Document:

EXHIBIT
        4.1

      

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        EITHER
        THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS
        AND
        MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE
        DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
        UNDER
        SUCH ACT AND SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES
        AN
        OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH SALE, TRANSFER,
        ASSIGNMENT, OFFER, PLEDGE OR OTHER DISTRIBUTION FOR VALUE IS EXEMPT FROM
        THE
        REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND SUCH
        LAWS.

      

      WARRANT

      

      TO
        PURCHASE ___________ SHARES OF COMMON STOCK

      OF

      EQUITEX,
        INC.

      

  THIS
    CERTIFIES THAT, for good and valuable consideration, _________________________
    (the “Holder”), or its registered assigns, is entitled to subscribe
    for and purchase from Equitex, Inc., a Delaware corporation (the “Company”),
    at any time after the date hereof up to and including 5:00 p.m. Denver, Colorado
    time on August 28, 2008 (the “Expiration Date”), _______________________________
    (_______) fully paid and nonassessable shares of the Common Stock of the Company
    at the price of $4.50 per share (the “Warrant Exercise Price”),
    subject to the antidilution provisions of this Warrant. Notwithstanding the
    foregoing, this Warrant shall not be exercisable unless (i) all of Company’s
    outstanding Series K 6% Convertible Preferred Stock has been converted or
    otherwise retired by the Company or (ii) the Company has obtained shareholder
    approval to issue a sufficient number of shares of Common Stock to satisfy
    Nasdaq requirements. The shares which may be acquired upon exercise of this
    Warrant are referred to herein as the “Warrant Shares.” As used
    herein, the term “Holder” means the record holder of this Warrant
    identified above, any registered transferee of such holder, or any record
    holder or holders of the Warrant Shares issued upon exercise, whether in whole
    or in part, of the Warrant. As used herein, the term “Common Stock”
    means and includes the Company’s presently authorized common stock,
    and shall also include any capital stock of any class of the Company hereafter
    authorized which shall not be limited to a fixed sum or percentage in respect
    of the rights of the Holders thereof to participate in dividends or in the
    distribution of assets upon the voluntary or involuntary liquidation, dissolution,
    or winding up of the Company.

      

      This
        Warrant is subject to the following provisions, terms and
        conditions:

      

      1. Exercise:
        Transferability.
        Subject
        to the provisions of Section 4 hereof, the rights represented by this Warrant
        may be exercised by the Holder hereof at any time prior to its expiration,
        in
        whole or in part (but not as to a fractional share of Common Stock), by written
        notice of exercise (in the form attached hereto) delivered to the Company
        at the
        principal office of the Company prior to the Expiration Date and accompanied
        or
        preceded by the surrender of this Warrant along with a check in payment of
        the
        Warrant Exercise Price for such shares (unless exercised pursuant to Section
        2
        hereof). Each successive holder of this Warrant, or any portion of the rights
        represented hereby, shall be bound by the terms and conditions set forth
        herein.

      

      2. Cashless
        Exercise.
        The
        rights represented by this Warrant may be exercised by the Holder, in whole
        or
        in part (but not to as any fractional share of Common Stock) by the surrender
        of
        this Warrant, together with a notice of cashless exercise; provided that,
        cashless exercise of this Warrant pursuant to this Section 2 shall not be
        available at any time the Warrant Shares are registered for resale with the
        Securities Exchange Commission pursuant to an effective registration statement.
        Upon surrender of this Warrant and receipt of a notice of cashless exercise,
        the
        Holder shall be entitled to receive (without payment by the Holder of any
        exercise price) that number of shares of Common Stock equal to the amount
        of
        number of shares subject to such notice of cashless exercise multiplied by
        a
        fraction, the numerator of which shall be the difference between (i) the
        Fair
        Market Value of one share of Common Stock and (ii) the Warrant Exercise Price,
        and the denominator of which shall be the Fair Market Value of one share
        of
        Common Stock. For purposes of this Warrant, “Fair Market Value” of the Common
        Stock shall be the last sales price reported on the Nasdaq SmallCap Market
        on
        the date of conversion.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      3. Exchange
        and Replacement.
        Subject
        to Sections 1 and 8 hereof, this Warrant is exchangeable upon the surrender
        hereof by the Holder to the Company at its office for new Warrants of like
        tenor
        and date representing in the aggregate the right to purchase the number of
        Warrant Shares purchasable hereunder, each of such new Warrants to represent
        the
        right to purchase such number of Warrant Shares (not to exceed the aggregate
        total number purchasable hereunder) as shall be designated by the Holder
        at the
        time of such surrender. Upon receipt by the Company of evidence reasonably
        satisfactory to it of the loss, theft, destruction, or mutilation of this
        Warrant, and, in case of loss, theft or destruction, of indemnity or security
        reasonably satisfactory to it, and upon surrender and cancellation of this
        Warrant, if mutilated, the Company will make and deliver a new Warrant of
        like
        tenor, in lieu of this Warrant. This Warrant shall be promptly canceled by
        the
        Company upon the surrender hereof in connection with any exchange or
        replacement. The Company shall pay all expenses, taxes (other than stock
        transfer taxes), and other charges payable in connection with the preparation,
        execution, and delivery of Warrants pursuant to this Section 3.

      

      4. Issuance
        of the Warrant Shares.

      

      (a) The
        Company agrees that the shares of Common Stock purchased hereby shall be
        and are
        deemed to be issued to the Holder as of the close of business on the date
        on
        which this Warrant shall have been surrendered and the payment made for such
        Warrant Shares as aforesaid. Subject to the provisions of the next section,
        certificates for the Warrant Shares so purchased shall be delivered to the
        Holder within a reasonable time, not exceeding fifteen (15) days after the
        rights represented by this Warrant shall have been so exercised, and, unless
        this Warrant has expired, a new Warrant representing the right to purchase
        the
        number of Warrant Shares, if any, with respect to which this Warrant shall
        not
        then have been exercised shall also be delivered to the Holder within such
        time.

      

      (b) Notwithstanding
        the foregoing, however, the Company shall not be required to deliver any
        certificate for Warrant Shares upon exercise of this Warrant except in
        accordance with exemptions from the applicable securities registration
        requirements or registrations under applicable securities laws. Such Holder
        shall also provide the Company with written representations from the Holder
        and
        the proposed transferee satisfactory to the Company regarding the transfer
        or,
        at the election of the Company, an opinion of counsel reasonably satisfactory
        to
        the Company to the effect that the proposed transfer of this Warrant or
        disposition of shares may be effected without registration or qualification
        (under any Federal or State law) of this Warrant or the Warrant Shares. Upon
        receipt of such written notice and either such representations or opinion
        by the
        Company, such Holder shall be entitled to transfer this Warrant, or to exercise
        this Warrant in accordance with its terms and dispose of the Warrant Shares,
        all
        in accordance with the terms of the notice delivered by such Holder to the
        Company, provided that an appropriate legend, if any, respecting the aforesaid
        restrictions on transfer and disposition may be endorsed on this Warrant
        or the
        certificates for the Warrant Shares. Nothing herein, however, shall obligate
        the
        Company to effect registration under federal or state securities laws, except
        as
        provided in Section 9. The Holder agrees to execute such documents and make
        such
        representations, warranties, and agreements as may be required solely to
        comply
        with the exemption relied upon by the Company, or the registration made,
        for the
        issuance of the Warrant Shares.

      

      5. Covenants
        of the Company.
        The
        Company covenants and agrees that all Warrant Shares will, upon issuance,
        be
        duly authorized and issued, fully paid, nonassessable, and free from all
        taxes,
        liens, and charges with respect to the issue thereof except for all taxes,
        liens
        and charges imposed by the Holder. The Company further covenants and agrees
        that
        during the period within which the rights represented by this Warrant may
        be
        exercised, the Company will at all times have authorized and reserved for
        the
        purpose of issue or transfer upon exercise of the subscription rights evidenced
        by this Warrant a sufficient number of shares of Common Stock to provide
        for the
        exercise of the rights represented by this Warrant.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      6. Antidilution
        Adjustments.
        The
        provisions of this Warrant are subject to adjustment as provided in this
        Section
        6.

      

      (a) The
        Warrant Exercise Price shall be adjusted from time to time such that in case
        the
        Company shall hereafter:

      

      
        	         	
                (i)

              	
                pay
                  any dividends on any class of stock of the Company payable in Common
                  Stock
                  or securities convertible into Common
                  Stock;

              

      

      

      
        	         	
                (ii)

              	
                subdivide
                  its then outstanding shares of Common Stock into a greater number
                  of
                  shares; or

              

        	 	 	 

        	         	(iii)	combine outstanding shares of Common Stock, by
                reclassification or otherwise;

      

       

      then,
        in
        any such event, the Warrant Exercise Price in effect immediately prior to
        such
        event shall (until adjusted again pursuant hereto) be adjusted immediately
        after
        such event to a price (calculated to the nearest full cent) determined by
        dividing (a) the number of shares of Common Stock outstanding immediately
        prior
        to such event, multiplied by the then existing Warrant Exercise Price, by
        (b)
        the total number of shares of Common Stock outstanding immediately after
        such
        event (including the maximum number of shares of Common Stock issuable in
        respect of any securities convertible into Common Stock), and the resulting
        quotient shall be the adjusted Warrant Exercise Price per share. An adjustment
        made pursuant to this Subsection shall become effective immediately after
        the
        record date in the case of a dividend or distribution and shall become effective
        immediately after the effective date in the case of a subdivision, combination
        or reclassification. If, as a result of an adjustment made pursuant to this
        Subsection, the Holder of any Warrant thereafter surrendered for exercise
        shall
        become entitled to receive shares of two or more classes of capital stock
        or
        shares of Common Stock and other capital stock of the Company, the Board
        of
        Directors (whose determination shall be conclusive) shall determine the
        allocation of the adjusted Warrant Exercise Price between or among shares
        of
        such classes of capital stock or shares of Common Stock and other capital
        stock.
        All calculations under this Subsection shall be made to the nearest cent
        or to
        the nearest 1/100 of a share, as the case may be. If, at any time as a result
        of
        an adjustment made pursuant to this Subsection, the Holder of any Warrant
        thereafter surrendered for exercise shall become entitled to receive any
        shares
        of the Company other than shares of Common Stock, thereafter the Warrant
        Exercise Price of such other shares so receivable upon exercise of any Warrant
        shall be subject to adjustment from time to time in a manner and on terms
        as
        nearly equivalent as practicable to the provisions with respect to Common
        Stock
        contained in this Section 6.

      

      (b) Upon
        each
        adjustment of the Warrant Exercise Price pursuant to Section 6(a)
        above,
        the Holder of each Warrant shall thereafter (until another such adjustment)
        be
        entitled to purchase at the adjusted Warrant Exercise Price the number of
        shares, calculated to the nearest full share, obtained by multiplying the
        number
        of shares specified in such Warrant (as adjusted as a result of all adjustments
        in the Warrant Exercise Price in effect prior to such adjustment) by the
        Warrant
        Exercise Price in effect prior to such adjustment and dividing the product
        so
        obtained by the adjusted Warrant Exercise Price.

      

      (c) In
        case
        of any consolidation or merger to which the Company is a party other than
        a
        merger or consolidation in which the Company is the continuing corporation,
        or
        in case of any sale or conveyance to another corporation of the property
        of the
        Company as an entirety or substantially as an entirety, or in the case of
        any
        statutory exchange of securities with another corporation (including any
        exchange effected in connection with a merger of a third corporation into
        the
        Company), there shall be no adjustment under Subsection (a) of this
        Section but the Holder of each Warrant then outstanding shall have
        the
        right thereafter to convert such Warrant into the kind and amount of shares
        of
        stock and other securities and property which such Holder would have owned
        or
        have been entitled to receive immediately after such consolidation, merger,
        statutory exchange, sale, or conveyance had such Warrant been converted
        immediately prior to the effective date of such consolidation, merger, statutory
        exchange, sale, or conveyance and in any such case, if necessary, appropriate
        adjustment shall be made in the application of the provisions set forth in
        this
        Section with respect to the rights and interests thereafter of any Holders
        of
        the Warrant, to the end that the provisions set forth in this Section shall
        thereafter correspondingly be made applicable, as nearly as may reasonably
        be,
        in relation to any shares of stock and other securities and property thereafter
        deliverable on the exercise of the Warrant. The provisions of this Subsection
        shall similarly apply to successive consolidations, mergers, statutory
        exchanges, sales or conveyances.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (d) Upon
        any
        adjustment of the Warrant Exercise Price, then and in each such case, the
        Company shall within ten (10) days after the date when the circumstances
        giving
        rise to the adjustment occurred give written notice thereof, by first-class
        mail, postage prepaid, addressed to the Holder as shown on the books of the
        Company, which notice shall state the Warrant Exercise Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of shares
        of
        Common Stock purchasable at such price upon the exercise of this Warrant,
        setting forth in reasonable detail the method of calculation and the facts
        upon
        which such calculation is based.

      

      7. No
        Voting Rights.
        This
        Warrant shall not entitle the Holder to any voting rights or other rights
        as a
        shareholder of the Company.

      

      8. Notice
        of Transfer of Warrant or Resale of the Warrant Shares.

      

      (a) Subject
        to the sale, assignment, hypothecation, or other transfer restrictions set
        forth
        in Section 1 hereof, the Holder, by acceptance hereof, agrees to give written
        notice to the Company before transferring this Warrant or transferring any
        Warrant Shares of such Holder’s intention to do so, describing briefly the
        manner of any proposed transfer. Promptly upon receiving such written notice,
        the Company shall present copies thereof to the Company’s counsel and to counsel
        to the original purchaser of this Warrant. If in the opinion of each such
        counsel the proposed transfer may be effected without registration or
        qualification (under any federal or state securities laws), the Company,
        as
        promptly as practicable, shall notify the Holder of such opinion, whereupon
        the
        Holder shall be entitled to transfer this Warrant or to dispose of Warrant
        Shares received upon the previous exercise of this Warrant, all in accordance
        with the terms of the notice delivered by the Holder to the Company; provided
        that an appropriate legend may be endorsed on this Warrant or the certificates
        for such Warrant Shares respecting restrictions upon transfer thereof necessary
        or advisable in the opinion of counsel to the Company and satisfactory to
        the
        Company to prevent further transfers which would be in violation of Section
        6 of
        the Securities Act of 1933, as amended (the “1933 Act”) and applicable state
        securities laws; and provided further that the Holder and prospective transferee
        or purchaser shall execute such documents and make such representations,
        warranties, and agreements as may be required solely to comply with the
        exemptions relied upon by the Company for the transfer or disposition of
        the
        Warrant or Warrant Shares.

      

      (b) If,
        in
        the opinion of either of the counsel referred to in this Section 8, the proposed
        transfer or disposition of this Warrant or such Warrant Shares described
        in the
        written notice given pursuant to this Section 8 may not be effected without
        registration or qualification of this Warrant or such Warrant Shares the
        Company
        shall promptly give written notice thereof to the Holder, and the Holder
        will
        limit its activities in respect to such as, in the opinion of both such counsel,
        are permitted by law.

      

      9. Fractional
        Shares.
        Fractional shares shall not be issued upon the exercise of this Warrant,
        but in
        any case where the Holder would, except for the provisions of this Section,
        be
        entitled under the terms hereof to receive a fractional share, the Company
        shall, upon the exercise of this Warrant for the largest number of whole
        shares
        then called for, pay a sum in cash equal to the sum of (a) the excess, if
        any,
        of the Fair Market Value (as defined in Section 2) of such fractional share
        over
        the proportional part of the Warrant Exercise Price represented by such
        fractional share, plus (b) the proportional part of the Warrant Exercise
        Price
        represented by such fractional share. 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      10. Registration
        Rights.

      

      (a) If
        at any
        time prior to the expiration of three (3) years from the date hereof, the
        Company proposes to register under the 1933 Act (except by a Form S-4 or
        Form
        S-8 Registration Statement or any successor forms thereto) or qualify for
        a
        public distribution under Section 3(b) of the 1933 Act, any of its equity
        securities or debt with equity features, it will give written notice to all
        Holders of this Warrant, any Warrants issued pursuant to Section 2, Section
        3
        and/or Section 4(a) hereof, and any Warrant Shares of its intention to do
        so
        and, on the written request of any such Holder given within twenty (20) after
        receipt of any such notice (which request shall specify the Warrant Shares
        intended to be sold or disposed of by such Holder and describe the nature
        of any
        proposed sale or other disposition thereof), the Company will use its best
        efforts to cause all such Warrant Shares, the Holders of which shall have
        requested the registration or qualification thereof, to be included in such
        registration statement proposed to be filed by the Company; provided, however,
        that nothing herein shall prevent the Company from, at any time, abandoning
        or
        delaying any registration. The right of the Holders to include the Warrant
        Shares in any such registration statement may be subject to approval by selling
        securityholders whose securities are being registered in the registration
        statement. If any registration pursuant to this Section 9(a) is underwritten
        in
        whole or in part, the Company may require that the Warrant Shares requested
        for
        inclusion pursuant to this Section 10(a) be included in the underwriting
        on the
        same terms and conditions as the securities otherwise being sold through
        the
        underwriters. If a greater number of Warrant Shares is offered for participation
        in the proposed offering than in the reasonable opinion of the managing
        underwriter of the proposed offering can be accommodated without adversely
        affecting the proposed offering, then the amount of Warrant Shares proposed
        to
        be offered by such Holders for registration, as well as the number of securities
        of any other selling shareholders participating in the registration, shall
        be
        proportionately reduced to a number deemed satisfactory by the managing
        underwriter.

      

      (b) With
        respect to each inclusion of securities in a registration statement pursuant
        to
        this Section 10, the Company shall bear the following fees, costs, and expenses:
        all registration, filing and NASD fees, printing expenses, fees and
        disbursements of counsel and accountants for the Company, fees and disbursements
        of counsel for the underwriter or underwriters of such securities (if the
        offering is underwritten and the Company is required to bear such fees and
        disbursements), all internal expenses, the premiums and other costs of policies
        of insurance against liability arising out of the public offering, and legal
        fees and disbursements and other expenses of complying with state securities
        laws of any jurisdictions in which the securities to be offered are to be
        registered or qualified. Fees and disbursements of special counsel and
        accountants for the selling Holders, underwriting discounts and commissions,
        and
        transfer taxes for selling Holders and any other expenses relating to the
        sale
        of securities by the selling Holders not expressly included above shall be
        borne
        by the selling Holders.

      

      (c) The
        Company hereby indemnifies the Holder, and the officers and directors, if
        any,
        who control such Holder, within the meaning of Section 15 of the 1933 Act,
        against all losses, claims, damages, and liabilities caused by (1) any untrue
        statement or alleged untrue statement of a material fact contained in any
        Registration Statement or Prospectus prepared in connection with any
        registration statement pursuant to this Section 10 (and as amended or
        supplemented if the Company shall have furnished any amendments thereof or
        supplements thereto), any Preliminary Prospectus or any state securities
        law
        filings; (2) any omission or alleged omission to state therein a material
        fact
        required to be stated therein or necessary to make the statements therein
        not
        misleading except insofar as such losses, claims, damages, or liabilities
        are
        caused by any untrue statement or omission contained in information furnished
        in
        writing to the Company by such Holder expressly for use therein; and each
        such
        Holder by its acceptance hereof severally agrees that it will indemnify and
        hold
        harmless the Company, each of its officers who signs such Registration
        Statement, and each person, if any, who controls the Company, within the
        meaning
        of Section 15 of the 1933 Act, with respect to losses, claims, damages, or
        liabilities which are caused by any untrue statement or alleged untrue
        statement, omission or alleged omission contained in information furnished
        in
        writing to the Company by such Holder expressly for use therein.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      11. Miscellaneous.
        Whenever reference is made herein to the issue or sale of shares of Common
        Stock, the term “Common Stock” shall include any stock of any class of the
        Company other than preferred stock with a fixed limit on dividends and a
        fixed
        amount payable in the event of any voluntary or involuntary liquidation,
        dissolution or winding up of the Company.

      

      The
        Company will not, by amendment of its Articles of Incorporation or through
        reorganization, consolidation, merger, dissolution or sale of assets, or
        by any
        other voluntary act or deed, avoid or seek to avoid the observance or
        performance of any of the covenants, stipulations or conditions to be observed
        or performed hereunder by the Company, but will, at all times in good faith,
        assist, insofar as it is able, in the carrying out of all provisions hereof
        and
        in the taking of all other action which may be necessary in order to protect
        the
        rights of the Holder hereof against dilution.

      

      The
        representations, warranties and agreements herein contained shall survive
        the
        exercise of this Warrant. References to the “holder of” include the immediate
        holder of shares purchased on the exercise of this Warrant, and the word
        “holder” shall include the plural thereof. This Common Stock Purchase Warrant
        shall be interpreted under the laws of the State of Delaware.

      

      All
        shares of Common Stock or other securities issued upon the exercise of the
        Warrant shall be validly issued, fully paid and non-assessable, and the Company
        will pay all taxes due and payable by the issuer in respect of the issuance
        thereof.

      

      Notwithstanding
        anything contained herein to the contrary, the holder of this Warrant shall
        not
        be deemed a Shareholder of the Company for any purpose whatsoever until and
        unless this Warrant is duly exercised.

      

      Neither
        this Warrant nor any term hereof may be changed, waived, discharged or
        terminated orally but only by an instrument in writing signed by the part
        against which enforcement of the change, waiver, discharge or termination
        is
        sought.

      

      IN
        WITNESS WHEREOF, Equitex, Inc. has caused this Warrant to be signed by its
        duly
        authorized officer effective as of __________, 2005.

      

      “Company”

      

      EQUITEX,
        INC.

       

      By
        ______________________________________

      Its:Exhibit 10.28

                               PURCHASE AGREEMENT

      This PURCHASE AGREEMENT ("Agreement") is made this 26th day of August,
2005 (the "Effective Date") by and between Delta Technologies, Inc. ("Buyer")
and Richard F. Straub Jr., and John M. Latza, collectively ("Seller"). The terms
and conditions under which Seller will sell, transfer and assign certain assets
to Buyer are set forth below.

                              W I T N E S S E T H:

      WHEREAS, Seller has created certain Intellectual Property (as defined
below); and

      WHEREAS, Buyer desires to purchase the Intellectual Property and Seller
desires to sell the Intellectual Property.

      NOW, THEREFORE, the parties hereto, each intending to be legally bound
hereby, and each in consideration of the promises of the other hereinafter
contained, agree as follows:

1. The Intellectual Property. For purposes of this Agreement, the Intellectual
Property shall mean: all data, documentation, technology and all information
relating thereto that has been designed, developed, maintained or that has
otherwise been created by Seller or Seller's employees and agents relating to
Seller's system for the manufacture of insulated concrete form wall forming,
including, but not limited to all: design drawings; material specifications;
mould design; production equipment specifications and computer performance
analysis, all of which are incorporated herein by reference and form a part of
this Agreement.

2. Sale of Intellectual Property. Seller hereby sells, conveys, transfers,
assigns, grants and delivers, exclusively to Buyer, its legal representatives,
successors and assigns, free and clear of any encumbrance of any type
(including, but not limited to, any lien, restriction, liability or security
interest) all right, title and interest of every kind and nature whatsoever in
and to the Intellectual Property and all copies and versions thereof.

                                      -4-
<PAGE>

3. Duties of Buyer. In consideration for the sale of the Intellectual Property,
Buyer shall pay the fees set forth in Exhibit A. Additionally, Buyer shall,
through its attorneys take commercially reasonable efforts to obtain a patent in
the United States and other countries as deemed desirable by Buyer for the
system for the manufacture of insulated concrete wall forming.

4. Warranties of Seller. Seller represents and warrants the following:

      a. Seller is the owner of all rights, title and interest in and to the
Intellectual Property, free and clear of all encumbrances of any type, including
but not limited to any lien, restriction, liability or security interest and has
the right to enter into this Agreement, to grant to Buyer the rights set forth
herein and to perform all other obligations under this Agreement;

      b. To the best of their knowledge, without right of recourse by Buyer, the
Intellectual Property, does not violate or infringe upon the rights of any third
party, including without limitation, any patent, copyright, trade secret,
trademark, contractual, proprietary or confidential information or
nondisclosure, or other proprietary rights;

      c. To the best of their knowledge, without right of recourse by Buyer,
there have been no claims made by any third party alleging that the Intellectual
Property violates or infringes that party's rights or interests;

      d. The assets, documents, technology, information and materials sold and
delivered to Buyer hereunder constitutes all of the assets, documents,
technology, information and material, tangible and intangible, of any nature
whatsoever, designed, developed, maintained or created by Seller or Seller's
employees or agents, relating to the Intellectual Property; and

      e. Seller has taken all reasonable precautions to protect the secrecy,
confidentiality, and value of the Intellectual Property (including, if
applicable, the enforcement by Seller of a policy requiring each employees or
independent contractors to execute proprietary information and confidentiality
agreements and all current and former employees and independent contractors of
Seller have executed such an agreement).

5. Further Assurances. Seller shall cooperate reasonably with Buyer and Buyer's
employee, agents and representatives (including, but not limited to, Buyer's
attorneys) to (a) furnish upon request, such further information, (b) execute
(or obtain signatures as may be required) and deliver to Buyer such other
documents, including but not limited to the Assignment, attached hereto as
Exhibit B and the Declaration and Power Attorney attached hereto as Exhibit C,
and (c) do such other acts and things, all as Buyer may reasonably request for
the purpose of and in connection with any steps required to perfect and protect
Buyer's interests and rights in and to the Intellectual Property and assist
Buyer for any and all U.S. or foreign patent application(s) for the system for
the manufacture of insulated concrete form wall forming including any
improvements, divisional or continuation applications relating thereto.

6. No Indemnification. Seller and Buyer agree that Seller will not indemnify
Buyer, his respective directors, officers, employees, shareholders and agents
(collectively "Non-Indemnified Parties) for any claims, suits losses, diminution
of value of Intellectual Property, liabilities, damages, and expenses resulting
from or relating to (i) the breach by Seller of any representation, warranty or
covenant contained herein, (ii) a claim that the Intellectual Property violates
or infringes any third party's intellectual property rights, (iii) and expense
incurred by Buyer relating to (i) or (ii) above, and (iv) Sellers' ownership and
use of Intellectual Property prior to the Effective Date. In the event of a
third party claim that the Intellectual Property violates of infringes the third
party's intellectual property rights, Seller will use commercially reasonable
efforts to assist Buyer in obtaining the right to continue using the
Intellectual Property.

7. Confidentiality.

      a. Seller acknowledges that information may be disclosed or made known or
available to Seller, as a consequence of its relationship with Buyer and/or in
the transaction contemplated hereunder, concerning Buyer, which information is
not generally known to the public (including, but not limited to, the
Intellectual Property) constitutes the confidential and proprietary business
information of Buyer. Seller shall not use such information for any reason
without the prior written consent of Buyer, and shall take every reasonable
precaution to safeguard all such information.

                                      -5-
<PAGE>

      b. Seller further acknowledges that the information referred to in Section
7 (a) above, constitutes the proprietary, trade secrets of Buyer and is of
unique and extraordinary character, and that, in the event of a breach by Seller
of its obligations under this Section, Buyer shall suffer irreparable harm,
Buyer's remedies at law shall be inadequate and Buyer shall have, in addition to
any other remedies it may have, the right to obtain injunctive relief to
restrain any breach or threatened breach thereof.

8. Publicity. Seller shall not issue any publicity or press release regarding
its contractual relations with Buyer or otherwise make any oral or written
reference regarding its activities hereunder, without obtaining Buyer's prior
written consent, and approval of the contents thereof.

9. General.

      a. This Agreement and the Exhibits hereto constitute the entire agreement
between Seller and Buyer with respect to the subject matter hereof, and no
waiver, modification, alteration or amendment of any of the terms or conditions
hereof shall be effective unless and until set forth in writing duly signed by
Seller and Buyer.

      b. Notwithstanding the existence of any employer/employee relationship
which may exist between one or more of the parties hereto, and solely in
connection with this Agreement, each party shall be construed to be an
independent contractor. This Agreement does not, and shall not be construed to,
create an employer-employee, agency, joint venture or partnership relationship
between the parties. Neither party shall have any authority to act for or to
bind the other party in any way, to alter any of the terms or conditions of any
of the other party's standard forms of invoices, sales agreements, warranties or
otherwise, or to warrant or to execute agreements on behalf of the other or to
represent that it is in any way responsible for the acts, debts, liabilities or
omissions of the other parties in connection with this Agreement.

      c. If any provision of this Agreement, or the application thereof under
certain circumstances, is held to be invalid or unenforceable, the remaining
provisions of this Agreement, or the application of such provision under other
circumstances, shall remain in full force and effect to be read and construed as
if the invalid or unenforceable provisions were deleted.

      d. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania, as such laws are applied to
agreements made and to be wholly performed within Pennsylvania. Seller and Buyer
hereby consent to the exclusive jurisdiction of the state courts of the
Commonwealth of Pennsylvania, and the United States District Court for the
Eastern District of Pennsylvania in connection with any dispute based on or
arising out of or in connection with this Agreement or the Intellectual
Property. Process in any legal proceeding based on or arising out of or in
connection with this Agreement or the Intellectual Property may be served on any
party anywhere in the world.

      e. This Agreement was negotiated by the parties with the benefit of legal
representation and any rule of construction or interpretation otherwise
requiring this Agreement to be construed or interpreted against any party shall
not apply to any construction or interpretation hereof.

      f. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one
and the same instrument. This Agreement shall become binding when any one or
more counterparts hereof, individually or taken together, bear the signatures of
both parties hereto. For the purposes hereof, a facsimile copy of this
Agreement, including the signature pages hereto, shall be deemed an original.

      g. All notices, waivers and other communications required or permitted by
this Agreement shall be in writing and shall be deemed given to a party when (a)
delivered to the appropriate address by hand or by nationally recognized
overnight courier service (costs prepaid); (b) sent by facsimile or e-mail with
confirmation of transmission by the transmitting equipment; or (c) received or
rejected by the addressee, if sent by certified mail, return receipt requested,
in each case to the following addresses, facsimile numbers or e-mail addresses
and marked to the attention of the person (by name or title) designated below
(or to such other address, facsimile number, e-mail address or person as a party
may designate by notice to the other parties):

                                      -6-
<PAGE>

Seller:     Richard F. Straub, Jr.            Seller:        John M. Latza
Address:    1392 Firethorn Drive              Address:       15 Cambridge Drive
            Mason, OH  45040                                 Howell, NJ 07731

Buyer:      Delta Technologies, Inc.
Address:    111 North Branch Street
            Sellersville, PA  18960

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date as defined above.

<TABLE>
<CAPTION>
Buyer:Delta Technologies, Inc.     Seller:Richard F. Straub, Jr.        Seller:John M. Latza
<S>                                   <C>                                <C>
By:/s/_____________________           By: /s/______________________      By: /s/___________________
      Martin G. Chilek                    Richard F. Straub, Jr.             John M. Latza
      Vice President
</TABLE>

                                      -7-
<PAGE>

                                    EXHIBIT A

                                      FEES

Richard Straub (Seller 1)

Delta Technologies, Inc. ("DTI") will compensate Richard Straub ("Seller 1")
with a combination of cash and shares of restricted common stock of Delta
Mutual, Inc. all as set forth below:

1. Cash Payments

      $50,000.00 in United States currency upon execution of this Agreement.

2. Delta Mutual, Inc. Restricted Common Stock

      The number of shares of restricted common stock of Delta Mutual, Inc. with
a dollar equivalent of $50,000.00 in United States currency based on the closing
price of DELTA common stock (DLTM.OB) on the date of execution of the Agreement
and to be delivered to Seller 1 within five (5) business days.

John M. Latza (Seller 2)

1.  Delta Mutual, Inc Restricted Common Stock

      One-Hundred Thousand (100,000) shares of restricted common stock of Delta
Mutual, Inc. to be delivered to Seller within five (5) business days after the
date of execution of the Agreement.

                                      -8-
<PAGE>

                                    EXHIBIT B

                                   ASSIGNMENT

      In consideration of the payment by Delta Technologies, Inc. ("ASSIGNEE"),
a corporation incorporated under the laws of Delaware and having a place of
business at 111 North Branch Street, Sellersville, Pennsylvania 18960 to each of
Richard F. Straub, Jr. and John Latza (together, "ASSIGNORS"), the sum of One
Dollar ($1.00), the receipt of which is hereby acknowledged, and for other good
and valuable consideration, ASSIGNORS hereby sell, assign and transfer to
ASSIGNEE and the successors, assigns and legal representatives of the ASSIGNEE
the entire right, title and interest for the United States and its territorial
possessions and in all foreign countries, including all rights to claim
priority, in and to any and all improvements which are disclosed in the
invention entitled:

                  SYSTEM FOR MANUFACTURE OF INSULATED CONCRETE
                                FORM WALL FORMING

and which is described in the specification filed herewith and attached hereto
and any legal equivalent thereof in a foreign country, including the right to
claim priority and, in and to, all Letters Patent to be obtained for said
invention by the above application or any continuation, division, renewal, or
substitute thereof, and as to letters patent any reissue or re examination
thereof.

ASSIGNORS hereby covenant that no assignment, sale, agreement or encumbrance has
been or will be made or entered into which would conflict with this assignment.

ASSIGNORS further covenant that ASSIGNEE will, upon its request, be provided
promptly with all pertinent facts and documents relating to said invention and
said Letters Patent and legal equivalents as may be known and accessible to
ASSIGNORS and will testify as to the same in any interference, litigation or
proceeding related thereto and will promptly execute and deliver to ASSIGNEE or
its legal representatives any and all papers, instruments or affidavits required
to apply for, obtain, maintain, issue and enforce said application, said
invention and said Letters Patent and said equivalents thereof which may be
necessary or desirable to carry out the purposes thereof.

IN WITNESS WHEREOF, ASSIGNORS hereunto set hand and seal this 26th day of August
2005.

/s/ Richard F. Straub, Jr.                           /s/ John M. Latza
--------------------------                           --------------------------
Richard F. Straub, Jr.                               John M. Latza

                                      -9-
<PAGE>

DELTA MUTUAL INC - 8-K/A                                  Filing Date: 08/__/05
--------------------------------------------------------------------------------

                                    EXHIBIT C

                        Declaration And Power of Attorney

      As a below named inventor, I hereby declare that:

      My residence, post office address and citizenship are stated below next to
my name.

      I believe I am the original, first, and sole inventor (if only one name is
listed below) or an original, first, and joint inventor (if plural names are
listed below) of the subject matter which is claimed and for which a patent is
sought on the invention entitled:

                       SYSTEM FOR MANUFACTURE OF INSULATED
                           CONCRETE FORM WALL FORMING

the specification of which is attached herewith unless the following box is
checked.

|_|    was filed on                       as Application Serial No.
                    ----------------------                          ------------
        or PCT Application No.               And was amended on
                                 ---------                          ------------
      (if applicable).

      I hereby state that I have reviewed and understand the contents of the
above-identified specification, including the claims, as amended by any
amendment referred to above.

      I acknowledge the duty to disclose information which is material to the
examination of this application in accordance with 37 CFR ss.1.56.

      I hereby claim foreign priority benefits under 35 U.S.C. ss.119(a)-(d) or
ss.365(b) of any foreign application(s) for patent or inventor's certificate, or
ss.365(a) of any PCT international application which designated at least one
country other than the United States, listed below and have also identified
below any foreign application for patent or inventor's certificate or PCT
International application having a filing date before that of the application on
which priority is claimed:

<TABLE>
<CAPTION>
                        PRIOR FOREIGN/PCT APPLICATION(S)
       APPLICATION NO.                COUNTRY                  DATE OF FILING             PRIORITY CLAIMED
<S>     <C>                            <C>                         <C>                      <C>      <C>
                                                                                           |_| YES   NO |_|
 -------------------------------------------------------------------------------------
                                                                                           |_| YES   NO |_|
 -------------------------------------------------------------------------------------
</TABLE>

      I hereby claim the benefit under 35 U.S.C. ss.119(e) of any United States
provisional application(s) listed below.

          PROVISIONAL APPLICATION NUMBER                 DATE OF FILING

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

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

      I hereby claim the benefit under 35 U.S.C. ss.120 of any United States
application(s) or ss.365(c) of any PCT International application(s) designating
the United States, listed below and, insofar as the subject matter of each of
the claims of this application is not disclosed in the prior United States
application in the manner provided by the first paragraph of 35 U.S.C. ss.112, I
acknowledge the duty to disclose material information as defined in 37 CFR
ss.1.56 which became available between the filing date of the prior application
and the national or PCT inter-national filing date of this application:

            PRIOR U.S. APPLICATIONS OR PCT INTERNATIONAL APPLICATIONS
             DESIGNATING THE U.S. FOR BENEFIT UNDER 35 U.S.C. SS.120

<TABLE>
<CAPTION>
                                                                                 Status (check one)
          Application Serial No.                 Date of Filing
                                                                        Patented     Pending      Abandoned
<S>                                                                        <C>          <C>          <C>
                                                                           |_|         |_|           |_|
 ----------------------------------------------------------------------
                                                                           |-|         |-|           |-|
 ----------------------------------------------------------------------

</TABLE>

      And I hereby appoint ________________________ my attorneys or agents with
full power of substitution and revocation, to prosecute this application and to
transact all business in the Patent and Trademark Office connected therewith.

      Address all correspondence to _____________________________________.
Address all telephone calls to.

                                      -10-
<PAGE>

      I hereby declare that all statements made herein of my own knowledge are
true and that all statements made on information and belief are believed to be
true; and further that these statements were made with the knowledge that
willful false statements and the like so made are punishable by fine or
imprisonment, or both, under Section 1001 of Title 18 of the United States Code,
and that such willful false statements may jeopardize the validity of the
application or any patent issuing thereon.

<TABLE>
<CAPTION>
<S>                                                  <C>                                  <C>
 ---------------------------------------------------------------------------------------------------------------
 FULL NAME OF SOLE OR FIRST INVENTOR

 ---------------------------------------------------------------------------------------------------------------
             (GIVEN NAME)                  (MIDDLE INITIAL OR NAME)               (FAMILY OR LAST NAME)
                Inventor's signature:
                                     ---------------------------------------------------------------------------
                                Date:
                                     ---------------------------------------------------------------------------
              Country of Citizenship:
                                     ---------------------------------------------------------------------------
                           Residence:
                                     ---------------------------------------------------------------------------
                                                    (City)                     (State or Foreign Country)
                 Post Office Address:
                                     ---------------------------------------------------------------------------

 ---------------------------------------------------------------------------------------------------------------
 FULL NAME OF SECOND JOINT INVENTOR, IF ANY

 ---------------------------------------------------------------------------------------------------------------
             (GIVEN NAME)                   (MIDDLE INITIAL OR NAME)              (FAMILY OR LAST NAME)
                 Inventor's signature:
                                      --------------------------------------------------------------------------
                                 Date:
                                      --------------------------------------------------------------------------
               Country of Citizenship:
                                      --------------------------------------------------------------------------
                            Residence:
                                      --------------------------------------------------------------------------
                                                     (City)                    (State or Foreign Country)
                  Post Office Address:
                                      --------------------------------------------------------------------------

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

 ---------------------------------------------------------------------------------------------------------------
 FULL NAME OF THIRD JOINT INVENTOR, IF ANY

 ---------------------------------------------------------------------------------------------------------------
             (GIVEN NAME)                   (MIDDLE INITIAL OR NAME)              (FAMILY OR LAST NAME)
                 Inventor's signature:
                                      --------------------------------------------------------------------------
                                 Date:
                                      --------------------------------------------------------------------------
               Country of Citizenship:
                                      --------------------------------------------------------------------------
                            Residence:
                                      --------------------------------------------------------------------------
                                                     (City)                    (State or Foreign Country)
                  Post Office Address:
                                      --------------------------------------------------------------------------

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

 ---------------------------------------------------------------------------------------------------------------
 FULL NAME OF FOURTH JOINT INVENTOR, IF ANY

 ---------------------------------------------------------------------------------------------------------------
             (GIVEN NAME)                   (MIDDLE INITIAL OR NAME)              (FAMILY OR LAST NAME)
                 Inventor's signature:
                                      --------------------------------------------------------------------------
                                 Date:
                                      --------------------------------------------------------------------------
               Country of Citizenship:
                                      --------------------------------------------------------------------------
                            Residence:
                                      --------------------------------------------------------------------------
                                                     (City)                    (State or Foreign Country)
                  Post Office Address:
                                      --------------------------------------------------------------------------

                                      --------------------------------------------------------------------------
</TABLE>

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