Document:

Exhibit 10.65

                         VENTURES-NATIONAL INCORPORATED
                       D/B/A TITAN GENERAL HOLDINGS, INC.
                               SECURITY AGREEMENT

To:      Laurus Master Fund, Ltd.
         c/o Onshore Corporate Services, Ltd.
         P.O. Box 1234 G.T
         Queensgate House
         South Church Street
         Grand Cayman, Cayman Islands

Gentlemen:

         1. To secure the payment of all Obligations (as hereafter defined),  we
hereby  grant to you a  continuing  security  interest  in all of the  following
property now owned or at any time  hereafter  acquired by us, or in which we now
have or at any time in the future may acquire any right,  title or interest (the
"Collateral"): all accounts, inventory, equipment, goods, documents, instruments
(including,  without  limitation,  promissory notes),  contract rights,  general
intangibles (including,  without limitation, payment intangibles and an absolute
right to license on terms no less  favorable  than those current in effect among
our affiliates,  but not own intellectual  property),  chattel paper, supporting
obligations,   investment  property,  letter-of-credit  rights,  trademarks  and
tradestyles  in which we now have or hereafter  may acquire any right,  title or
interest,  all proceeds and products  thereof  (including,  without  limitation,
proceeds of insurance) and all additions,  accessions and substitutions  thereto
or  therefor In the event we wish to finance the  acquisition  of any  hereafter
acquired  equipment  and have obtained a commitment  from a financing  source to
finance such equipment from an unrelated third party,  you agree to release your
security interest on such hereafter acquired equipment so financed by such third
party financing source.

         2. The term  "Obligations"  as used  herein  shall mean and include all
debts,  liabilities  and  obligations  owing by us to you  hereunder  and  under
whether  arising under,  out of, or in connection  with that certain  SECURITIES
PURCHASE  AGREEMENT  dated as of the date hereof by and between the  undersigned
and Laurus Master Fund, Ltd. ("Laurus") (the "Securities  Purchase  Agreement"),
that  certain  SECURED  CONVERTIBLE  NOTE dated as of the date hereof made by in
favor of Laurus (the "Term Note"),  THE WARRANT dated as of the date hereof made
by the  undersigned  in favor of  Laurus in  connection  with the Term Note (the
"Term Note Warrant"), that certain REGISTRATION RIGHTS AGREEMENT dated as of the
date hereof by and between the  undersigned  and Laurus in  connection  with the
Term Note (the "Term Note Registration Rights Agreement"), that certain SECURITY
AGREEMENT  dated as of the date hereof by and between the undersigned and Laurus
(the "Security Agreement"),  that certain SECURED REVOLVING NOTE dated as of the
date hereof made by the undersigned in favor of Laurus (the  "Revolving  Note"),
that certain  SECURED  CONVERTIBLE  MINIMUM  BORROWING NOTE dated as of the date
hereof made by the  undersigned in favor of Laurus (the "MB Note"),  THE WARRANT
dated as of the date  hereof  made by the  undersigned  in  favor of  Laurus  in
connection with the MB Note (the "MB Warrant"), or that

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certain REGISTRATION RIGHTS AGREEMENT dated as of the date hereof by and between
the undersigned and Laurus in connection with the MB Note (the "MB  Registration
Rights Agreement") (the Securities Purchase  Agreement,  the Term Note, the Term
Note  Warrant and the Term Note  Registration  Rights  Agreement,  the  Security
Agreement,  the  Revolving  Note,  the  MB  Note,  the  MB  Warrant  and  the MB
Registration  Rights  Agreement  as each may be amended,  modified,  restated or
supplemented  from  time to time,  are  collectively  referred  to herein as the
"Documents").

         3.  We hereby represent, warrant and covenant to you that:

                  (a) we are a company  validly  existing,  in good standing and
         formed  under  the laws of the  State of Utah and we will  provide  you
         thirty  (30) days' prior  written  notice of any change in our state of
         formation;

                  (b) our legal  name is  Ventures-National  Incorporated  d/b/a
         Titan  General  Holdings,  Inc.,  as set  forth in our  Certificate  of
         Incorporation as amended through the date hereof;

                  (c) we are the  lawful  owner of the  Collateral  and have the
         sole right to grant a security  interest  therein  and will  defend the
         Collateral against all claims and demands of all persons and entities;

                  (d)  we  will  keep  the  Collateral  free  and  clear  of all
         attachments,  levies, taxes, liens, security interests and encumbrances
         of every kind and nature ("Encumbrances"),  other than encumbrances set
         forth on Schedule 3(d) hereto,  ("Permitted  Encumbrances"),  except to
         the extent said Encumbrance  does not secure  indebtedness in excess of
         $100,000 and such  Encumbrance is removed or otherwise  released within
         ten (10) days of the creation thereof;

                  (e) we will at our own cost and expense keep the Collateral in
         good state of repair  (ordinary  wear and tear  excepted)  and will not
         waste or  destroy  the same or any part  thereof  other  than  ordinary
         course discarding of items no longer used or useful in our business;

                  (f) we will not  without  your prior  written  consent,  sell,
         exchange,  lease or  otherwise  dispose of the  Collateral,  whether by
         sale,  lease or  otherwise,  except  for the sale of  inventory  in the
         ordinary  course of business and for the disposition or transfer in the
         ordinary  course of business  during any fiscal  year of  obsolete  and
         worn-out  equipment or equipment  no longer  necessary  for our ongoing
         needs,  having an aggregate  fair market value of not more than $25,000
         and only to the extent that:

                           (i) the proceeds of any such  disposition are used to
                  acquire replacement  Collateral which is subject to your first
                  priority security interest or are used to repay Obligations or
                  to pay general corporate expenses; or

                           (ii)  following the occurrence of an Event of Default
                  (as hereinafter defined) which continues to exist the proceeds
                  of which are remitted to you (to be

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                  held as cash collateral by you for the Obligations  until such
                  time as the Event of Default no longer exists);

                  (g) we will insure the Collateral in your name against loss or
         damage by fire, theft,  burglary,  pilferage,  loss in transit and such
         other  hazards as you shall  specify in amounts  and under  policies by
         insurers acceptable to you and all premiums thereon shall be paid by us
         and the policies delivered to you. If we fail to do so, you may procure
         such insurance and the cost thereof shall constitute Obligations;

                  (h) we  will  at  all  reasonable  times  allow  you  or  your
         representatives  free  access  to and the  right of  inspection  of the
         Collateral;

                  (i) we hereby  indemnify  and save you harmless from all loss,
         costs,   damage,   liability  and/or  expense,   including   reasonable
         attorneys'  fees,  that you may  sustain or incur to  enforce  payment,
         performance  or  fulfillment  of any of the  Obligations  and/or in the
         enforcement of this  Agreement or in the  prosecution or defense of any
         action or proceeding  either  against you or us  concerning  any matter
         growing out of or in connection with this Agreement,  and/or any of the
         Obligations and/or any of the Collateral except to the extent caused by
         your own gross negligence or willful misconduct.

         4. We shall be in default  under this  Agreement  upon the happening of
any of the  following  events or  conditions,  each such event or  condition  an
"Event of Default:"

                  (a) we shall fail to pay when due or punctually perform any of
         the  Obligations  and such failure shall continue for a period of three
         (3) days following such failure to pay or punctually  perform, or for a
         period  of thirty  (30)  days  following  default  for any  other  such
         failure;

                  (b) any covenant,  warranty,  representation or statement made
         or  furnished  to you by us or on our behalf was false in any  material
         respect when made or furnished;

                  (c) the loss, theft, substantial damage, destruction,  sale or
         encumbrance  not permitted  hereunder to or of any of the Collateral or
         the making of any levy, seizure or attachment thereof or thereon except
         to the extent:

                           (i)  such  loss,   theft,   substantial   damage,  or
                  destruction is covered by insurance proceeds which are used to
                  replace the item or repay us; or

                           (ii) said levy, seizure or attachment does not secure
                  indebtedness  in excess of $100,000 and such levy,  seizure or
                  attachment has not been removed or otherwise  released  within
                  thirty (30) days after the creation or the assertion thereof;

                  (d) we shall become  insolvent,  cease  operations,  dissolve,
         terminate our business existence, make an assignment for the benefit of
         creditors, suffer the appointment of a receiver, trustee, liquidator or
         custodian of all or any part of our property;

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                  (e) any  proceedings  under any  bankruptcy or insolvency  law
         shall be commenced  by or against us and if commenced  against us shall
         not be dismissed within sixty (60) days after the commencement thereof;

                  (f) we shall  repudiate,  purport to revoke or fail to perform
         any of our obligations under the Note (after passage of applicable cure
         period, if any); or

                  (g) an Event of  Default  shall  have  occurred  under  and as
         defined in the Notes.

         5.  Upon  the  occurrence  of any  Event  of  Default  and at any  time
thereafter,  you may declare all Obligations immediately due and payable and you
shall have the remedies of a secured  party  provided in the Uniform  Commercial
Code as in effect in the State of New York, this Agreement and other  applicable
law. Upon the occurrence of any Event of Default and at any time thereafter, you
will have the right to take  possession of the  Collateral  and to maintain such
possession  on our premises or to remove the  Collateral  or any part thereof to
such other premises as you may desire.  Upon your request, we shall assemble the
Collateral  and make it  available to you at a place  designated  by you. If any
notification of intended  disposition of any Collateral is required by law, such
notification, if mailed, shall be deemed properly and reasonably given if mailed
at least ten (10) days before such  disposition,  postage prepaid,  addressed to
us,  Attention:  President,  either  at our  address  shown  herein or as may be
amended  by us in  writing  to you  from  time  to  time.  Any  proceeds  of any
disposition of any of the  Collateral  shall be applied by you to the payment of
all expenses in connection with the sale of the Collateral, including reasonable
attorneys'  fees and  disbursements  and the  reasonable  expense  of  retaking,
holding,  preparing  for sale,  selling,  and the like,  and any balance of such
proceeds  may be applied by you toward the  payment of the  Obligations  in such
order  of  application  as you  may  elect,  and we  shall  be  liable  for  any
deficiency.

         6.  If we  default  in  any  material  respect  in the  performance  or
fulfillment of any of the terms, conditions,  promises, covenants, provisions or
warranties  on our part to be performed  or fulfilled  under or pursuant to this
Agreement,  you may, at your option  without  waiving your right to enforce this
Agreement  according to its terms,  immediately  or at any time  thereafter  and
without  notice to us,  perform or fulfill the same or cause the  performance or
fulfillment  of the same for our account and at our sole cost and  expense,  and
the cost and expense thereof  (including  reasonable  attorneys'  fees) shall be
added to the Obligations and shall be payable on demand with interest thereon at
the highest rate  permitted  by law or, at your option,  debited by you from the
account pledged to you in connection with this Agreement (the"Pledged Account"),
the details of which are set forth on Schedule 6, attached hereto.

         7. We appoint you, any of your officers,  employees or any other person
or entity whom you may designate as our attorney-in-fact,  with power to execute
such documents in our behalf and to supply any omitted  information  and correct
patent  errors  in any  documents  executed  by us or on  our  behalf;  to  file
financing  statements  against us covering the  Collateral;  to sign our name on
public records;  and to do all other things you deem necessary to carry out this
Agreement.  We hereby  ratify and approve all acts of the  attorney-in-fact  and
neither you nor the  attorney-in-fact  will be liable for any acts of commission
or omission,  nor for any error of judgment or mistake of fact or law other than
gross  negligence  or willful  misconduct.  This  power  being  coupled  with an
interest, is irrevocable so long as any Obligations remains unpaid.

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<PAGE>

         8. No delay or failure on your part in exercising any right,  privilege
or option  hereunder  shall  operate as a waiver of such or of any other  right,
privilege,  remedy or option,  and no waiver  whatever  shall be valid unless in
writing,  signed by you and then only to the extent  therein  set forth,  and no
waiver by you of any default  shall  operate as a waiver of any other default or
of the same  default on a future  occasion.  Your books and  records  containing
entries with respect to the  Obligations  shall be admissible in evidence in any
action or proceeding,  shall be binding upon us for the purpose of  establishing
the items therein set forth and shall constitute prima facie proof thereof.  You
shall have the right to enforce  any one or more of the  remedies  available  to
you,  successively,  alternately or  concurrently.  We agree to join with you in
executing  financing  statements or other  instruments to the extent required by
the Uniform  Commercial  Code in form  satisfactory to you and in executing such
other documents or instruments as may be required or deemed necessary by you for
purposes of affecting or continuing your security interest in the Collateral.

         9. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York,  without  giving  effect to  conflicts of law
principles  and  cannot  be  terminated  orally.  All of the  rights,  remedies,
options,  privileges  and elections  given to you  hereunder  shall inure to the
benefit of your  successors  and  assigns.  The term "you" as herein  used shall
include your company,  any parent of your company,  any of your subsidiaries and
any co-subsidiaries of your parent, whether now existing or hereafter created or
acquired, and all of the terms, conditions,  promises, covenants, provisions and
warranties  of this  Agreement  shall inure to the benefit of and shall bind the
representatives,  successors  and  assigns  of each of us and  them.  You and we
hereby (a) waive any and all right to trial by jury in  litigation  relating  to
this  Agreement  and the  transactions  contemplated  hereby and we agree not to
assert any  counterclaim  in such  litigation,  (b)  submit to the  nonexclusive
jurisdiction  of any New York State court  sitting in the borough of  Manhattan,
the city of New York and (c)  waive any  objection  you or we may have as to the
bringing or maintaining of such action with any such court.

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<PAGE>

         10. All notices from you to us shall be sufficiently given if mailed or
delivered to us at our address set forth below.

                                          Very truly yours,

                                          VENTURES-NATIONAL INCORPORATED
                                          D/B/A TITAN GENERAL HOLDINGS, INC.

                                          By:       /s/ Andrew Glashow
                                                    ---------------------------
                                          Name:     Andrew Glashow
                                                    ---------------------------
ACKNOWLEDGED:                             Title:    President
                                                    ---------------------------

LAURUS MASTER FUND, LTD.                  Address:

By:    /s/ David Grin
       ---------------------------
Name:  David Grin
       ---------------------------
Title:
       ---------------------------

                                       6Exhibit 10.66

                          SUBSIDIARY SECURITY AGREEMENT

                                                     NOVEMBER 20, 2003

To:      Laurus Master Fund, Ltd.
         c/o Onshore Corporate Services, Ltd.
         P.O. Box 1234 G.T
         Queensgate House
         South Church Street
         Grand Cayman, Cayman Islands

Gentlemen:

         1. To secure the payment of all  Obligations  (as  hereafter  defined),
each of the undersigned  hereby grants to Laurus Master Fund, Ltd.  ("Laurus") a
continuing  security  interest in all of the following  property now owned or at
any time hereafter  acquired,  or in which each of the undersigned now has or at
any  time  in  the  future  may  acquire  any  right,  title  or  interest  (the
"Collateral"): all accounts, inventory, equipment, goods, documents, instruments
(including,  without  limitation,  promissory notes),  contract rights,  general
intangibles (including,  without limitation, payment intangibles and an absolute
right to license on terms no less  favorable  than those current in effect among
our affiliates,  but not own intellectual  property),  chattel paper, supporting
obligations,   investment  property,  letter-of-credit  rights,  trademarks  and
tradestyles]  in which we now have or hereafter may acquire any right,  title or
interest,  all proceeds and products  thereof  (including,  without  limitation,
proceeds of insurance with respect  thereto) and all  additions,  accessions and
substitutions thereto or therefor.

         2. The term  "Obligations"  as used  herein  shall mean and include all
debts,  liabilities  and  obligations  owing by (a) each of the  undersigned  to
Laurus  hereunder and under the  Subsidiary  Guaranty (as amended,  modified and
supplemented from time to time, the "Guaranty") dated as of the date hereof made
by each of the  undersigned  in favor of Laurus  pursuant  to which  each of the
undersigned  guarantied to Laurus all of  Ventures-National  Incorporated  d/b/a
Titan General  Holdings,  Inc.  ("TTGH")  obligations to Laurus whether  arising
under, out of, or in connection with that certain Securities  Purchase Agreement
dated as of the date  hereof by and  between  TTGH and Laurus  (the  "Securities
Purchase Agreement"), that certain Secured Convertible Note dated as of the date
hereof made by Debtor in favor of Laurus (the "Term Note"), the Warrant dated as
of the date hereof made by TTGH in favor of Laurus in  connection  with the Term
Note (the "Term Note Warrant"), that certain Registration Rights Agreement dated
as of the date hereof by and between TTGH and Laurus in connection with the Term
Note (the "Term Note  Registration  Rights  Agreement"),  that certain  Security
Agreement  dated as of the date  hereof  by and  between  TTGH and  Laurus  (the
"Security Agreement"),  that certain Secured Revolving Note dated as of the date
hereof  made by TTGH in favor of Laurus (the  "Revolving  Note"),  that  certain
Secured  Convertible  Minimum Borrowing Note dated as of the date hereof made by
TTGH in favor of Laurus (the "MB Note"), the Warrant dated as of the date hereof
made by TTGH in  favor  of  Laurus  in  connection  with  the MB Note  (the  "MB
Warrant"),  or that certain  Registration  Rights Agreement dated as of the date
hereof by and between  TTGH and Laurus in  connection  with the MB Note (the "MB
Registration  Rights Agreement") (the Securities  Purchase  Agreement,  the Term
Note, the Term Note Warrant, the Term Note Registration Rights

<PAGE>

Agreement,  the Security  Agreement,  the Revolving  Note,  the MB Note,  the MB
Warrant  and  the MB  Registration  Rights  Agreement  as each  may be  amended,
modified,  restated or supplemented from time to time, are collectively referred
to herein as the "Documents") .

         3. Each of the  undersigned  hereby  jointly and severally  represents,
warrants and  covenants to Laurus that each of the  undersigned:  (a) is company
validly  existing,  in good standing  under the law of the  jurisdiction  of its
incorporation  and will provide  Laurus thirty days prior written  notice of any
change in our  jurisdiction  of  formation;  (b) legal  name is "Titan PCB East,
Inc."  and  "Titan  PCB  West,  Inc.",  respectively,  each as set  forth in its
respective  certificate of incorporation as amended through the date hereof; (c)
is the  lawful  owner of the  Collateral  and  have  the  sole  right to grant a
security interest therein and will defend the Collateral  against all claims and
demands of all persons and entities;  (d) each of the undersigned  will keep the
Collateral free and clear of all attachments,  levies,  taxes,  liens,  security
interests and encumbrances of every kind and nature  ("Encumbrances")  except to
the extent said  Encumbrance  does not secure  indebtedness in excess of $50,000
and such  Encumbrance is removed or otherwise  released within fifteen (15) days
of the creation thereof;  (e) each of the undersigned will at its own respective
cost and expense keep the Collateral in good state of repair  (ordinary wear and
tear excepted) and will not waste or destroy  (obsolete,  worn out, or equipment
no longer  necessary  to our  respective  needs  excepted)  the same or any part
thereof;  (f) each of the  undersigned  will not without  Laurus'  prior written
consent,  sell,  exchange,  lease  or  otherwise  dispose  of  any  part  of the
Collateral  (except for sales in the ordinary  course of business) or any of our
rights  therein;  (g) each of the  undersigned  will  insure the  Collateral  in
Laurus' name against loss or damage by fire, theft, burglary, pilferage, loss in
transit  and such other  hazards as Laurus  shall  specify in amounts  and under
policies by insurers acceptable to Laurus and all premiums thereon shall be paid
by each of the undersigned and the policies  delivered to Laurus.  If any of the
undersigned  fails to do so,  Laurus may  procure  such  insurance  and the cost
thereof shall  constitute  Obligations;  (h) each of the undersigned will at all
reasonable  times  allow  Laurus or its  representatives  free access to and the
right  of  inspection  of the  Collateral;  (i) each of the  undersigned  hereby
indemnifies and saves Laurus harmless from all loss,  costs,  damage,  liability
and/or expense, including reasonable attorneys' fees, that Laurus may sustain or
incur to enforce  payment,  performance or fulfillment of any of the Obligations
and/or  in  the  enforcement  of  this  Agreement  or  the  Guaranty  or in  the
prosecution or defense of any action or proceeding either against Laurus or each
of the  undersigned  concerning any matter growing out of or in connection  with
this Agreement,  the Guaranty  and/or any of the  Obligations  and/or any of the
Collateral.

         4. Following the  occurrence and during the  continuance of an Event of
Default,  Laurus shall have the right to instruct all of our account  debtors to
remit  payments on all  accounts in  accordance  with  Laurus'  express  written
instructions.  If,  despite  such  instructions,  any of the  undersigned  shall
receive any payments with respect to accounts,  such  undersigned  shall receive
such payments in trust for Laurus'  benefit,  shall segregate such payments from
its other funds and shall  deliver or cause to be  delivered  to Laurus,  in the
same form as so received with all necessary  endorsements,  all such payments as
soon as practicable,  but in no event later than two (2) business days after its
receipt  thereof.  Laurus  shall have full power and  authority  to collect each
account,  through  legal action or  otherwise,  and may settle,  compromise,  or
assign (in whole or in part) the claim for any account,  or  otherwise  exercise
any other right now existing or hereafter arising with respect to any account if
such action will facilitate collection.

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<PAGE>

         5. Each of the  undersigned  shall be in default  under this  Agreement
upon the happening of any of the following events or conditions, each such event
or condition an "Event of Default" (a) any of the undersigned  shall fail to pay
when  due or  punctually  perform  any of the  Obligations;  (b)  any  covenant,
warranty,  representation or statement made or furnished to Laurus by any of the
undersigned  or on our behalf  was false in any  material  respect  when made or
furnished; (c) the loss, theft, substantial damage or, destruction, or a sale or
encumbrance not permitted hereunder to or of any of the Collateral or the making
of any levy,  seizure or attachment thereof or thereon except to the extent said
levy,  seizure or attachment  does not secure  indebtedness in excess of $50,000
and such loss, theft,  substantial damage or destruction is covered by insurance
proceeds  which are used to  replace  the item ( but only if no Event of Default
has occurred or is continuing  hereunder)  or repay us or such levy,  seizure or
attachment has not been removed or otherwise  released  within fifteen (15) days
after the undersigned  receive notice of the creation or the assertion  thereof;
(d) any of the undersigned shall become insolvent,  cease operations,  dissolve,
terminate  our  business  existence,  make  an  assignment  for the  benefit  of
creditors,  suffer  the  appointment  of  a  receiver,  trustee,  liquidator  or
custodian  of all or any part of our  property;  (e) any  proceedings  under any
bankruptcy  or  insolvency  law  shall be  commenced  by or  against  any of the
undersigned  and  if  commenced  against  any of the  undersigned  shall  not be
dismissed  within  30  days  after  the  commencement  thereof;  (f)  any of the
undersigned  shall  repudiate,  purport to revoke or fail to perform  any of its
obligations  under the Guaranty or  hereunder;  or (g) an Event of Default shall
have occurred under and as defined in the TTGH Security  Agreement,  the Note or
the Related Agreements.

         6.  Upon  the  occurrence  of any  Event  of  Default  and at any  time
thereafter,  Laurus may declare all Obligations  immediately due and payable and
Laurus  shall have the  remedies  of a secured  party  provided  in the  Uniform
Commercial  Code as in effect in the State of New York, this Agreement and other
applicable  law.  Upon the  occurrence  of any Event of Default  and at any time
thereafter,  Laurus will have the right to take possession of the Collateral and
to maintain such  possession on our premises or to remove the  Collateral or any
part thereof to such other premises as Laurus may desire.  Upon Laurus' request,
each of the  undersigned  shall assemble the Collateral and make it available to
Laurus  at a  place  designated  by  Laurus.  If any  notification  of  intended
disposition of any Collateral is required by law, such notification,  if mailed,
shall be deemed  properly and reasonably  given if mailed at least ten (10) days
before such disposition,  postage prepaid,  addressed to each of the undersigned
either at our  address  shown  herein or at any  address  appearing  on  Laurus'
records for each of the  undersigned.  Any proceeds of any disposition of any of
the  Collateral  shall be applied by Laurus to the  payment of all  expenses  in
connection with the sale of the Collateral, including reasonable attorneys' fees
and other  legal  expenses  and  disbursements  and the  reasonable  expense  of
retaking, holding, preparing for sale, selling, and the like, and any balance of
such proceeds may be applied by Laurus toward the payment of the  Obligations in
such order of application as Laurus may elect, and each of the undersigned shall
be liable for any deficiency.

         7. If any of the  undersigned  default in any  material  respect in the
performance or fulfillment of any of the terms, conditions, promises, covenants,
provisions  or  warranties  on our part to be performed  or  fulfilled  under or
pursuant  to this  Agreement,  Laurus  may, at Laurus'  option  without  waiving
Laurus' right to enforce this Agreement  according to its terms,  immediately or
at any time thereafter and without notice to any of the undersigned,  perform or
fulfill the same or cause the  performance  or  fulfillment  of the same for our
account and at our

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<PAGE>

sole cost and expense,  and the cost and expense thereof  (including  reasonable
attorneys'  fees)  shall be added to the  Obligations  and shall be  payable  on
demand with interest thereon at the highest rate permitted by law .

         8.  Each  of the  undersigned  appoints  Laurus,  any of its  officers,
employees  or any other  person or  entity  whom  Laurus  may  designate  as our
attorney-in-fact,  with power to  execute  such  documents  in our behalf and to
supply any  omitted  information  and  correct  patent  errors in any  documents
executed  by us or on our  behalf;  to  file  financing  statements  against  us
covering the Collateral; to sign our name on public records; and to do all other
things  Laurus  deem  necessary  to  carry  out  this  Agreement.  Each  of  the
undersigned  hereby ratifies and approves all acts of the  attorney-in-fact  and
neither  Laurus  nor  the  attorney-in-fact  will  be  liable  for  any  acts of
commission or omission, nor for any error of judgment or mistake of fact or law.
This  power  being  coupled  with an  interest,  is  irrevocable  so long as any
Obligations remain unpaid.

         9. No delay  or  failure  on  Laurus'  part in  exercising  any  right,
privilege or option  hereunder shall operate as a waiver of such or of any other
right, privilege, remedy or option, and no waiver whatever shall be valid unless
in writing,  signed by Laurus and then only to the extent therein set forth, and
no  waiver  by  Laurus of any  default  shall  operate  as a waiver of any other
default or of the same default on a future  occasion.  Laurus' books and records
containing  entries  with  respect to the  Obligations  shall be  admissible  in
evidence in any action or  proceeding,  shall be binding upon us for the purpose
of  establishing  the items therein set forth and shall  constitute  prima facie
proof  thereof.  Laurus  shall have the right to enforce  any one or more of the
remedies available to Laurus, successively, alternately or concurrently. Each of
the undersigned agree to join with Laurus in executing  financing  statements or
other instruments to the extent required by the Uniform  Commercial Code in form
satisfactory  to Laurus and in executing such other  documents or instruments as
may be required or deemed  necessary  by Laurus for  purposes  of  affecting  or
continuing Laurus' security interest in the Collateral.

         10. This  Agreement  shall be governed by and  construed in  accordance
with the laws of the State of New York without reference to its conflict of laws
provisions  and  cannot  be  terminated  orally.  All of the  rights,  remedies,
options,  privileges and elections given to Laurus  hereunder shall enure to the
benefit of Laurus'  successors  and  assigns.  The term  "Laurus" as herein used
shall  include  Laurus,  any  subsidiaries  and any  co-subsidiaries  of Laurus,
whether now  existing or hereafter  created or  acquired,  and all of the terms,
conditions,  promises,  covenants,  provisions  and warranties of this Agreement
shall enure to the benefit of and shall bind the representatives, successors and
assigns  of each  of  each of the  undersigned  and  them.  You and  each of the
undersigned  hereby  (a) waive any and all right to trial by jury in  litigation
relating to this Agreement and the transactions  contemplated hereby and each of
the undersigned  agree not to assert any  counterclaim in such  litigation,  (b)
submit to the  nonexclusive  jurisdiction of any New York State court sitting in
the borough of  Manhattan,  the city of New York and (c) waive any objection you
or each of the  undersigned  may have as to the bringing or  maintaining of such
action with any such court.

                                      -4-
<PAGE>

         11.  All  notices  from  you  to  each  of  the  undersigned  shall  be
sufficiently given if mailed or delivered to us at our address set forth below.

                                           TITAN PCB EAST, INC.

                                           By: /s/ Robert Ciri
                                               ------------------------------
                                               Name:  Robert Ciri
                                                      -----------------------
                                               Title: President
                                                      -----------------------

                                           Address: 1&2 Industrial Way
                                                    Amesbury, MA 01913

                                           Telephone No.: 978-388-5740
                                                          ------------------
                                           Facsimile No.: 978-388-3940
                                                          ------------------

                                           TITAN PCB WEST, INC.

                                           By: /s/ Robert Ciri
                                               ------------------------------
                                               Name:  Robert Ciri
                                                      -----------------------
                                               Title: President
                                                      -----------------------

                                           Address: 44358 Old Warm Springs Blvd.
                                                    Fremont, CA 94538

                                           Telephone No.: 510-824-1200
                                                          ------------------
                                           Facsimile No.: 978-388-3940
                                                          ------------------

ACKNOWLEDGED:

LAURUS MASTER FUND, LTD.

By: /s/ David Grin
    ----------------------------
    Name: David Grin
    Title:

                                      -5-

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