Document:

PREFERRED STOCK PURCHASE AGREEMENT
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         THIS PREFERRED STOCK PURCHASE AGREEMENT (this "Agreement") is made
September 29, 2005 (the "Effective Date") by and among Gift Liquidators, Inc.,
an Oklahoma corporation (the "Company"), and David Mladen, an individual, with
an address at c/o White Knight Management, Inc., 270 Laurel Street, 1st Floor
Office #A15, Hartford, CT 06105 (the "Investor").

         THE PARTIES HEREBY AGREE AS FOLLOWS:

1.       PURCHASE AND SALE OF SHARES.

         1.1 Sale and Issuance of Series A Convertible Preferred Stock. (a) On
or before the Closing (as defined below), the Company shall adopt and file with
the Secretary of State of the State of Oklahoma, the Certificate of Designation
of Series A Convertible Preferred Stock concerning the Series A Convertible
Preferred Stock, $0.01 par value, of the Company (the "Series A Preferred
Stock"), substantially in the form attached hereto as Exhibit A (the
"Certificate of Designation").

                  (b) Subject to the terms and conditions of this Agreement, and
in reliance on the representations and warranties contained herein, the Investor
agrees to purchase at the Closing, and the Company agrees to sell and issue to
the Investor at the Closing, eleven thousand (11,000) shares of the Company's
Series A Preferred Stock (the "Shares"), for an aggregate purchase price of
$10,000.00. Each share of Series A Preferred Stock is convertible into
seventy-five (75) shares of common stock of the Company, $0.01 par value per
share (the "Common Stock").

         1.2 Closing. Subject to the satisfaction (or waiver) of the conditions
thereto set forth in Section 4 and Section 5 below, the date and time of the
issuance and sale of the Series A Preferred Stock pursuant to this Agreement
(the "Closing Date") shall be 5:00 p.m. Eastern Standard Time on or before
September 30, 2005, or such other mutually agreed upon time. The closing of the
transaction contemplated by this Agreement (the "Closing") shall occur on the
Closing Date at the offices of Hodgson Russ LLP, 60 East 42nd Street, New York,
New York 10165, or at such other location as may be agreed to by the parties. At
the Closing, the Company shall deliver to the Investor, certificates
representing the Shares against payment of the purchase price by wire transfer
of immediately available funds payable to the Company, or such other means
acceptable to the Company, in the amount of $10,000.00.

2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and
warrants to the Investor, to the best of its knowledge, as of the date hereof,
as follows:

         2.1 Organization, Good Standing and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Oklahoma and has all requisite corporate power and authority to
own and operate its assets and properties and to carry on its current or

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contemplated business. The Company is duly qualified to transact business and is
in good standing in each jurisdiction wherein the properties owned or leased or
the business transacted by the Company makes such qualification to do business
as a foreign corporation necessary, except where the failure to so qualify could
not reasonably be expected to have a material adverse effect on the condition
(financial or otherwise), results of operations, business, prospects or
properties of the Company (a "Material Adverse Effect").

         2.2 Capitalization. (a) The number of outstanding shares of Common
Stock of the Company is as set forth on Schedule 2.2(a). The outstanding shares
of Common Stock of the Company have been duly authorized and validly issued and
are fully paid and non-assessable, have been issued and sold in compliance with
applicable securities laws of the United States and jurisdictions thereof and
any other applicable securities laws and were not issued in violation of any
preemptive rights, rights of first refusal or other similar rights granted by
the Company. The Company has no class or series of preferred stock issued or
outstanding, aside from the Series A Preferred Stock comprising the Shares, nor
has it authorized or issued any class or series of stock with rights or
preferences superior to those of the Series A Preferred Stock.

                  (b) There are no outstanding options, warrants, convertible
securities or other rights calling for the issuance of, and there are no
commitments or arrangements to issue, any shares of Common Stock of the Company
or any security convertible, exchangeable or exercisable for shares of Common
Stock of the Company. There are no shareholders agreements, voting agreements or
other similar agreements with respect to the outstanding shares of Common Stock
of the Company to which the Company is a party or, to the knowledge of the
Company (having undertaken no independent investigation), between or among any
of the Company's shareholders.

                  (c) The names of the officers, directors and all stockholders
of the Company beneficially owning five (5%) percent or more of the Company's
outstanding shares of Common Stock and the number of outstanding shares of
Common Stock held by them are set forth on Schedule 2.2(c) hereto.

         2.3 Subsidiaries. The Company has no subsidiaries and does not own or
control, directly or indirectly, any interest in any corporation, association or
other business entity.

         2.4 Power and Authority. All corporate action on the part of the
Company and its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement, the Registration Rights
Agreement (the "Registration Rights Agreement") and any other documents related
thereto (collectively, the "Transaction Agreements"), the performance of all
obligations of the Company hereunder and thereunder and the authorization,
issuance and delivery of the Shares being sold hereunder and the Common Stock
issuable upon conversion of the Shares (the "Underlying Shares"), have been
taken or will be taken prior to the Closing. The Transaction Agreements have
been duly executed and delivered by the Company and (assuming due authorization,
execution and delivery by the Investor) constitute the valid and legally binding
obligations of the Company, enforceable in accordance with their terms, subject
to (a) the laws of bankruptcy and the laws affecting creditors' rights
generally, (b) the availability of equitable remedies, and (c) the potential
unenforceability of the rights to indemnification contained in the Registration
Rights Agreement under public policy.

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         2.5 Valid Issuance of Shares and Underlying Shares. (a) The Shares,
when issued, sold and delivered in accordance with the terms hereof for the
consideration expressed herein, will be duly and validly issued, fully paid and
non-assessable and free of any liens or encumbrances created by the Company, and
the Shares will have the rights, preferences and privileges described in the
Certificate of Designation. When the Shares are delivered in accordance with
this Agreement and paid for pursuant to this Agreement on the Closing, such
Shares will be convertible into and/or exercisable for the Underlying Shares
pursuant to the terms of the Certificate of Designation.

                  (b) The Underlying Shares initially issuable upon conversion
of the Shares have been duly and validly reserved for issuance upon such
conversion and/or exercise, and upon issuance in accordance with the terms of
the Certificate of Designation, will be fully paid and non-assessable and will
be free of restrictions on transfer other than restrictions on transfer under
the Registration Rights Agreement and under applicable state and federal
securities laws. No preemptive right, right of first refusal granted by the
Company or other similar right exists with respect to the Shares, the Underlying
Shares or the issuance and sale thereof.

                  (c) The Company understands and acknowledges the potentially
dilutive effect to the Common Stock upon the issuance of the Underlying Shares.
The Company further acknowledges that its obligation to issue the Shares and the
Underlying Shares in accordance with this Agreement, is absolute and
unconditional regardless of the dilutive effect that such issuance may have on
the ownership interests of other stockholders of the Company.

         2.6 Governmental Consents. No consent, approval, order (the "Consents")
or authorization of, or registration, qualification, designation, declaration or
filing with, any federal, regional, state or local governmental authority on the
part of the Company (a "Governmental Entity") is required in connection with the
Company's authorization, issuance and sale of the Shares and the transaction
contemplated by the Transaction Agreements, except for filings, if any, required
pursuant to applicable state securities or Blue Sky laws, which filings will be
made within the required statutory or regulatory periods, and any filing
pursuant to Regulation D of the Securities and Exchange Commission (the "SEC"),
which filing, if made, will be made within 15 days of the Closing.

         2.7 Litigation. There is no action, suit, claim, proceeding or
investigation pending or, to the Company's knowledge, threatened against the
Company which could reasonably be expected to have a Material Adverse Effect.
The Company is not, and to the Company's knowledge (having undertaken no
independent investigation), no founder, director, officer or key employee is, a
party or subject to the provisions of any order, writ, injunction, judgment or
decree of any court or government agency or instrumentality (collectively, the
"Judgments") that could reasonably be expected to have a Material Adverse
Effect. There is no action, proceeding or investigation by the Company currently
pending or which the Company intends to initiate.

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         2.8 Intellectual Property. The Company does not own or have valid
licenses with respect to any patents, applications for patents, inventions,
copyright registrations, know-how (including trade secrets and other unpatented
proprietary or confidential information, systems or procedures), registered
trademarks (including service marks), trade names, or other intellectual
property (collectively, "Intellectual Property")

         2.9 Compliance With Other Instruments. The Company is not in violation
of (i) its Certificate of Incorporation or Bylaws, (ii) any statute or Consents
or Judgments of any Governmental Entity applicable to it, or (iii) any
contracts, mortgages, leases, indentures, agreements and instruments to which
the Company is currently bound which, other than contracts entered into in the
ordinary course of business, involve obligations of or payments to the Company
in excess of $25,000 (collectively, the "Material Contracts") or in material
violation or default of any provision of any orders or Judgments by which it is
bound or any provision of federal or state statute, rule or regulation
applicable to the Company, which violation or default, in the case of (i), (ii),
or (iii), could reasonably be expected to have a Material Adverse Effect. The
execution, delivery and performance of and compliance with the Transaction
Agreements and the consummation of the transaction contemplated hereby and
thereby will not (i) result in any such violation or default or result in the
creation of any mortgage, lien or encumbrance against any of the properties or
assets of the Company, or (ii) give rise to obligations under any Material
Contracts, that, in the case of either (i) or (ii), could reasonably be expected
to have a Material Adverse Effect.

         2.10 Disclosure. The Company has provided the Investor with true and
complete copies of all documents and information reasonably requested by the
Investor in his due diligence review of the Company. As of the date hereof,
neither the Transaction Agreements, the Schedules and Exhibits attached hereto,
nor any certificate or other document prepared by the Company to be delivered at
the Closing contains or will contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements herein or
therein, in light of the circumstances under which they were made, not
misleading. To the Company's knowledge, there are no facts which (individually
or in the aggregate) materially and adversely affect the business, assets,
liabilities, financial condition, prospects or operations of the Company that
have not been set forth in the Agreement, the Schedules, the Exhibits hereto,
the other Transaction Agreements or in other documents delivered to the
Investor, his attorneys or agents in connection herewith.

         2.11 Material Agreements; Actions. (a) Except as set forth on Schedule
2.11(a), there are no Material Contracts by which the Company is currently
bound. Except as set forth on Schedule 2.11(a), the Company is not currently
indebted for money borrowed or has any other liabilities individually in excess
of $25,000 or in the aggregate in excess of $50,000. No default exists under any
Material Contract to which the Company is a party that could reasonably be
expected to have a Material Adverse Effect. Each of the Material Contracts is
valid, binding, and in full force and effect in all material respects, subject
to (i) the laws of bankruptcy and the laws affecting creditors' rights generally
and (ii) the availability of equitable remedies.

                  (b) The Company has not (i) declared or paid any dividends or
authorized any distribution upon or with respect to any class or series of its
capital stock, (ii) made any loans or advances to any person, other than in the

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ordinary course of business except as provided on Schedule 2.11(b), or (iii)
sold, exchanged or otherwise disposed of any of its assets or rights other than
in the ordinary course of business.

         2.12 Title to Property and Assets. The Company has all right, title and
interest to its assets free and clear of all material lien, claim, encumbrance,
security interest, option, charge or restriction of any kind (collectively, the
"Liens") except such as arise in the ordinary course of business and do not
impair the Company's use of such property or assets, including those reflected
in the Company's balance sheet (the "Balance Sheet") dated as of June 30, 2005,
(the "Balance Sheet Date") included in the Company's financial statements
attached hereto as Exhibit B and (ii) $180,000 of assets consisting of inventory
and approximately $40,000 of payables due to an affiliate of the Company which
assets the Company intends to sell to such affiliate in satisfaction of such
obligation prior to closing.

         2.13 Brokers or Finders. There are no contracts, agreements or
understandings between or among the Company, on the one hand, and any person, on
the other, that would give rise to a claim against the Company or any Investor
for a brokerage commission, finder's fee or other like payment (the "Finder's
Fees") in connection with the issuance and sale of the Shares. To the extent
permitted by law, the Company will indemnify and hold harmless the Investor
against any losses, claims, damages or liabilities to which they may become
subject under any claims for such Finder's Fees in so far as such losses,
claims, damages or liabilities are based on the finding that the Company is
responsible for any such Finder's Fees.

         2.14 Registration Rights; Voting Rights. Except as provided for in this
Agreement and the Registration Rights Agreement to be executed and delivered at
the Closing, the Company is currently not under any obligation to register under
the Securities Act of 1933, as amended (the "Securities Act"), any of its
currently outstanding securities or any of its securities which may hereafter be
issued. To the Company's knowledge (having undertaken no independent
investigation) no shareholder of the Company has entered into any agreement,
understanding or other arrangement with respect to the voting of common stock.

         2.15 Employees. With the exception of the Company's exclusive contract
with Laid Back Enterprises Corporation ("Laid Back Enterprises"), through which
the Company contracts for personnel as well as other services under an
administrative services agreement (the "Laid Back Administrative Services
Agreement"), the Company is not a party to any employment or deferred
compensation agreements and does not have any bonus, incentive or profit-sharing
plans. The Company is not a party to any collective bargaining agreements and,
to its knowledge (having undertaken no independent investigation), no
organizational efforts are currently being made with respect to any of their
respective employees.

         2.16 Stockholders, Directors and Officers; Indebtedness. The Company is
not currently indebted to its officers, directors or stockholders or any of
their respective relatives (and none of the same are indebted to the Company),
other than travel, relocation and other expenses which are advanced and
reimbursed in the ordinary course of business. Except as set forth on Schedule
2.16, none of the officers or directors or significant employees or consultants
of the Company has, individually or collectively, a material interest in any
entity which is a competitor, customer or supplier of (or has any existing
contractual relationship with) the Company.

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         2.17     Employment Benefit Plans.  The Company does not have any
employee benefit plans.

         2.18 Tax Returns and Payments. The Company has accurately prepared and
timely filed all tax returns and reports as required by law. Such returns and
reports are true and correct in all material respects. The Company has paid all
taxes and other assessments due. All such taxes with respect to which the
Company has become obligated pursuant to elections made by the Company in
accordance with generally accepted practices have been paid and adequate
reserves have been established for all taxes accrued but not yet payable. The
federal income tax returns of the Company have never been audited by the
Internal Revenue Service. No deficiency or assessment with respect to or
proposed adjustment of the Company's federal, state, county or local taxes is
pending or, to the Company's knowledge (having undertaken no independent
investigation), threatened. There is no tax lien, whether imposed by any
federal, state, county or local taxing authority, outstanding against the
assets, properties or business of the Company.

         2.19 Proprietary Information and Invention Agreements. Each material
employee, consultant and officer of the Company has executed, or will execute,
an agreement with the Company regarding confidentiality and proprietary
information. The Company (having undertaken no independent investigation) is not
aware that any of its employees or consultants is in violation thereof, and the
Company will use its best efforts to prevent any such violation.

         2.20 Permits. The Company has all franchises, permits, licenses and any
similar authority necessary for the conduct of its business ("Permits") and is
not in default under such Permits, except where the failure to have such
Permits, or such default, would not reasonably be expected to result in a
Material Adverse Effect.

         2.21 Absence of Certain Changes. Except as set forth on Schedule 2.21,
since the Balance Sheet Date (as defined in Section 2.12), there have not been:

                  (a) any changes in the assets, liabilities, condition
(financial or otherwise), affairs, earnings, material contracts, business,
operating or prospects of the Company, except changes in the ordinary course of
business which could not reasonably be expected to have a Material Adverse
Effect;

                  (b) any change, except in the ordinary course of business, in
the contingent obligations of the Company by way of guaranty or any assurance of
performance or payment, endorsement, indemnity or warranty;

                  (c) any material transaction or commitment made, or any
material contract or material agreement entered into, by the Company relating to
its assets or business (including the acquisition or disposition of any assets)
or any relinquishment by the Company of any material contract or other material
right (direct or indirect, whether alleged, contingent or otherwise), other than
transaction and commitments in the ordinary course of business;

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                  (d) (i) any creation, incurrence or assumption of any debt
(including obligations in respect of capital leases); (ii) assumption,
guarantee, endorsement or other liability (whether directly, contingently or
otherwise) for the obligations of any other person or entity; or (iii) any
loans, advances or capital contributions to, or investments in, any other person
or entity, except in the ordinary course of business and not in excess of
$25,000 in the aggregate or $10,000 individually;

                  (e) any damage, destruction or loss, whether or not covered by
insurance, materially and adversely affecting the properties or business or the
Company;

                  (f) any waiver by the Company of a valuable right or material
debt owed to it;

                  (g) any resignation or termination of employment of any
officer or key employee of the Company, or the threat of such resignation or
termination, or any material change in any compensation arrangement or agreement
(including salary, bonus, insurance or pension benefits) with any of the same;

                  (h) any sale, assignment or transfer of any material
Intellectual Property or tangible assets of the Company which would have a
Material Adverse Effect; or

                  (i) to the best of the Company's knowledge, any agreement to
do any of the foregoing, or any other event or condition of any character which
could reasonably be expected to have a Material Adverse Effect.

         2.22 Financial Statements. The Company has provided to the Investor its
audited financial statements for the year ended December 31, 2004 and its
unaudited statements for the period ended June 30, 2005. The consolidated
financial statements of the Company and the related notes, including the Balance
Sheet, present fairly the financial position of the Company as of the dates
indicated and the statement of operations, changes in shareholders' equity and
cash flows for the periods specified; said financial statements have been
prepared in conformity with generally accepted accounting principles in the
United States ("GAAP") applied on a consistent basis throughout the periods
involved. Evans, Gaither, & Associates, PLLC, who have audited and reviewed
certain consolidated financial statements of the Company, are independent public
accountants as required under Rule 101 of the American Institute of Certified
Public Accountants Code of Professional Conduct, and its interpretations and
rulings. As reflected in the Company's financial statements, the Company has,
and as of the Closing Date shall have, no business, material assets or any
material liabilities other than cash and expenses payable in connection with the
transactions contemplated hereunder. The parties acknowledge that the Company
currently has approximately $180,000 of assets consisting of inventory and
approximately $40,000 of payables due to an affiliate of the Company which
assets the Company intends to sell to such affiliate in satisfaction of such
obligation prior to the Closing Date.

         2.23 Accounting. The Company maintains a system of internal accounting
controls sufficient to provide assurances 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

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statements in conformity with GAAP and to maintain accountability for assets;
(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 existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

         2.24 Insurance. The Company has adequately insured its properties
against loss or damage by fire or other casualty and maintains, in amounts which
it believes to be adequate, such other insurance, including but not limited to
liability insurance, as is usually maintained by companies in the same or
similar businesses. The Company has no 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 have a Material Adverse Effect.

         2.25 Environmental Laws. The Company (i) is not in violation of any
applicable statute or Judgments of any Governmental Entity, relating to the use,
disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or
toxic substances (collectively, "Environmental Laws"), (ii) does not own or
operate, to the Company's knowledge, any real property contaminated with any
substance that is subject to any Environmental Laws, and (iii) is not liable for
any off-site disposal or contamination pursuant to any Environmental Laws, or is
subject to any pending, or to the knowledge of the Company, threatened
Proceeding relating to any Environmental Laws, in each instance which violation,
contamination, liability or claim, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect.

         2.26 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 of the Securities Act ("Regulation D") in connection with the offer
or sale of the Shares.

         2.27 No Integrated Offering. Neither the Company, nor any of its
affiliates, nor any person acting on its or their behalf, has, directly or
indirectly, made any offers or sales of any security or solicited any offers to
buy any security, under circumstances that would require registration of any of
the Shares or Underlying Securities under the Securities Act or cause this
offering of the Shares to be integrated with prior offerings by the Company for
purposes of the Securities Act.

         2.28 Exemption from Registration. Neither the Company nor any agent
acting on its behalf shall take any action that would cause the loss of an
exemption from, the registration provisions of the Securities Act and any state
or foreign securities laws for the offer, sale and issuance of the Shares and
the conversion of the Shares into and/or for the Underlying Shares.

         2.29 Transactions With Affiliates. Except as set forth on Schedule
2.29, none of the officers, directors, or employees of the Company is presently
a party to any material transaction with the Company or any of its affiliates
(other than in connection with services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the

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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.

         2.30 SEC Documents. Since at least September 1, 2005, the Company has
timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements
of the Exchange Act of 1934, as amended (the "1934 Act") (all of the foregoing
filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such
documents) incorporated by reference therein, being hereinafter referred to
herein as the "SEC Documents"). As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the 1934 Act and the
rules and regulations of the SEC promulgated thereunder applicable to the SEC
Documents, and none of the SEC Documents, at the time they were filed with the
SEC, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading. None of the statements made in any such SEC Documents is, or has
been, required to be amended or updated under applicable law (except for such
statements as have been amended or updated in subsequent filings prior to the
date hereof). As of their respective dates, the financial statements of the
Company included in the SEC Documents 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 United States 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 not
include 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). Except as set forth in the financial statements of the Company
included in the SEC Documents, the Company has no material liabilities,
contingent or otherwise, other than (i) liabilities incurred in the ordinary
course of business subsequent to June 30, 2005 (ii) liabilities set forth on
Schedule 2.21 and (iii) obligations under contracts and commitments incurred in
the ordinary course of business and not required under generally accepted
accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or
operating results of the Company.

         2.31 Foreign Corrupt Practices. Neither the Company, nor any director,
officer, agent, employee or other person acting on behalf of the Company has, in
the course of his actions for, or on behalf of, the Company, used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful
expenses relating to political activity; made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from
corporate funds; violated or is in violation of any provision of the U.S.
Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment to any foreign or
domestic government official or employee.

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         2.32 No Investment Company. The Company is not, and upon the issuance
and sale of the Shares as contemplated by this Agreement will not be an
"investment company" required to be registered under the Investment Company Act
of 1940 (an "Investment Company"). The Company is not controlled by an
Investment Company.

         2.33 Acknowledgment Regarding Investor's Purchase of Shares. The
Company acknowledges and agrees that the Investor is acting solely in the
capacity of an arm's length purchaser with respect to this Agreement and the
transaction contemplated hereby. The Company further acknowledges that the
Investor is not acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to this Agreement and the transaction
contemplated hereby and any statement made by the Investor or any of his
representatives or agents in connection with this Agreement and the transaction
contemplated hereby is not advice or a recommendation and is merely incidental
to the Investor's purchase of the Shares. The Company further represents to the
Investor that the Company's decision to enter into this Agreement has been based
solely on the independent evaluation of the Investor and his representatives.

         2.34 Minute Books. The minute books of the Company provided to the
Investor or his counsel contain a complete summary of all meetings and actions
by written consent of directors and shareholders since the time of incorporation
and reflect all transactions referred to in such minutes accurately in all
material respects.

         2.35 Labor Agreements and Actions; Employee Arrangements. The Company
has no employees other than its officers and thus is not bound by or subject to
(and none of its assets or properties is bound by or subject to) any written or
oral, express or implied, contract, commitment or arrangement with any labor
union, and no labor union has requested or, to the best of the Company's
knowledge, has sought to represent any of the employees, representatives or
agents of the Company. Also because the Company has no employees other than its
officers there is no strike or other labor dispute involving the Company
pending, or to the best of the Company's knowledge, threatened, that could have
a Material Adverse Affect on the assets, properties, financial condition,
operating results, or business of the Company (as such business is presently
conducted and as it is proposed to be conducted), nor is the Company aware of
any labor organization activity involving its employees.

         2.36 Agreement of Merger. The Company agrees that there is no order,
ruling, judgment or decree in effect, including any regulatory agency, which
would enjoin or prohibit a reverse triangular merger that the Company will enter
into with a target company to be identified (the reverse triangular merger is
further described in Section 4.15 below).

3. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. The Investor hereby
represents and warrants with respect to himself as of the date hereof as
follows:

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         3.1 Authorization. The Investor has all the requisite power and is duly
authorized to execute and deliver the Transaction Agreements and has taken all
necessary action to consummate the transaction contemplated hereby and thereby.
The Transaction Agreements have been duly executed and delivered by the Investor
and constitute valid and binding obligations of the Investor, enforceable in
accordance with their respective terms, subject to, (a) the laws of bankruptcy
and the laws affecting creditors' rights generally, (b) the availability of
equitable remedies, and (c) the unenforceability of the rights to
indemnification contained in the Registration Rights Agreement under public
policy.

         3.2 Sophistication and Suitability. (a) The Investor, either alone or
with the assistance of his professional advisor, is a sophisticated investor,
and has such knowledge and experience in financial and business matters that it
is capable of evaluating the merits and risks of the prospective investment in
the Shares. The investment in the Shares is suitable for the Investor based upon
the Investor's investment objectives and financial needs, and the Investor has
adequate net worth and means for providing for his current financial needs and
contingencies and has no need for liquidity of his investment with respect to
the Shares. The Investor has experience in investing in companies in the
start-up or early stages of development. The Investor is aware that there are
substantial risks incident to an investment in the Shares. The Investor is aware
that any financial projections contained in any document provided to the
Investor are forecasts only and do not contain any express or implied
representation that such projections will be achieved or are attainable. The
Investor also acknowledges that any estimates of market size or projected
expenses contained in any documents provided or to be provided to the Investor
do not contain any express or implied representation that such estimates will be
attained. The Investor acknowledges that the tax consequences to the Investor of
investing in the Shares will depend on the Investor's particular circumstances,
and neither the Company, nor its agents, officers, directors, employees,
affiliates or consultants or any of them will be responsible or liable for the
tax consequences to the Investor of an investment in the Company. The Investor
will look solely to, and rely solely upon, the Investor's own advisors with
respect to the tax consequences of this investment.

         3.3 Access to Information. The Investor has received and carefully
reviewed the Transaction Agreements and all other documents requested by such
Investor, related to and to be executed in connection with the Investor's
investment in the Shares and other transactions contemplated hereby (the
"Additional Documents"). The Investor has either attended or been given
reasonable opportunity to attend a meeting with representatives of the Company
for the purpose of asking questions of, and receiving answers from, such
representatives concerning the business of the Company and the terms and
conditions of the offering of the Shares. Except as set forth in the Transaction
Agreements and the Additional Documents, no representations or warranties,
whether written or oral, have been made to the Investor by the Company or any
officer, employee or agent of the Company.

         3.4 Purchase Entirely for Own Account. The Investor is acquiring the
Shares for investment purposes for the Investor's own account, not as a nominee
or agent, and not with a view to the distribution of any part thereof. The
Investor has no present intention of selling, granting any participation in or
otherwise distributing the Shares.

                                       11
<PAGE>

         3.5 Restricted Securities. The Investor realizes that: (a) the Shares
have not been registered under the Securities Act or registered or qualified
under any state securities or "blue sky" laws, are characterized under the
Securities Act as "restricted securities" and, therefore, cannot be sold or
transferred unless they are subsequently registered under the Securities Act or
an exemption from such registration is available, and (b) there is presently no
public market for the Shares, and only a limited public market for the
Underlying Shares and no public market for the Shares is expected to develop
and, due to the limited public market for the Underlying Shares, the Investor
may not be able to liquidate his investment or pledge the Shares as collateral
security for loans. The Investor represents that he is familiar with Rule 144
under the Securities Act as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act including the requirement
that the Shares and/or Underlying Shares must be held for at least one year
after purchase thereof from the Company prior to resale (two years in the
absence of publicly available information about the Company) and the condition
that there be available to the public current information about the Company
under certain circumstances. Except as set forth in the Registration Rights
Agreement, the Investor acknowledges that the Company is under no obligation to
register or qualify the Shares and/or Underlying Shares under the Securities Act
or under any state or foreign securities law, or to assist the Investor in
complying with any exemption from registration and qualification, except as
provided in the Registration Rights Agreement. The Investor understands that the
Company will rely upon the accuracy and truth of the foregoing representations
and the Investor hereby consents to such reliance. The Investor is also aware
that sales or transfers of the Shares and/or Underlying Shares may be further
restricted by state and foreign securities laws and that the certificates for
the Shares and/or Underlying Shares will bear appropriate legends restricting
their transfer.

         3.6 Residency. For purposes of the application of state securities
laws, the Investor represents that it is a bona fide resident of the state set
forth in such Investor's address on the signature pages hereof.

         3.7 Legend. It is understood that the certificates evidencing the
Shares and/or the Underlying Shares may bear a legend such as the following:

         "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE
         STATE LAW, AND NO INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED,
         OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (i) THERE IS AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE
         SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID
         SECURITIES, (ii) GIFT LIQUIDATORS, INC. ("COMPANY") RECEIVES AN OPINION
         OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THE
         COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR
         (iii) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS
         EXEMPT FROM REGISTRATION. TRANSFER OF THESE SECURITIES IS FURTHER
         RESTRICTED AS PROVIDED IN THE PREFERRED STOCK PURCHASE AGREEMENT, A
         COPY OF WHICH IS AVAILABLE AT THE COMPANY'S OFFICES."

                                       12
<PAGE>

         3.8 Accreditation. The Investor represents and warrants that he is an
"accredited investor," as defined in Rule 501 of Regulation D promulgated by the
SEC under the Securities Act. Any and all accounts for which the Investor is
acting (including its own) is able to bear the economic risks of this investment
and to withstand a total loss of his investment. If the Investor is acquiring
the Shares as a fiduciary or agent for another investor's account, the Investor
has sole investment and voting discretion with respect to such account and has
full power to make the acknowledgments, representations and agreements contained
herein on behalf of such account.

         3.9 Investor's Review. The Investor has relied on his own examination
of the Company and the terms of the offering, including the merits and risks
involved in making an investment in the Shares. The Investor acknowledges that
he has had the opportunity to review this Agreement, the Schedules and Exhibits
attached hereto, the Registration Rights Agreement and the other agreements
referred to herein and the transaction contemplated hereby with his own legal
counsel and tax and investment advisor. The Investor is relying solely on such
counsel and advisors for legal, tax and investment advice with respect to the
transaction contemplated by this Agreement and the Registration Rights Agreement
except that this Section 3.9 does not limit or modify the representations and
warranties of the Company set forth in Section 2 of this Agreement or the right
of the Investor to rely thereon. The Investor has been informed and understands
that the Company's offering documents and offering materials, if any, and any
statements made to the Investor have not been reviewed or passed upon by the
Company's counsel, accountants or other independent parties.

         3.10 Brokers or Finders. The Investor has not employed or made any
agreement with any broker, finder or similar agent or any person or firm, which
will result in the obligation of the Company to pay any finder's fee in
connection with the Agreement or the transaction contemplated hereby.

4. CONDITIONS OF THE INVESTOR'S OBLIGATIONS AT THE CLOSING. The obligations of
the Investor under subsection 1.1(b) is subject to the fulfillment by the
Company at or before the Closing, of each of the following conditions, the
waiver of which shall not be effective against the Investor without his consent
in writing thereto:

         4.1 Representations and Warranties. The representations and warranties
of the Company contained in Section 2 shall be true and correct on and as of the
Closing with the same effect as though such representations and warranties had
been made as of the date of the Closing.

         4.2 Performance. The Company shall have performed and complied in all
material respects with all agreements, covenants, obligations and conditions
contained in this Agreement that are required to be performed or complied with
by it on or before the Closing.

         4.3 Registration Rights Agreement. The Company shall have entered into
a Registration Rights Agreement substantially in the form of Exhibit C hereto.

                                       13
<PAGE>

         4.4 Certificate of Designation. The Certificate of Designation shall
have been filed with the Secretary of State of the State of Oklahoma on or prior
to the Closing Date.

         4.5 Compliance Certificate. The Company shall have delivered to the
Investor a certificate of the Chief Executive Officer and the Chief Financial
Officer of the Company, dated as of the Closing, certifying as to the
fulfillment, as applicable, of the conditions specified in Sections 4.1, 4.2 and
4.4 hereof, and such other matters as the Investor may reasonably request.

         4.6 Officer's Certificate. The Investor shall have received a
certificate of the Chief Financial Officer of the Company certifying as to the
Certificate of Incorporation and Certificate of Designation, the Bylaws of the
Company and the resolutions of the Board of Directors of the Company (the
"Board"), in form and substance reasonably satisfactory to counsel for the
Investor, and the stockholders of the Company with respect to the subject matter
hereof and the incumbency of certain officers of the Company.

         4.7 Qualifications. The Company shall have obtained all necessary
authorizations, approvals, permits and qualifications, if any, or have the
availability of exemptions or waivers therefrom, for the offer and sale of the
Shares.

         4.8 Stock Certificates. The Company delivers to the Investor a
certificate or certificates, duly executed on behalf of the Company, for the
shares of Series A Preferred Stock purchased by such Investor.

         4.9 Additional Documents. At the Closing Date, such ancillary
certificates and documents required for closing the transaction contemplated
hereby, as the Investor may reasonably request, shall have been delivered to
such Investor including, but not limited to, a good standing certificate, any
necessary waivers or consents, proprietary information and inventions agreements
and key man life insurance.

         4.10 The New Board. Upon the Closing Date, all of the Company's
officers and directors shall have resigned and appointed successors (the "New
Board") to be named by the Investor.

         4.11 Asset Sale. The Company shall have divested itself of all non-cash
assets, including $180,000 of assets consisting of inventory, and paid all of
its liabilities other than in connection with the Closing including the payment
of approximately $40,000 due to an affiliate of the Company. The new Board will
immediately upon its appointment, review and ratify the sale of the assets and
payment of affiliated liabilities to Laid Back Enterprises Corp. pursuant to the
terms of the Inventory Sale Agreement substantially in the form of Exhibit D
hereto.

         4.12 Approval of Reverse Split.The Company's Board of Directors prior
to their resignation at the Closing Date shall have approved a reverse split of
its common stock. The Company shall prior to the Closing Date take all actions
necessary to effect a reverse stock split, whereby each fifteen (15) shares of
common stock shall automatically be combined into one (1) share of common stock.

                                       14
<PAGE>

         4.13 Reverse Triangular Merger. The Company's Board of Directors shall
have approved the terms and conditions of, or entered into a definitive
agreement to effect, a reverse triangular merger with a target company to be
identified, whereby the Company shall issue that number of shares of common
stock and retire the preferred stock so that following such merger the
shareholders of the target company shall beneficially own approximately 95% of
the Company's common stock.

         4.14 Termination of the Laid Back Administrative Services Agreement.
Under the Laid Back Administrative Services Agreement, the Company contracts
with Laid Back Enterprises for providing personnel, sales, marketing, and
accounting, under an administrative services agreement. The Company shall
terminate the Laid Back Administrative Services Agreement prior to the Closing
Date.

         4.15 Termination of Company's Tax Sharing Agreement with Laid Back
Enterprises. Under the Company's Tax Sharing Agreement with Laid Back
Enterprises (the "Laid Back Tax Sharing Agreement"), the Company contracts with
Laid Back Enterprises in relation to federal and state income tax liabilities.
The Company shall terminate the Laid Back Tax Sharing Agreement prior to the
Closing Date.

5. CONDITIONS OF THE COMPANY'S OBLIGATIONS AT THE CLOSING. The obligations of
the Company to the Investor under this Agreement are subject to the fulfillment
by the Investor on or before the Closing of the following conditions:

         5.1 Representations and Warranties. The representations and warranties
of the Investor contained in Section 3 shall be true and correct in all material
respects on and as of the Closing with the same effect as though such
representations and warranties had been made as of the Closing.

         5.2 Payment of Purchase Price. The Investor shall have delivered the
purchase price specified in subsection 1.1(b) to be delivered at the Closing, in
the form specified in Section 1.2.

         5.3 Securities Laws Qualification. The offer and sale to the Investor
of the Shares shall be qualified or exempt from registration or qualification
under all applicable federal securities laws and Blue Sky laws.

         5.4 Performance. The Investor shall have performed and complied in all
material respects with all agreements, obligations and conditions contained in
the Transaction Agreements that are required to be performed or complied with by
it on or before the Closing.

6.       COVENANTS OF THE COMPANY.

         6.1 Corporate Existence. The Company will maintain its corporate
existence in good standing. The Company will comply with all applicable laws and
regulations of the United States or any state or states thereof or of any
political subdivisions thereof and of any governmental authority where failure
to so comply could reasonably be expected to have a Material Adverse Effect.

                                       15
<PAGE>

         6.2 Inspection. The Company will permit the Investor, or any outside
representatives designated by the Investor and reasonably satisfactory to the
Company, to visit and inspect at the expense of the Investor any of the
properties of the Company upon ten business days prior notice and during regular
business hours without disruption of the Company's operations, including their
books and records (and to make photocopies thereof or extracts therefrom), and
to discuss their affairs, finances and accounts with their officers, except with
respect to trade secrets and similar confidential information. This right shall
not exclude any right of inspection of any stockholders of the Company under
applicable Oklahoma law.

         6.3      Payment of Taxes and Maintenance of Property.
The Company will:

                  (a) pay and discharge promptly, or cause to be paid and
discharged promptly when due and payable, all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or upon any of
its property, real, personal or mixed, or upon any part thereof, as well as all
material claims of any kind (including claims for labor, material and supplies)
which, if unpaid, might by law become a lien or charge upon its property;
provided, however, that the Company shall not be required to pay any such tax,
assessment, charge, levy or claim while the amount, applicability or validity
thereof is being contested in good faith by appropriate proceedings, provided
that the Company shall have set aside on its books reserves (segregated to the
extent required by generally accepted accounting principles) deemed adequate by
it with respect thereto; and

                  (b) maintain and keep, or cause to be maintained and kept, its
properties in good repair, working order and condition, and from time to time
make, or cause to be made, all repairs and renewals and replacements which in
the opinion of the Company are necessary and proper so that the business carried
on in connection therewith may be properly and advantageously conducted at all
times.

         6.4      Insurance.  The Company will:

                  (a) keep or cause all of its insurable property or properties
to be kept insured against loss or damage or fire and other risks;

                  (b) maintain general liability insurance against claims for
personal injury, death or property damage suffered by others upon or in or about
the premises occupied by the Company or occurring as a result of the Company's
maintenance or operation of any automobiles, trucks or other vehicles or other
facilities;

                  (c) maintain all such worker's compensation or similar
insurance as may be required under the laws of any state or jurisdiction in
which it may be engaged in business; and

         All insurance for which provision has been made in this Section 6.4
shall be maintained in the amounts and to the extent determined to be reasonable
by the Board. All such insurance shall be effected and maintained in force under

                                       16
<PAGE>

a policy or policies issued by insurers of recognized responsibility, except
that the Company may effect worker's compensation or similar insurance in
respect of operations in any state or other jurisdiction either through an
insurance fund operated by such state or other jurisdiction or by causing to be
maintained a system or systems of self insurance which is in accord with
applicable laws.

         6.5 Compliance with Laws. The Company shall conduct its business in
compliance, in all material respects, with all laws, rules, regulations,
statutes, ordinances and other legal requirements.

         6.6 Form D; Blue Sky Laws. The Company agrees to file a Form D with
respect to the Shares as required under Regulation D and to provide a copy
thereof to the Investor promptly after such filing. The Company shall, on or
before the Closing, take such action as the Company shall reasonably determine
is necessary to qualify the Shares for sale to the Investor at the applicable
closing pursuant to this Agreement under applicable securities or "blue sky"
laws of the states of the United States (or to obtain an exemption from such
qualification), and shall provide evidence of any such action so taken to the
Investor on or prior to the Closing Date.

         6.7 Reporting Status; Eligibility to Use Form S-3. So long as any
Investor beneficially owns any of the shares and/or Underlying Shares, the
Company shall timely file all reports required to be filed with the SEC pursuant
to the 1934 Act, and the Company shall not terminate its status as an issuer
required to file reports under the 1934 Act even if the 1934 Act or the rules
and regulations thereunder would permit such termination. Henceforth, the
Company will take all necessary action to meet, the "registrant requirements"
set forth in the general instructions to Form S-3.

         6.8 Use of Proceeds. The Company shall use the proceeds from the sale
of the Shares in the manner set forth in Schedule 6.8 attached hereto and made a
part hereof.

         6.9 Reservation of Shares. The Company shall at all times have
authorized, and reserved for the purpose of issuance, a sufficient number of
shares of Common Stock to provide for the full conversion or exercise of the
outstanding Shares and issuance of the Underlying Shares in connection therewith
(based on the Conversion Price of the Shares in effect from time to time) and as
otherwise required by the Shares. The Company shall not reduce the number of
shares of Common Stock reserved for issuance upon conversion of the Shares
without the consent of the Investor. The Company shall use its best efforts at
all times to maintain the number of shares of Common Stock so reserved for
issuance at no less than the greater of (a) 1,650,000, or (b) two (2) times the
number that is then actually issuable upon full conversion of the Shares (based
on the Conversion Price of the Shares in effect from time to time). If at any
time the number of shares of Common Stock authorized and reserved for issuance
is below the number of Underlying Shares issued and issuable upon conversion of
the Shares (based on the Conversion Price of the Shares then in effect), the
Company will promptly take all corporate action necessary to authorize and
reserve a sufficient number of shares, including, without limitation, calling a
special meeting of stockholders to authorize additional shares to meet the
Company's obligations under this Section 6.9, in the case of an insufficient
number of authorized shares, and using its best efforts to obtain stockholder
approval of an increase in such authorized number of shares.

                                       17
<PAGE>

         6.10 No Further Issuances of Additional Securities. Until such time as
the Registration Statement is declared effective by the SEC and 100% of the
Shares are either converted, the Company shall not, without the Investor's
written consent, issue, or cause the issuance of, any securities of the Company.

         6.11 Listing. The Company shall and, so long as any Investor owns any
of the Shares, maintain the listing and trading of its Common Stock on the
OTCBB, the Nasdaq National Market ("Nasdaq"), the Nasdaq SmallCap Market
("Nasdaq SmallCap"), the New York Stock Exchange ("NYSE"), or the American Stock
Exchange ("AMEX") and will comply in all respects with the Company's reporting,
filing and other obligations under the bylaws or rules of the National
Association of Securities Dealers ("NASD") and such exchanges, as applicable.
The Company shall promptly provide to the Investor copies of any notices it
receives from the OTCBB and any other exchanges or quotation systems on which
the Common Stock is then listed regarding the continued eligibility of the
Common Stock for listing on such exchanges and quotation systems.

         6.12 Corporate Existence. Subject to the Certificate of Designation,
until such date as 100% of the Shares are either redeemed or converted, the
Company shall maintain its corporate existence and shall not sell all or
substantially all of the Company's assets, except in the event of a merger or
consolidation or sale of all or substantially all of the Company's assets, where
the surviving or successor entity in such transaction assumes the Company's
obligations hereunder and under the agreements and instruments entered into in
connection herewith.

         6.13 No Integration. The Company shall not make any offers or sales of
any security (other than the Shares) under circumstances that would require
registration of the Shares being offered or sold hereunder under the 1933 Act or
cause the offering of the Shares to be integrated with any other offering of
securities by the Company for the purpose of any stockholder approval provision
applicable to the Company or its securities.

         6.14 Binding Agreement. By execution of this Agreement, Investor and
Company shall be entitled to any and all benefits, and subject to any and all
obligations, of the Transaction Agreements.

7. TRANSFER AGENT INSTRUCTIONS. The Company shall issue irrevocable instructions
to its transfer agent to issue certificates, registered in the name of the
Investor or his nominee, for the Underlying Shares in such amounts as specified
from time to time by the Investor to the Company upon conversion of the Shares
in accordance with the terms thereof (the "Irrevocable Transfer Agent
Instructions"), in the form of Exhibit E attached hereto. Prior to registration
of the Underlying Shares under the Securities Act or the date on which the
Underlying Shares (and the Shares) may be sold pursuant to Rule 144 without any
restriction as to the number of Securities as of a particular date that can then

                                       18
<PAGE>

be immediately sold, all such certificates shall bear the restrictive legend
specified in Section 3.7 of this Agreement. The Company warrants that no
instruction other than the Irrevocable Transfer Agent Instructions referred to
in this Section 7, and stop transfer instructions to give effect to Section 3.5
hereof (in the case of the Underlying Shares, prior to registration of the
Underlying Shares under the Securities Act or the date on which the Underlying
Shares may be sold pursuant to Rule 144 without any restriction as to the number
of Shares as of a particular date that can then be immediately sold), will be
given by the Company to its transfer agent and that the Shares shall otherwise
be freely transferable on the books and records of the Company as and to the
extent provided in this Agreement and the Registration Rights Agreement. Nothing
in this Section shall affect in any way the Investor's obligations to comply
with all applicable prospectus delivery requirements, if any, upon re-sale of
the Shares. If an Investor provides the Company with (i) an opinion of counsel
in form, substance and scope customary for opinions in comparable transactions,
to the effect that a public sale or transfer of such Shares may be made without
registration under the 1933 Act and such sale or transfer is effected or (ii)
the Investor provides reasonable assurances that the Shares can be sold pursuant
to Rule 144, the Company shall permit the transfer, and, in the case of the
Underlying Shares, promptly instruct its transfer agent to issue one or more
certificates, free from restrictive legend, in such name and in such
denominations as specified by such Investor. The Company acknowledges that a
breach by it of its obligations hereunder will cause irreparable harm to the
Investor, by vitiating the intent and purpose of the transaction contemplated
hereby. Accordingly, the Company acknowledges that the remedy at law for a
breach of its obligations under this Section 7 will be inadequate and agrees, in
the event of a breach or threatened breach by the Company of the provisions of
this Section, that the Investor shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach and requiring
immediate transfer, without the necessity of showing economic loss and without
any bond or other security being required.

8.       MISCELLANEOUS.

         8.1 Amendments and Waivers. After the Closing, any provision 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 the holders of eighty percent
(80%) of the aggregate shares of Series A Preferred Stock then outstanding. Any
amendment or waiver effected in accordance with this Section 8.1 shall be
binding upon each holder of Series A Preferred Stock, each future holder of
Series A Preferred Stock and the Company.

         8.2 Notices. Any notice or other communications required or permitted
hereunder shall be deemed to be sufficient if contained in a written instrument
delivered in person or duly sent by first class certified mail, postage prepaid,
by reputable overnight courier or such other address as may hereafter be
designated in writing by the addressee to the other parties:

         if to the Company, to:

                  Gift Liquidators, Inc.
                  4020 Will Rogers Pkwy, Suite 700
                  Oklahoma City, OK 73108
                  Attn.: Max Colclasure

                                       19
<PAGE>

         with a copy to:

                  Robertson & Williams
                  3033 N.W. 63rd Street, Suite 200
                  Oklahoma City, OK 73116-3607
                  Attn.: Mark A. Robertson, Esq.

         if to the Investor, at the address listed below:

                  David Mladen
                  c/o White Knight Management, Inc.
                  270 Laurel Street
                  1st Floor Office #A15
                  Hartford, CT 06105

         with a copy to:

                  Hodgson Russ LLP
                  60 East 42nd St., 37th Floor
                  New York, NY 10165
                  Attn.: Jeffrey A. Rinde, Esq.

or, in any case, at such other address or addresses as shall have been furnished
in writing by such party to the other parties hereto. All such notices,
requests, consents and other communications shall be deemed to have been
received (a) in the case of personal delivery, on the date of such delivery, (b)
in the case of mailing, on the fifth business day following the date of such
mailing and (c) in the case of overnight courier, on the second next business
day.

         8.3 Confidentiality. Each party hereto agrees to and shall keep
strictly confidential and will not disclose or divulge (a) the information
required to be delivered by one party to the other party hereunder and (b) any
other confidential, proprietary or secret information which a party may obtain
from the other party hereto unless required to be disclosed by law or regulation
or pursuant to any judgment, order, subpoena or decree of any court having
competent jurisdiction, or unless such information is already known to such
party or is or becomes publicly known, or unless the other party hereto gives
its written consent to such party's release of such information, except that no
such written consent shall be required (and such party shall be free to release
such information) if such information is to be provided to such party's lawyer
or accountant, or to an officer or director of such party if such person is made
aware of the confidential nature of such information and agrees to maintain the
confidentiality of such information as required by this Section 8.3.

         8.4 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Oklahoma as they apply to contracts
entered into and to be wholly performed within such state, without regard to
conflicts of laws principles.

                                       20
<PAGE>

         8.5 Submission to Jurisdiction. (a) The Investor hereby irrevocably
submits to the nonexclusive jurisdiction of any federal or state court sitting
in Oklahoma City, Oklahoma or Hartford, Connecticut in any action or proceeding
arising out of or relating to this Agreement, and the Investor hereby
irrevocably agrees that all claims in respect of such action or proceeding may
be heard and determined in any such court. The Investor irrevocably consents to
the service of any and all process in any such action by proceeding by the
mailing via registered or certified mail of copies of such process to the
Investor at his addresses specified above.

                  (b) The Investor hereby irrevocably waives any objection which
he may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement brought in any federal
or state court sitting in the State of Oklahoma or Connecticut and hereby
further irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in any inconvenient forum.

         8.6 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together constitute one and the same instrument.

         8.7 Titles and Subtitles. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

         8.8 Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement.

         8.9 Future Expenses; Attorneys' Fees. If any action at law or in equity
is necessary, to enforce or interpret the terms of this Agreement, the
prevailing party shall be entitled to reasonable attorneys' fees, costs and
necessary disbursements in addition to any other relief to which such party may
be entitled.

         8.10 Finders' Fees. The Investor agrees to indemnify and hold harmless
the Company from any liability for any commission or compensation in the nature
of a finder's fee (and the costs and expenses of defending against such
liability or asserted liability) for which such Investor is responsible. The
Company agrees to indemnify and hold harmless the Investor from any liability
for any commission or compensation in the nature of a finder's fee (and the
costs and expenses of defending against such liability or asserted liability)
for which the Company or any of its officers, employees or representatives is
responsible.

         8.11 Severability. If one or more provisions of this Agreement are held
to be unenforceable under applicable law, such provision shall be excluded from
this Agreement, and the balance of this Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with its
terms.

                                       21
<PAGE>

         8.12 Survival of Representations and Warranties. The representations
and warranties contained herein shall survive the Closing until the second
anniversary of the date hereof, as applicable.

         8.13 Currency. Unless otherwise indicated, all dollar denominations
specified herein shall be in United States dollars.

         8.14 Waiver of Jury Trial. THE COMPANY AND THE INVESTORS HEREBY
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT. THE EXCLUSIVE FORUM FOR ANY ACTION BETWEEN THE
COMPANY AND INVESTORS ARISING OUT OF OR RELATED TO THIS AGREEMENT SHALL BE THE
STATE OR FEDERAL COURTS LOCATED IN OKLAHOMA CITY, OKLAHOMA OR HARTFORD,
CONNECTICUT AND EACH PARTY AGREES THAT SUCH COURTS HAVE JURISDICTION AND ARE A
PROPER VENUE AND CONVENIENT FORUM FOR ANY SUCH ACTION.

         8.15 Entire Agreement. This Agreement and the other documents delivered
at the Closing constitute the full and entire understanding and agreement
between the parties with respect to the subject matter hereof and supersede all
prior agreements with respect to the subject matter hereof.

            [THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

                                       22
<PAGE>

COUNTERPART SIGNATURE PAGE TO THE PREFERRED STOCK PURCHASE AGREEMENT, DATED
SEPTEMBER 29, 2005

              IN WITNESS WHEREOF, the parties have executed this Agreement on
the date first above written.

                                    GIFT LIQUIDATORS, INC.

                                    By: /s/ Max Colclasure
                                        ----------------------------
                                           Name:  Max Colclasure
                                           Title: Chief Executive Officer and
                                                  President

                                    INVESTOR:

                                    /s/David Mladen
                                    -----------------------
                                    David Mladen

                      Aggregate Principal Amount of Shares:     11,000
                                                                --------

                      Aggregate Purchase Price:                 $10,000
                                                                --------

                                       23
<PAGE>

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

                       PREFERRED STOCK PURCHASE AGREEMENT

                                     DATED:

                               September 29, 2005

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

<PAGE>
<TABLE>
                                TABLE OF CONTENTS

         Page
<S>                                                                                                     <C>
1.       PURCHASE AND SALE OF SHARES.....................................................................1

         1.1        Sale and Issuance of Series A Shares.................................................1
         1.2        Closing..............................................................................1

2.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY...................................................1

         2.1        Organization, Good Standing and Qualification........................................1
         2.2        Capitalization.......................................................................2
         2.3        Subsidiaries.........................................................................2
         2.4        Power and Authority..................................................................2
         2.5        Valid Issuance of Shares and Underlying Shares.......................................3
         2.6        Governmental Consents................................................................3
         2.7        Litigation...........................................................................3
         2.8        Intellectual Property................................................................4
         2.9        Compliance With Other Instruments....................................................4
         2.10       Disclosure...........................................................................4
         2.11       Material Agreements; Actions.........................................................4
         2.12       Title to Property and Assets.........................................................5
         2.13       Brokers or Finders...................................................................5
         2.14       Registration Rights, Voting Rights...................................................5
         2.15       Employees............................................................................5
         2.16       Stockholders, Directors and Officers; Indebtedness...................................5
         2.17       Employment Benefit Plans.............................................................6
         2.18       Tax Returns and Payments.............................................................6
         2.19       Proprietary Information and Invention Agreements.....................................6
         2.20       Permits..............................................................................6
         2.21       Absence of Certain Changes...........................................................6
         2.22       Financial Statements.................................................................7
         2.23       Accounting...........................................................................7
         2.24       Insurance............................................................................8
         2.25       Environmental Laws...................................................................8
         2.26       No General Solicitation..............................................................8
         2.27       No Integrated Offering...............................................................8
         2.28       Exemption from Registration..........................................................8
         2.29       Transactions With Affiliates.........................................................8
         2.30       SEC Documents........................................................................9
         2.31       Foreign Corrupt Practices............................................................9
         2.32       No Investment Company...............................................................10
         2.33       Acknowledgment Regarding Investor's Purchase of Securities..........................10
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                                                     <C>
         2.34       Minute Books........................................................................10
         2.35       Labor Agreements and Actions; Employee Arrangements.................................10
         2.36       Agreement of Merger.................................................................10

3.       REPRESENTATIONS AND WARRANTIES OF THE INVESTOR.................................................10

         3.1        Authorization.......................................................................11
         3.2        Sophistication and Suitability......................................................11
         3.3        Access to Information...............................................................11
         3.4        Purchase Entirely for Own Account...................................................11
         3.5        Restricted Securities...............................................................12
         3.6        Residency...........................................................................12
         3.7        Legend..............................................................................12
         3.8        Accreditation.......................................................................13
         3.9        Investor's Review...................................................................13
         3.10       Brokers or Finders..................................................................13

4.       CONDITIONS OF THE INVESTOR'S OBLIGATIONS AT THE CLOSING........................................13

         4.1        Representations and Warranties......................................................13
         4.2        Performance.........................................................................13
         4.3        Registration Rights Agreement.......................................................13
         4.4        Certificate of Designation..........................................................14
         4.5        Compliance Certificate..............................................................14
         4.6        Officer's Certificate...............................................................14
         4.7        Qualifications......................................................................14
         4.8        Stock Certificates..................................................................14
         4.9        Additional Documents................................................................14
         4.10       The New Board.......................................................................14
         4.11       Asset Sale..........................................................................14
         4.12       Approval of Reverse Split...........................................................14
         4.13       Reverse Triangular Merger...........................................................15
         4.14       Termination of the Laid Back Administrative Services Agreement......................15
         4.15       Termination of the Company's Tax Sharing Agreement with Laid Back
                    Enterprises........................................................................15

5.       CONDITIONS OF THE COMPANY'S OBLIGATIONS AT THE CLOSING.........................................15

         5.1        Representations and Warranties......................................................15
         5.2        Payment of Purchase Price...........................................................15
         5.3        Securities Laws Qualification.......................................................15
         5.4        Performance.........................................................................15
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                                                                                                     <C>
6.       COVENANTS OF THE COMPANY.......................................................................15

         6.1        Corporate Existence.................................................................15
         6.2        Inspection..........................................................................16
         6.3        Payment of Taxes and Maintenance of Property........................................16
         6.4        Insurance...........................................................................16
         6.5        Compliance with Laws................................................................17
         6.6        Form D; Blue Sky Laws...............................................................17
         6.7        Reporting Status; Eligibility to Use Form S-3.......................................17
         6.8        Use of Proceeds.....................................................................17
         6.9        Reservations of Shares..............................................................17
         6.10       No Further Issuance of Additional Securities........................................18
         6.11       Listing.............................................................................18
         6.12       Corporate Existence.................................................................18
         6.13       No Integration......................................................................18
         6.14       Binding Agreement...................................................................18

7.       TRANSFER AGENT INSTRUCTIONS....................................................................18

8.       MISCELLANEOUS..................................................................................19

         8.1        Amendments and Waivers..............................................................19
         8.2        Notices.............................................................................19
         8.3        Confidentiality.....................................................................20
         8.4        Governing Law.......................................................................20
         8.5        Submission to Jurisdiction..........................................................21
         8.6        Counterparts........................................................................21
         8.7        Titles and Subtitles................................................................21
         8.8        Successors and Assigns..............................................................21
         8.9        Future Expenses; Attorneys' Fees....................................................21
         8.10       Finders' Fees.......................................................................21
         8.11       Severability........................................................................21
         8.12       Survival of Representations and Warranties..........................................22
         8.13       Currency............................................................................22
         8.14       Waiver of Jury Trial................................................................22
         8.15       Entire Agreement....................................................................22

</TABLE>

                                       iii
<PAGE>

                                   APPENDICES

<TABLE>
<S>                                        <C>
----------------------------------------------------------------------------------------------------------------------

SCHEDULE A                                 Company  Disclosure  Schedule to Preferred Stock Purchase  Agreement dated
                                           as of September 28, 2005 between Gift Liquidators, Inc. and David Mladen
----------------------------------------------------------------------------------------------------------------------

EXHIBIT A                                  Certificate of Designation
----------------------------------------------------------------------------------------------------------------------

EXHIBIT B                                  Financial Statements
----------------------------------------------------------------------------------------------------------------------

EXHIBIT C                                  Registration Rights Agreement
----------------------------------------------------------------------------------------------------------------------

EXHIBIT D                                  Inventory Sale Agreement
----------------------------------------------------------------------------------------------------------------------

EXHIBIT E                                  Irrevocable Transfer Agent Instructions
----------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       iv
<PAGE>

                                   SCHEDULE A

                           COMPANY DISCLOSURE SCHEDULE
                                       to
                       PREFERRED STOCK PURCHASE AGREEMENT
                         Dated as of September __, 2005
                                     Between
                             Gift Liquidators, Inc.
                                       and
                                  David Mladen

         This Disclosure Schedule is annexed to and made a part of the
above-referenced Preferred Stock Purchase Agreement (the "Agreement"). The
numbered paragraphs set forth below correspond to the numbered paragraphs set
forth in the Agreement. Capitalized terms used herein shall have the same
meaning ascribed to such terms in the Agreement.

2.2      Capitalization

         (a) The Company currently has 1,770,717 shares of Common Stock
outstanding.
         (b) There are no outstanding options, warrants, convertible securities
or other rights calling for the issuance of, and there are no commitments or
arrangements to issue, any shares of Common Stock of the Company or any security
convertible, exchangeable or exercisable for shares of Common Stock of the
Company. There are no shareholders agreements, voting agreements or other
similar agreements with respect to the outstanding shares of Common Stock of the
Company to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company's shareholders.
         (c) The names of officers, directors, and all stockholders of the
Company beneficially owning five (5%) percent or more of the Company's
outstanding shares of Common Stock and the number of outstanding shares of
Common Stock held by them are as follows:

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

                                                                   Amount and
                                                                    Nature of
                                                                   Beneficial
               Name of Beneficial Owners Ownership
               -----------------------------------

        ------------------------------------------------------------------------
        Max (Chief  Executive  Officer and Director) and Debbie  447,052
        Colclasure

        ------------------------------------------------------------------------
        Seward E. Robb, PhD.                                     11,000
        Director

        ------------------------------------------------------------------------
        Eric and Laura Chancellor                                108,235

        ------------------------------------------------------------------------
        Larry E. Howell                                          95,000

        ------------------------------------------------------------------------
        John Simonelli                                           95,000

        ------------------------------------------------------------------------
        All Executive Officers                                   458,104
        and Directors as a
        Group (4 persons)

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

                               v
<PAGE>

2.3      Subsidiaries

         None.

2.5      Valid Issuance of Shares, Warrants and Underlying Shares

         (b) No preemptive rights, right of first refusal, or similar rights
exist with respect to the Shares or the Underlying Shares, or the issuance and
sale thereof.

2.7      Litigation

         None.

2.8      Intellectual Property

         None.

2.9      Compliance with Other Instruments

         The execution, delivery and performance of and compliance with the
Transaction Agreements and the consummation of the transactions contemplated
hereby and thereby will not: (i) result in any such violation or default or
result in the creation of any mortgage, lien or encumbrance against any of the
properties or assets of the Company or (ii) give rise to obligations under any
Material Contracts, that, in the case of either (i) or (ii), could reasonably be
expected to have a Material Adverse Effect.

2.11     Material Agreements; Actions

         (a) Material Agreements.

         1. Tax Sharing Agreement dated December 20, 2002 between the Company
and LBE Transition, Inc., now Laid Back Enterprises Corp.

         2. Administrative Services Agreement dated December 20, 2002 between
the Company and LBE Transition, Inc., now Laid Back Enterprises Corp.

         3. The Company has approximately $40,000 of payables due to an
affiliate of the Company. The Company intends to sell certain of its assets to
such affiliate in satisfaction of such obligation prior to closing.

                                       vi
<PAGE>

2.12     Title to Property and Assets

         The Company has good title to its properties and assets, in each case
free and clear of all material liens, claims, encumbrances, security interests,
options, charges or restrictions of any kind. (See Balance Sheet attached as
Exhibit B.)

2.16     Stockholders, Directors and Officers; Indebtedness.
         Max Colclasure (CEO and Director of the Company) and Ronald Hurt (CFO
and Director of the Company) own Laid Back Enterprises, a company with which the
Company has an existing contractual relationship.

2.21     Absence of Certain Changes

         None.

2.29     Transactions With Affiliates

         The Company has an exclusive contract with Laid Back Enterprises,
through which it contracts for personnel as well as other services under the
Laid Back Administrative Services Agreement.

6.8      Use of Proceeds

         The Company shall use the proceeds from the sale of the Shares for
working capital and general corporate purposes.

                                       viiREGISTRATION RIGHTS AGREEMENT
                          -----------------------------

         REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of September
29, 2005, by and among Gift Liquidators, Inc., an Oklahoma corporation (the
"Company"), and David Mladen, an individual, with an address at c/o White Knight
Management, Inc., 270 Laurel Street, 1st Floor Office #A15, Hartford, CT 06105
(the "Buyer").

         WHEREAS:

         A. In connection with the Preferred Stock Purchase Agreement, by and
between the parties hereto, of even date herewith (the "Purchase Agreement"),
the Company has agreed, upon the terms and subject to the conditions contained
therein, to issue and sell to the Buyer 11,000 shares of the Company's Series A
Convertible Preferred Stock, $0.01 par value (the "Series A Preferred Stock"),
convertible into shares of common stock, $0.01 par value per share, of the
Company (the "Common Stock"), upon the terms and subject to the limitations and
conditions set forth in the Purchase Agreement, and the Certificate of
Designation of Series A Convertible Preferred Stock of the Company dated
September 29, 2005 (the "Certificate of Designation");

         B. To induce the Buyer to execute and deliver the Purchase Agreement,
the Company has agreed to provide certain registration rights under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, 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
Buyer hereby agree as follows:

         1.       DEFINITIONS.
                  ------------

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

                           (i) "Buyer" refers to the Buyer, including any
transferees or assignees of the Buyer who agrees to become bound by the
provisions of this Agreement in accordance with Section 9 hereof.

                           (ii) "register," "registered," and "registration"
refer to a registration effected by preparing and filing a Registration
Statement or Statements 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 basis ("Rule 415"), and the declaration or ordering of effectiveness
of such Registration Statement by the United States Securities and Exchange
Commission (the "SEC").

                           (iii) "Registrable Securities" means one hundred and
fifteen percent (115%) of the shares of Common Stock issued or issuable upon
conversion of the Series A Preferred Stock (such shares of Common Stock being

<PAGE>

referred to herein as the "Conversion Shares") including, without limitation
such additional shares of Common Stock, if any, as are issuable as a result of
events described in Section 6(b) of the Certificate of Designation and Section
2(b) of this Agreement, and any shares of Common Stock issued or issuable as a
dividend on or in exchange for or otherwise with respect to any of the
foregoing.

                           (iv) "Registration Statement" means a registration
statement of the Company under the 1933 Act.

                           (v) "Resale Registration Statement" means a
Registration Statement covering the resale of all, or any portion of, the
Registrable Securities.

                  b. Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings set forth in the Purchase Agreement.

         2.       REGISTRATION.
                  -------------

                  a. Mandatory Registration. The Company shall prepare, and, on
or prior to the sixtieth (60th) day following the date hereof (the "Filing
Date"), file with the SEC a Resale Registration Statement on Form SB-2 (or, if
Form SB-2 is not then available, on such form of Registration Statement as is
then available to effect a registration of the Registrable Securities, subject
to the consent of the Buyer, which consent will not be unreasonably withheld),
which such Resale Registration Statement, to the extent allowable under the 1933
Act and the rules and regulations promulgated thereunder (including Rule 416),
shall state that such Resale Registration Statement also covers such
indeterminate number of additional shares of Common Stock as may become issuable
upon conversion of the Series A Preferred Stock (i) to prevent dilution
resulting from stock splits, stock dividends or similar transactions, or (ii) by
reason of changes in the Conversion Price of the Purchase Agreement in
accordance with the terms thereof.

                  b. Payments by the Company. The Company shall use its best
efforts to obtain effectiveness of the Resale Registration Statement as soon as
practicable. If (i) the Company fails to use its best efforts to file the Resale
Registration Statement by the Filing Date, (ii) the Company fails to use its
best efforts to respond promptly to any comments from the SEC, or (iii) the
Company fails to use its best efforts to have the SEC declare the Resale
Registration Statement effective within ninety (90) days after filing the Resale
Registration Statement with the SEC (or one hundred and twenty (120) days if the
Company receives any comments on the Registration Statement from the SEC), then
the Company will make payments to the Buyer in such amounts and at such times as
shall be determined pursuant to this Section 2(b) as partial relief for the
damages to the Buyer by reason of any such delay in their ability to sell the
Registrable Securities (which remedy shall not be exclusive of any other
remedies available at law or in equity). The Company shall pay to the Buyer, pro
rata, an aggregate amount equal to two percent (2%) per month of $9,000,000,
assuming sale of $9,000,000 of the aggregate fair market value of the Conversion
Shares ("Outstanding Principal Amount") multiplied by the number of months
(prorated for partial months) after the Filing Date for which the Company has
failed to use its best efforts to file the Resale Registration Statement or the
end of the aforementioned ninety (90) day (or one hundred and twenty (120) days,
as applicable) period and prior to the date the Resale Registration Statement is
declared effective by the SEC, provided, however, that there shall be excluded
from such period any delays which are solely attributable to changes required by
the Buyer in the Resale Registration Statement with respect to information

                                       2
<PAGE>

relating to the Buyer, including, without limitation, changes to the plan of
distribution, or to the failure of the Buyer to conduct their review of the
Registration Statement pursuant to Section 3(g) below in a reasonably prompt
manner. Any payments due pursuant to this Section 2(b) may be paid by the
Company in cash or shares of the Company's Common Stock at the option of the
Buyer. If the Buyer elect to receive payment in shares of Common Stock, such
shares shall be issued at the Conversion Price.

         3. OBLIGATIONS OF THE COMPANY.
            ---------------------------

         In connection with the registration of the Registrable Securities, the
Company shall have the following obligations:

                  a. The Company shall prepare promptly, and file with the SEC
not later than the Filing Date, a Resale Registration Statement with respect to
the number of Registrable Securities provided in Section 2(a), and thereafter
use its best efforts to cause such Resale Registration Statement relating to
Registrable Securities to become effective within ninety (90) days (or one
hundred and twenty (120) days, as applicable) after filing the Resale
Registration Statement with the SEC, and keep the Resale Registration Statement
effective pursuant to Rule 415 until September 30, 2007 (the "Registration
Period"), which Resale 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 not misleading.

                  b. The Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to the Resale
Registration Statement and the prospectus used in connection with the Resale
Registration Statement as may be necessary to keep the Resale 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 the Resale
Registration Statement until such time as all of such Registrable Securities are
eleigible to be sold by the Buyer under Rule 144(k) of the 1933 Act. In the
event the number of shares available under the Resale Registration Statement
filed pursuant to this Agreement is insufficient to cover all of the Registrable
Securities, the Company shall amend the Resale Registration Statement, or file a
new Registration Statement (on the short form available therefore, if
applicable), or both, so as to cover all of the Registrable Securities, in each
case, as soon as practicable, but in any event within thirty (30) business days
after the necessity therefor arises (based on the market price of the Common
Stock and other relevant factors on which the Company reasonably elects to
rely). The Company shall use its best efforts to cause any amendment to the
Resale Registration Statement to become effective as soon as practicable
following the filing thereof, but in any event within ninety (90) days after the
date on which the Company reasonably first determines (or reasonably should have
determined) the need therefor. The Company shall use its best efforts to cause

                                       3
<PAGE>

any new Registration Statement to become effective as soon as practicable
following the filing thereof, but in any event within one hundred and twenty
(120) days after the date on which the Company reasonably first determines (or
reasonably should have determined) the need therefor. The provisions of Section
2(b) above shall be applicable with respect to such obligation.

                  c. The Company shall furnish to a single firm or counsel
designated by the Buyer (i) promptly (but in no event more than two (2) business
days) after the same is prepared and publicly distributed, filed with the SEC,
or received by the Company, one copy of each Registration Statement and any
amendment thereto, each preliminary prospectus and prospectus and each amendment
or supplement thereto, and, in the case of the Resale Registration Statement
referred to in Section 2(a), each letter written by or on behalf of the Company
to the SEC or the staff of the SEC, and each item of correspondence from the SEC
or the staff of the SEC, in each case relating to such Resale Registration
Statement (other than any portion of any thereof which contains information for
which the Company has sought confidential treatment), and (ii) such number of
copies of a prospectus, including a preliminary prospectus, and all amendments
and supplements thereto and such other documents as the Buyer may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by the Buyer. The Company will immediately notify the Buyer by facsimile
of the effectiveness of each Registration Statement or any post-effective
amendment. The Company will promptly respond (but in no event more than fifteen
(15) business days) to any and all comments received from the SEC (which
comments shall promptly be made available to the Buyer upon request), with a
view towards causing each Registration Statement or any amendment thereto to be
declared effective by the SEC as soon as practicable, shall promptly file an
acceleration request as soon as practicable (but in no event more than five (5)
business days) following the resolution or clearance of all SEC comments or, if
applicable, following notification by the SEC that any such Registration
Statement or any amendment thereto will not be subject to review and shall
promptly file with the SEC a final prospectus as soon as practicable (but in no
event more than five (5) business days) following receipt by the Company from
the SEC of an order declaring the Registration Statement effective. In the event
of a breach by the Company of the provisions of this Section 3(c), the Company
will be required to make payments pursuant to Section 2(b) hereof.

                  d. The Company shall use reasonable efforts to (i) register
and qualify the Registrable Securities covered by any Registration Statement
under such other securities or "blue sky" laws of such jurisdictions in the
United States as the Buyer reasonably requests, (ii) prepare and file in those
jurisdictions such amendments (including post-effective amendments) and
supplements to 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 (a) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d), (b) subject itself
to general taxation in any such jurisdiction, (c) file a general consent to
service of process in any such jurisdiction, (d) provide any undertakings that

                                       4
<PAGE>

cause the Company undue expense or burden, or (e) make any change in its charter
or bylaws, which in each case the Board of Directors of the Company determines
to be contrary to the best interests of the Company and its stockholders.

                  e. As promptly as practicable after becoming aware of such
event, the Company shall notify the Buyer of the happening of any event, of
which the Company has knowledge, as a result of which the prospectus included in
any 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 not misleading, and use its best
efforts promptly to prepare a supplement or amendment to any Registration
Statement to correct such untrue statement or omission, and deliver such number
of copies of such supplement or amendment to the Buyer as he may reasonably
request; provided that, for not more than thirty (30) consecutive trading days
(or a total of not more than forty-five (45) trading days in any twelve (12)
month period), the Company may delay the disclosure of material non-public
information concerning the Company (as well as prospectus or Registration
Statement updating) the disclosure of which at the time is not, in the good
faith opinion of the Company, in the best interests of the Company (an "Allowed
Delay"); provided, further, that the Company shall promptly (i) notify the Buyer
in writing of the existence of (but in no event, without the prior written
consent of the Buyer, shall the Company disclose to the Buyer any of the facts
or circumstances regarding) material non-public information giving rise to an
Allowed Delay and (ii) advise the Buyer in writing to cease all sales under such
Registration Statement until the end of the Allowed Delay. Upon expiration of
the Allowed Delay, the Company shall again be bound by the first sentence of
this Section 3(e) with respect to the information giving rise thereto.

                  f. The Company shall use its best efforts to prevent the
issuance of any stop order or other suspension of effectiveness of any
Registration Statement, and, if such an order is issued, to obtain the
withdrawal of such order at the earliest possible moment and to notify the Buyer
who holds Registrable Securities being sold (or, in the event of an underwritten
offering, the managing underwriters) of the issuance of such order and the
resolution thereof.

                  g. The Company shall permit a single firm or counsel
designated by the Buyer to review such Resale Registration Statement and all
amendments and supplements thereto (as well as all requests for acceleration or
effectiveness thereof) a reasonable period of time prior to their filing with
the SEC, and not file any document in a form to which such counsel reasonably
objects and will not request acceleration of such Resale Registration Statement
without prior notice to such counsel. The sections of such Resale Registration
Statement covering information with respect to the Buyer, the Buyer's beneficial
ownership of securities of the Company or the Buyer's intended method of
disposition of Registrable Securities shall conform to the information provided
to the Company by the Buyer.

                  h. At the request of the Buyer, the Company shall make
available for inspection by (i) the Buyer, and (ii) the Buyer's legal counsel,
(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 to enable
each Inspector to exercise its due diligence responsibility, and cause the

                                       5
<PAGE>

Company's officers, directors and employees to supply all information which any
Inspector may reasonably request for purposes of such due diligence; provided,
however, that each Inspector shall hold in confidence and shall not make any
disclosure (except to the Buyer) 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, (b) the release of such Records is ordered pursuant to a subpoena or
other 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.

                  i. The Company shall hold in confidence and not make any
disclosure of information concerning the Buyer provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the 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 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 or any other agreement. The Company agrees that
it shall, upon learning that disclosure of such information concerning the Buyer
is sought in or by a court or governmental body of competent jurisdiction or
through other means, give prompt notice to the Buyer prior to making such
disclosure, and allow the Buyer, at its expense, to undertake appropriate action
to prevent disclosure of, or to obtain a protective order for, such information.

                  j. The Company shall (i) cause all the Registrable Securities
covered by any Registration Statement to be listed on each national 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) to the extent the securities
of the same class or series are not then listed on a national securities
exchange, secure the designation and quotation, of all the Registrable
Securities covered by any Registration Statement on the OTC BB and, without
limiting the generality of the foregoing, to arrange for at least two market
makers to register with the National Association of Securities Dealers, Inc.
("NASD") as such with respect to such Registrable Securities.

                  k. The Company shall provide a transfer agent and registrar,
which may be a single entity, for the Registrable Securities not later than the
effective date of any Registration Statement.

                  l. The Company shall cooperate with the Buyer to facilitate
the timely preparation and delivery of certificates representing Registrable
Securities to be offered pursuant to any Registration Statement and enable such
certificates to be in such denominations or amounts, as the case may be, or the
Buyer may reasonably request and registered in such names as the Buyer may
request, and, within three (3) business days after any Registration Statement
which includes Registrable Securities is ordered effective by the SEC, the
Company shall deliver, and shall cause legal counsel selected by the Company to
deliver, to the transfer agent for the Registrable Securities (with copies to

                                       6
<PAGE>

the Buyer whose Registrable Securities are included in such Registration
Statement) an instruction and an opinion of such counsel.

                  m. At the request of the Buyer, the Company shall prepare and
file with the SEC such amendments (including post-effective amendments) and
supplements to a Registration Statement and any prospectus used in connection
with the Registration Statement as may be necessary in order to change the plan
of distribution set forth in such Registration Statement.

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

         4. OBLIGATIONS OF THE BUYER.
            -------------------------

         In connection with the registration of the Registrable Securities, the
Buyer shall have the following obligations:

                  a. It shall be a condition precedent to the obligations of the
Company to complete the registration pursuant to this Agreement with respect to
the Registrable Securities of the Buyer that the Buyer shall furnish to the
Company, in writing, such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect the registration
of such Registrable Securities and shall execute such documents in connection
with such registration as the Company may reasonably request. At least seven (7)
business days prior to the first anticipated filing date of a Registration
Statement, the Company shall notify the Buyer of the information the Company
requires from the Buyer.

                  b. The Buyer, by his acceptance of the Registrable Securities,
agrees to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of a Registration Statement
hereunder, unless the Buyer has notified the Company in writing of his election
to exclude all of such his Registrable Securities from the Registration
Statements.

                  c. In the event the Buyer determines to engage the services of
an underwriter, the Buyer agrees to enter into and perform such Buyer's
obligations under an underwriting agreement, in usual and customary form,
including, without limitation, customary indemnification and contribution
obligations, with the managing underwriter of such offering and take such other
actions as are reasonably required in order to expedite or facilitate the
disposition of the Registrable Securities, unless such Buyer has notified the
Company in writing of such Buyer's election to exclude all of such Buyer's
Registrable Securities from such Registration Statement.

                  d. The Buyer agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3(e) or
3(f), the Buyer will immediately discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable

                                       7
<PAGE>

Securities until the Buyer's receipt of the copies of the supplemented or
amended prospectus contemplated by Section 3(e) or 3(f) and, if so directed by
the Company, the Buyer shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction)
all copies in the Buyer's possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.

         5. EXPENSES OF REGISTRATION.
            -------------------------

         All reasonable expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all
registration, listing and qualification fees, printers and accounting fees, the
fees and disbursements of counsel for the Company shall be borne by the Company.

         6.       INDEMNIFICATION.
                  ----------------

         In the event any Registrable Securities are included in a Registration
Statement under this Agreement:

                  a. To the extent permitted by law, the Company will indemnify,
hold harmless and defend (i) the Buyer who holds such Registrable Securities,
(ii) the directors, officers, partners, employees, agents and each person who
controls the Buyer within the meaning of the 1933 Act or the Securities Exchange
Act of 1934, as amended (the "1934 Act"), if any, (iii) any underwriter (as
defined in the 1933 Act) for the Buyer, and (iv) the directors, officers,
partners, employees and each person who controls any such underwriter within the
meaning of the 1933 Act or the 1934 Act, if any (each, an "Indemnified Person"),
against any joint or several losses, claims, damages, liabilities or expenses
(collectively, together with actions, proceedings or inquiries by any regulatory
or self-regulatory organization, whether commenced or threatened, in respect
thereof, "Claims") to which any of them may become subject insofar as such
Claims arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact in a Registration Statement or the omission
or alleged omission to state therein a material fact required to be stated or
necessary to make the statements therein not misleading; (ii) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration
Statement, or contained in the 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 thereunder relating to the offer or sale of the Registrable
Securities (the matters in the foregoing clauses (i) through (iii) being,
collectively, "Violations"). Subject to the restrictions set forth in Section
6(c) with respect to the number of legal counsel, the Company shall reimburse
the Indemnified Person, promptly as such expenses are incurred and are due and
payable, for any reasonable legal fees 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

                                       8
<PAGE>

agreement contained in this Section 6(a): (i) shall not apply to a Claim 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 any Indemnified Person
or underwriter for such Indemnified Person expressly for use in connection with
the preparation of such Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus was timely made available by the Company
pursuant to Section 3(c) hereof; (ii) 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; and
(iii) with respect to any preliminary prospectus, shall not inure to the benefit
of any Indemnified Person if the untrue statement or omission of material fact
contained in the preliminary prospectus was corrected on a timely basis in the
prospectus, as then amended or supplemented, such corrected prospectus was
timely made available by the Company pursuant to Section 3(c) hereof, and the
Indemnified Person was promptly advised in writing not to use the incorrect
prospectus prior to the use giving rise to a Violation and such Indemnified
Person, notwithstanding such advice, used it. 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 Buyer pursuant to Section 9.

                  b. In connection with any Registration Statement in which the
Buyer is participating, the Buyer agrees to indemnify, hold harmless and defend,
to the same extent and in the same manner set forth in Section 6(a), the
Company, each of its directors, each of its officers who signs the Registration
Statement, each person, if any, who controls the Company within the meaning of
the 1933 Act or the 1934 Act, any underwriter and any other stockholder selling
securities pursuant to the Registration Statement or any of its directors or
officers or any person who controls such stockholder or underwriter within the
meaning of the 1933 Act or the 1934 Act (collectively and together with an
Indemnified Person, an "Indemnified Party"), against any Claim to which any of
them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar
as such Claim arises out of or is based upon any Violation by the Buyer, 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 Buyer expressly for use in connection with such Registration
Statement; and subject to Section 6(c) the Buyer will reimburse any legal or
other expenses (promptly as such expenses are incurred and are due and payable)
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) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Buyer, which
consent shall not be unreasonably withheld; provided, further, however, that the
Buyer shall be liable under this Agreement (including this Section 6(b) and
Section 7) for only that amount as does not exceed the net proceeds to the Buyer
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 Buyer pursuant to
Section 9. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(b) with respect to any
preliminary prospectus shall not inure to the benefit of any Indemnified Party
if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as
then amended or supplemented.

                                       9
<PAGE>

                  c. Promptly after receipt by an Indemnified Person or
Indemnified Party under this Section 6 of notice of the commencement of any
action (including any governmental action), 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 mutually satisfactory to the
indemnifying party and 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 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 any other party represented by such
counsel in such proceeding. The indemnifying party shall pay for only one
separate legal counsel for the Indemnified Persons or the Indemnified Parties,
as applicable, and such legal counsel shall be selected the Buyer of the
Registrable Securities included in the Registration Statement to which the Claim
relates, if the Buyer are entitled to indemnification hereunder, or the Company,
if the Company is entitled to indemnification hereunder, as applicable. 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 actually
prejudiced in its ability to defend such action. 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 such expense, loss, damage or
liability is incurred and is due and payable.

         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 contribution shall be made under circumstances where the maker would not
have been liable for indemnification under the fault standards set forth in
Section 6, (ii) 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 such fraudulent misrepresentation, and (iii) contribution (together
with any indemnification or other obligations under this Agreement) 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.
            ---------------------------

                                       10
<PAGE>

         With a view to making available to the Buyer the benefits of Rule 144
promulgated under the 1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Buyer 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 and the filing of such reports
and other documents is required for the applicable provisions of Rule 144; and

                  c. furnish to the Buyer so long as the Buyer 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 Buyer to
sell such securities pursuant to Rule 144 without registration.

         9. ASSIGNMENT OF REGISTRATION RIGHTS.
            ----------------------------------

         The rights under this Agreement shall be automatically assignable by
the Buyer to any transferee of all or any portion of Registrable Securities if:
(i) the Buyer agrees in writing with the transferee or assignee to assign such
rights, and a copy of such agreement is furnished to the Company within a
reasonable time after such assignment, (ii) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (a) the
name and address of such transferee or assignee, and (b) the securities with
respect to which such registration rights are being transferred or assigned,
(iii) following such transfer or assignment, the further disposition of such
securities by the transferee or assignee is restricted under the 1933 Act and
applicable state securities laws, (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this sentence, the
transferee or assignee agrees in writing with the Company to be bound by all of
the provisions contained herein, (v) such transfer shall have been made in
accordance with the applicable requirements of the Preferred Stock Purchase
Agreement and the Certificate of Designation, and (vi) such transferee shall be
an "accredited investor" as that term defined in Rule 501 of Regulation D
promulgated under the 1933 Act.

         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 written consent of the Company and
the Buyer (to the extent such Buyer still owns Registrable Securities). Any
amendment or waiver effected in accordance with this Section 10 shall be binding
upon the Buyer and the Company.

                                       11
<PAGE>

         11.      MISCELLANEOUS.
                  --------------

                  a. A person or entity is deemed to be a holder of Registrable
Securities whenever such person or entity owns of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more persons or entities 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. Notices. Any notice or other communications required or
permitted hereunder shall be deemed to be sufficient if contained in a written
instrument delivered in person or duly sent by first class certified mail,
postage prepaid, by reputable overnight courier or such other address as may
hereafter be designated in writing by the addressee to the other parties:

         if to the Company, to:

                  Gift Liquidators, Inc.
                  4020 Will Rogers Pkwy
                  Suite 700
                  Oklahoma City, OK 73108
                  Attn.: Max Colclasure

         if to the Buyer, to:

                  White Knight Management, Inc.
                  270 Laurel Street
                  1st Floor Office #A15
                  Hartford, CT 06105
                  Attn: David Mladen

         with a copy to:

                  Hodgson Russ LLP
                  60 East 42nd St., 37th Floor
                  New York, NY 10165
                  Attn.: Jeffrey A. Rinde, Esq.

                  or, in any case, at such other address or addresses as shall
have been furnished in writing by such party to the other parties hereto. All
such notices, requests, consents and other communications shall be deemed to
have been received (i) in the case of personal delivery, on the date of such
delivery, (ii) in the case of mailing, on the fifth business day following the
date of such mailing and (iii) in the case of overnight courier, on the second
next business day.

                                       12
<PAGE>

                  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. THIS AGREEMENT SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK,
NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT, THE
AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE
THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY'S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
THIS AGREEMENT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING
ATTORNEYS' FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH
DISPUTE.

                  e. In the event that any provision of this Agreement 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 provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

                  f. This Agreement, the Purchase Agreement (including all
schedules and exhibits thereto), and all other documents relating to this
transaction (collectively, the "Transaction Documents") 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. The Transaction
Documents supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

                  g. Subject to the requirements of Section 9 hereof, this
Agreement shall be binding upon and inure to the benefit of the parties and
their successors and assigns.

                                       13
<PAGE>

                  h. The headings in this Agreement are for convenience of
reference only and shall not form part of, or affect the interpretation of, this
Agreement.

                  i. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same agreement and shall become effective when counterparts have been
signed by each party and delivered to the other party. 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.

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

                  k. Except as otherwise provided herein, all consents and other
determinations to be made by the Buyer pursuant to this Agreement shall be made
by the holders of a majority of the Registerable Securities.

                  l. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Buyer by vitiating the
intent and purpose of the transactions contemplated hereby. Accordingly, the
Company acknowledges that the remedy at law for breach of its obligations under
this Agreement will be inadequate and agrees, in the event of a breach or
threatened breach by the Company of any of the provisions under this Agreement,
that the Buyer shall be entitled, in addition to all other available remedies in
law or in equity, and in addition to the penalties assessable herein, to an
injunction or injunctions restraining, preventing or curing any breach of this
Agreement and to enforce specifically the terms and provisions hereof, without
the necessity of showing economic loss and without any bond or other security
being required.

                  m. 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

            [THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

                                       14
<PAGE>

         IN WITNESS WHEREOF, the Company and the undersigned Buyer have caused
this Agreement to be duly executed as of the date first above written.

                          GIFT LIQUIDATORS, INC.

                          By:      /s/ Max Colclasure
                                   ------------------
                                   Name: Max Colclasure
                                   Title: President and Chief Executive Officer

                          BUYER:

                          By:      /s/ David Mladen
                                   ----------------
                                   David Mladen

                                       15

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