Document:

EXHIBIT 10.64

THE SECURITIES  REFERRED TO HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  NOR  QUALIFIED  UNDER  ANY STATE  SECURITIES  LAW IN
RELIANCE  UPON  EXEMPTIONS  THEREFROM.   THE  SECURITIES  MAY  BE  ACQUIRED  FOR
INVESTMENT  PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY
NOT BE SOLD,  MORTGAGED,  PLEDGED,  HYPOTHECATED  OR  OTHERWISE  TRANSFERRED  OR
OFFERED TO BE SO  TRANSFERRED  WITHOUT AN EFFECTIVE  REGISTRATION  STATEMENT FOR
SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  AND QUALIFICATION
UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO
THE  COMPANY  THAT SUCH  TRANSACTION  SHALL NOT  VIOLATE  ANY  FEDERAL  OR STATE
SECURITIES LAWS.

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE  AGREEMENT  ("Agreement") is dated February 9, 2004
between the purchaser  identified on the signature  page hereto and any assignee
of such  person  ("Purchaser"),  and  HiEnergy  Technologies,  Inc.,  a Delaware
corporation ("Company").

1. Purchases and Sale.
                             (1). Purchase and Sale. Purchaser agrees to buy and
                  the  Company  agrees  to sell and issue to  Purchaser,  at the
                  First Closing,  for an aggregate purchase price of One Hundred
                  and Fifty  Thousand  Dollars  ($150,000) in cash (the "Minimum
                  Purchase   Price"):   (a)  333,333  shares  of  the  Company's
                  authorized and  previously  unissued  common stock,  par value
                  $0.001 per share ("Common Stock"); (b) a 3 1/2 year warrant to
                  purchase  Common  Stock in  substantially  the  form  attached
                  hereto as  Attachment  B, with an  initial  exercise  price of
                  $0.83 per  share,  subject  to  adjustment,  for the  purchase
                  initially of up to 180,722 shares of Common Stock; (c) a 3 1/2
                  year  warrant to purchase  Common Stock in  substantially  the
                  form attached  hereto as Attachment B, with an exercise  price
                  of $1.38 per share,  subject to  adjustment,  for the purchase
                  initially of up to  108,697shares of Common Stock; (d) a 3 1/2
                  year  warrant to purchase  Common Stock in  substantially  the
                  form attached  hereto as Attachment B, with an exercise  price
                  of $1.65 per share,  subject to  adjustment,  for the purchase
                  initially of up to 90,909 shares of Common Stock;  and (e) a 3
                  1/2 year warrant to purchase Common Stock in substantially the
                  form attached hereto as Attachment B, with an initial exercise
                  price of $0.49  per  share,  subject  to  adjustment,  for the
                  purchase initially of up to 306,122 shares of Common Stock.

                           (2) If the  Closing  Market  Price  equals or exceeds
                  $0.92,  then  Purchaser  shall have the right to purchase  the
                  following shares and warrants,  and if the Purchaser exercises
                  such right as provided hereinafter, the Company agrees to sell
                  and  issue  to  Purchaser  upon  the  Second  Closing,  for an
                  aggregate  purchase  price  of up to  Six  Hundred  and  Fifty
                  Thousand Dollars ($650,000) in cash (the "Additional  Purchase
                  Price"):  (a) one  whole  share of the  Common  Stock for each
                  $0.45  of the  Additional  Purchase  Price;  (b) a 3 1/2  year
                  warrant to purchase  Common  Stock in  substantially  the form
                  attached  hereto as  Attachment  B, with an  initial  exercise

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                  price of $0.83 per share, subject to adjustment,  covering the
                  number of shares of Common  Stock that could be  purchased  at
                  the  exercise  price  with  an  amount  in cash  equal  to the
                  Additional  Purchase  Price;  (c)  a 3  1/2  year  warrant  to
                  purchase  Common  Stock in  substantially  the  form  attached
                  hereto as  Attachment  B, with an exercise  price of $1.38 per
                  share, subject to adjustment, covering the number of shares of
                  Common Stock that could be purchased  at that  exercise  price
                  with an amount in cash equal to the Additional Purchase Price;
                  and (d) a 3 1/2  year  warrant  to  purchase  Common  Stock in
                  substantially  the form attached  hereto as Attachment B, with
                  an exercise  price of $1.65 per share  covering  the number of
                  shares  of  Common  Stock  that  could  be  purchased  at that
                  exercise  price with an amount in cash equal to the Additional
                  Purchase Price.

                  "Closing Market Price" shall mean the average Per Share Market
         Value of the five Trading Days immediately  prior to the  Effectiveness
         Date,  the  Effectiveness  Date  itself,  and  the  five  Trading  Days
         immediately after the Effectiveness Date.

                  "Effectiveness  Date"  shall  mean the  date as of  which  the
         Registration  Statement,  as defined in Section 5 of this Agreement, is
         declared effective by the Securities and Exchange Commission.

                  "Per Share Market  Value" shall means on any  particular  date
         (a)  the  closing  sale  price  for a  share  of  Common  Stock  in the
         over-the-counter  market,  as reported by the OTC Bulletin  Board or in
         the National Quotation Bureau Incorporated (or similar  organization or
         agency succeeding to its functions of reporting prices), or as reported
         by such other senior United States  trading  facility as the Issuer may
         elect,  at the close of  business  on such  date,  or (b) if the Common
         Stock is not then  publicly  traded the fair market value of a share of
         Common  Stock  as  determined  by the  Board in good  faith;  provided,
         however, that the Majority Holders,  after receipt of the determination
         by the Board, shall have the right to select,  jointly with the Issuer,
         an Independent Appraiser, in which case, the fair market value shall be
         the determination by such Independent Appraiser; and provided,  further
         that  all  determinations  of the  Per  Share  Market  Value  shall  be
         appropriately  adjusted for any stock dividends,  stock splits or other
         similar  transactions  during such period.  The  determination  of fair
         market  value shall be based upon the fair  market  value of the Issuer
         determined  on a going  concern  basis as between a willing buyer and a
         willing   seller  and  taking  into   account  all   relevant   factors
         determinative  of value, and shall be final and binding on all parties.
         In determining  the fair market value of any shares of Common Stock, no
         consideration  shall be given to any  restrictions  on  transfer of the
         Common Stock  imposed by  agreement  or by federal or state  securities
         laws, or to the existence or absence of, or any  limitations on, voting
         rights.

                  "Term" The right to subscribe  for and purchase  shares of the
         aforementioned  warrant  stock  shall  commence on February 6, 2004 and
         shall expire at 5:00 p.m.,  eastern time, on the date that is three and
         one-half years after the Effectiveness Date.

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                  "Trading  Day"  means (a) a day on which the  Common  Stock is
         traded on the OTC  Bulletin  Board,  or (b) if the Common  Stock is not
         traded on the OTC  Bulletin  Board,  a day on which the Common Stock is
         quoted in the  over-the-counter  market  as  reported  by the  National
         Quotation Bureau  Incorporated  (or any similar  organization or agency
         succeeding  its  functions  of  reporting  prices) or such other senior
         United States  trading  facility as in the issuer may elect;  provided,
         however,  that in the  event  that the  Common  Stock is not  listed or
         quoted as set forth in (a) or (b) hereof,  then  Trading Day shall mean
         any day  except  Saturday,  Sunday  and any day which  shall be a legal
         holiday or a day on which banking institutions in the State of New York
         are authorized or required by law or other government action to close.

                  The Common Stock issuable under this  Agreement,  the Warrants
         issuable under this Agreement  (each a "Warrant" and  collectively  the
         "Warrants"),  and Common Stock  issuable upon exercise of each Warrant,
         are herein collectively called the "Securities."

                  (b) Closings.  The First Closing shall occur concurrently with
         the execution of this  Agreement.  The Second  Closing shall be held as
         soon as  practicable  on or after  the  third  business  day  after the
         Effectiveness  Date if Purchaser  makes the election under Section 1(2)
         by  delivering  written  notice to the  Company  on or before the third
         business day after the  Effectiveness  Date.  The First Closing and the
         Second  Closing (each the "Closing" and  collectively  the  "Closings")
         shall be conducted via telephone  and  facsimile  transmission.  At the
         First Closing,  the Purchaser  shall pay the Minimum  Purchase Price by
         wire  transfer  against  delivery  to the  Purchaser  by  facsimile  of
         executed  issuance  instructions  to issue  the  Common  Stock  and the
         executed  Warrants as set forth in Section 1(1). At the Second Closing,
         in the event that  Purchaser  exercises  its rights under Section 1(2),
         the Purchaser shall pay the Additional  Purchase Price by wire transfer
         against  delivery to the  Purchaser by  facsimile of executed  issuance
         instructions  to issue the Common  Stock and  executed  Warrants as set
         forth in Section 1(2).

2.  Representations and Warranties of the Company.  The Company hereby makes the
following representations and warranties to the Purchaser:

         (a) Organization and  Qualification.  The Company is a corporation duly
         incorporated,  validly  existing and in good standing under the laws of
         the State of Delaware with the requisite  corporate power and authority
         to own and use its  properties  and assets and to carry on its business
         as  currently  conducted.  The  Company  is duly  qualified  to conduct
         business  and is in good  standing  as a foreign  corporation  or other
         entity  in each  jurisdiction  in  which  the  nature  of the  business
         conducted or property owned by it makes such qualification necessary.

         (b)  Authorization.  The Company has the requisite  corporate power and
         authority to enter into and to consummate the transactions contemplated
         by this Agreement and otherwise to carry out its obligations hereunder.
         The  execution  and  delivery of this  Agreement by the Company and the
         consummation  of the  transaction  contemplated  hereby  have been duly
         authorized  by all  necessary  action on the part of the  Company,  the
         undersigned  is duly  authorized to execute this Agreement on behalf of
         the  Company,  and no further  action is required by the Company or its
         shareholders  for the Company to execute and consummate  this Agreement
         and the transactions  contemplated hereby. This Agreement has been duly
         executed by the Company  and,  when  delivered in  accordance  with the
         terms hereof, and assuming the valid execution hereof by the Purchaser,
         will  constitute  the  valid  and  binding  obligation  of the  Company
         enforceable  against the Company in accordance  with its terms,  except
         (a) as such  enforceability  may be limited by bankruptcy,  insolvency,
         reorganization  or similar laws affecting  creditors' rights generally,
         (b)  as   enforceability  of  any   indemnification   and  contribution
         provisions may be limited under the federal and state  securities  laws
         and public policy, and (c) that the remedy of specific  performance and
         injunctive  and other  forms of  equitable  relief  may be  subject  to
         equitable  defenses and to the discretion of the court before which any
         proceeding therefore may be brought.

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         (c) No  Conflicts.  The  execution,  delivery and  performance  of this
         Agreement  by the  Company and the  consummation  by the Company of the
         transactions  contemplated  hereby does not and will not:  (i) conflict
         with  or  violate  any  provision  of  the  Company's   certificate  of
         incorporation  or bylaws (each as amended through the date hereof),  or
         (ii)  conflict  with,  or  constitute a default (or an event which with
         notice or lapse of time or both would become a default)  under, or give
         to others any rights of termination, amendment or acceleration (with or
         without  notice,  lapse of time or both) of, any material  agreement or
         indebtedness  to which the Company is a party or by which any  material
         property or asset of the Company is bound or affected,  or (iii) result
         in a violation of any law, rule, regulation, order, judgment, decree or
         other restriction of any court,  governmental authority or stock market
         to which the Company or the Common Stock is subject.

         (d)  Issuance of the  Securities.  The Shares and the Warrants are duly
         authorized  and, when issued and paid for in accordance  with the terms
         hereof, will be legally issued, fully paid and nonassessable,  free and
         clear of all liens and encumbrances (other than any that are the result
         of any action or inaction of the  Purchaser).  The shares issuable upon
         exercise of the Warrants, when paid for in accordance with the terms of
         the Warrant, will be legally issued, fully paid and nonassessable, free
         and clear of all liens and  encumbrances  (other  than any that are the
         result of any action or inaction of the Purchaser).

         (f) Disclosure.  Neither the Company nor any other Person acting on its
         behalf has provided  the  Purchaser or their agents or counsel with any
         information  that  constitutes  or  may,  in  the  Company's   opinion,
         constitute material non-public information.

         (g)  Capitalization.  The  authorized  capital  stock of the Company is
         comprised of  100,000,000  shares of Common Stock,  par value $.001 per
         share,  and 1,000,000  shares of Preferred  Stock,  par value $1.00 per
         share.  As of January 30, 2004 there were  31,454,419  shares of Common
         Stock and no shares of Preferred Stock  outstanding.  The Company has a
         sufficient  amount of authorized and unissued shares of Common Stock to
         reserve for  issuance,  under the Notes and the  Warrants,  the maximum
         number of shares issuable thereunder initially.

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         (h) SEC Reports and  Financial  Statements.  The Company has filed with
         the SEC all forms, reports,  schedules,  statements and other documents
         required to be filed by it under the  Securities  Exchange Act of 1934,
         as amended,  or the Securities  Act of 1933, as amended  (collectively,
         the "Securities  Acts") (as such documents will be filed after the date
         hereof  or  have  been  amended   since  the  time  of  their   filing,
         collectively the "Company SEC Documents"). Except as to such matters as
         may be described in the comment and  response  letters  between the SEC
         and the Company, as of their respective dates, or if amended, as of the
         date of the last such amendment,  the Company SEC Documents,  including
         any  financial  statements  or schedules  included  therein (a) did not
         contain  any untrue  statement  of a  material  fact or omit to state a
         material  fact  required to be stated  therein or necessary in order to
         make the statements  therein, in light of the circumstances under which
         they  were  made,  not  misleading  and (b)  complied  in all  material
         respects with the applicable  requirements  of the Securities  Acts and
         the applicable  rules and regulations of the SEC thereunder.  Except as
         to such matters as may be described in the comment and response letters
         between the SEC and the  Company,  each of the  consolidated  financial
         statements  included  in the  Company  SEC  Documents  (the  "Financial
         Statements")   complies  in  all  material   respects  with  applicable
         accounting requirements and with the published rules and regulations of
         the SEC with respect thereto, (ii) has been prepared in accordance with
         United States generally accepted accounting principles ("GAAP") applied
         on a  consistent  basis during the periods  involved  (except as may be
         indicated  therein or in the notes thereto and subject,  in the case of
         unaudited  statements,  to normal year-end audit adjustments) and (iii)
         fairly   presents   the   consolidated   financial   position  and  the
         consolidated  results of  operations  and cash  flows  (and  changes in
         financial  position,  if  any)  of the  Company  and  its  consolidated
         Subsidiaries as of the times and for the periods referred to therein.

3.  Representations  and  Warranties  of the  Purchaser.  The  Purchaser  hereby
represents and warrants to the Company as follows:

         (a) Validity.  Upon the execution and delivery of this  Agreement,  and
         assuming the valid  execution  thereof by the Company,  this  Agreement
         shall  constitute  the valid and binding  obligation of the  Purchaser,
         enforceable  against the Purchaser in accordance with its terms, except
         (a) as such  enforceability  may be limited by bankruptcy,  insolvency,
         reorganization  or similar laws affecting  creditors' rights generally,
         (b)  as   enforceability  of  any   indemnification   and  contribution
         provisions may be limited under the federal and state  securities  laws
         and public policy, and (c) that the remedy of specific  performance and
         injunctive  and other  forms of  equitable  relief  may be  subject  to
         equitable  defenses and to the discretion of the court before which any
         proceeding therefore may be brought.

         (b) No  Conflicts.  The  execution,  delivery and  performance  of this
         Agreement by the Purchaser and the consummation by the Purchaser of the
         transactions  contemplated  hereby  does not and will not (i)  conflict
         with  or  violate  any  provision  of the  Purchaser's  certificate  of
         incorporation  or bylaws (each as amended through the date hereof),  or
         (ii)  conflict  with,  or  constitute a default (or an event which with
         notice or lapse of time or both would become a default)  under, or give
         to others any rights of termination, amendment or acceleration (with or
         without  notice,  lapse of time or both) of, any material  agreement or
         indebtedness to which the Purchaser is a party or by which any material
         property  or asset of the  Purchaser  is  bound or  affected,  or (iii)
         result in a violation of any order,  judgment or decree of any court to
         which the Purchaser is subject.

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         (c) Investment Representations.

                  (i) The Purchaser is capable of bearing the economic  risks of
                  this  investment,  including  the possible  loss of the entire
                  investment;

                  (ii) The Securities are being acquired for investment only and
                  for the Purchaser's own account and not with a view to, or for
                  sale in connection  with, the distribution  thereof,  nor with
                  any present  intention of  distributing  or selling any of the
                  Securities;

                  (iii) The Purchaser  understands  that the Securities have not
                  been qualified under the Delaware  Securities Act, as amended,
                  (the "Law") or any other  applicable state securities laws and
                  that  the  Securities  have  not  been  registered  under  the
                  Securities Act of 1933, as amended, (the "Act"), and are being
                  offered and sold pursuant to exemptions  thereunder,  and that
                  in this  connection the Company is relying on the  Purchaser's
                  representations set forth in this Stock Purchase Agreement;

                  (iv) The Purchaser  understands and agrees that the Securities
                  may not be offered or transferred in any manner unless (i) the
                  Securities are  subsequently  registered under the Act and any
                  applicable  state  securities  laws,  or  (ii) an  opinion  of
                  counsel  satisfactory to the Company has been rendered stating
                  that such offer or transfer  will not  violate any  applicable
                  federal or state securities laws;

                  (v) The Purchaser  understands  and agrees that in addition to
                  any  other  restrictive  legend  which may be  imposed  on the
                  certificates, the certificates evidencing said Securities will
                  bear substantially the following legend or a similar legend:

                  THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
                  THE SECURITIES  ACT OF 1933, AS AMENDED,  AND MAY NOT BE SOLD,
                  TRANSFERRED,  ASSIGNED OR HYPOTHECATED  UNLESS PURSUANT TO SEC
                  RULE 144 (IF AVAILABLE) OR THERE IS AN EFFECTIVE  REGISTRATION
                  STATEMENT  UNDER THE 1933 ACT COVERING SUCH  SECURITIES OR THE
                  COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
                  SECURITIES  REASONABLY  SATISFACTORY  TO THE COMPANY,  STATING
                  THAT SUCH  SALE,  TRANSFER,  ASSIGNMENT  OR  HYPOTHECATION  IS
                  EXEMPT  FROM  THE   REGISTRATION   AND   PROSPECTUS   DELIVERY
                  REQUIREMENTS OF THE 1933 ACT.

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                  (vi) The  Purchaser  is an  Accredited  Investor as defined in
                  Regulation D under the Act;

                  (vii)  By  executing  this  Stock  Purchase   Agreement,   the
                  Purchaser hereby acknowledges  receipt of all such information
                  as the Purchaser deems necessary and appropriate to enable the
                  Purchaser to evaluate  the merits and risks in  acquiring  the
                  Securities. The Purchaser acknowledges receipt of satisfactory
                  and complete  information  covering the business and financial
                  condition of the Company,  including the opportunity to obtain
                  information  regarding  the  Company's  financial  status,  in
                  response to all  inquiries in respect  thereof.  The Purchaser
                  has such  knowledge  and  experience in financial and business
                  matters that he is capable of evaluating  the merits and risks
                  of acquiring the Securities and the capacity of protecting its
                  own interests in the transaction;

                  (viii) The  Purchaser  has been  furnished  with the materials
                  relating  to the Company  and the  offering of the  Securities
                  which he has requested,  and has been afforded the opportunity
                  to make  inquiries  concerning the Company and such matters as
                  the  Purchaser  has deemed  necessary,  and has  further  been
                  afforded the opportunity to obtain any additional  information
                  required by the Purchaser to the extent the Company  possesses
                  such  information  or could  acquire it  without  unreasonable
                  effort or expense;

                  (ix) The Purchaser has substantial  means of providing for its
                  current needs and  contingencies and has no need for liquidity
                  in this investment;

                  (x) The Purchaser has  determined  that the  Securities  are a
                  suitable  investment  for it and that it could bear a complete
                  loss of its entire investment;

                  (xi) The Purchaser has relied on its own tax and legal advisor
                  and its own  investment  counselor  with respect to the income
                  tax  and  investment  considerations  of  a  purchase  of  the
                  Securities;

                  (xii) The  Purchaser  did not learn of the offering  described
                  herein through any general  advertising  or other  literature,
                  and it has relied only on the  information  furnished  or made
                  available to them by the Company described above;

                  (xiii) No  representations or warranties have been made to the
                  Purchaser  by  the  Company,   its   officers,   directors  or
                  shareholders  or any persons  acting on behalf of the Company,
                  or  any   affiliates   of  any  of   them,   other   than  the
                  representations set forth herein; and

                  (xiv) The foregoing representations, warranties and agreements
                  of the  Purchaser  shall  survive the sale and issuance of the
                  Securities to the Purchaser.

4.       Intentionally Omitted.

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5. Registration Rights. The Company shall cause within a reasonable time, and in
any case not later than  February  29,  2004,  the  preparation  and filing of a
Registration  Statement on Form SB-2 (as amended herein called the "Registration
Statement")  that  includes the Shares and the shares of Common  Stock  issuable
upon exercise of each Warrant.  If the Holder continues to hold the Shares,  the
Company will pay Holder in arrears in like kind a number of Securities  equal to
two percent of the Securities purchased if the Company has not caused the shares
to become registered by April 30, 2004. Thereafter the Company shall continue to
pay such  amount  to the  Holder on the last day of each  calendar  month if the
Company has not caused the shares to become  registered  by that date,  together
with a pro rata monthly portion of such amount if the  Effectiveness  Date is on
any date other than the last day of any calendar  month after April 30, 2004. In
addition,  no such  payment is due to the extent such  payment  causes the total
amount  payable for failure to obtain an  effective  registration  statement  to
exceed the amount  permitted by law. The Issuer  shall use its  reasonable  best
efforts to cause a Registration  Statement on Form SB-2 that includes the shares
of Common Stock issuable  hereunder to remain  effective to December 31, 2005 or
any  earlier  date when all the shares  issuable  under this  Agreement  and the
Warrants  are or may be sold under Rule 144(k).  It is the express  intention of
the  parties  that at all times  they shall  comply  with all  applicable  laws,
including  usury laws.  This Agreement  shall  automatically  be modified to the
extent necessary to achieve that purpose.

6.       Covenants of the Company.

                  (a) Full-Ratchet Adjustment. If prior to January 15, 2005, the
         Company  enters into a binding  written  agreement  to sell,  or sells,
         Common Stock or  equivalents  (except  pursuant to the Company's  stock
         incentive plans) at a price that is less than $0.45 per share, then the
         purchase price of the Shares issued pursuant to this Agreement shall be
         deemed adjusted to equal the lower price and additional shares shall be
         issued.  Successive  adjustments shall be made in the event of multiple
         sales at lower selling prices.

                  (b)  First  Right of  Refusal.  From the First  Closing  until
         January  15,  2005,  the  Company  shall  promptly  give  notice to the
         Purchaser if the Company enters into a binding agreement to sell shares
         of the  Company's  Common  Stock to a  third-party  for cash at a price
         below  $0.45 per  share.  The notice  will  contain  the price,  terms,
         identity  of  third  party   buyer,   and  other   customary   detailed
         information.  Within five (5) Trading  Days after such notice is given,
         Purchaser shall have the right to elect to purchase shares in an amount
         determined by Purchaser,  but not more than 20% of the amount  offered,
         at the same price and on the same terms at which the shares are sold to
         such third party.  Purchaser  shall transfer funds for such purchase to
         the Company  concurrently with the third party, and the closing of such
         purchase shall be either  concurrently with or within three (3) Trading
         Days after the third party  purchase  and sale is  consummated,  as the
         Company may determine.

7. Counterparts. This Agreement may be executed in two or more counterparts, all
of which  shall  be  considered  one and the same  agreement  and  shall  become
effective when  counterparts have been signed by each party and delivered to the
other party.  This Agreement,  once executed by a party, may be delivered to the
other party hereto by facsimile transmission of a copy of this Agreement bearing
the signature of the party so delivering this  Agreement,  which shall be deemed
fully  valid and  binding.  The  parties  also agree to forward  promptly  their
original signature on a copy of this Agreement to the other party.

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8. Entire  Agreement.  This Agreement  contains the entire  understanding of the
parties with respect to the matters  covered herein and,  except as specifically
set forth herein, neither the Company nor the Purchaser make any representation,
warranty,  covenant or undertaking with respect to such matters. No provision of
this  Agreement may be amended other than by an instrument in writing  signed by
the Company and Purchaser.

9.  Severability.  In the event that any  provision of this  Agreement  shall be
determined   to  be  invalid  or   unenforceable   by  any  court  of  competent
jurisdiction, the remainder of this agreement shall not be affected thereby, and
any invalid or  unenforceable  provision shall be reformed so as to be valid and
enforceable to the full extent permitted by law.

10. Notices.  Any and all notices or other communications or deliveries required
or  permitted to be provided  hereunder  shall be in writing and shall be deemed
given and  effective  on the  earlier of (i) the date of  transmission,  if such
notice or  communication  is delivered via facsimile at the facsimile  telephone
number specified for notice prior to 5:00 p.m.,  eastern time, on a Trading Day,
(ii)  the  Trading  Day  after  the  date of  transmission,  if such  notice  or
communication  is delivered  via  facsimile at the  facsimile  telephone  number
specified for notice later than 5:00 p.m., eastern time, on any date and earlier
than 11:59 p.m., eastern time, on such date, (iii) the Trading Day following the
date of mailing, if sent by nationally  recognized  overnight courier service or
(iv)  actual  receipt by the party to whom such  notice is required to be given.
The addresses for such  communications  shall be with respect to the  Purchaser,
addressed  to such  Purchaser  at his last  known  address or  facsimile  number
appearing on the books of the Issuer  maintained for such purposes,  with a copy
to the Purchaser's legal counsel, if designated by Purchaser, or with respect to
the Issuer, addressed to:

                           HiEnergy Technologies, Inc.
                           1601B Alton Parkway
                           Irvine, California 92606
                           Attention: President
                           Tel. No.: (949) 757-0855
                           Fax No.: (949) 757-1477

Any party hereto may from time to time change its and its counsel's  address for
notices by giving at least ten (10) days written notice of such changed  address
to the other party hereto.

                            [SIGNATURE PAGE FOLLOWS]

                                       9
<PAGE>

         IN WITNESS WHEREOF,  the parties hereto have caused this Stock Purchase
Agreement to be duly executed by their respective  authorized  signatories as of
the date first indicated above.

                            COMPANY:
                            HIENERGY TECHNOLOGIES, INC.

                            By: /S/ Bogdan C. Maglich
                               -----------------------------------------
                            Name:  Bogdan C. Maglich
                            Title: Chairman, Chief Executive Officer and
                                   Treasurer

                            PURCHASER:
                            Print or Type  Name in which  Title is to be
                            Held:
                            Bullbear Capital Partners LLC

                            By: /s/ Brian D. Corday
                               -----------------------------------------
                            Name: Brian D. Corday
                            Title: President

                                   ASSIGNMENT

The Purchaser may in the future assign the foregoing Agreement to an assignee of
the Purchaser's choice. The Purchaser may use the following assignment form.

FOR VALUE RECEIVED,  the above-signed  Purchaser,  pursuant to the provisions of
the  within  Stock  Purchase   Agreement   hereby  assigns  and  transfers  unto
____________________________ the rights, titles and interests of Purchaser under
the within Stock Purchase  Agreement and all rights  evidenced  thereby and does
irrevocably  constitute  and appoint  _____________,  attorney,  to transfer the
Shares and Warrant W-__ on the books of the within-named Company.

                                ASSIGNOR

Dated: _________________        Signature:_______________
Name:_______________
Title:________________

                                Assignee:____________________________
                                Address:_____________________________
                                Tax ID. No.:_________________________

                                       10
<PAGE>
                                 Exhibit 10.64

                                  ATTACHMENT A

                                    Not Used

<PAGE>
                                 Exhibit 10.64

                                  ATTACHMENT B

                  TO HIENERGY/BULLBEAR STOCK PURCHASE AGREEMENT

THIS WARRANT AND THE SHARES OF COMMON STOCK  ISSUABLE UPON EXERCISE  HEREOF HAVE
NOT  BEEN  REGISTERED  UNDER  THE  SECURITIES  ACT  OF  1933,  AS  AMENDED  (THE
"SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD,  TRANSFERRED
OR OTHERWISE  DISPOSED OF UNLESS  REGISTERED  UNDER THE SECURITIES ACT AND UNDER
APPLICABLE  STATE  SECURITIES  LAWS OR HIENERGY  TECHNOLOGIES,  INC.  SHALL HAVE
RECEIVED AN OPINION OF ITS COUNSEL THAT  REGISTRATION OF SUCH  SECURITIES  UNDER
THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE  STATE SECURITIES LAWS
IS NOT REQUIRED.

                               WARRANT TO PURCHASE

                             SHARES OF COMMON STOCK

                                       OF

                           HIENERGY TECHNOLOGIES, INC.

        Expires: 3 1/2years after effectiveness of registration statement

Holder: ________________
Warrant No.: W-_____

Number of Warrant Shares: ______
Exercise Price: $___ per Warrant Share
Original Issue Date: February 9, 2004

         FOR VALUE  RECEIVED,  subject to the provisions  hereinafter set forth,
the undersigned,  HiEnergy Technologies,  Inc., a Delaware corporation (together
with its successors and assigns, the "Issuer"), hereby certifies that the Holder
or its registered assign or assigns (individually or collectively referred to as
the  "Holder")  is entitled to  subscribe  for and  purchase,  during the period
defined  below in this  Warrant  as the  Term,  the  number  of  Warrant  Shares
indicated  above shares  (subject to adjustment as hereinafter  provided) of the
duly authorized,  validly issued,  fully paid and  non-assessable  shares of the
Issuer's  Common Stock,  as defined below in this Warrant,  at an exercise price
per share equal to the Warrant Price then in effect,  subject,  however,  to the
provisions and upon the terms and conditions hereinafter set forth.

1. Definitions.  For the purposes of this Warrant,  the following terms have the
following meanings:

<PAGE>

         "Board" means the Board of Directors of the Issuer.

         "Business  Day" means any day except a  Saturday,  Sunday or any day on
which  commercial  banks  in  Irvine,  California  or New  York,  New  York  are
authorized or required by law or other government action to close.

         "Capital  Stock" means and includes (i) any and all shares,  interests,
participations  or other  equivalents  of or interests  in (however  designated)
corporate  stock,  including,   without  limitation,   shares  of  preferred  or
preference stock, (ii) all partnership interests (whether general or limited) in
any Person which is a  partnership,  (iii) all  membership  interests or limited
liability  company  interests  in any limited  liability  company,  and (iv) all
equity or ownership interests in any Person of any other type.

         "Certificate of  Incorporation"  means the Certificate of Incorporation
of the Issuer as in effect on the Original  Issue Date,  and as  hereafter  from
time to time amended, modified,  supplemented or restated in accordance with the
terms hereof and thereof and pursuant to applicable law.

         "Common Stock" means the Common Stock,  par value $0.001 per share,  of
the Issuer and any other  Capital  Stock into which such stock may  hereafter be
changed.

         "Effectiveness Date" means the date that the Registration  Statement as
described in Section 5 of the Purchase  Agreement becomes effective with respect
to the  Warrant  Shares to be issued upon the  exercise  of this  Warrant by the
Holder.

         "Exercise  Date" means the date that the amount  payable  under Section
3(b) is  received in full by the Issuer in  immediately  available  U.S.  dollar
denominated  funds in the  account  of the  Issuer  at a  financial  institution
designated from time to time by the Issuer pursuant to the Purchase Agreement.

         "Governmental   Authority"  means  any   governmental,   regulatory  or
self-regulatory  entity,  department,  body,  official,  authority,  commission,
board, agency or instrumentality,  whether federal,  state or local, and whether
domestic or foreign.

         "Holders" mean the Persons who shall from time to time own any Warrant.
The term "Holder" means one of the Holders.

         "Independent Appraiser" means a nationally recognized or major regional
investment  banking firm or firm of independent  certified public accountants of
recognized standing (which may be the firm that regularly examines the financial
statements  of  the  Issuer)  that  is  regularly  engaged  in the  business  of
appraising  the Capital  Stock or assets of  corporations  or other  entities as
going concerns, and which is not affiliated with either the Issuer or the Holder
of any Warrant.

<PAGE>

         "Issuer" means HiEnergy Technologies, Inc., a Delaware corporation, and
its successors.

         "Majority   Holders"   means  at  any  time  the  Holders  of  Warrants
exercisable  for a majority of the Warrant Shares issuable under the Warrants at
the time outstanding.

         "Original  Issue  Date" means the date of the Closing as defined in the
Purchase Agreement.

         "OTC Bulletin  Board" means the  over-the-counter  electronic  bulletin
board.

         "Other Common" means any other Capital Stock of the Issuer of any class
which shall be authorized at any time after the date of this Warrant (other than
Common Stock) and which shall have the right to participate in the  distribution
of earnings and assets of the Issuer without limitation as to amount.

         "Person" means an individual,  corporation,  limited liability company,
partnership,  joint stock company,  trust,  unincorporated  organization,  joint
venture, Governmental Authority or other entity of whatever nature.

         "Per Share Market Value" means on any  particular  date (a) the closing
sale  price  for a share of  Common  Stock in the  over-the-counter  market,  as
reported  by  the  OTC  Bulletin  Board  or in  the  National  Quotation  Bureau
Incorporated (or similar  organization or agency  succeeding to its functions of
reporting  prices),  or as reported by such other senior United  States  trading
facility as the Issuer may elect,  at the close of business on such date, or (b)
if the  Common  Stock  is not then  reported  by the OTC  Bulletin  Board or the
National  Quotation  Bureau  Incorporated  (or  similar  organization  or agency
succeeding to its functions of reporting  prices) or by such other senior United
States trading  facility as the Issuer may elect,  then the average of the "Pink
Sheet" quotes for the relevant conversion period, as determined in good faith by
the  Board,  or (c) if the  Common  Stock is not then  publicly  traded the fair
market  value of a share of  Common  Stock as  determined  by the  Board in good
faith;  provided,  however,  that the  Majority  Holders,  after  receipt of the
determination  by the Board,  shall have the right to select,  jointly  with the
Issuer, an Independent Appraiser,  in which case, the fair market value shall be
the determination by such Independent Appraiser; and provided,  further that all
determinations of the Per Share Market Value shall be appropriately adjusted for
any stock  dividends,  stock splits or other  similar  transactions  during such
period.  The  determination  of fair  market  value shall be based upon the fair
market  value of the Issuer  determined  on a going  concern  basis as between a
willing buyer and a willing seller and taking into account all relevant  factors
determinative  of value,  and  shall be final and  binding  on all  parties.  In
determining   the  fair  market  value  of  any  shares  of  Common  Stock,   no
consideration shall be given to any restrictions on transfer of the Common Stock
imposed by agreement or by federal or state securities laws, or to the existence
or absence of, or any limitations on, voting rights.

<PAGE>

         "Purchase  Agreement"  means the Stock Purchase  Agreement  dated as of
February 9, 2004 between the Issuer and the investors party thereto.

         "Registration  Statement" means the registration statement on Form SB-2
or another available form registering the Warrant Shares as described in Section
5 of the Purchase Agreement.

         "Securities" means any debt or equity securities of the Issuer, whether
now or hereafter authorized, any instrument convertible into or exchangeable for
Securities or a Security,  and any option, warrant or other right to purchase or
acquire any Security. "Security" means one of the Securities.

         "Securities  Act" means the Securities Act of 1933, as amended,  or any
similar federal statute then in effect.

         "Subsidiary"  means any  corporation at least 50% of whose  outstanding
Voting Stock shall at the time be owned  directly or indirectly by the Issuer or
by one or  more of its  Subsidiaries,  or by the  Issuer  and one or more of its
Subsidiaries.

         "Term" has the meaning specified in Section 2 hereof.

         "Trading  Day" means (a) a day on which the  Common  Stock is traded on
the OTC  Bulletin  Board,  or (b) if the  Common  Stock is not traded on the OTC
Bulletin   Board,   a  day  on  which  the   Common   Stock  is  quoted  in  the
over-the-counter   market  as  reported  by  the   National   Quotation   Bureau
Incorporated (or any similar  organization or agency succeeding its functions of
reporting  prices) or such other senior United States trading facility as in the
issuer may elect; provided,  however, that in the event that the Common Stock is
not listed or quoted as set forth in (a) or (b) hereof,  then  Trading Day shall
mean any day except Saturday,  Sunday and any day which shall be a legal holiday
or a day on which banking  institutions  in the State of New York are authorized
or required by law or other government action to close.

         "Voting  Stock"  means,   as  applied  to  the  Capital  Stock  of  any
corporation,  Capital Stock of any class or classes (however  designated) having
ordinary voting power for the election of a majority of the members of the Board
of Directors (or other governing body) of such  corporation,  other than Capital
Stock having such power only by reason of the happening of a contingency.

         "Warrants"  means the Warrants issued and sold pursuant to the Purchase
Agreement,  including,  without limitation, this Warrant, and any other warrants
of like tenor issued in substitution or exchange for any thereof pursuant to the
provisions  of  Section  3(c),  3(d) or  3(e)  hereof  or of any of  such  other
Warrants.

         "Warrant  Price"  initially  means  U.S.  $___,  as such  price  may be
adjusted  from time to time as shall  result from the  adjustments  specified in
this Warrant, including Section 5 hereto.

<PAGE>

         "Warrant  Share  Number"  means  at any time the  aggregate  number  of
Warrant  Shares  which  may at such  time be  purchased  upon  exercise  of this
Warrant,  after giving  effect to all prior  adjustments  to such number made or
required to be made under the terms hereof.

         "Warrant Shares" means shares of Common Stock issuable upon exercise of
any  Warrant or  Warrants  or  otherwise  issuable  pursuant  to any  Warrant or
Warrants.

2. Term.  The right to subscribe  for and purchase  Warrant  Shares  represented
hereby shall  commence on February 9, 2004 and shall expire at 5:00 pm,  Eastern
Time, on the date that is three and one-half years after the Effectiveness  Date
(such period sometimes herein called the "Term").

3.  Method of  Exercise  and  Payment;  Issuance  of New  Warrant  Certificates;
Transfer and Exchange.

         (a) Time of Exercise.  The purchase rights  represented by this Warrant
may be  exercised  in whole or in part at any time and from time to time  during
the  Term,  and this  Warrant  shall be  considered  exercised  on the date (the
"Exercise  Date") that the amount payable under Section 3(b) is received in full
by the Issuer in immediately  available  U.S.  dollar  denominated  funds in the
account of the Issuer at a financial institution designated from time to time by
the Issuer pursuant to the Purchase Agreement.

         (b) Method of Exercise. The Holder hereof may exercise this Warrant, in
whole or in part,  by the  surrender  of this Warrant  (with the  exercise  form
attached hereto duly executed) at the principal office of the Issuer, and by the
payment in full to the Issuer of an amount of  consideration  therefore equal to
the Warrant  Price in effect on the Exercise  Date  multiplied  by the number of
Warrant  Shares  with  respect  to which this  Warrant is then being  exercised,
payable in immediately available U.S. dollar denominated funds to the account of
the Issuer at a financial institution designated from time to time by the Issuer
pursuant to the Purchase Agreement

         (c) Issuance of Stock Certificates. In the event of any exercise of the
rights  represented by this Warrant in accordance  with and subject to the terms
and  conditions  hereof,  (i)  certificates  for the Warrant Shares so purchased
shall be dated as of the Exercise Date and delivered to the Holder hereof within
a reasonable time, not exceeding three (3) Trading Days after the Exercise Date,
and the Holder  hereof  shall be deemed for all purposes to be the Holder of the
Warrant Shares so purchased as of the Exercise Date and (ii) unless this Warrant
has expired,  a new Warrant  representing the number of Warrant Shares,  if any,
with respect to which this Warrant shall not then have been exercised  (less any
amount  thereof which shall have been canceled in payment or partial  payment of
the Warrant Price as  hereinabove  provided)  shall also be issued to the Holder
hereof at the Issuer's expense within such time.

<PAGE>

         (d)  Transferability of Warrant.  Subject to Section 3(f), this Warrant
may be transferred by a Holder without the consent of the Issuer. If transferred
pursuant to this  paragraph and subject to the  provisions of subsection  (f) of
this  Section 3, this Warrant may be  transferred  on the books of the Issuer by
the Holder hereof in person or by duly  authorized  attorney,  upon surrender of
this Warrant at the principal  office of the Issuer,  properly  endorsed (by the
Holder  executing an assignment in the form attached hereto) and upon payment of
any  necessary  transfer  tax or other  governmental  charge  imposed  upon such
transfer. This Warrant is exchangeable at the principal office of the Issuer for
Warrants for the purchase of the same aggregate  number of Warrant Shares,  each
new Warrant to represent the right to purchase such number of Warrant  Shares as
the Holder  hereof shall  designate at the time of such  exchange.  All Warrants
issued on  transfers or  exchanges  shall be dated the  Original  Issue Date and
shall be identical  with this Warrant  except as to the number of Warrant Shares
issuable pursuant hereto.

         (e) Continuing Rights of Holder.  The Issuer will, at the time of or at
any time after each  exercise  of this  Warrant,  upon the request of the Holder
hereof,  acknowledge in writing the extent, if any, of its continuing obligation
to afford to such  Holder all rights to which such Holder  shall  continue to be
entitled  after such  exercise  in  accordance  with the terms of this  Warrant,
provided  that if any such  Holder  shall  fail to make any  such  request,  the
failure shall not affect the continuing  obligation of the Issuer to afford such
rights to such Holder.

         (f) Compliance with Securities Laws.

                  (i)  The  Holder  of  this  Warrant,   by  acceptance  hereof,
         acknowledges  that this Warrant or the Warrant Shares to be issued upon
         exercise  hereof are being acquired solely for the Holder's own account
         and not as a nominee for any other party, and for investment,  and that
         the Holder will not offer, sell or otherwise dispose of this Warrant or
         any Warrant Shares to be issued upon exercise hereof except pursuant to
         an effective registration statement, or an exemption from registration,
         under the Securities Act and any applicable state securities laws.

                  (ii) Except as provided in paragraph (iii) below, this Warrant
         and all certificates  representing  Warrant Shares issued upon exercise
         hereof shall be stamped or imprinted with a legend in substantially the
         following form:

                  THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON
                  EXERCISE HEREOF HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES
                  ACT OF 1933,  AS AMENDED (THE  "SECURITIES  ACT") OR ANY STATE
                  SECURITIES LAWS AND MAY NOT BE SOLD,  TRANSFERRED OR OTHERWISE
                  DISPOSED OF UNLESS  REGISTERED  UNDER THE  SECURITIES  ACT AND
                  UNDER   APPLICABLE   STATE   SECURITIES   LAWS   OR   HIENERGY
                  TECHNOLOGIES,  INC.  SHALL  HAVE  RECEIVED  AN  OPINION OF ITS
                  COUNSEL  THAT   REGISTRATION  OF  SUCH  SECURITIES  UNDER  THE
                  SECURITIES  ACT AND UNDER THE  PROVISIONS OF APPLICABLE  STATE
                  SECURITIES LAWS IS NOT REQUIRED.

<PAGE>

                  (iii) The restrictions imposed by this subsection (f) upon the
         transfer of this  Warrant or the Warrant  Shares to be  purchased  upon
         exercise  hereof shall  terminate (A) when such  securities  shall have
         been resold pursuant to an effective  registration  statement under the
         Securities Act, (B) upon the Issuer's receipt of an opinion of counsel,
         in form and substance reasonably satisfactory to the Issuer,  addressed
         to the  Issuer  to the  effect  that  such  restrictions  are no longer
         required  to  ensure  compliance  with  the  Securities  Act and  state
         securities  laws or (C) upon the  Issuer's  receipt  of other  evidence
         reasonably  satisfactory  to the  Issuer  that  such  registration  and
         qualification  under the Securities Act and state  securities  laws are
         not required.  Whenever such restrictions  shall cease and terminate as
         to any such securities, the Holder thereof shall be entitled to receive
         from the Issuer (or its transfer agent and registrar),  without expense
         (other than  applicable  transfer  taxes, if any), new Warrants (or, in
         the case of Warrant Shares,  new stock  certificates) of like tenor not
         bearing the applicable legend required by paragraph (ii) above relating
         to the Securities Act and state securities laws.

4. Stock Fully Paid; Reservation and Listing of Shares; Covenants.

         (a) Stock Fully Paid. The Issuer  represents,  warrants,  covenants and
agrees that all  Warrant  Shares  which may be issued upon the  exercise of this
Warrant or any shares of capital stock otherwise  issuable  hereunder will, upon
issuance, be duly authorized,  validly issued, fully paid and non-assessable and
free from all taxes,  liens and  charges  created by,  through or under  Issuer,
other than resale restrictions under the federal or state securities laws.

         (b) Reservation. The Issuer covenants and agrees that during the period
within  which this Warrant may be  exercised,  the Issuer will at all times have
authorized  and  reserved  for the  purpose of the issue upon  exercise  of this
Warrant  a  sufficient  number of shares  of  Common  Stock to  provide  for the
exercise of this Warrant.  If any shares of Common Stock required to be reserved
for issuance  upon exercise of this Warrant or as otherwise  provided  hereunder
require registration or qualification with any governmental  authority under any
federal or state law before such shares may be so issued,  the Issuer will, upon
notice from the Holder of such  requirement,  in good faith use its best efforts
as  expeditiously  as  possible  at its  expense to cause such shares to be duly
registered or qualified.  If the Issuer shall list any shares of Common Stock on
any  securities  exchange  or  market it will,  at its  expense,  list  thereon,
maintain and increase when necessary  such listing,  of, all Warrant Shares from
time to time  issued  upon  exercise of this  Warrant or as  otherwise  provided
hereunder,  and,  to the  extent  permissible  under the  applicable  securities
exchange  rules,  all unissued  Warrant  Shares  which are at any time  issuable
hereunder,  so long as any shares of Common Stock shall be so listed. The Issuer
will also so list on each securities  exchange or market, and will maintain such
listing  of,  any other  securities  which the Holder of this  Warrant  shall be
entitled  to  receive  upon  the  exercise  of this  Warrant  if at the time any
securities  of the same class  shall be listed on such  securities  exchange  or
market by the Issuer.

<PAGE>

         (c) Covenants. The Issuer shall not by any action,  including,  without
limitation,  amending the  Certificate  of  Incorporation  or the by-laws of the
Issuer,  or through  any  reorganization,  transfer  of  assets,  consolidation,
merger,  dissolution,  issue or sale of securities or any other action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such  actions as may be  necessary  or  appropriate  to
protect  the  rights  of the  Holder  hereof  against  dilution  (to the  extent
specifically provided herein) or impairment.  Without limiting the generality of
the  foregoing,  the Issuer  will (i) not permit the par value,  if any,  of its
Common  Stock to exceed  the then  effective  Warrant  Price,  (ii) not amend or
modify any  provision  of the  Certificate  of  Incorporation  or by-laws of the
Issuer in any manner  that would  adversely  affect the rights of the Holders of
the Warrants, (iii) take all such action as may be reasonably necessary in order
that the Issuer may  validly  and  legally  issue  fully paid and  nonassessable
shares of Common Stock,  free and clear of any liens,  claims,  encumbrances and
restrictions  (other than as provided herein) upon the exercise of this Warrant,
and (iv) use its best efforts to obtain all such  authorizations,  exemptions or
consents from any public regulatory body having  jurisdiction  thereof as may be
reasonably  necessary to enable the Issuer to perform its obligations under this
Warrant.

         (d) Loss,  Theft,  Destruction  of  Warrants.  Upon receipt of evidence
satisfactory to the Issuer of the ownership of and the loss, theft,  destruction
or  mutilation  of any  Warrant  and,  in the  case of any such  loss,  theft or
destruction,  upon receipt of indemnity or security  satisfactory  to the Issuer
or, in the case of any such mutilation,  upon surrender and cancellation of such
Warrant,  the  Issuer  will  make and  deliver,  in lieu of such  lost,  stolen,
destroyed or mutilated Warrant, a new Warrant of like tenor and representing the
right to purchase the same number of shares of Common Stock.

5. Adjustment of Warrant Price and Warrant Share Number. The number of shares of
Common Stock for which this Warrant is exercisable,  and the price at which such
shares may be  purchased  upon  exercise  of this  Warrant,  shall be subject to
adjustment  from time to time as set forth in this  Section 5. The Issuer  shall
give the Holder notice of any event described below which requires an adjustment
pursuant to this Section 5 in accordance with Section 6.

         (a) Recapitalization,  Reorganization, Reclassification, Consolidation,
Merger or Sale.

                  (i) In case the Issuer after the Original  Issue Date shall do
         any of the following (each, a "Triggering Event"): (a) consolidate with
         or  merge  into  any  other  Person  and the  Issuer  shall  not be the
         continuing or surviving corporation of such consolidation or merger, or
         (b)  permit  any other  Person to  consolidate  with or merge  into the
         Issuer and the Issuer shall be the continuing or surviving  Person but,
         in connection with such  consolidation or merger,  any Capital Stock of
         the Issuer  shall be changed into or exchanged  for  Securities  of any
         other  Person or cash or any other  property,  or (c)  transfer  all or
         substantially  all of its properties or assets to any other Person,  or

<PAGE>

         (d) effect a capital  reorganization or reclassification of its Capital
         Stock,  then,  and in the case of each such  Triggering  Event,  proper
         provision  shall be made so that,  upon the  basis and the terms and in
         the manner  provided in this Warrant,  the Holder of this Warrant shall
         be entitled upon the exercise hereof at any time after the consummation
         of such  Triggering  Event, to the extent this Warrant is not exercised
         prior to such  Triggering  Event,  to receive at the  Warrant  Price in
         effect  at the  time  immediately  prior  to the  consummation  of such
         Triggering  Event  in lieu  of the  Common  Stock  issuable  upon  such
         exercise  of  this  Warrant  prior  to  such  Triggering   Event,   the
         Securities,  cash and  property  to which such  Holder  would have been
         entitled upon the  consummation of such Triggering Event if such Holder
         had exercised the rights represented by this Warrant  immediately prior
         thereto,  subject to adjustments  (subsequent to such corporate action)
         as nearly  equivalent  as  possible  to the  adjustments  provided  for
         elsewhere in this Section 5.

                  (ii) Notwithstanding anything contained in this Warrant to the
         contrary,  the Issuer will not effect any Triggering Event if, prior to
         the consummation thereof, each Person (other than the Issuer) which may
         be  required  to deliver  any  Securities,  cash or  property  upon the
         exercise of this Warrant as provided  herein shall  assume,  by written
         instrument delivered to, and reasonably  satisfactory to, the Holder of
         this Warrant, (A) the obligations of the Issuer under this Warrant (and
         if the Issuer shall survive the consummation of such Triggering  Event,
         such  assumption  shall be in  addition  to, and shall not  release the
         Issuer  from,  any  continuing  obligations  of the  Issuer  under this
         Warrant) and (B) the  obligation  to deliver to such Holder such shares
         of  Securities,  cash or property as, in accordance  with the foregoing
         provisions  of this  subsection  (a),  such Holder shall be entitled to
         receive,  and such Person shall have similarly delivered to such Holder
         an  opinion  of  counsel  for  such  Person,  which  counsel  shall  be
         reasonably satisfactory to such Holder, stating that this Warrant shall
         thereafter  continue  in full  force and  effect  and the terms  hereof
         (including,   without  limitation,   all  of  the  provisions  of  this
         subsection (a)) shall be applicable to the Securities, cash or property
         which such Person may be required to deliver  upon any exercise of this
         Warrant or the exercise of any rights pursuant hereto.

         (b) Stock Dividends,  Subdivisions and Combinations. If at any time the
Issuer shall:

                  (i) take a record of the  holders of its Common  Stock for the
         purpose of  entitling  them to receive a dividend  payable in, or other
         distribution of, shares of Common Stock,

                  (ii) subdivide its  outstanding  shares of Common Stock into a
         larger number of shares of Common Stock, or

<PAGE>

                  (iii)  combine its  outstanding  shares of Common Stock into a
         smaller number of shares of Common Stock,

         then (1) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record  holder of the same
number of  shares  of  Common  Stock  for  which  this  Warrant  is  exercisable
immediately  prior to the  occurrence  of such event would own or be entitled to
receive  after the  happening of such event,  and (2) the Warrant  Price then in
effect  shall  be  adjusted  to  equal  (A) the  Warrant  Price  then in  effect
multiplied  by the number of shares of Common  Stock for which  this  Warrant is
exercisable  immediately  prior to the  adjustment  divided by (B) the number of
shares of Common Stock for which this Warrant is exercisable  immediately  after
such adjustment.

         (c) Form of Warrant  after  Adjustments.  The form of this Warrant need
not be changed because of any adjustments in the Warrant Price or the number and
kind of Securities purchasable upon the exercise of this Warrant.

         (d)  Escrow  of  Warrant   Shares.   If  after  any  property   becomes
distributable  pursuant to this  Section 5 by reason of the taking of any record
of the holders of Common  Stock,  but prior to the  occurrence  of the event for
which such record is taken, and the Holder exercises this Warrant, any shares of
Common Stock issuable upon exercise by reason of such adjustment shall be deemed
the  last  shares  of  Common   Stock  for  which  this   Warrant  is  exercised
(notwithstanding  any other provision to the contrary herein) and such shares or
other property shall be held in escrow for the Holder by the Issuer to be issued
to the Holder upon and to the extent that the event actually  takes place,  upon
payment of the current Warrant Price. Notwithstanding any other provision to the
contrary herein,  if the event for which such record was taken fails to occur or
is  rescinded,  then such  escrowed  shares shall be cancelled by the Issuer and
escrowed property returned.

6. Notice of  Adjustments.  Whenever the Warrant  Price or Warrant  Share Number
shall be adjusted  pursuant to Section 5 hereof (for purposes of this Section 6,
each an  "adjustment"),  the Issuer shall cause its Chief  Financial  Officer to
prepare and execute a certificate setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment  was  calculated  (including a description  of the basis on which the
Board made any determination hereunder), and the Warrant Price and Warrant Share
Number after giving  effect to such  adjustment,  and shall cause copies of such
certificate  to be delivered to the Holder of this Warrant  promptly  after each
adjustment.  Any dispute  between the Issuer and the Holder of this Warrant with
respect to the  matters set forth in such  certificate  may at the option of the
Holder of this  Warrant be submitted  to one of the  national  accounting  firms
currently  known as the "big five"  selected  by the Holder,  provided  that the
Issuer shall have ten (10) days after  receipt of notice from such Holder of its
selection of such firm to object thereto, in which case such Holder shall select
another such firm and the Issuer shall have no such right of objection. The firm
selected by the Holder of this  Warrant as provided  in the  preceding  sentence
shall be  instructed  to  deliver a written  opinion  as to such  matters to the
Issuer and such Holder  within  thirty (30) days after  submission to it of such
dispute. Such opinion shall be final and binding on the parties hereto.

<PAGE>

7. Fractional  Shares. No fractional Warrant Shares will be issued in connection
with and exercise  hereof,  but in lieu of such  fractional  shares,  the Issuer
shall  make a cash  payment  therefore  equal in  amount to the  product  of the
applicable fraction multiplied by the Per Share Market Value then in effect.

8. Call.  Notwithstanding  anything herein to the contrary,  commencing any time
during the effectiveness of the registration  statement  registering the Warrant
Shares,  the Issuer, at its option, may call up to one hundred percent (100%) of
this Warrant if the Per Share Market Value of the Common Stock has been equal to
or  greater  than $2.50 per share for a period of five (5)  consecutive  Trading
Days  immediately  prior to the date of  delivery  of the Call  Notice  (a "Call
Notice  Period") by providing the Holder of this Warrant written notice pursuant
to Section 12 (the "Call Notice"). The rights and privileges granted pursuant to
this Warrant with respect to the Warrant  Shares subject to the Call Notice (the
"Called  Warrant  Shares")  shall expire on the  twentieth  (20th) day after the
Holder receives the Call Notice (the "Early  Termination  Date") if this Warrant
is not exercised  with respect to such Called Warrant Shares prior to such Early
Termination Date. In the event this Warrant is not exercised with respect to the
Called Warrant Shares,  the Issuer shall remit to the Holder of this Warrant (i)
$.01 per Called Warrant Share and (ii) a new Warrant  representing the number of
Warrant  Shares,  if any,  which shall not have been  subject to the Call Notice
upon the Holder tendering to the Issuer the applicable Warrant certificate.

9. Other Notices. In case at any time:

         (a) the Issuer  shall make any  distributions  to the holders of Common
Stock; or

         (b) the Issuer  shall  authorize  the  granting  to all  holders of its
Common Stock of rights to subscribe  for or purchase any shares of Capital Stock
of any class or other rights; or

         (c) there shall be any  reclassification  of the  Capital  Stock of the
Issuer; or

         (d) there shall be any capital reorganization by the Issuer; or

         (e) there shall be any (i) consolidation or merger involving the Issuer
or (ii) sale,  transfer or other  disposition of all or substantially all of the
Issuer's property,  assets or business (except a merger or other  reorganization
in which the Issuer shall be the surviving corporation and its shares of Capital
Stock shall continue to be outstanding and unchanged and except a consolidation,
merger,   sale,   transfer  or  other   disposition   involving  a  wholly-owned
Subsidiary); or

<PAGE>

         (f) there shall be a voluntary or involuntary dissolution,  liquidation
or  winding-up  of the  Issuer  or any  partial  liquidation  of the  Issuer  or
distribution to holders of Common Stock;

then, in each of such cases,  the Issuer shall give written notice to the Holder
of the date on which (i) the books of the Issuer  shall close or a record  shall
be taken for such dividend,  distribution  or  subscription  rights or (ii) such
reorganization,    reclassification,    consolidation,    merger,   disposition,
dissolution,  liquidation or  winding-up,  as the case may be, shall take place.
Such notice also shall  specify the date as of which the holders of Common Stock
of record shall  participate  in such  dividend,  distribution  or  subscription
rights, or shall be entitled to exchange their certificates for Common Stock for
securities   or   other   property   deliverable   upon   such   reorganization,
reclassification,  consolidation, merger, disposition,  dissolution, liquidation
or  winding-up,  as the case may be. Such notice  shall be given at least twenty
(20) days prior to the action in  question  and not less than  twenty  (20) days
prior to the record date or the date on which the  Issuer's  transfer  books are
closed in  respect  thereto.  The  Holder  shall  have the right to send two (2)
representatives  selected  by it to each  meeting,  who  shall be  permitted  to
attend, but not vote at, such meeting and any adjournments thereof. This Warrant
entitles the Holder to receive  copies of all  financial  and other  information
distributed or required to be distributed to the holders of the Common Stock.

10.  Amendment and Waiver.  Any term,  covenant,  agreement or condition in this
Warrant may be amended, or compliance  therewith may be waived (either generally
or in a particular  instance and either  retroactively or  prospectively),  by a
written  instrument  or  written  instruments  executed  by the  Issuer  and the
Majority  Holders;  provided,  however,  that no such  amendment or waiver shall
reduce the Warrant Share Number,  increase the Warrant Price, shorten the period
during  which this  Warrant may be  exercised  or modify any  provision  of this
Section 10 except with the consent of the Holder of this  Warrant or pursuant to
this Warrant Agreement.

11. Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK,  WITHOUT  GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW.

12.  Notices.  All  notices,  requests,  consents  or  other  communications  or
deliveries  required or permitted to be provided  hereunder  shall be in writing
and  shall be deemed  given  and  effective  on the  earlier  of (i) the date of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile  telephone  number  specified  for notice prior to 5:00 p.m.,  eastern
time,  on a Business  Day, or if not,  then on the next  Business  Day, (ii) the
Business Day  following the date of mailing,  if sent by  nationally  recognized
overnight  courier service  specifying  next-day  delivery with  verification of
delivery or (iii) actual receipt by the party to whom such notice is required to
be  given.  The  addresses  for such  communications  shall  be at the  relevant
Holder's  last known address or facsimile  number  appearing on the books of the
Issuer  maintained for such purposes,  or with respect to the Issuer,  addressed
to:

<PAGE>

         HiEnergy Technologies, Inc.
         1601B Alton Parkway
         Irvine, California 92606
         Attention: Chief Executive Officer
         Tel. No.: (949) 757-0855
         Fax No.: (949) 757-1477

with a copy to:

         Yocca Patch & Yocca, LLP
         19900 MacArthur Blvd, Suite 650

         Irvine, CA 92618
         Attention: Nicholas Yocca, Esq.
         Tel No.: (949) 253-0800
         Fax No.: (949) 253-0870

Copies of notices to the Holder shall be sent to the  attorney  indicated in the
signature  pages to this Warrant.  Any party hereto may from time to time change
its or its  attorney's  address  for  notices  by  giving at least ten (10) days
written notice of such changed address to the other party hereto.

13. Warrant  Transfer Agent. The Issuer may, by written notice to each Holder of
this  Warrant,  appoint an agent or more than one agent  having an office in New
York, New York for the purpose of being directly involved with Holder in respect
to  issuing  Warrant  Shares  upon the  exercise  of this  Warrant  pursuant  to
subsection (b) of Section 3 hereof,  transferring  or exchanging this Warrant or
any  Warrant  Certificate  pursuant  to  subsection  (d) of  Section 3 hereof or
replacing this Warrant or any Warrant Certificate  pursuant to subsection (d) of
Section 4 hereof,  or any of the  foregoing,  and  thereafter any such issuance,
exchange  or  replacement,  as the case may be,  shall be made at such office by
such agent or agents, as designated from time to time by the Issuer.

14.  Remedies.  The Issuer  stipulates that the remedies at law of the Holder of
this Warrant in the event of any default or threatened  default by the Issuer in
the performance of or compliance with any of the terms of this Warrant,  and the
Holder likewise  stipulates that the remedies at law of the Issuer,  are not and
will not be adequate and that,  to the fullest  extent  permitted  by law,  such
terms may be specifically  enforced by a decree for the specific  performance of
any  agreement  contained  herein,  interim  relief,  or  by an  injunction  for
performance  or against a violation of any of the terms hereof.  This Warrant is
acquired  by the Holder  pursuant  to and  subject to the terms of the  Purchase
Agreement.

15.  Successors and Assigns.  All respective  rights,  powers and privileges and
respective  obligations  evidenced by this Warrant shall inure to the benefit of
and be binding upon the Issuer and only the registered successors and registered
assigns of the Holder hereof and (to the extent provided  herein) the Holders of
Warrant  Shares issued  pursuant  hereto,  and shall be  enforceable by any such
Holder or Holder of Warrant Shares.

<PAGE>

16. Modification and Severability.  If, in any action before any court or agency
legally  empowered to enforce any  provision  contained  herein,  any  provision
hereof  is  found to be  unenforceable,  then  such  provision  shall be  deemed
modified to the extent necessary to make it enforceable by such court or agency.
If any such provision is not enforceable as set forth in the preceding sentence,
the  unenforceability of such provision shall not affect the other provisions of
this  Warrant,  but this Warrant  shall be  construed  as if such  unenforceable
provision had never been contained herein.

17.  Headings.  The headings of the Sections of this Warrant are for convenience
of reference only and shall not, for any purpose,  be deemed to modify any other
term or provision of this Agreement.

[SIGNATURE PAGE FOLLOWS]

<PAGE>

         IN WITNESS  WHEREOF,  the Issuer has executed  this Warrant to Purchase
Shares of Common Stock of HiEnergy Technologies,  Inc., Warrant No. W-___, as of
the date first above written.

HIENERGY TECHNOLOGIES, INC.

By:
    ----------------------------------------
Name: Dr. Bogdan C. Maglich
Title: Chief Executive Officer

<PAGE>

                                   SCHEDULE A

(ACCURATE ONLY AS OF THE DATE OF THE DATE FIRST SET FORTH ABOVE,  AND SUBJECT TO
FUTURE  CHANGES IN THE  REGISTERED  HOLDER AS LISTED  ABOVE AND  SUCCESSORS  AND
ASSIGNS REGISTERED PURSUANT TO THE WARRANT.)

REGISTERED HOLDER                                    COPY TO

<PAGE>

                           HIENERGY TECHNOLOGIES, INC.

                                  EXERCISE FORM

The  undersigned  _______________,  pursuant  to the  provisions  of the  within
Warrant,  hereby elects to purchase  ________ shares of Common Stock of HiEnergy
Technologies, Inc. covered by the within Warrant.

Dated: _________________
Signature: ___________________________

Address:        ----------------------

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

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED,  _________________  hereby sells, assigns and transfers unto
__________________  the within Warrant and all rights evidenced thereby and does
irrevocably constitute and appoint _____________, attorney, to transfer the said
Warrant on the books of the within named corporation.

Dated: _________________
Signature: ___________________________

Address:        ----------------------

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

                             PARTIAL ASSIGNMENT FORM

FOR VALUE RECEIVED,  _________________  hereby sells, assigns and transfers unto
__________________  the right to purchase  _________ Warrant Shares evidenced by
the within  Warrant  together  with all  rights  therein,  and does  irrevocably
constitute and appoint  ___________________,  attorney, to transfer that part of
the said Warrant on the books of the within named corporation.

Dated: _________________
Signature: ___________________________

Address:        ----------------------

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

<PAGE>

                                  EXHIBIT 10.64

                                   SUPPLEMENT

Brian D. Corday or Bullbear Capital Partners,  LLC shall receive,  as finder for
HiEnergy  Technologies,  Inc.,  under the written  agreement  between  them,  in
connection with an investment by Bullbear Capital  Partners,  LLC on February 9,
2004, of $150,000 in HiEnergy, only the following compensations,  in lieu of any
other  compensations  due under the  agreement on account of this  investment of
$150,000:

1.  $5,250 in cash
2.  3,333 shares of restricted common stock
3.  15,000 warrants at $0.45/share

IN WITNESS  WHEREOF,  the parties hereto have caused this  Supplement to be duly
executed  by  their  respective  authorized  signatories  as of the  date  first
indicated above.

COMPANY:
HIENERGY TECHNOLOGIES, INC.

By: /s/ Bogdan C. Maglich
    -----------------------------------
Name: Bogdan C. Maglich
Title: Chairman, Chief Executive
       Officer and Treasurer

FINDER:

By: /s/ Brian D. Corday
    -----------------------------------
Name: Brian D. Corday
Title: An IndividualEXHIBIT 10.65

                              [LETTERHEAD OF KCSA]

January 6, 2003

Dr. Bogdan C. Maglich
HiEnergy Technologies, Inc.
1601B Alton Parkway
Irvine, CA 92606

Dear Dr. Maglich:

Once again,  we at KCSA are  extremely  pleased that HiEnergy  Technologies  has
selected KCSA Public Relations Worldwide as its investor relations counsel.

This letter,  when signed by you,  will confirm that HiEnergy  Technologies  has
retained  KCSA  Public  Relations   Worldwide  as  investor   relations  counsel
commencing  January 1, 2004. For our services,  our monthly  minimum fee will be
$5,000,  which  will  entitle  HiEnergy  Technologies  up to  30  hours  of  the
professional services of KCSA. All incremental hours -- estimated in advance and
only after client  approval -- will be billed at the rate of $200 per hour. Upon
the   conclusion  of  HiEnergy   Technologies'   registration   period  and  the
commencement of outreach to investors,  the monthly minimum fee will increase to
$7,500,  which  will  entitle  HiEnergy  Technologies  up to  50  hours  of  the
professional  services of KCSA.  The agreement  will be for an initial period of
six months,  and unless  terminated 30 days prior to the end of this period,  in
writing,  it will  continue  with a 90-day  written  notice of  cancellation  in
effect.  The  first fee  payment  is  payable  with the  return  of this  signed
agreement and future  monthly fees will be billed on the first of each month and
are payable in ten days.

It is  mutually  agreed  that  any  individual  out-of-pocket  expenses  such as
BusinessWire distribution, messengers, air courier, clipping service, offset and
mass mailings will be rebilled to HiEnergy Technologies with the standard agency
charge  of 20  percent.  Telephone,  xerox,  postage,  travel,  electronic  data
services,  interactive  services and editorial  lunches will be rebilled without
markup.  All individual  expenditures  above $500.00 will be expended only after
client approval.

KCSA Public  Relations  Worldwide  will take all and any step  necessary to keep
secret and protect from any disclosure whatsoever any information, data or other
tangible  or  intangible  property  that  HiEnergy  Technologies  may  regard as
confidential.  We will not make  any use of the  same at any  time  during  this
agreement, for any purpose whatsoever except to fulfill this agreement.

<PAGE>

HiEnergy  Technologies  agrees  to  indemnify  and  hold  harmless  KCSA  Public
Relations Worldwide from and against all losses,  claims,  damages,  expenses or
liabilities which we may incur based on information, representations, reports or
data you furnish us, to the extent that such  material is  furnished,  prepared,
approved  and/or just used by us.  Similarly,  KCSA Public  Relations  Worldwide
agrees to indemnify and hold harmless HiEnergy Technologies from and against all
losses,  claims,  expenses or liabilities which HiEnergy  Technologies may incur
based on the misuse of information, representations, reports or data you furnish
us.

Recognizing the time and expense of KCSA's investment in its employees, HiEnergy
Technologies  agrees that it shall not directly or  indirectly  employ,  hire or
retain any person who is an employee  of KCSA during the term of this  Agreement
and for a period of one (1) year following the termination of this Agreement.

Once again,  we are pleased to have the  opportunity  to serve you, and you have
the assurance of our very best efforts.

                                        Cordially,

                                        KCSA PUBLIC RELATIONS, INC.

                                        By: /s/ Jeff Corbin
                                            -------------------------------
                                            Jeff Corbin
                                            Managing Partner

AGREED AND ACCEPTED
HiEnergy Technologies, Inc.

By: /s/ Bogdan C. Maglich
    --------------------------
    Bogdan C. Maglich
    President & CEO

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