Document:

Exhibit
      10.67

     

    SUBSCRIPTION
      AGREEMENT

     

    This
      Subscription Agreement (this “Agreement”)
      is
      made and entered into as of the 5th day of April, 2007 by and between Trulite,
      Inc., a Delaware corporation (“Trulite”)
      and
      Contango Venture Capital Corporation (“CVCC”).

     

    RECITALS

     

    A. CVCC
      has
      lent to Trulite an aggregate of $765,000 pursuant to the terms of the promissory
      notes listed on Exhibit
      A
      attached
      hereto (collectively, the “Notes”);
      and

     

    B. CVCC
      desires to convert the aggregate principal balance of and all accrued but unpaid
      interest on the Notes into shares of Trulite Common Stock, $0.001 par value
      per
      share (“Common
      Stock”)
      on the
      terms and conditions set forth in this Agreement.

     

    C. Trulite
      desires to issue to CVCC shares of its Common Stock in consideration of the
      cancellation of the aggregate principal balance of and accrued but unpaid
      interest on the Notes on the terms and conditions set forth in this
      Agreement.

     

    NOW,
      THEREFORE, for and consideration of the mutual promises and covenants contained
      herein, the receipt and sufficiency of which is hereby acknowledged, Trulite
      and
      CVCC agree as follows:

     

    1. On
      the
      third (3rd)
      business day following the last of the first ten (10) trading days on which
      Trulite Common Stock has traded on the Over the Counter Bulletin Board (the
      “Initial
      Ten Trading Days”)
      (such
      third business day being referred to herein as the “Effective
      Date”),
      Trulite shall issue to CVCC a number of shares of Common Stock determined by
      multiplying 2.0 times the quotient of (x) the aggregate principal balance of
      and
      accrued but unpaid interest on the Notes as of the close of business on the
      day
      immediately preceding the Effective Date divided by (y) the average closing
      sale
      price for the Common Stock as quoted on the Over the Counter Bulletin Board
      for
      the Initial Ten Trading Days (collectively, the “Shares”).

     

    2. In
      consideration of the receipt of the Shares, on the Effective Date, CVCC shall
      surrender to Trulite the Notes.

     

    3. Trulite
      hereby represents and warrants to CVCC as follows:

     

    (a) Trulite
      has duly authorized the issuance and sale of the Shares in accordance with
      the
      terms of this Agreement.

     

    (b) The
      Shares, when issued and paid for in accordance with this Agreement, will
      represent validly authorized, duly issued and fully paid and non-assessable
      shares of Common Stock.

     

    4. CVCC
      hereby represents, warrants and covenants to Trulite as follows:

     

    (a) CVCC
      is
      purchasing the Shares for CVCC’s own account, and not for the account of any
      other person;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) CVCC
      is
      purchasing the Shares for investment only, and is not purchasing the Shares
      with
      a view towards the current or future resale, assignment, fractionalization
      or
      distribution of the Shares;

     

    (c) CVCC
      understands that (A) the Shares (1) have not been registered under the
      Securities Act of 1933, as amended (the “Act”)
      or any
      other federal or state securities laws, and (2) must be held by CVCC
      indefinitely; and (B) CVCC must therefore bear the economic risk of such
      investment indefinitely; unless a subsequent disposition thereof is registered
      under the Act and applicable state securities laws or is exempt therefrom.
      CVCC
      further understands that such exemptions depend on, among other things, the
      bona
      fide nature of the investment intent of CVCC expressed herein. Pursuant to
      the
      foregoing, CVCC acknowledges that the certificate representing the Shares
      acquired hereunder shall bear a restrictive legend substantially as
      follows:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
      TRANSFER UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AS AMENDED, AND STATE
      SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED,
      PLEDGED OR OTHERWISE DISPOSED OF UNLESS (I) REGISTERED UNDER THE APPLICABLE
      SECURITIES LAWS OR (II) AN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL
      ARE BOTH REASONABLY SATISFACTORY TO TRULITE, HAS BEEN DELIVERED TO TRULITE
      AND
      SUCH OPINION STATES THAT THE SECURITIES MAY BE TRANSFERRED WITHOUT SUCH
      REGISTRATION.”

     

    (d) CVCC
      acknowledges and understands that Trulite has a limited operating
      history;

     

    (e) Trulite
      has made available to CVCC the opportunity to ask questions of and obtain
      additional information from Trulite (or any person acting on its behalf),
      concerning the terms and conditions of this investment, and all such questions
      have been answered to the full satisfaction of CVCC and are sufficient for
      CVCC
      to evaluate the merits and risks of the investment;

     

    (f) CVCC
      represents that it has been called to its attention that its investment in
      Trulite involves a high degree of risk which may result in the loss of the
      total
      amount of its investment;

     

    (g) CVCC
      has
      been furnished by Trulite all information (or provided access to all
      information) regarding the business and financial condition of Trulite, its
      expected plans for future business activities, the attributes of the Shares
      and
      the merits and risks of an investment in the Shares that CVCC has requested
      or
      otherwise needs to evaluate the investment in the Shares.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5. In
      the
      event that within two (2) years of the date of this Agreement, Trulite files
      with the Securities and Exchange Commission a registration statement under
      the
      Act, other than a Registration Statement on Form S-8, a Registration Statement
      on Form S-4 or a similar or successor form, Trulite will use its reasonable
      efforts to cause registration of the resale of 5% of the Shares to be included
      in the first such registration statement filed by Trulite; provided that CVCC
      complies with all reasonable requests made by Trulite related to the inclusion
      of such Shares in such registration statement.

     

    6. This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Texas, notwithstanding principles of conflicts of laws.

     

    7. This
      Agreement constitutes the entire agreement among the parties hereto with respect
      to the subject matter hereof, and may be amended only by a writing executed
      by
      all parties hereto.

     

    Executed
      as of the date first set forth above.

    
      	 	 	 
	 	TRULITE,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Jonathan H. Godshall
	 	
              
Name: 
Jonathan
              H. Godshall
	 	
              
                

              

              Title:  
                President & CEO

            
	 	
              
                

              

            

    

    
      	 	 	 
	 	CONTANGO
              VENTURE
              CAPITAL CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Kenneth R. Peak
	 	
              
Name: 
Kenneth
              R. Peak
	 	
              
                

              

              Title:

            
	 	
              
                
 

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    
      	
              Date
                of Note

            	 	
              Payee

            	 	
              Aggregate
                

              Principal
                Amount

            	 
	
              August
                9, 2006

            	 	Contango
              Venture Capital Corporation	 	
              $

            	
              125,000

            	 
	
              November
                22, 2006

            	 	Contango
              Venture Capital Corporation	 	
              $

            	
              400,000

            	 
	
              February
                6, 2007

            	 	Contango
              Venture Capital Corporation	 	
              $

            	
              240,000Exhibit
      10.68

     

    AMENDMENT
      TO WARRANT AGREEMENT

     

    This
      Amendment to Warrant Agreement (this “Agreement”)
      is
      made and entered into as of March __, 2007.

     

    RECITALS

     

    A. The
      undersigned, Contango Capital Partners, L.P. (the “Holder”)
      is the
      holder of a warrant dated April 13, 2006 issued by Trulite, Inc., a Delaware
      corporation (the “Company”)
      to
      purchase 592,500 shares of the Company’s common stock, $0.0001 per share (the
“Warrant”).

     

    B. The
      Warrant provides that unless earlier terminated in accordance with its terms
      the
      Warrant may only be exercised through 5:00 p.m. CST on April 13, 2007 (the
      “Exercise
      Termination Date”).

     

    C. The
      Board
      of Directors of the Company has determined that it is desirable and in the
      best
      interest of the Company to extend the Exercise Termination Date until 5:00
      p.m.
      CDT on April 13, 2008 and, accordingly, has approved the amendment of the
      Warrant to so provide.

     

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual promises and covenants contained herein, the
      receipt and sufficiency of which is acknowledged, the parties hereto agree
      as
      follows: 

     

    1. The
      Warrant is hereby amended so that each reference therein to “April 13, 2007” is
      a reference to “April 13, 2008.”

     

    2. Except
      as
      amended herein, the Warrant remains unchanged.

     

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

    
      	 	 	 
	 	TRULITE,
              INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Jonathan
              Godshall, President

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