Document:

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                                                                    EXHIBIT 10.2

                         EQUITY LINE OF CREDIT AGREEMENT

        THIS EQUITY LINE OF CREDIT AGREEMENT dated as of the _____ day of July
2001, (the "Agreement") between GAZELLE GROUP LLP, a _________ limited liability
partnership and DRH INVESTMENT COMPANY LLC (the "Investors") a ______ limited
liability corporation and BLAGMAN MEDIA INTERNATIONAL INC., a corporation
organized and existing under the laws of the State of Nevada (the "Company").

        WHEREAS, the parties desire that, upon the terms and subject to the
conditions contained herein, the Company shall issue and sell to the Investors,
from time to time as provided herein, and the Investors shall purchase up to
Fifteen Million ($15,000,000) Dollars of the Company's common stock, par value
$0.001 per share (the "Common Stock"), for a total purchase price of Fifteen
Million ($15,000,000) Dollars; and

        WHEREAS, such investments will be made in reliance upon the provisions
of Regulation D ("Regulation D") of the Securities Act of 1933, as amended, and
the regulations promulgated there under (the "Securities Act"), and or upon such
other exemption from the registration requirements of the Securities Act as may
be available with respect to any or all of the investments to be made hereunder;
and

        NOW, THEREFORE, the parties hereto agree as follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

        Section 1.1 "Advance" shall mean the portion of the Commitment Amount
requested by the Company in the Advance Notice.

        Section 1.2 "Advance Date" shall mean the date Butler Gonzalez LLP/First
Union Escrow Account is in receipt of the funds from the Investors and Butler
Gonzalez LLP, as the Investors Counsel, is in possession of free trading shares
from the Company and therefore an Advance by the Investors to the Company can be
made and Butler Gonzalez LLP can release the free trading shares to the
Investors. No Advance Date shall be less than thirteen (13) Trading Days after
an Advance Notice Date.

        Section 1.3 "Advance Notice" shall mean a written notice to the
Investors setting forth the Advance amount that the Company requests from the
Investors and the Advance Date.

        Section 1.4 "Advance Notice Date" shall mean each date the Company
delivers to the Investors an Advance Notice requiring the Investors to advance
funds to the Company, subject to the terms of this Agreement. No Advance Notice
Date shall be less thirteen (13) Trading Days after the prior Advance Notice
Date.

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        Section 1.5 "Closing Bid Price" shall mean, on any date, the closing bid
price of an actual sale transactions (as reported by Bloomberg L.P.) of the
Common Stock on the Principal Market or if the Common Stock is not traded on a
Principal Market, the highest reported bid price for the Common Stock, as
furnished by the National Association of Securities Dealers, Inc.

        Section 1.6 "Closing" shall mean one of the closings of a purchase and
sale of Common Stock pursuant to Section 2.1.

        Section 1.7 "Commitment Amount" shall mean the aggregate amount of up to
Fifteen Million Dollars ($15,000,000) which the Investors have agreed to provide
to the Company in order to purchase the Company's Common Stock pursuant to the
terms and conditions of this Agreement.

        Section 1.8 "Commitment Period" shall mean the period commencing on the
earlier to occur of (i) the Effective Date, or (ii) such earlier date as the
Company and the Investors may mutually agree in writing, and expiring on the
earliest to occur of (x) the date on which the Investors shall have made payment
of Advances pursuant to this Agreement in the aggregate amount of up to Fifteen
Million Dollars ($15,000,000), (y) the date this Agreement is terminated
pursuant to Section 2.6, or (z) the date occurring thirty six (36) months from
the date hereof.

        Section 1.10 "Common Stock" shall mean the Company's common stock, par
value $0.001 per share.

        Section 1.11 "Condition Satisfaction Date" shall have the meaning set
forth in Section 7.2.

        Section 1.12 "Damages" shall mean any loss, claim, damage, liability,
costs and expenses (including, without limitation, reasonable attorney's fees
and disbursements and costs and expenses of expert witnesses and investigation).

        Section 1.13 "Effective Date" shall mean the date on which the SEC first
declares effective a Registration Statement registering the resale of the
Registrable Securities as set forth in Section 7.2(a).

        Section 1.14 "Escrow Agreement" shall mean the escrow agreement among
the Company, First Union National Bank and the Investors dated the date hereof.

        Section 1.15 "Exchange Act" shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated there under.

        Section 1.16 "Material Adverse Effect" shall mean any condition,
circumstance, or situation that would prohibit or otherwise materially interfere
with the ability of the Company to enter into and perform any of its obligations
under this Agreement or the Registration Rights Agreement in any material
respect.

        Section 1.17 "Market Price" shall mean the lowest Closing Bid Price of
the Company's Common Stock during the Pricing Period.

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        Section 1.18 "Maximum Advance Amount" shall be equal to one hundred and
fifty percent (150%) of the average daily volume of the Company's Common Stock
over the forty (40) Trading Days prior to the Advance Notice Date multiplied by
the Purchase Price. Notwithstanding the forgoing in no event shall the Maximum
Advance Amount exceed Seven Hundred and Fifty Thousand Dollars ($750,000).

        Section 1.19 "NASD" shall mean the National Association of Securities
Dealers, Inc.

        Section 1.20 "Person" shall mean an individual, a corporation, a
partnership, an association, a trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof.

        Section 1.22 "Pricing Period" shall mean the ten (10) consecutive
Trading Day period, beginning on the first Trading Day after an Advance Notice
Date and ending on the Trading Day prior to the relevant Advance Date.

        Section 1.23 "Principal Market" shall mean the Nasdaq National Market,
the Nasdaq SmallCap Market, the American Stock Exchange or the New York Stock
Exchange, whichever is at the time the principal trading exchange or market for
the Common Stock.

        Section 1.24 "Purchase Price" shall be set at ninety one percent (91%)
of the Market Price during the Pricing Period.

        Section 1.25 "Registrable Securities" shall mean the shares of Common
Stock (i) in respect of which the Registration Statement has not been declared
effective by the SEC, (ii) which have not been sold under circumstances meeting
all of the applicable conditions of Rule 144 (or any similar provision then in
force) under the Securities Act ("Rule 144") or (iii) which have not been
otherwise transferred to a holder who may trade such shares without restriction
under the Securities Act, and for which the Company has delivered a new
certificate or other evidence of ownership for such securities not bearing a
restrictive legend.

        Section 1.26 "Registration Rights Agreement" shall mean the Registration
Rights Agreement dated the date hereof, regarding the filing of the Registration
Statement for the resale of the Registrable Securities, entered into between the
Company and the Investors.

        Section 1.27 "Registration Statement" shall mean a registration
statement on Form S-1, Form SB-2, or Form S-3 (if use of such form is then
available to the Company pursuant to the rules of the SEC and if not, on such
other form promulgated by the SEC for which the Company then qualifies and which
counsel for the Company shall deem appropriate, and which form shall be
available for the resale of the Registrable Securities to be registered there
under in accordance with the provisions of this Agreement and the Registration
Rights Agreement, and in accordance with the intended method of distribution of
such securities), for the registration of the resale by the Investors of the
Registrable Securities under the Securities Act.

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        Section 1.28 "Regulation D" shall have the meaning set forth in the
recitals of this Agreement.

        Section 1.29 "SEC" shall mean the Securities and Exchange Commission.

        Section 1.30 "Securities Act" shall have the meaning set forth in the
recitals of this Agreement.

        Section 1.31 "SEC Documents" shall mean Annual Reports on Form 10-K or
10-KSB, Quarterly Reports on Form 10-Q or 10-QSB, Current Reports on Form 8-K
and Proxy Statements of the Company as supplemented to the date hereof, filed by
the Company for a period of at least twelve (12) months immediately preceding
the date hereof or the Advance Date, as the case may be, until such time as the
Company no longer has an obligation to maintain the effectiveness of a
Registration Statement as set forth in the Registration Rights Agreement.

        Section 1.32 "Trading Day" shall mean any day during which the New York
Stock Exchange shall be open for business.

                                   ARTICLE II
                                    ADVANCES

        Section 2.1 Investments.

                (a) Advances. Upon the terms and conditions set forth herein
(including without limitation the provisions of Article VII hereof), on any
Advance Notice Date the Company may request an Advance by the Investors by the
delivery of an Advance Notice. The number of shares of Common Stock that the
Investors shall receive for each Advance shall be determined by dividing the
amount of the Advance by the Purchase Price. No fractional shares shall be
issued. Fractional shares shall be rounded to the next higher whole number of
shares. Upon each Advance Notice requested by the Gazelle Group LLP shall be
obligated to provide fifty percent (50%) and DRH Investments Company LLC shall
be obligated to provide fifty percent (50%) of the Advance Notice amount. In the
event that either Investor fails to provide their percentage of the Advance
Notice amount the performing Investor shall obligated to provide the
corresponding percentage of the non performing Investor fails to provide. In the
event that an Investor shall fail to perform their obligation to provide their
respective percentage of an Advance Notice amount they shall forfeit their right
on all future Advance Notices the performing Investor shall be obligated to
provide one hundred percent (100%) of all future Advance Notices and for the
life of this Agreement. Notwithstanding the provisions hereof the Company shall
be able to seek any and all remedies available to it under applicable state or
federal law against any Investor that fails to meet its obligations hereunder.
The aggregate maximum amount of all Advances that the Investors shall be
obligated to make under this Agreement shall not exceed the Commitment Amount.

                (b) Notwithstanding the foregoing the Company shall only be
entitled to an Advance if the Closing Bid Price of the Company's Common Stock on
the Advance Date is equal to or greater

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than the Purchase Price.

                        Section 2.2 Mechanics.

                (a) Advance Notice. At any time during the Commitment Period,
the Company may deliver an Advance Notice to the Investors, subject to the
conditions set forth in Section 2.6 and Section 7.2; provided, however, the
amount for each Advance as designated by the Company in the applicable Advance
Notice shall not be more than the Maximum Advance Amount. The aggregate amount
of the Advances pursuant to this Agreement shall not exceed the Commitment
Amount, unless otherwise agreed by the Investors in the Investors' sole and
absolute discretion. There will be a minimum of thirteen (13) Trading Days
between each Advance Notice Date.

                (b) Date of Delivery of Advance Notice. An Advance Notice shall
be deemed delivered on (i) the Trading Day it is received by facsimile or
otherwise by the Investors if such notice is received prior to 12:00 noon
Eastern Time, or (ii) the immediately succeeding Trading Day if it is received
by facsimile or otherwise after 12:00 noon Eastern Time on a Trading Day or at
any time on a day which is not a Trading Day. No Advance Notice may be deemed
delivered, on a day that is not a Trading Day.

        Section 2.3 Closings. On each Advance Date, which shall not be less than
thirteen (13) Trading Days after an Advance Notice Date, (i) the Company shall
deliver to the Investors' counsel, as defined pursuant to the Escrow Agreement,
shares of the Company's Common Stock, representing the amount of the Advance by
the Investors pursuant to Section 2.1 herein, registered in the name of the
Investors which shall be delivered to the Investors, or otherwise in accordance
with the Escrow Agreement and (ii) the Investors shall deliver to the Escrow
Agent the amount of the Advance specified in the Advance Notice by wire transfer
of immediately available funds which shall be delivered to the Company, or
otherwise in accordance with the Escrow Agreement. In addition, on or prior to
the Advance Date, each of the Company and the Investors shall deliver to the
other through the Investors' counsel all documents, instruments and writings
required to be delivered or reasonably requested by either of them pursuant to
this Agreement in order to implement and effect the transactions contemplated
herein. Payment of funds to the Company and delivery of the Company's Common
Stock to the Investors shall occur in accordance with the conditions set forth
above and those contained in the Escrow Agreement; provided, however, that to
the extent the Company has not paid the fees, expenses, and disbursements of the
Investors' counsel, Gazelle Group LLC and DRH Investment Company LLC in
accordance with Section 12.4, the amount of such fees, expenses, and
disbursements may be deducted by the Investors (and shall be paid to the
relevant party) from the amount of the Advance with no reduction in the amount
of shares of the Company's Common Stock to be delivered on such Advance Date.

        Section 2.4 Termination of Investment. The obligation of the Investors
to make an Advance to the Company pursuant to this Agreement shall terminate
permanently (including with respect to an Advance Date that has not yet
occurred) in the event that (i) there shall occur any stop order or suspension
of the effectiveness of the Registration Statement for an aggregate of thirty
(30) Trading Days, other than due to the acts of the Investors, during the
Commitment Period, or (ii) the

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Company shall at any time fail materially to comply with the requirements of
Section 6.2, 6.3 or 6.8; provided, however, that this termination provision
shall not apply to any period commencing upon the filing of a post-effective
amendment to such Registration Statement and ending upon the date on which such
post effective amendment is declared effective by the SEC.

        Section 2.5 Agreement to Advance Funds.

                (a) The Investors agree to advance the amount specified in the
Advance Notice to the Company after the completion of each of the following
conditions and the other conditions set forth in this Agreement:

                (i) the execution and delivery by the Company, and the
        Investors, of this Agreement, and the Exhibits hereto;

                (ii) Investors' counsel shall have received the shares of Common
        Stock applicable to the Advance;

                (iii) the Company's Registration Statement with respect to the
        resale of the Registrable Securities in accordance with the terms of the
        Registration Rights Agreement shall have been declared effective by the
        SEC;

                (iv) the Company shall have obtained all material permits and
        qualifications required by any applicable state for the offer and sale
        of the Registrable Securities, or shall have the availability of
        exemptions therefrom. The sale and issuance of the Registrable
        Securities shall be legally permitted by all laws and regulations to
        which the Company is subject;

                (v) the Company shall have filed with the Commission in a timely
        manner all reports, notices and other documents required of a "reporting
        company" under the Exchange Act and applicable Commission regulations;

                (vi) the fees as set forth in Section 12.4 below shall have been
        paid or can be withheld as provided in Section 2.3;

                (vii) the conditions set forth in Section 7.2 shall have been
        satisfied; and

                (viii) Investors shall received an opinion letter from counsel
        to the Company (updated where applicable) on the date hereof and updated
        annually for the life of the this Agreement.

        Section 2.6 Shareholder Approval. The Company's obligations under this
Agreement are subject to approval of the shareholders of the Company of the
increase in the authorized shares of the Company's Common Stock pursuant to
Nevada corporate law.

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                                   ARTICLE III
             REPRESENTATIONS, WARRANTIES AND COVENANTS OF INVESTORS

        Investors hereby represents and warrants to, and agrees with, the
Company that the following are true and as of the date hereof and as of each
Advance Date:

        Section 3.1 Organization and Authorization. Each Investor is duly
incorporated or organized and validly existing in the jurisdiction of its
incorporation or organization and has all requisite power and authority to
purchase and hold the securities issuable hereunder. The decision to invest and
the execution and delivery of this Agreement by each Investors, the performance
by each Investors of its obligations hereunder and the consummation by each
Investors of the transactions contemplated hereby have been duly authorized and
requires no other proceedings on the part of the Investors. The undersigned have
the right, power and authority to execute and deliver this Agreement and all
other instruments ( including, without limitations, the Registration Rights
Agreement), on behalf of the Investors. This Agreement and all such other
instruments have been duly executed and delivered by the Investors and, assuming
the execution and delivery hereof and thereof by the Company, will constitute
the legal, valid and binding obligations of the Investors, enforceable against
the Investors in accordance with their respective terms.

        Section 3.2 Evaluation of Risks. The Investors each have such knowledge
and experience in financial tax and business matters as to be capable of
evaluating the merits and risks of, and bearing the economic risks entailed by,
an investment in the Company and of protecting its interests in connection with
this transaction. They recognize that their investment in the Company involves a
high degree of risk.

        Section 3.3. No Legal Advice From the Company. The Investors
acknowledges that they had the opportunity to review this Agreement and the
transactions contemplated by this Agreement with their own legal counsel and
investment and tax advisors. The Investors are relying solely on such counsel
and advisors and not on any statements or representations of the Company or any
of its representatives or agents for legal, tax or investment advice with
respect to this investment, the transactions contemplated by this Agreement or
the securities laws of any jurisdiction.

        Section 3.4 Investment Purpose. The securities are being purchased by
the Investors for their own account, for investment and without any view to the
distribution, assignment or resale to others or fractionalization in whole or in
part in violation of the applicable Federal and state securities laws. The
Investors agree not to assign or in any way transfer the Investors' rights to
the securities or any interest therein and acknowledge that the Company will not
recognize any purported assignment or transfer except in accordance with
applicable Federal and state securities laws. No other person has or will have a
direct or indirect beneficial interest in the securities. The Investors agree
not to sell, hypothecate or otherwise transfer the Investors' securities unless
the securities are registered under Federal and applicable state securities laws
or unless, in the opinion

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of counsel satisfactory to the Company, an exemption from such laws is
available.

        Section 3.5 Accredited Investors. Investors are "Accredited Investors"
as that term is defined in Rule 501(a)(3) of Regulation D of the Securities Act.

        Section 3.6 Information. Such Investors and their advisors (and
counsel), if any, have been furnished with all materials relating to the
business, finances and operations of the Company and information they deemed
material to making an informed investment decision including the SEC Documents.
Such Investors and their advisors, if any, have been afforded the opportunity to
ask questions of the Company and its management. Neither such inquiries nor any
other due diligence investigations conducted by such Investors or their
advisors, if any, or its representatives shall modify, amend or affect the
Investors' right to rely on the Company's representations and warranties
contained in this Agreement. Such Investors understands that their investment
involves a high degree of risk. Such Investors are in a position regarding the
Company, which, based upon employment, family relationship or economic
bargaining power, enabled and enables each Investor to obtain information from
the Company in order to evaluate the merits and risks of this investment. Such
Investors have sought such accounting, legal and tax advice, they have
considered necessary to make an informed investment decision with respect to
this transaction.

        Section 3.7 Receipt of Documents. Such Investors and their advisors and
counsel have received and read in their entirety: (i) this Agreement and the
Exhibits annexed hereto; (ii) all due diligence and other information necessary
to verify the accuracy and completeness of such representations, warranties and
covenants; (iii) the Company's Form 10-KSB for the year ended year ended
December 31, 2000 and Form 10-Q for the periods ended March 2001 and July 2001;
and (v) answers to all questions the Investors submitted to the Company
regarding an investment in the Company; and the Investors have relied on the
information contained therein and have not been furnished any other documents,
literature, memorandum or prospectus.

        Section 3.8 Registration Rights Agreement and Escrow Agreement. The
parties have entered into the Registration Rights Agreement and the Escrow
Agreement, each dated the date hereof.

        Section 3.9 No General Solicitation. Neither the Company, nor any of its
affiliates, nor any person acting on its or their behalf, has engaged in any
form of general solicitation or general advertising (within the meaning of
Regulation D under the Securities Act) in connection with the offer or sale of
the shares of Common Stock offered hereby.

        Section 3.10 Not an Affiliate. None of the Investors are an officer,
director or a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with
the Company or any "Affiliate" of the Company (as that term is defined in Rule
405 of the Securities Act). Each Investor agrees that they will not, and that
they will cause their Affiliates not to, engage in any short sales of or hedging
transactions with respect to the Common Stock during the terms of this
Agreement.

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                                   ARTICLE IV
            REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

        Except as stated below or on the disclosure schedules attached hereto,
the Company hereby represents and warrants to, and covenants with, the Investors
that the following are true and correct as of the date hereof.

        Section 4.1 Organization and Qualification. The Company and its
subsidiaries are corporations duly organized and validly existing in good
standing under the laws of the jurisdiction in which they are incorporated, and
have the requisite corporate power to own their properties and to carry on their
business as now being conducted. The Company is not qualified as a foreign
corporation in California due to name restrictions, however, it's subsidiary is
duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which the nature of the business conducted by it makes
such qualification necessary, except to the extent that the failure to be so
qualified or be in good standing would not have a material adverse effect on the
Company and its subsidiaries taken as a whole. The Company has provided to the
Buyers copies of all material documents related to the transactions with Unisat
Inc., and MNS Eagle Equity Group I Inc. (the "Reorganization").

        Section 4.2. Authorization, Enforcement, Compliance with Other
Instruments. (i) The Company has the requisite corporate power and authority to
enter into and perform this Agreement, the Registration Rights Agreement and any
related agreements, in accordance with the terms hereof and thereof, (ii) the
execution and delivery of this Agreement, the Registration Rights Agreement, the
Escrow Agreement and any related agreements by the Company and the consummation
by it of the transactions contemplated hereby and thereby, have been duly
authorized by the Company's Board of Directors and no further consent or
authorization is required by the Company, its Board of Directors or its
stockholders( other than as may be required as stated in Section 7.2(g) hereof),
(iii) this Agreement, Registration Rights Agreement, the Escrow Agreement and
any related agreements have been duly executed and delivered by the Company,
(iv) this Agreement, the Registration Rights Agreement, Escrow Agreement and any
related agreements constitute the valid and binding obligations of the Company
enforceable against the Company in accordance with their terms, except as such
enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of creditors' rights and
remedies.

        Section 4.3 Capitalization. The authorized capital stock of the Company
consists of 100,000,000 shares of Common Stock $0.001 par value, and 100,000,000
shares of Preferred Stock, $0.0011 par value. As of July 23,2001 , the Company
had 62, 167,450 shares of Common Stock outstanding excluding 60,000 shares of
Common Stock in its treasury which are being cancelled, the Company filed a
Certificate of Designations authorizing 600,000 shares of Series B Convertible
Redeemable Preferred Stock par value $0.001 per share (the "Series B Stock") in
connection with a proposed transaction with Mulligan Media and Communications
Ltd. Such transaction was not consummated and no shares of the Series A Stock
were issued in connection therewith. There are no shares of Preferred Stock
issued and outstanding except for the transactions of the reorganized

                                      -9-
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entities preceding the Reorganizations, for which the Company has relied on
third party representations,all of such outstanding shares have been validly
issued and are fully paid and nonassessable. . All of such outstanding shares
have been validly issued and are fully paid and nonassessable. Except as
disclosed in the SEC Documents or Schedule 4.3, no shares of Common Stock are
subject to preemptive rights or any other similar rights or any liens or
encumbrances suffered or permitted by the Company. Except as disclosed in
Schedule 4.3 hereto , as of the date hereof, (i) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into, any
shares of capital stock of the Company or any of its subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or any of its
subsidiaries is or may become bound to issue additional shares of capital stock
of the Company or any of its subsidiaries or options, warrants, scrip, rights to
subscribe to, calls or commitments of any character whatsoever relating to, or
securities or rights convertible into, any shares of capital stock of the
Company or any of its subsidiaries, (ii) there are no outstanding debt
securities and (iii) there are no agreements or arrangements under which the
Company or any of its subsidiaries is obligated to register the sale of any of
their securities under the Securities Act (except pursuant to the Registration
Rights Agreement). There are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by this Agreement or
any related agreement or the consummation of the transactions described herein
or therein. The Company has furnished to the Investors true and correct copies
of the Company's Certificate of Incorporation, as amended and as in effect on
the date hereof (the "Certificate of Incorporation"), and the Company's By-laws,
as in effect on the date hereof (the "By-laws").

        Section 4.4 No Conflict. The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby and assuming receipt of shareholder approval under Section
2.7 herein will not (i) result in a violation of the Certificate of
Incorporation, any certificate of designations of any outstanding series of
preferred stock of the Company or By-laws or (ii) conflict with or constitute a
default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its subsidiaries is a party, or result in a violation of
any law, rule, regulation, order, judgment or decree (including federal and
state securities laws and regulations and the rules and regulations of the
Principal Market on which the Common Stock is quoted) applicable to the Company
or any of its subsidiaries or by which any material property or asset of the
Company or any of its subsidiaries is bound or affected and which could cause a
Material Adverse Effect. Except as disclosed in the SEC Documents, neither the
Company nor its subsidiaries is in violation of any term of or in default under
its Certificate of Incorporation or By-laws or their organizational charter or
by-laws, respectively, or any material contract, agreement, mortgage,
indebtedness, indenture, instrument, judgment, decree or order or any statute,
rule or regulation applicable to the Company or its subsidiaries. The business
of the Company and its subsidiaries is not being conducted in violation of any
material law, ordinance, regulation of any governmental entity. Except as
specifically contemplated by this Agreement and as required under the Securities
Act and any applicable state securities laws, the Company is not required to
obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency in order for it to execute,
deliver or perform any of its obligations under or contemplated by

                                      -10-
<PAGE>

this Agreement or the Registration Rights Agreement in accordance with the terms
hereof or thereof. All consents, authorizations, orders, filings and
registrations which the Company is required to obtain pursuant to the preceding
sentence have been or will be obtained or effected on or prior to the Effective
Date . The Company and its subsidiaries are unaware of any fact or circumstance
which might give rise to any of the foregoing.

        Section 4.5 SEC Documents; Financial Statements. Except as set forth in
Schedule 4.5 attached hereto, since April 2000, the Company has filed all
reports, schedules, forms, statements and other documents required to be filed
by it with the SEC under of the Exchange Act (all of the foregoing filed prior
to the date hereof and all exhibits included therein and financial statements
and schedules thereto and documents incorporated by reference therein, being
hereinafter referred to as the "SEC Documents"). The Company has delivered to
the Investors or its representatives, or made available through the SEC's
website at http://www.sec.gov, true and complete copies of the SEC Documents. As
of their respective dates, the financial statements of the Company disclosed in
the SEC Documents (the "Financial Statements") complied as to form in all
material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto. Such financial statements
have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be
otherwise indicated in such financial statements or the notes thereto, or (ii)
in the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all
material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments).

        Section 4.6 10b-5. The SEC Documents, when filed, did not include any
untrue statements of material fact, nor do they omit to state any material fact
required to be stated therein necessary to make the statements made, in light of
the circumstances under which they were made, not misleading.

        Section 4.7. No Default. Except as disclosed Section 4.5 the Company is
not in default in the performance or observance of any material obligation,
agreement, covenant or condition contained in any indenture, mortgage, deed of
trust or other material instrument or agreement to which it is a party or by
which it is or its property is bound and neither the execution, nor the delivery
by the Company, nor the performance by the Company of its obligations under this
Agreement or any of the exhibits or attachments hereto will conflict with or
result in the breach or violation of any of the terms or provisions of, or
constitute a default or result in the creation or imposition of any lien or
charge on any assets or properties of the Company under its Certificate of
Incorporation, By-Laws, any material indenture, mortgage, deed of trust or other
material agreement applicable to the Company or instrument to which the Company
is a party or by which it is bound, or any statute, or any decree, judgment,
order, rules or regulation of any court or governmental agency or body having
jurisdiction over the Company or its properties, in each case which default,
lien or charge is likely to cause a Material Adverse Effect on the Company's
business or financial condition.

        Section 4.8 Absence of Events of Default. Except for matters described
in the SEC

                                      -11-
<PAGE>

Documents and/or this Agreement, no Event of Default, as defined in the
respective agreement to which the Company is a party, and no event which, with
the giving of notice or the passage of time or both, would become an Event of
Default (as so defined), has occurred and is continuing, which would have a
Material Adverse Effect on the Company's business, properties, prospects,
financial condition or results of operations.

        Section 4.9 Intellectual Property Rights. The Company and its
subsidiaries have made no filings what so ever with respect to any trademarks,
trade names, service marks, service mark registrations, service names, patents,
patent rights, copyrights, inventions, trade secrets, know-how, designs,
proprietary rights, processes, works of authorship or other intellectual
property rights (collectively referred to as "Intellectual Property"). The
Company has all rights necessary to use the Intellectual Property it currently
uses. The Company and its subsidiaries do not have any knowledge of any
infringement by the Company or its subsidiaries with respect to Intellectual
Property , and, to the knowledge of the Company there is no claim, action or
proceeding being made or brought against, or to the Company's knowledge, being
threatened against, the Company or its subsidiaries regarding Intellectual
Property and the Company and its subsidiaries are unaware of any facts or
circumstances which might give rise to any of the foregoing.

        Section 4.10 Employee Relations Neither the Company nor any of its
subsidiaries is involved in any labor dispute nor, to the knowledge of the
Company or any of its subsidiaries, is any such dispute threatened. None of the
Company's or its subsidiaries' employees is a member of a union and the Company
and its subsidiaries believe that their relations with their employees are good.

        Section 4.11 Environmental Laws. The Company and its subsidiaries are
(i) in compliance with any and all applicable material foreign, federal, state
and local laws and regulations relating to the protection of human health and
safety, the environment or hazardous or toxic substances or wastes, pollutants
or contaminants ("Environmental Laws"), (ii) have received all permits, licenses
or other approvals required of them under applicable Environmental Laws to
conduct their respective businesses and (iii) are in compliance with all terms
and conditions of any such permit, license or approval.

        Section 4.12 Title. Except as set forth in the SEC Documents, the
Company has good and marketable title to its properties and material assets
owned by it, free and clear of any pledge, lien, security interest, encumbrance,
claim or equitable interest other than such as are not material to the business
of the Company. Any real property and facilities held under lease by the Company
and its subsidiaries are held by them under valid, subsisting and enforceable
leases with such exceptions as are not material and do not interfere with the
use made and proposed to be made of such property and buildings by the Company
and its subsidiaries.

        Section 4.13 Insurance. The Company and each of its subsidiaries are
insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as management of the Company believes to be
prudent and customary in the businesses in which the Company and its
subsidiaries are engaged. Neither the Company nor any such subsidiary has been
refused any insurance coverage sought or applied for and neither the Company nor
any such

                                      -12-
<PAGE>

subsidiary has any reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not materially and adversely affect the condition,
financial or otherwise, or the earnings, business or operations of the Company
and its subsidiaries, taken as a whole.

        Section 4.14 Regulatory Permits. The Company and its subsidiaries
possess all certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct their
respective businesses, and neither the Company nor any such subsidiary has
received any notice of proceedings relating to the revocation or modification of
any such certificate, authorization or permit.

        Section 4.15 Internal Accounting Controls. The Company and each of its
subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance
with management's general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with
management's general or specific authorization and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

        Section 4.16 No Material Adverse Breaches, etc. Except as set forth in
the SEC Documents, neither the Company nor any of its subsidiaries is subject to
any charter, corporate or other legal restriction, or any judgment, decree,
order, rule or regulation which in the judgment of the Company's officers has or
is expected in the future to have a Material Adverse Effect on the business,
properties, operations, financial condition, results of operations or prospects
of the Company or its subsidiaries. Neither the Company nor any of its
subsidiaries is in breach of any contract or agreement which breach, in the
judgment of the Company's officers, has or is expected to have a Material
Adverse Effect on the business, properties, operations, financial condition,
results of operations or prospects of the Company or its subsidiaries.

        Section 4.17 Absence of Litigation. Except as set forth in the SEC
Documents, there is no action, suit, proceeding, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization
or body pending against or affecting the Company, the Common Stock or any of the
Company's subsidiaries, wherein an unfavorable decision, ruling or finding would
(i) have a Material Adverse Effect on the transactions contemplated hereby (ii)
adversely affect the validity or enforceability of, or the authority or ability
of the Company to perform its obligations under, this Agreement or any of the
documents contemplated herein, or (iii) except as expressly disclosed in the SEC
Documents, have a Material Adverse Effect on the business, operations,
properties, financial condition or results of operation of the Company and its
subsidiaries taken as a whole.

        Section 4.18 Subsidiaries. Except as disclosed in the SEC Documents, the
Company does not presently own or control, directly or indirectly, any interest
in any other corporation, partnership, association or other business entity.

                                      -13-
<PAGE>

        Section 4.19 Other Outstanding Securities/Financing Restrictions. As of
the date hereof, other than warrants and options to acquire shares of Common
Stock as disclosed in Schedule 4.3, there are no other warrants and options
registered with the SEC, which are available for sale as unrestricted ("free
trading") stock.

        Section 4.20 Tax Status. The Company and each of its subsidiaries has
made, filed, or has obtained current extensions for all federal and state income
and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject and (unless and only to the extent that the Company and
each of its subsidiaries has set aside on its books provisions reasonably
adequate for the payment of all unpaid and unreported taxes) has paid all taxes
and other governmental assessments and charges that are material in amount,
shown or determined to be due on such returns, reports and declarations, except
those being contested in good faith and has set aside on its books provision
reasonably adequate for the payment of all taxes for periods subsequent to the
periods to which such returns, reports or declarations apply. There are no
unpaid taxes in any material amount claimed to be due by the taxing authority of
any jurisdiction, and the officers of the Company know of no basis for any such
claim.

        Section 4.21 Certain Transactions. Except as set forth in the SEC
Documents, none of the officers, directors, or employees of the Company is
presently a party to any transaction with the Company (other than for services
as employees, officers and directors), including any contract, agreement or
other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge
of the Company, any corporation, partnership, trust or other entity in which any
officer, director, or any such employee has a substantial interest or is an
officer, director, trustee or partner.

        Section 4.22 Fees and Rights of First Refusal. Except as set forth in
the SEC Documents, the Company is not obligated to offer the securities offered
hereunder on a right of first refusal basis or otherwise to any third parties
including, but not limited to, current or former shareholders of the Company,
underwriters, brokers, agents or other third parties.

        Section 4.23 Use of Proceeds. The Company represents that the net
proceeds from this offering will be used for working capital purposes and to
reduce indebtedness . However, in no event shall the net proceeds from this
offering be used by the Company for the payment (or loaned to any such person
for the payment) of any judgment, or other liability, incurred by any executive
officer, officer, director, or employee of the Company.

        Section 4.24 Further Representation and Warranties of the Company. For
so long as any securities issuable hereunder held by the Investors remain
outstanding, the Company acknowledges, represents, warrants and agrees that it
will use commercially reasonable efforts to maintain the listing of its Common
Stock on NASD Bulletin Board.

        Section 4.25 Opinion of Counsel. Investors shall receive an opinion
letter from counsel to the Company (updated where applicable) on the date hereof
and updated annually for the life of

                                      -14-
<PAGE>

the this Agreement in form substantially acceptable to the Investors.

        Section 4.26 Opinion of Counsel. The Company will obtain for the
Investors, at the Company's expense, any and all opinions of counsel which may
be reasonably required in order to sell the securities issuable hereunder
without restriction.

        Section 4.27 Dilution. The Company is aware and acknowledges that
issuance of shares of the Company's Common Stock could cause dilution to
existing shareholders and could significantly increase the outstanding number of
shares of Common Stock.

        Section 4.28 No General Solicitation. Neither the Company, nor any of
its affiliates, nor any person acting on its or their behalf, has engaged in any
form of general solicitation or general advertising (within the meaning of
Regulation D under the Securities Act) in connection with the offer or sale of
the shares of Common Stock offered hereby.

                                    ARTICLE V
                                 INDEMNIFICATION

        The Investors and the Company represent to the other the following with
respect to itself:

        Section 5.1 Indemnification. (a) In consideration of the Investors'
execution and delivery of this Agreement, and in addition to all of the
Company's other obligations under this Agreement, the Company shall defend,
protect, indemnify and hold harmless the Investors, and all of their respective
officers, directors, partners, employees and agents (including, without
limitation, those retained in connection with the transactions contemplated by
this Agreement) (collectively, the "Investors Indemnitees") from and against any
and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Investors Indemnitee is a party to the action
for which indemnification hereunder is sought), and including reasonable
attorneys' fees and disbursements (the "Indemnified Liabilities"), incurred by
the Investors Indemnitees or any of them as a result of, or arising out of, or
relating to (a) any misrepresentation or breach of any representation or
warranty made by the Company in this Agreement or the Registration Rights
Agreement or any other certificate, instrument or document contemplated hereby
or thereby, (b) any breach of any covenant, agreement or obligation of the
Company contained in this Agreement or the Registration Rights Agreement or any
other certificate, instrument or document contemplated hereby or thereby, or (c)
any cause of action, suit or claim brought or made against such Investors
Indemnitee not arising out of any action or inaction of an Investors Indemnitee,
and arising out of or resulting from the execution, delivery, performance or
enforcement of this Agreement or any other instrument, document or agreement
executed pursuant hereto by any of the Investors Indemnitees. To the extent that
the foregoing undertaking by the Company may be unenforceable for any reason,
the Company shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities, which is permissible under applicable
law.

        (b) In consideration of the Company's execution and delivery of this
Agreement, and in addition to all of the Investors' other obligations under this
Agreement, the Investors shall defend,

                                      -15-
<PAGE>

protect, indemnify and hold harmless the Company and all of its officers,
directors, employees and agents (including, without limitation, those retained
in connection with the transactions contemplated by this Agreement)
(collectively, the "Company Indemnitees") from and against any and all
Indemnified Liabilities incurred by the Company Indemnitees or any of them as a
result of, or arising out of, or relating to (a) any misrepresentation or breach
of any representation or warranty made by the Investors(s) in this Agreement,
the Registration Rights Agreement or any instrument or document contemplated
hereby or thereby executed by the Investors, (b) any breach of any covenant,
agreement or obligation of the Investors(s) contained in this Agreement, the
Registration Rights Agreement or any other certificate, instrument or document
contemplated hereby or thereby executed by the Investors, or (c) any cause of
action, suit or claim brought or made against such Company Indemnitee based on
material misrepresentations or due to a material breach by the Investors and
arising out of or resulting from the execution, delivery, performance or
enforcement of this Agreement or any other instrument, document or agreement
executed pursuant hereto by any of the Company Indemnitees. To the extent that
the foregoing undertaking by the Investors may be unenforceable for any reason,
the Investors shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities, which is permissible under
applicable law.

        (c) Promptly after receipt by an Investors Indemnitees or Company
Indemnitees (collectively referred to as an "Indemnified Person or Indemnified
Party") under this Section 5 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim,
such Indemnified Person or Indemnified Party shall, if a Claim in respect
thereof is to be made against any indemnifying party under this Section 5,
deliver to the indemnifying party a written notice of the commencement thereof,
and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel
reasonably satisfactory to the Indemnified Person or the Indemnified Party, as
the case may be; provided, however, that an Indemnified Person or Indemnified
Party shall have the right to retain its own counsel with the fees and expenses
of not more than one counsel for all such Indemnified Person or Indemnified
Party to be paid by the indemnifying party, if, in the reasonable opinion of
counsel retained by the indemnifying party, the representation by such counsel
of the Indemnified Person or Indemnified Party and the indemnifying party would
be inappropriate due to actual or potential differing interests between such
Indemnified Person or Indemnified Party and the indemnifying party. The
Indemnified Party or Indemnified Person shall cooperate fully with the
indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Indemnified Party or
Indemnified Person which relates to such action or claim. The indemnifying party
shall keep the Indemnified Party or Indemnified Person fully apprised at all
times as to the status of the defense or any settlement negotiations with
respect thereto. No indemnifying party shall be liable for any settlement of any
action, claim or proceeding effected without its prior written consent,
provided, however, that the indemnifying party shall not unreasonably withhold,
delay or condition its consent. No indemnifying party shall, without the prior
written consent of the Indemnified Party or Indemnified Person, consent to entry
of any judgment or enter into any settlement or other compromise which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability
in respect to such claim or litigation indemnification as provided
for hereunder,

                                      -16-
<PAGE>

the indemnifying party shall be subrogated to all rights of the Indemnified
Party or Indemnified Person with respect to all third parties, firms or
corporations relating to the matter for which indemnification has been made. The
failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party under this
Section 6, except to the extent that the indemnifying party is prejudiced in its
ability to defend such action.

                (d) The indemnification required by this Section 5 shall be made
by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages
are incurred.

                (e) The indemnity agreements contained herein shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

                                   ARTICLE VI
                            COVENANTS OF THE COMPANY

        Section 6.1 Registration Rights. The Company shall cause the
Registration Rights Agreement to remain in full force and effect and the Company
shall comply in all material respects with the terms thereof.

        Section 6.2 Listing of Common Stock. The Company shall maintain the
Common Stock's authorization for listing on the American Stock Exchange or any
other Principal Market, or if such listing is not maintained, the Company shall
obtain the quotation of its Common Stock on the NASD OTC Bulletin Board.

        Section 6.3 Exchange Act Registration. The Company will cause its Common
Stock to continue to be registered under Section 12(g) of the Exchange Act, will
file in a timely manner all reports and other documents required of it as a
reporting company under the Exchange Act and will not take any action or file
any document (whether or not permitted by Exchange Act or the rules there under)
to terminate or suspend such registration or to terminate or suspend its
reporting and filing obligations under said Exchange Act.

        Section 6.4 Transfer Agent Instructions. Upon each Closing and the
effectiveness of the Registration Statement and re-sale by the Investors, the
Company will deliver instructions to its transfer agent to issue shares of
Common Stock free of restrictive legends.

        Section 6.5 Corporate Existence. The Company will take all steps
necessary to preserve and continue the corporate existence of the Company.

        Section 6.6 Notice of Certain Events Affecting Registration; Suspension
of Right to Make

                                      -17-
<PAGE>

an Advance. The Company will immediately notify the Investors upon its becoming
aware of the occurrence of any of the following events in respect of a
registration statement or related prospectus relating to an offering of
Registrable Securities: (i) receipt of any request for additional information by
the SEC or any other Federal or state governmental authority during the period
of effectiveness of the Registration Statement for amendments or supplements to
the registration statement or related prospectus; (ii) the issuance by the SEC
or any other Federal or state governmental authority of any stop order
suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; (iii) receipt of any notification with respect
to the suspension of the qualification or exemption from qualification of any of
the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; (iv) the happening of any event
that makes any statement made in the Registration Statement or related
prospectus of any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any
changes in the Registration Statement, related prospectus or documents so that,
in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
that in the case of the related prospectus, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (v) the Company's
reasonable determination that a post-effective amendment to the Registration
Statement would be appropriate; and the Company will promptly make available to
the Investors any such supplement or amendment to the related prospectus. The
Company shall not deliver to the Investors any Advance Notice during the
continuation of any of the foregoing events.

        Section 6.7 Expectations Regarding Advance Notices. Within ten (10) days
after the commencement of each calendar quarter occurring subsequent to the
commencement of the Commitment Period, the Company must notify the Investors, in
writing, as to its reasonable expectations as to the dollar amount it intends to
raise during such calendar quarter, if any, through the issuance of Advance
Notices. Such notification shall constitute only the Company's good faith
estimate and shall in no way obligate the Company to raise such amount, or any
amount, or otherwise limit its ability to deliver Advance Notices. The failure
by the Company to comply with this provision can be cured by the Company's
notifying the Investors, in writing, at any time as to its reasonable
expectations with respect to the current calendar quarter.

        Section 6.8 Consolidation; Merger. The Company shall not, at any time
after the date hereof, effect any merger or consolidation of the Company with or
into, or a transfer of all or substantially all the assets of the Company to
another entity (a "Consolidation Event") unless the resulting successor or
acquiring entity (if not the Company) assumes by written instrument the
obligation to deliver to the Investors such shares of stock and/or securities as
the Investors are entitled to receive pursuant to this Agreement.

        Section 6.9 Issuance of the Company's Common Stock. The sale of the
shares of Common Stock shall be made in accordance with the provisions and
requirements of Regulation D and any applicable state securities law.

                                      -18-
<PAGE>

                                   ARTICLE VII
                CONDITIONS FOR ADVANCE AND CONDITIONS TO CLOSING

        Section 7.1 Conditions Precedent to the Obligations of the Company. The
obligation hereunder of the Company to issue and sell the shares of Common Stock
to the Investors incident to each Closing is subject to the satisfaction, or
waiver by the Company, at or before each such Closing, of each of the conditions
set forth below.

                (a) Accuracy of the Investors' Representation and Warranties.
The representations and warranties of the Investors shall be true and correct in
all material respects.

                (b) Performance by the Investors. The Investors shall have
performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement and the Registration Rights Agreement
to be performed, satisfied or complied with by the Investors at or prior to such
Closing.

        Section 7.2 Conditions Precedent to the Right of the Company to Deliver
an Advance Notice and the Obligation of the Investors to Purchase Shares of
Common Stock. The right of the Company to deliver an Advance Notice and the
obligation of the Investors hereunder to acquire and pay for shares of the
Company's Common Stock incident to a Closing is subject to the satisfaction or
waiver by the Investors, on (i) the date of delivery of such Advance Notice and
(ii) the applicable Advance Date (each a "Condition Satisfaction Date"), of each
of the following conditions:

                (a) Registration of the Common Stock with the SEC. The Company
shall have filed with the SEC a Registration Statement with respect to the
resale of the Registrable Securities in accordance with the terms of the
Registration Rights Agreement. As set forth in the Registration Rights
Agreement, the Registration Statement shall have previously become effective and
shall remain effective on each Condition Satisfaction Date and (i) neither the
Company nor the Investors shall have received notice that the SEC has issued or
intends to issue a stop order with respect to the Registration Statement or that
the SEC otherwise has suspended or withdrawn the effectiveness of the
Registration Statement, either temporarily or permanently, or intends or has
threatened to do so (unless the SEC's concerns have been addressed and the
Investors is reasonably satisfied that the SEC no longer is considering or
intends to take such action), and (ii) no other suspension of the use or
withdrawal of the effectiveness of the Registration Statement or related
prospectus shall exist. The Registration Statement must have been declared
effective by the SEC prior to the first Advance Notice Date.

                (b) Authority. The Company shall have obtained all permits and
qualifications required by any applicable state in accordance with the
Registration Rights Agreement for the offer and sale of the shares of Common
Stock, or shall have the availability of exemptions there from. The sale and
issuance of the shares of Common Stock shall be legally permitted by all laws
and regulations to which the Company is subject.

                                      -19-
<PAGE>

                (c) No Fundamental Changes. There shall no exist any fundamental
change to the information set forth in the Registration Statement which would
require the Company to file a post-effective amendment to the Registration
Statement.

                (d) Performance by the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement and the Registration Rights
Agreement to be performed, satisfied or complied with by the Company at or prior
to each Condition Satisfaction Date.

                (e) No Injunction. No statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent
jurisdiction that prohibits or directly and adversely affects any of the
transactions contemplated by this Agreement, and no proceeding shall have been
commenced that may have the effect of prohibiting or adversely affecting any of
the transactions contemplated by this Agreement.

                (f) No Suspension of Trading in or Delisting of Common Stock.
The trading of the Common Stock is not suspended by the SEC or the Principal
Market (if the Common Stock is traded on a Principal Market) or by the NASD OTC
Bulletin Board (if the Common Stock is traded on the over-the-counter market.
The Company shall not have received any notice threatening the continued listing
of the Common Stock on the Principal Market (if the Common Stock is traded on a
Principal Market).

                (g) Maximum Advance Amount. The amount of the advance requested
by the Company does not exceed the Maximum Advance Amount.

                (g) No Knowledge. The Company has no knowledge of any event more
likely than not to have the effect of causing such Registration Statement to be
suspended or otherwise ineffective.

                (h) Other. On each Condition Satisfaction Date, the Investors
shall have received and been reasonably satisfied with such other certificates
and documents as shall have been reasonably requested by the Investors in order
for the Investors to confirm the Company's satisfaction of the conditions set
forth in this Section 7.2, including, without limitation, a certificate executed
by an executive officer of the Company and to the effect that all the conditions
to such Closing shall have been satisfied as at the date of each such
certificate substantially in the form annexed hereto on Schedule B.

                                  ARTICLE VIII
         DUE DILIGENCE REVIEW; NON-DISCLOSURE OF NON-PUBLIC INFORMATION

        Section 8.1 Due Diligence Review. Prior to the filing of the
Registration Statement the Company shall make available for inspection and
review by the Investors, advisors to and

                                      -20-
<PAGE>

representatives of the Investors, any underwriter participating in any
disposition of the Registrable Securities on behalf of the Investors pursuant to
the Registration Statement, any such registration statement or amendment or
supplement thereto or any blue sky, NASD or other filing, all financial and
other records, all SEC Documents and other filings with the SEC, and all other
corporate documents and properties of the Company as may be reasonably necessary
for the purpose of such review, and cause the Company's officers, directors and
employees to supply all such information reasonably requested by the Investors
or any such representative, advisor or underwriter in connection with such
Registration Statement (including, without limitation, in response to all
questions and other inquiries reasonably made or submitted by any of them),
prior to and from time to time after the filing and effectiveness of the
Registration Statement for the sole purpose of enabling the Investors and such
representatives, advisors and underwriters and their respective accountants and
attorneys to conduct initial and ongoing due diligence with respect to the
Company and the accuracy of the Registration Statement.

        Section 8.2 Non-Disclosure of Non-Public Information.

                (a) The Company shall not disclose non-public information to the
Investors, advisors to or representatives of the Investors unless prior to
disclosure of such information the Company identifies such information as being
non-public information and provides the Investors, such advisors and
representatives with the opportunity to accept or refuse to accept such
non-public information for review. The Company may, as a condition to disclosing
any non-public information hereunder, require the Investors' advisors and
representatives to enter into a confidentiality agreement in form reasonably
satisfactory to the Company and the Investors.

                (b) Nothing herein shall require the Company to disclose
non-public information to the Investors or its advisors or representatives, and
the Company represents that it does not disseminate non-public information to
any Investors who purchase stock in the Company in a public offering, to money
managers or to securities analysts, provided, however, that notwithstanding
anything herein to the contrary, the Company will, as hereinabove provided,
immediately notify the advisors and representatives of the Investors and, if
any, underwriters, of any event or the existence of any circumstance (without
any obligation to disclose the specific event or circumstance) of which it
becomes aware, constituting non-public information (whether or not requested of
the Company specifically or generally during the course of due diligence by such
persons or entities), which, if not disclosed in the prospectus included in the
Registration Statement would cause such prospectus to include a material
misstatement or to omit a material fact required to be stated therein in order
to make the statements, therein, in light of the circumstances in which they
were made, not misleading. Nothing contained in this Section 8.2 shall be
construed to mean that such persons or entities other than the Investors
(without the written consent of the Investors prior to disclosure of such
information) may not obtain non-public information in the course of conducting
due diligence in accordance with the terms of this Agreement and nothing herein
shall prevent any such persons or entities from notifying the Company of their
opinion that based on such due diligence by such persons or entities, that the
Registration Statement contains an untrue statement of material fact or omits a
material fact required to be stated in the Registration Statement or necessary
to make the statements contained therein, in light of the circumstances in which
they were made, not misleading. In connection with its private placements of
securities to investors, the Company shall disclose all

                                      -21-
<PAGE>

material information to such investors as required by Federal and state
securities laws and regulations

                                   ARTICLE IX
                           CHOICE OF LAW/JURISDICTION

        Section 9.1 Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York without regard
to the principles of conflict of laws. The parties further agree that any action
between them shall be heard in New York City, New York, and expressly consent to
the jurisdiction and venue of the Supreme Court of New York and the United
States District Court for the Southern District of New York for the adjudication
of any civil action asserted pursuant to this paragraph.

                                    ARTICLE X
                             ASSIGNMENT; TERMINATION

        Section 10.1 Assignment. Except as contemplated in Section 6.8 herein,
neither this Agreement nor any rights of the Investors hereunder may be assigned
to any other Person.

        Section 10.2 Termination. The obligations of the Investor to make
Advances under Article II hereof shall terminate thirty six (36) months after
the date hereof.

                                   ARTICLE XI
                                     NOTICES

        Section 11.1 Notices. Any notices, consents, waivers, or other
communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile,
provided a copy is mailed by U.S. certified mail, return receipt requested;
(iii) three (3) days after being sent by U.S. certified mail, return receipt
requested, or (iv) one (1) day after deposit for overnight delivery with a
nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

                                      -22-
<PAGE>

If to the Company, to:           Blagman Media International Inc.
                                 1901 Avenue of the Stars
                                 Suite 1710
                                 Los Angeles, CA 90067
                                 Attention: Robert Blagman
                                 Chairman and Chief Executive Officer
                                 Telephone:  (310) 788-5444
                                 Facsimile:  (310) 788-5440

With a copy to:                  Edward T. Swanson, Esq.
                                 1135 17th Street
                                 Santa Monica, CA 90403
                                 Attention: Edward T. Swanson, Esq.
                                 Telephone: (310) 283-1035
                                 Facsimile: (310) 828-6138

If to the Investors, to its address and facsimile number on Exhibit A, with
copies to the Investors Counsel as set forth on Exhibit A. Each party shall
provide five (5) days' prior written notice to the other party of any change in
address or facsimile number.

                                   ARTICLE XII
                                  MISCELLANEOUS

        Section 12.1 Counterparts. This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party. In the event any signature page is
delivered by facsimile transmission, the party using such means of delivery
shall cause four (4) additional original executed signature pages to be
physically delivered to the other party within five (5) days of the execution
and delivery hereof.

        Section 12.2 Entire Agreement; Amendments. This Agreement supersedes all
other prior oral or written agreements between the Investors, the Company, their
affiliates and persons acting on their behalf with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or
therein, neither the Company nor any Investors makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of
this Agreement may be waived or amended other than by an instrument in writing
signed by the party to be charged with enforcement.

        Section 12.3 Reporting Entity for the Common Stock. The reporting entity
relied upon for the determination of the trading price or trading volume of the
Common Stock on any given Trading Day for the purposes of this Agreement shall
be Bloomberg, L.P. or any successor thereto. The

                                      -23-
<PAGE>

written mutual consent of the Investors and the Company shall be required to
employ any other reporting entity.

        Section 12.4 Fees and Expenses. As set forth in the Placement Agent
Agreement entered into by the Company in connection herewith, the Company has
agreed to pay the following fees:

                (a) Legal Fees. Each of the parties shall pay its own fees and
expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Agreement and the transactions
contemplated hereby, except upon the execution of this Agreement the Company
will pay directly from the gross proceeds of the Sale of convertible Preferred
Stock the sum of Fifteen Thousand Dollars ($15,000) , to the Placement Agent's
counsel, Butler Gonzalez LLP, for legal fees . Subsequently on each Advance
Date, the Company will pay Butler Gonzalez LLP the sum of Five Hundred Dollars
($500) Dollars for escrow fees, which shall include the fees of First Union
National Bank, as the escrow agent under the Escrow Agreement.

                (b) Placement Agent Fees. On each Advance Date, directly from
the gross funds held in escrow, the Company shall pay the May Davis Group, Inc.,
(the "Placement Agent") an amount equal to four percent (4%) of the amount of
each Advance . The Company hereby agrees that if such payment, as is described
above, is not made by the Company on the Advance Date, such payment will be made
at the direction of the Investors as outlined and mandated by Section 2.3 of
this Agreement. Furthermore upon the execution of this Agreement the Company
shall issue and deliver to the Placement Agent as compensation for its services,
shares of the Company's Common Stock in an amount Four Hundred Thousand Dollars
($400,000) divided by the Closing Bid Price of the Company's Common Stock on the
date this Agreement is executed (the "Shares") Such Shares will have demand and
piggy-back registration rights pursuant to the Registration Rights Agreement
dated the hereof.

        Section 12.5 Brokerage. Each of the parties hereto represents that it
has had no dealings in connection with this transaction with any finder or
broker who will demand payment of any fee or commission from the other party,
other than the Placement Agent . The Company on the one hand, and the Investors,
on the other hand, agree to indemnify the other against and hold the other
harmless from any and all liabilities to any person claiming brokerage
commissions or finder's fees on account of services purported to have been
rendered on behalf of the indemnifying party in connection with this Agreement
or the transactions contemplated hereby.

        Section 12.6 Confidentiality. If for any reason the transactions
contemplated by this Agreement are not consummated, each of the parties hereto
shall keep confidential any information obtained from any other party (except
information publicly available or in such party's domain prior to the date
hereof, and except as required by court order) and shall promptly return to the
other parties all schedules, documents, instruments, work papers or other
written information without retaining copies thereof, previously furnished by it
as a result of this Agreement or in connection herein.

                                      -24-
<PAGE>

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -25-
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Line of Credit
Agreement to be executed by the undersigned, thereunto duly authorized, as of
the date first set forth above.

                                       BLAGMAN MEDIA INTERNATIONAL INC.

                                       By:
                                          --------------------------------------
                                       Name:   Robert Blagman
                                       Title:  Chairman and Chief Executive
                                               Officer

                                       GAZELLE GROUP  LLP

                                       By:
                                          --------------------------------------
                                       Name: Adam Mayblum
                                       Title:

                                       DRH INVESTMENT COMPANY LLC

                                       By:
                                          --------------------------------------
                                       Name: Alfred Hahnfeldt
                                       Title:

EXHIBIT A

                                      -26-
<PAGE>

                              SCHEDULE OF INVESTORS

GAZELLE GROUP LLP                                 DRH INVESTMENT COMPANY LLC
50 Andrew Lane                                    578 Old Post Road East
New Rochelle, NY 10840                            Suite 750
                                                  West Port, CT 06880

                                      -27-
<PAGE>

                                    EXHIBIT B

                      ADVANCE NOTICE/COMPLIANCE CERTIFICATE

                        BLAGMAN MEDIA INTERNATIONAL INC.

                The undersigned, ________________________________ hereby
certifies, with respect to the sale of shares of Common Stock of Blagman Media
International Inc., ( the "Company") issuable in connection with this Advance
Notice and Compliance Certificate dated ___________________ (the "Notice"),
delivered pursuant to the Equity Line of Credit Agreement (the "Agreement"), as
follows:

                1.      The undersigned is the duly elected Chief Executive
                        Officer of the Company.

                2.      There are no fundamental changes to the information set
                        forth in the Registration Statement which would require
                        the Company to file a post-effective amendment to the
                        Registration Statement.

                3.      The Company has performed in all material respects all
                        covenants and agreements to be performed by the Company
                        on or prior to the Advance Date related to the Notice
                        and has complied in all material respects with all
                        obligations and conditions contained in the Agreement.

                4.      The Advance requested is _____________________.

                The undersigned has executed this Certificate this ____ day of
______________.

                                       BLAGMAN MEDIA INTERNATIONAL INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      -28-<PAGE>
                                                                    EXHIBIT 10.3

                          REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of July
12, 2001, by and among BLAGMAN MEDIA INTERNATIONAL INC., a Nevada corporation,
with its principal office located at 1901 Avenue of the Stars, Suite 1710, Los
Angeles, California 90067 (the "Company"), and GAZELLE GROUP LLP, a
_______limited liability partnership and DRH INVESTMENT COMPANY LLC, a
__________ limited liability corporation (the "Investors").

        WHEREAS:

        A. In connection with the Equity Line of Credit Agreement by and among
the parties hereto of even date herewith (the "Equity Line of Credit
Agreement"), the Company has agreed, upon the terms and subject to the
conditions of the Equity Line of Credit Agreement, to issue and sell to the
Investors that number of shares of the Company's common stock, par value $0.001
per share (the "Common Stock"), which can be purchased pursuant to the terms of
the Equity Line of Credit Agreement for an aggregate purchase price of up to
$15,000,000. Capitalized terms not defined herein shall have the meaning
ascribed to them in the Equity Line of Credit Agreement.

        B. To induce the Investors to execute and deliver the Equity Line of
Credit Agreement, the Company has agreed to provide certain registration rights
under the Securities Act of 1933, as amended, and the rules and regulations
there under, or any similar successor statute (collectively, the "1933 Act"),
and applicable state securities laws.

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Investors hereby agree as follows:

        1. DEFINITIONS.

                As used in this Agreement, the following terms shall have the
following meanings:

                a. "Person" means a corporation, a limited liability company, an
association, a partnership, an organization, a business, an individual, a
governmental or political subdivision thereof or a governmental agency.

                b. "Register," "registered," and "registration" refer to a
registration effected by preparing and filing one or more Registration
Statements (as defined below) in compliance with the 1933 Act and pursuant to
Rule 415 under the 1933 Act or any successor rule providing for offering
securities on a continuous or delayed basis ("Rule 415"), and the declaration or
ordering of effectiveness of such Registration Statement(s) by the United States
Securities and Exchange Commission (the "SEC").

<PAGE>

                c. "Registrable Securities" means the shares of Common Stock
issuable to the Investors pursuant to the Equity Line of Credit Agreement.

                d. "Registration Statement" means a registration statement under
the 1933 Act which covers the Registrable Securities.

        2. REGISTRATION.

                a. Mandatory Registration. The Company shall prepare and file
with the SEC a Registration Statement on Form S-3 covering the resale of all of
the Registrable Securities . In the event that Form S-3 is unavailable for such
a registration, the Company shall use such other form as is available for such a
registration. The Company shall cause such Registration Statement to be declared
effective by the SEC prior to the first sale to Investors of the Company's
Common Stock pursuant to the Equity Line of Credit Agreement.

                b. Ineligibility for Form S-3. Although Form S-3 is not
available for the registration of Registrable Securities hereunder, the Company
shall (i) register the sale of the Registrable Securities on another appropriate
form and (ii) undertake to register the Registrable Securities on Form S-3 as
soon as such form is available, provided that the Company shall maintain the
effectiveness of the Registration Statement then in effect until such time as a
Registration Statement on Form S-3 covering the Registrable Securities has been
declared effective by the SEC.

                c. Sufficient Number of Shares Registered. In the event the
number of shares available under a Registration Statement filed pursuant to
Section 2(a) is insufficient to cover all of the Registrable Securities the
Investors has purchased pursuant to the Equity Line of Credit Agreement, the
Company shall amend the Registration Statement, or file a new Registration
Statement (on the short form available therefore, if applicable), or both, so as
to cover all of such Registrable Securities the Investors has purchased pursuant
to the Equity Line of Credit Agreement as soon as practicable, but in any event
not later than fifteen (15) days after the necessity therefore arises. The
Company shall use it best efforts to cause such amendment and/or new
Registration Statement to become effective as soon as practicable following the
filing thereof. For purposes of the foregoing provision, the number of shares
available under a Registration Statement shall be deemed "insufficient to cover
all of the Registrable Securities" if at any time the number of Registrable
Securities issuable on an Advance Notice Date is greater than the number of
shares available for resale under such Registration Statement.

                                       2
<PAGE>

        3. RELATED OBLIGATIONS.

                a. The Company shall keep the Registration Statement effective
pursuant to Rule 415 at all times until the date on which the Investor shall
have sold all the Registrable Securities covered by such Registration Statement
(the "Registration Period"), which Registration Statement (including any
amendments or supplements thereto and prospectuses contained therein) shall 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 therein, in
light of the circumstances in which they were made, not misleading.

                b. The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a
Registration Statement and the prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep such Registration
Statement effective at all times during the Registration Period, and, during
such period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by such
Registration Statement until earlier of (i) the date on which the Investors
shall have sold all the Registrable Securities covered by such Registration
Statement or (ii) the date on which the Investors are able to sell all shares
held by them pursuant to Rule 144(k) which in any case will not occur less than
two (2) years from the last Advance. In the case of amendments and supplements
to a Registration Statement which are required to be filed pursuant to this
Agreement (including pursuant to this Section 3(b)) by reason of the Company's
filing a report on Form 10-KSB, Form 10-QSB or Form 8-KSB or any analogous
report under the Securities Exchange Act of 1934, as amended (the "1934 Act"),
the Company shall have incorporated such report by reference into the
Registration Statement, if applicable, or shall file such amendments or
supplements with the SEC on the same day on which the 1934 Act report is filed
which created the requirement for the Company to amend or supplement the
Registration Statement.

                c. The Company shall furnish the Investors without charge, (i)
at least one copy of such Registration Statement as declared effective by the
SEC and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference, all exhibits and each
preliminary prospectus, (ii) ten (10) copies of the final prospectus included in
such Registration Statement and all amendments and supplements thereto (or such
other number of copies as such Investors may reasonably request) and (iii) such
other documents as such Investors may reasonably request from time to time in
order to facilitate the disposition of the Registrable Securities owned by such
Investors.

                d. The Company shall use its best efforts to (i) register and
qualify the Registrable Securities covered by a Registration Statement under
such other securities or "blue sky" laws of such jurisdictions in the United
States as any Investors reasonably requests, including but not limited to the
laws of the State of Delaware, New York, and Connecticut, (ii) prepare and file
in those jurisdictions, such amendments (including post-effective amendments)
and supplements to

                                       3
<PAGE>

such registrations and qualifications as may be necessary to maintain the
effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to (w) make any
change to its articles of incorporation or by-laws, (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(d), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify the Investors of the receipt by
the Company of any notification with respect to the suspension of the
registration or qualification of any of the Registrable Securities for sale
under the securities or "blue sky" laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

                e. As promptly as practicable after becoming aware of such event
or development, the Company shall notify the Investors in writing of the
happening of any event as a result of which the prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a
material fact or omission to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (provided that in no event shall such
notice contain any material, nonpublic information), and promptly prepare a
supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and deliver ten (10) copies of such supplement or
amendment to each Investors. The Company shall also promptly notify the
Investors in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed, and when a Registration Statement or
any post-effective amendment has become effective (notification of such
effectiveness shall be delivered to the Investors by facsimile on the same day
of such effectiveness), (ii) of any request by the SEC for amendments or
supplements to a Registration Statement or related prospectus or related
information, and (iii) of the Company's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

                f. The Company shall use its best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of a
Registration Statement, or the suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction within the United States of
America and, if such an order or suspension is issued, to obtain the withdrawal
of such order or suspension at the earliest possible moment and to notify the
Investors of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such
purpose.

                g. At the reasonable request of any Investors, the Company shall
furnish to such Investors, on the date of the effectiveness of the Registration
Statement and thereafter from time to time on such dates as an Investors may
reasonably request (i) a letter, dated such date, from the Company's independent
certified public accountants in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering, and (ii) an opinion, dated as of such date, of counsel
representing the Company for purposes of such

                                       4
<PAGE>

Registration Statement, in form, scope and substance as is customarily given in
an underwritten public offering, addressed to the Investors.

                h. At the reasonable request of the Investors, the Company shall
make available for inspection by (i) any Investors and (ii) one firm of
accountants or other agents retained by the Investors (collectively, the
"Inspectors") all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the "Records"), as shall
be reasonably deemed necessary by each Inspector, and cause the Company's
officers, directors and employees to supply all information which any Inspector
may reasonably request; provided, however, that each Inspector shall agree, and
the Investors hereby agrees, to hold such records in strict confidence and shall
not make any disclosure (except to an Investors) or use of any Record or other
information which the Company determines in good faith to be confidential, and
of which determination the Inspectors are so notified, unless (a) the disclosure
of such Records is necessary to avoid or correct a misstatement or omission in
any Registration Statement or is otherwise required under the 1933 Act, (b) the
release of such Records is ordered pursuant to a final, non-appealable subpoena
or order from a court or government body of competent jurisdiction, or (c) the
information in such Records has been made generally available to the public
other than by disclosure in violation of this or any other agreement of which
the Inspector and the Investors has knowledge. The Investors agrees that it
shall, upon learning that disclosure of such Records is sought in or by a court
or governmental body of competent jurisdiction or through other means, give
prompt notice to the Company and allow the Company, at its expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, the Records deemed confidential.

                i. The Company shall hold in confidence and not make any
disclosure of information concerning an Investors provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state
securities laws, (ii) disclosure of such information is necessary to avoid or
correct a misstatement or omission in any Registration Statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Company agrees that it shall, upon learning that disclosure of
such information concerning an Investors is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
written notice to such Investors and allow such Investors, at the Investor's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

                j. The Company shall use its best efforts either to cause all
the Registrable Securities covered by a Registration Statement (i) to be listed
on each securities exchange on which securities of the same class or series
issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange or
(ii) if the Company satisfies the applicable listing requirements, secure
designation and quotation of all the Registrable Securities covered by the
Registration Statement on the Nasdaq National Market or The Nasdaq SmallCap
Market or, if, despite the Company's best efforts to satisfy the preceding
clause (i) or (ii), the Company is unsuccessful in satisfying the preceding
clause (i) or (ii), to secure the inclusion for

                                       5
<PAGE>

quotation on the National Association of Securities Dealers, Inc. OTC Bulletin
Board for such Registrable Securities. The Company shall pay all fees and
expenses in connection with satisfying its obligation under this Section 3(j).

                k. The Company shall cooperate with the Investors and, to the
extent applicable, facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, as the
Investors may reasonably request and registered in such names as the Investors
may request, subject to Section 3.12 of the Equity Line of Credit Agreement.

                l. The Company shall use its best efforts to cause the
Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary to consummate the disposition of such Registrable
Securities.

                m. The Company shall make generally available to its security
holders as soon as practical, but not later than 90 days after the close of the
period covered thereby, an earnings statement (in form complying with the
provisions of Rule 158 under the 1933 Act) covering a twelve-month period
beginning not later than the first day of the Company's fiscal quarter next
following the effective date of the Registration Statement.

                n. The Company shall otherwise use its best efforts to comply
with all applicable rules and regulations of the SEC in connection with any
registration hereunder.

                o. Within two (2) business days after a Registration Statement
which covers Registrable Securities is ordered effective by the SEC, the Company
shall deliver, and shall cause legal counsel for the Company to deliver, to the
transfer agent for such Registrable Securities (with copies to the Investors
whose Registrable Securities are included in such Registration Statement)
confirmation that such Registration Statement has been declared effective by the
SEC in the form attached hereto as Exhibit A.

                p. The Company shall take all other reasonable actions necessary
to expedite and facilitate disposition by the Investors of Registrable
Securities pursuant to a Registration Statement.

        4. OBLIGATIONS OF THE INVESTORS.

                The Investors agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(f) or
the first sentence of 3(e), the Investors will immediately discontinue
disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until such Investors' receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(e) or
receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary, the

                                       6
<PAGE>

Company shall cause its transfer agent to deliver unlegended certificates for
Conversion Shares to a transferee of an Investors in accordance with the terms
of the Equity Line of Credit Agreement in connection with any sale of
Registrable Securities with respect to which an Investors has entered into a
contract for sale prior to the Investors' receipt of a notice from the Company
of the happening of any event of the kind described in Section 3(f) or the first
sentence of 3(e) and for which the Investors has not yet settled.

        5. EXPENSES OF REGISTRATION.

                All expenses (except commissions) incurred in connection with
registrations, filings or qualifications pursuant to Sections 2 and 3 herein,
including, without limitation, all registration, listing and qualifications
fees, printers, legal and accounting fees shall be paid by the Company, subject
to the agreements set forth in Section 12.4 of the Equity Line of Credit
Agreement.

        6. INDEMNIFICATION.

                With respect to Registrable Securities which are included in a
Registration Statement under this Agreement:

                a. To the fullest extent permitted by law, the Company will, and
hereby does, indemnify, hold harmless and defend each Investors, the directors,
officers, partners, employees, agents, representatives of, and each Person, if
any, who controls any Investors within the meaning of the 1933 Act or the 1934
Act (each, an "Indemnified Person"), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys'
fees, amounts paid in settlement or expenses, joint or several (collectively,
"Claims") incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by
or before any court or governmental, administrative or other regulatory agency,
body or the SEC, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto ("Indemnified Damages"), to which any of them
may become subject insofar as such Claims (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon: (i)
any untrue statement or alleged untrue statement of a material fact in a
Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities
or other "blue sky" laws of any jurisdiction in which Registrable Securities are
offered ("Blue Sky Filing"), or the omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading; (ii) any untrue statement or alleged untrue statement of
a material fact contained in any final prospectus (as amended or supplemented,
if the Company files any amendment thereof or supplement thereto with the SEC)
or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading; or (iii) any violation or
alleged violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation there under relating to the offer or sale of the Registrable
Securities pursuant to a Registration Statement (the matters in the foregoing
clauses (i) through (iii) being, collectively, "Violations"). The Company shall
reimburse

                                       7
<PAGE>

the Investors and any controlling person promptly as such expenses are incurred
and are due and payable, for any legal fees or disbursements or other reasonable
expenses incurred by them in connection with investigating or defending any such
Claim. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(a): (x) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation which
occurs in reliance upon and in conformity with information furnished in writing
to the Company by such Indemnified Person expressly for use in connection with
the preparation of the Registration Statement or any such amendment thereof or
supplement thereto; (y) shall not be available to the extent such Claim is based
on a failure of the Investors to deliver or to cause to be delivered the
prospectus made available by the Company, if such prospectus was timely made
available by the Company pursuant to Section 3(d); and (z) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be
unreasonably withheld. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Person
and shall survive the transfer of the Registrable Securities by the Investors
pursuant to Section 9.

                b. In connection with a Registration Statement, the Investors
agree to severally and not jointly indemnify, hold harmless and defend, to the
same extent and in the same manner as is set forth in Section 6(a), the Company,
each of its directors, each of its officers who signs the Registration Statement
and each Person, if any, who controls the Company within the meaning of the 1933
Act or the 1934 Act (each an "Indemnified Party"), against any Claim or
Indemnified Damages to which any of them may become subject, under the 1933 Act,
the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arises
out of or is based upon any Violation, in each case to the extent, and only to
the extent, that such Violation occurs in reliance upon and in conformity with
written information furnished to the Company by the Investors expressly for use
in connection with such Registration Statement; and, subject to Section 6(d),
the Investors will reimburse any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such Claim; provided,
however, that the indemnity agreement contained in this Section 6(b) and the
agreement with respect to contribution contained in Section 7 shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Investors, which consent shall not be
unreasonably withheld; provided, further, however, that the Investors shall be
liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to the Investors as a result of the
sale of Registrable Securities pursuant to such Registration Statement. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Indemnified Party and shall survive the transfer of
the Registrable Securities by the Investors pursuant to Section 9.
Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with respect to any prospectus shall
not inure to the benefit of any Indemnified Party if the untrue statement or
omission of material fact contained in the prospectus was corrected and such new
prospectus was delivered to the Investors prior to such Investors' use of the
prospectus to which the Claim relates.

                                       8
<PAGE>

                c. Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement
thereof, and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume control of the defense thereof
with counsel reasonably satisfactory to the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified
Person or Indemnified Party shall have the right to retain its own counsel with
the fees and expenses of not more than one counsel for such Indemnified Person
or Indemnified Party to be paid by the indemnifying party, if, in the reasonable
opinion of counsel retained by the indemnifying party, the representation by
such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Indemnified Party and the indemnifying
party. The Indemnified Party or Indemnified Person shall cooperate fully with
the indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Indemnified Party or
Indemnified Person which relates to such action or claim. The indemnifying party
shall keep the Indemnified Party or Indemnified Person fully apprised at all
times as to the status of the defense or any settlement negotiations with
respect thereto. No indemnifying party shall be liable for any settlement of any
action, claim or proceeding effected without its prior written consent,
provided, however, that the indemnifying party shall not unreasonably withhold,
delay or condition its consent. No indemnifying party shall, without the prior
written consent of the Indemnified Party or Indemnified Person, consent to entry
of any judgment or enter into any settlement or other compromise which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability
in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is
prejudiced in its ability to defend such action.

                d. The indemnification required by this Section 6 shall be made
by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages
are incurred.

                e. The indemnity agreements contained herein shall be in
addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

                                       9
<PAGE>

        7. CONTRIBUTION.

                To the extent any indemnification by an indemnifying party is
prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Section 6 to the fullest extent permitted by law; provided, however, that:
(i) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of
fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
Securities shall be limited in amount to the net amount of proceeds received by
such seller from the sale of such Registrable Securities.

        8. REPORTS UNDER THE 1934 ACT.

                With a view to making available to the Investors the benefits of
Rule 144 promulgated under the 1933 Act or any similar rule or regulation of the
SEC that may at any time permit the Investors to sell securities of the Company
to the public without registration ("Rule 144") the Company agrees to:

                a. make and keep public information available, as those terms
are understood and defined in Rule 144;

                b. file with the SEC in a timely manner all reports and other
documents required of the Company under the 1933 Act and the 1934 Act so long as
the Company remains subject to such requirements (it being understood that
nothing herein shall limit the Company's obligations under Section 6.3) of the
Equity Line of Credit Agreement) and the filing of such reports and other
documents as is deemed by the Company to be required for the applicable
provisions of Rule 144; and

                c. furnish to the Investors so long as such Investors owns
Registrable Securities, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the
1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested to
permit the Investors to sell such securities pursuant to Rule 144 without
registration.

        9. ASSIGNMENT OF REGISTRATION RIGHTS.

                Neither this Agreement nor any rights of the Investors hereunder
may be assigned to any other Person.

                                       10
<PAGE>

        10. AMENDMENT OF REGISTRATION RIGHTS.

                Provisions of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Investors. Any amendment or waiver effected in accordance with this Section
10 shall be binding upon the Investors and the Company. No such amendment shall
be effective to the extent that it applies to fewer than all of the holders of
the Registrable Securities. No consideration shall be offered or paid to any
Person to amend or consent to a waiver or modification of any provision of any
of this Agreement unless the same consideration is also offered to all of the
parties to this Agreement.

        11. MISCELLANEOUS.

                a. A Person is deemed to be a holder of Registrable Securities
whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or
election received from the registered owner of such Registrable Securities.

                b. Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one business day after deposit with
a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

<TABLE>
<S>                                  <C>
If to Investors, to:                 Gazelle Group LLP
                                     50 Andrew Lane
                                     New Rochelle, NY 10840
                                     Attention: Adam Mayblum
                                     Facsimile: (212) 775-8166

                                     DRH Investment Company LLC
                                     578 Old Post Road
                                     Suite 750
                                     West Port, CT 06880
                                     Attention: Alfred Hahnfeldt
                                     Facsimile: (212) 775-8166
</TABLE>

                                       11
<PAGE>

<TABLE>
<S>                                  <C>
If to Company, to:                   Blagman Media International Inc.
                                     1901 Avenue of the Stars
                                     Suite 1710
                                     Los Angeles, CA 90067
                                     Attention: Robert Blagman, Chairman and Chief
                                     Executive Officer
                                     Facsimile: (310) 788-5440

With copy to:                        Edward T. Swanson, Esq.
                                     1135 17th Street
                                     Santa Monica, CA 90403
                                     Attention: Edward T. Swanson, Esq.
                                     Telephone: (310) 283-1035
                                     Facsimile: (310) 828-6138
</TABLE>

If to an Investors, to its address and facsimile number referenced herein , with
copies to such Investors' representatives as set forth herein or to such other
address and/or facsimile number and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party
five days prior to the effectiveness of such change. Written confirmation of
receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (C) provided by a courier or
overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery
service in accordance with clause (i), (ii) or (iii) above, respectively.

                c. Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

                d. The corporate laws of the State of New York shall govern all
issues concerning the relative rights of the Company and the Investors as its
stockholders. All other questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice

                                       12
<PAGE>

of law 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. Each party hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. If any provision of this Agreement shall
be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

                e. This Agreement, the Equity Line of Credit Agreement and the
Escrow Agreement constitute the entire agreement among the parties hereto with
respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the Equity Line of Credit Agreement and the
Escrow Agreement supersede all prior agreements and understandings among the
parties hereto with respect to the subject matter hereof and thereof.

                f. Subject to the requirements of Section 9, this Agreement
shall inure to the benefit of and be binding upon the permitted successors and
assigns of each of the parties hereto.

                g. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                h. This Agreement may be executed in identical counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same agreement. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement.

                i. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent

                                       13
<PAGE>

and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

                j. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

                k. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       14
<PAGE>

        IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of day and year first above written.

                                  BLAGMAN MEDIA INTERNATIONAL INC.

                                  By:
                                     -------------------------------------------
                                  Name: Robert Blagman
                                  Title: Chairman and Chief Executive Officer

                                  GAZELLE GROUP LLP

                                  By:
                                     -------------------------------------------
                                  Name: Adam Mayblum
                                  Title:

                                  DRH INVESTMENT COMPANY LLC

                                  By:
                                     -------------------------------------------
                                  Name: Alfred Hahnfeldt
                                  Title:

                                       15
<PAGE>

                                                                       EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

[TRANSFER AGENT]
ATTN:
     ------------------------

                Re: BLAGMAN MEDIA INTERNATIONAL INC.

Ladies and Gentlemen:

        We are counsel to BLAGMAN MEDIA INTERNATIONAL INC., a Nevada corporation
(the "Company"), and have represented the Company in connection with that
certain Equity Line of Credit Agreement (the "Equity Line of Credit Agreement")
entered into by and among the Company and the Investors named therein
(collectively, the "Investors") pursuant to which the Company issued to the
Investors shares of its Common Stock, par value $0.001 per share (the "Common
Stock"). Pursuant to the Equity Line of Credit Agreement, the Company also has
entered into a Registration Rights Agreement with the Investors (the
"Registration Rights Agreement") pursuant to which the Company agreed, among
other things, to register the Registrable Securities (as defined in the
Registration Rights Agreement) under the Securities Act of 1933, as amended (the
"1933 Act"). In connection with the Company's obligations under the Registration
Rights Agreement, on ____________ ____, the Company filed a Registration
Statement on Form ________ (File No. 333-_____________) (the "Registration
Statement") with the Securities and Exchange Commission (the "SEC") relating to
the Registrable Securities which names each of the Investors as a selling
stockholder there under.

        In connection with the foregoing, we advise you that a member of the
SEC's staff has advised us by telephone that the SEC has entered an order
declaring the Registration Statement effective under the 1933 Act at [ENTER TIME
OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge that
any stop order suspending its effectiveness has been issued or that any
proceedings for that purpose are pending before, or threatened by, the SEC and
the Registrable Securities are available for resale under the 1933 Act pursuant
to the Registration Statement.

                                       Very truly yours,

                                       [ISSUER'S COUNSEL]

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

cc: [LIST NAMES OF INVESTORS]

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