah corporation  (collectively
with its affiliates, the "Company").

         1. SBI will assist the Company as a nonexclusive  financial advisor and
agent in  connection  with the  introduction  of the  Company to the  financial,
brokerage,  and private equity communities.  In connection with SBI's activities
on the  Company's  behalf,  SBI  will  familiarize  itself  with  the  business,
operations, properties, financial condition and prospects of the Company.

         2. In connection  with SBI's  activities on the Company's  behalf,  the
Company will  cooperate with SBI and will furnish SBI with all  information  and
data concerning the Company (the "Information")  which SBI deems appropriate and
will provide SBI with access to the Company's  officers,  directors,  employees,
independent accountants,  and legal counsel. The Company represents and warrants
that all  Information  made  available to SBI by the Company  will, at all times
during the period of engagement of SBI  hereunder,  will be complete and correct
in all material respects and will not contain any untrue statement of a material
fact or omit to state a material fact  necessary in order to make the statements
therein  not  misleading  in the light of the  circumstances  under  which  such
statements  are made.  The Company  further  represents  and  warrants  that any
projections provided by it to SBI will have been prepared in good faith and will
be based upon assumptions which, in light of the circumstances  under which they
are made, are reasonable. The Company acknowledges and agrees that, in rendering
its services hereunder, SBI will be using and relying on the Information without
independent  verification thereof by SBI or independent  appraisal by SBI of any
of the  Company's  assets.  SBI does not  assume  responsibility  regarding  the
Company.  Any advice  rendered  by SBI  pursuant  to this  Agreement  may not be
disclosed publicly without our prior written consent.

         3. In  consideration  of its services  pursuant to this Agreement,  SBI
shall be  entitled to receive,  and the Company  agrees that SBI shall  receive,
whether from the

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Ventures-National Incorporated
July 24, 2003
Page 2

Company or from affiliates  thereof, a Warrant exercisable for 500,000 shares of
common  stock of the Company  having an exercise  price of $0.75 per share which
shall be exercisable for a period of two years  commencing upon the date hereof.
Such  warrants  shall also provide for cashless  exercise and  adjustment of the
exercise  price  thereof and the number of shares of common stock  issuable upon
the  exercise  thereof in the event of (i) the  declaration  of dividends on the
outstanding   common  stock  payable  in  shares  of  its  capital  stock;  (ii)
subdivision  of  the  outstanding   common  stock;   (iii)  combination  of  the
outstanding  common stock into a smaller  number of shares;  or (iv) issuance of
any  shares  of its  capital  stock  by  reclassification  of the  common  stock
(including  any such  reclassification  in connection  with a  consolidation  or
merger in which the Company is the continuing  corporation).  The Company agrees
that it shall provide to SBI the notices referenced in the any Warrant issued to
SBI to purchase  shares of the  Company's  common  stock by an  affiliate of the
Company as they  relate to the Company  and that any such  affiliate  shall be a
third-party beneficary of this provision.

         4. In addition to the fees described in Paragraph 3 above,  the Company
agrees to  promptly  reimburse  SBI,  upon  request  from time to time,  for all
out-of-pocket  expenses  incurred by SBI (including  fees and  disbursements  of
counsel,  and of other  consultants and advisors  retained by SBI) in connection
with the matters contemplated by this Agreement,  provided,  however,  that such
expenses are consented to in advance by the Company and its Chairman.

         5.  The  Company  agrees  to  indemnify  SBI  in  accordance  with  the
indemnification  provisions (the "Indemnification  Provisions") attached to this
Agreement,  which Indemnification  Provisions are incorporated herein and made a
part hereof.

         6. Either party hereto may terminate this Agreement at any time upon 30
days' prior written notice, without liability or continuing  obligation,  except
as set forth in the following  sentence.  Neither  termination of this Agreement
nor  completion of the  assignment  contemplated  hereby shall  affect:  (i) any
compensation  earned by SBI up to the date of termination or completion,  as the
case may be, (ii) the  reimbursement  pursuant to  Paragraph 4 above of expenses
incurred by SBI up to the date of termination or completion, as the case may be,
(iii) the  provisions  of  Paragraphs 3 through 9 of this  Agreement or (iv) the
attached Indemnification  Provisions which are incorporated herein, all of which
shall remain operative and in full force and effect.

         7. The validity and  interpretation of this Agreement shall be governed
by the laws of the State of California  applicable to agreements  made and to be
fully performed therein.  The Company irrevocably submits to the jurisdiction of
any court of the State of  California  located  in either  Orange  county or Los
Angeles county  California or the United States District Court located in either
Orange  county or Los  Angeles  county  California  for the purpose of any suit,
action,  or  other  proceeding  arising  out of  this  Agreement,  or any of the
agreements or transactions  contemplated  hereby, which is brought by or against
the Company and (i) hereby  irrevocably agrees that all claims in respect of any
such suit,  action,  or proceeding may be heard and determined in any such

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Ventures-National Incorporated
July 24, 2003
Page 3

court and (ii) to the extent that the Company has  acquired,  or  hereafter  may
acquire,  any  immunity  from  jurisdiction  of any such court or from any legal
process therein,  the Company hereby waives,  to the fullest extent permitted by
law, such immunity.  The Company hereby waives,  and agrees not to assert in any
such suit, action, or proceeding,  in each case, to the fullest extent permitted
by applicable  law, any claim that (a) the Company is not personally  subject to
the  jurisdiction  of any such  court,  (b) the Company is immune from any legal
process  (whether  through  service or  notice,  attachment  prior to  judgment,
attachment in aid of  execution,  execution,  or otherwise)  with respect to the
Company's  property or (c) any such suit, action, or proceeding is brought in an
inconvenient forum.

         8.  The  benefits  of this  Agreement  shall  inure  to the  respective
successors  and assigns of the  parties  hereto and of the  indemnified  parties
hereunder  and  their  successors  and  assigns  and  representatives,  and  the
obligations  and  liabilities  assumed in this  Agreement by the parties  hereto
shall be binding upon their respective successors and assigns.

         9.  For  the  convenience  of  the  parties   hereto,   any  number  of
counterparts of this Agreement may be executed by the parties hereto.  Each such
counterpart shall be, and shall be deemed to be, an original instrument, but all
such  counterparts  taken together shall  constitute one and the same Agreement.
This  Agreement may not be modified or amended  except in writing  signed by the
parties hereto.

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Ventures-National Incorporated
July 24, 2003
Page 4

         If the foregoing  correctly sets forth our  Agreement,  please sign the
enclosed copy of this letter in the space provided and return it to us.

                                     Very truly yours,

                                     SBI-USA

                                     By: /s/ Shelly Singhal
                                         --------------------------------------
                                         Name: Shelly Singhal
                                         Title: Managing Director

Confirmed and Agreed to as of:
this 24th day of July, 2003

VENTURES-NATIONAL INCORPORATED

By: /s/ Robert E. Ciri
    --------------------------------------
    Name:  Robert E. Ciri
    Title: Chairman

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Ventures-National Incorporated
July 24, 2003
Page 5

                           INDEMNIFICATION PROVISIONS

         Ventures-National  Incorporated,  a Utah  corporation  (the  "Company")
agrees to indemnify  and hold  harmless  SBI USA,  through its  affiliate  First
Securities  USA,  Inc.  ("SBI"),  against any and all losses,  claims,  damages,
obligations,  penalties,  judgments,  awards, liabilities,  costs, expenses, and
disbursements (and any and all actions, suits,  proceedings,  and investigations
in  respect  thereof  and any and all  legal  and  other  costs,  expenses,  and
disbursements  in giving  testimony  or  furnishing  documents  in response to a
subpoena or otherwise),  including,  without limitation the costs, expenses, and
disbursements,  as and when incurred, of investigating,  preparing, or defending
any  such  action,  suit,  proceeding,  or  investigation  (whether  or  not  in
connection  with  litigation in which SBI is a party),  directly or  indirectly,
caused by, relating to, based upon,  arising out of, or in connection with SBI's
acting for the Company,  including,  without limitation,  any act or omission by
SBI in connection with its acceptance of or the  performance or  non-performance
of its obligations  under the letter agreement dated July 24, 2003,  between SBI
and the  Company,  as it may be  amended  from time to time  (the  "Agreement");
provided,  however,  such indemnity  agreement shall not apply to any portion of
any such loss, claim, damage,  obligation,  penalty, judgment, award, liability,
cost, expense,or disbursement to the extent it is found in a final judgment by a
court of competent jurisdiction (not subject to further appeal) to have resulted
primarily  and  directly  from the bad faith or willful  misconduct  of SBI. The
Company  also agrees that SBI shall not have any  liability  (whether  direct or
indirect,  in contract or tort or otherwise) to the Company for or in connection
with the  engagement  of SBI,  except to the extent that any such  liability  is
found in a final judgment by a court of competent  jurisdiction  (not subject to
further  appeal)  to  have  resulted  primarily  and  directly  from  SBI  gross
negligence or willful misconduct.

         These Indemnification  Provisions shall be in addition to any liability
which the Company may otherwise have to SBI or the persons  indemnified below in
this sentence and shall extend to the following:  SBI, its affiliated  entities,
directors,  officers,  employees, legal counsel, agents, and controlling persons
(within the meaning of the federal  securities  laws).  All references to SBI in
these  Indemnification  Provisions shall be understood to include any and all of
the foregoing.

         If any action, suit, proceeding,  or investigation is commenced,  as to
which SBI proposes to demand  indemnification,  it shall notify the Company with
reasonable promptness;  provided, however, that any failure by SBI to notify the
Company shall not relieve the Company from its obligations hereunder.  SBI shall
have the right to retain  counsel  of its own  choice to  represent  it, and the
Company shall pay the fees,  expenses,  and  disbursements of such counsel;  and
such counsel shall, to extent consistent with its professional responsibilities,
cooperate  with the Company  and any  counsel  designated  by the  Company.  The
Company  shall be liable for any  settlement  of any claim against SBI made with
the Company's written consent, which consent shall not be unreasonably withheld.
The Company  shall not,  without  the prior  written  consent of SBI,  settle or

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Ventures-National Incorporated
July 24, 2003
Page 6

compromise  any  claim,  or  permit a  default  or  consent  to the entry of any
judgment in respect  thereof,  unless such  settlement,  compromise,  or consent
includes, as an unconditional term thereof, the giving by the claimant to SBI of
an unconditional release from all liability in respect of such claim.

         In order to provide for just and equitable contribution, if a claim for
indemnification pursuant to these Indemnification  Provisions is made, but it is
found in a final judgment by a court of competent  jurisdiction  (not subject to
further appeal) that such indemnification may not be enforced in such case, even
though the express  provisions hereof provide for  indemnification in such case,
then the Company,  on the one hand, and SBI, on the other hand, shall contribute
to the losses,  claims,  damages,  obligations,  penalties,  judgments,  awards,
liabilities, costs, expenses, and disbursements to which the indemnified persons
may be subject in accordance with the relative benefits received by the Company,
on the one hand,  and SBI, on the other hand, and also the relative fault of the
Company,  on the one hand,  and SBI on the other hand,  in  connection  with the
statements,  acts, or omissions which resulted in such losses, claims,  damages,
obligations,  penalties,  judgments,  awards,  liabilities,  costs, expenses, or
disbursements  and  the  relevant   equitable   considerations   shall  also  be
considered.  No person found liable for a fraudulent  misrepresentation shall be
entitled to  contribution  from any person who is no also found  liable for such
fraudulent  misrepresentation.  Notwithstanding the foregoing,  SBI shall not be
obligated to  contribute  any amount  hereunder  that exceeds the amount of fees
previously received by SBI pursuant to the Agreement.

         Neither termination nor completion of the engagement of SBI referred to
above shall  affect  these  Indemnification  Provisions  which shall then remain
operative and in full force and effect.

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