Document:

EXHIBIT 10.1

                               [GRAPHIC OMITTEED]

                            STOCK EXCHANGE AGREEMENT

                  This Stock Exchange Agreement (the "AGREEMENT") dated as of
the __ day of _________, 2001 is by and amongst DUCT 2, Inc., an Ohio
corporation (hereinafter referred to as "Buyer"), DUCT Utility Construction &
Technologies, Inc., a Colorado corporation (hereinafter referred to as "DUCT"),
and, BJ Boring, Inc., a Texas corporation, (the "Company"), Matthew Williams and
Joseph Williams (hereinafter referred to as the "Shareholders"). The
Shareholders and the Company may jointly be referred to as the "Seller".

         WHEREAS, the respective Board of Directors of the Buyer and the Company
deem the acquisition by Buyer of all of the issued and outstanding capital stock
of the Company on the terms set forth in this Agreement to be desirable,
generally for the welfare and advantage of each, and in the best interests of
the shareholders of each; and

         WHEREAS, the Buyer is a wholly owned subsidiary of DUCT; and

         WHEREAS, the parties desire that this transaction be treated as a
tax-free exchange under section 368 of the Internal Revenue Code.

         NOW, THEREFORE, in consideration of the promises and the mutual
agreements and covenants herein contained, and for the purpose of prescribing
the terms and conditions of such acquisition, the mode of carrying it into
effect, and such other details and provisions as are necessary or desirable, the
parties hereto hereby represent, warrant, covenant and agree as follows:

                                    ARTICLE I
                                PLAN OF AGREEMENT

         1.01 Number of Shares and Purchase Price. Subject to the further
conditions of this Agreement and the truth of the representations and warranties
provided herein the Seller agrees to exchange 1,000 shares of the common stock
of Seller, said shares

                                                            DUCT _____ BJB _____

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representing all of the issued and outstanding shares of common stock of Seller,
for a total of 195,000 shares of unregistered common stock of DUCT. Attached and
marked Exhibit 1.01 is a list of all of the shareholders of the Seller together
with the number of shares of common stock owned by each.

         The current shareholders of the Seller shall receive such number of
shares of DUCT shares based upon their equity ownership in the Seller.

         The Shareholders who are executing this Agreement shall deliver their
shares of BJ Boring, Inc. duly endorsed for transfer in exchange for their
shares of DUCT.

         In addition to the exchange of shares, the Buyer shall pay the
following liabilities as set forth herein:

         As to Joseph Williams $119,798.62

         As to Cathy Barr $38,000

         The foregoing shall be payable by Buyer nine months following the date
of closing. Interest on the outstanding principal balance shall accrue at the
rate of 8% per annum.

          The Company has not incurred any liabilities in excess of $5,000 since
the June 30, 2001 Balance Sheet that is attached hereto as Exhibit 2.02. To the
extent that the Buyer becomes obligated for any liabilities in excess of $5,000
that are not set forth on the June 30, 2001 balance sheet, Buyer shall have the
right to offset those amounts due Williams and Barr. Attached and marked Exhibit
1.01(b) is consents by Williams and Barr to the terms set forth herein.

         1.02 Employment. In addition to the exchange of shares and as a
material inducement for the Shareholders entering into this Agreement, it is
contemplated that immediately following the closing the Buyer shall enter into
employment agreements with Matt Williams, Joseph Williams, and Steven Talley at
$75,000 per year. These employees will continue to be employed by the Seller. In
addition to the annual compensation, the Shareholders shall be entitled to
participate in such benefit plans as are generally available to the employees of
the Seller then in effect.

                                       2                    DUCT _____ BJB _____

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                                   ARTICLE II
                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY
                              AND THE SHAREHOLDERS

         The Seller and its shareholders represent and warrant to Buyer that:
         2.01 Incorporation, Common Stock, Etc. The Company is a corporation
duly organized and existing in good standing under the laws of the State of
Texas. Attached hereto, as Exhibit 2.01, is a copy of the Company's good
standing certificate. The Company has full corporate power and authority to
carry on its business as it is now being conducted and to own and operate its
assets, businesses and properties. Company has authorized capital stock
consisting of 100,000 shares of Common Stock, par value $1.00 per share, of
which 1,000 shares are issued and outstanding. There are no preferred shares
authorized. There are and at the Closing will be no outstanding subscriptions,
options, warrants, convertible securities, calls, commitments or agreements
calling for or requiring issuance or transfer, sale or other disposition of any
shares of capital stock of the Company or calling for or requiring the issuance
of any securities or rights convertible into or exchangeable (including on a
contingent basis) for shares of capital stock. All of the outstanding shares of
the Company are duly authorized, validly issued, fully paid and non-assessable.
There are no dividends due, to be paid or are in arrears with respect to any of
the capital stock of Company.

         2.02 Company Financial Statements. Attached hereto as Exhibit 2.02 are
the most recent financial statements for the Company dated as of June 30, 2001
and December 31, 2000. Said financial statements include the Company's Balance
Sheet, Income Statement, and Changes in Stockholders Equity. The financial
statements present fairly the financial position of the Company as of the dates
set forth in the financial statements. The financial statements have been
prepared in conformity with generally accepted accounting principles. There has
been no material change in the financial condition since the date of the
financial statements. All liabilities, contingent or otherwise, are set forth in
the financial statements and there are no undisclosed

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liabilities of any kind or nature. Since the date of the financial statements,
the Company has not incurred any liabilities in excess of $5,000 and except as
contemplated by this transaction, there have been no transactions entered into
outside of the usual course of business.

         The Seller and the Shareholders, at the expense of DUCT, further agrees
to provide the Buyer within 60 days of closing with certified financial
statements in conformity with Securities and Exchange Commission reporting
requirements. If the Company is unable to provide the required certified
financial statements or, the certified financial statements reflect a material
change in the financial condition of the Company from that which was represented
in the financial statements, then in that event the Buyer may, in its sole and
absolute discretion and in addition to any remedies available at law, rescind
this Agreement.

         2.03 Litigation and Liens. Except as set forth in Exhibit 2.03, there
are no actions, suits, proceedings, or investigations pending or, to the best of
its knowledge, threatened or contemplated against the Company, at law or in
equity, before any federal, state, municipal or other governmental department,
commission, board, agency or instrumentality, domestic or foreign. The Company
is not subject to any outstanding judgments or operating under or subject to or
in default with respect to any order, writ, injunction or decree of any court or
federal, state, municipal or other governmental department, commission, board,
agency or instrumentality, domestic or foreign. Attached and marked Exhibit
2.03(b) is a list of all outstanding liens filed against the Company.

                  2.04 Compliance with Laws. The Company has complied in all
material respects with all laws, regulations, orders, domestic and foreign, and
neither the present uses of their properties nor the conduct of its business
violate any such laws, regulations, orders or requirements, and except as set
forth in Schedule 2.04 (if applicable) the Company has not received any notice
of any claim or assertion that it is not so in compliance.

                                       4                    DUCT _____ BJB _____

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         2.05 Indebtedness. Except as set forth in the Company Balance Sheet,
the Company has not executed any instruments, entered into any agreements or
arrangements pursuant to which the either has borrowed any money, incurred or
guaranteed any indebtedness or established any line of credit which represents a
liability of the Company as of the date thereof.

         2.06 No Material Adverse Change. Since the date of the Company Balance
Sheet, there has not been any material adverse change in the condition,
financial or otherwise, of any aspect of its business taken as a whole; nor has
there been any material transaction entered into by the Company. The Company has
not incurred any material obligations, contingent or otherwise except for legal
and accounting fees and expenses in connection with the transactions
contemplated by this Agreement. There has not been any damage, destruction or
loss, whether or not covered by insurance adversely affecting the Company, its
business, property or assets; nor has the Company (a) created or incurred any
indebtedness; (b) issued, sold, purchased, redeemed or granted any shares of
Company Common Stock or any other securities or any options, warrants or other
rights to purchase any shares of Company Common Stock except as set forth in
Schedule 2.06; (c) amended its Certificate of Incorporation or bylaws, (d) paid
any obligation or liability other than obligations or liabilities reflected in
its Balance Sheet dated as of the Company Balance Sheet Date or incurred any
liabilities except for legal and accounting fees and disbursements incurred in
the ordinary course of business or in connection with this Agreement and the
transactions contemplated hereby.

         2.07 No Defaults. Neither the execution nor delivery of this Agreement
nor the consummation of the contemplated transaction are events which, of
themselves or with the giving of notice or passage of time or both, could
constitute a violation of or conflict with or result in any breach of or default
under the terms, conditions or provisions of any judgment, law or regulation of
the Company's Certificate of Incorporation or Bylaws, or of any agreement or
instrument to which the Company is a party or by which it is bound; or could
result in the creation or imposition of any lien, charge or encumbrance of any

                                       5                    DUCT _____ BJB _____

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nature whatsoever on the property or assets of Company; and no consent of any
third party except as expressly contemplated herein is required for the
consummation of this Agreement by Company.

         2.08 Corporate Action of Company. The Board of Directors of the Company
has duly authorized the execution and delivery of this Agreement. Subject to the
approval of the stockholders of the Company, as provided herein, this Agreement
constitutes a valid, legal and binding agreement of Company and is enforceable
in accordance with its terms.

         2.09 Liabilities. As of the date of this Agreement, the Company has not
incurred any liabilities except in the ordinary course of business.

         2.10 Taxes. Except as set forth on Schedule 2.10, all federal, state,
and local tax returns, reports and declarations of estimated tax or estimated
tax deposit forms required to be filed by Company. The Company has paid all
taxes which have become due pursuant to such returns or pursuant to any
assessment received by it, and has paid all installments of estimated taxes due;
and all taxes, levies and other assessments which each is required by law to
withhold or to collect have been duly withheld and collected and have been paid
over to the proper governmental authorities. The Company has no knowledge of any
tax deficiency that has been or might be asserted against it which would
materially and adversely affect the business or operations of the Company. Prior
to Closing, The Company shall provide Buyer with copies of all tax returns, of
any kind or nature, filed by Company, together with all accounting information.

         2.11 Title to Property; Leases. The Company has good and defensible
title in fee simple to, or valid and enforceable leasehold estates in, all
properties and assets, which are material to its continued operations, free and
clear of all liens, encumbrances, charges or restrictions or are not materially
significant or important in relation to its operations and business. All of such
leases and subleases under which the Company e is the lessor or sublessor,
lessee or sublessee of properties or assets or under which Company holds

                                       6                    DUCT _____ BJB _____

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properties or assets as lessee or sublessee are in full force and effect.
Company is not in default in respect of any of the terms or provisions of any of
such leases or subleases, and no claim has been asserted by anyone adverse to
their respective rights as lessor, sublessor, lessee or sublessee under any of
the leases or subleases mentioned above, or affecting or questioning their
respective rights to continued possession of the leased or subleased premises or
assets under any such lease or sublease; and Company either owns or leases all
such properties as are necessary to its operations as now conducted.

         Attached hereto and marked Exhibit 2.11 is a list of all assets owned
by the company including all tangible and intangible assets and assets owned
through any subsidiaries.

         2.12 Licenses. The Company has obtained all required licenses, permits
or other governmental authorization for the conduct of its business as now being
conducted. The Company is in compliance with all laws governing the operation of
its business in any jurisdiction where the Company conducts business.

         2.13 Bank Accounts. Attached hereto as Schedule 2.13 is a listing of
all bank accounts and account numbers that are currently held by the Company. At
Closing, the Company shall deliver to Buyer Board minutes approving Randall A.
Drew as a signatory to the bank account and removing any of the other named
signatories.

         2.14 Contracts and Commitments. Except as set forth in Exhibit 2.14,
there are neither contracts nor commitments of the Company requiring any future
payment to an officer, director, employee, agent or shareholder of Company. Also
attached and marked as Exhibit 2.14(b) is a list of all current employees and
the salary of each.

         2.15 Representations True and Correct. This Agreement and the Schedules
and Exhibits attached hereto do not contain any untrue statement of a material
fact concerning the Company or omits any material fact concerning the Company
which is necessary in order to make the statements therein not misleading. All
of the representations and warranties contained herein (including all statements

                                       7                    DUCT _____ BJB _____

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contained in any certificate or other instrument delivered by or on behalf of
the Shareholders pursuant hereto or in connection with the transactions
contemplated hereby) shall survive the Closing.

         2.16 Retirement Plans. Neither the Company nor any subsidiary, or
affiliate is obligated under any pension plan, profit sharing or similar
employee benefit plan.

         2.17 Intellectual Property Rights. Attached hereto as Exhibit 2.17 is a
list of all trademarks and trade names which are owned by the Company, together
with copies of any official notice from any issuing governing organization.

         2.18 Resignations. Attached hereto as Exhibit 2.18 are the resignations
of all of the Company's officers and directors. Said resignations will be held
in escrow pending closing with DUCT.

         2.19 Indemnification. The Company and the Shareholders jointly and
individually shall indemnify and hold Buyer, its officers and directors,
harmless of and in respect of:

              (1) Any damage or loss resulting from any loss, any liability of
any kind or nature which is not set forth in the financial statements, damage,
misrepresentation, breach of warranty or non-fulfillment on the part of the
Company under this Agreement or from any misrepresentation or omission from any
certificates or other instruments furnished to Company pursuant to this
Agreement.

              (2) All actions, suits, proceedings, demands assessments,
judgments, costs and expenses incident to any of the foregoing including
reasonable attorney's fees and all costs incurred by Buyer to enforce this
agreement against Company.

         2.20 Environmental Matters. The Company is in full compliance with all
environmental laws and regulations affecting the operation of its business and
the ownership or lease of any real estate. The Company has not improperly
disposed of any hazardous or toxic waste and as of the date of this Agreement
has no toxic or hazardous waste in its possession. The Company has not been
advised of any violation or potential violation of any local or federal rules or

                                       8                    DUCT _____ BJB _____

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regulations pertaining to environmental matters. The Company has provided Buyer
with copies of all environmental audits performed to date.

         2.21 Further Assurances. That the undersigned shareholder, either alone
or with the assistance of their own professional advisor, has such knowledge and
experience in financial and business matters that the undersigned shareholder(s)
are capable of evaluating the merits and risks of entering into this transaction
and the shares of common stock to be received from DUCT. That this transaction
involves significant investment risk and the undersigned shareholders have the
net worth to undertake such risks;

         (b) That the undersigned shareholders have obtained to the extent
deemed necessary, the undersigned's own personal professional advice with
respect to the risks inherent in this transaction, the suitability of entering
into this transaction in light of the undersigned's financial condition and
investment needs;

         (c) That the undersigned believe that by entering into this transaction
is suitable for the undersigned based upon the undersigned's investment
objectives and financial needs, and the undersigned has adequate means for
providing for the undersigned's current financial needs and personal
contingencies and has no need for liquidity of the DUCT shares to be received;

         (d) That the undersigned shareholder(s) have been given reasonable
opportunity to ask questions of, and receive answers from, representatives of
both Buyer and DUCT concerning the terms and conditions of this Agreement and
that the representatives have answered all questions or supplied the requested
information to the satisfaction of the shareholder(s).

         (e) That the undersigned recognizes that the Company has only recently
commenced operations and prior thereto was a "shell" company with no operations.
The Selling shareholders will experience significant dilution as a result of
this transaction.

         (f) DUCT is a publicly traded Company. During the past year, the Common
Shares of DUCT have traded between $.15 and $5.00. There can be no assurance

                                       9                    DUCT _____ BJB _____

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that any active market can or will be sustained in the DUCT common stock.
Ownership of the DUCT shares may represent an illiquid investment. Not only will
the shares of common stock be subject to Rule 144 as promulgated by the
Securities Act of 1933, as amended, general market conditions may make it
difficult to liquidate the undersigned's investment in the event of an
emergency.

         (g) Should any of the undersigned later desire to dispose of or
transfer the Shares in any manner, the Shareholder shall not without first
obtaining the opinion of Company counsel that such disposition or transfer may
be lawfully made without the registration of the Shares or underlying shares of
common stock pursuant to the Securities Act of 1933, as amended, and applicable
state securities laws.

                                   ARTICLE III
                     REPRESENTATIONS AND WARRANTIES OF BUYER
         Buyer (DUCT 2) represents and warrants to the Shareholders and the
Company that:

         3.01 Incorporation, Common Stock, Etc. Buyer is a corporation duly
organized and existing in good standing under the laws of the State of Ohio. The
Buyer has full corporate power and authority to carry on its business as it is
now being conducted and to own and operate its assets, businesses and
properties. The Buyer (DUCT 2) has authorized capital stock consisting of 1,000
shares of Common Stock, no par value, of which 1,000 shares were outstanding as
of July 26, 2001. All of the outstanding shares of the Buyer are duly
authorized, validly issued, fully paid and non-assessable. There are no
dividends due, to be paid or are in arrears with respect to any of the capital
stock of Buyer. Buyer is a wholly owned subsidiary of DUCT.

         3.02 Buyer Financial Statements. Buyer has not yet commenced
operations. Except for organizational expenses advanced by DUCT, it has no
assets and has incurred no liabilities.

         DUCT is a public entity that files periodic reports with the Securities
and Exchange Commission. Copies of the DUCT reports are accessible through the

                                      10                    DUCT _____ BJB _____

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Commission's Internet website located at www.sec.gov (in its EDGAR archives). No
warranty or representation of any kind or nature is given as part of this
Agreement regarding the accuracy of the DUCT financial statements or any other
matter contained in the filings.

         3.03 Litigation. Except as set forth in Exhibit 3.03, there are no
actions, suits, proceedings, or investigations pending or, to the best of its
knowledge, threatened or contemplated against Buyer at law or in equity, before
any federal, state, municipal or other governmental department, commission,
board, agency or instrumentality, domestic or foreign. The Buyer is not subject
to any outstanding judgments or operating under or subject to or in default with
respect to any order, writ, injunction or decree of any court or federal, state,
municipal or other governmental department, commission, board, agency or
instrumentality, domestic or foreign. DUCT has filed suit in Cincinnati, Ohio in
connection with its acquisition of Star Communication Services, Inc. and may be
subject to a counterclaim.

         3.04 Compliance with Laws. The Buyer has complied in all material
respects with all laws, regulations, orders, domestic and foreign, and neither
the present uses by Buyer of its properties nor the conduct of its business
violate any such laws, regulations, orders or requirements, and the Buyer has
not received any notice of any claim or assertion that it is not so in
compliance.

         3.05 No Defaults. Neither the execution nor delivery of this Agreement
nor the consummation of the contemplated transaction are events which, of
themselves or with the giving of notice or passage of time or both, could
constitute a violation of or conflict with or result in any breach of or default
under the terms, conditions or provisions of any judgment, law or regulation or
of Buyer's Certificate of Incorporation or Bylaws, or of any agreement or
instrument to which Buyer is a party or by which it is bound; or could result in
the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever on the property or assets of Buyer; and no consent of any third party
except as expressly contemplated herein is required for the consummation of this
Agreement by Buyer.

                                      11                    DUCT _____ BJB _____

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         3.06 Corporate Action of Buyer. The Board of Directors of the Buyer has
duly authorized the execution and delivery of this Agreement. This Agreement
constitutes a valid, legal and binding agreement of Buyer and is enforceable in
accordance with its terms.

         3.07 Taxes. Except as set forth on Schedule 3.07, all federal, state,
and local tax returns, reports and declarations of estimated tax or estimated
tax deposit forms required to be filed by Buyer have been duly filed; Buyer has
paid all taxes which have become due pursuant to such returns or pursuant to any
assessment received by it, and has paid all installments of estimated taxes due;
and all taxes, levies and other assessments which Buyer is required by law to
withhold or to collect have been duly withheld and collected and have been paid
over to the proper governmental authorities. Buyer has no knowledge of any tax
deficiency that has been or might be asserted against Buyer that would
materially and adversely affect the business or operations of Buyer.

         3.08 Title to Property; Leases. Buyer has good and defensible title in
fee simple to, or valid and enforceable leasehold estates in, all properties and
assets, which are material to its continued operations, free and clear of all
liens, encumbrances, charges or restrictions except as set forth in the attached
Schedule 3.08 or are not materially significant or important in relation to its
operations and business. All of such leases and subleases under which Buyer is
the lessor or sublessor, lessee or sublessee of properties or assets or under
which Buyer holds properties or assets as lessee or sublessee are in full force
and effect. Buyer is not in default in respect of any of the terms or provisions
of any of such leases or subleases, and no claim has been asserted by anyone
adverse to their respective rights as lessor, sublessor, lessee or sublessee
under any of the leases or subleases mentioned above, or affecting or
questioning their respective rights to continued possession of the leased or
subleased premises or assets under any such lease or sublease; and Buyer either
owns or leases all such properties as are necessary to its operations as now
conducted.

                                      12                    DUCT _____ BJB _____

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         3.09 Representations True and Correct. This Agreement and the Schedules
and Exhibits attached hereto do not contain any untrue statement of a material
fact concerning Buyer or omits any material fact concerning Buyer which is
necessary in order to make the statements therein not misleading. All of the
representations and warranties contained herein (including all statements
contained in any certificate or other instrument delivered by or on behalf of
the Buyer) shall survive the closing.

         3.10 Indemnification. Buyer shall indemnify and hold Company, its
officers and directors, harmless of and in respect of:

              (1) Any damage or loss resulting from any loss, liability, damage,
misrepresentation, breach of warranty or non-fulfillment on the part of Buyer
under this agreement or from any misrepresentation or omission from any
certificates or other instrument furnished to the Company pursuant to this
agreement.

              (2) All actions, suits, proceedings, demands assessments,
judgments, costs and expenses incident to any of the foregoing including
reasonable attorney's fees and all costs incurred by Company to enforce this
agreement against Buyer.

                                   ARTICLE IV
               REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

           The Shareholders own 100% of the issued and outstanding shares of
stock of Company. The Shares are owned free and clear of any liens or
encumbrances and that the Shareholders are free to transfer the Shares without
the consent of any third party.

         The Shareholders, or their authorized representatives, have had an
opportunity to meet with the officers and directors of the Buyer and DUCT and
both have provided the Shareholders with any and all information. The Buyer has
had an opportunity to review all filings made by DUCT with the Securities and
Exchange Commission and is familiar with these filings that are available for
inspection at www.sec.gov. DUCT has advised the shareholders that it is involved
in litigation with Star Communication Services, Inc. No representation or
warranty has been made regarding the outcome of this litigation.

         None of the Shareholders own shares of DUCT.

                                      13                    DUCT _____ BJB _____

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                                    ARTICLE V
                 CONDITIONS TO THE OBLIGATIONS OF BUYER TO CLOSE

     The obligations of Buyer under this Agreement are, subject to the
fulfillment of the following conditions at, or prior to, the closing date:

         5.01 Representations, Warranties and Covenants. All representations and
warranties of the Company contained in this Agreement and in any statement,
certificate, schedule or other document delivered by the Company pursuant hereto
or in connection herewith shall have been true and accurate in all respects as
of the date when made and as of the Closing Date.

         5.02 Covenants, Etc. The Company shall have substantially performed and
complied with each and every covenant, agreement and condition required by this
Agreement to be performed or complied with by them prior to, or at, the Closing
Date.

         5.03 Certificate. Company shall have delivered to Buyer a certificate
of the President and Secretary of Company, dated the Closing Date, certifying to
the fulfillment of the conditions set forth in 5.01 and 5.02.

         5.04 Proceedings. No action or proceedings shall have been instituted
or threatened against the Company that could materially adversely affect the
business of the Company. No action or proceedings shall have been instituted or
threatened against any of the parties to this Agreement or their directors or
officers before any court or governmental agency to restrain, prohibit or obtain
substantial damages in respect of this Agreement or the consummation of the
transaction contemplated hereby.

         5.05 Corporate Documents. Prior to Closing the Company shall furnish to
Buyer copies of the Certificate of Incorporation of Company and each amendment
thereto, if any, which shall be certified by a proper state official; one copy
of the By-Laws and minutes of Company by its secretary or an assistant secretary
as being currently in effect, and a certificate of good standing issued by the
proper state officials of each state in which Company transacts business and is
required to qualify.

         5.06 Document & Production. This Agreement is expressly conditioned on
Company providing all identified schedules and exhibits at the time of closing.

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                                   ARTICLE VI
                CONDITIONS TO THE OBLIGATIONS OF THE SHAREHOLDERS

    The obligations of the Shareholders is subject to the fulfillment of the
following conditions at or prior to the Closing Date:

         6.01 Representations, Warranties and Covenants. All representations and
warranties of Buyer contained in this Agreement and in any statement,
certificate, schedule or other document delivered pursuant hereto, or in
connection herewith, shall have been true and accurate in all respects as of the
date when made and as of the Closing Date.

         6.02 Covenants, Etc. Buyer shall have substantially performed and
complied with each and every covenant, agreement and condition required by this
Agreement to be performed or complied with by it prior to, or at, the Closing
Date.

         6.03 Proceedings. No action or proceedings shall have been instituted
or threatened against Buyer that could materially and adversely affect the
business of Buyer. No actions or proceedings shall have been instituted or
threatened against any of the parties to this Agreement, or their directors or
officers before any court or governmental agency to restrain, prohibit or obtain
substantial damages in respect to this Agreement or the consummation of the
transaction contemplated hereby.

                                   ARTICLE VII
                            MISCELLANEOUS PROVISIONS

         7.01 Abandonment of Agreement. This Agreement may be terminated and the
transaction hereby contemplated abandoned at any time prior to the Closing Date,
whether before or after the approval and adoption hereof by the shareholders of
each Company by (a) the mutual consent of the Board of Directors of Company and
Buyer or (b) the Board of Directors of the Company if any condition to its
obligations provided in this Agreement has not been met at the time such
condition is to be met and has not been waived by it, or (c) by the Board of
Directors of Buyer, if any condition to its obligations provided in this

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Agreement has not been met at the time such condition is to be met and has not
been waived by it.

         7.02 Liabilities. In the event this Agreement is terminated pursuant to
Section 7.01, no party hereto shall have any liability to the other and each
party shall bear their own costs incurred.

         7.03 Assignments. This Agreement may not be assigned except with the
written consent of the non-assigning party. Notwithstanding the foregoing, the
rights of the Shareholders to receive the Shares shall be freely assignable.

         7.04 Survival of Representations and Warranties. Company and Buyer
agree all representations and warranties contained herein or made hereunder
shall survive the Closing, except that any breach disclosed in writing to either
party prior to Closing is waived by such party if it elects to close
notwithstanding such breach.

         7.05 Notices. All notices, demands and other communications that may be
or are required to be given pursuant to this Agreement shall be given or made
when personally delivered or when deposited in the United States Mail, first
class, postage pre-paid, addressed as follows:

If to Company to:          Mr. Joseph Williams
                           BJ Boring, Inc.
                           Route 1 Box 640
                           Wolfe City, TX 74598

With a copy to:            Mr. Carl Bryan
                           Bryan & Mattison
                           315 Jefferson Street
                           PO Box 1007
                           Sulphur Springs, TX  75483-1007

or to such other address as Company may, from time to time, designate by Notice
to the Buyer

If to Buyer to:             Randall Drew
                            DUCT 2, Inc.
                            320 Whetstone Alley, Suite B
                            Cincinnati, OH  45202

                                      16                    DUCT _____ BJB _____

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With a copy to:            Mr. Jeffrey Klein, Esq.
                                    980 North Federal Highway, Suite 406
                                    Boca Raton, FL  33431

or to such other addresses as Buyer may, from time to time, designate by notice
to Company.

         7.06 Closing. The closing date for the contemplated transaction shall
be on August 15, 2001 or such other mutually agreeable date.

         7.07 Entire Agreement. This Agreement constitutes the entire agreement
between the parties, and supersedes and cancels any and all prior agreements
between the parties relating to its subject matter. The representations,
warranties, covenants and conditions of the obligations of the parties hereto
may not be orally amended, modified or altered, but may be amended, modified or
altered in a writing signed by each of the parties, whether before or after the
meeting of shareholders of Company contemplated herein.

         7.08 Captions. The captions of Articles and Sections of Articles hereof
are for convenience only and shall not control or affect the meaning or
construction of any of the provisions of this Agreement.

         7.09 Governing Law. This Agreement shall be governed by, construed and
enforced in accordance with the laws of the state of Ohio and jurisdiction for
any dispute shall be in Ohio.

         7.10 Waivers. Any failure of either party hereto to comply with any of
its obligations or agreements, or to fulfill conditions herein contained may be
waived in writing by the other party. No waiver by any party of any condition or
the breach of any provision, term, covenant, representation or warranty
contained in this Agreement, whether by conduct or otherwise, shall be deemed to
be or construed as a further or continuing waiver of any such condition or of
the breach of any other provision, term, covenant, representation, or warranty
of this Agreement.

         7.11 Counterparts. This Agreement may be executed in several
counterparts and all so executed shall constitute one agreement, binding upon
all of the parties hereto, notwithstanding that not all of the parties are
signatory to the original or the same counterpart.

                                      17                    DUCT _____ BJB _____

<PAGE>

         7.12 Successors. The terms covenants and conditions of the Agreement
shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, legal representatives, successors and assigns.

         7.13 Binding Agreement. This Agreement represents the entire agreement
among the parties hereto with respect to the matters described herein and is
binding upon and shall inure to the benefit of the parties hereto and their
legal representatives. This Agreement may not be assigned and, except as stated
herein, may not be altered or amended except in writing executed by the party to
be charged.

         This Agreement is entered into the date first entered above.

DUCT 2, Inc.                                         WITNESS:

----------------------------              ----------------------------
By:  Randall A. Drew, CEO

DUCT Utility Construction & Technologies, Inc.

----------------------------              ----------------------------
By:  Randall A. Drew, CEO

BJ Boring, Inc.

----------------------------              ----------------------------
By: Joseph WIlliams, President

THE SHAREHOLDERS

----------------------------              ----------------------------
Matthew Williams

----------------------------              ----------------------------
Joseph Williams

                                      18                    DUCT _____ BJB _____

<PAGE>

                                  EXHIBIT 1.01
                                  SHAREHOLDERS

                             PRE EXCHANGE OWNERSHIP

SHAREHOLDER                BJ BORING SHARES          DUCT SHARES
-----------------------------------------------------------------
Matt Williams                               250           0
Joe Williams                                750           0

                             POST EXCHANGE OWNERSHIP

SHAREHOLDER                BJ BORING SHARES          DUCT SHARES
-----------------------------------------------------------------
Matt Williams                      0                   48,750
Joe Williams                       0                  146,250

                                 EXHIBIT 1.01(b)
                         CONSENT TO DEFER NOTE REPAYMENT

The undersigned, note holders of BJ Boring, Inc., hereby consent to defer the
repayment of notes outstanding from August 15, 2001, to 9 months following the
date of closing of a stock exchange agreement between BJ Boring, Inc. and DUCT
2, Inc. Upon closing, said notes shall accrue interest at 8% per annum.

--------------------------
Joseph Williams

--------------------------
Cathy Barr

                                  EXHIBIT 2.02
                         BJ BORING FINANCIAL STATEMENTS
                                    ATTACHED

                                  EXHIBIT 2.03
                                   LITIGATION
                                      NONE

                                      19                    DUCT _____ BJB _____

<PAGE>

                                 EXHIBIT 2.03(b)
                                      LIENS
                                      NONE

                                  SCHEDULE 2.04
                              COMPLIANCE WITH LAWS
                                      NONE

                                  SCHEDULE 2.06
                              COMMON STOCK ISSUANCE
                                      NONE

                                  SCHEDULE 2.10
                       EXCEPTIONS TO REQUIRED TAX FILINGS
                                      NONE

                                  EXHIBIT 2.11
                            LISTING OF COMPANY ASSETS
                                    ATTACHED

                                  SCHEDULE 2.13
                                  BANK ACCOUNTS

                     INSTITUTION                        ACCOUNT
                     ------------------------------------------
                     The First Bank of Celeste          59717
                     PO Box 7
                     Celeste, TX  75423
                     903-568-4211

                                  EXHIBIT 2.14
                        EMPLOYEE CONTRACTS & COMMITMENTS
                                      NONE

                                 EXHIBIT 2.14(b)
                   CURRENT OFFICERS & EMPLOYEES & COMPENSATION

      JOE WILLIAMS, President - $52,000 plus a portion of year-end profits

                      BEV WILLIAMS, Vice President - $0.00

    MATT WILLIAMS, Vice President - 52,000 plus a portion of year-end profits

                                      20                    DUCT _____ BJB _____

<PAGE>

                JENNIFER WILLIAMS, Secretary & Treasurer - $4,800

   STEVEN TALLEY, Vice President - $52,000 plus a portion of year-end profits

                    MACEY TALLEY, Assistant Treasurer - $0.00

                       JOHN SMITH, Fiber Manager, $36,000

                                  EXHIBIT 2.17
                             TRADEMARKS & TRADENAMES
                                      NONE

                                  EXHIBIT 2.18
                                  RESIGNATIONS

I, Joe Williams, an officer and director of BJ Boring, Inc., hereby resign as a
director of the corporation effective at __:__ o'clock, _:m., July __, 2001.

                                             ---------------------------------
                                             Joe Williams

I, Bev Williams, an officer and director of BJ Boring, Inc., hereby resign as a
director of the corporation effective at __:__ o'clock, _:m., July __, 2001.

                                             ---------------------------------
                                             Bev Williams

I, Matt Williams, an officer and director of BJ Boring, Inc., hereby resign as a
director of the corporation effective at __:__ o'clock, _:m., July __, 2001.

                                             ---------------------------------
                                             Matt Williams

I, Jennifer Williams, an officer and director of BJ Boring, Inc., hereby resign
as a director of the corporation effective at __:__ o'clock, _:m., July __,
2001.

                                             ---------------------------------
                                             Jennifer Williams

I, Macey Talley, a director of BJ Boring, Inc., hereby resign as a director of
the corporation effective at __:__ o'clock, _:m., July __, 2001.

                                             ---------------------------------
                                             Macey Talley

I, Steven Talley, a director of BJ Boring, Inc., hereby resign as a director of
the corporation effective at __:__ o'clock, _:m., July __, 2001.

                                             ---------------------------------
                                            Steven Talley

                                      21                    DUCT _____ BJB _____----------------------------------------------------------

                            STOCK PURCHASE AGREEMENT

                                 By and Between

                           VIVA GAMING & RESORTS INC.

                                       and

                              PHOENIX LEISURE, INC.

                                  July __, 2001

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

<PAGE>

                            STOCK PURCHASE AGREEMENT
                            ------------------------

         THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made as of July __,
2001, by and between Viva Gaming & Resorts Inc., a Florida corporation with
headquarters at 3611 S. Lindell Road, Suite 108, Las Vegas, Nevada 89103-1241
(the "Company"), and Phoenix Leisure, Inc., a Nevada corporation with
headquarters at 3611 S. Lindell Road, Suite 108, Las Vegas, Nevada 89103-1241
(the "Investor").

         THE PARTIES HEREBY AGREE AS FOLLOWS:

         1. Purchase and Sale of Securities.
            -------------------------------

                  1.1 Sale and Issuance of Securities. Subject to the terms and
conditions of this Agreement, upon closing of this Agreement, the Investor
agrees to purchase at the Closing (as defined below), and the Company agrees to
issue from its authorized but unissued capital stock and to sell to the Investor
at the Closing, 2,500,000 shares (the "Shares") of the Company's common stock,
$.001 par value per share (the "Common Stock").

                  1.2 Closing. (a) The purchase and sale of the Shares of Common
Stock (the "Closing") shall take place as soon as reasonably practical after the
satisfaction of the conditions set forth in Sections 4 and 5 hereof, at the
offices of Sklar Warren Conway & Williams, 221 North Buffalo Drive, Suite A, Las
Vegas, Nevada 89145 or at such other time and place as shall be mutually agreed
upon between the Investor and the Company (the "Closing Date").

                           (b) The price per share for the Shares shall be $.20
per share, for an aggregate purchase price of $500,000 (the "Purchase Price").
At the Closing, the Investor shall deliver the Purchase Price to the Company by
(i) certified check payable to the Company, (ii) wire transfer pursuant to the
Company's instructions, or (iii) any combination of the foregoing.

                           (c) At the Closing, the Company shall deliver to the
Investor a certificate for the Shares to be issued to the Investor in definitive
form and duly registered in the name of the Investor.

         2. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Investor (it is expressly acknowledged and agreed
that Eric L. Nelson and Peter R. LaFemina, the Company's newly appointed
President and Chief Executive Officer and Secretary and Chief Financial Officer,
respectively, did not participate in the drafting of this Agreement, related
exhibits and schedules and shall have no accountability whatsoever in connection
with the information contained in this Agreement, exhibits or schedules) that:

                                       -2-

<PAGE>

                  2.1 Organization; Good Standing; Qualification and Corporate
Power.

                           (a) The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Florida and
has all requisite corporate power and authority to carry on its business as now
conducted and as proposed to be conducted. The Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the
failure so to qualify would have a material adverse effect on its business or
properties. True and correct copies of the Company's Certificate of
Incorporation, as amended, and Bylaws have been provided to the Investor.

                           (b) The Company has all requisite legal and corporate
power and authority to execute and deliver this Agreement, to issue and sell the
Shares of Common Stock, to carry out and perform its obligations under the terms
of this Agreement and to consummate the transactions contemplated hereby and
thereby. All necessary corporate action has been taken by the Company with
respect to the execution, delivery and performance by the Company of this
Agreement and the consummation of the transactions contemplated hereby and
thereby.

                  2.2 Capitalization and Voting Rights. The authorized capital
of the Company consists of, and will consist at the Closing of:

                           (a) Common Stock. 100,000,000 shares of Common Stock,
of which 8,942,700 shares are issued and outstanding as of the date hereof.

                           (b) Preferred Stock. 10,000,000 shares of preferred
stock, par value $0.10 (the "Preferred Stock"), no shares of which are issued
and outstanding as of the date hereof.

                           (c) Except as set forth on Schedule 2.2, there are no
outstanding options, warrants, rights (including conversion or preemptive
rights) or agreements for the purchase or acquisition from the Company of any
shares of its capital stock. The Company is not a party or subject to any
agreement or understanding of any kind, and, to the Company's knowledge, there
is no agreement or understanding of any kind between any individual,
corporation, partnership, limited liability company, association, trust or other
entity or organization, including a government or political subdivision or an
agency or instrumentality thereof (a "Person"), which affects or relates to the
acquisition, disposition or voting or giving of written consents with respect to
any security of the Company.

                  2.3 Subsidiaries; Interests of the Company. The Company does
not currently own or control, directly or indirectly, any equity interest in any
other Person, except as listed on Schedule 2.3.

                  2.4 No Breach. The execution, delivery and performance of this
Agreement by the Company and the consummation of the transactions contemplated
herein and therein will not (with the passage of time or otherwise):

                                       -3-

<PAGE>

                           (a) violate any provision of the Articles of
Incorporation or By-Laws of the Company;

                           (b) violate, conflict with or result in the breach of
any of the terms of, result in a material modification of, otherwise give any
other contracting party the right to terminate, or constitute (or with notice or
lapse of time or both constitute) a default under, any contract or other
agreements to which the Company is a party or by or to which the Company or any
of its assets or properties may be bound or subject; or

                           (c) violate any law, rule or regulation to which the
Company is a party.

                  2.5 No Undisclosed Liabilities. There are no liabilities or
obligations of the Company of any kind whatsoever, liquidated or unliquidated,
whether accrued, direct, contingent, absolute, determined, determinable or
otherwise, and there is no existing condition, situation or set of circumstances
which could reasonably be expected to result in such a liability, other than (a)
liabilities included as part of the Company's unaudited balance sheet dated
March 31, 2001, (b) liabilities incurred subsequent to March 31, 2001 in the
ordinary course of business consistent with past practice, which in the
aggregate are not material to the Company and (c) liabilities disclosed on
Schedule 2.5.

                  2.6 Authorization. This Agreement has been duly authorized,
executed and delivered by the Company and constitute the legal, valid and
binding obligations of the Company, enforceable in accordance with their
respective terms, subject to (i) applicable bankruptcy, insolvency,
reorganization and moratorium laws, (ii) other laws of general application
affecting the enforcement of creditors' rights generally and general principles
of equity, (iii) the discretion of the court before which any proceeding
therefor may be brought and (iv) rights to indemnity that may be limited by
federal or state securities laws or by public policy.

                  2.7      Valid Issuance of Stock.
                           -----------------------

                           (a) The outstanding shares of Common Stock are duly
and validly authorized and issued, fully paid, and non-assessable. The issuance,
sale and delivery of the Shares being purchased by the Investor hereunder have
been duly authorized by all requisite corporate action on the part of the
Company and paid for 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, except for restrictions
under applicable federal and state securities laws.

                           (b) Except as set forth in this Agreement, and on
Schedule 2.7, no other shares of Common Stock have been reserved for issuance by
the Company.

                  2.8 Financial Statements. The Company has delivered to the
Investor (i) its audited income statement and balance sheet as of December 31,
2000, and (ii) its unaudited income statement and balance sheet as of March 31,
2001 (together, the "Financial Statements"). The Financial Statements (A) have
been prepared from the books and records of the Company, (B)

                                       -4-

<PAGE>

present fairly the financial condition of the Company at the balance sheet dates
and its results of operations, stockholders' equity and cash flows as at the
dates and for the periods therein specified and (C) have been prepared in
accordance with generally accepted accounting principles ("GAAP"), except, with
respect to the March 31, 2001 financial statements, for the absence of
accompanying notes thereto, applied on a consistent basis (except as required by
changes promulgated by accounting authorities) throughout the periods indicated.
The Financial Statements fairly present the financial condition and results of
operations of the Company as of the date and during the periods indicated
therein, subject to normal year end audit adjustments which are neither
individually nor in the aggregate expected to be material. At March 31, 2001, to
the best of the Company's knowledge, the Company had no material liability
(matured or unmatured, fixed or contingent) which was not provided for on the
balance sheet of the Company as of such date, and all reserves established by
the Company and set forth on such balance sheet were adequate for the purposes
for which they were established. There were no loss contingencies (as such term
is used in Statement of Financial Accounting Standards No. 5 issued by the
Financial Accounting Standards Board in March 1975) which were not adequately
provided for in the March 31, 2001 balance sheet.

                  2.9 Changes. Except as disclosed on Schedule 2.9, since March
31, 2001, there has not been:

                           (a) any change in the assets, liabilities, condition
(financial or otherwise), affairs, earnings, business, operations or other
prospects of the Company from that reflected in the balance sheet as at March
31, 2001, referred to in Section 2.8 above, except for changes in the ordinary
course of business, which, individually or in the aggregate have not been
materially adverse;

                           (b) any borrowings or other material change in the
liabilities or obligations of the Company, contingent or otherwise, whether due
or to become due, whether by way of guaranty, endorsement, indemnity, warranty,
or otherwise, except current liabilities incurred in the ordinary course of
business, none of which materially and adversely affects the business,
prospects, condition, affairs, properties, or assets of the Company;

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

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

                           (e) any loans made by the Company to its employees,
officers, or directors other than advances of expenses made in the ordinary
course of business;

                           (f) any declaration or payment of any dividend or
other distribution of the assets of the Company to stockholders or any direct or
indirect redemption, purchase, or acquisition of any securities of the Company
other than repurchases of Common Stock from terminated employees, consultants,
officers, and directors pursuant to written agreements;

                                       -5-

<PAGE>

                           (g) any labor organization activity or organized
labor trouble;

                           (h) any other event or condition of any character
which has materially and adversely affected the business, operations,
properties, or assets of the Company;

                           (i) any increase in compensation of any of its
existing officers, or the rate of pay of its employees as a group, except as
part of regular compensation increases in the ordinary course of business, or
any material change of such officers' or employees' employment agreements;

                           (j) any resignation or termination of employment of
any officer, director or key employee of the Company and the Company has not
received any written notice of the impending resignation or termination of any
such officer, director or key employee;

                           (k) any material change in any material contract or
agreement by which the Company or any of its assets is bound or subject;

                           (l) any mortgage, pledge, transfer of a security
interest in, or lien, created by the Company with respect to any of its material
properties or assets, except for liens (i) incurred in the ordinary course of
business or (ii) for taxes not yet due or payable;

                           (m) any issuance of any capital stock, bonds or other
corporate securities by the Company or options, warrants or rights or agreements
or commitments to purchase or issue such securities or grant such options,
warrants or rights;

                           (n) any change in the accounting methods or practices
followed by the Company;

                           (o) any satisfaction or discharge of any lien, claim,
or encumbrance or payment of any obligation by the Company, except in the
ordinary course of business and that is not material to the business,
properties, prospects, or financial condition of the Company (as such business
is presently conducted and as it is presently proposed to be conducted); or

                           (p) any agreement to do or enter into any of the
foregoing.

                  2.10 Registration Rights. The Company has not granted, except
as set forth on Schedule 2.10, or agreed to grant any registration rights,
including piggyback registration rights, to any Person.

                  2.11 Governmental Consents. Other than as set forth on
Schedule 2.11, and filings with federal and state securities authorities in
respect of the sale of the shares of Common Stock, if required, no consent,
approval, order, or authorization of, or registration, qualification,
designation, declaration or filing with, any federal, state, local or provincial
governmental authority on the part of the Company is required in connection with
the consummation of the transactions contemplated by this Agreement. The Company
to its best knowledge has complied (and in carrying out its

                                       -6-

<PAGE>

business the Company will be in compliance) with all laws, ordinances and
regulations applicable to it and its business, except where the failure to
comply would not, either individually or in the aggregate, reasonably be
expected to have a material adverse effect upon the Company. The Company has
obtained all federal, state, local and foreign governmental licenses and permits
material to and necessary in the conduct of its business, such licenses and
permits are in full force and effect, no material violations are or have been
recorded in respect of any such licenses or permits, and no proceeding is
pending or, to the best of the Company's knowledge, threatened to revoke or
limit any thereof. There are no consents or waivers necessary for the
consummation of the transactions contemplated by this Agreement except those
consents or waivers that have been obtained.

                  2.12 Litigation. The Company is not a party to any legal
proceeding, the outcome of which could (i) adversely affect consummation of the
transactions contemplated herein or (ii) result in any representation or
warranty of the Company contained herein becoming inaccurate.

                  2.13 Title to Property and Assets. The Company has good and
marketable title to its property and assets free and clear of all mortgages,
liens, loans, and encumbrances, except such encumbrances and liens which arise
in the ordinary course of business and do not materially impair the Company's
ownership or use of such property or assets. With respect to the property and
assets it leases, the Company is in compliance in all material respects with
such leases and holds a valid leasehold interest free of any liens, claims, or
encumbrances. All of the Company's properties and assets are, in all material
respects, in good operating and usable condition, subject to normal wear and
tear.

                  2.14     Agreements; Action.
                           ------------------

                           (a) Except for agreements expressly contemplated by
this Agreement, there are no agreements, understandings, or proposed
transactions between the Company and any of its officers, directors, affiliates,
or any affiliate thereof.

                           (b) Except as contemplated by this Agreement or as
listed on Schedule

                  2.14 hereto, there are no agreements, understandings,
instruments or contracts to which the Company is a party or by which it is
bound, which (i) involve obligations (contingent or otherwise) of, or payments
to, the Company in excess of $100,000, (ii) are material to the conduct and
operations of the Company's business or properties, including, without
limitation, the license of any patent, copyright, trade secret, or other
proprietary rights to or from the Company or provisions restricting or affecting
the development, manufacture, or distribution of the Company's products or
services, or (iii) involve any employment or consulting arrangement, whether
written or oral, between the Company and any Person.

                           (c) Except as listed on Schedule 2.14 hereto, the
Company has not (i) declared or paid any dividends, or authorized or made any
distribution upon or with respect to any series or classes of its capital stock,
(ii) incurred any indebtedness for money borrowed or any other liabilities
individually in excess of $100,000 or, in the case of indebtedness and/or
liabilities

                                       -7-

<PAGE>

individually less than $100,000, in excess of $200,000 in the aggregate, or
(iii) sold, exchanged, or otherwise disposed of any of its assets or rights,
other than the sale of its inventory in the ordinary course of business.

                           (d) For the purposes of subsections (b) and (c)
above, all indebtedness, liabilities, agreements, understandings, instruments,
contracts, and proposed transactions involving the same Person (including
Persons the Company has reason to believe are affiliated therewith) shall be
aggregated for the purpose of meeting the individual minimum dollar amounts of
such subsections.

                           (e) The Company is not a party to any indenture, loan
or credit agreement or any lease or other agreement or instrument or subject to
any charter or corporate restriction which has a material adverse effect on the
Company, or limits or restricts the ability of the Company to carry out its
obligations under this Agreement. The Company is not in default in any respect
in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in any agreement or instrument material to its
business to which it is a party.

                           (f) The contracts, agreements and instruments listed
on Schedule 2.14 are valid, binding and in full force and effect in all material
respects, and are valid, binding and enforceable by the Company in accordance
with their respective terms, subject to laws of general application relating to
bankruptcy, insolvency and the relief or other equitable remedies. The Company
is not in material default under any material contract, and, to the Company's
knowledge, no other party to any such contract is in material default.

                  2.15 Compliance with Laws; No Defaults. The Company is not, in
violation of any provisions of any law, regulation, judgment, injunction, order
or decree binding upon or applicable to the Company, except for violations that
have not had and would not reasonably be expected to have, individually or in
the aggregate, a material adverse effect upon the Company.

                  2.16 Insurance. The Company has in full force and effect fire,
casualty, and liability insurance policies, in such amounts and with such
coverage as is reasonable and prudent in view of the business and operations of
the Company.

                  2.17 Tax Matters. The Company (i) has filed all tax returns
that are required to have been filed by it with all appropriate governmental
agencies (and all such returns are true and correct and fairly reflect its
operations for tax purposes); and (ii) has paid all taxes owed or assessments by
it as indicated on such tax returns (other than taxes the validity of which are
being contested in good faith by appropriate proceedings). The assessment of any
additional taxes for periods for which returns have been filed is not expected
to exceed the recorded liability therefor and, to the Company's knowledge, there
are no material unresolved questions or claims concerning the Company's tax
liability. Except as disclosed on Schedule 2.17, to the Company's knowledge,
there is no pending dispute with any taxing authority relating to any of said
returns which, if determined adversely to the Company, would result in the
assertion by any taxing authority of any valid deficiency in a material amount
for taxes. The Company has withheld or collected from each

                                       -8-

<PAGE>

payment made to each of its employees the amount of all taxes, including, but
not limited to, income taxes, Federal Insurance Contribution Act taxes and
Federal Unemployment Tax Act taxes required to be withheld or collected
therefrom, and has paid the same to the proper tax receiving officers or
authorized depositaries, except for failures to pay the same which, either
individually or in the aggregate, have not had, or may be reasonably expected to
result in, a material adverse effect.

                  2.18 Governmental Regulation. The Company is not subject to
regulation under the Investment Company Act of 1940, or to any United States of
America, state or local statute or regulation limiting its or their ability to
incur Debt.

                  2.19     Securities Act.
                           ---------------

                           (a) Assuming the accuracy of the representations of
the Investor set forth in Sections 3.5 and 3.7 hereof, no registration of any
security under the Securities Act of 1933, as amended (the "Securities Act") or
the securities laws of any state, is required in connection with the issuance,
execution and delivery of the Shares the manner contemplated hereunder.

                           (b) All outstanding capital stock of the Company has
been offered, issued and sold in material compliance with the requirements of
all Federal and state laws applicable to the offer, issuance and sale of
securities.

                  2.20 Related Party Transactions. Except as set forth on
Schedule 2.20, no employee, officer, stockholder or director of the Company or
member of his or her immediate family is indebted to the Company, nor is the
Company indebted (or committed to make loans or extend or guarantee credit) to
any of them, other than (i) for payment of salary for services rendered, (ii)
reimbursement for reasonable expenses incurred on behalf of the Company, and
(iii) for other standard employee benefits made generally available to all
employees (not including stock option agreements outstanding under any stock
option plan approved by the Board of Directors of the Company). To the Company's
knowledge, no employee or officer of the Company has any direct or indirect
ownership interest in any firm or corporation with which the Company is
affiliated or with which the Company has a business relationship, or any firm or
corporation that competes with the Company, except that employees, officers or
directors of the Company and members of their immediate families may own stock
in publicly traded companies that may compete with the Company. Except as set
forth in Schedule 2.20, to the best of the Company's knowledge, no officer or
stockholder or any member of their immediate families is, directly or
indirectly, interested in any material contract with the Company (other than
such contracts as relate to any such person's ownership of capital stock or
other securities of the Company and other than employment agreements).

                  2.21 SEC Documents. The Company has filed all required
reports, schedules, forms, statements and other documents with the SEC (the "SEC
Documents"). As of their respective dates, the SEC Documents complied in all
material respects with the requirements of the Securities Act of 1933, as
amended (the "Securities Act"), or the Securities Exchanges Act of 1934, as
amended (the "Exchange Act"), as the case may be, and the rules and regulations
of the SEC promulgated

                                       -9-

<PAGE>

thereunder applicable to such SEC Documents and, except to the extent that
information contained in any SEC Document has been revised or superseded by a
later SEC Document, none of the SEC Documents contained any untrue statement of
a material fact or omitted to state any 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. Except as set forth in
the SEC Documents, neither the Company nor any of its subsidiaries has any
liabilities or obligations of any nature (whether accrued, absolute, contingent
or otherwise) that, individually or in the aggregate, would reasonably be
expected to have a material adverse effect on the Company.

         3. Representations and Warranties of the Investor. The Investor hereby
represents and warrants to the Company that:

                  3.1 Organization and Existence; Good Standing. Investor is a
corporation duly organized and validly existing under the laws of the State of
Nevada.

                  3.2 Authorization. This Agreement has been duly authorized,
executed and delivered by the Investor and constitute the legal, valid and
binding obligations of the Investor, enforceable in accordance with their
respective terms, subject to (i) applicable bankruptcy, insolvency,
reorganization and moratorium laws, (ii) other laws of general application
affecting the enforcement of creditors' rights generally and general principles
of equity (iii) the discretion of any court before which any proceeding therefor
be brought and (iv) rights to indemnity that may be limited by federal or state
securities laws or by public policy. All action required for the lawful
execution and delivery of this Agreement has been taken.

                  3.3 Finders' Fees. There is no investment banker, broker,
finder or other intermediary which has been retained by or is authorized to act
on behalf of the Investor who might be entitled to any fee or commission from
the Company or the Investor upon consummation of the transactions contemplated
by this Agreement.

                  3.4 Purchase Entirely for Own Account. The Shares to be
received by the Investor pursuant to the terms hereof will be acquired for
investment for the Investor's own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof. The Investor has
no present intention of selling, granting any participation in, or otherwise
distributing the Shares acquired by the Investor. The Investor has no contract,
undertaking, agreement or arrangement with any Person to sell or transfer, or
grant any participation to such Person or to any third Person, with respect to
any of the Shares to be acquired by the Investor.

                  3.5 Access to Information, Experience, Etc.

                           (a) The Investor has been furnished access to the
business records of the Company and such additional information and documents as
the Investor has requested and has been afforded an opportunity to ask questions
of, and receive answers from, representatives of the Company concerning the
terms and conditions of this Agreement, the purchase of the Shares, the

                                      -10-

<PAGE>

business, operations, market potential, capitalization, financial condition and
prospects of the Company, and all other matters deemed relevant to such
Investor.

                           (b) The Investor acknowledges that it has had an
opportunity to evaluate all information regarding the Company as it has deemed
necessary or desirable in connection with the transactions contemplated by this
Agreement, has independently evaluated the transactions contemplated by this
Agreement and has reached its own decision to enter into this Agreement.

                  3.6 Restricted Securities. The Investor understands that the
Shares to be acquired by the Investor have not been registered under the
Securities Act or the laws of any state and may not be sold or transferred, or
otherwise disposed of, without registration under the Securities Act and
applicable state securities laws or an exemption therefrom. The Investor will
sell or transfer, or otherwise dispose of, the Shares to be acquired by the
Investor only in a manner consistent with the representations and warranties set
forth herein, and any applicable federal and state securities laws.

                  3.7 Legends. It is understood that the certificates evidencing
the shares of Common Stock may bear one or all of the following legends:

                           (a) THE SECURITIES REPRESENTED BY THIS CERTIFICATE
                  HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH
RESPECT TO THE SECURITIES EVIDENCED BY THIS CERTIFICATE, FILED AND MADE
EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND SUCH APPLICABLE
STATE SECURITIES LAWS, OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER
SUCH ACT AND SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

                           (b) Any legend required by the Blue Sky laws of any
state.

         The legend referred to in clause (a) above shall be removed by the
Company from any certificate at such time as the holder of the securities
represented by the certificate delivers an opinion of counsel reasonably
satisfactory to the Company to the effect that such legend is not required in
order to establish compliance with any provisions of the Securities Act, or at
such time as the holder of such shares satisfies the requirements of Rule 144(k)
or such other substantially similar rule promulgated under the Securities Act
then in effect under the Securities Act; provided, that the Company has received
from the holder a written representation that (i) such holder is not an
affiliate of the Company and has not been an affiliate during the preceding
three (3) months, (ii) such holder has beneficially owned the shares represented
by the certificate for a period of at least two (2) years (or the period of time
then required by Rule 144(k) or such other substantially similar rule

                                      -11-

<PAGE>

promulgated under the Securities Act then in effect), and (iii) such holder
otherwise satisfies the requirements of Rule 144(k) as then in effect with
respect to such shares.

                  3.8 No Violation. Neither the execution and delivery of this
Agreement nor the consummation by Investor of the transaction contemplated
hereby will (i) constitute a violation by Investor of any statute or law or any
rule, regulation or order of any governmental authority or (ii) constitute a
violation of, or a default under, or conflict with, any term or provision of the
Certificate of Incorporation or the Bylaws of the Investor or (iii) constitute a
violation of, or a default under, or conflict with any contract, commitment,
indenture or other agreement, or any other private restrictions of any kind, to
which Investor is a party or by which it is bound.

         4. Conditions of the Investor's Obligations at Closing. The obligations
of the Investor under Sections 1.1 and 1.2 of this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions, the
waiver of which shall not be effective against the Investor unless the Investor
has consented in writing thereto:

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

                  4.2 Compliance Certificate. The Chairman of the Board, Robert
Sim, shall deliver to the Investors at the Closing a certificate certifying to
the matters set forth in Section 4.1.

                  4.3 Share Certificates. The Investor shall have received a
certificate or certificates representing the Shares to be issued hereby, with
all such certificates registered in the name of the Investor.

                  4.4 Other Documents. The Investor shall have received all
documents they may reasonably request relating to the existence of the Company
and its authority to enter into and perform this Agreement, all in form and
substance reasonably satisfactory to the Investors.

                  4.5 Consents and Waivers. The Company shall have obtained any
and all consents and waivers necessary or appropriate for consummation of the
transactions contemplated by this Agreement.

                  4.6 Delivery of Gaming Machines. The delivery of all
components of all Gaming Machines constituting the Assets (as such terms are
defined in that certain Revised and Restated Gaming Equipment Sale Agreement, by
and between the Investor and ABD Gaming Supply, dated as of the date hereof (the
"Gaming Equipment Agreement")) shall have been completed.

         5. Conditions of the Company's Obligations at Closing. The obligations
of the Company under Sections 1.1 and 1.2 of this Agreement are subject to the
fulfillment on or before

F:\WP-Docs\66428.011\Stock Purchase Agreement-3 7.10.01.wpd

                                      -12-

<PAGE>

the Closing of each of the following conditions, the waiver of which shall not
be effective against the Company unless the Company has consented to such waiver
in writing:

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

                  5.2 Purchase Price. The Investor shall deliver at the Closing
the aggregate purchase price for the Shares purchased hereunder pursuant to the
terms and conditions of this Agreement.

                  5.3 Delivery of Gaming Machines. The delivery of all
components of all Gaming Machines constituting the Assets (as such terms are
defined in the Gaming Equipment Agreement) shall have been completed.

         6.       Indemnity
                  ---------

                  6.1 Indemnification by the Company. Subject to the limits set
forth in this Article 7, the Company agrees to indemnify, defend and hold the
Investor and each of its directors and officers harmless from and against any
and all loss, liability, damage, costs and expenses (including interest,
penalties and attorneys' fees) (collectively, "Losses") that the Investor or any
of its affiliates may incur or become subject to arising out of or due to any
(i) inaccuracy of any representation or the breach of any warranty or covenant
of the Company contained in this Agreement (including, without limitation, the
Schedules, Annexes and Exhibits hereto and the certificates delivered hereunder)
or as provided herein, and (ii) any and all Losses arising from any actions,
suits, proceedings, claims, demands, assessments, judgments incidental to the
foregoing or the enforcement of such indemnification. The Company will reimburse
the Investor and each controlling person for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, liability, action or proceeding.

                  6.2 Indemnification by the Investor. Subject to the limits set
forth in this Article 7, the Investor agrees to indemnify, defend and hold the
Company harmless from and against any and all Losses that the Company or its
affiliates may incur or become subject to arising out of or due to (i) any
inaccuracy of any representation or the breach of any warranty or covenant of
the Investor contained in this Agreement (including, without limitation, the
Schedules, Annexes and Exhibits hereto and the Certificates delivered hereunder)
or as provided herein, and (ii) arising out of the conduct of the business of
the Company from and after the date hereof, except to the extent any such Loss
arises out of or is related to any matter for which Investor is entitled to be
indemnified by Company hereunder. The Investor will reimburse the Company for
any legal or other expenses reasonably incurred by him in connection with
investigating or defending any such loss, claim, liability, action or
proceeding.

                                      -13-

<PAGE>

                  6.3 Survival. The representations and warranties of the
Company set forth in Article 2 of this Agreement shall survive the Closing until
the first anniversary of the Closing Date. The representations and warranties of
the Investor set forth in Article 3 of this Agreement shall survive the Closing
until the first anniversary of the Closing Date. The covenants and agreements of
the Company and the Investor shall survive the Closing, and shall continue in
full force and effect forever, except as otherwise explicitly limited by their
terms and as otherwise provided b applicable law.

                  6.4 Limitations. No Indemnified Person hereunder shall be
entitled to seek ndemnification from an Indemnifying Person until and unless the
aggregate of all claims for indemnification by the Indemnified Person exceeds
$50,000, in which event the Indemnified Person shall be entitled to indemnity
for all amounts in excess of $50,000. The indemnification obligations of the
Company pursuant to this Agreement shall be limited to an aggregate of
$2,500,000.

                  6.5 Third Party Claims. In order for a party (the "Indemnified
Party") to e entitled to any indemnification provided for under this Agreement
or the Second Purchase Agreement in respect of, arising out of, or involving a
claim or demand or written notice made by any third party against the
Indemnified Party (a "Third Party Claim") after the Closing Date, such
Indemnified Party must notify the Indemnifying Party (the "Indemnifying Party")
in writing of the Third Party Claim within 30 business days after receipt by
such Indemnified Party of written notice of the Third Party Claim; provided that
the failure of any Indemnified Party to give timely notice shall not affect his
right of indemnification hereunder except to the extent the Indemnifying Party
has actually been prejudiced or damaged thereby. If a Third Party Claim is made
against an Indemnified Party, the Indemnifying Party shall be entitled, if it so
chooses, to assume the defense thereof with counsel selected by the Indemnifying
Party (which counsel shall be reasonably satisfactory to the Indemnified Party).
If the Indemnifying Party assumes the defense of a Third Party Claim, the
Indemnified Party will cooperate in all reasonable respects with the
Indemnifying Party in connection with such defense, and shall have the right to
participate in such defense with counsel selected by it. The fees and
disbursements of such counsel, however, shall be at the expense of the
Indemnified Party; provided, however, that, in the case of any Third Party Claim
of which the Indemnifying Party has not employed counsel to assume the defense,
the fees and disbursements of such counsel shall be at the expense of the
Indemnifying Party.

                  6.6 Reduction for Insurance. The gross amount which an
Indemnifying Party is liable to, for, or on behalf of the Indemnified Party
pursuant to this Article 7 (the "Indemnifiable Loss") shall be reduced
(including, without limitation, retroactively) by any insurance proceeds
actually recovered by or on behalf of such Indemnified Party related to the
Indemnifiable Loss. If an Indemnified Party shall have received or shall have
had paid on its behalf an indemnity payment in respect of an Indemnifiable Loss
and shall subsequently receive directly or indirectly insurance proceeds in
respect of such Indemnifiable Loss, then such Indemnified Party shall pay to
such Indemnifying Party the net amount of such insurance proceeds or, if less,
the amount of such indemnity payment.

                                      -14-

<PAGE>

         7.       Miscellaneous.
                  --------------

                  7.1 Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided that the Company may not
assign, delegate or otherwise transfer any of its rights or obligations under
this Agreement without the consent of the Investor. Except as provided under
Section 6, neither this Agreement nor any provision hereof is intended to confer
upon any Person other than the parties hereto any rights or remedies hereunder.

                  7.2 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of Florida, without regard to principles
of conflicts of laws and rules of such state. The parties hereto agree to submit
to the jurisdiction of any Federal or state court located in the State of New
York for the purpose of resolving any action or claim arising out of the
performance of the provisions of this Agreement.

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

                  7.4 Further Assurances. Each party shall do and perform, or
cause to be done or 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 and thereby.

                  7.5 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.

                  7.6 Notices. Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be deemed
effectively given (i) upon personal delivery to the party to be notified, (ii)
four (4) days after deposit with the United States Post Office, by registered or
certified mail, postage prepaid, or (iii) one day after deposit with a reputable
overnight courier service and addressed to the party to be notified at the
address indicated for such party on the signature page hereto, or at such other
address as such party may designate by ten (10) days' advance written notice to
the other parties, with a copy for the Company to Olshan Grundman Frome
Rosenzweig & Wolosky LLP, 505 Park Avenue, New York, New York 10022- 1170,
Attention: Robert Friedman, Esq. and a copy for the Investor to Sklar Warren
Conway & Williams LLP, 221 North Buffalo Drive, Suite A, Las Vegas, Nevada,
89145, Attention: Bryan M. Williams, Esq.

                  7.7 Entire Agreement; Amendments and Waivers. This Agreement,
including the schedules and exhibits hereto constitute the full and entire
understanding and agreement among the parties with regard to the subjects
hereof. Any term of this Agreement may

                                      -15-

<PAGE>

be amended and the observance of any term of this Agreement 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 Investor.
Any amendment or waiver effected in accordance with this Section 7.78 shall be
binding upon the Investor and the Company.

                  7.8 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 the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

                  7.9 Expenses and Taxes. The Company shall be responsible for
all costs and expenses (except for any and all taxes incurred with the
transaction shall be the responsibility of each respective party) incurred in
connection with the transaction contemplated by this Agreement.

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

                                   VIVA GAMING & RESORTS, INC.

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

                                   Address:   3611 S.  Lindell Road, Suite 108
                                              Las Vegas, Nevada 89103-1241

                                   PHOENIX LEISURE, INC.

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

                                   Address:   3611 S.  Lindell Road, Suite 108
                                              Las Vegas, Nevada 89103-1241

<PAGE>

                                                 TABLE OF CONTENTS
                                                 -----------------
<TABLE>
<CAPTION>

                                                                                                               Page

<S>                                                                                                              <C>
1.       Purchase and Sale of Securities .......................................................................-2-
         -------------------------------
         1.1      Sale and Issuance of Securities...............................................................-2-
                  -------------------------------
         1.2      Closing.......................................................................................-2-
                  -------

2.       Representations and Warranties of the Company..........................................................-2-
         ---------------------------------------------
         2.1      Organization; Good Standing; Qualification and Corporate Power................................-3-
                  --------------------------------------------------------------
         2.2      Capitalization and Voting Rights..............................................................-3-
                  --------------------------------
         2.3      Subsidiaries; Interests of the Company........................................................-3-
                  --------------------------------------
         2.4      No Breach.....................................................................................-3-
                  ---------
         2.5      No Undisclosed Liabilities....................................................................-4-
                  --------------------------
         2.6      Authorization.................................................................................-4-
                  -------------
         2.7      Valid Issuance of Stock.......................................................................-4-
                  -----------------------
         2.8      Financial Statements..........................................................................-4-
                  --------------------
         2.9      Changes.......................................................................................-5-
                  -------
         2.10     Registration Rights...........................................................................-6-
                  -------------------
         2.11     Governmental Consents.........................................................................-6-
                  ---------------------
         2.12     Litigation....................................................................................-7-
                  ----------
         2.13     Title to Property and Assets..................................................................-7-
                  ----------------------------
         2.14     Agreements; Action............................................................................-7-
                  ------------------
         2.15     Compliance with Laws; No Defaults.............................................................-8-
                  ---------------------------------
         2.16     Insurance.....................................................................................-8-
                  ---------
         2.17     Tax Matters...................................................................................-8-
                  -----------
         2.18     Governmental Regulation.......................................................................-9-
                  -----------------------
         2.19     Securities Act................................................................................-9-
                  --------------
         2.20     Related Party Transactions....................................................................-9-
                  --------------------------
         2.21      SEC Documents................................................................................-9-
                   -------------

3.       Representations and Warranties of the Investor........................................................-10-
         ----------------------------------------------
         3.1      Organization and Existence; Good Standing....................................................-10-
                  -----------------------------------------
         3.2      Authorization................................................................................-10-
                  -------------
         3.3      Finders' Fees................................................................................-10-
                  -------------
         3.4      Purchase Entirely for Own Account............................................................-10-
                  ---------------------------------
         3.5      Access to Information, Experience, Etc.......................................................-10-
                  --------------------------------------
         3.6      Restricted Securities........................................................................-11-
                  ---------------------
         3.7      Legends......................................................................................-11-
                  -------
         3.8      No Violation.................................................................................-12-
                  ------------

4.       Conditions of the Investor's Obligations at Closing...................................................-12-
         ---------------------------------------------------
         4.1      Representations of this Agreement............................................................-12-
                  ---------------------------------
         4.2      Compliance Certificate.......................................................................-12-
                  ----------------------
         4.3      Share Certificates...........................................................................-12-
                  ------------------
         4.4      Other Documents..............................................................................-12-
                  ---------------
         4.5      Consents and Waivers.........................................................................-12-
                  --------------------
         4.6      Delivery of Gaming Machines..................................................................-12-
                  ---------------------------
</TABLE>

                                       -i-

<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                                             <C>
5.       Conditions of the Company's Obligations at Closing....................................................-12-
         --------------------------------------------------
         5.1      Representations of this Agreement............................................................-13-
                  ---------------------------------
         5.2      Purchase Price...............................................................................-13-
                  --------------
         5.3      Delivery of Gaming Machines..................................................................-13-
                  ---------------------------

6.       Indemnity.............................................................................................-13-
         ---------
         6.1      Indemnification by the Company...............................................................-13-
                  ------------------------------
         6.2      Indemnification by the Investor..............................................................-13-
                  -------------------------------
         6.3      Survival.....................................................................................-14-
                  --------
         6.4      Limitations..................................................................................-14-
                  -----------
         6.5      Third Party Claims...........................................................................-14-
                  ------------------
         6.6      Reduction for Insurance......................................................................-14-
                  -----------------------

7.       Miscellaneous.........................................................................................-15-
         -------------
         7.1      Successors and Assigns.......................................................................-15-
                  ----------------------
         7.2      Governing Law................................................................................-15-
                  -------------
         7.3      Counterparts.................................................................................-15-
                  ------------
         7.4      Further Assurances...........................................................................-15-
                  ------------------
         7.5      Titles and Subtitles.........................................................................-15-
                  --------------------
         7.6      Notices......................................................................................-15-
                  -------
         7.7      Entire Agreement; Amendments and Waivers.....................................................-15-
                  ----------------------------------------
         7.8      Severability.................................................................................-16-
                  ------------
         7.9      Expenses and Taxes...........................................................................-16-
                  ------------------

Schedules, Annexes and Exhibits
-------------------------------

Schedule 2.2               Outstanding Warrants, Rights, Etc.
Schedule 2.3               Subsidiaries
Schedule 2.5               Liabilities
Schedule 2.7               Shares Reserved for Issuance
Schedule 2.9               Changes
Schedule 2.10              Registration Rights
Schedule 2.11              Governmental Consents
Schedule 2.14              Agreements
Schedule 2.17              Tax Matters
Schedule 2.20              Related Party Transactions
</TABLE>

                                      -ii-

<PAGE>

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