Document:

Exhibit 10.27.3

                AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT
                                 March 30, 2004

         Reference is made to that certain  Registration  Rights Agreement dated
December 30, 2003 as amended by Amendment No. 1 to Registration Rights Agreement
dated  February  27,  2004  (as  amended,  supplemented  or  otherwise  modified
hereafter  the  "Agreement")  made by  INYX,  Inc.,  a Nevada  corporation  (the
"Company")  and  Laurus  Master  Fund,  Ltd.  (the   "Purchaser"  or  "Laurus").
Capitalized  terms  used  herein  without  definition  shall  have the  meanings
ascribed to such terms in the Agreement.

         WHEREAS,  the Company and Laurus have agreed to amend  certain terms of
the Agreement and the Company desires to make such changes; and

         NOW, THEREFORE,  in consideration for the execution and delivery by the
Company of this amendment,  and for other good and valuable  consideration,  the
receipt and  sufficiency  of which is hereby  acknowledged,  the parties  hereto
agree as follows:

         1.       The definition of "Filing Date"  contained in Section 1 of the
                  Agreement is hereby  deleted in its entirety and the following
                  inserted in its stead:

                  "Filing  Date"  means,  with  respect to (1) the  Registration
         Statement  which is required to be filed with respect to the Loans made
         on the initial  funding date,  the date which is thirty (30) days after
         the date hereof,  (2) with respect to each $2,000,000  tranche of Loans
         funded  after the date  hereof,  the date which is forty five (45) days
         after such funding of such additional  $2,000,000 of Loans evidenced by
         a Minimum  Borrowing Note  thereafter and (3) with respect to shares of
         Common Stock  issuable to the Holder as a result of  adjustments to the
         Fixed  Conversion  Price made  pursuant  to Section  2.5 of the Secured
         Convertible  Revolving  Note,  Section 3.5 of the  Secured  Convertible
         Minimum  Borrowing  Notes,  Section 4 of the  Warrant,  or any warrants
         issued  by the  Company  to the  Purchaser  after  the date  hereof  or
         otherwise,  thirty (30) days after the  occurrence  such event,  or the
         date of the adjustment of the Fixed Conversion Price."

         2.       The foregoing  amendment shall be effective as of December 30,
                  2003.

         3.       There are no other amendments to the Agreement, and all of the
                  other forms,  terms and provisions of the Agreement  remain in
                  full force and effect.

         4.       The Company  hereby  represents and warrants to Laurus that as
                  of  the  date  hereof  all   representation,   warranties  and
                  covenants made by the Company in connection with the Agreement
                  are  true  correct  and  complete  and  all of  the  Company's
                  covenants requirements have been met.

<PAGE>

         IN WITNESS  WHEREOF,  each of the  Company  and Laurus has caused  this
Amendment No. 2 to Registration Rights Agreement signed in its name effective as
of this 30th day of March, 2004.

                                             INYX, INC.

                                             By:________________________________
                                                Name:
                                                Title:

                                             LAURUS MASTER FUND, LTD.

                                             By:________________________________
                                             Name:
                                             Title:Exhibit 10.27.4

                      AMENDMENT NO. 2 TO SECURITY AGREEMENT
                                 March 30, 2004

         Reference is made to that certain Security Agreement dated December 30,
2003 made by INYX,  Inc., a Nevada  corporation (the "Borrower") in favor LAURUS
MASTER FUND,  LTD., c/o Ironshore  Corporate  Services Ltd., P.O. Box 1234 G.T.,
Queensgate  House,  South  Church  Street,  Grand  Cayman,  Cayman  Islands (the
"Laurus"") as amended by Amendment No.1 to Security Agreement dated February 27,
2004  (and as  amended,  supplemented  or  otherwise  modified,  hereafter,  the
"Security Agreement") pursuant to which, among other things, the Borrower issued
a secured minimum borrowing note in the original principal amount of Two Million
Dollars  ($2,000,000)  (the " MB  Note")  and a  secured  revolving  note in the
original  principal  amount  of Three  Million  Five  Hundred  Thousand  Dollars
($3,500,000)  (the "Revolving  Note") to Laurus.  Capitalized  terms used herein
without  definition  shall  have  the  meanings  ascribed  to such  terms in the
Security Agreement.

         WHEREAS,  the  Borrower  and Laurus have  agreed to amend the  Security
Agreement to increase the original  principal  amount of the  Revolving  Note to
Four Million Five Hundred Thousand Dollars ($4,500,000) and the Borrower desires
to make such changes; and

         WHEREAS  the  Borrower  and Laurus  agree  that on the date  hereof the
aggregate  amount  outstanding  under the i) Revolving Note and ii) that certain
Secured  Convertible  Minimum  Borrowing Note of the Borrower dated December 30,
2003 (as amended by Amendment No. 1 to the Minimum Borrowing Note dated February
27,  2004) and made in favor of Laurus,  is  $5,500,000,  such amount  including
Overadvances granted to the Borrower, outstanding on the date hereof

         NOW, THEREFORE,  in consideration for the execution and delivery by the
Borrower of this amendment,  and for other good and valuable consideration,  the
receipt and  sufficiency  of which is hereby  acknowledged,  the parties  hereto
agree as follows:

         1.       The definition of "Revolving Note" contained in Annex A to the
                  Security  Agreement is hereby  deleted in its entirety and the
                  following inserted in its stead:

                           "Revolving  Note" means that secured  revolving  note
                  made by the  Company  in  favor  of  Laurus  in the  aggregate
                  principal  amount of up to Four Million Five Hundred  Thousand
                  United States Dollars (USD$4,500,000)."

         2.       The foregoing amendments shall be effective as of December 30,
                  2003.

         3.       There are no other amendments to the Security  Agreement,  and
                  all of the other forms,  terms and  provisions of the Security
                  Agreement remain in full force and effect.

         4.       The Borrower hereby  represents and warrants to Laurus that as
                  of  the  date  hereof  all   representation,   warranties  and
                  covenants  made by Borrower in  connection  with the  Security
                  Agreement  are true correct and complete and all of Borrower's
                  covenants requirements have been met.

<PAGE>

         IN WITNESS  WHEREOF,  each of the  Borrower  and Laurus has caused this
Amendment  No. 2 to  Security  Agreement  signed in its name on this 30th day of
March, 2004.

                                             INYX, INC.

                                             By:________________________________
                                                Name:
                                                Title:

                                                     LAURUS MASTER FUND, LTD.

                                             By:________________________________
                                                Name:
                                                Title:Exhibit 10.27.5

THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON  EXERCISE OF THIS
WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE  SECURITIES  LAWS.  THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON
EXERCISE  OF  THIS  WARRANT  MAY NOT BE  SOLD,  OFFERED  FOR  SALE,  PLEDGED  OR
HYPOTHECATED  IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS
WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL  REASONABLY  SATISFACTORY  TO INYX,  INC. THAT SUCH  REGISTRATION IS NOT
REQUIRED.

            Right to Purchase up to 165,000 Shares of Common Stock of
                                   INYX, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                                Issue Date:  March 30, 2004

         INYX,  INC.,  a  corporation  organized  under the laws of the State of
Nevada, hereby certifies that, for value received,  LAURUS MASTER FUND, LTD., or
assigns (the  "Holder"),  is entitled,  subject to the terms set forth below, to
purchase  from the Company (as defined  herein) from and after the Issue Date of
this  Warrant and at any time or from time to time  before  5:00 p.m.,  New York
time,  through the close of business March 30, 2009 (the "Expiration  Date"), up
to 165,000 fully paid and  nonassessable  shares of Common Stock (as hereinafter
defined), $0.001 par value per share, at the applicable Exercise Price per share
(as defined below).  The number and character of such shares of Common Stock and
the  applicable  Exercise  Price per share are subject to adjustment as provided
herein.

         As used  herein  the  following  terms,  unless the  context  otherwise
requires, have the following respective meanings:

                  (a) The  term  "Company"  shall  include  INYX,  Inc.  and any
         corporation  which shall succeed,  or assume the  obligations of, INYX,
         Inc. hereunder.

                  (b) The term "Common Stock" includes (i) the Company's  Common
         Stock,  par value 0.001 per share;  and (ii) any other  securities into
         which  or for  which  any of the  securities  described  in (a)  may be
         converted  or  exchanged  pursuant  to  a  plan  of   recapitalization,
         reorganization, merger, sale of assets or otherwise.

                  (c) The term  "Other  Securities"  refers to any stock  (other
         than  Common  Stock) and other  securities  of the Company or any other
         person  (corporate or otherwise) which the holder of the Warrant at any
         time shall be  entitled  to  receive,  or shall have  received,  on the
         exercise of the Warrant,  in lieu of or in addition to Common Stock, or
         which at any time  shall be  issuable  or shall  have  been  issued  in
         exchange  for or in  replacement  of Common  Stock or Other  Securities
         pursuant to Section 4 or otherwise.

<PAGE>

                  (d) The "Exercise Price" applicable under this Warrant shall
         be as follows:

                           (i) a price of $1.25  [125% of the  Fixed  Conversion
                  Price  at  Closing]  for  the  first  55,000  shares  acquired
                  hereunder;

                           (ii) a price of $1.50  [150% of the Fixed  Conversion
                  Price  at  Closing]  for  the  next  55,000  shares   acquired
                  hereunder; and

                           (iii) a price of $1.75 [175% of the Fixed  Conversion
                  Price  at  Closing]  for  any   additional   shares   acquired
                  hereunder.

         1. Exercise of Warrant.

         1.1 Number of Shares  Issuable upon  Exercise.  From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original  or fax copy of an  exercise  notice  in the form  attached  hereto  as
Exhibit  A (the  "Exercise  Notice"),  shares of  Common  Stock of the  Company,
subject to adjustment pursuant to Section 4.

         1.2 Fair Market Value. For purposes hereof,  the "Fair Market Value" of
a share of Common Stock as of a particular date (the "Determination Date") shall
mean:

                  (a) If the  Company's  Common  Stock is traded on the American
         Stock  Exchange  or  another  national  exchange  or is  quoted  on the
         National  or  SmallCap   Market  of  The  Nasdaq  Stock  Market,   Inc.
         ("Nasdaq"), then the closing or last sale price, respectively, reported
         for the last business day immediately preceding the Determination Date.

                  (b)  If the  Company's  Common  Stock  is  not  traded  on the
         American Stock Exchange or another  national  exchange or on the Nasdaq
         but is  traded  on the NASD OTC  Bulletin  Board,  then the mean of the
         average  of the  closing  bid and asked  prices  reported  for the last
         business day immediately preceding the Determination Date.

                  (c) Except as provided in clause (d) below,  if the  Company's
         Common Stock is not publicly traded, then as the Holder and the Company
         agree or in the absence of agreement by arbitration in accordance  with
         the  rules  then in  effect of the  American  Arbitration  Association,
         before  a  single  arbitrator  to be  chosen  from a panel  of  persons
         qualified  by  education  and  training  to  pass on the  matter  to be
         decided.

                  (d) If the  Determination  Date is the date of a  liquidation,
         dissolution  or winding  up, or any event  deemed to be a  liquidation,
         dissolution or winding up pursuant to the Company's  charter,  then all
         amounts to be payable per share to holders of the Common Stock pursuant
         to the charter in the event of such liquidation, dissolution or winding
         up,  plus all other  amounts to be payable  per share in respect of the
         Common  Stock  in  liquidation  under  the  charter,  assuming  for the
         purposes of this clause (d) that all of the shares of Common Stock then
         issuable  upon  exercise  of  the  Warrant  are   outstanding   at  the
         Determination Date.

                                       2
<PAGE>

         1.3  Company  Acknowledgment.  The  Company  will,  at the  time of the
exercise of the Warrant,  upon the request of the holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

         1.4  Trustee  for  Warrant  Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the  holders of the Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

         2. Procedure for Exercise.

         2.1 Delivery of Stock  Certificates,  Etc.,  on  Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of  business  on the date on which  this  Warrant  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within  three (3) business  days  thereafter,  the Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the  Holder,  or as such  Holder  (upon
payment  by  such  Holder  of any  applicable  transfer  taxes)  may  direct  in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market  Value  of one  full  share,  together  with  any  other  stock  or other
securities and property  (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

         2.2 Exercise. Payment may be made either (i) in cash or by certified or
official bank check payable to the order of the Company equal to the  applicable
aggregate  Exercise Price, (ii) by delivery of the Warrant,  or shares of Common
Stock and/or Common Stock  receivable upon exercise of the Warrant in accordance
with  Section  (b)  below,  or (iii) by a  combination  of any of the  foregoing
methods,  for the number of Common Shares  specified in such Exercise Notice (as
such  exercise  number shall be adjusted to reflect any  adjustment in the total
number of shares of Common  Stock  issuable  to the Holder per the terms of this
Warrant)  and the Holder  shall  thereupon  be entitled to receive the number of
duly authorized,  validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities)  determined as provided herein.  Notwithstanding any
provisions  herein to the  contrary,  if the Fair  Market  Value of one share of
Common Stock is greater than the Exercise  Price (at the date of  calculation as
set forth below),  in lieu of exercising  this Warrant for cash,  the Holder may
elect to receive shares equal to the value (as determined below) of this Warrant

                                       3
<PAGE>

(or the portion  thereof  being  exercised)  by surrender of this Warrant at the
principal  office of the Company  together with the properly  endorsed  Exercise
Notice in which event the  Company  shall issue to the Holder a number of shares
of Common Stock computed using the following formula:

         X=Y            (A-B)
                       -------
                          A

         Where X =         the number of shares of Common  Stock to be issued to
                           the Holder

         Y  =              the  number of shares  of  Common  Stock  purchasable
                           under  the  Warrant  or,  if  only a  portion  of the
                           Warrant  is  being  exercised,  the  portion  of  the
                           Warrant   being   exercised  (at  the  date  of  such
                           calculation)

         A =               the Fair Market  Value of one share of the  Company's
                           Common Stock (at the date of such calculation)

         B =               Exercise  Price  (as  adjusted  to the  date  of such
                           calculation)

         3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

         3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time or
from  time  to  time,  the  Company  shall  (a)  effect  a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise  hereof as provided in Section 1 at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

         3.2  Dissolution.  In the  event  of  any  dissolution  of the  Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder of the  Warrant  pursuant to Section  3.1,  or, if the
Holder shall so instruct the Company,  to a bank or trust  company  specified by
the Holder and having its  principal  office in New York,  NY as trustee for the
Holder of the Warrant.

         3.3  Continuation  of Terms.  Upon any  reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable on the exercise of this Warrant after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be

                                       4
<PAGE>

binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Warrant as  provided in Section 4. In the
event  this  Warrant  does not  continue  in full  force  and  effect  after the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holders  of  the  Warrant  will  be  delivered  to  Holder  or  the  Trustee  as
contemplated by Section 3.2.

         4.  Extraordinary  Events Regarding Common Stock. In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Exercise  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Exercise  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Exercise Price then in effect.  The
Exercise Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be increased to a number  determined by multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Exercise  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Exercise Price in effect
on the date of such exercise.

         5.  Certificate  as to  Adjustments.  In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrant,  the Company at its expense  will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of the  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  holder  of the  Warrant  and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

         6.  Reservation of Stock,  Etc.,  Issuable on Exercise of Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of the  Warrant,  shares of  Common  Stock (or Other
Securities) from time to time issuable on the exercise of the Warrant.

                                       5
<PAGE>

         7.  Assignment;   Exchange  of  Warrant.  Subject  to  compliance  with
applicable  securities laws, this Warrant,  and the rights evidenced hereby, may
be transferred by any registered  holder hereof (a  "Transferor") in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without limitation, a legal opinion from the Transferor's counsel that
such  transfer  is  exempt  from the  registration  requirements  of  applicable
securities  laws,  the Company at its expense but with payment by the Transferor
of any applicable  transfer  taxes) will issue and deliver to or on the order of
the  Transferor  thereof  a new  Warrant  of  like  tenor,  in the  name  of the
Transferor  and/or the  transferee(s)  specified in such Transferor  Endorsement
Form  (each a  "Transferee"),  calling  in the  aggregate  on the  face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

         8.   Replacement  of  Warrant.   On  receipt  of  evidence   reasonably
satisfactory  to the Company of the loss,  theft,  destruction  or mutilation of
this Warrant  and, in the case of any such loss,  theft or  destruction  of this
Warrant,   on  delivery  of  an  indemnity   agreement  or  security  reasonably
satisfactory  in form and  amount  to the  Company  or,  in the case of any such
mutilation,  on surrender and  cancellation of this Warrant,  the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

         9.  Registration  Rights.  The Holder of this  Warrant has been granted
certain  registration  rights by the Company.  These registration rights are set
forth  in a  Registration  Rights  Agreement  entered  into by the  Company  and
Purchaser dated as of even date of this Warrant.

         10. Maximum Exercise. The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection  with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this proviso is being made on
an exercise date,  which would result in beneficial  ownership by the Holder and
its affiliates of more than 4.99% of the  outstanding  shares of Common Stock of
the Company on such date.  For the  purposes  of the proviso to the  immediately
preceding sentence,  beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13d-3 thereunder.  Notwithstanding the foregoing,  the restriction  described in
this  paragraph  may be revoked upon 75 days prior notice from the Holder to the
Company and is  automatically  null and void upon an Event of Default  under the
Note.

         11.  Warrant  Agent.  The Company  may,  by written  notice to the each
Holder of the Warrant,  appoint an agent for the purpose of issuing Common Stock
(or Other  Securities)  on the exercise of this  Warrant  pursuant to Section 1,
exchanging  this  Warrant  pursuant  to Section 7, and  replacing  this  Warrant
pursuant  to  Section  8,  or any of the  foregoing,  and  thereafter  any  such
issuance,  exchange or  replacement,  as the case may be,  shall be made at such
office by such agent.

                                       6
<PAGE>

         12. Transfer on the Company's Books.  Until this Warrant is transferred
on the books of the Company,  the Company may treat the registered holder hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

         13. Notices, Etc. All notices and other communications from the Company
to the  Holder of this  Warrant  shall be mailed by first  class  registered  or
certified mail,  postage prepaid,  at such address as may have been furnished to
the Company in writing by such Holder or, until any such Holder furnishes to the
Company an  address,  then to, and at the  address  of, the last  Holder of this
Warrant who has so furnished an address to the Company.

         14.  Voluntary  Adjustment by the Company.  The Company may at any time
during the term of this Warrant  reduce the then current  Exercise  Price to any
amount and for any period of time deemed  appropriate  by the Board of Directors
of the Company.

         15. No Shorting.  The Purchaser or any of its affiliates and investment
partners  will not and  will  not  cause  any  person  or  entity,  directly  or
indirectly,  to engage in "short  sales" of the  Company's  Common  Stock or any
other hedging strategies.

         16.  Miscellaneous.  This  Warrant  and any term hereof may be changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be governed by and  construed in accordance  with
the laws of State of New York without regard to principles of conflicts of laws.
Any action brought  concerning  the  transactions  contemplated  by this Warrant
shall be brought only in the state  courts of New York or in the federal  courts
located in the state of New York; provided,  however, that the Holder may choose
to waive this  provision and bring an action  outside the state of New York. The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In the event  that any  provision  of this  Warrant  is  invalid or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or  enforceability  of any other  provision of this Warrant.
The headings in this Warrant are for purposes of reference  only,  and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.   The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of any other  provision.  The  Company  acknowledges  that legal
counsel  participated  in  the  preparation  of  this  Warrant  and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Warrant to favor any party against the other party.

                   [Balance of page intentionally left blank;
                            signature page follows.]

                                       7
<PAGE>

         IN WITNESS  WHEREOF,  the Company has  executed  this Warrant as of the
date first written above.

                                                 INYX, INC.

WITNESS:
                                                 By:____________________________
                                                 Name:__________________________
_________________________                        Title:_________________________

                                       8
<PAGE>

                                    Exhibit A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO: Ventures National Incorporated d/b/a Titan General Holdings, Inc.

         Attention: Chief Financial Officer

         The  undersigned,  pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

________         ________ shares of the Common Stock covered by such Warrant; or

________          the maximum  number of shares of Common Stock  covered by such
                  Warrant pursuant to the cashless exercise  procedure set forth
                  in Section 2.

         The  undersigned  herewith makes payment of the full Exercise Price for
such  shares  at the  price per share  provided  for in such  Warrant,  which is
$___________. Such payment takes the form of (check applicable box or boxes):

________          $__________ in lawful money of the United States; and/or

________          the cancellation of such portion of the attached Warrant as is
                  exercisable  for a total of  _______  shares of  Common  Stock
                  (using a Fair Market  Value of $_______ per share for purposes
                  of this calculation); and/or

________          the  cancellation  of such number of shares of Common Stock as
                  is  necessary,  in  accordance  with the  formula set forth in
                  Section  2.2, to exercise  this  Warrant  with  respect to the
                  maximum number of shares of Common Stock purchasable  pursuant
                  to the cashless exercise procedure set forth in Section 2.

         The  undersigned  requests  that the  certificates  for such  shares be
issued in the name of, and  delivered to  _______________________  whose address
is_____________________________________________________________________________.

         The  undersigned  represents  and warrants that all offers and sales by
the  undersigned of the securities  issuable upon exercise of the within Warrant
shall be made pursuant to  registration of the Common Stock under the Securities
Act of 1933, as amended (the "Securities  Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:__________________            ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

                                    Address:____________________________________

                                            ____________________________________

                                      A-1
<PAGE>

                                    Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

         For  value  received,   the  undersigned  hereby  sells,  assigns,  and
transfers  unto the person(s)  named below under the heading  "Transferees"  the
right represented by the within Warrant to purchase the percentage and number of
shares of Common  Stock of INYX,  Inc.  into  which the within  Warrant  relates
specified under the headings "Percentage  Transferred" and "Number Transferred,"
respectively,  opposite the name(s) of such  person(s)  and  appoints  each such
person Attorney to transfer its respective right on the books of INYX, Inc. with
full power of substitution in the premises.

                                                       Percentage       Number
Transferees             Address                        Transferred   Transferred

___________________     ___________________           ___________    ___________

___________________     ___________________           ___________    ___________

___________________     ___________________           ___________    ___________

___________________     ___________________           ___________    ___________

Dated:___________________           ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

                                    Address:____________________________________

                                            ____________________________________

                                    SIGNED IN THE PRESENCE OF:

                                    ____________________________________________
                                                      (Name)
ACCEPTED AND AGREED:
[TRANSFEREE]

_____________________________
         (Name)

                                      B-1

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