Document:

Exhibit 10.1

ARGONAUT GROUP, INC.

2004 EMPLOYEE STOCK PURCHASE PLAN

I.  PURPOSE OF THE PLAN

          This
2004 Employee Stock Purchase Plan is intended to promote the interests of
Argonaut Group, Inc., a Delaware corporation, by providing eligible employees
with the opportunity to acquire a proprietary interest in the Corporation
through participation in a payroll deduction-based employee stock purchase plan
designed to qualify under Section 423 of the Code.

Capitalized terms herein shall have the meanings assigned to such terms
in the attached Appendix.

II.  ADMINISTRATION OF THE PLAN

          The
Plan Administrator shall have full authority to interpret and construe any
provision of the Plan and to adopt such rules and regulations for administering
the Plan as it may deem necessary in order to comply with the requirements of
Code Section 423.  Decisions of the Plan
Administrator shall be final and binding on all parties having an interest in
the Plan.

III.  STOCK SUBJECT TO PLAN

          A.  The stock purchasable under the
Plan shall be shares of authorized but unissued or reacquired Common Stock,
including shares of Common Stock purchased on the open market.  The number of shares of Common Stock
initially reserved for issuance over the term of the Plan shall be limited to
500,000 shares.

          B.  The number of shares of Common
Stock available for issuance under the Plan shall automatically increase on the
first trading day of January each calendar year during the term of the Plan,
beginning with calendar year 2005, by an amount equal to one percent (1%) of
the total number of shares of Common Stock outstanding on the last trading day
in December of the immediately preceding calendar year, but in no event shall
any such annual increase exceed 200,000 shares.

          C.  Should any change be made to
the Common Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Corporation’s receipt of
consideration, appropriate adjustments shall be made to (i) the maximum number
and class of securities issuable under the Plan, (ii) the maximum number and
class of securities purchasable per Participant on any one Purchase Date, (iii)
the maximum number and class of securities purchasable in total by all
Participants on any one Purchase Date, (iv) the maximum number and/or class of
securities by which the share reserve is to increase automatically each
calendar year pursuant to the provisions of Section III.B and (v) the number
and class of securities and the price per share in effect under each outstanding
purchase right in order to prevent the dilution or enlargement of benefits
thereunder.

IV.  OFFERING PERIODS

          A.  Shares of Common Stock shall be
offered for purchase under the Plan through a series of successive offering
periods until such time as (i) the maximum number of shares of Common Stock
available for issuance under the Plan shall have been purchased or
(ii) the Plan shall have been sooner terminated.

9.

          B.  Each offering period shall be
of such duration (not to exceed twenty-four (24) months) as determined by the
Plan Administrator prior to the start date of such offering period.  Offering periods shall commence at quarterly
intervals on the first business day of February, May, August and November each
year over the term of the Plan.  However,
the initial offering under the Plan shall commence on the first business day in
June 2004. 

          C.  Each offering period shall
consist of a series of one or more successive Purchase Intervals.  Purchase Intervals shall begin on the first
business day in February, May, August and November each year, and shall end on
the last business day of April, July, October and January, respectively.  However, the first Purchase Interval in
effect under the Plan shall begin on June 1, 2004 and end on July 31,
2004.  

V.  ELIGIBILITY

          A.  Each individual who is an
Eligible Employee on the start date of any offering period under the Plan may
enter that offering period on such start date or, if such offering period has
more than one Purchase Interval, on any Quarterly Entry Date within that
offering period,  provided he or she
remains an Eligible Employee.  

          B.  An individual who first becomes
an Eligible Employee after the start date of an offering period may enter that
offering period on any subsequent Quarterly Entry Date within that offering
period on which he or she in an Eligible Employee.  However, if the offering period is to have only one Purchase
Interval and the individual is not an Eligible Employee on the start date of
that offering period, then such individual must wait until the start date of
the first offering period thereafter on which he or she is an Eligible Employee
in order to enter the Plan. 

          C.  An Eligible Employee must, in
order to participate in the Plan for a particular offering period, complete the
enrollment forms prescribed by the Plan Administrator (including a stock
purchase agreement and a payroll deduction authorization) and file such forms
with the Plan Administrator (or its designate) on or before the start date of
that offering period.  The enrollment
forms filed by a Participant for a particular offering period shall continue in
effect for each subsequent offering period unless the Participant files new
enrollment forms on or before the start date of any subsequent offering period
or withdraws from the Plan.

          D.  The date an individual enters
an offering period shall be designated as his or her Entry Date for purposes of
that offering period.

VI.  PAYROLL DEDUCTIONS

          A.  The payroll deduction authorized by the
Participant for purposes of acquiring shares of Common Stock during an offering
period may be any multiple of one percent (1%) of the Base Salary paid to the
Participant during each Purchase Interval within that offering period, up to a
maximum of ten percent (10%).  The
deduction rate so authorized shall continue in effect throughout the offering
period and shall continue from offering period to offering period, except to
the extent such rate is changed in accordance with the following guidelines:

               (i)  The
Participant may, at any time during the offering period, reduce his or her rate
of payroll deduction to become effective as soon as possible after filing the
appropriate form with the Plan Administrator. 
The Participant may not, however, effect more than one (1) such
reduction per Purchase Interval.

               (ii)  The
Participant may, prior to the commencement of any new Purchase Interval under
the Plan, increase the rate of his or her payroll deduction by filing the
appropriate form with the Plan Administrator. 
The new rate (which may not exceed the ten percent (10%) maximum) shall
become effective on the start date of the first Purchase Interval following the
filing of such form.

10.

          B.  Payroll deductions shall begin
on the first pay day administratively feasible following the start date of the
offering period and shall (unless sooner terminated by the Participant)
continue through the pay day ending with or immediately prior to the last day of
that offering period.  The amounts so
collected shall be credited to the Participant’s book account under the Plan,
but no interest shall be paid on the balance from time to time outstanding in
such account.  The amounts collected
from the Participant shall not be required to be held in any segregated account
or trust fund and may be commingled with the general assets of the Corporation
and used for general corporate purposes.

          C.  Payroll deductions shall
automatically cease upon the termination of the Participant’s purchase right in
accordance with the provisions of the Plan.

          D.  The Participant’s acquisition
of Common Stock under the Plan on any Purchase Date shall neither limit nor
require the Participant’s acquisition of Common Stock on any subsequent
Purchase Date, whether within the same or a different offering period.

VII.  PURCHASE RIGHTS

          A.  Grant of Purchase Rights.  A Participant shall be granted a separate
purchase right for each offering period in which he or she is enrolled.  The purchase right shall be granted on the
start date of the offering period and shall provide the Participant with the
right to purchase shares of Common Stock, in one or more installments during
that offering period, upon the terms set forth below.  The Participant shall execute a stock purchase agreement
embodying such terms and such other provisions (not inconsistent with the Plan)
as the Plan Administrator may deem advisable.

          Under no circumstances shall purchase rights
be granted under the Plan to any Eligible Employee if such individual would,
immediately after the grant, own (within the meaning of Code Section 424(d)) or
hold outstanding options or other rights to purchase, stock possessing five
percent (5%) or more of the total combined voting power or value of all classes
of stock of the Corporation or any Corporate Affiliate.

          B.  Exercise of the Purchase
Right. Each purchase right shall be automatically exercised on each
successive Purchase Date within the offering period, and shares of Common Stock
shall accordingly be purchased on behalf of each Participant on each such
Purchase Date.  The purchase shall be
effected by applying the Participant’s payroll deductions for the Purchase
Interval ending on such Purchase Date to the purchase of whole shares of Common
Stock at the purchase price in effect for the Participant for that Purchase
Date.

          C.  Purchase Price.  The purchase price per share at which Common
Stock will be purchased on the Participant’s behalf on each Purchase Date
within the particular offering period in which he or she is enrolled shall be
equal to eighty-five percent (85%) of the lower of (i) the Fair Market Value
per share of Common Stock on the start date of that offering period or (ii) the
Fair Market Value per share of Common Stock on that Purchase Date.

          D.  Number of Purchasable Shares.
The number of shares of Common Stock purchasable by a Participant on each
Purchase Date during the particular offering period in which he or she is
enrolled shall be the number of whole shares obtained by dividing the amount
collected from the Participant through payroll deductions during the Purchase
Interval ending with that Purchase Date by the purchase price in effect for the
Participant for that Purchase Date. 
However, the maximum number of shares of Common Stock purchasable per
Participant on any one Purchase Date shall not exceed 1,000 shares, subject to
periodic adjustments in the event of certain changes in the Corporation’s
capitalization.  In addition, the
maximum number of shares of Common Stock purchasable in total by all
Participants in the Plan on any one Purchase Date shall not exceed 100,000
shares, subject to periodic adjustments in the event of certain changes in the
Corporation’s capitalization.  However,
the Plan Administrator shall have the discretionary authority, exercisable
prior to the start of any offering period under the Plan, to increase or
decrease the limitations to be in effect for the number of shares purchasable
per Participant and in total by all Participants enrolled in that particular
offering period on each Purchase Date which occurs during that offering period.

11.

          E.  Excess Payroll Deductions.  Any payroll deductions not applied to the
purchase of shares of Common Stock on any Purchase Date because they are not
sufficient to purchase a whole share of Common Stock shall be held for the
purchase of Common Stock on the next Purchase Date.  However, any payroll deductions not applied to the purchase of Common
Stock by reason of the limitation on the maximum number of shares purchasable
per Participant or in total by all Participants on the Purchase Date shall be
promptly refunded.

          F.  Suspension of Payroll
Deductions.  If a Participant is, by
reason of the accrual limitations in Article VIII, precluded from purchasing
additional shares of Common Stock on one or more Purchase Dates during the
offering period in which he or she is enrolled, then no further payroll
deductions shall be collected from such Participant with respect to those
Purchase Dates.  The suspension of such
deductions shall not terminate the Participant’s purchase right for the
offering period in which he or she is enrolled, and payroll deductions shall
automatically resume on behalf of such Participant once he or she is again able
to purchase shares during that offering period in compliance with the accrual
limitations of Article VIII.   

          G.  Withdrawal from Offering
Period.  The following provisions
shall govern the Participant’s withdrawal from an offering period: 

               (i)  A
Participant may withdraw from the offering period in which he or she is
enrolled  at any time prior to the next
scheduled Purchase Date  by filing the
appropriate form with the Plan Administrator (or its designate), and no further
payroll deductions shall be collected from the Participant with respect to that
offering period. Any payroll deductions collected during the Purchase Interval
in which such withdrawal occurs shall, at the Participant’s election, be
immediately refunded or held for the purchase of shares on the next Purchase
Date.  If no such election is made at
the time of such withdrawal, then the payroll deductions collected from the Participant
during the Purchase Interval in which such withdrawal occurs shall be refunded
as soon as possible.

               (ii)  The
Participant’s withdrawal from a particular offering period shall be
irrevocable, and the Participant may not subsequently rejoin that offering
period at a later date.  In order to
resume participation in any subsequent offering period, such individual must
re-enroll in the Plan (by making a timely filing of the prescribed enrollment
forms) on or before the start date of that offering period.

          H.  Termination of Purchase
Right.  The following provisions
shall govern the termination of outstanding purchase rights:

               (i)  Should
the Participant cease to remain an Eligible Employee for any reason (including
death, disability or change in status) while his or her purchase right remains
outstanding, then that purchase right shall immediately terminate, and all of
the Participant’s payroll deductions for the Purchase Interval in which the
purchase right so terminates shall be immediately refunded.  

               (ii)  However,
should the Participant cease to remain in active service by reason of an
approved leave of absence, then the Participant shall have the right,
exercisable up until the last business day of the Purchase Interval in which
such leave commences, to (a) withdraw all the payroll deductions collected to
date on his or her behalf for that Purchase Interval or (b) have such funds
held for the purchase of shares on his or her behalf on the next scheduled
Purchase Date.  In no event, however,
shall any further payroll deductions be collected on the Participant’s behalf
during such leave.  Upon the
Participant’s return to active service (x) within ninety (90) days following
the commencement of such leave or (y) prior to the expiration of any longer
period for which such Participant’s right to reemployment with the Corporation
is guaranteed by statute or contract, his or her payroll deductions under the
Plan shall automatically resume at the rate in effect at the time the leave
began (whether or not a new offering period may have commenced), unless the
Participant withdraws from the Plan prior to his or her return.  An individual who returns to active
employment following a leave of absence that exceeds in duration the applicable
(x) or (y) time period will be treated as a new employee for purposes of
subsequent participation in the Plan and must accordingly re-enroll in the Plan
(by making a timely filing of the prescribed enrollment forms) on or before the
start date of any subsequent offering period in which he or she wishes to
participate.

12.

          I.  Change in Control.  Each outstanding purchase right shall
automatically be exercised, immediately prior to the effective date of any
Change in Control, by applying the payroll deductions of each Participant for
the Purchase Interval in which such Change in Control occurs to the purchase of
whole shares of Common Stock at a purchase price per share equal to eighty-five
percent (85%) of the lower of (i) the Fair Market Value per share of
Common Stock on the start date of the offering period in which the Participant
is enrolled at the time such Change in Control occurs or (ii) the Fair Market
Value per share of Common Stock immediately prior to the effective date of such
Change in Control.  However, the
applicable limitation on the number of shares of Common Stock purchasable per
Participant shall continue to apply to any such purchase, but not the
limitation applicable to the maximum number of shares of Common Stock
purchasable in total by all Participants on any one Purchase Date.

          The
Corporation shall use its best efforts to provide at least ten (10) days’ prior
written notice of the occurrence of any Change in Control, and Participants
shall, following the receipt of such notice, have the right to terminate their
outstanding purchase rights prior to the effective date of the Change in
Control.

          J.  Proration of Purchase Rights.  Should the total number of shares of Common
Stock to be purchased pursuant to outstanding purchase rights on any particular
date exceed the number of shares then available for issuance under the Plan,
the Plan Administrator shall make a pro-rata allocation of the available shares
on a uniform and nondiscriminatory basis, and the payroll deductions of each
Participant, to the extent in excess of the aggregate purchase price payable
for the Common Stock pro-rated to such individual, shall be refunded.

          K.  ESPP Broker Account.  The shares purchased on behalf of each
Participant shall be deposited directly into a brokerage account which the
Corporation shall establish for the Participant at a Corporation-designated
brokerage firm.  The account will be
known as the ESPP  Broker Account.  The following policies and procedures shall
be in place for the shares deposited into the Participant’s ESPP Broker Account
until those shares have been held for the requisite period necessary to avoid a
disqualifying disposition of the shares under the federal tax laws --- the
shares must be held in the ESPP Broker Account until the later of the following two
periods: (i) the end of the two (2)-year period measured from the start date of
the Purchase Period in which the shares were purchased and (ii) the end of the
one (1)- year measured from the actual purchase date of those shares. 

          Shares
purchased under the Plan shall not be transferable (either electronically or in
certificate form) from the ESPP Broker Account until the required holding
period for those shares is satisfied. 
Such limitation shall apply both to transfers to different accounts with
the same ESPP broker and to transfers to other brokerage firms.  Any shares held for the required holding
period may be transferred (either electronically or in certificate form) to
other accounts or to other brokerage firms. 

          The
foregoing procedures shall not in any way limit when the Participant may sell
his or her shares.  Those procedures are
designed solely to assure that any sale of shares prior to the satisfaction of
the required holding period is made through the ESPP Account. In addition, the
Participant may request a stock certificate or share transfer from his or her
ESPP Broker Account  prior to the
satisfaction of the required holding period should the Participant wish to make
a gift of any shares held in that account. 
However, shares may not be transferred (either electronically or in
certificate form) from the ESPP Broker Account for use as collateral for a
loan, unless those shares have been held for the required holding period.

          The
foregoing procedures shall apply to all shares purchased by the Participant
under the Plan, whether or not the Participant continues in Employee status.

          L.  Assignability.  The purchase right shall be exercisable only
by the Participant and shall not be assignable or transferable by the
Participant.

13.

          M.  Stockholder Rights.  A Participant shall have no stockholder
rights with respect to the shares subject to his or her outstanding purchase
right until the shares are purchased on the Participant’s behalf in accordance
with the provisions of the Plan and the Participant has become a holder of
record of the purchased shares.

VIII.  ACCRUAL
LIMITATIONS

          A.  No Participant shall be
entitled to accrue rights to acquire Common Stock pursuant to any purchase
right outstanding under this Plan if and to the extent such accrual, when
aggregated with (i) rights to purchase Common Stock accrued under any other
purchase right granted under this Plan and (ii) similar rights accrued under
other employee stock purchase plans (within the meaning of Code Section 423) of
the Corporation or any Corporate Affiliate, would otherwise permit such
Participant to purchase more than Twenty-Five Thousand Dollars ($25,000.00)
worth of stock of the Corporation or any Corporate Affiliate (determined on the
basis of the Fair Market Value per share on the date or dates such rights are
granted) for each calendar year such rights are at any time outstanding.

          B.  For purposes of applying such accrual
limitations to the purchase rights granted under the Plan, the following
provisions shall be in effect:

               (i)  The
right to acquire Common Stock under each outstanding purchase right shall
accrue in a series of installments on each successive Purchase Date during the
offering period in which such right remains outstanding.

               (ii)  No
right to acquire Common Stock under any outstanding purchase right shall accrue
to the extent the Participant has already accrued in the same calendar year the
right to acquire Common Stock under one or more other purchase rights at a rate
equal to Twenty-Five Thousand Dollars ($25,000.00) worth of Common Stock
(determined on the basis of the Fair Market Value per share on the date or
dates of grant) for each calendar year such rights were at any time
outstanding.

          C.  If by reason of such accrual
limitations, any purchase right of a Participant does not accrue for a
particular Purchase Interval, then the payroll deductions that the Participant
made during that Purchase Interval with respect to such purchase right shall be
promptly refunded.

          D.  In the event there is any
conflict between the provisions of this Article and one or more provisions of
the Plan or any instrument issued thereunder, the provisions of this Article
shall be controlling.

IX.  EFFECTIVE DATE AND
TERM OF THE PLAN

          A.  The Plan was adopted by the
Board on February 2, 2004, and shall become effective on June 1, 2004,  provided (i) the Plan shall have been
approved by the stockholders of the Corporation at the 2004 Annual Meeting and
(ii) the Corporation shall have complied with all applicable requirements of
the 1933 Act (including the registration of the shares of Common Stock issuable
under the Plan on a Form S-8 registration statement filed with the Securities
and Exchange Commission), all applicable listing requirements of any stock
exchange (or the Nasdaq National Market, if applicable) on which the Common
Stock is listed for trading and all other applicable requirements established
by law or regulation.  The Plan shall be
deemed approved by the stockholders of the Corporation by the affirmative vote
of the holders of a majority of the voting shares of the Corporation
represented and entitled to vote at a duly held meeting at which a quorum is
present. 

          B.  Unless sooner terminated by the
Board, the Plan shall terminate upon the earliest of (i) the last business day
in May 2014, (ii) the date on which all shares available for issuance under the
Plan shall have been sold pursuant to purchase rights exercised under the Plan
or (iii) the date on which all purchase rights are exercised in connection with
a Change in Control.  No further
purchase rights shall be granted or exercised, and no further payroll
deductions shall be collected, under the Plan following such termination.

14.

X.  AMENDMENT OF THE PLAN

          A.  The Board may alter, amend,
suspend or terminate the Plan at any time to become effective immediately
following the close of any Purchase Interval. 
However, the Plan may be amended or terminated immediately upon Board
action, should the financial accounting rules applicable to the Plan on the
June 1, 2004 effective date be subsequently revised so as to require the
Corporation to recognize compensation cost in connection with the shares of
Common Stock offered for purchase under the Plan. 

          B.  In no event may the Board
effect any of the following amendments or revisions to the Plan without the
approval of the Corporation’s stockholders: (i) increase the number of shares
of Common Stock issuable under the Plan, except for permissible adjustments in
the event of certain changes in the Corporation’s capitalization, (ii) alter
the purchase price formula so as to reduce the purchase price payable for the
shares of Common Stock purchasable under the Plan or (iii) modify the
eligibility requirements for participation in the Plan. 

XI.  GENERAL PROVISIONS

          A.  All costs and expenses incurred
in the administration of the Plan shall be paid by the Corporation; however,
each Plan Participant shall bear all costs and expenses incurred by such
individual in the sale or other disposition of any shares purchased under the
Plan.  

          B.  Nothing in the Plan shall
confer upon the Participant any right to continue in the employ of the
Corporation or any Corporate Affiliate for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Corporation
(or any Corporate Affiliate employing such person) or of the Participant, which
rights are hereby expressly reserved by each, to terminate such person’s
employment at any time for any reason, with or without cause.

          C.  The provisions of the Plan
shall be governed by the laws of the State of Texas without resort to that
State’s conflict-of-laws rules.

Schedule
A

Corporations
Participating in

Employee Stock Purchase Plan

Argonaut Group, Inc.

Argonaut Management Services, Inc.

Argonaut Insurance Company

Argonaut Great Central Insurance Company

Trident Insurances Services, LLC

Colony Management Services, Inc.

Rockwood Casualty Insurance Company

15.

APPENDIX

The following definitions shall be in effect
under the Plan:

          A.  Base Salary shall mean
the regular base salary paid to a Participant by one or more Participating
Companies during such individual’s period of participation in one or more
offering periods under the Plan.  Base
Salary shall be calculated before deduction of (A) any income or employment tax
withholdings or (B) any contributions made by the Participant to any Code
Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit
program now or hereafter established by the Corporation or any Corporate
Affiliate.  However, Base Salary shall
not include (i) any overtime payments, bonuses, commissions, profit-sharing
distributions or other incentive-type payments received during the
Participant’s period of participation or (ii) any contributions made by the
Corporation or any Corporate Affiliate on the Participant’s behalf to any
employee benefit or welfare plan now or hereafter established (other than Code
Section 401(k) or Code Section 125 contributions deducted from his or her Base
Salary).

          B.  Board shall mean the
Corporation’s Board of Directors.

          C.  Change in Control shall
mean a change in ownership of the Corporation pursuant to any of the following
transactions:

               (i)  a
merger, consolidation or other reorganization approved by the Corporation’s
stockholders, unless securities representing more than fifty percent
(50%) of the total combined voting power of the voting securities of the
successor corporation are immediately thereafter beneficially owned, directly
or indirectly and in substantially the same proportion, by the persons who
beneficially owned the Corporation’s outstanding voting securities immediately
prior to such transaction, or

               (ii)  a
stockholder-approved sale, transfer or other disposition of all or
substantially all of the Corporation’s assets, or

               (iii)  the
acquisition, directly or indirectly by any person or related group of persons
(other than the Corporation or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Corporation), of
beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of
securities possessing more than fifty percent (50%) of the total combined
voting power of the Corporation’s outstanding securities pursuant to a tender
or exchange offer made directly to the Corporation’s stockholders.

          D.  Code shall mean the
Internal Revenue Code of 1986, as amended.

          E.  Common Stock shall mean
the Corporation’s common stock.

          F.  Corporate Affiliate
shall mean any parent or subsidiary corporation of the Corporation (as
determined in accordance with Code Section 424), whether now existing or
subsequently established.

          G.  Corporation shall mean
Argonaut Group, Inc., a Delaware corporation, and any corporate successor to
all or substantially all of the assets or voting stock of Argonaut Group, Inc.
that shall by appropriate action adopt the Plan.

          H.  Eligible Employee shall
mean any person who is employed by a Participating Corporation on a basis under
which he or she is regularly expected to render more than twenty (20) hours of
service per week for more than five (5) months per calendar year for earnings
considered wages under Code Section 3401 (a).

          I.  Fair Market Value per
share of Common Stock on any relevant date shall be determined in accordance
with the following provisions:

16.

               (i)  If
the Common Stock is at the time traded on the Nasdaq National Market, then the
Fair Market Value shall be the closing selling price per share of Common Stock
on the date in question, as such price is reported by the National Association
of Securities Dealers on the Nasdaq National Market and published in The
Wall Street Journal.  If there is no
closing selling price for the Common Stock on the date in question, then the
Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists.

               (ii)  If
the Common Stock is at the time listed on any Stock Exchange, then the Fair
Market Value shall be the closing selling price per share of Common Stock on
the date in question on the Stock Exchange determined by the Plan Administrator
to be the primary market for the Common Stock, as such price is officially
quoted in the composite tape of transactions on such exchange and published in The
Wall Street Journal.  If there is no
closing selling price for the Common Stock on the date in question, then the
Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists.

          J.  1933 Act shall mean the
Securities Act of 1933, as amended.

          K.  Participant shall mean
any Eligible Employee of a Participating Corporation who is actively
participating in the Plan.

          L.  Participating Corporation
shall mean the Corporation and such Corporate Affiliate or Affiliates as may be
authorized from time to time by the Board to extend the benefits of the Plan to
their Eligible Employees.  The
Participating Corporations in the Plan are listed in attached Schedule A.

          M.  Plan shall mean the
Corporation’s 2004 Employee Stock Purchase Plan, as set forth in this document.

          N.  Plan Administrator shall
mean the committee of two (2) or more Board members appointed by the Board to
administer the Plan.

          O.  Purchase Date shall mean
the last business day of each Purchase Interval.  The initial Purchase Date shall be July 31, 2004. 

          P.  Purchase Interval shall
mean each three (3)-month period coincident with (or otherwise occurring within)
a particular offering period at the end of which there shall be purchased
shares of Common Stock on behalf of each Participant.

          Q.  Quarterly Entry Date
shall mean, for each offering period with more than one Purchase Interval, the
first day of each Purchase Interval within that offering period. 

          R.  Stock Exchange shall
mean either the American Stock Exchange or the New York Stock Exchange.

17.Exhibit 10.1

                            STOCK PURCHASE AGREEMENT

                                      AMONG

                            JANDAH MANAGEMENT LIMITED

                                       AND

                          DARRELL LERNER, BYRON LERNER
                                 AND JAMES TUBBS

                            DATED AS OF MAY 21, 2004

<PAGE>

                            STOCK PURCHASE AGREEMENT

      THIS STOCK PURCHASE AGREEMENT is entered into on as of May 21, 2004, by
and among Jandah Holdings Limited, a corporation formed under the laws of the
British Virgin Islands (the "Purchaser"), and Darrell Lerner, Byron Lerner and
James Tubbs (each a "Seller", and collectively the "Sellers"). The Purchaser and
the Sellers are referred to collectively herein as the "Parties".

      WHEREAS, the Sellers own an aggregate of 9,500,000 shares of Common Stock
of Relocate411.com, Inc., a Delaware corporation (the "Company").

      WHEREAS, the Purchaser desires to acquire, and the Sellers desire to sell
9,276,000 shares of Common Stock held by them (the "Shares"), representing
approximately 82.8% of the issued and outstanding shares of Common Stock on a
fully diluted basis, upon the terms and subject to the conditions of this
Agreement;

      Now, therefore, in consideration of the premises and the mutual promises
herein made, and in consideration of the representations, warranties, and
covenants herein contained, the Parties agree as follows.

      1. Definitions.

      "Accredited Investor" has the meaning set forth in Regulation D
promulgated under the Securities Act.

      "Adverse Consequences" means all actions, suits, proceedings, hearings,
investigations, charges, complaints, claims, demands, injunctions, judgments,
orders, decrees, rulings, damages, dues, penalties, fines, costs, amounts paid
in settlement, Liabilities, obligations, Taxes, liens, losses, expenses, and
fees, including court costs and reasonable attorneys' fees and expenses.

      "Affiliate" has the meaning set forth in Rule 12b-2 of the regulations
promulgated under the Securities Exchange Act.

      "Basis" means any past or present fact, situation, circumstance, status,
condition, activity, practice, plan, occurrence, event, incident, action,
failure to act, or transaction that forms or could form the basis for any
specified consequence.

      "Closing" has the meaning set forth in Section 2(c) below.

      "Closing Date" has the meaning set forth in Section 2(c) below.

      "Code" means the Internal Revenue Code of 1986, as amended.

      "Company" has the meaning set forth in the preface above.

<PAGE>

      "Company SEC Filings" has the meaning set forth in the Section 4(t) below.

      "Common Stock" means any share of the Common Stock, par value $0.0001 per
share, of the Company.

      "Confidential Information" means any information concerning the businesses
and affairs of the Company that is not already generally available to the
public.

      "Disclosure Schedule" has the meaning set forth in Section 4 below.

      "Employee Benefit Plan" means any (a) nonqualified deferred compensation
or retirement plan or arrangement, (b) qualified defined contribution retirement
plan or arrangement which is an Employee Pension Benefit Plan, (c) qualified
defined benefit retirement plan or arrangement which is an Employee Pension
Benefit Plan (including any Multiemployer Plan), or (d) Employee Welfare Benefit
Plan or material fringe benefit or other retirement, bonus, or incentive plan or
program.

      "Employee Pension Benefit Plan" has the meaning set forth in ERISA Section
3(2).

      "Employee Welfare Benefit Plan" has the meaning set forth in ERISA Section
3(1).

      "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

      "Financial Statement" has the meaning set forth in Section 4(g) below.

      "GAAP" means United States generally accepted accounting principles as in
effect from time to time.

      "Indemnified Party" has the meaning set forth in Section 8(d) below.

      "Indemnifying Party" has the meaning set forth in Section 8(d) below.

      "Intellectual Property" means (a) all inventions (whether patentable or
unpatentable and whether or not reduced to practice), all improvements thereto,
and all patents, patent applications, and patent disclosures, together with all
reissuances, continuations, continuations-in-part, revisions, extensions, and
reexaminations thereof, (b) all trademarks, service marks, domain names, Web
site addresses, trade dress, logos, trade names, and corporate names, together
with all translations, adaptations, derivations, and combinations thereof and
including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (c) all copyrightable
works, all copyrights, and all applications, registrations, and renewals in
connection therewith, (d) all mask works and all applications, registrations,
and renewals in connection therewith, (e) all trade secrets and confidential
business information (including ideas, research and development, know-how,
formulas, compositions, manufacturing and production processes and techniques,
technical data, designs, drawings,

                                       2
<PAGE>

specifications, customer and supplier lists, pricing and cost information, and
business and marketing plans and proposals), (f) all computer software
(including data and related documentation), (g) all other proprietary rights,
and (h) all copies and tangible embodiments thereof (in whatever form or
medium).

      "Knowledge" means actual knowledge after reasonable investigation.

      "Liability" means any liability (whether known or unknown, whether
asserted or unasserted, whether absolute or contingent, whether accrued or
unaccrued, whether liquidated or unliquidated, and whether due or to become
due), including any liability for Taxes.

      "Most Recent Balance Sheet" means the balance sheet contained within the
Most Recent Financial Statements.

      "Most Recent Financial Statements" has the meaning set forth in Section
4(g) below.

      "Most Recent Fiscal Month End" has the meaning set forth in Section 4(g)
below.

      "Most Recent Fiscal Year End" has the meaning set forth in Section 4(g)
below.

      "Multiemployer Plan" has the meaning set forth in ERISA Section 3(37).

      "Ordinary Course of Business" means the ordinary course of business
consistent with past custom and practice (including with respect to quantity and
frequency).

      "Party" has the meaning set forth in the preface above.

      "Purchaser" has the meaning set forth in the preface above.

      "Person" means an individual, a partnership, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization, or a governmental entity (or any department, agency, or political
subdivision thereof).

      "Purchase Price" has the meaning set forth in Section 2(b) below.

      "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations thereunder.

      "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder.

      "Security Interest" means any mortgage, pledge, lien, encumbrance, charge,
or other security interest, other than (a) mechanic's, materialmen's, and
similar liens, (b) liens for Taxes not yet due and payable or for Taxes that the
taxpayer is contesting in good faith through appropriate proceedings, (c)
purchase money liens and liens securing rental payments under

                                       3
<PAGE>

capital lease arrangements, and (d) other liens arising in the Ordinary Course
of Business and not incurred in connection with the borrowing of money.

      "Seller" has the meaning set forth in the preface above.

      "Sellers" has the meaning set forth in the preface above.

      "Shares" has the meaning set forth in the preface above.

      "Subsidiary" means any corporation with respect to which a specified
Person (or a Subsidiary thereof) owns a majority of the common stock or has the
power to vote or direct the voting of sufficient securities to elect a majority
of the directors.

      "Tax" means any federal, state, local, or foreign income, gross receipts,
license, payroll, employment, excise, severance, stamp, occupation, premium,
windfall profits, environmental (including taxes under Code Section 59A),
customs duties, capital stock, franchise, profits, withholding, social security
(or similar), unemployment, disability, real property, personal property, sales,
use, transfer, registration, value added, alternative or add-on minimum,
estimated, or other tax of any kind whatsoever, including any interest, penalty,
or addition thereto, whether disputed or not.

      "Tax Return" means any return, declaration, report, claim for refund, or
information return or statement relating to Taxes, including any schedule or
attachment thereto, and including any amendment thereof.

      "Third Party Claim" has the meaning set forth in Section 8(d) below.

      2. Purchase and Sale of Shares.

      (a) Basic Transaction. On and subject to the terms and conditions of this
Agreement, the Purchaser agrees to purchase from each of the Sellers, and each
of the Sellers agrees to sell to the Purchaser, the number of Shares set forth
opposite such Seller's name on Schedule I annexed hereto for the consideration
specified below in this Section 2.

      (b) Purchase Price. The Purchaser agrees to pay to the Sellers at the
Closing the purchase price set forth opposite each such Seller's name on
Schedule I annexed hereto (collectively, the "Purchase Price") by delivery of
cash in the amount of the Purchase Price payable by wire transfer or delivery of
other immediately available funds to such account as each Seller shall designate
in writing.

      (c) The Closing. The closing of the transactions contemplated by this
Agreement (the "Closing") shall take place at the offices of DeHeng Chen Chan,
LLC, 225 Broadway, Suite 1910, New York, New York 10007, commencing at 10:00
a.m. local time on the date hereof (the "Closing Date").

                                       4
<PAGE>

      (d) Deliveries at the Closing. At the Closing, (i) the Sellers will
deliver to the Purchaser the various certificates, instruments, and documents
set forth in Section 7(a) below, (ii) the Purchaser will deliver to the Sellers
the various certificates, instruments, and documents set forth in Section 7(b)
below, (iii) each of the Sellers will deliver to the Purchaser stock
certificates representing the number of Shares set forth opposite such Seller's
name on Schedule I annexed hereto, endorsed in blank or accompanied by duly
executed assignment documents, and (iv) the Purchaser will deliver to each of
the Sellers the Purchase Price as specified in Section 2(b) above.

      3. Representations and Warranties of The Sellers Concerning the
Transaction. Each of the Sellers, severally but not jointly, represents and
warrants to the Purchaser that the statements contained in this Section 3 are
true, correct and complete as of the Closing Date with respect to himself or
itself, except as set forth in the Disclosure Schedule (as defined in Section 4
below).

            (a) Authorization of Transaction. Each of the Sellers has full power
and authority to execute and deliver this Agreement and to perform his
obligations hereunder. This Agreement constitutes the valid and legally binding
obligation of the Sellers, enforceable in accordance with its terms and
conditions. The Sellers need not give any notice to, make any filing with, or
obtain any authorization, consent, or approval of any government or governmental
agency in order to consummate the transactions contemplated by this Agreement.

            (b) Noncontravention. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(A) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge, or other restriction of any government,
governmental agency, or court to which the Seller is subject or (B) conflict
with, result in a breach of, constitute a default under, result in the
acceleration of, create in any party the right to accelerate, terminate, modify,
or cancel, or require any notice under any agreement, contract, lease, license,
instrument, or other arrangement to which the Seller is a party or by which he
or it is bound or to which any of the Seller's Shares or his assets is subject.

            (c) Brokers' Fees. The Seller has no Liability or obligation to pay
any fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement.

            (d) Shares. The Seller holds of record and owns beneficially the
number of Shares set forth next to his name in Schedule I annex hereto, free and
clear of any restrictions on transfer (other than any restrictions under the
Securities Act and state securities laws), Taxes, Security Interests, options,
warrants, purchase rights, contracts, commitments, equities, claims, and
demands. The Seller is not a party to any option, warrant, purchase right, or
other contract or commitment that could require the Seller to sell, transfer, or
otherwise dispose of any of his Shares or any capital stock of the Company
(other than this Agreement). The Seller is not a party to any voting trust,
proxy, or other agreement or understanding with respect to the voting of his
Shares or any capital stock of the Company.

            (e) Diligence. All documents, certificates and instruments forwarded
to the Purchaser or any Seller prior to the Closing Date contains information
which is materially true

                                       5
<PAGE>

and correct as of the Closing Date, except for such information which relates to
a specific date, in which case the Sellers represent and warrant that such
information remains true and correct as of such date.

      4. Representations and Warranties of the Sellers Concerning the Company.
The Sellers represent and warrant, jointly and severally, to the Purchaser that
the statements contained in this Section 4 are correct and complete as of the
Closing Date, except as set forth in the disclosure schedule delivered by the
Sellers to the Purchaser on the date hereof and initialed by the Parties (the
"Disclosure Schedule"). Nothing in the Disclosure Schedule shall be deemed
adequate to disclose an exception to a representation or warranty made herein,
unless the Disclosure Schedule identifies the exception with reasonable
particularity and describes the relevant facts in reasonable detail. Without
limiting the generality of the foregoing, the mere listing (or inclusion of a
copy) of a document or other item shall not be deemed adequate to disclose an
exception to a representation or warranty made herein (unless the representation
or warranty has to do with the existence of the document or other item itself).
The Disclosure Schedule will be arranged in paragraphs corresponding to the
lettered and numbered paragraphs contained in this Section 4.

      (a) Organization, Qualification, and Corporate Power. The Company is a
corporation duly organized, validly existing, and in good standing under the
laws of Delaware. The Company is duly authorized to conduct business and is in
good standing under the laws of each jurisdiction where such qualification is
required. The Company has full corporate power and authority and all licenses,
permits, and authorizations necessary to carry on the businesses in which it is
engaged and to own and use the properties owned and used by it. Section 4(a) of
the Disclosure Schedule lists the directors and officers of the Company. The
Sellers have delivered to the Purchaser correct and complete copies of the
charter and bylaws of the Company (as amended to date). The minute books
(containing the records of meetings of the stockholders, the board of directors,
and any committees of the Board of Directors) of the Company are true, correct
and complete, and contain true, correct and complete records of all meetings and
consents in lieu of meetings of the stockholders and the board of directors of
the Company (and any committees thereof), or similar governing bodies, since the
date of organization of the Company. The Company is not in default under or in
violation of any provision of its charter or bylaws.

      (b) Capitalization. The entire authorized capital stock of the Company
consists of 60,000,000 shares of capital stock, consisting of 10,000,000
millions shares of preferred stock and 50,000,000 shares of Common Stock, of
which no shares of preferred stock are issued and outstanding, 11,200,000 shares
of Common Stock are issued and outstanding and 7,065,000 shares of Common Stock
are held in treasury. All of the issued and outstanding shares of Common Stock,
including the Shares, have been duly authorized, are validly issued, fully paid,
and nonassessable, and the Shares are held of record by the respective Sellers
as set forth in Section 4(b) of the Disclosure Schedule. There are no
outstanding or authorized options, warrants, purchase rights, subscription
rights, conversion rights, exchange rights, or other contracts or commitments
that could require the Company to issue, sell, or otherwise cause to become
outstanding any of its capital stock. There are no outstanding or authorized
stock appreciation, phantom stock, profit participation, or similar rights with
respect to the Company.

                                       6
<PAGE>

There are no voting trusts, proxies, or other agreements or understandings with
respect to the voting of the capital stock of the Company.

      (c) Noncontravention; Consent. Neither the execution and the delivery of
this Agreement, nor the consummation of the transactions contemplated hereby,
will (i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government,
governmental agency, or court to which the Company is subject or any provision
of the charter or bylaws of the Company or (ii) conflict with, result in a
breach of, constitute a default under, result in the acceleration of, create in
any party the right to accelerate, terminate, modify, or cancel, or require any
notice under any agreement, contract, lease, license, instrument, or other
arrangement to which the Company is a party or by which it is bound or to which
any of its assets is subject (or result in the imposition of any Security
Interest upon any of its assets). Except pursuant to the Securities Act and the
Securities Exchange Act, the Company does not need to give any notice to, make
any filing with, or obtain any authorization, consent, or approval of any
government or governmental agency in order for the Parties to consummate the
transactions contemplated by this Agreement.

      (d) Brokers' Fees. The Company has no Liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement.

      (e) Title to Assets. The Company has good and marketable title to, or a
valid leasehold interest in, the properties and assets used by it, located on
their premises, or shown on the Most Recent Balance Sheet, free and clear of all
Security Interests, except for properties and assets disposed of in the Ordinary
Course of Business since the date of the Most Recent Balance Sheet.

      (f) Subsidiaries. Except for Relocate411.com, Inc., a New York
corporation, the Company has no Subsidiaries and does not own, directly or
indirectly, any capital stock, equity or interest in any corporation, firm,
partnership, joint venture or other entity.

      (g) Financial Statements. Section 4(g) of the Disclosure Schedule contains
copies of the following financial statements (collectively the "Financial
Statements"): (i) the balance sheets of the company at November 30, 2003 and
2002 and the related statements of operations and deficit, stockholders'
deficiency and cash flows for the fiscal years then ended, including the notes
thereto, as audited by Gately & Associates, LLC (the "Most Recent Fiscal Year
End"); and (ii) the balance sheet of the Company at February 29, 2004 and the
related statements of operations and deficit, stockholders' deficiency and cash
flows for the three month period then ended (the "Most Recent Fiscal Month End")
prepared by the Company's management (the "Most Recent Financial Statements").
The Financial Statements (including the notes thereto) have been prepared in
accordance with GAAP applied on a consistent basis throughout the periods
covered thereby, present fairly the financial condition of the Company as of
such dates and the results of operations of the Company for such periods, are
correct and complete, and are consistent with the books and records of the
Company (which books and records are correct and complete).

                                       7
<PAGE>

      (h) Events Subsequent to Most Recent Fiscal Year End. Since the Most
Recent Fiscal Year End, there has not been any material adverse change in the
business, financial condition, operations, results of operations, or future
prospects of any of the Company. Without limiting the generality of the
foregoing, since that date:

            (i) the Company has not entered into any agreement, contract, lease,
      or license (or series of related agreements, contracts, leases, and
      licenses) either involving more than $5,000 or outside the Ordinary Course
      of Business;

            (ii) no party (including the Company) has accelerated, terminated,
      modified, or cancelled any agreement, contract, lease, or license (or
      series of related agreements, contracts, leases, and licenses) involving
      more than $5,000 to which the Company is a party or by which any of them
      is bound;

            (iii) the Company has not imposed any Security Interest upon any of
      its assets, tangible or intangible;

            (iv) the Company has not made any capital investment in, any loan
      to, or any acquisition of the securities or assets of, any other Person
      (or series of related capital investments, loans, and acquisitions);

            (v) the Company has not issued any note, bond, or other debt
      security or created, incurred, assumed, or guaranteed any indebtedness for
      borrowed money or capitalized lease obligation either involving more than
      $5,000 singly or in the aggregate;

            (vi) the Company has not delayed or postponed the payment of
      accounts payable and other Liabilities;

            (vii) there has been no change made or authorized in the charter or
      bylaws of the Company;

            (viii) the Company has not issued, sold, or otherwise disposed of
      any of its capital stock, or granted any options, warrants, or other
      rights to purchase or obtain (including upon conversion, exchange, or
      exercise) any of its capital stock;

            (ix) the Company has not declared, set aside, or paid any dividend
      or made any distribution with respect to its capital stock (whether in
      cash or in kind) or redeemed, purchased, or otherwise acquired any of its
      capital stock;

            (x) the Company has not experienced any damage, destruction, or loss
      (whether or not covered by insurance) to its property;

            (xi) the Company has not borrowed any money from, or entered into
      any other transaction with, any of its directors, officers and employees;

                                       8
<PAGE>

            (xii) the Company has not entered into any employment contract or
      collective bargaining agreement, written or oral, or modified the terms of
      any existing such contract or agreement;

            (xiii) the Company has not adopted, amended or modified any bonus,
      profit-sharing, incentive, severance, or other plan, contract, or
      commitment for the benefit of any of its directors, officers, and
      employees (or taken any such action with respect to any other Employee
      Benefit Plan);

            (xiv) the Company has not made any change in employment terms for
      any of its directors, officers and employees;

            (xv) there has not been any other material occurrence, event,
      incident, action, failure to act, or transaction outside the Ordinary
      Course of Business involving the Company; and

            (xvi) the Company has not committed to any of the foregoing.

      (i) Undisclosed Liabilities. The Company has no Liability (and there is no
Basis for any present or future action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand against any of them giving
rise to any Liability), except for (i) Liabilities set forth on the face of the
Most Recent Balance Sheet (rather than in any notes thereto) and (ii)
Liabilities which have arisen after the Most Recent Fiscal Month End in the
Ordinary Course of Business (none of which are in excess of $5,000 or results
from, arises out of, relates to, is in the nature of, or was caused by any
breach of contract, breach of warranty, tort, infringement, or violation of
law).

      (j) Legal Compliance; Permits and Licenses. The Company and its Affiliates
has complied with the Securities Act (and the rules and regulations thereunder),
the Exchange Act (and the rules and regulations thereunder) and all other
applicable laws (including rules, regulations, codes, plans, injunctions,
judgments, orders, decrees, rulings, and charges thereunder) of federal, state,
local, and foreign governments (and all agencies thereof), and no action, suit,
proceeding, hearing, investigation, charge, complaint, claim, demand, or notice
has been filed or commenced against any of them alleging any failure so to
comply. The Company has all certificates of occupancy, rights, permits,
certificates, licenses, franchises, approvals and other authorizations as are
reasonably necessary to conduct its respective business and to own, lease, use,
operate and occupy its assets, at the places and in the manner now conducted and
operated, except those the absence of which would not materially adversely
affect its respective business. The Company has not received any written or oral
notice or claim pertaining to the failure to obtain any material permit,
certificate, license, approval or other authorization required by any federal,
state or local agency or other regulatory body, the failure of which to obtain
would materially and adversely affect its business.

      (k) Tax Matters. The Company has filed all United States federal, state,
county, local and foreign national, provincial and local returns and reports
which were required to be filed on or prior to the date hereof in respect of all
income, withholding, franchise, payroll, excise,

                                       9
<PAGE>

property, sales, use, value-added or other taxes or levies, imposts, duties,
license and registration fees, charges, assessments or withholdings of any
nature whatsoever (together, "Taxes"), and has paid all Taxes (and any related
penalties, fines and interest) which have become due pursuant to such returns or
reports or pursuant to any assessment which has become payable, or, to the
extent its liability for any Taxes (and any related penalties, fines and
interest) has not been fully discharged, the same have been properly reflected
as a liability on the books and records of the Company and adequate reserves
therefore have been established. All such returns and reports filed on or prior
to the date hereof have been properly prepared and are true, correct (and to the
extent such returns reflect judgments made by the Company, as the case may be,
such judgments were reasonable under the circumstances) and complete in all
material respects. No tax return or tax return Liability of the Company has been
audited or, presently under audit. The Company has not given or been requested
to give waivers of any statute of limitations relating to the payment of any
Taxes (or any related penalties, fines and interest). There are no claims
pending or, to the knowledge of the Company, threatened, against the Company for
past due Taxes. All payments for withholding taxes, unemployment insurance and
other amounts required to be paid for periods prior to the date hereof to any
governmental authority in respect of employment obligations of the Company,
including amounts payable pursuant to the Federal Insurance Contributions Act,
have been paid or shall be paid prior to the Closing and have been duly provided
for on the books and records of the Company and in the Financial Statements.

      (l) Real Property. The Company does not own any real property. Section
4(l)(ii) of the Disclosure Schedule lists and describes briefly all real
property leased or subleased to the Company. The Sellers have delivered to the
Purchaser correct and complete copies of the leases and subleases listed in
Section 4(l)(ii) of the Disclosure Schedule (as amended to date). The Sellers
acknowledge that such lease shall be terminated on the Closing Date pursuant to
Section 7(a) below and the security deposit of the Company under such lease or
sublease will be returned to the Company.

      (m) Intellectual Property.

            (i) The Company owns or has the right to use pursuant to license,
      sublicense, agreement, or permission all Intellectual Property necessary
      or desirable for the operation of the businesses of the Company as
      presently conducted and as presently proposed to be conducted. Each item
      of Intellectual Property owned or used by the Company immediately prior to
      the Closing hereunder will be owned or available for use by the Company on
      identical terms and conditions immediately subsequent to the Closing
      hereunder. The Company has taken all necessary and desirable] action to
      maintain and protect each item of Intellectual Property that it owns or
      uses.

            (ii) The Company has not interfered with, infringed upon,
      misappropriated, or otherwise come into conflict with any Intellectual
      Property rights of third parties, and none of the Sellers and the
      directors and officers of the Company has ever received any charge,
      complaint, claim, demand, or notice alleging any such interference,
      infringement, misappropriation, or violation (including any claim that the
      Company must license or

                                       10
<PAGE>

      refrain from using any Intellectual Property rights of any third party).
      To the Knowledge of any of the Sellers and the directors and officers of
      the Company, no third party has interfered with, infringed upon,
      misappropriated, or otherwise come into conflict with any Intellectual
      Property rights of the Company.

            (iii) To the Knowledge of any of the Sellers and the directors and
      officers (and employees with responsibility for Intellectual Property
      matters) of the Company, the Company will not interfere with, infringe
      upon, misappropriate, or otherwise come into conflict with, any
      Intellectual Property rights of third parties as a result of the continued
      operation of its businesses as presently conducted and as presently
      proposed to be conducted.

      (n) Contracts. Except as set forth in Section 4(o) of the Disclosure
Schedule, the Company is not a party to any of the following contracts and other
agreements:

            (i) any agreement (or group of related agreements) for the lease of
      personal property to or from any Person providing for lease payments in
      excess of $5,000 per annum;

            (ii) any agreement (or group of related agreements) for the purchase
      or sale of raw materials, commodities, supplies, products, or other
      personal property, or for the furnishing or receipt of services, the
      performance of which will extend over a period of more than one year,
      result in a material loss to the Company, or involve consideration in
      excess of $5,000;

            (iii) any agreement concerning a partnership or joint venture;

            (iv) any agreement (or group of related agreements) under which it
      has created, incurred, assumed, or guaranteed any indebtedness for
      borrowed money, or any capitalized lease obligation, in excess of $5,000
      or under which it has imposed a Security Interest on any of its assets,
      tangible or intangible;

            (v) any agreement concerning confidentiality or noncompetition;

            (vi) any agreement with any of the Sellers and their Affiliates
      (other than the as disclosed in the Company SEC Filings or on the
      Disclosure Schedule);

            (vii) any profit sharing, stock option, stock purchase, stock
      appreciation, deferred compensation, severance, or other material plan or
      arrangement for the benefit of its current or former directors, officers,
      and employees;

            (viii) any collective bargaining agreement;

                                       11
<PAGE>

            (ix) any agreement for the employment of any individual on a
      full-time, part-time, consulting, or other basis providing annual
      compensation in excess of $5,000 or providing severance benefits;

            (x) any agreement under which it has advanced or loaned any amount
      to any of its directors, officers, and employees outside the Ordinary
      Course of Business;

            (xi) any agreement under which the consequences of a default or
      termination could have a material adverse effect on the business,
      financial condition, operations, results of operations, or future
      prospects of the Company; or

            (xii) any other agreement (or group of related agreements) the
      performance of which involves consideration in excess of $5,000.

The Sellers have delivered to the Purchaser a correct and complete copy of each
written agreement listed in Section 4(n) of the Disclosure Schedule (as amended
to date). With respect to each such agreement: (A) the agreement is legal,
valid, binding, enforceable, and in full force and effect; (B) the agreement
will continue to be legal, valid, binding, enforceable, and in full force and
effect on identical terms following the consummation of the transactions
contemplated hereby; (C) no party is in breach or default, and no event has
occurred which with notice or lapse of time would constitute a breach or
default, or permit termination, modification, or acceleration, under the
agreement; and (D) no party has repudiated any provision of the agreement.

      (o) Powers of Attorney. There are no outstanding powers of attorney
executed on behalf of the Company or any of the Sellers.

      (p) Insurance. The Company does not currently maintain any form of
insurance.

      (q) Litigation. Section 4(q) of the Disclosure Schedule sets forth each
instance in which the Company (i) is subject to any outstanding injunction,
judgment, order, decree, ruling, or charge or (ii) is a party or, to the
Knowledge of any of the Sellers and the directors and officers of the Company,
is threatened to be made a party to any action, suit, proceeding, hearing, or
investigation of, in, or before any court or quasi-judicial or administrative
agency of any federal, state, local, or foreign jurisdiction or before any
arbitrator. None of the actions, suits, proceedings, hearings, and
investigations set forth in Section 4(s) of the Disclosure Schedule could result
in any material adverse change in the business, financial condition, operations,
results of operations, or future prospects of the Company. None of the Sellers
and the directors and officers of the Company has any reason to believe that any
such action, suit, proceeding, hearing, or investigation may be brought or
threatened against the Company.

      (r) Employees and Employee Benefits. The Company has only one (1)
employee, which employee is one of the Sellers, is not a party to or bound by
any collective bargaining agreement, and has not committed any unfair labor
practice. The Company does not maintain, nor has the Company maintained in the
past, any Employee Benefit Plans, or any plans, programs, policies, practices,
arrangements or contracts (whether group or individual) providing for payments,

                                       12
<PAGE>

benefits or reimbursements to employees of the Company, former employees, their
beneficiaries and dependents under which such employees, former employees, their
beneficiaries and dependents are covered through an employment relationship with
the Company, any entity required to be aggregated in a controlled group or
affiliated service group with the Company for purposes of ERISA or the Code
(including under Section 414(b), (c), (m) or (o) of the Code or Section 4001 of
ERISA, at any relevant time).

      (s) Guaranties. The Company is not a guarantor or otherwise is liable for
any Liability or obligation (including indebtedness) of any other Person.

      (t) Filings. The Company filed with the SEC annual reports on Form 10-KSB
for the year ended November 30, 2003 and its Quarterly Reports on Form 10-QSB
for the quarter ended February 29, 2004 under the Securities Exchange Act, as
defined below and Amendment No. 8 to Form SB-2 (Registration No. 333-100803)
(collectively, the "Company SEC Filings"), which complied at the time of filing
in all material respects with all applicable requirements of the Securities
Exchange Act or the Securities Act (as the case may be), as in effect on the
dates such forms reports, registration statement and documents were filed. None
of such Company SEC Filings, including any financial statements or schedules
included or incorporated by reference therein, contained when filed any untrue
statement of a material fact or omitted to state a material fact required to be
stated or incorporated by reference therein or necessary in order to make the
statements therein in light of the circumstances under which they were made not
misleading, except to the extent superseded by a Company SEC Filing filed
subsequently and prior to the date hereof. The Financial Statements included in
the Company SEC Filings fairly present in conformity in all material respects
with generally accepted accounting principles applied on a consistent basis
(except as may be indicated in the notes thereto and except for the absence of
footnotes in the unaudited financial statements), the financial position of the
Company as of the dates thereof and the results of operations and changes in
financial position for the periods then ended (subject, in the case of any
interim financial statements, to normal year-end adjustments). No change in the
business, assets, liabilities, condition (financial or other), or results of
operations of the Company has occurred between the date of filing of the Company
SEC Filings filed prior to the date hereof with the Securities and Exchange
Commission and the date hereof that would cause such Company SEC Filing,
including the financial statements and schedules included or incorporated by
reference therein, to contain, as of the date hereof, any untrue statement of a
material fact or to omit to state a material fact that would be required to be
stated or incorporated by reference therein or that would be necessary in order
to make the statements contained therein, as of the date hereof, not misleading.

      (u) Representations and Warranties. The representations and warranties of
the Sellers Company included in this Agreement, and any list, statement,
document or information set forth in, attached to any schedule provided pursuant
to this Agreement or delivered hereunder (including the Disclosure Schedule),
are true and complete in all material respects and do not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements contained therein not
misleading, under the circumstance under which they were made.

                                       13
<PAGE>

      (v) Certain Business Relationships with the Company. Except as disclosed
in the Company SEC Filings, none of the Sellers and their Affiliates has been
involved in any business arrangement or relationship with the Company within the
past 12 months, and none of the Sellers and their Affiliates owns any asset,
tangible or intangible, which is used in the business of the Company.

      5. Representations and Warranties of the Purchaser. The Purchaser
represents and warrants to the Sellers that the statements contained in this
Section 4 are correct and complete as of the Closing Date, except as set forth
in Annex II attached hereto.

      (a) Organization of the Purchaser. The Purchaser is a corporation duly
organized, validly existing, and in good standing under the laws of the
jurisdiction of its incorporation.

      (b) Authorization of Transaction. The Purchaser has full power and
authority (including full corporate power and authority) to execute and deliver
this Agreement and to perform its obligations hereunder. This Agreement
constitutes the valid and legally binding obligation of the Purchaser,
enforceable in accordance with its terms and conditions. The Purchaser need not
give any notice to, make any filing with, or obtain any authorization, consent,
or approval of any government or governmental agency in order to consummate the
transactions contemplated by this Agreement.

      (c) Noncontravention. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(A) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge, or other restriction of any government,
governmental agency, or court to which the Purchaser is subject or any provision
of its charter or bylaws or (B) conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to
accelerate, terminate, modify, or cancel, or require any notice under any
agreement, contract, lease, license, instrument, or other arrangement to which
the Purchaser is a party or by which it is bound or to which any of its assets
is subject.

      (d) Brokers' Fees. The Purchaser has no Liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement.

      (e) Investment. The Purchaser is not acquiring the Shares with a view to
or for sale in connection with any distribution thereof within the meaning of
the Securities Act.

      6. Post-Closing Covenants. The Parties agree as follows with respect to
the period following the Closing.

      (a) General. In case at any time after the Closing any further action is
necessary or desirable to carry out the purposes of this Agreement, each of the
Parties will take such further action (including the execution and delivery of
such further instruments and documents) as any other Party reasonably may
request, all at the sole cost and expense of the requesting Party (unless the
requesting Party is entitled to indemnification therefor under Section 8 below).
The

                                       14
<PAGE>

Sellers acknowledge and agree that from and after the Closing the Purchaser will
be entitled to possession of all documents, books, records (including Tax
records), agreements, and financial data of any sort relating to the Company.

      (b) Litigation Support. In the event and for so long as the Purchaser
actively is contesting or defending against any action, suit, proceeding,
hearing, investigation, charge, complaint, claim, or demand in connection with
any fact, situation, circumstance, status, condition, activity, practice, plan,
occurrence, event, incident, action, failure to act, or transaction on or prior
to the Closing Date involving the Company, each of the Sellers will cooperate
with the Purchaser or its counsel in the contest or defense, make available
their personnel, and provide such testimony and access to their books and
records as shall be necessary in connection with the contest or defense, all at
the sole cost and expense of the Purchaser.

      (c) Transition. None of the Sellers will take any action that is designed
or intended to have the effect of discouraging any lessor, licensor, customer,
supplier, or other business associate of the Company from maintaining the same
business relationships with the Company after the Closing as it maintained with
the Company prior to the Closing.

      (d) Confidentiality. Each of the Sellers will treat and hold as such all
of the Confidential Information, refrain from using any of the Confidential
Information except in connection with this Agreement, and deliver promptly to
the Purchaser or destroy, at the request and option of the Purchaser, all
tangible embodiments (and all copies) of the Confidential Information which are
in his possession. In the event that any of the Sellers is requested or required
(by oral question or request for information or documents in any legal
proceeding, interrogatory, subpoena, civil investigative demand, or similar
process) to disclose any Confidential Information, that Seller will notify the
Purchaser promptly of the request or requirement so that the Purchaser may seek
an appropriate protective order or waive compliance with the provisions of this
Section 6(d). If, in the absence of a protective order or the receipt of a
waiver hereunder, any of the Sellers is, on the advice of counsel, compelled to
disclose any Confidential Information to any tribunal or else stand liable for
contempt, that Seller may disclose the Confidential Information to the tribunal;
provided, however, that the disclosing Seller shall use his reasonable best
efforts to obtain, at the reasonable request of the Purchaser, an order or other
assurance that confidential treatment will be accorded to such portion of the
Confidential Information required to be disclosed as the Purchaser shall
designate. The foregoing provisions shall not apply to any Confidential
Information which is generally available to the public immediately prior to the
time of disclosure.

      7. Conditions to Obligation to Close.

      (a) Conditions to Obligation of the Purchaser. The obligation of the
Purchaser to consummate the transactions to be performed by it in connection
with the Closing is subject to satisfaction of the following conditions:

            (i) the representations and warranties set forth in Section 3 and
      Section 4 above shall be true and correct in all material respects at and
      as of the Closing Date;

                                       15
<PAGE>

            (ii) the Company shall have procured all of the third party consents
      specified in Section 5(b) above;

            (iii) no action, suit, or proceeding shall be pending or threatened
      before any court or quasi-judicial or administrative agency of any
      federal, state, local, or foreign jurisdiction or before any arbitrator
      wherein an unfavorable injunction, judgment, order, decree, ruling, or
      charge would (A) prevent consummation of any of the transactions
      contemplated by this Agreement, (B) cause any of the transactions
      contemplated by this Agreement to be rescinded following consummation, (C)
      affect adversely the right of the Purchaser to own the Shares or to
      control the Company, or (D) affect adversely the right of the Company to
      own its assets and to operate its businesses (and no such injunction,
      judgment, order, decree, ruling, or charge shall be in effect);

            (iv) the Sellers shall have delivered to the Purchaser a certificate
      to the effect that each of the conditions specified above in Section
      7(a)(i)-(iii) is satisfied in all respects;

            (v) Darrell Lerner shall have executed and delivered the Consulting
      Agreement as in form and substance satisfactory to the Purchaser;

            (vi) The Sellers shall have delivered to the Purchaser an agreement
      and release executed by Darrell Lerner and International Global
      Communications, Inc. for the termination of the Company's sublease
      arrangement at 142 Mineola Avenue, Roslyn Heights, New York, along with
      any security deposit of the Company held by Darrell Lerner and/or
      International Global Communications, Inc. with respect to such sublease.

            (vii) the Sellers shall have delivered to the Purchaser the written
      resignation of each current officer, director (subject to any applicable
      filings under the Securities and Exchange Act of 1934, as amended) and
      employee of the Company;

            (viii) the Sellers shall have delivered to the Purchaser a written
      consent of the sole director of the Company, dated as of the Closing Date,
      which consent shall appoint Mr. Li Kin Shin as the President of the
      Company;

            (ix) the Purchaser shall have received from counsel to the Sellers
      an opinion in form and substance satisfactory to Purchaser, addressed to
      the Purchaser, and dated as of the Closing Date;

            (x) the Purchaser shall have received executed purchase agreements
      from each of the selling securityholders listed on the Amendment No. 8 to
      Form SB-2 (Registration No. 333-100803) in form and substance satisfactory
      to the Purchaser along with originally issued stock certificates
      evidencing the shares of the Company's common stock being purchased;

            (xi) the Purchaser shall have received executed purchase agreements
      from each of Barry Manko and Grushko & Mittman, P.C. to purchase an
      aggregate of 450,000 shares

                                       16
<PAGE>

      of the Company's common stock (representing the entire equity holdings in
      the Company of such holders) along with originally issued stock
      certificates evidencing the shares of the Company's common stock being
      purchased;

            (xii) the Purchaser shall have received originals of all previous
      issued and redeemed share certificates and warrants issued by the Company,
      all marked "cancelled"; and

            (x) all actions to be taken by the Sellers in connection with
      consummation of the transactions contemplated hereby and all certificates,
      opinions, instruments, and other documents required to effect the
      transactions contemplated hereby will be reasonably satisfactory in form
      and substance to the Purchaser.

The Purchaser may waive any condition specified in this Section 7(a) if it
executes a writing so stating at or prior to the Closing.

      (b) Conditions to Obligation of the Sellers. The obligation of the Sellers
to consummate the transactions to be performed by them in connection with the
Closing is subject to satisfaction of the following conditions:

            (i) the representations and warranties set forth in Section 5 above
      shall be true and correct in all material respects at and as of the
      Closing Date;

            (ii) the Purchaser shall have performed and complied with all of its
      covenants hereunder in all material respects through the Closing;

            (iii) no action, suit, or proceeding shall be pending or threatened
      before any court or quasi-judicial or administrative agency of any
      federal, state, local, or foreign jurisdiction or before any arbitrator
      wherein an unfavorable injunction, judgment, order, decree, ruling, or
      charge would (A) prevent consummation of any of the transactions
      contemplated by this Agreement or (B) cause any of the transactions
      contemplated by this Agreement to be rescinded following consummation (and
      no such injunction, judgment, order, decree, ruling, or charge shall be in
      effect);

            (iv) the Purchaser shall have delivered to the Sellers a certificate
      to the effect that each of the conditions specified above in Section
      7(b)(i)-(iii) is satisfied in all respects; and

            (v) all actions to be taken by the Purchaser in connection with
      consummation of the transactions contemplated hereby and all certificates,
      opinions, instruments, and other documents required to effect the
      transactions contemplated hereby will be reasonably satisfactory in form
      and substance to the Sellers.

            (v) execution of the Consulting Agreement between the Company and
Darrell Lerner as set on Exhibit .

                                       17
<PAGE>

The Requisite Sellers may waive any condition specified in this Section 7(b) if
they execute a writing so stating at or prior to the Closing.

      8. Remedies for Breaches of This Agreement.

      (a) Survival of Representations and Warranties. All of the representations
and warranties of the Parties contained in this Agreement shall survive the
Closing hereunder (even if the damaged Party knew or had reason to know of any
misrepresentation or breach of warranty or covenant at the time of Closing) and
continue in full force and effect forever thereafter (subject to any applicable
statutes of limitations).

      (b) Indemnification Provisions for Benefit of the Purchaser.

            (i) In the event any of the Sellers breaches (or in the event any
      third party alleges facts that, if true, would mean any of the Sellers has
      breached) any of their representations, warranties, and covenants
      contained herein, and, provided that the Purchaser makes a written claim
      for indemnification against any of the Sellers pursuant to Section 10(h)
      below within such survival period, then each of the Sellers agrees to
      indemnify the Purchaser, jointly and severally, from and against the
      entirety of any Adverse Consequences the Purchaser may suffer through and
      after the date of the claim for indemnification (including any Adverse
      Consequences the Purchaser may suffer after the end of any applicable
      survival period) resulting from, arising out of, relating to, in the
      nature of, or caused by the breach (or the alleged breach).

            (ii) Each of the Sellers agrees to indemnify the Purchaser from and
      against the entirety of any Adverse Consequences the Purchaser may suffer
      resulting from, arising out of, relating to, in the nature of, or caused
      by any Liability of the Company (x) for any Taxes of the Company with
      respect to any Tax year or portion thereof ending on or before the Closing
      Date (or for any Tax year beginning before and ending after the Closing
      Date to the extent allocable (determined in a manner consistent with
      Section 9(c)) to the portion of such period beginning before and ending on
      the Closing Date), to the extent such Taxes are not reflected in the
      reserve for Tax Liability (rather than any reserve for deferred Taxes
      established to reflect timing differences between book and Tax income)
      shown on the face of the Most Recent Balance Sheet (rather than in any
      notes thereto).

      (c) Indemnification Provisions for Benefit of the Sellers. In the event
the Purchaser breaches (or in the event any third party alleges facts that, if
true, would mean the Purchaser has breached) any of its representations,
warranties, and covenants contained herein, and, provided that any of the
Sellers makes a written claim for indemnification against the Purchaser pursuant
to Section 10(h) below within such survival period, then the Purchaser agrees to
indemnify each of the Sellers from and against the entirety of any Adverse
Consequences the Seller may suffer through and after the date of the claim for
indemnification (including any Adverse Consequences the Seller may suffer after
the end of any applicable survival period) resulting from, arising out of,
relating to, in the nature of, or caused by the breach (or the alleged breach).

                                       18
<PAGE>

      (d) Matters Involving Third Parties.

            (i) If any third party shall notify any Party (the "Indemnified
      Party") with respect to any matter (a "Third Party Claim") which may give
      rise to a claim for indemnification against any other Party (the
      "Indemnifying Party") under this Section 8, then the Indemnified Party
      shall promptly notify each Indemnifying Party thereof in writing;
      provided, however, that no delay on the part of the Indemnified Party in
      notifying any Indemnifying Party shall relieve the Indemnifying Party from
      any obligation hereunder unless (and then solely to the extent) the
      Indemnifying Party thereby is prejudiced.

            (ii) Any Indemnifying Party will have the right to defend the
      Indemnified Party against the Third Party Claim with counsel of its choice
      reasonably satisfactory to the Indemnified Party so long as (A) the
      Indemnifying Party notifies the Indemnified Party in writing within 15
      days after the Indemnified Party has given notice of the Third Party Claim
      that the Indemnifying Party will indemnify the Indemnified Party from and
      against the entirety of any Adverse Consequences the Indemnified Party may
      suffer resulting from, arising out of, relating to, in the nature of, or
      caused by the Third Party Claim, (B) the Indemnifying Party provides the
      Indemnified Party with evidence reasonably acceptable to the Indemnified
      Party that the Indemnifying Party will have the financial resources to
      defend against the Third Party Claim and fulfill its indemnification
      obligations hereunder, (C) the Third Party Claim involves only money
      damages and does not seek an injunction or other equitable relief, (D)
      settlement of, or an adverse judgment with respect to, the Third Party
      Claim is not, in the good faith judgment of the Indemnified Party, likely
      to establish a precedential custom or practice materially adverse to the
      continuing business interests of the Indemnified Party, and (E) the
      Indemnifying Party conducts the defense of the Third Party Claim actively
      and diligently.

            (iii) So long as the Indemnifying Party is conducting the defense of
      the Third Party Claim in accordance with Section 8(d)(ii) above, (A) the
      Indemnified Party may retain separate co-counsel at its sole cost and
      expense and participate in the defense of the Third Party Claim, (B) the
      Indemnified Party will not consent to the entry of any judgment or enter
      into any settlement with respect to the Third Party Claim without the
      prior written consent of the Indemnifying Party (which consent shall not
      to be unreasonably withheld), and (C) the Indemnifying Party will not
      consent to the entry of any judgment or enter into any settlement with
      respect to the Third Party Claim without the prior written consent of the
      Indemnified Party which consent shall not be unreasonably withheld.

            (iv) In the event any of the conditions in Section 8(d)(ii) above is
      or becomes unsatisfied, however, (A) the Indemnified Party may defend
      against, and consent to the entry of any judgment or enter into any
      settlement with respect to, the Third Party Claim in any manner it
      reasonably may deem appropriate (and the Indemnified Party need not
      consult with, or obtain any consent from, any Indemnifying Party in
      connection therewith), (B) the Indemnifying Parties will reimburse the
      Indemnified Party promptly

                                       19
<PAGE>

      and periodically for the costs of defending against the Third Party Claim
      (including reasonable attorneys' fees and expenses), and (C) the
      Indemnifying Parties will remain responsible for any Adverse Consequences
      the Indemnified Party may suffer resulting from, arising out of, relating
      to, in the nature of, or caused by the Third Party Claim to the fullest
      extent provided in this Section 8.

      (e) Other Indemnification Provisions. The foregoing indemnification
provisions are in addition to, and not in derogation of, any statutory,
equitable, or common law remedy any Party may have with respect to the Company
or the transactions contemplated by this Agreement. Each of the Sellers hereby
agrees that he will not make any claim for indemnification against the Company
by reason of the fact that he or it was a director, officer, employee, or agent
of the Company or was serving at the request of the Company as a partner,
trustee, director, officer, employee, or agent of another entity (whether such
claim is for judgments, damages, penalties, fines, costs, amounts paid in
settlement, losses, expenses, or otherwise and whether such claim is pursuant to
any statute, charter document, bylaw, agreement, or otherwise) with respect to
any action, suit, proceeding, complaint, claim, or demand brought by the
Purchaser against such Seller (whether such action, suit, proceeding, complaint,
claim, or demand is pursuant to this Agreement, applicable law, or otherwise).

      9. Tax Matters. The following provisions shall govern the allocation of
responsibility as between Purchaser and Sellers for certain tax matters
following the Closing Date:

      (a) Tax Periods Ending on or Before the Closing Date. The Purchaser shall
prepare or cause to be prepared and file or cause to be filed all Tax Returns
for the Company for all periods ending on or prior to the Closing Date which are
filed after the Closing Date. The Purchaser shall permit the Sellers to review
and comment on each such Tax Return described in the preceding sentence prior to
filing. The Sellers shall reimburse Purchaser for Taxes of the Company with
respect to such periods within fifteen (15) days after payment by Purchaser or
the Company of such Taxes to the extent such Taxes are not reflected in the
reserve for Tax Liability (rather than any reserve for deferred Taxes
established to reflect timing differences between book and Tax income) shown on
the face of the Closing Balance Sheet.

      (b) Tax Periods Beginning Before and Ending After the Closing Date. The
Purchaser shall prepare or cause to be prepared and file or cause to be filed
any Tax Returns of the Company for Tax periods which begin before the Closing
Date and end after the Closing Date. Sellers shall pay to Purchaser within
fifteen (15) days after the date on which Taxes are paid with respect to such
periods an amount equal to the portion of such Taxes which relates to the
portion of such Taxable period ending on the Closing Date to the extent such
Taxes are not reflected in the reserve for Tax Liability (rather than any
reserve for deferred Taxes established to reflect timing differences between
book and Tax income) shown on the face of the Closing Balance Sheet. For
purposes of this Section, in the case of any Taxes that are imposed on a
periodic basis and are payable for a Taxable period that includes (but does not
end on) the Closing Date, the portion of such Tax which relates to the portion
of such Taxable period ending on the Closing Date shall (x) in the case of any
Taxes other than Taxes based upon or related to income or receipts, be deemed to
be the amount of such Tax for the entire Taxable period multiplied by a

                                       20
<PAGE>

fraction the numerator of which is the number of days in the Taxable period
ending on the Closing Date and the denominator of which is the number of days in
the entire Taxable period, and (y) in the case of any Tax based upon or related
to income or receipts be deemed equal to the amount which would be payable if
the relevant Taxable period ended on the Closing Date. Any credits relating to a
Taxable period that begins before and ends after the Closing Date shall be taken
into account as though the relevant Taxable period ended on the Closing Date.
All determinations necessary to give effect to the foregoing allocations shall
be made in a manner consistent with prior practice of the Company.

      (c) Cooperation on Tax Matters.

            (i) The Purchaser and Sellers shall cooperate fully, as and to the
      extent reasonably requested by the other party, in connection with the
      filing of Tax Returns pursuant to this Section and any audit, litigation
      or other proceeding with respect to Taxes. Such cooperation shall include
      the retention and (upon the other party's request) the provision of
      records and information which are reasonably relevant to any such audit,
      litigation or other proceeding and making employees available on a
      mutually convenient basis to provide additional information and
      explanation of any material provided hereunder. The Company and Sellers
      agree (A) to retain all books and records with respect to Tax matters
      pertinent to the Company relating to any taxable period beginning before
      the Closing Date until the expiration of the statute of limitations (and,
      to the extent notified by the Purchaser or Sellers, any extensions
      thereof) of the respective taxable periods, and to abide by all record
      retention agreements entered into with any taxing authority, and (B) to
      give the other Party reasonable written notice prior to transferring,
      destroying or discarding any such books and records and, if the other
      party so requests, the Company or the Sellers, as the case may be, shall
      allow the other party to take possession of such books and records.

            (ii) The Purchaser and the Sellers further agree, upon request, to
      use their best efforts to obtain any certificate or other document from
      any governmental authority or any other Person as may be necessary to
      mitigate, reduce or eliminate any Tax that could be imposed (including
      with respect to the transactions contemplated hereby).

            (iii) Purchaser and Sellers further agree, upon request, to provide
      the other party with all information that either party may be required to
      report pursuant to Section 6043 of the Code and all Treasury Department
      Regulations promulgated thereunder.

      (d) Certain Taxes. All transfer, documentary, sales, use, stamp,
registration and other such Taxes and fees (including any penalties and
interest) incurred in connection with this Agreement (including any New York
State Gains Tax, New York City Transfer Tax and any similar tax imposed in other
states or subdivisions), shall be paid by the Sellers when due, and the Sellers
will, at their own expense, file all necessary Tax Returns and other
documentation with respect to all such transfer, documentary, sales, use, stamp,
registration and other Taxes and fees, and, if required by applicable law, the
Purchaser will, and will cause its affiliates to, join in the execution of any
such Tax Returns and other documentation.

                                       21
<PAGE>

      10. Miscellaneous.

      (a) Nature of Certain Obligations.

            (i) The covenants of each of the Sellers in Section 2(a) above
      concerning the sale of his Shares to the Purchaser and the representations
      and warranties of each of the Sellers in Section 3(a) above concerning the
      transaction are several obligations. This means that the particular Seller
      making the representation, warranty, or covenant will be solely
      responsible to the extent provided in Section 8 above for any Adverse
      Consequences the Purchaser may suffer as a result of any breach thereof.

            (ii) The remainder of the representations, warranties, and covenants
      in this Agreement are joint and several obligations. This means that each
      Seller will be responsible to the extent provided in Section 8 above for
      the entirety of any Adverse Consequences the Purchaser may suffer as a
      result of any breach thereof.

      (b) Press Releases and Public Announcements. No Party shall issue any
press release or make any public announcement relating to the subject matter of
this Agreement prior to the Closing without the prior written approval of the
Purchaser and the Sellers; provided, however, that any Party may make any public
disclosure it believes in good faith is required by applicable law or any
listing or trading agreement concerning its publicly-traded securities (in which
case the disclosing Party will use its reasonable best efforts to advise the
other Parties prior to making the disclosure).

      (c) No Third-Party Beneficiaries. This Agreement shall not confer any
rights or remedies upon any Person other than the Parties and their respective
successors and permitted assigns.

      (d) Entire Agreement. This Agreement (including the documents referred to
herein) constitutes the entire agreement among the Parties and supersedes any
prior understandings, agreements, or representations by or among the Parties,
written or oral, to the extent they related in any way to the subject matter
hereof.

      (e) Succession and Assignment. This Agreement shall be binding upon and
inure to the benefit of the Parties named herein and their respective successors
and permitted assigns. No Party may assign either this Agreement or any of his
or its rights, interests, or obligations hereunder without the prior written
approval of the Purchaser and the Sellers; provided, however, that the Purchaser
may (i) assign any or all of its rights and interests hereunder to one or more
of its Affiliates and (ii) designate one or more of its Affiliates to perform
its obligations hereunder (in any or all of which cases the Purchaser
nonetheless shall remain responsible for the performance of all of its
obligations hereunder).

      (f) Headings. The section headings contained in this Agreement are
inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

                                       22
<PAGE>

      (g) Notices. All notices, requests, demands, claims, and other
communications hereunder will be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given if (and then two
business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

         If to the Sellers:                    Copy to:
         ------------------                    --------

         To address set forth                  Anslow & Jaclin, LLP
         opposite such Seller's                4400 Route 9, 2nd Floor
         Name on Schedule I                    Freehold, New Jersey 07728
                                               Attn: Richard I. Anslow, Esq.
                                               Facsimile No.: (732) 577-1188

         If to the Purchaser:                  Copy to:

         ___________________________           DeHeng Chen Chan, LLC
         ___________________________           225 Broadway, Suite 1910
         ___________________________           New York, New York 10007
         Attn:______________________           Attn:  Xiaomin Chen, Esq.
         Facsimile No.                         Facsimile No.: (212) 608-6500

Any Party may send any notice, request, demand, claim, or other communication
hereunder to the intended recipient at the address set forth above using any
other means (including personal delivery, expedited courier, messenger service,
facsimile, telex or ordinary mail), but no such notice, request, demand, claim,
or other communication shall be deemed to have been duly given unless and until
it actually is received by the intended recipient. Any Party may change the
address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other Parties notice in the manner
herein set forth.

      (h) Governing Law. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New
York or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of New York.

      (i) Amendments and Waivers. No amendment of any provision of this
Agreement shall be valid unless the same shall be in writing and signed by the
Purchaser and the Sellers. No waiver by any Party of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

      (j) Severability. Any term or provision of this Agreement that is invalid
or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the
validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

                                       23
<PAGE>

      (k) Expenses. Each of the Parties will bear his or its own costs and
expenses (including legal fees and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby. The Sellers agree that the
Company has not borne and will not bear any of the Sellers' costs and expenses
(including any of their legal fees and expenses) in connection with this
Agreement or any of the transactions contemplated hereby.

      (l) Construction. The Parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any of the
provisions of this Agreement. Any reference to any federal, state, local, or
foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The
word "including" shall mean including without limitation. The Parties intend
that each representation, warranty, and covenant contained herein shall have
independent significance. If any Party has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there
exists another representation, warranty, or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which the
Party has not breached shall not detract from or mitigate the fact that the
Party is in breach of the first representation, warranty, or covenant.

      (m) Incorporation of Exhibits, Annexes, and Schedules. The Exhibits,
Annexes, and Schedules identified in this Agreement are incorporated herein by
reference and made a part hereof.

      (n) Specific Performance. Each of the Parties acknowledges and agrees that
the other Parties would be damaged irreparably in the event any of the
provisions of this Agreement are not performed in accordance with their specific
terms or otherwise are breached. Accordingly, each of the Parties agrees that
the other Parties shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to enforce specifically this
Agreement and the terms and provisions hereof in any action instituted in any
court of the United States or any state thereof having jurisdiction over the
Parties and the matter (subject to the provisions set forth in Section 10(p)
below), in addition to any other remedy to which they may be entitled, at law or
in equity.

      (o) Submission to Jurisdiction. Each of the Parties submits to the
jurisdiction of any state or federal court sitting in County of New York, State
of New York, in any action or proceeding arising out of or relating to this
Agreement and agrees that all claims in respect of the action or proceeding may
be heard and determined in any such court. Each Party also agrees not to bring
any action or proceeding arising out of or relating to this Agreement in any
other court. Each of the Parties waives any defense of inconvenient forum to the
maintenance of any action or proceeding so brought and waives any bond, surety,
or other security that might be required of any other Party with respect
thereto.

                                       24
<PAGE>

      (p) Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

                      [Signatures appear on the next page]

                                       25
<PAGE>

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

PURCHASER:

JANDAH MANAGEMENT LIMITED

By:
    -----------------------------

   Name:
         ------------------------

   Title:
          -----------------------

SELLERS:

----------------------------
DARRELL LERNER

----------------------------
BYRON LERNER

----------------------------
JAMES TUBBS

<PAGE>

                                   SCHEDULE I

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                                       NUMBER OF
                                                                     SHARES BEING
       NAME AND                         NUMBER OF                       SOLD TO
       ADDRESS                         SHARES OWNED                    PURCHASER               PURCHASE PRICE
-------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                           <C>                        <C>
Darrell Lerner                           6,600,000                     6,376,000                  $211,365
142 Mineola Avenue
Roslyn, New York 11577

-------------------------------------------------------------------------------------------------------------------
Byron Lerner                             2,000,000                     2,000,000                  $ 66,300
10 Estates Drive
Roslyn, New York 11576

-------------------------------------------------------------------------------------------------------------------
James Tubbs                               900,000                       900,000                   $ 29,835
142 Mineola Avenue
Roslyn, New York 11577
-------------------------------------------------------------------------------------------------------------------
                          TOTAL          9,500,000                     9,276,000                  $307,500
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
</TABLE>

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