Document:

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                                                                   Exhibit 4.9.2

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "Agreement") is made and
entered into as of May 14, 2004, by and between Epixtar Corp., a Florida
corporation (the "Company"), and Laurus Master Fund, Ltd. (the "Purchaser").

         This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof, by and between the Purchaser and the Company (the
"Securities Purchase Agreement"), and pursuant to the Note and the Warrants
referred to therein.

         The Company and the Purchaser hereby agree as follows:

         1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Securities Purchase Agreement shall have the meanings
given such terms in the Securities Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

                  "Commission" means the Securities and Exchange Commission.

                  "Common Stock" means shares of the Company's common stock, par
value $0.01 per share.

                  "Effectiveness Date" means the 120th day following the date
hereof.

                  "Effectiveness Period" shall have the meaning set forth in
Section 2(a).

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

                  "Filing Date" means, with respect to the Registration
Statement required to be filed hereunder, a date no later than June 18, 2004 and
with respect to shares of Common Stock issuable to the Holder as a result of
adjustments to the Fixed Conversion Price made pursuant to Section 3.4 of the
Secured Convertible Term Note or Section 4 of the Warrant or otherwise, thirty
(30) days after the occurrence such event or the date of the adjustment of the
Fixed Conversion Price.

                  "Holder" or "Holders" means the Purchaser or any of its
affiliates or transferees to the extent any of them hold Registrable Securities.

                  "Indemnified Party" shall have the meaning set forth in
Section 5(c).

                  "Indemnifying Party" shall have the meaning set forth in
Section 5(c).

                  "Note" has the meaning set forth in the Securities Purchase
Agreement.

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                  "Proceeding" means an arbitration, action, claim, suit,
investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened.

                  "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

                  "Registrable Securities" means the shares of Common Stock
issued upon the conversion of the Note and issuable upon exercise of the
Warrants.

                  "Registration Statement" means each registration statement
required to be filed hereunder, including the Prospectus, amendments and
supplements to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in such registration
statement.

                  "Rule 144" means Rule 144 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

                  "Rule 415" means Rule 415 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

                  "Rule 424" means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

                  "Securities Act" means the Securities Act of 1933, as amended,
and any successor statute.

                  "Securities Purchase Agreement" means the agreement between
the parties hereto calling for the issuance by the Company of $5,000,000 of
convertible Note plus Warrants.

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                  "Trading Market" means any of the NASD OTCBB, NASDAQ SmallCap
Market, the Nasdaq National Market, the American Stock Exchange or the New York
Stock Exchange.

                  "Warrants" means the Common Stock purchase warrants issued
pursuant to the Securities Purchase Agreement.

         2.   Registration.

              (a) On or prior to the Filing Date the Company shall prepare and
         file with the Commission a Registration Statement covering the
         Registrable Securities for an offering to be made on a continuous basis
         pursuant to Rule 415. The Registration Statement shall be on Form S-1
         or SB-2 (except if the Company is not then eligible to register for
         resale the Registrable Securities on Form S-1 or SB-2, in which case
         such registration shall be on another appropriate form in accordance
         herewith). The Company shall cause the Registration Statement to become
         effective and remain effective as provided herein. The Company shall
         use its reasonable commercial efforts to cause the Registration
         Statement to be declared effective under the Securities Act as promptly
         as possible after the filing thereof, but in any event no later than
         the Effectiveness Date. The Company shall use its reasonable commercial
         efforts to keep the Registration Statement continuously effective under
         the Securities Act until the date which is the earlier date of when (i)
         all Registrable Securities have been sold or (ii) all Registrable
         Securities may be sold immediately without registration under the
         Securities Act and without volume restrictions pursuant to Rule 144(k),
         as determined by the counsel to the Company pursuant to a written
         opinion letter to such effect, addressed and acceptable to the
         Company's transfer agent and the affected Holders (the "Effectiveness
         Period").

              (b) If: (i) the Registration Statement is not filed on or prior to
         the Filing Date; (ii) the Registration Statement is not declared
         effective by the Commission by the Effectiveness Date; (iii) after the
         Registration Statement is filed with and declared effective by the
         Commission, the Registration Statement ceases to be effective (by
         suspension or otherwise) as to all Registrable Securities to which it
         is required to relate at any time prior to the expiration of the
         Effectiveness Period (without being succeeded immediately by an
         additional registration statement filed and declared effective) for a
         period of time which shall exceed 30 days in the aggregate per year or
         more than 20 consecutive calendar days (defined as a period of 365 days
         commencing on the date the Registration Statement is declared
         effective); or (iv) the Common Stock is not listed or quoted, or is
         suspended from trading on any Trading Market for a period of three (3)
         consecutive Trading Days (provided the Company shall not have been able
         to cure such trading suspension within 30 days of the notice thereof or
         list the Common Stock on another Trading Market); (any such failure or
         breach being referred to as an "Event," and for purposes of clause (i)
         or (ii) the date on which such Event occurs, or for purposes of clause
         (iii) the date which such 30 day or 20 consecutive day period (as the
         case may be) is exceeded, or for purposes of clause (iv) the date on
         which such three (3) Trading Day period is exceeded, being referred to
         as "Event Date"), then until the applicable Event is cured, the Company
         shall pay to each Holder an amount in cash, as liquidated damages and
         not as a penalty, equal to 2.0% for each thirty (30) day period
         (prorated for partial periods) on a daily basis of the original
         principal amount of the Note. While such Event continues, such
         liquidated damages shall be paid not less often than each thirty (30)
         days. Any unpaid liquidated damages as of the date when an Event has
         been cured by the Company shall be paid within three (3) days following
         the date on which such Event has been cured by the Company.

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              (c) Within three business days of the Effectiveness Date, the
         Company shall cause its counsel to issue a blanket opinion in the form
         attached hereto as Exhibit A, to the transfer agent stating that the
         shares are subject to an effective registration statement and can be
         reissued free of restrictive legend upon notice of a sale by Laurus and
         confirmation by Laurus that it has complied with the prospectus
         delivery requirements, provided that the Company has not advised the
         transfer agent orally or in writing that the opinion has been
         withdrawn. Copies of the blanket opinion required by this Section 2(c)
         shall be delivered to Laurus within the time frame set forth above.

         3. Registration Procedures. If and whenever the Company is required by
the provisions hereof to effect the registration of any Registrable Securities
under the Securities Act, the Company will, as expeditiously as possible:

              (a) prepare and file with the Commission the Registration
         Statement with respect to such Registrable Securities, respond as
         promptly as possible to any comments received from the Commission, and
         use its best efforts to cause the Registration Statement to become and
         remain effective for the Effectiveness Period with respect thereto, and
         promptly provide to the Purchaser copies of all filings and Commission
         letters of comment relating thereto;

              (b) prepare and file with the Commission such amendments and
         supplements to the Registration Statement and the Prospectus used in
         connection therewith as may be necessary to comply with the provisions
         of the Securities Act with respect to the disposition of all
         Registrable Securities covered by the Registration Statement and to
         keep such Registration Statement effective until the expiration of the
         Effectiveness Period;

              (c) furnish to the Purchaser such number of copies of the
         Registration Statement and the Prospectus included therein (including
         each preliminary Prospectus) as the Purchaser reasonably may request to
         facilitate the public sale or disposition of the Registrable Securities
         covered by the Registration Statement;

              (d) use its commercially reasonable efforts to register or qualify
         the Purchaser's Registrable Securities covered by the Registration
         Statement under the securities or "blue sky" laws of such jurisdictions
         within the United States as the Purchaser may reasonably request,
         provided, however, that the Company shall not for any such purpose be
         required to qualify generally to transact business as a foreign
         corporation in any jurisdiction where it is not so qualified or to
         consent to general service of process in any such jurisdiction;

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              (e) list the Registrable Securities covered by the Registration
         Statement with any securities exchange on which the Common Stock of the
         Company is then listed;

              (f) immediately notify the Purchaser at any time when a Prospectus
         relating thereto is required to be delivered under the Securities Act,
         of the happening of any event of which the Company has knowledge as a
         result of which the Prospectus contained in such Registration
         Statement, as then in effect, includes an untrue statement of a
         material fact or omits to state a material fact required to be stated
         therein or necessary to make the statements therein not misleading in
         light of the circumstances then existing; and

              (g) make available for inspection by the Purchaser and any
         attorney, accountant or other agent retained by the Purchaser, all
         publicly available, non-confidential financial and other records,
         pertinent corporate documents and properties of the Company, and cause
         the Company's officers, directors and employees to supply all publicly
         available, non-confidential information reasonably requested by the
         attorney, accountant or agent of the Purchaser.

         4. Registration Expenses. All expenses relating to the Company's
compliance with Sections 2 and 3 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel and independent public accountants for the Company, fees and expenses
(including reasonable counsel fees) incurred in connection with complying with
state securities or "blue sky" laws, fees of the NASD, transfer taxes, fees of
transfer agents and registrars, fees of, and disbursements incurred by, one
counsel for the Holders (to the extent such counsel is required due to Company's
failure to meet any of its obligations hereunder), are called "Registration
Expenses". All selling commissions applicable to the sale of Registrable
Securities, including any fees and disbursements of any special counsel to the
Holders beyond those included in Registration Expenses, are called "Selling
Expenses." The Company shall only be responsible for all Registration Expenses.

         5. Indemnification.

              (a) In the event of a registration of any Registrable Securities
         under the Securities Act pursuant to this Agreement, the Company will
         indemnify and hold harmless the Purchaser, and its officers, directors
         and each other person, if any, who controls the Purchaser within the
         meaning of the Securities Act, against any losses, claims, damages or
         liabilities, joint or several, to which the Purchaser, or such persons
         may become subject under the Securities Act or otherwise, insofar as
         such losses, claims, damages or liabilities (or actions in respect
         thereof) arise out of or are based upon any untrue statement or alleged
         untrue statement of any material fact contained in any Registration
         Statement under which such Registrable Securities were registered under
         the Securities Act pursuant to this Agreement, any preliminary
         Prospectus or final Prospectus contained therein, or any amendment or
         supplement thereof, or arise out of or are based upon the omission or
         alleged omission to state therein a material fact required to be stated
         therein or necessary to make the statements therein not misleading, and
         will reimburse the Purchaser, and each such person for any reasonable
         legal or other expenses incurred by them in connection with
         investigating or defending any such loss, claim, damage, liability or
         action; provided, however, that the Company will not be liable in any
         such case if and to the extent that any such loss, claim, damage or
         liability arises out of or is based upon an untrue statement or alleged
         untrue statement or omission or alleged omission so made in conformity
         with information furnished by or on behalf of the Purchaser or any such
         person in writing specifically for use in any such document.

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              (b) In the event of a registration of the Registrable Securities
         under the Securities Act pursuant to this Agreement, the Purchaser will
         indemnify and hold harmless the Company, and its officers, directors
         and each other person, if any, who controls the Company within the
         meaning of the Securities Act, against all losses, claims, damages or
         liabilities, joint or several, to which the Company or such persons may
         become subject under the Securities Act or otherwise, insofar as such
         losses, claims, damages or liabilities (or actions in respect thereof)
         arise out of or are based upon any untrue statement or alleged untrue
         statement of any material fact which was furnished in writing by the
         Purchaser to the Company expressly for use in (and such information is
         contained in) the Registration Statement under which such Registrable
         Securities were registered under the Securities Act pursuant to this
         Agreement, any preliminary Prospectus or final Prospectus contained
         therein, or any amendment or supplement thereof, or arise out of or are
         based upon the omission or alleged omission to state therein a material
         fact required to be stated therein or necessary to make the statements
         therein not misleading, and will reimburse the Company and each such
         person for any reasonable legal or other expenses incurred by them in
         connection with investigating or defending any such loss, claim,
         damage, liability or action, provided, however, that the Purchaser will
         be liable in any such case if and only to the extent that any such
         loss, claim, damage or liability arises out of or is based upon an
         untrue statement or alleged untrue statement or omission or alleged
         omission so made in conformity with information furnished in writing to
         the Company by or on behalf of the Purchaser specifically for use in
         any such document. Notwithstanding the provisions of this paragraph,
         the Purchaser shall not be required to indemnify any person or entity
         in excess of the amount of the aggregate net proceeds received by the
         Purchaser in respect of Registrable Securities in connection with any
         such registration under the Securities Act.

              (c) Promptly after receipt by a party entitled to claim
         indemnification hereunder (an "Indemnified Party") of notice of the
         commencement of any action, such Indemnified Party shall, if a claim
         for indemnification in respect thereof is to be made against a party
         hereto obligated to indemnify such Indemnified Party (an "Indemnifying
         Party"), notify the Indemnifying Party in writing thereof, but the
         omission so to notify the Indemnifying Party shall not relieve it from
         any liability which it may have to such Indemnified Party other than
         under this Section 5(c) and shall only relieve it from any liability
         which it may have to such Indemnified Party under this Section 5(c) if
         and to the extent the Indemnifying Party is prejudiced by such
         omission. In case any such action shall be brought against any
         Indemnified Party and it shall notify the Indemnifying Party of the
         commencement thereof, the Indemnifying Party shall be entitled to
         participate in and, to the extent it shall wish, to assume and
         undertake the defense thereof with counsel satisfactory to such
         Indemnified Party, and, after notice from the Indemnifying Party to
         such Indemnified Party of its election so to assume and undertake the
         defense thereof, the Indemnifying Party shall not be liable to such
         Indemnified Party under this Section 5(c) for any legal expenses
         subsequently incurred by such Indemnified Party in connection with the
         defense thereof; if the Indemnified Party retains its own counsel, then
         the Indemnified Party shall pay all fees, costs and expenses of such
         counsel, provided, however, that, if the defendants in any such action
         include both the indemnified party and the Indemnifying Party and the
         Indemnified Party shall have reasonably concluded that there may be
         reasonable defenses available to it which are different from or
         additional to those available to the Indemnifying Party or if the
         interests of the Indemnified Party reasonably may be deemed to conflict
         with the interests of the Indemnifying Party, the Indemnified Party
         shall have the right to select one separate counsel and to assume such
         legal defenses and otherwise to participate in the defense of such
         action, with the reasonable expenses and fees of such separate counsel
         and other expenses related to such participation to be reimbursed by
         the Indemnifying Party as incurred.

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              (d) In order to provide for just and equitable contribution in the
         event of joint liability under the Securities Act in any case in which
         either (i) the Purchaser, or any officer, director or controlling
         person of the Purchaser, makes a claim for indemnification pursuant to
         this Section 5 but it is judicially determined (by the entry of a final
         judgment or decree by a court of competent jurisdiction and the
         expiration of time to appeal or the denial of the last right of appeal)
         that such indemnification may not be enforced in such case
         notwithstanding the fact that this Section 5 provides for
         indemnification in such case, or (ii) contribution under the Securities
         Act may be required on the part of the Purchaser or such officer,
         director or controlling person of the Purchaser in circumstances for
         which indemnification is provided under this Section 5; then, and in
         each such case, the Company and the Purchaser will contribute to the
         aggregate losses, claims, damages or liabilities to which they may be
         subject (after contribution from others) in such proportion so that the
         Purchaser is responsible only for the portion represented by the
         percentage that the public offering price of its securities offered by
         the Registration Statement bears to the public offering price of all
         securities offered by such Registration Statement, provided, however,
         that, in any such case, (A) the Purchaser will not be required to
         contribute any amount in excess of the public offering price of all
         such securities offered by it pursuant to such Registration Statement;
         and (B) no person or entity guilty of fraudulent misrepresentation
         (within the meaning of Section 10(f) of the Securities Act) will be
         entitled to contribution from any person or entity who was not guilty
         of such fraudulent misrepresentation.

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6.       Representations and Warranties.

         (a) The Common Stock of the Company is registered pursuant to Section
12(b) or 12(g) of the Exchange Act and, except with respect to certain matters
which the Company has disclosed to the Purchaser on Schedule 4.21 to the
Securities Purchase Agreement, the Company has timely filed all proxy
statements, reports, schedules, forms, statements and other documents required
to be filed by it under the Exchange Act. The Company has filed (i) its Annual
Report on Form 10-K for its fiscal year ended December 31, 2003 and (ii) its
Quarterly Report on Form 10-Q for its fiscal quarter ended September 30, 2003,
and (iii) the Form 8-K filings which it has made during the fiscal year 2004 to
date (collectively, the "SEC Reports"). Each SEC Report was, at the time of its
filing, in substantial compliance with the requirements of its respective form
and none of the SEC Reports, nor the financial statements (and the notes
thereto) included in the SEC Reports, as of their respective filing dates,
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The
financial statements of the Company included in the SEC Reports comply as to
form in all material respects with applicable accounting requirements and the
published rules and regulations of the Commission or other applicable rules and
regulations with respect thereto. Such financial statements have been prepared
in accordance with generally accepted accounting principles ("GAAP") applied on
a consistent basis during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto or (ii) in the case
of unaudited interim statements, to the extent they may not include footnotes or
may be condensed) and fairly present in all material respects the financial
condition, the results of operations and the cash flows of the Company and its
subsidiaries, on a consolidated basis, as of, and for, the periods presented in
each such SEC Report.

         (b) The Common Stock is traded on the NASD OTCBB and satisfies all
requirements for the continuation of such trading. The Company has not received
any notice that its Common Stock will not be eligible to be traded on the NASD
OTCBB (except for prior notices which have been fully remedied) or that the
Common Stock does not meet all requirements for the continuation of such
trading.

         (c) Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf, has directly or indirectly made any offers or
sales of any security or solicited any offers to buy any security under
circumstances that would cause the offering of the Securities pursuant to the
Securities Purchase Agreement to be integrated with prior offerings by the
Company for purposes of the Securities Act which would prevent the Company from
selling the Common Stock pursuant to Rule 506 under the Securities Act, or any
applicable exchange-related stockholder approval provisions, nor will the
Company or any of its affiliates or subsidiaries take any action or steps that
would cause the offering of the Securities to be integrated with other
offerings.

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         (d) The Warrants, the Note and the shares of Common Stock which the
Purchaser may acquire pursuant to the Warrants and the Note are all restricted
securities under the Securities Act as of the date of this Agreement. The
Company will not issue any stop transfer order or other order impeding the sale
and delivery of any of the Registrable Securities at such time as such
Registrable Securities are registered for public sale or an exemption from
registration is available, except as required by federal or state securities
laws or as otherwise permitted by this Agreement, the Purchase Agreement or any
Related Agreement.

         (e) The Company understands the nature of the Registrable Securities
issuable upon the conversion of the Note and the exercise of the Warrant and
recognizes that the issuance of such Registrable Securities may have a potential
dilutive effect. The Company specifically acknowledges that its obligation to
issue the Registrable Securities is binding upon the Company and enforceable
regardless of the dilution such issuance may have on the ownership interests of
other shareholders of the Company.

         (f) Except for agreements made in the ordinary course of business,
there is no agreement that has not been filed with the Commission as an exhibit
to a registration statement or to a form required to be filed by the Company
under the Exchange Act, the breach of which could reasonably be expected to have
a material and adverse effect on the Company and its subsidiaries, or would
prohibit or otherwise interfere with the ability of the Company to enter into
and perform any of its obligations under this Agreement in any material respect.

         (g) The Company will at all times have authorized and reserved a
sufficient number of shares of Common Stock for the full conversion of the Note
and exercise of the Warrants.

7.       Miscellaneous.

         (a) Remedies. In the event of a breach by the Company or by a Holder,
of any of their respective obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement.

         (b) No Piggyback on Registrations. Except as and to the extent
specified in Schedule 7(b) hereto, neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include
securities of the Company in any Registration Statement other than the
Registrable Securities, and the Company shall not after the date hereof enter
into any agreement providing any such right for inclusion of shares in the
Registration Statement to any of its security holders. Except as and to the
extent specified in Schedule 7(b) hereto, the Company has not previously entered
into any agreement granting any registration rights with respect to any of its
securities to any Person that have not been fully satisfied.

<PAGE>

         (c) Compliance. Each Holder covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to
it in connection with sales of Registrable Securities pursuant to the
Registration Statement.

         (d) Discontinued Disposition. Each Holder agrees by its acquisition of
such Registrable Securities that, upon receipt of a notice from the Company of
the occurrence of a Discontinuation Event (as defined below), such Holder will
forthwith discontinue disposition of such Registrable Securities under the
applicable Registration Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the "Advice") by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus or Registration Statement. The
Company may provide appropriate stop orders to enforce the provisions of this
paragraph. For purposes of this Section 7(d), a "Discontinuation Event" shall
mean (i) when the Commission notifies the Company whether there will be a
"review" of such Registration Statement and whenever the Commission comments in
writing on such Registration Statement (the Company shall provide true and
complete copies thereof and all written responses thereto to each of the
Holders); (ii) any request by the Commission or any other Federal or state
governmental authority for amendments or supplements to such Registration
Statement or Prospectus or for additional information; (iii) the issuance by the
Commission of any stop order suspending the effectiveness of such Registration
Statement covering any or all of the Registrable Securities or the initiation of
any Proceedings for that purpose; (iv) the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; and/or (v) the occurrence of any event or passage of time that makes
the financial statements included in such Registration Statement ineligible for
inclusion therein or any statement made in such Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to such
Registration Statement, Prospectus or other documents so that, in the case of
such Registration Statement or Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

<PAGE>

         (e) Piggy-Back Registrations. If at any time during the Effectiveness
Period there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with
the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with stock option or other employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen days after receipt of such notice, any such
Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
holder requests to be registered to the extent the Company may do so without
violating registration rights of others which exist as of the date of this
Agreement, subject to customary underwriter cutbacks applicable to all holders
of registration rights and subject to obtaining any required the consent of any
selling stockholder(s) to such inclusion under such registration statement.

         (f) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the same shall be in writing and signed by the Company and the
Holders of the then outstanding Registrable Securities. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of certain Holders and that
does not directly or indirectly affect the rights of other Holders may be given
by Holders of at least a majority of the Registrable Securities to which such
waiver or consent relates; provided, however, that the provisions of this
sentence may not be amended, modified, or supplemented except in accordance with
the provisions of the immediately preceding sentence.

         (g) Notices. Any notice or request hereunder may be given to the
Company or the Purchaser at the respective addresses set forth below or as may
hereafter be specified in a notice designated as a change of address under this
Section 7(g). Any notice or request hereunder shall be given by registered or
certified mail, return receipt requested, hand delivery, overnight mail, Federal
Express or other national overnight next day carrier (collectively, "Courier")
or telecopy (confirmed by mail). Notices and requests shall be, in the case of
those by hand delivery, deemed to have been given when delivered to any party to
whom it is addressed, in the case of those by mail or overnight mail, deemed to
have been given three (3) business days after the date when deposited in the
mail or with the overnight mail carrier, in the case of a Courier, the next
business day following timely delivery of the package with the Courier, and, in
the case of a telecopy, when confirmed. The address for such notices and
communications shall be as follows:

<PAGE>

           If to the Company:              Epixtar Corp.
                                           11900 Biscayne Boulevard, Suite 262
                                           Miami, Florida 33181

                                           Attention: David Srour
                                           Facsimile: 305-503-8610

                                           with a copy to:
                                           MICHAEL DIGIOVANNA, ESQ.
                                           212 CARNEGIE CENTER
                                           SUITE 206
                                           PRINCETON, NEW JERSEY 08540

                                           Facsimile: 609-452-9473

           If to a Purchaser:              To the address set forth under
                                           such Purchaser name on the
                                           signature pages hereto.

           If to any other Person who
           is then the registered Holder:  To the address of such Holder as
                                           it appears in the stock transfer
                                           books of the Company

         or such other address as may be designated in writing hereafter in
         accordance with this Section 7(g) by such Person.

              (h) Successors and Assigns. This Agreement shall inure to the
         benefit of and be binding upon the successors and permitted assigns of
         each of the parties and shall inure to the benefit of each Holder. The
         Company may not assign its rights or obligations hereunder without the
         prior written consent of each Holder. Each Holder may assign their
         respective rights hereunder in the manner and to the Persons as
         permitted under the Notes and the Security Agreement with the prior
         written consent of the Company, which consent shall not be unreasonably
         withheld.

              (i) Execution and Counterparts. This Agreement may be executed in
         any number of counterparts, each of which when so executed shall be
         deemed to be an original and, all of which taken together shall
         constitute one and the same Agreement. In the event that any signature
         is delivered by facsimile transmission, such signature shall create a
         valid binding obligation of the party executing (or on whose behalf
         such signature is executed) the same with the same force and effect as
         if such facsimile signature were the original thereof.

              (j) Governing Law. All questions concerning the construction,
         validity, enforcement and interpretation of this Agreement shall be
         governed by and construed and enforced in accordance with the internal
         laws of the State of New York, without regard to the principles of

<PAGE>

         conflicts of law thereof. Except as set forth below in this Section
         7(j), any and all disputes, controversies and claims that the Company
         or any of its Subsidiaries may assert against the Purchaser arising out
         of or relating to this Agreement, the Securities Purchase Agreement or
         any other Related Agreement shall be determined exclusively by
         arbitration (each such arbitration, an "Arbitration") in New York City
         before a panel of three neutral arbitrators agreed to by the Purchaser
         and the Company (collectively, the "Arbitrators") in accordance with
         and pursuant to the then existing commercial arbitration rules of the
         American Arbitration Association. The Company (on its behalf and on
         behalf of its Subsidiaries) hereby irrevocably waives any right to
         assert such claims in any other forum. The Arbitrators shall have the
         power in their discretion to award specific performance or injunctive
         relief (but shall not have the power to render any incidental, special
         or punitive damages) and reasonable attorneys' fees and expenses to any
         party in any arbitration. The Arbitrators may not change, modify or
         alter any express condition, term or provision of this Agreement, the
         Securities Purchase Agreement or of any other Related Agreement nor
         shall they have the power to render any award against the Purchaser
         that would have such effect. Each Arbitration award shall be final and
         binding upon the parties subject thereto and judgment may be entered
         thereon in any court of competent jurisdiction. The service of any
         notice, process, motion or other document in connection with an
         Arbitration or for the enforcement of any Arbitration award may be made
         in the same manner as communications may be given under Section 7(g)
         hereof. Notwithstanding the foregoing, the provisions of this Section
         7(j) nor any other provision contained in this Agreement, the
         Securities Purchase Agreement or in any Related Agreement shall limit
         in any manner whatsoever the Purchaser's right to commence an action
         against or in connection with the Company, any of its Subsidiaries or
         their respective properties in any court of competent jurisdiction or
         otherwise utilize judicial process in connection with or arising out of
         the Purchaser's rights and remedies under this Agreement, the
         Securities Purchase Agreement and/or any Related Agreement or otherwise
         (any such action, a "Court Action"). Court Actions may be brought by
         the Purchaser in any state or federal court of competent jurisdiction
         and the Company (on its behalf and on behalf of its Subsidiaries)
         irrevocably submits to the jurisdiction of such state and federal
         courts and irrevocably waives any claim or defense of inconvenient
         forum or lack of personal jurisdiction in such forum or right of
         removal or right to jury trial under any applicable law or decision or
         otherwise. Service of any notice, process, motion or other document in
         connection with a Court Action may be made in the same manner as
         communications may be given under Section 7(g). In addition, the
         Purchaser may serve process in any other manner permitted under
         applicable law. If either party shall commence a Proceeding to enforce
         any provisions of this Agreement, the Securities Purchase Agreement or
         any other Related Agreement, then the prevailing party in such
         Proceeding shall be reimbursed by the other party for its reasonable
         attorneys fees and other costs and expenses incurred with the
         investigation, preparation and prosecution of such Proceeding.

<PAGE>

              (k) Cumulative Remedies. The remedies provided herein are
         cumulative and not exclusive of any remedies provided by law.

              (l) Severability. If any term, provision, covenant or restriction
         of this Agreement is held by a court of competent jurisdiction to be
         invalid, illegal, void or unenforceable, the remainder of the terms,
         provisions, covenants and restrictions set forth herein shall remain in
         full force and effect and shall in no way be affected, impaired or
         invalidated, and the parties hereto shall use their reasonable efforts
         to find and employ an alternative means to achieve the same or
         substantially the same result as that contemplated by such term,
         provision, covenant or restriction. It is hereby stipulated and
         declared to be the intention of the parties that they would have
         executed the remaining terms, provisions, covenants and restrictions
         without including any of such that may be hereafter declared invalid,
         illegal, void or unenforceable.

              (m) Headings. The headings in this Agreement are for convenience
         of reference only and shall not limit or otherwise affect the meaning
         hereof.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

<PAGE>

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

EPIXTAR CORP.                         LAURUS MASTER FUND, LTD.

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

                                      Address for Notices:

                                      825 Third Avenue - 14th Floor
                                      New York, NY  10022
                                      Attention: Eugene Grin
                                      Facsimile: 212-541-4434

<PAGE>

                                    EXHIBIT A

                                [Month __, 2004]

[Continental Stock Transfer
   & Trust Company
Two Broadway
New York, NY  10004
Attn:  William Seegraber]

Re:      Epixtar Corp. Registration Statement on Form [S-1][SB-2]
         ----------------------------------------------------------------------

Ladies and Gentlemen:

         As counsel to Epixtar Corp., a Florida corporation (the "Company"), we
have been requested to render our opinion to you in connection with the resale
by the individuals or entitles listed on Schedule A attached hereto (the
"Selling Stockholders"), of an aggregate of [amount]shares (the "Shares") of the
Company's Common Stock.

         A Registration Statement on Form [S-1][SB-2] under the Securities Act
of 1933, as amended (the "Act"), with respect to the resale of the Shares was
declared effective by the Securities and Exchange Commission on [date]. Enclosed
is the Prospectus dated [date]. We understand that the Shares are to be offered
and sold in the manner described in the Prospectus.

         Based upon the foregoing, upon request by the Selling Stockholders at
any time while the registration statement remains effective, it is our opinion
that the Shares have been registered for resale under the Act and new
certificates evidencing the Shares upon their transfer or re-registration by the
Selling Stockholders may be issued without restrictive legend. We will advise
you if the registration statement is not available or effective at any point in
the future.

                                         Very truly yours,

                                         [Company counsel]

<PAGE>

                                   SCHEDULE A

                                                              Shares
Selling Stockholder                                       Being Offered
-------------------                                       -------------<PAGE>

                                                                  Exhibit 4.11.1

                                  EPIXTAR CORP.

                          SECURITIES PURCHASE AGREEMENT

                                  MAY 14, 2004

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                              <C>
1.       Agreement to Sell and Purchase...........................................................................1

2.       Fees and Warrant.........................................................................................2

3.       Closing, Delivery and Payment............................................................................2
         3.1        Closing.......................................................................................2
         3.2        Delivery......................................................................................2

4.       Representations and Warranties of the Company............................................................3
         4.1        Organization, Good Standing and Qualification.................................................3
         4.2        Subsidiaries..................................................................................4
         4.3        Capitalization; Voting Rights.................................................................4
         4.4        Authorization; Binding Obligations............................................................5
         4.5        Liabilities...................................................................................5
         4.6        Agreements; Action............................................................................5
         4.7        Obligations to Related Parties................................................................6
         4.8        Changes.......................................................................................7
         4.9        Title to Properties and Assets; Liens, Etc....................................................8
         4.10       Intellectual Property.........................................................................8
         4.11       Compliance with Other Instruments.............................................................9
         4.12       Litigation....................................................................................9
         4.13       Tax Returns and Payments......................................................................9
         4.14       Employees....................................................................................10
         4.15       Registration Rights and Voting Rights........................................................10
         4.16       Compliance with Laws; Permits................................................................11
         4.17       Environmental and Safety Laws................................................................11
         4.18       Valid Offering...............................................................................11
         4.19       Full Disclosure..............................................................................11
         4.20       Insurance....................................................................................12
         4.21       SEC Reports..................................................................................12
         4.22       Listing......................................................................................12
         4.23       No Integrated Offering.......................................................................12
         4.24       Stop Transfer................................................................................13
         4.25       Dilution.....................................................................................13
         4.26       Patriot Act..................................................................................13

5.       Representations and Warranties of the Purchaser.........................................................13
         5.1        No Shorting..................................................................................14
         5.2        Requisite Power and Authority................................................................14
         5.3        Investment Representations...................................................................14
         5.4        Purchaser Bears Economic Risk................................................................14
         5.5        Acquisition for Own Account..................................................................14
         5.6        Purchaser Can Protect Its Interest...........................................................15
         5.7        Accredited Investor..........................................................................15
         5.8        Legends......................................................................................15
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                              <C>
6.       Covenants of the Company................................................................................16
         6.1        Stop-Orders..................................................................................16
         6.2        Listing......................................................................................16
         6.3        Market Regulations...........................................................................16
         6.4        Reporting Requirements.......................................................................16
         6.5        Use of Funds.................................................................................16
         6.6        Access to Facilities.........................................................................17
         6.7        Taxes........................................................................................17
         6.8        Insurance....................................................................................17
         6.9        Intellectual Property........................................................................18
         6.10       Properties...................................................................................18
         6.11       Confidentiality..............................................................................19
         6.12       Required Approvals...........................................................................19
         6.13       Reissuance of Securities.....................................................................21
         6.14       Opinion......................................................................................21
         6.15       Margin Stock.................................................................................21
         6.16       Restricted Cash Disclosure...................................................................21
         6.17       Additional Reserve Accounts..................................................................21
         6.18       Foreign Security.............................................................................22

7.       Covenants of the Purchaser..............................................................................23
         7.1        Confidentiality..............................................................................23
         7.2        Non-Public Information.......................................................................23

8.       Covenants of the Company and Purchaser Regarding Indemnification........................................23
         8.1        Company Indemnification......................................................................23
         8.2        Purchaser's Indemnification..................................................................24

9.       Conversion of Convertible Note..........................................................................24
         9.1        Mechanics of Conversion......................................................................24

10.      Registration Rights.....................................................................................25
         10.1       Registration Rights Granted..................................................................25
         10.2       Offering Restrictions........................................................................25

11.      Miscellaneous...........................................................................................26
         11.1       Governing Law................................................................................26
         11.2       Survival.....................................................................................27
         11.3       Successors...................................................................................27
         11.4       Entire Agreement.............................................................................27
         11.5       Severability.................................................................................27
         11.6       Amendment and Waiver.........................................................................27
         11.7       Delays or Omissions..........................................................................28
         11.8       Notices......................................................................................28
         11.9       Attorneys' Fees..............................................................................29
         11.10      Titles and Subtitles.........................................................................29
         11.11      Facsimile Signatures; Counterparts...........................................................29
         11.12      Broker's Fees................................................................................29
         11.13      Construction.................................................................................29
</TABLE>

                                       ii
<PAGE>

                                LIST OF EXHIBITS

<TABLE>
<S>                                                                                                              <C>
Form of Convertible Term Note................................................................................... Exhibit A
Form of Warrant................................................................................................. Exhibit B
Form of Opinion................................................................................................. Exhibit C
Form of Escrow Agreement........................................................................................ Exhibit D
</TABLE>

                                      iii
<PAGE>

                          SECURITIES PURCHASE AGREEMENT

         THIS SECURITIES PURCHASE AGREEMENT (this "Agreement") is made and
entered into as of May 14, 2004 by and between EPIXTAR CORP., a Florida
corporation (the "Company"), and Laurus Master Fund, Ltd., a Cayman Islands
company (the "Purchaser").

                                    RECITALS

         WHEREAS, the Company has authorized the sale to the Purchaser of a
Convertible Term Note in the aggregate principal amount of Five Million Dollars
($5,000,000) (the "Note"), which Note is convertible into shares of the
Company's common stock, $0.001 par value per share (the "Common Stock") at an
initial fixed conversion price of $2.96 per share of Common Stock ("Fixed
Conversion Price");

         WHEREAS, the Company wishes to issue a warrants to the Purchaser to
purchase up to 493,827 shares of the Company's Common Stock (subject to
adjustment as set forth therein) in connection with Purchaser's purchase of the
Note;

         WHEREAS, Purchaser desires to purchase the Note and the Warrants (as
defined in Section 2) on the terms and conditions set forth herein; and

         WHEREAS, the Company desires to issue and sell the Note and Warrants to
Purchaser on the terms and conditions set forth herein.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises, representations, warranties and covenants hereinafter set forth
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

         1. Agreement to Sell and Purchase. Pursuant to the terms and conditions
set forth in this Agreement, on the Closing Date (as defined in Section 3), the
Company agrees to sell to the Purchaser, and the Purchaser hereby agrees to
purchase from the Company, a Note in the aggregate principal amount of
$5,000,000 convertible in accordance with the terms thereof into shares of the
Company's Common Stock in accordance with the terms of the Note and this
Agreement. The Note purchased on the Closing Date shall be known as the
"Offering." A form of the Note is annexed hereto as Exhibit A. The Note will
mature on the Maturity Date (as defined in the Note). Collectively, the Note and
the Warrants and Common Stock issuable in payment of the Note, upon conversion
of the Note and upon exercise of the Warrants are referred to as the
"Securities."

                                       1
<PAGE>

         2. Fees and Warrant. On the Closing Date:

                  (a) The Company will issue and deliver to the Purchaser (x) a
         Warrant to purchase up to 296,296 shares of Common Stock in connection
         with the Offering ("Warrant I") and (y) a Warrant to purchase up to
         197,531 shares of Common Stock in connection with the Offering
         ("Warrant II" and, together with Warrant I, the "Warrants" and each, a
         "Warrant"), in each case, pursuant to Section 1 hereof. Each Warrant
         must be delivered on the Closing Date. A form of each Warrant is
         annexed hereto as Exhibit B. All the representations, covenants,
         warranties, undertakings, and indemnification, and other rights made or
         granted to or for the benefit of the Purchaser by the Company are
         hereby also made and granted in respect of the Warrants and shares of
         the Company's Common Stock issuable upon exercise of the Warrants (the
         "Warrant Shares").

                  (b) Subject to the terms of Section 2(d) below, the Company
         shall pay to Laurus Capital Management, LLC, the manager of the
         Purchaser, a closing payment in an amount equal to three and one-half
         percent (3.50%) of the aggregate principal amount of the Note. The
         foregoing fee is referred to herein as the "Closing Payment."

                  (c) The Company shall reimburse the Purchaser for its
         reasonable expenses for services rendered to the Purchaser in
         preparation of this Agreement and the Related Agreements (as
         hereinafter defined), and expenses incurred in connection with the
         Purchaser's due diligence review of the Company and all related
         matters. Amounts required to be paid under this Section 2(c), to the
         extent not yet paid, shall be paid by the Company on the Closing Date.
         The total amount to be paid by the Company pursuant to this clause (c)
         shall be $44,500.

                  (d) The Closing Payment, the expenses referred to in clause
         (c) of this Section 2 (net of deposits previously paid by the Company)
         shall be paid at closing out of funds held pursuant to a Funds Escrow
         Agreement of even date herewith among the Company, Purchaser, and an
         Escrow Agent (the "Funds Escrow Agreement") and a disbursement letter
         (the "Disbursement Letter").

         3. Closing, Delivery and Payment; Certain Closing Conditions.

                  3.1 Closing. Subject to the terms and conditions herein, the
closing of the transactions contemplated hereby (the "Closing"), shall take
place on the date hereof, at such time or place as the Company and Purchaser may
mutually agree (such date is hereinafter referred to as the "Closing Date").

                  3.2 Delivery. Pursuant to the Funds Escrow Agreement in the
form attached hereto as Exhibit C, at the Closing on the Closing Date, the
Company will deliver to the Purchaser, among other things, a Note in the form
attached as Exhibit A representing the aggregate principal amount of $5,000,000
and each Warrant in the form attached as Exhibit B in the Purchaser's name
representing an aggregate amount of 493,827 Warrant Shares and the Purchaser
will deliver to the Company, among other things, the amounts set forth in the
Disbursement Letter by certified funds or wire transfer (it being understood
that $1,930,000 of the proceeds of the Note will be deposited in the Laurus
Restricted Account (as defined in the Laurus Restricted Account Agreement
referred to below)).

                                       2
<PAGE>

                  3.3 Bridge Loan Documents and Wedge Documents. The Purchaser
shall be satisfied with the terms and conditions of (i) each Bridge Loan
Document (as defined in the Intercreditor Agreement (as defined below)) and all
agreements related thereto and (ii) each document evidencing indebtedness in an
aggregate amount equal to $1,500,000 incurred by the Company (the "Wedge
Documents"), in each case, dated as of May 7, 2004 shall be satisfactory in form
and substance to the Purchaser (it being understood and agreed that the fixed
conversion price applicable to the indebtedness underlying (x) the Bridge Loan
Documents shall be no less than $2.88 of the Fixed Conversion Price (as defined
in the Note) and (y) the Wedge Documents shall be no less than 80% of the Fixed
Conversion Price).

                  3.4 Redirection Notices. The Company shall have provided to
Payment One Corporation ("Payment One"), and PaymentOne shall have acknowledged,
a notice redirecting certain holdbacks and reserves to the Reserve Restricted
Account (as defined in the Reserve Restricted Account Agreement), which notices
shall be in form and substance satisfactory to the Purchaser. Payment One and
ILD Telecommunications, Inc, a Delaware corporation ("ILD") are collectively
referred to in this Agreement as the "Existing Billing Agencies".

         4. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Purchaser as follows (which representations and
warranties are supplemented by the Company's filings under the Securities
Exchange Act of 1934 (collectively, the "Exchange Act Filings"), copies of which
have been provided to the Purchaser):

                  4.1 Organization, Good Standing and Qualification. Each of the
Company and each of its Subsidiaries is a corporation, partnership or limited
liability company, as the case may be, duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization. Each of the
Company and each of its Subsidiaries has the corporate power and authority to
own and operate its properties and assets, to execute and deliver (i) this
Agreement, (ii) the Note and the Warrants to be issued in connection with this
Agreement, (iii) the Master Security Agreement dated as of the date hereof
between the Company, certain Subsidiaries of the Company and the Purchaser (as
amended, modified or supplemented from time to time, the "Master Security
Agreement"), (iv) the Registration Rights Agreement relating to the Securities
dated as of the date hereof between the Company and the Purchaser, (v) the
Subsidiary Guaranty dated as of the date hereof made by certain Subsidiaries of
the Company (as amended, modified or supplemented from time to time, the
"Subsidiary Guaranty"), (vi) the Stock Pledge Agreement dated as of the date
hereof among the Company, certain Subsidiaries of the Company and the Purchaser
(as amended, modified or supplemented from time to time, the "Stock Pledge
Agreement"), (vii) the Escrow Agreement dated as of the date hereof among the
Company, the Purchaser and the escrow agent referred to therein, (viii) the
Laurus Restricted Account Agreement dated as of the date hereof among the
Company, the Purchaser and North Fork Bank (including the side letter dated as
of the date hereof and related thereto, the "Laurus Restricted Account
Agreement"), (ix) the Reserve Restricted Account Agreement dated as of the date
hereof among the Company, the Purchaser and North Fork Bank (the "Reserve
Restricted Account Agreement"), (x) the Intercreditor and Collateral Agency
Agreement dated as of the date hereof between the Purchaser and the Bridge Loan
Creditors referred to therein, and acknowledged to by the Company, (xi) the
Foreign Documentation (as defined below) and (xii) all other agreements related
to this Agreement and the Note and referred to herein (the preceding clauses
(ii) through (xii), collectively, the "Related Agreements"), to issue and sell
the Note and the shares of Common Stock issuable upon conversion of the Note
(the "Note Shares"), to issue and sell the Warrants and the Warrant Shares, and
to carry out the provisions of this Agreement and the Related Agreements and to
carry on its business as presently conducted. Each of the Company and each of
its Subsidiaries is duly qualified and is authorized to do business and is in
good standing as a foreign corporation, partnership or limited liability
company, as the case may be, in all jurisdictions in which the nature of its
activities and of its properties (both owned and leased) makes such
qualification necessary, except for those jurisdictions in which failure to do
so has not, or could not reasonably be expected to have, individually or in the
aggregate, a material adverse effect on the business, assets, liabilities,
condition (financial or otherwise), properties, operations or prospects of the
Company and it Subsidiaries, taken individually and as a whole (a "Material
Adverse Effect").

                                       3
<PAGE>

                  4.2 Subsidiaries. Each direct and indirect Subsidiary of the
Company, the direct owner of such Subsidiary and its percentage ownership
thereof, is set forth on Schedule 4.2. No Immaterial Subsidiary owns any assets
(other than immaterial assets) or has any significant operations. For the
purpose of this Agreement, (x) a "Subsidiary" of any person or entity means (i)
a corporation or other entity whose shares of stock or other ownership interests
having ordinary voting power (other than stock or other ownership interests
having such power only by reason of the happening of a contingency) to elect a
majority of the directors of such corporation, or other persons or entities
performing similar functions for such person or entity, are owned, directly or
indirectly, by such person or entity or (ii) a corporation or other entity in
which such person or entity owns, directly or indirectly, more than 50% of the
equity interests at such time and (y) the "Immaterial Subsidiaries" shall mean,
collectively, Epixtar Communications Corp., a Florida corporation, Epixtar
Prepaid Communications Corp., a Delaware corporation, One World Public
Communications Corp., a Delaware corporation, SavonCalling.com, LLC, a Florida
corporation, Epixtar Solutions Corp., a Delaware corporation, Epixtar Account
Services Corp., a Delaware corporation, Epixtar Marketing Services Corp, a
Delaware corporation and each Subsidiary of the Company that does not own any
assets (other than immaterial assets) or have any significant operations.

                  4.3 Capitalization; Voting Rights.

                  (a) The authorized capital stock of the Company, as of the
         date hereof consists of 60,000,000 shares, of which 50,000,000 are
         shares of Common Stock, par value $0.001 per share, 10,962,663 shares
         of which are issued and outstanding, and 10,000,000 are shares of
         preferred stock, par value $0.001 per share of which 22,010 shares of
         preferred stock are issued and outstanding. The authorized capital
         stock of each Subsidiary of the Company is set forth on Schedule 4.3.

                  (b) Except as disclosed on Schedule 4.3, other than: (i) the
         shares reserved for issuance under the Company's stock option plans;
         and (ii) shares which may be granted pursuant to this Agreement and the
         Related Agreements, there are no outstanding options, warrants, rights
         (including conversion or preemptive rights and rights of first
         refusal), proxy or stockholder agreements, or arrangements or
         agreements of any kind for the purchase or acquisition from the Company
         of any of its securities. Except as disclosed on Schedule 4.3, neither
         the offer, issuance or sale of any of the Note or the Warrants, or the
         issuance of any of the Note Shares or Warrant Shares, nor the
         consummation of any transaction contemplated hereby will result in a
         change in the price or number of any securities of the Company
         outstanding, under anti-dilution or other similar provisions contained
         in or affecting any such securities.

                                       4
<PAGE>

                  (c) All issued and outstanding shares of the Company's Common
         Stock: (i) have been duly authorized and validly issued and are fully
         paid and nonassessable; and (ii) were issued in compliance with all
         applicable state and federal laws concerning the issuance of
         securities.

                  (d) The rights, preferences, privileges and restrictions of
         the shares of the Common Stock are as stated in the Company's
         Certificate of Incorporation (the "Charter"). The Note Shares and
         Warrant Shares have been duly and validly reserved for issuance. When
         issued in compliance with the provisions of this Agreement and the
         Company's Charter, the Securities will be validly issued, fully paid
         and nonassessable, and will be free of any liens or encumbrances;
         provided, however, that the Securities may be subject to restrictions
         on transfer under state and/or federal securities laws as set forth
         herein or as otherwise required by such laws at the time a transfer is
         proposed.

                  4.4 Authorization; Binding Obligations. All corporate,
partnership or limited liability company, as the case may be, action on the part
of the Company and each of its Subsidiaries (including the respective officers
and directors) necessary for the authorization of this Agreement and the Related
Agreements, the performance of all obligations of the Company and its
Subsidiaries hereunder and under the other Related Agreements at the Closing
and, the authorization, sale, issuance and delivery of the Note and the Warrants
has been taken or will be taken prior to the Closing. This Agreement and the
Related Agreements, when executed and delivered and to the extent it is a party
thereto, will be valid and binding obligations of each of the Company and each
of its Subsidiaries, enforceable against each such person in accordance with
their terms, except:

                  (a) as limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other laws of general application
         affecting enforcement of creditors' rights; and

                  (b) general principles of equity that restrict the
         availability of equitable or legal remedies.

The sale of the Note and the subsequent conversion of the Note into Note Shares
are not and will not be subject to any preemptive rights or rights of first
refusal that have not been properly waived or complied with. The issuance of the
Warrants and the subsequent exercise of the Warrants for Warrant Shares are not
and will not be subject to any preemptive rights or rights of first refusal that
have not been properly waived or complied with.

         4.5 Liabilities. Neither the Company nor any of its Subsidiaries has
any contingent liabilities, except current liabilities incurred in the ordinary
course of business and liabilities disclosed in any Exchange Act Filings.

         4.6 Agreements; Action. Except as set forth on Schedule 4.6 or as
disclosed in any Exchange Act Filings:

                  (a) there are no agreements, understandings, instruments,
         contracts, proposed transactions, judgments, orders, writs or decrees
         to which the Company or any of its Subsidiaries is a party or by which
         it is bound which may involve: (i) obligations (contingent or
         otherwise) of, or payments to, the Company in excess of $50,000 (other
         than obligations of, or payments to, the Company arising from
         agreements entered into in the ordinary course of business); or (ii)
         the transfer or license of any patent, copyright, trade secret or other
         proprietary right to or from the Company (other than licenses arising
         from the purchase of "off the shelf" or other standard products); or
         (iii) provisions restricting the development, manufacture or
         distribution of the Company's products or services; or (iv)
         indemnification by the Company with respect to infringements of
         proprietary rights.

                                       5
<PAGE>

                  (b) Since December 31, 2003, neither the Company nor any of
         its Subsidiaries has: (i) declared or paid any dividends, or authorized
         or made any distribution upon or with respect to any class or series of
         its capital stock; (ii) incurred any indebtedness for money borrowed or
         any other liabilities (other than ordinary course obligations)
         individually in excess of $50,000 or, in the case of indebtedness
         and/or liabilities individually less than $50,000, in excess of
         $100,000 in the aggregate; (iii) made any loans or advances to any
         person not in excess, individually or in the aggregate, of $100,000,
         other than ordinary course advances for travel expenses; or (iv) sold,
         exchanged or otherwise disposed of any of its assets or rights, other
         than the sale of its inventory in the ordinary course of business.

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

                  4.7 Obligations to Related Parties. Except as set forth on
Schedule 4.7, there are no obligations of the Company or any of its Subsidiaries
to officers, directors, stockholders or employees of the Company or any of its
Subsidiaries other than:

                  (a) for payment of salary for services rendered and for bonus
         payments;

                  (b) reimbursement for reasonable expenses incurred on behalf
         of the Company and its Subsidiaries;

                  (c) for other standard employee benefits made generally
         available to all employees (including stock option agreements
         outstanding under any stock option plan approved by the Board of
         Directors of the Company); and

                  (d) obligations listed in the Company's financial statements
         or disclosed in any of its Exchange Act Filings.

Except as described above or set forth on Schedule 4.7, none of the officers,
directors or, to the best of the Company's knowledge, key employees or
stockholders of the Company or any members of their immediate families, are
indebted to the Company, individually or in the aggregate, in excess of $50,000
or have any direct or indirect ownership interest in any firm or corporation
with which the Company is affiliated or with which the Company has a business
relationship, or any firm or corporation which competes with the Company, other
than passive investments in publicly traded companies (representing less than
one percent (1%) of such company) which may compete with the Company. Except as
described above, no officer, director or stockholder, or any member of their
immediate families, is, directly or indirectly, interested in any material
contract with the Company and no agreements, understandings or proposed
transactions are contemplated between the Company and any such person. Except as
set forth on Schedule 4.7, the Company is not a guarantor or indemnitor of any
indebtedness of any other person, firm or corporation.

                                       6
<PAGE>

                  4.8 Changes. Since December 31, 2003, except as disclosed in
any Exchange Act Filing or in any Schedule to this Agreement (including Schedule
4.8) or to any of the Related Agreements, there has not been:

                  (a) any change in the business, assets, liabilities, condition
         (financial or otherwise), properties, operations or prospects of the
         Company or any of its Subsidiaries, which individually or in the
         aggregate has had, or could reasonably be expected to have,
         individually or in the aggregate, a Material Adverse Effect;

                  (b) any resignation or termination of any officer, key
         employee or group of employees of the Company or any of its
         Subsidiaries;

                  (c) any material change, except in the ordinary course of
         business, in the contingent obligations of the Company or any of its
         Subsidiaries by way of guaranty, endorsement, indemnity, warranty or
         otherwise;

                  (d) any damage, destruction or loss, whether or not covered by
         insurance, has had, or could reasonably be expected to have,
         individually or in the aggregate, a Material Adverse Effect;

                  (e) any waiver by the Company or any of its Subsidiaries of a
         valuable right or of a material debt owed to it;

                  (f) any direct or indirect loans made by the Company or any of
         its Subsidiaries to any stockholder, employee, officer or director of
         the Company or any of its Subsidiaries, other than advances made in the
         ordinary course of business;

                  (g) any material change in any compensation arrangement or
         agreement with any employee, officer, director or stockholder of the
         Company or any of its Subsidiaries;

                  (h) any declaration or payment of any dividend or other
         distribution of the assets of the Company or any of its Subsidiaries;

                  (i) any labor organization activity related to the Company or
         any of its Subsidiaries;

                  (j) any debt, obligation or liability incurred, assumed or
         guaranteed by the Company or any of its Subsidiaries, except those for
         immaterial amounts and for current liabilities incurred in the ordinary
         course of business;

                                       7
<PAGE>

                  (k) any sale, assignment or transfer of any patents,
         trademarks, copyrights, trade secrets or other intangible assets owned
         by the Company or any of its Subsidiaries;

                  (l) any change in any material agreement to which the Company
         or any of its Subsidiaries is a party or by which either the Company or
         any of its Subsidiaries is bound which either individually or in the
         aggregate has had, or could reasonably be expected to have,
         individually or in the aggregate, a Material Adverse Effect;

                  (m) any other event or condition of any character that, either
         individually or in the aggregate, has had, or could reasonably be
         expected to have, individually or in the aggregate, a Material Adverse
         Effect; or

                  (n) any arrangement or commitment by the Company or any of its
         Subsidiaries to do any of the acts described in subsection (a) through
         (m) above.

                  4.9 Title to Properties and Assets; Liens, Etc. Except as set
forth on Schedule 4.9, each of the Company and each of its Subsidiaries has good
and marketable title to its properties and assets, and good title to its
leasehold estates, in each case subject to no mortgage, pledge, lien, lease,
encumbrance or charge, other than:

                  (a) those resulting from taxes which have not yet become
         delinquent;

                  (b) minor liens and encumbrances which do not materially
         detract from the value of the property subject thereto or materially
         impair the operations of the Company or any of its Subsidiaries; and

                  (c) those that have otherwise arisen in the ordinary course of
         business.

All facilities, machinery, equipment, fixtures, vehicles and other properties
owned, leased or used by the Company and its Subsidiaries are in good operating
condition and repair and are reasonably fit and usable for the purposes for
which they are being used. Except as set forth on Schedule 4.9, the Company and
its Subsidiaries are in compliance with all material terms of each lease to
which it is a party or is otherwise bound.

                  4.10 Intellectual Property.

                  (a) Each of the Company and each of its Subsidiaries owns or
         possesses sufficient legal rights to all patents, trademarks, service
         marks, trade names, copyrights, trade secrets, licenses, information
         and other proprietary rights and processes necessary for its business
         as now conducted and to the Company's knowledge, as presently proposed
         to be conducted (the "Intellectual Property"), without any known
         infringement of the rights of others. There are no outstanding options,
         licenses or agreements of any kind relating to the foregoing
         proprietary rights, nor is the Company or any of its Subsidiaries bound
         by or a party to any options, licenses or agreements of any kind with
         respect to the patents, trademarks, service marks, trade names,
         copyrights, trade secrets, licenses, information and other proprietary
         rights and processes of any other person or entity other than such
         licenses or agreements arising from the purchase of "off the shelf" or
         standard products.

                                       8
<PAGE>

                  (b) Neither the Company nor any of its Subsidiaries has
         received any communications alleging that the Company or any of its
         Subsidiaries has violated any of the patents, trademarks, service
         marks, trade names, copyrights or trade secrets or other proprietary
         rights of any other person or entity, nor is the Company or any of its
         Subsidiaries aware of any basis therefor.

                  (c) The Company does not believe it is or will be necessary to
         utilize any inventions, trade secrets or proprietary information of any
         of its employees made prior to their employment by the Company or any
         of its Subsidiaries, except for inventions, trade secrets or
         proprietary information that have been rightfully assigned to the
         Company or any of its Subsidiaries.

                  4.11 Compliance with Other Instruments. Neither the Company
nor any of its Subsidiaries is in violation or default of (x) any term of its
Certificate of Incorporation or Bylaws, (y) any term of the Bridge Loan
Documents or the Wedge Documents or (z) of any provision of any indebtedness,
mortgage, indenture, contract, agreement or instrument to which it is party or
by which it is bound or of any judgment, decree, order or writ, which violation
or default, in the case of this clause (z), has had, or could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse
Effect. The execution, delivery and performance of and compliance with this
Agreement and the Related Agreements to which it is a party, and the issuance
and sale of the Note by the Company and the other Securities by the Company each
pursuant hereto and thereto, will not, with or without the passage of time or
giving of notice, result in any such material violation, or be in conflict with
or constitute a default under any such term or provision, or result in the
creation of any mortgage, pledge, lien, encumbrance or charge upon any of the
properties or assets of the Company or any of its Subsidiaries or the
suspension, revocation, impairment, forfeiture or nonrenewal of any permit,
license, authorization or approval applicable to the Company, its business or
operations or any of its assets or properties.

                  4.12 Litigation. Except as set forth on Schedule 4.12 hereto,
there is no action, suit, proceeding or investigation pending or, to the
Company's knowledge, currently threatened against the Company or any of its
Subsidiaries that prevents the Company or any of its Subsidiaries from entering
into this Agreement or the other Related Agreements, or from consummating the
transactions contemplated hereby or thereby, or which has had, or could
reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect or any change in the current equity ownership of the
Company or any of its Subsidiaries, nor is the Company aware that there is any
basis to assert any of the foregoing. Neither the Company nor any of its
Subsidiaries is a party or subject to the provisions of any order, writ,
injunction, judgment or decree of any court or government agency or
instrumentality. There is no action, suit, proceeding or investigation by the
Company or any of its Subsidiaries currently pending or which the Company or any
of its Subsidiaries intends to initiate.

                  4.13 Tax Returns and Payments. Each of the Company and each of
its Subsidiaries has timely filed all tax returns (federal, state and local)
required to be filed by it. All taxes shown to be due and payable on such
returns, any assessments imposed, and all other taxes due and payable by the
Company or any of its Subsidiaries on or before the Closing, have been paid or
will be paid prior to the time they become delinquent. Except as set forth on
Schedule 4.13, neither the Company nor any of its Subsidiaries has been advised:

                                       9
<PAGE>

                  (a) that any of its returns, federal, state or other, have
         been or are being audited as of the date hereof; or

                  (b) of any deficiency in assessment or proposed judgment to
         its federal, state or other taxes.

The Company has no knowledge of any liability of any tax to be imposed upon its
properties or assets as of the date of this Agreement that is not adequately
provided for.

                  4.14 Employees. Except as set forth on Schedule 4.14, neither
the Company nor any of its Subsidiaries has any collective bargaining agreements
with any of its employees. There is no labor union organizing activity pending
or, to the Company's knowledge, threatened with respect to the Company or any of
its Subsidiaries. Except as disclosed in the Exchange Act Filings or on Schedule
4.14, neither the Company nor any of its Subsidiaries is a party to or bound by
any currently effective employment contract, deferred compensation arrangement,
bonus plan, incentive plan, profit sharing plan, retirement agreement or other
employee compensation plan or agreement. To the Company's knowledge, no employee
of the Company or any of its Subsidiaries, nor any consultant with whom the
Company or any of its Subsidiaries has contracted, is in violation of any term
of any employment contract, proprietary information agreement or any other
agreement relating to the right of any such individual to be employed by, or to
contract with, the Company or any of its Subsidiaries because of the nature of
the business to be conducted by the Company or any of its Subsidiaries; and to
the Company's knowledge the continued employment by the Company or any of its
Subsidiaries of its present employees, and the performance of the Company's and
its Subsidiaries' contracts with its independent contractors, will not result in
any such violation. Neither the Company nor any of its Subsidiaries is aware
that any of its employees is obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any
judgment, decree or order of any court or administrative agency, that would
interfere with their duties to the Company or any of its Subsidiaries. Neither
the Company nor any of its Subsidiaries has received any notice alleging that
any such violation has occurred. Except for employees who have a current
effective employment agreement with the Company or any of its Subsidiaries, no
employee of the Company or any of its Subsidiaries has been granted the right to
continued employment by the Company or any of its Subsidiaries or to any
material compensation following termination of employment with the Company or
any of its Subsidiaries. Except as set forth on Schedule 4.14, the Company is
not aware that any officer, key employee or group of employees intends to
terminate his, her or their employment with the Company or any of its
Subsidiaries, nor does the Company or any of its Subsidiaries have a present
intention to terminate the employment of any officer, key employee or group of
employees.

                  4.15 Registration Rights and Voting Rights. Except as set
forth on Schedule 4.15 and except as disclosed in Exchange Act Filings, neither
the Company nor any of its Subsidiaries is presently under any obligation, and
neither the Company nor any of its Subsidiaries has granted any rights, to
register any of the Company's or its Subsidiaries' presently outstanding
securities or any of its securities that may hereafter be issued. Except as set
forth on Schedule 4.15 and except as disclosed in Exchange Act Filings, to the
Company's knowledge, no stockholder of the Company or any of its Subsidiaries
has entered into any agreement with respect to the voting of equity securities
of the Company or any of its Subsidiaries.

                                       10
<PAGE>

                  4.16 Compliance with Laws; Permits. Neither the Company nor
any of its Subsidiaries is in violation of any applicable statute, rule,
regulation, order or restriction of any domestic or foreign government or any
instrumentality or agency thereof in respect of the conduct of its business or
the ownership of its properties which has had, or could reasonably be expected
to have, either individually or in the aggregate, a Material Adverse Effect. No
governmental orders, permissions, consents, approvals or authorizations are
required to be obtained and no registrations or declarations are required to be
filed in connection with the execution and delivery of this Agreement or any
other Related Agreement and the issuance of any of the Securities, except such
as has been duly and validly obtained or filed, or with respect to any filings
that must be made after the Closing, as will be filed in a timely manner. Each
of the Company and its Subsidiaries has all material franchises, permits,
licenses and any similar authority necessary for the conduct of its business as
now being conducted by it, the lack of which could, either individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

                  4.17 Environmental and Safety Laws. Neither the Company nor
any of its Subsidiaries is in violation of any applicable statute, law or
regulation relating to the environment or occupational health and safety, and to
its knowledge, no material expenditures are or will be required in order to
comply with any such existing statute, law or regulation. Except as set forth on
Schedule 4.17, no Hazardous Materials (as defined below) are used or have been
used, stored, or disposed of by the Company or any of its Subsidiaries or, to
the Company's knowledge, by any other person or entity on any property owned,
leased or used by the Company or any of its Subsidiaries. For the purposes of
the preceding sentence, "Hazardous Materials" shall mean:

                  (a) materials which are listed or otherwise defined as
         "hazardous" or "toxic" under any applicable local, state, federal
         and/or foreign laws and regulations that govern the existence and/or
         remedy of contamination on property, the protection of the environment
         from contamination, the control of hazardous wastes, or other
         activities involving hazardous substances, including building
         materials; or

                  (b) any petroleum products or nuclear materials.

                  4.18 Valid Offering. Assuming the accuracy of the
representations and warranties of the Purchaser contained in this Agreement, the
offer, sale and issuance of the Securities will be exempt from the registration
requirements of the Securities Act of 1933, as amended (the "Securities Act"),
and will have been registered or qualified (or are exempt from registration and
qualification) under the registration, permit or qualification requirements of
all applicable state securities laws.

                  4.19 Full Disclosure. Each of the Company and each of its
Subsidiaries has provided the Purchaser with all information requested by the
Purchaser in connection with its decision to purchase the Note and the Warrants,
including all information the Company and its Subsidiaries believe is reasonably
necessary to make such investment decision. Neither this Agreement, the Related
Agreements, the exhibits and schedules hereto and thereto nor any other document
delivered by the Company or any of its Subsidiaries to Purchaser or its
attorneys or agents in connection herewith or therewith or with the transactions
contemplated hereby or thereby, contain any untrue statement of a material fact
nor omit to state a material fact necessary in order to make the statements
contained herein or therein, in light of the circumstances in which they are
made, not misleading. Any financial projections and other estimates provided to
the Purchaser by the Company or any of its Subsidiaries were based on the
Company's and its Subsidiaries' experience in the industry and on assumptions of
fact and opinion as to future events which the Company or any of its
Subsidiaries, at the date of the issuance of such projections or estimates,
believed to be reasonable.

                                       11
<PAGE>

                  4.20 Insurance. Each of the Company and each of its
Subsidiaries has general commercial, product liability, fire and casualty
insurance policies with coverages which the Company believes are customary for
companies similarly situated to the Company and its Subsidiaries in the same or
similar business.

                  4.21 SEC Reports. Except as set forth on Schedule 4.21, the
Company has filed all proxy statements, reports and other documents required to
be filed by it under the Securities Exchange Act 1934, as amended (the "Exchange
Act"). The Company has furnished the Purchaser with copies of: (i) its Annual
Reports on Form 10-KSB for its fiscal year ended December 31, 2003, (ii) its
Quarterly Report on Form 10-QSB for its fiscal quarter ended September 30, 2003
and (iii) the Form 8-K filings which it has made during the fiscal year 2004 to
date (collectively, the "SEC Reports"). Except as set forth on Schedule 4.21,
each SEC Report was, at the time of its filing, in substantial compliance with
the requirements of its respective form and none of the SEC Reports, nor the
financial statements (and the notes thereto) included in the SEC Reports, as of
their respective filing dates, contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading.

                  4.22 Listing. The Company's Common Stock is listed for trading
on the National Association of Securities Dealers Over the Counter Bulletin
Board ("NASD OTCBB") and satisfies all requirements for the continuation of such
trading. The Company has not received any notice that its Common Stock will not
be eligible to be traded on the NASD OTCBB or that its Common Stock does not
meet all requirements for such trading.

                  4.23 No Integrated Offering. Neither the Company, nor any of
its Subsidiaries or affiliates, nor any person acting on its or their behalf,
has directly or indirectly made any offers or sales of any security or solicited
any offers to buy any security under circumstances that would cause the offering
of the Securities pursuant to this Agreement or any of the Related Agreements to
be integrated with prior offerings by the Company for purposes of the Securities
Act which would prevent the Company from selling the Securities pursuant to Rule
506 under the Securities Act, or any applicable exchange-related stockholder
approval provisions, nor will the Company or any of its affiliates or
Subsidiaries take any action or steps that would cause the offering of the
Securities to be integrated with other offerings.

                                       12
<PAGE>

                  4.24 Stop Transfer. The Securities are restricted securities
as of the date of this Agreement. Neither the Company nor any of its
Subsidiaries will issue any stop transfer order or other order impeding the sale
and delivery of any of the Securities at such time as the Securities are
registered for public sale or an exemption from registration is available,
except as required by state and federal securities laws.

                  4.25 Dilution. The Company specifically acknowledges that its
obligation to issue the shares of Common Stock upon conversion of the Note and
exercise of the Warrants is binding upon the Company and enforceable regardless
of the dilution such issuance may have on the ownership interests of other
shareholders of the Company.

                  4.26 Patriot Act. The Company certifies that, to the best of
Company's knowledge, neither the Company nor any of its Subsidiaries has been
designated, and is not owned or controlled, by a "suspected terrorist" as
defined in Executive Order 13224. The Company hereby acknowledges that the
Purchaser seeks to comply with all applicable laws concerning money laundering
and related activities. In furtherance of those efforts, the Company hereby
represents, warrants and agrees that: (i) none of the cash or property that the
Company or any of its Subsidiaries will pay or will contribute to the Purchaser
has been or shall be derived from, or related to, any activity that is deemed
criminal under United States law; and (ii) no contribution or payment by the
Company or any of its Subsidiaries to the Purchaser, to the extent that they are
within the Company's and/or its Subsidiaries' control shall cause the Purchaser
to be in violation of the United States Bank Secrecy Act, the United States
International Money Laundering Control Act of 1986 or the United States
International Money Laundering Abatement and Anti-Terrorist Financing Act of
2001. The Company shall promptly notify the Purchaser if any of these
representations ceases to be true and accurate regarding the Company or any of
its Subsidiaries. The Company agrees to provide the Purchaser any additional
information regarding the Company or any of its Subsidiaries that the Purchaser
deems necessary or convenient to ensure compliance with all applicable laws
concerning money laundering and similar activities. The Company understands and
agrees that if at any time it is discovered that any of the foregoing
representations are incorrect, or if otherwise required by applicable law or
regulation related to money laundering similar activities, the Purchaser may
undertake appropriate actions to ensure compliance with applicable law or
regulation, including but not limited to segregation and/or redemption of the
Purchaser's investment in the Company. The Company further understands that the
Purchaser may release confidential information about the Company and its
Subsidiaries and, if applicable, any underlying beneficial owners, to proper
authorities if the Purchaser, in its sole discretion, determines that it is in
the best interests of the Purchaser in light of relevant rules and regulations
under the laws set forth in subsection (ii) above.

                  4.27 Billing Agencies. On the date hereof, neither the
Company, nor any of its Subsidiaries, maintains any holdbacks or reserves of the
type set forth in the redirection notice referred to in Section 3.4 with any
person or entity other than Payment One, Hold Billing Services Company, a Texas
corporation ("HBS"). and ILD.

         5. Representations and Warranties of the Purchaser. The Purchaser
hereby represents and warrants to the Company as follows (such representations
and warranties do not lessen or obviate the representations and warranties of
the Company set forth in this Agreement):

                                       13
<PAGE>

                  5.1 No Shorting. The Purchaser or any of its affiliates and
investment partners has not, will not and will not cause any person or entity,
directly or indirectly, to engage in "short sales" of the Company's Common Stock
as long as the Note shall be outstanding.

                  5.2 Requisite Power and Authority. The Purchaser has all
necessary power and authority under all applicable provisions of law to execute
and deliver this Agreement and the Related Agreements and to carry out their
provisions. All corporate action on Purchaser's part required for the lawful
execution and delivery of this Agreement and the Related Agreements have been or
will be effectively taken prior to the Closing. Upon their execution and
delivery, this Agreement and the Related Agreements will be valid and binding
obligations of Purchaser, enforceable in accordance with their terms, except:

                  (a) as limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other laws of general application
         affecting enforcement of creditors' rights; and

                  (b) as limited by general principles of equity that restrict
         the availability of equitable and legal remedies.

                  5.3 Investment Representations. Purchaser understands that the
Securities are being offered and sold pursuant to an exemption from registration
contained in the Securities Act based in part upon Purchaser's representations
contained in the Agreement, including, without limitation, that the Purchaser is
an "accredited investor" within the meaning of Regulation D under the Securities
Act of 1933, as amended (the "Securities Act"). The Purchaser confirms that it
has received or has had full access to all the information it considers
necessary or appropriate to make an informed investment decision with respect to
the Note and the Warrants to be purchased by it under this Agreement and the
Note Shares and the Warrant Shares acquired by it upon the conversion of the
Note and the exercise of the Warrants, respectively. The Purchaser further
confirms that it has had an opportunity to ask questions and receive answers
from the Company regarding the Company's and its Subsidiaries' business,
management and financial affairs and the terms and conditions of the Offering,
the Note, the Warrants and the Securities and to obtain additional information
(to the extent the Company possessed such information or could acquire it
without unreasonable effort or expense) necessary to verify any information
furnished to the Purchaser or to which the Purchaser had access.

                  5.4 Purchaser Bears Economic Risk. The Purchaser has
substantial experience in evaluating and investing in private placement
transactions of securities in companies similar to the Company so that it is
capable of evaluating the merits and risks of its investment in the Company and
has the capacity to protect its own interests. The Purchaser must bear the
economic risk of this investment until the Securities are sold pursuant to: (i)
an effective registration statement under the Securities Act; or (ii) an
exemption from registration is available with respect to such sale.

                  5.5 Acquisition for Own Account. The Purchaser is acquiring
the Note and the Warrants and the Note Shares and the Warrant Shares for the
Purchaser's own account for investment only, and not as a nominee or agent and
not with a view towards or for resale in connection with their distribution.

                                       14
<PAGE>

                  5.6 Purchaser Can Protect Its Interest. The Purchaser
represents that by reason of its, or of its management's, business and financial
experience, the Purchaser has the capacity to evaluate the merits and risks of
its investment in the Note, the Warrants and the Securities and to protect its
own interests in connection with the transactions contemplated in this Agreement
and the Related Agreements. Further, Purchaser is aware of no publication of any
advertisement in connection with the transactions contemplated in the Agreement
or the Related Agreements.

                  5.7 Accredited Investor. Purchaser represents that it is an
accredited investor within the meaning of Section 501(a)(3) of Regulation D
under the Securities Act.

                  5.8 Legends.

                  (a) The Note shall bear substantially the following legend:

                  "THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF
                  THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED, OR ANY APPLICABLE, STATE SECURITIES LAWS.
                  THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF
                  THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
                  HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
                  STATEMENT AS TO THIS NOTE OR SUCH SHARES UNDER SAID ACT AND
                  APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
                  REASONABLY SATISFACTORY TO EPIXTAR CORP. THAT SUCH
                  REGISTRATION IS NOT REQUIRED."

                  (b) The Note Shares and the Warrant Shares, if not issued by
         DWAC system (as hereinafter defined), shall bear a legend which shall
         be in substantially the following form until such shares are covered by
         an effective registration statement filed with the SEC:

                  "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  ANY APPLICABLE STATE SECURITIES LAWS. THESE SHARES MAY NOT BE
                  SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
                  OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES
                  ACT AND APPLICABLE STATE LAWS OR AN OPINION OF COUNSEL
                  REASONABLY SATISFACTORY TO EPIXTAR CORP. THAT SUCH
                  REGISTRATION IS NOT REQUIRED."

                                       15
<PAGE>

                  (c) Each Warrant shall bear substantially the following
         legend:

                  "THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF
                  THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                  OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS.
                  THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF
                  THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
                  HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
                  STATEMENT AS TO THIS WARRANT OR THE UNDERLYING SHARES OF
                  COMMON STOCK UNDER SAID ACT AND APPLICABLE STATE SECURITIES
                  LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
                  EPIXTAR CORP. THAT SUCH REGISTRATION IS NOT REQUIRED."

         6. Covenants of the Company. The Company covenants and agrees with the
Purchaser as follows:

                  6.1 Stop-Orders. The Company will advise the Purchaser,
promptly after it receives notice of issuance by the Securities and Exchange
Commission (the "SEC"), any state securities commission or any other regulatory
authority of any stop order or of any order preventing or suspending any
offering of any securities of the Company, or of the suspension of the
qualification of the Common Stock of the Company for offering or sale in any
jurisdiction, or the initiation of any proceeding for any such purpose.

                  6.2 Listing. The Company shall promptly secure the listing of
the shares of Common Stock issuable upon conversion of the Note and upon the
exercise of the Warrants on the NASD OTCBB (the "Principal Market") upon which
shares of Common Stock are listed (subject to official notice of issuance) and
shall maintain such listing so long as any other shares of Common Stock shall be
so listed. The Company will maintain the listing of its Common Stock on the
Principal Market, and will comply in all material respects with the Company's
reporting, filing and other obligations under the bylaws or rules of the
National Association of Securities Dealers ("NASD") and such exchanges, as
applicable.

                  6.3 Market Regulations. The Company shall notify the SEC, NASD
and applicable state authorities, in accordance with their requirements, of the
transactions contemplated by this Agreement, and shall take all other necessary
action and proceedings as may be required and permitted by applicable law, rule
and regulation, for the legal and valid issuance of the Securities to the
Purchaser and promptly provide copies thereof to the Purchaser.

                  6.4 Reporting Requirements. The Company will timely file with
the SEC all reports required to be filed pursuant to the Exchange Act and
refrain from terminating its status as an issuer required by the Exchange Act to
file reports thereunder even if the Exchange Act or the rules or regulations
thereunder would permit such termination.

                  6.5 Use of Funds. The Company agrees that it will use the
proceeds of the sale of the Note and the Warrants (x) to refinance the any
outstanding indebtedness under the Wedge Documents, (y) for general working
capital purposes and (z) for the development and acquisition of certain contact
centers (it being understood that $1,930,000 of the proceeds of the Note will be
deposited in the Laurus Restricted Account on the Closing Date and shall be
subject to the terms and conditions of the Laurus Restricted Account Agreement).

                                       16
<PAGE>

                  6.6 Access to Facilities. Each of the Company and each of its
Subsidiaries will permit any representatives designated by the Purchaser (or any
successor of the Purchaser), upon reasonable notice and during normal business
hours, at such person's expense and accompanied by a representative of the
Company, to:

                  (a) visit and inspect any of the properties of the Company or
         any of its Subsidiaries;

                  (b) examine the corporate and financial records of the Company
         or any of its Subsidiaries (unless such examination is not permitted by
         federal, state or local law or by contract) and make copies thereof or
         extracts therefrom; and

                  (c) discuss the affairs, finances and accounts of the Company
         or any of its Subsidiaries with the directors, officers and independent
         accountants of the Company or any of its Subsidiaries.

Notwithstanding the foregoing, neither the Company nor any of its Subsidiaries
will provide any material, non-public information to the Purchaser unless the
Purchaser signs a confidentiality agreement and otherwise complies with
Regulation FD, under the federal securities laws.

                  6.7 Taxes. Each of the Company and each of its Subsidiaries
will promptly pay and discharge, or cause to be paid and discharged, when due
and payable, all lawful taxes, assessments and governmental charges or levies
imposed upon the income, profits, property or business of the Company and its
Subsidiaries; provided, however, that any such tax, assessment, charge or levy
need not be paid if the validity thereof shall currently be contested in good
faith by appropriate proceedings and if the Company and/or such Subsidiary shall
have set aside on its books adequate reserves with respect thereto, and
provided, further, that the Company and its Subsidiaries will pay all such
taxes, assessments, charges or levies forthwith upon the commencement of
proceedings to foreclose any lien which may have attached as security therefor.

                  6.8 Insurance. Each of the Company and its Subsidiaries will
keep its assets which are of an insurable character insured by financially sound
and reputable insurers against loss or damage by fire, explosion and other risks
customarily insured against by companies in similar business similarly situated
as the Company and its Subsidiaries; and the Company and its Subsidiaries will
maintain, with financially sound and reputable insurers, insurance against other
hazards and risks and liability to persons and property to the extent and in the
manner which the Company reasonably believes is customary for companies in
similar business similarly situated as the Company and its Subsidiaries and to
the extent available on commercially reasonable terms. The Company, and each of
its Subsidiaries will jointly and severally bear the full risk of loss from any
loss of any nature whatsoever with respect to the assets pledged to the
Purchaser as security for its obligations hereunder and under the Related
Agreements. At the Company's and each of its Subsidiaries' joint and several
cost and expense in amounts and with carriers reasonably acceptable to
Purchaser, the Company and each of its Subsidiaries shall (i) keep all its
insurable properties and properties in which it has an interest insured against
the hazards of fire, flood, sprinkler leakage, those hazards covered by extended
coverage insurance and such other hazards, and for such amounts, as is customary
in the case of companies engaged in businesses similar to the Company's or the

                                       17
<PAGE>

respective Subsidiary's including business interruption insurance; (ii) maintain
a bond in such amounts as is customary in the case of companies engaged in
businesses similar to the Company's or the respective Subsidiary's insuring
against larceny, embezzlement or other criminal misappropriation of insured's
officers and employees who may either singly or jointly with others at any time
have access to the assets or funds of the Company or any of its Subsidiaries
either directly or through governmental authority to draw upon such funds or to
direct generally the disposition of such assets; (iii) maintain public and
product liability insurance against claims for personal injury, death or
property damage suffered by others; (iv) maintain all such worker's compensation
or similar insurance as may be required under the laws of any state or
jurisdiction in which the Company or the respective Subsidiary is engaged in
business; and (v) furnish Purchaser with (x) copies of all policies and evidence
of the maintenance of such policies at least thirty (30) days before any
expiration date, (y) excepting the Company's workers' compensation policy,
endorsements to such policies naming Purchaser as "co-insured" or "additional
insured" and appropriate loss payable endorsements in form and substance
satisfactory to Purchaser, naming Purchaser as loss payee, and (z) evidence that
as to Purchaser the insurance coverage shall not be impaired or invalidated by
any act or neglect of the Company or any Subsidiary and the insurer will provide
Purchaser with at least thirty (30) days notice prior to cancellation. The
Company and each Subsidiary shall instruct the insurance carriers that in the
event of any loss thereunder, the carriers shall make payment for such loss to
the Company and/or the Subsidiary and Purchaser jointly. In the event that as of
the date of receipt of each loss recovery upon any such insurance, the Purchaser
has not declared an event of default with respect to this Agreement or any of
the Related Agreements, then the Company and/or such Subsidiary shall be
permitted to direct the application of such loss recovery proceeds toward
investment in property, plant and equipment that would comprise "Collateral"
secured by Purchaser's security interest pursuant to its security agreement,
with any surplus funds to be applied toward payment of the obligations of the
Company to Purchaser. In the event that Purchaser has properly declared an event
of default with respect to this Agreement or any of the Related Agreements, then
all loss recoveries received by Purchaser upon any such insurance thereafter may
be applied to the obligations of the Company hereunder and under the Related
Agreements, in such order as the Purchaser may determine. Any surplus (following
satisfaction of all Company obligations to Purchaser) shall be paid by Purchaser
to the Company or applied as may be otherwise required by law. Any deficiency
thereon shall be paid by the Company or the Subsidiary, as applicable, to
Purchaser, on demand.

                  6.9 Intellectual Property. Each of the Company and each of its
Subsidiaries shall maintain in full force and effect its existence, rights and
franchises and all licenses and other rights to use Intellectual Property owned
or possessed by it and reasonably deemed to be necessary to the conduct of its
business.

                  6.10 Properties. Each of the Company and each of its
Subsidiaries will keep its properties in good repair, working order and
condition, reasonable wear and tear excepted, and from time to time make all
needful and proper repairs, renewals, replacements, additions and improvements
thereto; and each of the Company and each of its Subsidiaries will at all times
comply with each provision of all leases to which it is a party or under which
it occupies property if the breach of such provision could, either individually
or in the aggregate, reasonably be expected tohave a Material Adverse Effect.

                                       18
<PAGE>

                  6.11 Confidentiality. The Company agrees that it will not
disclose, and will not include in any public announcement, the name of the
Purchaser, unless expressly agreed to by the Purchaser or unless and until such
disclosure is required by law or applicable regulation, and then only to the
extent of such requirement. Notwithstanding the foregoing, the Company may
disclose Purchaser's identity and the terms of this Agreement to its current and
prospective debt and equity financing sources.

                  6.12 Required Approvals. For so long as twenty-five percent
(25%) of the principal amount of the Note is outstanding, the Company, without
the prior written consent of the Purchaser, shall not, and shall not permit any
of its Subsidiaries to:

                  (a) (i) directly or indirectly declare or pay any dividends,
         other than (w) dividends paid to the Company or to any Credit Party (as
         defined below), (x) dividends paid by the Company in an aggregate
         amount not to exceed $200,000 in any fiscal year of the Company, (y)
         dividends paid to holders of Common Stock solely to the extent that
         such dividends are paid in Common Stock and (z) distribution of shares
         of a Subsidiary of the Company to the extent that substantially all of
         the assets of such Subsidiary consist of solely of the equity interests
         of one or more Foreign Subsidiaries (as defined below) of the Company
         which are subject to Foreign Documentation (as defined below), (ii)
         issue any preferred stock that is manditorily redeemable prior to the
         six month anniversary of the Maturity Date (as defined in the Note) or
         (iii) redeem any of its preferred stock or other equity interests;

                  (b) liquidate, dissolve or effect a material reorganization,
         other than (i) the liquidation or dissolution of Immaterial
         Subsidiaries and (ii) the spin-off of certain Foreign Subsidiaries of
         the Company solely to the extent that no violation of Section 6.18 has
         occurred and is continuing and the security interests granted to Laurus
         as contemplated by this Agreement and the Related Agreements has not
         been adversely affected in any respect (it being understood that in no
         event shall the Company dissolve, liquidate or merge with any other
         person or entity (unless the Company is the surviving entity));

                  (c) become subject to (including, without limitation, by way
         of amendment to or modification of) any agreement or instrument which
         by its terms would (under any circumstances) restrict the Company's or
         any of its Subsidiaries' right to perform the provisions of this
         Agreement, any Related Agreement or any of the agreements contemplated
         hereby or thereby;

                                       19
<PAGE>

                  (d) materially alter or change the scope of the business of
         the Company and its Subsidiaries taken as a whole;

                  (e) (i) create, incur, assume or suffer to exist any
         indebtedness (exclusive of trade debt and debt incurred to finance the
         purchase of equipment (not in excess of five percent (5%) per annum of
         the fair market value of the Company's assets) whether secured or
         unsecured other than (w) lease obligations (capitalized or otherwise)
         incurred by the Company or any of its Subsidiaries in the ordinary
         course of business, (x) the Company's indebtedness to Laurus, (y)
         indebtedness set forth on Schedule 6.12(e) attached hereto and made a
         part hereof and any refinancings or replacements thereof on terms no
         less favorable to the Purchaser than the indebtedness being refinanced
         or replaced (provided that the indebtedness incurred under the Bridge
         Loan Documents and the Wedge Documents shall not be permitted to be
         refinanced or replaced), and (z) any debt incurred in connection with
         the purchase of assets in the ordinary course of business, or any
         refinancings or replacements thereof on terms no less favorable to the
         Purchaser than the indebtedness being refinanced or replaced; (ii)
         cancel any debt owing to it in excess of $50,000 in the aggregate
         during any 12 month period; (iii) assume, guarantee, endorse or
         otherwise become directly or contingently liable in connection with any
         obligations of any other Person, except the endorsement of negotiable
         instruments by the Company for deposit or collection or similar
         transactions in the ordinary course of business or guarantees of
         indebtedness otherwise permitted to be outstanding pursuant to this
         clause (e);

                  (f) create or acquire any Subsidiary after the date hereof
         unless (i) such Subsidiary is a wholly-owned Subsidiary of the Company
         and (ii) such Subsidiary becomes party to the Master Security
         Agreement, the Stock Pledge Agreement, the Subsidiary Guaranty (in each
         case, either by executing a counterpart thereof or an assumption or
         joinder agreement in respect thereof) and/or, if requested by the
         Purchaser with respect to entities located outside of the United
         States, the foreign equivalent of any such agreement or guaranty (it
         being understood that the terms and conditions of any such foreign
         equivalent shall be satisfactory to the Purchaser), and, to the extent
         required by the Purchaser, satisfies each condition of this Agreement
         and the Related Agreements as if such Subsidiary were a Subsidiary of
         the Company on the Closing Date; and

                  (g) (i) make, or permit any of its Subsidiaries which are
         Credit Parties to make, any investments in, or any loans or advances
         to, any Subsidiary of the Company which is not a Credit Party, other
         than, so long as no Event of Default (as defined in the Note) has
         occurred and is continuing, immaterial investments, loans and/or
         advances made in the ordinary course of business or (ii) transfer, or
         permit any Subsidiary of the Company which is a Credit Party to
         transfer, assets to any Subsidiary of the Company which is not a Credit
         Party, other than, so long as no Event of Default has occurred and is
         continuing, immaterial asset transfers made in the ordinary course of
         business.

For the purposes of this Agreement, "Credit Party" shall mean (x) the Company
and each Subsidiary of the Company organized in the United States of America
that is party to the Master Security Agreement, the Stock Pledge Agreement and
the Subsidiary Guaranty and (y) Epixtar Phillippines IT-Enabled Services
Corporation, a corporation organized under the laws of the Phillippines
("Epixtar Phillippines"), Epixtar International Contact Center Group, Ltd., a
corporation organized under the laws of Bermuda ("Epixtar Bermuda"), and each
other wholly-owned Subsidiary of the Company that is organized outside of the
United States of America that has executed the Foreign Documentation referred to
in Section 6.18 (it being understood and agreed that an Immaterial Subsidiary
shall be deemed a Credit Party for purposes of this definition following the
execution by such Immaterial Subsidiary of an assumption or joinder agreement
with respect to the Master Security Agreement, the Subsidiary Guaranty and the
Stock Pledge Agreement).

                                       20
<PAGE>

                  6.13 Reissuance of Securities. The Company agrees to reissue
certificates representing the Securities without the legends set forth in
Section 5.7 above at such time as:

                  (a) the holder thereof is permitted to dispose of such
         Securities pursuant to Rule 144(k) under the Securities Act; or

                  (b) upon resale subject to an effective registration statement
         after such Securities are registered under the Securities Act.

The Company agrees to cooperate with the Purchaser in connection with all
resales pursuant to Rule 144(d) and Rule 144(k) and provide legal opinions
necessary to allow such resales provided the Company and its counsel receive
reasonably requested representations from the selling Purchaser and broker, if
any.

                  6.14 Opinion. On the Closing Date, the Company will deliver to
the Purchaser an opinion acceptable to the Purchaser from the Company's external
legal counsel. The Company will provide, at the Company's expense, such other
legal opinions in the future as are deemed reasonably necessary by the Purchaser
(and acceptable to the Purchaser) in connection with the conversion of the Note
and exercise of the Warrants.

                  6.15 Margin Stock. The Company will not permit any of the
proceeds of the Note or the Warrants to be used directly or indirectly to
"purchase" or "carry" "margin stock" or to repay indebtedness incurred to
"purchase" or "carry" "margin stock" within the respective meanings of each of
the quoted terms under Regulation U of the Board of Governors of the Federal
Reserve System as now and from time to time hereafter in effect.

                  6.16 Restricted Cash Disclosure. The Company agrees that, in
connection with its filing of its 8-K Report with the SEC concerning the
transactions contemplated by this Agreement and the Related Agreements (such
report, the "Laurus Transaction 8-K") in a timely manner after the date hereof,
it will disclose in such Laurus Transaction 8-K that $1,930,000 of the proceeds
of the Note issued by the Company to the Purchaser has been placed in a
restricted cash account under the sole dominion and control of the Purchaser,
and the release of the proceeds set forth in such restricted cash account is
subject to the approval of the Purchaser. Furthermore, the Company agrees to
disclose in all public filings required by the Commission (where appropriate)
following the filing of the Laurus Transaction 8-K, the existence of the
restricted cash referred to in the immediately preceding sentence, together with
the amount thereof.

                    6.17 Existing and Additional Reserve Accounts. The Company
shall not, and shall not permit any of its Subsidiaries to, without the consent
of the Purchaser, agree with any Existing Billing Agency or HBS or, following
the establishment thereof, any Additional Billing Agency (as defined below), to
modify the calculation with respect to the amount of reserves, holdbacks or
similar amounts required to be returned to the Company or such Subsidiary, as
the case may be, and placed in the Reserve Restricted Account (or, in each case,
the procedure therefore). The Company shall not, nor will it permit any of its
Subsidiaries to, direct any Billing Agency (as defined below) to forward any
reserve, holdback or similar amount maintained by any Billing Agency to any
account other than the Reserve Restricted Account. The Company agrees to notify,
and cause its Subsidiaries to notify, the Purchaser in the event that any
billing agency other than the Existing Billing Agencies (such billing agency, an
"Additional Billing Agency" and, together with the Existing Billing Agencies,
the "Billing Agencies") maintains reserve accounts similar to those maintained
by the Existing Billing Agencies on the date hereof. In the event an Additional
Billing Agency exists and at such time the sum of (A) the amount of reserves and

                                       21
<PAGE>

holdbacks held by any Existing Billing Agency which is subject to a redirection
notice of the type referred to in Section 3.4 (a "Redirection Notice") and (B)
the amount of cash contained in the Reserve Restricted Account, is less than the
outstanding principal amount of the Note (plus any accrued and unpaid interest
and fees related thereto), the Company hereby agrees to, or cause its relevant
Subsidiary to, as promptly as practicable but in no event later than 30 days
following establishment of a relationship with such Additional Billing Agency,
execute a Redirection Notice, redirecting any distribution of reserve amounts
maintained by an Additional Billing Agency to the Reserve Restricted Account
and, in connection therewith, have such redirection notice executed by the
respective Additional Billing Agency. Notwithstanding the foregoing, (x) each of
HBS and ILD, shall not be deemed Billing Agencies for purposes of this
Agreement; provided that, in the event that the Company or any Subsidiary
thereof, on the one hand, and HBS or ILD, on the other hand, modifies any of
their agreements in effect on the date hereof, or enters into any new
agreements, in either case to provide billing services for the Company or a
Subsidiary thereof not previously serviced by the respective entity, and (I) the
effect of such modification or new agreement is to increase the amount of
reserves or holdbacks held by either of HBS or ILD, respectively, of the type
referred to in the redirection notice delivered pursuant to Section 3.4 and (II)
and at such time the sum of (A) the amount of reserves and holdbacks held by any
Existing Billing Agency which is subject to a redirection notice of the type
referred to in Section 3.4 (a "Redirection Notice") and (B) the amount of cash
contained in the Reserve Restricted Account, is less than the outstanding
principal amount of the Note (plus any accrued and unpaid interest and fees
related thereto), the Company shall cause HBS to provide a Redirection Notice in
form and substance satisfactory to the Purchaser to the Purchaser as promptly as
practicable but in no event later than 30 days following the effectiveness of
such modification or new agreement, as the case may be, and, following such
modification, HBS shall be considered a Billing Agency for all purposes of this
Agreement and (y) the Company shall, or cause the relevant Subsidiary to, to the
extent the Company or such Subsidiary receives from ILD after the date hereof
any reserves and holdbacks held by them and of the type referred to in the
redirection notice delivered pursuant to Section 3.4, deposit in the Reserve
Restricted Account all such reserves and holdbacks no later than 3 business days
following the receipt thereof. Upon the request of the Purchaser, the Company
shall provide the Purchaser with accounting summaries of the holdbacks and
reserves referred to in this Section 6.17, which accounting summaries have been
prepared by the Billing Agencies and/or the related local exchange carriers in
the ordinary course of business. Notwithstanding anything to the contrary
contained in this Section 6.17 or elsewhere in this Agreement, the obligations
of the Company and its Subsidiaries with respect to reserves and holdbacks shall
only apply to reserves and holdbacks required to be maintained by persons or
entities (including, without limitation, by local exchange carriers) in
connection with the Company or such Subsidiaries' internet service provider
business conducted in the United States of America.

                  6.18 Foreign Security.No later than 45 days following the
Closing Date, the Company shall (x) either (I) cause each of Epixtar Philippines
and Epixtar Bermuda to grant in favor of the Purchaser a security interest in
all of such Subsidiary's assets or (II) cause all of the equity interests of
Epixtar Philippines and Epixtar Bermuda to be pledged to the Purchaser and (y)
cause Epixtar Philippines and Epixtar Bermuda to guaranty the obligations of the
Company set forth in this Agreement and the Related Agreements, in each case
pursuant to documentation governed by the jurisdiction of organization of such
Subsidiary (the preceding clauses (x) and (y), collectively, the "Foreign
Documentation"). Additionally, no later than 60 days following a request by the
Purchaser, the Company shall cause each other Subsidiary organized in a
jurisdiction outside of the United States (together with Epixtar Philippines and
Epixtar Bermuda, collectively, the "Foreign Subsidiaries"), other than an
Immaterial Subsidiary, to execute such Foreign Documentation as the Purchaser
deems necessary or desirable. All such Foreign Documentation shall be in form
and substance satisfactory to the Purchaser, and the Company agrees to cause the
respective Foreign Subsidiary to deliver all such other documentation as is
requested by the Purchaser in connection with the execution and delivery of such
Foreign Documentation (including, without limitation, an opinion of counsel
satisfactory to the Purchaser). Furthermore, it is hereby agreed that (x) at
such time as Foreign Documentation (together with all such other documentation
requested by the Purchaser) with respect to a particular Foreign Subsidiary is
delivered to the Purchaser, the Purchaser shall release the pledge of the equity
interests of such Foreign Subsidiary granted to it pursuant to the Stock Pledge
Agreement and (y) the Company shall not permit any equity interests of any
Foreign Subsidiary (or any parent thereof) to be transferred to any person or
other entity that is not a Credit Party until such time as the Foreign
Subsidiaries have become party to the Foreign Documentation required to be
entered into pursuant to this Section 6.18. The Company shall reimburse the
Purchaser for any and all legal fees and other expenses incurred by the
Purchaser in connection with the preparation, execution, negotiation and
delivery of the Foreign Documentation.

                                       22
<PAGE>

         7. Covenants of the Purchaser. The Purchaser covenants and agrees with
the Company as follows:

                  7.1 Confidentiality. The Purchaser agrees that it will not
disclose, and will not include in any public announcement, the name of the
Company, unless expressly agreed to by the Company or unless and until such
disclosure is required by law or applicable regulation, and then only to the
extent of such requirement.

                  7.2 Non-Public Information. The Purchaser agrees not to effect
any sales in the shares of the Company's Common Stock while in possession of
material, non-public information regarding the Company if such sales would
violate applicable securities law.

         8. Covenants of the Company and Purchaser Regarding Indemnification.

                  8.1 Company Indemnification. The Company agrees to indemnify,
hold harmless, reimburse and defend the Purchaser, each of the Purchaser's
officers, directors, agents, affiliates, control persons, and principal
shareholders, against any claim, cost, expense, liability, obligation, loss or
damage (including reasonable legal fees) of any nature, incurred by or imposed
upon the Purchaser which results, arises out of or is based upon: (i) any
misrepresentation by the Company or any of its Subsidiaries or breach of any
warranty by the Company or any of its Subsidiaries in this Agreement, any
Related Agreement or in any exhibits or schedules attached hereto or thereto; or
(ii) any breach or default in performance by Company or any of its Subsidiaries
of any covenant or undertaking to be performed by Company or any of its
Subsidiaries hereunder, under any other Related Agreement or any other agreement
entered into by the Company and/or any of its Subsidiaries and Purchaser
relating hereto or thereto.

                                       23
<PAGE>

                  8.2 Purchaser's Indemnification. Purchaser agrees to
indemnify, hold harmless, reimburse and defend the Company and each of the
Company's officers, directors, agents, affiliates, control persons and principal
shareholders, at all times against any claim, cost, expense, liability,
obligation, loss or damage (including reasonable legal fees) of any nature,
incurred by or imposed upon the Company which results, arises out of or is based
upon: (i) any misrepresentation by Purchaser or breach of any warranty by
Purchaser in this Agreement or in any exhibits or schedules attached hereto or
any Related Agreement; or (ii) any breach or default in performance by Purchaser
of any covenant or undertaking to be performed by Purchaser hereunder, or any
other agreement entered into by the Company and Purchaser relating hereto.

         9. Conversion of Convertible Note.

                  9.1 Mechanics of Conversion.

                  (a) Provided the Purchaser has notified the Company of the
         Purchaser's intention to sell the Note Shares and the Note Shares are
         included in an effective registration statement or are otherwise exempt
         from registration when sold: (i) upon the conversion of the Note or
         part thereof, the Company shall, at its own cost and expense, take all
         necessary action (including the issuance of an opinion of counsel
         reasonably acceptable to the Purchaser following a request by the
         Purchaser) to assure that the Company's transfer agent shall issue
         shares of the Company's Common Stock in the name of the Purchaser (or
         its nominee) or such other persons as designated by the Purchaser in
         accordance with Section 9.1(b) hereof and in such denominations to be
         specified representing the number of Note Shares issuable upon such
         conversion; and (ii) the Company warrants that no instructions other
         than these instructions have been or will be given to the transfer
         agent of the Company's Common Stock and that after the Effectiveness
         Date (as defined in the Registration Rights Agreement) the Note Shares
         issued will be freely transferable subject to the prospectus delivery
         requirements of the Securities Act and the provisions of this
         Agreement, and will not contain a legend restricting the resale or
         transferability of the Note Shares.

                  (b) Purchaser will give notice of its decision to exercise its
         right to convert the Note or part thereof by telecopying or otherwise
         delivering an executed and completed notice of the number of shares to
         be converted to the Company (the "Notice of Conversion"). The Purchaser
         will not be required to surrender the Note until the Purchaser receives
         a credit to the account of the Purchaser's prime broker through the
         DWAC system (as defined below), representing the Note Shares or until
         the Note has been fully satisfied. Each date on which a Notice of
         Conversion is telecopied or delivered to the Company in accordance with
         the provisions hereof shall be deemed a "Conversion Date." Pursuant to
         the terms of the Notice of Conversion, the Borrower will issue
         instructions to the transfer agent accompanied by an opinion of counsel
         within one (1) business day of the date of the delivery to Borrower of
         the Notice of Conversion and shall cause the transfer agent to transmit
         the certificates representing the Conversion Shares to the Holder by
         crediting the account of the Purchaser's prime broker with the
         Depository Trust Company ("DTC") through its Deposit Withdrawal Agent
         Commission ("DWAC") system within three (3) business days after receipt
         by the Company of the Notice of Conversion (the "Delivery Date").

                                       24
<PAGE>

                  (c) The Company understands that a delay in the delivery of
         the Note Shares in the form required pursuant to Section 9 hereof
         beyond the Delivery Date could result in economic loss to the
         Purchaser. In the event that the Company fails to direct its transfer
         agent to deliver the Note Shares to the Purchaser via the DWAC system
         within the time frame set forth in Section 9.1(b) above and the Note
         Shares are not delivered to the Purchaser by the Delivery Date, as
         compensation to the Purchaser for such loss, the Company agrees to pay
         late payments to the Purchaser for late issuance of the Note Shares in
         the form required pursuant to Section 9 hereof upon conversion of the
         Note in the amount equal to the greater of: (i) $500 per business day
         after the Delivery Date; or (ii) the Purchaser's actual damages from
         such delayed delivery. Notwithstanding the foregoing, the Company will
         not owe the Purchaser any late payments if the delay in the delivery of
         the Note Shares beyond the Delivery Date is solely out of the control
         of the Company and the Company is actively trying to cure the cause of
         the delay. The Company shall pay any payments incurred under this
         Section in immediately available funds upon demand and, in the case of
         actual damages, accompanied by reasonable documentation of the amount
         of such damages. Such documentation shall show the number of shares of
         Common Stock the Purchaser is forced to purchase (in an open market
         transaction) which the Purchaser anticipated receiving upon such
         conversion, and shall be calculated as the amount by which (A) the
         Purchaser's total purchase price (including customary brokerage
         commissions, if any) for the shares of Common Stock so purchased
         exceeds (B) the aggregate principal and/or interest amount of the Note,
         for which such Conversion Notice was not timely honored.

Nothing contained herein or in any document referred to herein or delivered in
connection herewith shall be deemed to establish or require the payment of a
rate of interest or other charges in excess of the maximum permitted by
applicable law. In the event that the rate of interest or dividends required to
be paid or other charges hereunder exceed the maximum amount permitted by such
law, any payments in excess of such maximum shall be credited against amounts
owed by the Company to a Purchaser and thus refunded to the Company.

         10. Registration Rights.

                  10.1 Registration Rights Granted. The Company hereby grants
registration rights to the Purchaser pursuant to a Registration Rights Agreement
dated as of even date herewith between the Company and the Purchaser.

                  10.2 Offering Restrictions. Except as previously disclosed in
the SEC Reports or in the Exchange Act Filings, or stock or stock options
granted to employees or directors of the Company (these exceptions hereinafter
referred to as the "Excepted Issuances"), neither the Company nor any of its
Subsidiaries will issue any securities with a continuously variable/floating
conversion feature which are or could be (by conversion or registration)
free-trading securities (i.e. common stock subject to a registration statement)
prior to the full repayment or conversion of the Note (together with all accrued
and unpaid interest and fees related thereto) (the "Exclusion Period"), provided
that a securities with a variable/floating rate conversion feature that is not
less than the Fixed Conversion Price (as defined in the Note) shall be
permitted.

                                       25
<PAGE>

         11. Miscellaneous.

                  11.1 Governing Law. THIS AGREEMENT AND EACH RELATED AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. Except as set forth
below in this Section 11.1, any and all disputes, controversies and claims that
the Company or any of its Subsidiaries may assert against the Purchaser arising
out of or relating to this Agreement or any Related Agreement shall be
determined exclusively by arbitration (each such arbitration, an "Arbitration")
in New York City before a panel of three neutral arbitrators agreed to by the
Purchaser and the Company (collectively, the "Arbitrators") in accordance with
and pursuant to the then existing commercial arbitration rules of the American
Arbitration Association. The Company (on its behalf and on behalf of its
subsidiaries) hereby irrevocably waives any right to assert such claims in any
other forum. The Arbitrators shall have the power in their discretion to award
specific performance or injunctive relief (but shall not have the power to
render any incidental, special or punitive damages) and reasonable attorneys'
fees and expenses to any party in any arbitration. The Arbitrators may not
change, modify or alter any express condition, term or provision of this
Agreement or of any Related Agreement nor shall they have the power to render
any award against the Purchaser that would have such effect. Each Arbitration
award shall be final and binding upon the parties subject thereto and judgment
may be entered thereon in any court of competent jurisdiction. The service of
any notice, process, motion or other document in connection with an Arbitration
or for the enforcement of any Arbitration award may be made in the same manner
as communications may be given under Section 11.8 hereof. Notwithstanding the
foregoing, the provisions of this Section 11.1 nor any other provision contained
in this Agreement or in any Related Agreement shall limit in any manner
whatsoever the Purchaser's right to commence an action against or in connection
with the Company, any of ITS Subsidiaries or their respective properties in any
court of competent jurisdiction or otherwise utilize judicial process in
connection with or arising out of the Purchaser's rights and remedies under this
Agreement and/or any Related Agreement or otherwise (any such action, a "Court
Action"). Court Actions may be brought by the Purchaser in any state or federal
court of competent jurisdiction and the Company (on its behalf and on behalf of
its subsidiaries) irrevocably submits to the jurisdiction of such state and
federal courts and irrevocably waives any claim or defense of inconvenient forum
or lack of personal jurisdiction in such forum or right of removal or right to
jury trial under any applicable law or decision or otherwise. Service of any
notice, process, motion or other document in connection with a Court Action may
be made in the same manner as communications may be given under Section 11.8. In
addition, the Purchaser may serve process in any other manner permitted under
applicable law. IN THE EVENT THAT ANY PROVISION OF THIS AGREEMENT OR ANY RELATED
AGREEMENT DELIVERED IN CONNECTION HEREWITH IS INVALID OR UNENFORCEABLE UNDER ANY
APPLICABLE STATUTE OR RULE OF LAW, THEN SUCH PROVISION SHALL BE DEEMED
INOPERATIVE TO THE EXTENT THAT IT MAY CONFLICT THEREWITH AND SHALL BE DEEMED
MODIFIED TO CONFORM WITH SUCH STATUTE OR RULE OF LAW. ANY SUCH PROVISION WHICH
MAY PROVE INVALID OR UNENFORCEABLE UNDER ANY LAW SHALL NOT AFFECT THE VALIDITY
OR ENFORCEABILITY OF ANY OTHER PROVISION OF THIS AGREEMENT OR ANY RELATED
AGREEMENT.

                                       26
<PAGE>

                  11.2 Survival. The representations, warranties, covenants and
agreements made herein shall survive any investigation made by the Purchaser and
the closing of the transactions contemplated hereby to the extent provided
therein. All statements as to factual matters contained in any certificate or
other instrument delivered by or on behalf of the Company pursuant hereto in
connection with the transactions contemplated hereby shall be deemed to be
representations and warranties by the Company hereunder solely as of the date of
such certificate or instrument.

                  11.3 Successors. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, heirs, executors and administrators of the parties hereto
and shall inure to the benefit of and be enforceable by each person who shall be
a holder of the Securities from time to time, other than the holders of Common
Stock which has been sold by the Purchaser pursuant to Rule 144 or an effective
registration statement. Purchaser may not assign its rights hereunder to a
competitor of the Company.

                  11.4 Entire Agreement. This Agreement, the Related Agreements,
the exhibits and schedules hereto and thereto and the other documents delivered
pursuant hereto constitute the full and entire understanding and agreement
between the parties with regard to the subjects hereof and no party shall be
liable or bound to any other in any manner by any representations, warranties,
covenants and agreements except as specifically set forth herein and therein.

                  11.5 Severability. In case any provision of the Agreement
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

                  11.6 Amendment and Waiver.

                  (a) This Agreement may be amended or modified only upon the
         written consent of the Company and the Purchaser.

                                       27
<PAGE>

                  (b) The obligations of the Company and the rights of the
         Purchaser under this Agreement may be waived only with the written
         consent of the Purchaser.

                  (c) The obligations of the Purchaser and the rights of the
         Company under this Agreement may be waived only with the written
         consent of the Company.

                  11.7 Delays or Omissions. It is agreed that no delay or
omission to exercise any right, power or remedy accruing to any party, upon any
breach, default or noncompliance by another party under this Agreement or the
Related Agreements, shall impair any such right, power or remedy, nor shall it
be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of or in any similar breach, default or noncompliance
thereafter occurring. All remedies, either under this Agreement or the Related
Agreements, by law or otherwise afforded to any party, shall be cumulative and
not alternative.

                  11.8 Notices. All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given:

                  (a) upon personal delivery to the party to be notified;

                  (b) when sent by confirmed facsimile if sent during normal
         business hours of the recipient, if not, then on the next business day;

                  (c) three (3) business days after having been sent by
         registered or certified mail, return receipt requested, postage
         prepaid; or

                  (d) one (1) day after deposit with a nationally recognized
         overnight courier, specifying next day delivery, with written
         verification of receipt.

All communications shall be sent as follows:

         If to the Company, to:        Epixtar Corp.
                                       11900 Biscayne Boulevard, Suite 262
                                       Miami, Florida 33181

                                       Attention: David Srour
                                       Facsimile: 305-503-8610

                                       with a copy to:
                                       Michael DiGiovanna, Esq.
                                       212 Carnegie Center
                                       Suite 206
                                       Princeton, New Jersey 08540

                                       Facsimile: 609-452-9473

                                       28
<PAGE>

         If to the Purchaser, to:      Laurus Master Fund, Ltd.
                                       c/o Ironshore Corporate Services ltd.
                                       P.O. Box 1234 G.T.
                                       Queensgate House, South Church Street
                                       Grand Cayman, Cayman Islands
                                       Facsimile: 345-949-9877

                                       with a copy to:

                                       John E. Tucker, Esq.
                                       825 Third Avenue 14th Floor
                                       New York, NY 10022
                                       Facsimile: 212-541-4434

or at such other address as the Company or the Purchaser may designate by
written notice to the other parties hereto given in accordance herewith.

                  11.9 Attorneys' Fees. In the event that any suit or action is
instituted to enforce any provision in this Agreement, the prevailing party in
such dispute shall be entitled to recover from the losing party all fees, costs
and expenses of enforcing any right of such prevailing party under or with
respect to this Agreement, including, without limitation, such reasonable fees
and expenses of attorneys and accountants, which shall include, without
limitation, all fees, costs and expenses of appeals.

                  11.10 Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

                  11.11 Facsimile Signatures; Counterparts. This Agreement may
be executed by facsimile signatures and in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one
instrument.

                  11.12 Broker's Fees. Except as set forth on Schedule 11.12
hereof, each party hereto represents and warrants that no agent, broker,
investment banker, person or firm acting on behalf of or under the authority of
such party hereto is or will be entitled to any broker's or finder's fee or any
other commission directly or indirectly in connection with the transactions
contemplated herein. Each party hereto further agrees to indemnify each other
party for any claims, losses or expenses incurred by such other party as a
result of the representation in this Section 11.12 being untrue.

                  11.13 Construction. Each party acknowledges that its legal
counsel participated in the preparation of this Agreement and the Related
Agreements and, therefore, stipulates that the rule of construction that
ambiguities are to be resolved against the drafting party shall not be applied
in the interpretation of this Agreement to favor any party against the other.

                                       29
<PAGE>

             [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

                                       30
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed the SECURITIES
PURCHASE AGREEMENT as of the date set forth in the first paragraph hereof.

COMPANY:                               PURCHASER:

EPIXTAR CORP.                          LAURUS MASTER FUND, LTD.

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

                                       31
<PAGE>

                                    EXHIBIT A

                            FORM OF CONVERTIBLE NOTE

                                      A-1

<PAGE>

                                    EXHIBIT B

                                FORM OF WARRANTS

                                       B-1
<PAGE>

                                                                       Exhibit C

                                       C-1

<PAGE>

                                    EXHIBIT D

                            FORM OF ESCROW AGREEMENT

                                       D-1

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