Document:

EX 10.4

    SUBSIDIARY
      GUARANTEE

    

    SUBSIDIARY
      GUARANTEE, dated as of May 25, 2007 (this “Guarantee”),
      made
      by the undersigned signatory hereto (together with any other entity that may
      become a party hereto as provided herein, (the “Guarantors”),
      in
      favor of the purchasers signatory (the “Purchasers”)
      to
      that certain Securities Purchase Agreement, dated as of the date hereof, between
      Celsia Technologies, Inc., a Nevada corporation (the “Company”)
      and
      the Purchasers. 

     

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      pursuant to that certain Securities Purchase Agreement, dated as of the date
      hereof, by and between the Company and the Purchasers (the “Purchase
      Agreement”),
      the
      Company has agreed to sell and issue to the Purchasers, and the Purchasers
      have
      agreed to purchase from the Company the Company’s Secured Convertible
      Debentures, due May 25,
      2010
(the
      “Debentures”),
      subject to the terms and conditions set forth therein; and

    

    WHEREAS,
      each Guarantor will directly benefit from the extension of credit to the Company
      represented by the issuance of the Debentures; and 

     

    NOW,
      THEREFORE, in consideration of the premises and to induce the Purchasers to
      enter into the Purchase Agreement and to carry out the transactions contemplated
      thereby, each Guarantor hereby agrees with the Purchasers as
      follows:

     

    1. Definitions.
      Unless
      otherwise defined herein, terms defined in the Purchase Agreement and used
      herein shall have the meanings given to them in the Purchase Agreement. The
      words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import
      when used in this Guarantee shall refer to this Guarantee as a whole and not
      to
      any particular provision of this Guarantee, and Section and Schedule references
      are to this Guarantee unless otherwise specified. The meanings given to terms
      defined herein shall be equally applicable to both the singular and plural
      forms
      of such terms. The following terms shall have the following
      meanings:

    

    “Guarantee”
means
      this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise
      modified from time to time.

    

    “Obligations”
means
      in addition to all other costs and expenses of collection incurred by Purchasers
      in enforcing any of such Obligations and/or this Guarantee, all
      of
      the liabilities
      and obligations (primary, secondary, direct, contingent, sole, joint or several)
      due or to become due, under
      the
      Debentures, this Guarantee, the Security Agreement and any other instruments,
      agreements or other documents executed and/or delivered in connection herewith
      or therewith, in each case, whether now or hereafter existing, voluntary or
      involuntary, direct or

    
      
         

      

      
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    indirect,
      absolute or contingent, liquidated or unliquidated, whether or not jointly
      owed
      with others, and whether or not from time to time decreased or extinguished
      and
      later increased, created or incurred, and all or any portion of such obligations
      or liabilities that are paid, to the extent all or any part of such payment
      is
      avoided or recovered directly or indirectly from any of the Secured Parties
      as a
      preference, fraudulent transfer or otherwise as such obligations may be amended,
      supplemented, converted, extended or modified from time to time. Without
      limiting the generality of the foregoing, the term “Obligations” shall include,
      without limitation: (i) principal of, and interest on the Debentures and the
      loans extended pursuant thereto; (ii) any and all other fees, indemnities,
      costs, obligations and liabilities of the Debtors from time to time under or
      in
      connection with this Agreement, the Debentures, the Guarantee and any other
      instruments, agreements or other documents executed and/or delivered in
      connection herewith or therewith; and (iii) all amounts (including but not
      limited to post-petition interest) in respect of the foregoing that would be
      payable but for the fact that the obligations to pay such amounts are
      unenforceable or not allowable due to the existence of a bankruptcy,
      reorganization or similar proceeding involving any Debtor. 

     

    2. Guarantee.

    

    (a) Guarantee.

     

    
      	 	
              (i)

            	
              The
                Guarantors hereby, jointly and severally, unconditionally and irrevocably,
                guarantee to the Purchasers and their respective successors, indorsees,
                transferees and assigns, the prompt and complete payment and performance
                by the Company when due (whether at the stated maturity, by acceleration
                or otherwise) of the Obligations. 

            

    

     

    
      	 	
              (ii)

            	
              Anything
                herein or in any other Transaction Document to the contrary
                notwithstanding, the maximum liability of each Guarantor hereunder
                and
                under the other Transaction Documents shall in no event exceed the
                amount
                which can be guaranteed by such Guarantor under applicable federal
                and
                state laws, including laws relating to the insolvency of debtors,
                fraudulent conveyance or transfer or laws affecting the rights of
                creditors generally (after giving effect to the right of contribution
                established in Section 2(b)). 

            

    

    

    
      	 	
              (iii)

            	
              Each
                Guarantor agrees that the Obligations may at any time and from time
                to
                time exceed the amount of the liability of such Guarantor hereunder
                without impairing the guarantee contained in this Section 2 or affecting
                the rights and remedies of the Purchasers
                hereunder.

            

    

    
      
         

      

      
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              (iv)

            	
              The
                guarantee contained in this Section 2 shall remain in full force
                and
                effect until all the Obligations and the obligations of each Guarantor
                under the guarantee contained in this Section 2 shall have been satisfied
                by payment in full. 

            

    

    

    
      	 	
              (v)

            	
              No
                payment made by the Company, any of the Guarantors, any other guarantor
                or
                any other Person or received or collected by the Purchasers from
                the
                Company, any of the Guarantors, any other guarantor or any other
                Person by
                virtue of any action or proceeding or any set-off or appropriation
                or
                application at any time or from time to time in reduction of or in
                payment
                of the Obligations shall be deemed to modify, reduce, release or
                otherwise
                affect the liability of any Guarantor hereunder which shall,
                notwithstanding any such payment (other than any payment made by
                such
                Guarantor in respect of the Obligations or any payment received or
                collected from such Guarantor in respect of the Obligations), remain
                liable for the Obligations up to the maximum liability of such Guarantor
                hereunder until the Obligations are paid in
                full.

            

    

    

    
      	 	
              (vi)

            	
              Notwithstanding
                anything to the contrary in this Agreement, with respect to any defaulted
                non-monetary Obligations the specific performance of which by the
                Guarantors is not reasonably possible (e.g. the issuance of the Company's
                Common Stock), the Guarantors shall only be liable for making the
                Purchasers whole on a monetary basis for the Company's failure to
                perform
                such Obligations in accordance with the Transaction Documents.
                

            

    

    

    (b) Right
      of Contribution.
      Each
      Guarantor hereby agrees that to the extent that a Guarantor shall have paid
      more
      than its proportionate share of any payment made hereunder, such Guarantor
      shall
      be entitled to seek and receive contribution from and against any other
      Guarantor hereunder which has not paid its proportionate share of such payment.
      Each Guarantor's right of contribution shall be subject to the terms and
      conditions of Section 2(c). The provisions of this Section 2(b) shall in no
      respect limit the obligations and liabilities of any Guarantor to the
      Purchasers, and each Guarantor shall remain liable to the Purchasers for the
      full amount guaranteed by such Guarantor hereunder.

     

    (c) No
      Subrogation.
      Notwithstanding any payment made by any Guarantor hereunder or any set-off
      or
      application of funds of any Guarantor by the Purchasers, no Guarantor shall
      be
      entitled to be subrogated to any of the rights of the Purchasers against the
      Company or any other Guarantor or any collateral

    
      
         

      

      
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    security
      or guarantee or right of offset held by the Purchasers for the payment of the
      Obligations, nor shall any Guarantor seek or be entitled to seek any
      contribution or reimbursement from the Company or any other Guarantor in respect
      of payments made by such Guarantor hereunder, until all amounts owing to the
      Purchasers by the Company on account of the Obligations are paid in full. If
      any
      amount shall be paid to any Guarantor on account of such subrogation rights
      at
      any time when all of the Obligations shall not have been paid in full, such
      amount shall be held by such Guarantor in trust for the Purchasers, segregated
      from other funds of such Guarantor, and shall, forthwith upon receipt by such
      Guarantor, be turned over to the Purchasers in the exact form received by such
      Guarantor (duly indorsed by such Guarantor to the Purchasers, if required),
      to
      be applied against the Obligations, whether matured or unmatured, in such order
      as the Purchasers may determine.

     

    (d) Amendments,
      Etc. With Respect to the Obligations.
      Each
      Guarantor shall remain obligated hereunder notwithstanding that, without any
      reservation of rights against any Guarantor and without notice to or further
      assent by any Guarantor, any demand for payment of any of the Obligations made
      by the Purchasers may be rescinded by the Purchasers and any of the Obligations
      continued, and the Obligations, or the liability of any other Person upon or
      for
      any part thereof, or any collateral security or guarantee therefor or right
      of
      offset with respect thereto, may, from time to time, in whole or in part, be
      renewed, extended, amended, modified, accelerated, compromised, waived,
      surrendered or released by the Purchasers, and the Purchase Agreement and the
      other Transaction Documents and any other documents executed and delivered
      in
      connection therewith may be amended, modified, supplemented or terminated,
      in
      whole or in part, as the Purchasers may deem advisable from time to time, and
      any collateral security, guarantee or right of offset at any time held by the
      Purchasers for the payment of the Obligations may be sold, exchanged, waived,
      surrendered or released. The Purchasers shall have no obligation to protect,
      secure, perfect or insure any Lien at any time held by them as security for
      the
      Obligations or for the guarantee contained in this Section 2 or any property
      subject thereto. 

     

    (e) Guarantee
      Absolute and Unconditional.
      Each
      Guarantor waives any and all notice of the creation, renewal, extension or
      accrual of any of the Obligations and notice of or proof of reliance by the
      Purchasers upon the guarantee contained in this Section 2 or acceptance of
      the
      guarantee contained in this Section 2; the Obligations, and any of them, shall
      conclusively be deemed to have been created, contracted or incurred, or renewed,
      extended, amended or waived, in reliance upon the guarantee contained in this
      Section 2; and all dealings between the Company and any of the Guarantors,
      on
      the one hand, and the Purchasers, on the other hand, likewise shall be
      conclusively presumed to have been had or consummated in reliance upon the
      guarantee contained in this Section 2. Each Guarantor waives to the extent
      permitted by law diligence, presentment,
      protest, demand for payment and notice of default or nonpayment to or upon
      the
      Company or any of the Guarantors with respect to the
      Obligations.

    
      
         

      

      
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    Each
      Guarantor understands and agrees that the guarantee contained in this Section
      2
      shall be construed as a continuing, absolute and unconditional guarantee of
      payment without regard to (a) the validity or enforceability of the Purchase
      Agreement or any other Transaction Document, any of the Obligations or any
      other
      collateral security therefor or guarantee or right of offset with respect
      thereto at any time or from time to time held by the Purchasers, (b) any
      defense, set-off or counterclaim (other than a defense of payment or performance
      or fraud or misconduct by Purchasers) which may at any time be available to
      or
      be asserted by the Company or any other Person against the Purchasers, or (c)
      any other circumstance whatsoever (with or without notice to or knowledge of
      the
      Company or such Guarantor) which constitutes, or might be construed to
      constitute, an equitable or legal discharge of the Company for the Obligations,
      or of such Guarantor under the guarantee contained in this Section 2, in
      bankruptcy or in any other instance. When making any demand hereunder or
      otherwise pursuing its rights and remedies hereunder against any Guarantor,
      the
      Purchasers may, but shall be under no obligation to, make a similar demand
      on or
      otherwise pursue such rights and remedies as they may have against the Company,
      any other Guarantor or any other Person or against any collateral security
      or
      guarantee for the Obligations or any right of offset with respect thereto,
      and
      any failure by the Purchasers to make any such demand, to pursue such other
      rights or remedies or to collect any payments from the Company, any other
      Guarantor or any other Person or to realize upon any such collateral security
      or
      guarantee or to exercise any such right of offset, or any release of the
      Company, any other Guarantor or any other Person or any such collateral
      security, guarantee or right of offset, shall not relieve any Guarantor of
      any
      obligation or liability hereunder, and shall not impair or affect the rights
      and
      remedies, whether express, implied or available as a matter of law, of the
      Purchasers against any Guarantor. For the purposes hereof, “demand” shall
      include the commencement and continuance of any legal proceedings.

     

    (f) Reinstatement.
      The
      guarantee contained in this Section 2 shall continue to be effective, or be
      reinstated, as the case may be, if at any time payment, or any part thereof,
      of
      any of the Obligations is rescinded or must otherwise be restored or returned
      by
      the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or
      reorganization of the Company or any Guarantor, or upon or as a result of the
      appointment of a receiver, intervenor or conservator of, or trustee or similar
      officer for, the Company or any Guarantor or any substantial part of its
      property, or otherwise, all as though such payments had not been
      made.

    

    (g) Payments.
      Each
      Guarantor hereby guarantees that payments hereunder will be paid to the
      Purchasers without set-off or counterclaim in U.S. dollars at the address set
      forth or referred to in the Purchase Agreement.

    

    3. Representations
      and Warranties.
      Each
      Guarantor hereby makes the following representations and warranties to
      Purchasers as of the date hereof:

    
      
         

      

      
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    (a) Organization
      and Qualification.
      The
      Guarantor is a corporation, duly incorporated, validly existing and in good
      standing under the laws of the applicable jurisdiction set forth on Schedule
      1,
      with the requisite corporate power and authority to own and use its properties
      and assets and to carry on its business as currently conducted. The Guarantor
      has no subsidiaries other than those identified as such on the Disclosure
      Schedules to the Purchase Agreement. The Guarantor is duly qualified to do
      business and is in good standing as a foreign corporation in each jurisdiction
      in which the nature of the business conducted or property owned by it makes
      such
      qualification necessary, except where the failure to be so qualified or in
      good
      standing, as the case may be, could not, individually or in the aggregate,
      (x)
      adversely affect the legality, validity or enforceability of any of this
      Guaranty in any material respect, (y) have a material adverse effect on the
      results of operations, assets, prospects, or financial condition of the
      Guarantor or (z) adversely impair in any material respect the Guarantor's
      ability to perform fully on a timely basis its obligations under this Guaranty
      (a “Material
      Adverse Effect”).

     

    (b) Authorization;
      Enforcement.
      The
      Guarantor has the requisite corporate power and authority to enter into and
      to
      consummate the transactions contemplated by this Guaranty, and otherwise to
      carry out its obligations hereunder. The execution and delivery of this Guaranty
      by the Guarantor and the consummation by it of the transactions contemplated
      hereby have been duly authorized by all requisite corporate action on the part
      of the Guarantor. This Guaranty has been duly executed and delivered by the
      Guarantor and constitutes the valid and binding obligation of the Guarantor
      enforceable against the Guarantor in accordance with its terms, except as such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, liquidation or similar laws relating to, or
      affecting generally the enforcement of, creditors' rights and remedies or by
      other equitable principles of general application.

    

    (c) No
      Conflicts.
      The
      execution, delivery and performance of this Guaranty by the Guarantor and the
      consummation by the Guarantor of the transactions contemplated thereby do not
      and will not (i) conflict with or violate any provision of its Certificate
      of
      Incorporation or By-laws or (ii) conflict with, constitute a default (or an
      event which with notice or lapse of time or both would become a default) under,
      or give to others any rights of termination, amendment, acceleration or
      cancellation of, any agreement, indenture or instrument to which the Guarantor
      is a party, or (iii) result in a violation of any law, rule, regulation, order,
      judgment, injunction, decree or other restriction of any court or governmental
      authority to which the Guarantor is subject (including Federal and state
      securities laws and regulations), or by which any material property or asset
      of
      the Guarantor is bound or affected, except in the case of each of clauses (ii)
      and (iii), such conflicts, defaults, terminations, amendments, accelerations,
      cancellations and violations as could not, individually or in the aggregate,
      have or

    
      
         

      

      
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    result
      in
      a Material Adverse Effect. The business of the Guarantor is not being conducted
      in violation of any law, ordinance or regulation of any governmental authority,
      except for violations which, individually or in the aggregate, do not have
      a
      Material Adverse Effect.

     

    (d) Consents
      and Approvals.
      The
      Guarantor is not required to obtain any consent, waiver, authorization or order
      of, or make any filing or registration with, any court or other federal, state,
      local, foreign or other governmental authority or other person in connection
      with the execution, delivery and performance by the Guarantor of this
      Guaranty.

    

    (e) Purchase
      Agreement.
      The
      representations and warranties of the Company set forth in the Purchase
      Agreement as they relate to such Guarantor, each of which is hereby incorporated
      herein by reference, are true and correct as of each time such representations
      are deemed to be made pursuant to such Purchase Agreement, and the Purchasers
      shall be entitled to rely on each of them as if they were fully set forth
      herein, provided, that each reference in each such representation and warranty
      to the Company's knowledge shall, for the purposes of this Section 3, be deemed
      to be a reference to such Guarantor's knowledge.

     

    4. Covenants.
      

    

    (a) Each
      Guarantor covenants and agrees with the Purchasers that, from and after the
      date
      of this Guarantee until the Obligations shall have been paid in full, such
      Guarantor shall take, and/or shall refrain from taking, as the case may be,
      each
      commercially reasonable action that is necessary to be taken or not taken,
      as
      the case may be, so that no Event of Default is caused by the failure to take
      such action or to refrain from taking such action by such Guarantor.

     

    (b) So
      long
      as any of the Obligations are outstanding, unless Purchasers holding at least
      70% of the aggregate principal amount of the then outstanding Debentures, shall
      otherwise consent in writing each Guarantor will not directly or indirectly
      on
      or after the date of this Guarantee:

    

    i. enter
      into, create, incur, assume or suffer to exist any indebtedness for borrowed
      money of any kind, including but not limited to, a guarantee, on or with respect
      to any of its property or assets now owned or hereafter acquired or any interest
      therein or any income or profits therefrom (other than trade accounts payable
      in
      the ordinary course of business) ;

    

    ii. other
      than Permitted Liens (as defined in the Debentures) enter into, create, incur,
      assume or suffer to exist any liens of any kind, on or with respect to any
      of
      its property or assets now owned or hereafter acquired or any interest therein
      or any income or profits therefrom;

    
      
         

      

      
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    iii. amend
      its
      certificate of incorporation, bylaws or other charter documents so as to
      adversely affect any rights of the Holder hereunder;

    

    iv. repay,
      repurchase or offer to repay, repurchase or otherwise acquire more than a de
      minimis number of shares of its securities or debt obligations, other than
      transfers between the Company and Guarantors; 

    

    v. pay
      cash
      dividends on any equity securities of the Company;

    

    vi. enter
      into any transaction with any Affiliate of the Guarantor which would be required
      to be disclosed in any public filing of the Company with the Commission, unless
      such transaction is made on an arm’s-length basis and expressly approved by a
      majority of the disinterested directors of the Company (even if less than a
      quorum otherwise required for board approval); or

    

    vii. enter
      into any agreement with respect to any of the foregoing.

    

    5. [AS
      TO
      CELSIA KOREA ONLY] Korean
      Government Approval. Notwithstanding
      anything to the contrary herein, this Guarantee shall become effective with
      respect to the signatory of Celsia Technologies Korea Inc. upon approval of
      this
      Guarantee by The Bank of Korea and within the limit of guarantee amount as
      approved by The Bank of Korea.

    

    6. Miscellaneous.

    

    (a) Amendments
      in Writing.
      None of
      the terms or provisions of this Guarantee may be waived, amended, supplemented
      or otherwise modified except in writing by the Purchasers and
      Guarantors.

     

    (b) Notices.
      All
      notices, requests and demands to or upon the Purchasers or any Guarantor
      hereunder shall be effected in the manner provided for in the Purchase
      Agreement, provided that any such notice, request or demand to or upon any
      Guarantor shall be addressed to such Guarantor at its notice address set forth
      on Schedule
      5(b).

    

    (c) No
      Waiver By Course Of Conduct; Cumulative Remedies.
      The
      Purchasers shall not by any act (except by a written instrument pursuant to
      Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived
      any right or remedy hereunder or to have acquiesced in any default under the
      Transaction Documents or Event of Default. No failure to exercise, nor any
      delay
      in exercising, on the part of the Purchasers, any right, power or
      privilege

    
      
         

      

      
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    hereunder
      shall operate as a waiver thereof. No single or partial exercise of any right,
      power or privilege hereunder shall preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege. A waiver by
      the
      Purchasers of any right or remedy hereunder on any one occasion shall not be
      construed as a bar to any right or remedy which the Purchasers would otherwise
      have on any future occasion. The rights and remedies herein provided are
      cumulative, may be exercised singly or concurrently and are not exclusive of
      any
      other rights or remedies provided by law.

    

    (d) Enforcement
      Expenses; Indemnification.

    

    
      	 	
              (i)

            	
              Each
                Guarantor agrees to pay, or reimburse the Purchasers for, all its
                costs
                and expenses incurred in collecting against such Guarantor under
                the
                guarantee contained in Section 2 or otherwise enforcing or preserving
                any
                rights under this Guarantee and the other Transaction Documents to
                which
                such Guarantor is a party, including, without limitation, the reasonable
                fees and disbursements of counsel to the Purchasers, provided, however,
                that in no event shall the Purchasers be entitled to duplicate recovery
                or
                other recovery in excess of the aggregate amount of such costs and
                expenses.

            

    

     

    
      	 	
              (ii)

            	
              Each
                Guarantor agrees to pay, and to save the Purchasers harmless from,
                any and
                all liabilities with respect to, or resulting from any delay in paying,
                any and all stamp, excise, sales or other taxes which may be payable
                or
                determined to be payable in connection with any of the transactions
                contemplated by this Guarantee.

            

    

    

    
      	 	
              (iii)

            	
              Each
                Guarantor agrees to pay, and to save the Purchasers harmless from,
                any and
                all liabilities, obligations, losses, damages, penalties, actions,
                judgments, suits, costs, expenses or disbursements of any kind or
                nature
                whatsoever with respect to the execution, delivery, enforcement,
                performance and administration of this Guarantee to the extent the
                Company
                would be required to do so pursuant to the Purchase
                Agreement.

            

    

    

    
      	 	
              (iv)

            	
              The
                agreements in this Section shall survive repayment of the Obligations
                and
                all other amounts payable under the Purchase Agreement and the other
                Transaction Documents. 

            

    

    

    (e) Successor
      and Assigns.
      This
      Guarantee shall be binding upon the successors and assigns of each Guarantor
      and
      shall inure to the benefit of the Purchasers and their respective successors
      and
      assigns; provided that no

    
      
         

      

      
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    Guarantor
      may assign, transfer or delegate any of its rights or obligations under this
      Guarantee without the prior written consent of the Purchasers.

     

    (f) Set-Off.
      Each
      Guarantor hereby irrevocably authorizes the Purchasers at any time and from
      time
      to time while an Event of Default under any of the Transaction Documents shall
      have occurred and be continuing, without notice to such Guarantor or any other
      Guarantor, any such notice being expressly waived by each Guarantor, to set-off
      and appropriate and apply any and all deposits, credits, indebtedness or claims,
      in any currency, in each case whether direct or indirect, absolute or
      contingent, matured or unmatured, at any time held or owing by the Purchasers
      to
      or for the credit or the account of such Guarantor, or any part thereof in
      such
      amounts as the Purchasers may elect, against and on account of the obligations
      and liabilities of such Guarantor to the Purchasers hereunder and claims of
      every nature and description of the Purchasers against such Guarantor, in any
      currency, whether arising hereunder, under the Purchase Agreement, any other
      Transaction Document or otherwise, as the Purchasers may elect, whether or
      not
      the Purchasers have made any demand for payment and although such obligations,
      liabilities and claims may be contingent or unmatured. The Purchasers shall
      notify such Guarantor promptly of any such set-off and the application made
      by
      the Purchasers of the proceeds thereof, provided that the failure to give such
      notice shall not affect the validity of such set-off and application. The rights
      of the Purchasers under this Section are in addition to other rights and
      remedies(including, without limitation, other rights of set-off) which the
      Purchasers may have.

     

    (g) Counterparts.
      This
      Guarantee may be executed by one or more of the parties to this Guarantee on
      any
      number of separate counterparts (including by telecopy), and all of said
      counterparts taken together shall be deemed to constitute one and the same
      instrument. 

    

    (h) Severability.
      Any
      provision of this Guarantee which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction. 

    

    (i) Section
      Headings.
      The
      Section headings used in this Guarantee are for convenience of reference only
      and are not to affect the construction hereof or be taken into consideration
      in
      the interpretation hereof.

    

    (j) Integration.
      This
      Guarantee and the other Transaction Documents represent the agreement of the
      Guarantors and the Purchasers with respect to the subject matter hereof and
      thereof, and there are no promises, undertakings, representations or warranties
      by the Purchasers relative to subject matter hereof

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    and
      thereof not expressly set forth or referred to herein or in the other
      Transaction Documents.

    

    (k) Governing
      Law.
      THIS
      GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY PRINCIPLES OF
      CONFLICTS OF LAWS. 

    

    (l) Submission
      to Jurisdictional; Waiver.
      Each
      Guarantor hereby

    irrevocably
      and unconditionally:

    

    
      	 	
              (i)

            	
              submits
                for itself and its property in any legal action or proceeding relating
                to
                this Guarantee and the other Transaction Documents to which it is
                a party,
                or for recognition and enforcement of any judgment in respect thereof,
                to
                the non-exclusive general jurisdiction of the Courts of the State
                of New
                York, located in New York County, New York, the courts of the United
                States of America for the Southern District of New York, and appellate
                courts from any thereof; 

            

    

     

    
      	 	
              (ii)

            	
              consents
                that any such action or proceeding may be brought in such courts
                and
                waives any objection that it may now or hereafter have to the venue
                of any
                such action or proceeding in any such court or that such action or
                proceeding was brought in an inconvenient court and agrees not to
                plead or
                claim the same; 

            

    

    

    
      	 	
              (iii)

            	
              agrees
                that service of process in any such action or proceeding may be effected
                by mailing a copy thereof by registered or certified mail (or any
                substantially similar form of mail), postage prepaid, to such Guarantor
                at
                its address referred to in the Purchase Agreement or at such other
                address
                of which the Purchasers shall have been notified pursuant
                thereto;

            

    

    

    
      	 	
              (iv)

            	
              agrees
                that nothing herein shall affect the right to effect service of process
                in
                any other manner permitted by law or shall limit the right to sue
                in any
                other jurisdiction; and 

            

    

    

    
      	 	
              (v)

            	
              waives,
                to the maximum extent not prohibited by law, any right it may have
                to
                claim or recover in any legal action or proceeding referred to in
                this
                Section any special, exemplary, punitive or consequential damages.
                

            

    

    

    (m) Acknowledgements.
      Each
      Guarantor hereby acknowledges that:

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

    
      	 	
              (i)

            	
              it
                has been advised by counsel in the negotiation, execution and delivery
                of
                this Guarantee and the other Transaction Documents to which it is
                a party;
                

            

    

     

    
      	 	
              (ii)

            	
              the
                Purchasers have no fiduciary relationship with or duty to any Guarantor
                arising out of or in connection with this Guarantee or any of the
                other
                Transaction Documents, and the relationship between the Guarantors,
                on the
                one hand, and the Purchasers, on the other hand, in connection herewith
                or
                therewith is solely that of debtor and creditor; and
                

            

    

    

    
      	 	
              (iii)

            	
              no
                joint venture is created hereby or by the other Transaction Documents
                or
                otherwise exists by virtue of the transactions contemplated hereby
                among
                the Guarantors and the Purchasers. 

            

    

    

    (n) Additional
      Guarantors.
      The
      Company shall cause each of its subsidiaries formed or acquired on or subsequent
      to the date hereof to become a Guarantor for all purposes of this Guarantee
      by
      executing and delivering an

    Assumption
      Agreement in the form of Annex 1 hereto.

     

    (o) Release
      of Guarantors.
      Subject
      to Section 2.6, each Guarantor will be released from all liability hereunder
      concurrently with the repayment in full of all amounts owed under the Purchase
      Agreement, the Debentures and the other Transaction Documents. 

    

    (p) Seniority.
      The
      Obligations of each of the Guarantors hereunder rank senior in priority to
      any
      other Indebtedness (as defined in the Purchase Agreement) of such Guarantor.
      

    

    (q) Waiver
      of Jury Trial.
      EACH
      GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY
      IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
      PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM
      THEREIN.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, each of the undersigned has caused this Guarantee to
      be
      duly executed and delivered as of the date first above written.

    

     [SUBSIDIARY]

     

     

    By: 
      _________________________________

    Name:

    Title:
      

     

    

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    SCHEDULE
      1

    

    GUARANTORS

    

    The
      following are the names, notice addresses and jurisdiction of organization
      of
      each Guarantor.

     

    
      
        
          	
                   

                   

                     
                    

                	
                  JURISDICTION
                    OF

                  INCORPORATION

                	
                  COMPANY

                  OWNED
                    BY

                  PERCENTAGE

                
	   	     	     
	   	   	   
	   	   	 
 

        

      

    

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

     

    Annex
      1
      to

    SUBSIDIARY
      GUARANTEE

    

    ASSUMPTION
      AGREEMENT, dated as of ____ __, ______ made by ______________________________,
      a
      ______________ corporation (the “Additional
      Guarantor”),
      in
      favor of the Purchasers pursuant to the Purchase Agreement referred to below.
      All capitalized terms not defined herein shall have the meaning ascribed to
      them
      in such Purchase Agreement. 

     

    W
      I T N E S S E T H :

    

      WHEREAS,
      Celsia Technologies, Inc., a Nevada corporation (the “Company”)
      and
      the Purchasers have entered into a Securities Purchase Agreement, dated as
      of
      May ___, 2007 (as amended, supplemented or otherwise modified from time to
      time,
      the “Purchase
      Agreement”);
      

    

      WHEREAS,
      in connection with the Purchase Agreement, the Company and its Subsidiaries
      (other than the Additional Guarantor) have entered into the Subsidiary
      Guarantee, dated as of May ____, 2007 (as amended, supplemented or otherwise
      modified from time to time, the “Guarantee”)
      in
      favor of the Purchasers; 

    

      WHEREAS,
      the Purchase Agreement requires the Additional Guarantor to become a party
      to
      the Guarantee; and

    

      WHEREAS,
      the Additional Guarantor has agreed to execute and deliver
      this Assumption Agreement in order to become a party to the
      Guarantee;

     

    NOW,
      THEREFORE, IT IS AGREED:

    

    1. Guarantee.
      By
      executing and delivering this Assumption Agreement, the Additional Guarantor,
      as
      provided in Section 6(n) of the Guarantee, hereby becomes a party to the
      Guarantee as a Guarantor thereunder with the same force and effect as if
      originally named therein as a Guarantor and, without limiting the generality
      of
      the foregoing, hereby expressly assumes all obligations and liabilities of
      a
      Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby
      added to the information set forth in Schedule 1 to the Guarantee. The
      Additional Guarantor hereby represents and warrants that each of the
      representations and warranties contained in Section 3 of the Guarantee is true
      and correct on and as the date hereof as to such Additional Guarantor (after
      giving effect to this Assumption Agreement) as if made on and as of such
      date.

     

    2. Governing
      Law.
      THIS
      ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
      ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the undersigned has caused this Assumption Agreement
      to be duly executed and delivered as of the date first above
      written.

    

    

    [ADDITIONALGUARANTOR]

     

     

    By: 
      _____________________________________

    Name:

    Title:

     

    
      
         

      

        -16-EX 10.5

     

    
      	
              IndiGo
                Securities, LLC

              780
                Third Avenue, 23rd
                Floor

              New
                York, New York 10017

              Tel:
                (212) 972-0900

              Fax:
                (212) 298-9933

            	
              Axiom
                Capital Management, Inc.

              780
                Third Avenue, 43rd
                Floor

              New
                York, New York 10017

              Tel:
                (212) 521-3800

              Fax:
                (212) 521-3888

            

    

    

    

    May
      1,
      2007

    Sent
      Via Email Only

    

    Michael
      Karpheden

    Chief
      Financial Officer

    Celsia
      Technologies, Inc.

    1395
      Brickell Avenue

    Suite
      800

    Miami,
      FL 33131

    

    Dear
      Michael:

    

    The
      undersigned, Celsia Technologies, Inc. (the “Company”),
      hereby agrees with Indigo
      Securities, Inc. (“Indigo”)
      and
Axiom
      Capital
      Management, Inc. (“Axiom”;
      together with Indigo, the “Co-Placement
      Agents”)
      as
      follows:

    

    1.
      Engagement;
      Offering

    

    A. The
      Company hereby engages the Co-Placement
      Agents to
      act as
      its exclusive
      agents
      in connection with (i) the sale by the Company (the “Offering”)
      of
a
      minimum
      of $4,000,000 (the “Minimum
      Amount”)
      and a
      maximum of $8,500,000
      (the “Maximum
      Amount”),
      of
      the Company’s Convertible Secured Notes (the “Notes”)
      to be
      offered together with warrants to purchase Common Stock (the “Warrants”,
      together with the Notes, the “Securities”),
      which
      will be offered on terms which will be mutually agreed between the Company
      and
      the Co-Placement Agents. The Offering shall be conducted as a private placement
      to be made pursuant to the exemption afforded by Section 4 (2) of the Securities
      Act of 1933, as amended (the “Act”)
      and
      Rule 506 of Regulation D promulgated thereunder, as well as applicable state
      laws. 

    

    B.
       The
      closings will be held at the Company’s offices, or the offices of counsel to the
      Company, or as otherwise agreed by the parties, where the proceeds of such
      accepted offers will be delivered to the Company or the Co-Placement Agents
      against delivery by the Company of certificates and/or instruments representing
      the Securities, for delivery to the purchasers, and payment to the Co-Placement
      Agents of its expenses and other compensation due hereunder including, without
      limitation, legal fees of the Co-Placement Agents’ counsel including
      disbursements, provided,
      however, that the combined legal fees and expenses incurred by the Co-Placement
      Agents to be paid by the Company shall not be higher than $20,000. Any legal
      fees and expenses above this level have to be pre approved by the Company in
      order to be

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    reimbursed.
      Such approval shall not be unreasonably withheld. After the initial closing,
      additional closings will take place at such reasonable times as specified by
      the
      Company and the Co-Placement Agents.

    

    C. The
      Offering shall terminate on the earlier of: (i) the date on which the
      Company terminates the Offering, (ii) the date on which all
      of
      the
      Securities have been sold; or (iii) May
      15,
      2007 unless extended for an additional period of up to 45 days by agreement
      of
      the Company and the Co-Placement Agents (the “Offering
      Period”). 

    

    2.
      Subscriptions
      and Disbursements of Proceeds

    

    A. During
      the Offering Period, the Securities will be offered by the Company, with the
      assistance of the Co-Placement Agents. Copies of the investment documents (the
      “Investment
      Documents”)
      shall
      be delivered to each potential investor by the Co-Placement Agents. The
      Securities will be sold only to Accredited Investors as that term is defined
      in
      Regulation D of the Act.

    

    B. The
      Co-Placement Agents shall only be obligated to assist the Company with the
      sale
      of Securities on a “best efforts” basis. The Securities may only be offered in
      jurisdictions in which the Co-Placement Agents are duly licensed and authorized
      to conduct business as broker/dealer in securities.

    

    C. The
      Company
reserves
      the right to reject any subscriber in its
      sole
      discretion.

    

    D. The
      Company and the Co-Placement Agents may have multiple closings, as they may
      agree.

    

    E. All
      funds
      of subscribers introduced by the Co-Placement Agents shall be placed in a
      non-interest bearing bank escrow account subject to the terms of an escrow
      agreement, acceptable to the Co-Placement Agents, with HSBC
      Bank
      USA, National Association
      (the
“Escrow
      Agent”)
      to
      comply with Rule 15c2-4 of the Securities Exchange Act of 1934 (the
“Exchange
      Act”).
      

    

    F. The
      Investor Documents have been prepared to comply with the requirements of Section
      4(2) of the Act and with Regulation D thereunder, all in form and substance
      to
      the
      reasonable
      satisfaction of the Company and the Co-Placement Agents. 

    

    3.
      Further
      Agreements of the Company

    

    The
      Company agrees, at its expense and without any expense to the Co-Placement
      Agents, as follows:

    

    A. As
      soon
      as the Company is either informed or becomes aware of any event occurring at
      any
      time prior to the Closing Date which will make the Investment Documents,
      including any amendments or supplements thereto, contain an untrue statement
      of
      a material fact or would omit to state any material fact necessary to make
      the
      statements therein, in light of the

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    circumstances
      under which they were made, not misleading, or if for any other reason it shall
      be necessary to amend or supplement the Investor Documents, the Company will
      promptly advise the Co-Placement Agents.

    

    B. To
      provide the Co-Placement Agents with a copy of all documents, reports and
      information as may be reasonably requested by the Co-Placement Agents in
      connection with the Investor Documents, or the Company’s business plans or
      prospects. 

    

    C. To
      provide the Co-Placement Agents with a copy of a list of stockholders, as
      requested.

    

    D. To
      provide the Co-Placement Agents with as many copies of the Investor Documents
      as
      the Co-Placement Agents may reasonably request.

    

    4.
      Commissions,
      Warrants, Agreements and Expenses

     

    A.
       Cash
      Fee.
      At each
      closing, the Co-Placement Agents collectively will
      receive an aggregate cash fee (the “Cash
      Fee”)
      equal
      to eight percent (8%) of any principal amount of any Notes raised by the
      Co-Placement Agents in connection with any Securities sold by the Company in
      the
      Offering to financial investors, provided however that the Cash Fee shall be
      seven percent (7%) of any principal amount of any Notes raised by the
      Co-Placement Agents from any of the investors on Exhibit I to this
      Agreement.

     

    B. Agent
      Warrants.
      At the
      final Closing of the Offering, the Company shall deliver to the Co-Placement
      Agents Placement Agent warrants (the “PA
      Warrants”)
      granting the Co-Placement Agents collectively the right to purchase a number
      of
      shares of the Company’s Common Stock
      equal to
      the Cash Fee divided by the initial conversion price of the Shares. The
      Placement Agent Warrants shall have the same terms as the Warrants, except
      as
      set forth herein. The Co-Placement Agents Warrants shall be transferable by
      the
      Co-Placement Agents only to its officers, directors, shareholders and employees.
      The Co-Placement Agents Warrants shall include a “cashless exercise” provision.
      Upon initial Closing of the Offering, the Company shall extend the expiration
      dates of the warrants issued to the Placement Agents in conjunction with the
      Company’s Series A and Series B financing to the same date as the PA Warrants
      issued under this agreement, and reduce the exercise price of those warrants
      to
      the initial conversion price of the Warrants; in return, the Placement Agents
      agree to waive the antidilution provisions in those warrants which would
      increase the number of shares for which they may be exercised.

     

    C. The
      Company hereby agrees to bear all of its own expenses
      in connection with the Offering, including, but not limited to, the following:
      filing fees, bank escrow fees, printing and duplicating costs, advertisements,
      postage and mailing expenses with respect to the transmission of offering
      material, informational meeting costs, registrar and transfer agent fees, the
      Company’s counsel and accounting fees, issue and transfer taxes,
      if any,
      and any Blue Sky counsel fees.
      In this
      connection, Blue Sky applications for registration of Securities or exemption
      therefrom shall be made in such states and jurisdictions as shall be reasonably
      requested by the Co-Placement Agents provided that such states and jurisdictions
      do not require the Company to qualify as a foreign corporation or to file a
      general consent to service of process. 

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    D.
       In
      addition to any fees payable to the Co-Placement Agents hereunder and regardless
      of whether an Offering is consummated, the Company hereby agrees to reimburse
      the Co-Placement Agents, within ten (10) days after written request therefor,
      all reasonable travel and other out-of-pocket expenses incurred in connection
      with the engagement of the Co-Placement Agent, including, but not limited to,
      the reasonable fees and expenses of Co-Placement Agents’ counsel; provided,
      that,
      such
      expenses shall not exceed $20,000 without the prior written consent of the
      Company (the “Fee
      Cap”).
      Such
      Fee Cap is based on an agreement by the Parties that counsel to the Co-Placement
      Agents will be responsible for legal due diligence and document review only
      and
      that counsel to the Company will be solely responsible for drafting all
      transaction documents to be used in connection with the Offering and the
      distribution of securities and closing sets in connection with the Offering.
      In
      addition, such Fee Cap shall not apply to any reasonable post-Closing legal
      fees
      and expenses incurred by the Co-Placement Agent or its counsel in connection
      with the Offering, however such post-closing legal fees and expenses shall
      not
      be incurred by the Co-Placement Agents without the prior written consent of
      the
      Company.

    

    E. The
      Co-Placement Agents, its affiliates and sub-agents shall have the right to
      purchase Securities in the Offering net of cash commissions payable to the
      Co-Placement Agents hereunder and the Co-Placement Agents shall receive its
      pro
      rata share of the Agent Warrants in connection with any such investment;
      provided that (i) the Company’s issuance of such Agent Warrants will be the same
      as and have the same economic effect to the Company as if the such Securities
      were purchased by a third party investor, and (ii) the purchase of such
      Securities by the Co-Placement Agents, its affiliates and sub-agents will not
      cause the Company to exceed its Maximum Amount.

    

    F. The
      Company will furnish at its expense such quantities of the Investor Documents
      and instruments as the Co-Placement Agents may reasonably request. In addition,
      the Company will pay for all Blue Sky filing fees. All required Blue Sky filings
      and federal securities law filings shall be prepared by counsel to the Company.
      

    

    G. If,
      at
      any time up to and including the final closing of a sale of Securities, or
      the
      termination of this Agreement by the Company (whichever is earlier), or within
      the six (6) month period after the termination of the Offering Period, the
      Company or any of its affiliates conducts a private placement of securities
      to any
      investor whom the Co-Placement Agents introduced to the Company during the
      Offering Period, the Company will pay the Co-Placement Agents the Section 4.A.
      Cash Fee and Agent Warrant with respect to such sale, calculated in accordance
      with the preceding paragraphs 4.A. and B.

    

    H. If,
      at
      any time during the Offering or within the eighteen (18) month period after
      the
      final closing of the Offering, the Company or any of its affiliates determines
      to raise funds by means of an offering of debt or equity securities using a
      placement agent, the Co-Placement Agents shall have the right of first refusal
      to act as the placement agent on the same terms and conditions offered in
      writing to the Company by a third party. The terms of any such additional
      engagements will be set forth in separate agreements containing terms and
      conditions to be mutually agreed upon between the Company and the Co-Placement
      Agents.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    5.
      Representations,
      Warranties and Covenants of the Co-Placement Agents.
      Each of
      the Co-Placement Agents represents as follows:

    

    A. The
      Co-Placement Agent has the necessary corporate power and authority to enter
      into
      this Agreement and to consummate the transactions contemplated
      hereby.

    

    B. The
      execution and delivery by the Co-Placement Agent of this Agreement and the
      consummation of the transactions herein contemplated will not result in any
      violation of, or be in conflict with, or constitute a default under, any
      material agreement or instrument to which the Co-Placement Agent is a party
      or
      by which the Co-Placement Agent or its properties are bound or any judgment,
      decree, order or, to the Co-Placement Agent’s knowledge, any material statute,
      rule or regulation applicable to the Co-Placement Agent.

    

    C. The
      information contained in the Investor Documents relating to the Co-Placement
      Agent is complete and correct and does not contain any untrue statement of
      material fact or omit to state a material fact necessary to make the statements
      thereto, in light of the circumstances under which they were made, not
      misleading.

    

    D. The
      Co-Placement Agent will deliver, or will obtain the agreement of selected
      dealers (approved by the Company) that they will deliver,
      to each
      purchaser, prior to any submission by such persons of a written offer to
      purchase any Securities, a copy of the Investor Documents, as they may have
      been
      most recently amended or supplemented by the Company.

    

    E. Upon
      receipt of executed Investor Documents and the payments representing
      subscriptions for Securities, the Co-Placement Agent will promptly forward
      copies of the Investor Documents to the Company and shall forward all payments
      for such Securities to the Escrow Agent.

    

    F. The
      Co-Placement Agents will not deliver the Investor Documents to, or accept the
      Investor Documents or payment for the Securities from, any person it does not
      reasonably believe to be an Accredited Investor as defined in Regulation
      D.

    

    G. The
      Co-Placement Agent will not take any action which would cause the Offering
      to
      violate the provisions of Regulation D or the Act, including engaging in any
      general solicitation or advertising.

    

    H. The
      Co-Placement Agent shall have no obligation to ensure that (a) any check, note,
      draft or other means of payment for any Securities will be honored, paid or
      enforceable against the subscriber in accordance with its terms or (b) subject
      to the performance of the Co-Placement Agent’s obligations and the accuracy of
      the Co-Placement Agent’s representations and warranties hereunder, the Offering
      is exempt from the registration requirements of the Act or any applicable state
      or foreign “blue sky” law.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    I. Nothing
      contained herein shall be deemed to constitute a representation or warranty
      by
      the Co-Placement Agent with respect to the Company’s compliance with the
      provisions of Regulation D or the Act.

    

    J. The
      Co-Placement Agent is a member of the National Association of Securities
      Dealers, Inc. (the “NASD”)
      and is
      duly permitted under NASD rules and regulations to act in its recited capacity
      herein.

     

    K. Intentionally
      omitted.

    

    L.
       The
      Co-Placement Agent shall be qualified and authorized to do business as a
      broker/dealer in all states in which it offers Securities unless an exemption
      from qualification is otherwise available. The Co-Placement Agent shall keep
      the
      Company informed on a timely basis of all states in which the Co-Placement
      Agent
      intends to offer the Securities.

    

    6.
      Representations,
      Warranties and Covenants of the Company

    

    A. All
      representations, warranties and covenants of the Company set forth in the
      Investor Documents are expressly incorporated by reference herein. 

    

      B. The
      Company represents, warrants and covenants that this Agreement has been duly
      and
      validly authorized by the Company and is a valid and binding agreement of the
      Company, enforceable in accordance with its terms.

    

    7.
      Intentionally
      Deleted.

    

    8.
      Indemnification

    

    A. The
      Company agrees to indemnify and hold harmless the Co-Placement Agents, its
      employees, sub-agents and representatives and each person who controls the
      Co-Placement Agents within the meaning of Section 15 of the Act against any
      and
      all losses, claims, damages or liabilities, joint or several, to which they
      or
      any of them
      become
      subject under the Act or
      any
      other statute or at common law (a
      “Loss”)
      in
      connection with the performance of its duties described herein and to reimburse
      persons indemnified as above for any legal or other expense (including the
      cost
      of any investigation and preparation) incurred by them in connection with any
      litigation whether or not resulting in any liability, provided, however, that
      the indemnity agreement contained in this Section 8.A. shall not apply to
      amounts paid in settlement of any such litigation if such settlement is effected
      without the consent of the Company, which
      shall not be unreasonably withheld
      nor
      shall it apply to the Co-Placement Agents or any person controlling the
      Co-Placement Agents in respect of any such losses, claims, damages, or
      liabilities arising out of, or based upon, any such untrue statement or alleged
      untrue statement, or any such omission or alleged omission concerning the
      Co-Placement Agents for use in the Investor Documents, if such statement or
      omission was made in reliance upon information furnished in writing by the
      Co-Placement Agents to the Company specifically for use in the Investor
      Documents. The Co-Placement Agents agree within ten (10) days after the receipt
      by it of written notice of the commencement of any action against it or against
      any person controlling it

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    as
      aforesaid, in respect of which indemnity may be sought from the Company on
      account of the indemnity agreement contained in this Section 8.A., to notify
      the
      Company in writing of the commencement thereof, provided, however, that the
      omission to so notify the Company shall not relieve the Company from any
      liability which the Company may have to such Co-Placement Agents or any such
      person or otherwise, except to the extent that its ability to defend is actually
      impaired or otherwise prejudiced by such failure or delay. In case any such
      action shall be brought against the Co-Placement Agents or any such controlling
      person and the Co-Placement Agents shall notify the Company of the commencement
      thereof, the Company shall be entitled to participate in (and, to the extent
      that it shall wish, to direct) the defense thereof at its own expense but such
      defense shall be conducted by counsel of recognized standing and reasonably
      satisfactory to the Co-Placement Agents or such controlling person or persons,
      defendant or defendants in the litigation; provided, that the Company shall
      not
      be required to pay for more than one firm of counsel for all indemnified
      parties, which firm shall be designated by the Co-Placement Agents. The Company
      agrees to notify the Co-Placement Agents in writing promptly of the commencement
      of any litigation or proceeding against it or in connection with the issue
      and
      sale of any of its securities and to furnish to the Co-Placement Agents, at
      its
      request, copies of all pleadings therein and permit the Co-Placement Agents
      to
      be an observer therein and apprise the Co-Placement Agents of all developments
      therein, all at the Company’s expense. 

    

    B. The
      Co-Placement Agents agree, in the same manner and to the same extent as set
      forth in Section 8.A. of this Agreement, to indemnify and hold harmless the
      Company and each person, if any, who controls the Company within the meaning
      of
      Section 15 of the Act, with respect to any Loss
      to
      which they or any one of them become subject in connection with (i) any
such
      untrue statement or alleged untrue statement, or any such omission or alleged
      omission concerning the Co-Placement Agents for use in the Investor Documents,
      if such statement or omission was made in reliance upon information furnished
      in
      writing by the Co-Placement Agents to the Company specifically for use in the
      Investor Documents
      and (ii)
      any such acts or failures to act undertaken or omitted to be taken by such
      Co-Placement Agent through its gross negligence, bad faith or willful
      misconduct.
      The
      Co-Placement Agents shall not be liable for amounts paid in settlement of any
      such litigation if such settlement was effected without its consent,
      which
      shall not be unreasonably withheld.
      In case
      of commencement of any action, in respect of which indemnity may be sought
      from
      the Co-Placement Agents on account of the indemnity agreement contained in
      this
      Section 8.B., each person agreed to be indemnified by the Co-Placement Agents
      shall have the same obligation to notify the Co-Placement Agents as the
      Co-Placement Agents has toward the Company in Section 8.A. of this Agreement,
      subject to the same loss of indemnity in the event such notice is not given,
      and
      the Co-Placement Agents shall have the same right to participate in (and to
      the
      extent that it shall wish, to direct) the defense of such action at its own
      expense, but such defense shall be conducted by one firm of counsel of
      recognized standing and satisfactory to the Company.

    

    C. The
      respective indemnity agreements between the Co-Placement Agents and the Company
      contained in Sections 8.A. and 8.B. of this Agreement, and
      the
      representations and warranties of the Company set forth elsewhere in this
      Agreement, shall
      remain operative and in full force and effect, regardless of any investigation
      made by or on behalf of the Co-Placement Agents or by or on behalf of any
      controlling person of the Co-Placement Agents or the Company or
      by any
      controlling person of the Company, shall survive the delivery of the Securities.
      Any

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    successor
      of the Company and the Co-Placement Agents or of any controlling person of
      the
Co-Placement
      Agents or
      the
      Company,
      as the
      case may be, shall be entitled to the benefits of the respective indemnity
      agreements.

    

    D. To
      provide for just and equitable contribution under the Act in any case in which
      (i) any person entitled to indemnification under this Section 8 makes claim
      for
      indemnification pursuant hereto but it is judicially determined (by the entry
      of
      a final judgment or decree by a court of competent jurisdiction and the
      expiration of time to appeal or the denial of the last right of appeal) that
      such indemnification may not be enforced in such case notwithstanding the fact
      that this Section 8 provides for indemnification in such case, or (ii)
      contribution under the Act may be required on the part of any such person in
      circumstances for which indemnification is provided under this Section 8, then,
      and in each such case, the Company and the Co-Placement Agents shall contribute
      to the aggregate losses, claims, damages or liabilities to which they may be
      subject (after any contribution from others) in such proportions as
      is
      appropriate to reflect the relative fault in connection with the matter as
      to
      which contribution is to be made;
      provided, that, in any such case, no person guilty of a fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Act) shall be
      entitled to contribution from any person who was not guilty of such fraudulent
      misrepresentation.

    

    E. Within
      ten days after receipt by any party to this Agreement of notice of the
      commencement of any action, suit or proceeding, such party will, if a claim
      for
      contribution in respect thereof is to be made against another party (the
“contributing party”), notify the contributing party, in writing, of the
      commencement thereof, but the omission so to notify the contributing party
      will
      not relieve it from any liability which it may have to any other party other
      than for contribution hereunder. In case any such action, suit or proceeding
      is
      brought against any party, and such party so notifies a contributing party
      or
      his or its Co-Placement Agents of the commencement thereof within the aforesaid
      ten days, the contributing party will be entitled to participate therein with
      the notifying party and any other contributing party similarly notified. Any
      such contributing party shall not be liable to any party seeking contribution
      on
      account of any settlement of any claim, action or proceeding effected by such
      party seeking contribution without the written consent of such contributing
      party. The contribution provisions contained in Section 8 are in addition to
      any
      other rights or remedies which either party hereto may have with respect to
      the
      other or hereunder.

     

    9.
      Termination

    

    The
      Company may terminate the Offering in its sole discretion prior to any closing
      hereunder. In the event that the Company determines to terminate the
      Offering,
      the
      Company shall immediately pay to the Co-Placement Agents any legal fees and
      expenses incurred
      under
      this Agreement, provided that, in the case of investments in the Company made
      subsequent to the termination of this Agreement, the fees described in Sections
      4.A. and
      4.B.
      above shall only apply with respect to investors introduced to the Company
      by
      the Co-Placement
      Agents.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    10.
      Miscellaneous

     

    A. All
      covenants, warranties and representations herein contained shall survive
      the final closing date, and any investigation made by the party relying upon
      such warranty and/or representation.

    

    B. This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, but all which shall be deemed to be one and the same
      instrument.

    

    C. Any
      notice required or permitted to be given hereunder shall be given in writing
      and
      shall be deemed effective when either deposited in the United States mail,
      registered return receipt requested, when received if personally delivered,
      or
      when sent by overnight courier, addressed as follows:

    

    To
      the
      Co-Placement Agents: 

    

    Axiom
      Capital Management, Inc.

    780
      Third
      Avenue - 43rd
      Floor

    New
      York,
      NY 10017

    Attention:
      Mark Martino

     

    Indigo
      Securities, LLC

    780
      Third
      Avenue - 23rd
      Floor

    New
      York,
      NY 10017

    Attention:
      Eric Brachfeld

    

    With
      a
      copy to:

    Wollmuth
      Maher & Deutsch LLP

    500
      Fifth
      Avenue

    New
      York,
      NY 10110

    

    

    To
      the
      Company:

    Celsia
      Technologies, Inc.

    1395
      Brickell Avenue

    Suite
      800

    Miami,
      FL 33131

    

    or
      to
      such other address of which written notice is given to the other
      party.

    

    D. This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York without giving effect to conflicts of laws.

     

    E. The
      parties hereto irrevocably submit to the jurisdiction of any State or Federal
      Court sitting in the State of New York, County of New York, over any suit,
      action, or proceeding arising out of or relating to this Agreement. Each
      party hereto irrevocably waives, to the fullest extent permitted by law, any
      objection which it may now or hereafter have to the laying of the venue of
      any
      such suit, action, or proceeding brought in such a court and any claim that
      suit, action, or proceeding has been brought in an inconvenient forum. Each
      party hereto agrees that

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    the
      service of process upon it mailed by certified or registered mail, postage
      prepaid and return receipt requested (and service so made shall be deemed
      complete three days after the same has been posted as aforesaid) or by personal
      service shall be deemed in every respect effective service of process upon
      it in
      any such suit or proceeding. Nothing herein shall affect a party's right to
      serve process in any other manner permitted by law. Each party agrees 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.

     

    F. This
      Agreement contains the entire understanding between the parties hereto with
      respect to the subject matter hereof and may not be modified or amended except
      by a writing duly signed by the party against whom enforcement of the
      modification or amendment is sought.

    

    G. If
      any
      provision of this Agreement shall be held to be invalid or unenforceable, such
      invalidity or unenforceability shall not affect any other provision of this
      Agreement.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties have hereto executed this Agreement as of the
      1st
      day
      of May,
      2007.

    

    AXIOM
      CAPITAL MANAGEMENT, INC.

    

    

    By: 
      /s/
      Mark
      Martino

      
        

      

    

    Name: 
      Mark
      Martino

    Title: 
      President

    

    

    INDIGO
      SECURITIES LLC

    

    

    By: 
      /s/
      James
      Robinson

      
        

      

    

    Name: 
      James
      Robinson

    Title: 
      Managing
      Member

    

    

    

    CELSIA
      TECHNOLOGIES, INC.

    

    By: 
      /s/
      Michael Karpheden

      
        

      

    

    Name: 
      Michael
      Karpheden 

    Title: 
      Chief
      Financial Officer

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