Document:

Exhibit 10.2

 

ENGAGEMENT AGREEMENT

 

This ENGAGEMENT AGREEMENT (this “Agreement”)
is made as of the 22nd day of April, 2013 by and between Trinity Place Holdings Inc., a Delaware corporation (the “Company”)
and Mark D. Ettenger (“Ettenger”).

 

RECITALS

 

WHEREAS, the Company desires to engage Ettenger
as Chief Executive Officer of the Company; and

WHEREAS, Ettenger desires to serve in that
role as an officer of the Company.

NOW, THEREFORE, in consideration of the foregoing
and the mutual promises and agreements hereinafter set forth, the Company and Ettenger agree as follows:

 

ARTICLE I

ENGAGEMENT AND SERVICES

 

1.1          Engagement.
The Company hereby engages Ettenger as a consultant to serve as the Chief Executive Officer of the Company.

 

1.2          Duties.
Ettenger shall (i) devote sufficient professional time and attention to the duties required of him as the Chief Executive Officer
of the Company; (ii) use his reasonable efforts to promote the interests of the Company and its stockholders, while acknowledging
the rights of creditors under the final bankruptcy plan of reorganization; (iii) comply with all applicable laws, rules and regulations
and with the Company’s bylaws and all of the Company’s written policies, rules and/or regulations generally applicable
to employees of the Company; and (iv) discharge his responsibilities in a diligent manner and in accordance with the lawful directives
of the Company’s Board of Directors. Ettenger’s duties shall be those which are usual and customary for a chief executive
officer. Ettenger shall be the highest executive officer and no other officer shall be of equal or greater rank. Ettenger shall
report directly and solely to the Board of Directors, and all other officers and employees shall report directly to Ettenger and,
when required, to the Board of Directors; provided the Board of Directors may pass resolutions defining the duties and authority
of any officer or employee.

 

ARTICLE II

TERM

 

2.1          Term.
The engagement hereunder shall be for a period of one year ending on the first anniversary of the date hereof, unless the engagement
is terminated at an earlier date in accordance with ARTICLE IV (the “Initial Term”). The Term shall automatically
renew for a single one year period (collectively with the Initial Term, the “Term”) unless either the Company
or Ettenger gives written notice of non-extension to the other no later than thirty days prior to the expiration of the Initial
Term (which notice and non-extension if given by the Company shall be treated as a termination other than for Cause for purposes
of ARTICLE IV). Those obligations which by their terms survive the expiration or termination of this Agreement (including, without
limitation, the indemnification provisions set forth in ARTICLE VI and payments due Ettenger under ARTICLE IV) shall not be extinguished
by the expiration of the Term or the termination of this Agreement.

 

ARTICLE III

COMPENSATION

 

3.1          Base
Pay and Other Fees.

 

(a)          Base Pay. As partial
compensation for services to be rendered pursuant to this Agreement, the Company hereby agrees to pay Ettenger during the Term
base pay at the rate of $400,000 per year in cash (the “Base Pay”). The Base Pay shall be payable in arrears
in equal bi-weekly installments, and shall be payable effective as of March 11, 2013.

 

(b)          Incentive
Fee. Ettenger shall also be paid an “Incentive Fee” on each sale, joint venture formation, financing, long-term
ground lease (but not any space lease) or any other monetization event (including, any capital transaction entered into by the
Company or any of its affiliates to raise debt, equity, debt-equity combo, or other hybrid security (but excluding any privately
placed transaction solely with the Company’s shareholders the purpose of which is to fund operating expenses of the Company
that would have otherwise fallen within the category of “operating reserves” as defined under the final bankruptcy
plan of reorganization)) (each, or collectively, a “Monetization”) with respect to each Company property equal
to, in the case of a sale, 1.25% of the lesser of the property’s Net Sales Price (as defined below) or the “Threshold”
for that property listed in the resolutions of the Company’s Board of Directors adopted on the date hereof (a property’s
“Threshold”), and in the case of another form of Monetization, a fee equal to 1.25% of the Threshold for that
property; provided, however, that if the Monetization is an entity-level Monetization(not executed on a property-level basis),
the Incentive Fee shall be 1.25% of the Net Proceeds (as defined below) up to the aggregate Thresholds (pro-rated if the Monetization
is for more than 30% of the ownership interests of the Company (determined by vote or value)) of all then remaining unsold Company
properties.

 

    	 

    	 

    

 

(c)          Performance
Fee. To the extent a sale or other Monetization is completed at a Net Sales Price or with Net Proceeds, as the case may be,
in excess of the Threshold for that property, the Company shall pay Ettenger a “Performance Fee” equal to 7.0%
of such excess; provided, however, that if the Monetization is an entity-level Monetization (not executed on a property-level basis),
the Performance Fee shall be 7.0% of such excess over the aggregate Thresholds (pro-rated if the Monetization is for more than
30% of the ownership interests of the Company (determined by vote or value)) of all then remaining unsold Company properties.

 

(d)          Timing
of Payment. The Company shall pay Ettenger the Incentive Fee and Performance Fee, if any, upon the closing (or funding) of
each applicable property sale or Monetization, including any subsequent or simultaneous sales or Monetizations of the same property,
unless otherwise agreed by Ettenger and the Company. To the extent a sale or other Monetization occurs after or simultaneously
with another Monetization with respect to the same property upon which an Incentive Fee and/or Performance Fee was previously paid
or is simultaneously being paid to Ettenger by the Company, the additional Incentive Fee and/or Performance Fee to be paid to Ettenger
shall be determined on a cumulative basis as if a single transaction and to avoid duplication by (i) totaling the cumulative Net
Sales Price and/or Net Proceeds, as the case may be, derived from any Monetization with respect to such property and calculating
the amounts of the Incentive Fee and the Performance Fee due on such cumulative amount and (ii) in determining the amount to be
paid to Ettenger, crediting any such calculated fees for any such fees previously or simultaneously being paid. For purposes of
the preceding sentence, in determining the cumulative Net Sales Price and/or Net Proceeds, as the case may be, with respect to
a property held in a joint venture with another party, only the Company’s pro rata share of such amounts shall be taken into
account. Additional transactions may include sales or other Monetizations, including sales of condominium interests or other fractional
or partial interests, in which the Company receives additional consideration on account of its interest in the property. To the
extent that a Monetization is an entity-level Monetization, the Net Proceeds shall be allocated among the then remaining unsold
Company properties on a pro-rata basis based on such properties’ Thresholds. If an entity-level Monetization is for less
than 30% of the ownership interests of the Company (determined by vote or value), no Performance Fee shall be due in connection
with such Monetization and instead any Performance Fee shall accrue and be paid (i) on a pro rata basis in connection with any
subsequent property-level Monetization (with the pro rata portion determined by reference to the applicable property Threshold
relative to the aggregate Thresholds for all unsold properties) or (ii) on any subsequent entity-level Monetization that results
in cumulative entity-level Monetizations being for more than 30% of the ownership interests of the Company (determined by vote
or value).

 

(e)          Definitions.
“Net Sales Price” shall mean the gross sales price of the property (or, for purposes of any long-term ground
lease, the net rent to be paid in the first twenty years of the lease) less any third party brokerage commissions payable with
respect to such transaction and after deducting any indebtedness encumbering the property upon which a fee to Ettenger has already
been paid hereunder, whether that indebtedness was assumed by the purchaser or repaid upon closing, but without any further offsets
or adjustments. “Net Proceeds” shall mean the amount funded by a third party less any third party brokerage
commissions payable with respect to such transaction and, in the case of a property-level Monetization, after deducting any indebtedness
encumbering the property upon which a fee to Ettenger has already been paid hereunder, but without any further offsets or adjustments.
In the event of an entity-level Monetization that is an equity or hybrid equity transaction entered into by the Company or any
of its affiliates, the amount of such equity shall be grossed-up by a pro-rata allocation of the Company’s book value of
debt (including, but not limited to, claims of creditors (but excluding current payables of less than thirty days) arising of out
the bankruptcy or otherwise) immediately preceding such transaction. The amount of the gross up or imputation of debt shall be
determined by reference to the percentage of equity acquired in the Company as stated in the transaction, or if not stated, by
an equitable allocation of the Company’s debt taking into account all of the substantive economic terms of the transaction,
as agreed to by Ettenger and the Company. Additional consideration paid or released after any closing will be included in Net Sales
and Net Proceeds, in which case the Incentive Fee and the Performance Fee will be recalculated taking into account such additional
amounts. Any consideration in the form of securities or other non-cash property will be included in Net Sales and Net Proceeds
at the fair market value agreed by Ettenger and the Company.

 

(f)       
   Form of Payment. All Incentive Fees and Performance Fees shall be paid in cash.

 

(g)          Post-Termination.
Except in the event of a termination for cause under Section 4.3 below, the Incentive Fees and/or Performance Fees shall remain
payable to Ettenger after the termination or expiration of this Agreement with respect to (i) any sale or other Monetization that
closed prior to the termination or expiration of this Agreement, (ii) any sale or other Monetization that was under contract prior
to the termination or expiration of this Agreement, regardless of when it closes and (iii) any sale or other Monetization closing
within six (6) months after the termination or expiration of this Agreement.

 

3.2          Payment
of Taxes. Ettenger shall be treated as an independent contractor and shall be solely responsible for any income or self-employment
taxes required by applicable law and regulations applicable to the fees paid or payable by the Company in connection with Ettenger’s
engagement.

 

3.3          Benefits.
Ettenger shall be entitled to receive health insurance benefits covering himself and his family that are customary for a similarly
situated executive in the New York metropolitan area, or reimbursement for the actual premiums therefor (which are currently $2,031
per month). Otherwise, except as set forth in Section 3.4 below, Ettenger shall not be entitled to receive any other benefits
(including, without limitation, accident or disability insurance or fringe benefit arrangements) from the Company.

 

    	 

    	 

    

 

3.4           Expenses.
The Company shall pay or reimburse Ettenger for all reasonable, ordinary and necessary business and non-commuting travel expenses
incurred or paid by him during the Term in the performance of the services under this Agreement, upon the presentation of proper
expense statements or such other supporting documentation as the Company may reasonably require. In addition, without limiting
the indemnification provisions set forth in ARTICLE VI, the Company shall also pay or reimburse Ettenger for all reasonable legal
fees and other expenses incurred by him in connection with the review and negotiation of this Agreement up to $15,000.

 

ARTICLE IV

TERMINATION OF ENGAGEMENT

 

4.1           General.
The engagement hereunder may be terminated by the Company or Ettenger during the Term as provided in this ARTICLE IV. Upon termination
of the engagement, the Term shall end and Ettenger shall be paid in accordance with this ARTICLE IV.

 

4.2           Death
or Disability. The engagement hereunder shall terminate automatically as of the date of Ettenger’s death, and the Company
may, at its option, exercised by notice to Ettenger, terminate this engagement in the event of Ettenger’s “disability”
(as hereinafter defined). In the event of termination for death or disability, the Company shall have no further obligations or
liabilities to Ettenger hereunder except for payment of a pro rated portion of his Base Pay through the date of termination (if
accrued but unpaid) and any amounts due under Section 3.1(g). For purposes of this Agreement, the term “disability”
means any physical or mental illness, disability or incapacity which, in the good faith determination of a qualified, independent
physician selected and paid by the Company, prevents Ettenger from performing the essential functions of the Chief Executive Officer
for a period of not less than ninety consecutive days (or for shorter periods totaling not less than one hundred and twenty days
in any 365-day period).

 

4.3           Cause.
The Company may, at its option, exercised by notice to Ettenger, terminate this engagement for “cause” (as hereinafter
defined) when cause exists, which notice will include a statement of the anticipated date of termination and a detailed basis for
such termination for cause. In the event of termination for cause, the Company shall have no further obligations to Ettenger hereunder
except for payment of a pro rated portion of his Base Pay through the date of termination (if accrued but unpaid). For purposes
of this Agreement, the term “cause” means (i) any felony criminal conviction of Ettenger; (ii) any willful failure
of Ettenger to substantially perform his duties (other than as a result of Ettenger’s disability) which failure continues
for more than ten business days after a written demand for performance is delivered to Ettenger by the Board of Directors, which
demand specifically identifies the alleged failure to perform; (iii) a willful act of fraud or dishonesty by Ettenger in the performance
of his duties that has an impact on the financial reporting of the Company; or (iv) a material breach of the provisions of Section 5.1.
Notwithstanding anything herein to the contrary, Ettenger shall not be deemed to have been terminated for cause without an opportunity
for him, together with his counsel, to be heard before the Board of Directors during the ten business day period preceding the
anticipated date of termination. Any act, or failure to act, based
upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the advice of counsel for the Company
shall be conclusively presumed to be done, or omitted to be done, by Ettenger in good faith and in the best interests of the Company
and shall not be a basis for a termination for cause.

 

4.4           Other
Than For Cause. The Company may, at its option, at any time upon 30 days’ prior written notice to Ettenger, terminate
this engagement other than for cause, death or disability, in which event the Company shall continue to pay his Base Pay through
the remainder of the Term or, if longer, for three additional months after the effective date of the termination, in the manner
specified in Section 3.1. Ettenger may, at his option, upon at least 30 days’ prior written notice to the Company, terminate
this engagement, in which case Ettenger shall forfeit the pro rata portion of his Base Pay following the effective date of such
termination through the remainder of the Term or for such three month period, as applicable (without prejudice to any claims that
Ettenger may have against the Company). In either case, Ettenger shall remain entitled to any amounts due under Section 3.1(g).

 

ARTICLE V

CONFIDENTIAL INFORMATION

 

5.1           Confidential
Information. Ettenger agrees to keep secret and retain in the strictest confidence all confidential matters which relate to
the Company or any of its affiliates learned by Ettenger in the course of providing services hereunder (except for disclosures
that are approved by the Board of Directors, that are required by any governmental or judicial authority, or that are made in the
ordinary course of the Company’s business). Upon request by the Company at any time (including, without limitation, at or
following the expiration or termination of the Term), Ettenger agrees to deliver promptly to the Company all memoranda, notes,
records, reports, manuals, drawings, designs, computer files in any media and other documents (and all copies) relating to the
business of the Company or any of its affiliates Ettenger has under his control; provided, however, that Ettenger may retain
or make copies of any memoranda, notes, records, reports, manuals, drawings, designs, computer files which may reasonably be necessary
for his tax and other personal financial affairs and for him to be reasonably able to protect and enforce his rights under this
Agreement.

 

5.2           Enforcement.
If Ettenger commits a material breach of any of the provisions of Section 5.1, the Company will be entitled to any or all
of the following remedies: (i) to seek injunctive or other equitable relief to restrain any breach or threatened breach or otherwise
to specifically enforce the provisions of Section 5.1, it being agreed that money damages alone would be inadequate to compensate
the Company and would be an inadequate remedy for such breach; and (ii) any other rights and remedies the Company may have pursuant
to applicable laws.

 

    	 

    	 

    

 

ARTICLE VI

INDEMNIFICATION

 

6.1           Indemnification
Generally. The Company shall indemnify and hold harmless Ettenger, to the fullest extent permitted by Delaware law as it presently
exists or may hereafter be amended, to the extent he is made or is threatened to be made a party or is otherwise involved in any
action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason
of the fact that he has entered into this Agreement or that he is or was serving as the Chief Executive Officer and a director
of the Company (including, without limitation, to the extent that he is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise, nonprofit entity or other
entity, including service with respect to employee benefit plans), against all liability and loss suffered and expenses (including
attorneys’ fees) reasonably incurred by him. Notwithstanding the preceding sentence, except as otherwise provided in Section 6.3
with respect to an action brought by Ettenger to recover an unpaid indemnification or advancement claim to which he is entitled,
the Company shall be required to indemnify Ettenger in connection with a Proceeding (or part thereof) commenced by him only if
the commencement of such Proceeding (or part thereof) by him was authorized in the specific case by the Company’s Board of
Directors.

 

6.2           Advancement
of Expenses. The Company shall to the fullest extent not prohibited by Delaware law pay the expenses (including attorneys’
fees) incurred by Ettenger in defending any Proceeding in advance of its final disposition; provided, however, that, to the extent
required by law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt
of an undertaking by Ettenger to repay all amounts advanced if it should be ultimately determined that he is not entitled to be
indemnified hereunder.

 

6.3           Unpaid
Claims. If a claim for indemnification under this ARTICLE VI (following the final disposition of such Proceeding) is not paid
in full within sixty days after the Company has received a claim therefor by Ettenger, or if a claim for any advancement of expenses
under this ARTICLE VI is not paid in full within thirty days after the Company has received a statement or statements requesting
such amounts to be advanced, Ettenger shall thereupon (but not before) be entitled to file suit to recover the unpaid amount of
such claim. If successful in whole or in part, Ettenger shall be entitled to be paid the expense of prosecuting such claim to the
fullest extent permitted by law. In any such action, the Company shall have the burden of proving that Ettenger is not entitled
to the requested indemnification or advancement of expenses under applicable law.

 

6.4           Insurance.
During the Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and maintain,
at its own expense, directors’ and officers’ liability insurance providing coverage to Ettenger on terms that are no
less favorable than the coverage provided to any other directors and senior executives of the Company.

 

ARTICLE VII

MISCELLANEOUS

 

7.1           Voluntary
Nature. Ettenger represents, warrants and acknowledges that he is voluntarily agreeing to the provision of services pursuant
to this Agreement and that he has agreed to provide such services. Ettenger has been urged to, and hereby represents, warrants
and acknowledges that he has had the opportunity to, obtain the advice of his own attorney prior to executing and delivering this
Agreement.

 

7.2           Notice.
Any notice required or permitted to be given under this Agreement shall be sufficient if it is in writing and is delivered in person
or sent by overnight courier to, addressed as follows:

 

If to Ettenger:

 

At the address (or to the email
address) shown on the records of the Company.

 

with a copy to (which copy will
not constitute notice):

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attn: Eugene A. Pinover, Esq.

 

If to the Company:

 

Trinity Place Holdings Inc.

One Syms Way

Secaucus, New Jersey 07094

Attn: Chief Financial Officer

 

    	 

    	 

    

 

with copies to (which copies will
not constitute notice):

 

Trinity Place Holdings Inc.

One Syms Way

Secaucus, New Jersey 07094

Attn: Independent Director

 

Munger Tolles & Olson LLP

355 South Grand Avenue

Los Angeles, California 90071

Attn: Brett J. Rodda, Esq.

 

Notice shall be deemed effective upon receipt
if made by personal delivery or upon deposit if sent by overnight courier.

 

7.3           Non-Assignability.
Neither of the parties hereto shall have the right to assign this Agreement or any rights or obligations hereunder without the
prior written consent of the other party.

 

7.4           Applicable
Law. Except for the indemnification provisions set forth in ARTICLE VI, which shall be governed by Delaware law without giving
effect to the conflict of law rules thereof, this Agreement and the relationship of the parties in connection with the subject
matter of this Agreement shall be construed and enforced according to the laws of the State of New York without giving effect to
the conflict of law rules thereof.

 

7.5           Effect
of Prior Agreements. This Agreement contains the full and complete agreement of the parties relating to the engagement of Ettenger’s
service as Chief Executive Officer, and supersedes all prior agreements, arrangements or understandings, whether written or oral,
relating thereto with the Company or any of its affiliates. This Agreement may not be amended, modified or supplemented and no
provision or requirement may be waived except by written instrument signed by the party to be charged.

 

7.6           Severability.
Wherever possible, each provision of this Agreement will be interpreted in a manner to be effective and valid, but if any provision
is held invalid or unenforceable by any court of competent jurisdiction, then such provision will be ineffective only to the extent
of such invalidity or unenforceability, without invalidating or affecting in any manner the remainder of such provision or the
other provisions of this Agreement.

 

7.7           Absence
of Waiver. The failure to enforce at any time any of the provisions of this Agreement or to require at any time performance
by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect
either the validity of this Agreement or any part hereof or the right of either party thereafter to enforce each and every provision
in accordance with the terms of this Agreement.

 

7.8           Arbitration.
Any dispute, disagreement or other question arising under this Agreement or the interpretation thereof shall be settled by final
and binding arbitration before a single JAMS arbitrator under the Streamlined Arbitration Rules & Procedures of JAMS, then
in effect, and judgment upon the award may be entered in any court having jurisdiction thereof. The Company shall be responsible
for paying the fees and costs of the arbitrator along with other arbitration-specific fees; provided, however, that the responsibility
for the fees and costs may be re-allocated by the arbitrator.

 

7.9           Third
Party Beneficiaries. This Agreement is not intended to confer any benefits upon anyone other than the parties hereto.

 

7.10         Counterparts.
This Agreement may be executed by facsimile and in counterparts, each of which shall constitute one and the same instrument.         

 

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

 

	 	TRINITY PLACE HOLDINGS INC.
	 	 	 
	 	By:	/s/ Richard Pyontek
	 	Name:   Richard Pyontek
	 	Title:     Chief Financial Officer, Treasurer and Secretary
	 	 
	 	Mark D. Ettenger
	 	/s/ Mark D. EttengerExhibit 10.1

                            ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE  AGREEMENT (this  "Agreement") is made this 24th day of
May,  2013,  (the  "Effective  Date") by and among ITALK,  INC.,  a  corporation
organized  under  the laws of the  State  of  Nevada  ("Buyer");  ITG,  INC.,  a
corporation organized under the laws of the State of Texas (the "Company")

     WHEREAS,  the parties are now entering  into this  Agreement to provide for
the terms and  conditions  upon which  Buyer will  purchase  certain  assets and
business  operations of the Company that comprise the Company's  Business all as
more fully described herein (collectively, the "Assets").

     NOW,  THEREFORE,  in  consideration  of the  premises  and  of  the  mutual
covenants,  representations,  warranties and agreements  contained  herein,  the
parties hereto agree as follows:

                                       I.
                          DEFINITIONS AND CONSTRUCTION

     Certain Definitions.  As used in this Agreement,  the following terms shall
have the following meanings unless the context otherwise requires:

     "Agreement"  shall  mean this  Assets  Purchase  Agreement,  including  all
Exhibits and Schedules hereto.

     "Business"  shall mean the business  engaged in by the Company  through its
Dallas based ITG  business  units and the customer  base  associated  with those
business units, as of the Closing Date.

     "Cash Payment" shall mean the payment to be made to the Company pursuant to
Section 2.4 hereof.

     "Closing" shall mean the consummation of the  transactions  contemplated by
this Agreement.

     "Closing Date" shall mean the date on which the Closing occurs  pursuant to
Section 3.

     "Company  Material Adverse Effect" shall mean (A) a Material Adverse Effect
on the Company taken as a whole, or (B) a material adverse effect on the ability
of  the  Company  to  perform  its  obligations  under,  and to  consummate  the
transactions  contemplated by, this Agreement;  it being  acknowledged  that any
adverse  effect of $25,000 or more on the Company shall in any event be deemed a
Company Material Adverse Effect.

     "Contract" shall mean any note, bond, indenture,  mortgage,  deed of trust,
lease, franchise, permit, authorization, license, contract, instrument, employee
benefit  plan  or  practice,   or  other  agreement,   obligation,   commitment,
arrangement or concession of any nature whatsoever, oral or written.
<PAGE>
     "GAAP" shall mean generally accepted  accounting  principles as accepted by
the accounting profession in the United States as in effect from time to time.

     "Governmental Entity" shall mean any court,  arbitrator,  administrative or
other governmental department, agency, commission, authority or instrumentality,
domestic or foreign.

     "Indebtedness" shall mean, with respect to any Person,  without duplication
(whether or not the recourse of the lender is to the whole of the assets of such
Person  or only to a  portion  thereof),  (i)  every  liability  of such  Person
(excluding  intercompany  accounts  between  the  Company  and any wholly  owned
Subsidiary of the Company or between wholly owned  Subsidiaries  of the Company)
(A) for borrowed  money,  (B)  evidenced by notes,  bonds,  debentures  or other
similar  instruments  (whether  or not  negotiable),  (C) for  reimbursement  of
amounts  drawn  under  letters  of  credit,   bankers'  acceptances  or  similar
facilities  issued for the account of such Person,  (D) issued or assumed as the
deferred purchase price of property or services  (excluding accounts payable) or
(E) relating to a capitalized  lease  obligation  and all debt  attributable  to
sale/leaseback  transactions of such Person;  and (ii) every liability of others
of the  kind  described  in the  preceding  clause  (i)  that  such  Person  has
guaranteed or which is otherwise its legal liability.

     "Intellectual  Property"  shall mean all domestic or foreign  rights in, to
and concerning: (i) inventions and discoveries (whether patented,  patentable or
unpatentable and whether or not reduced to practice),  including ideas, research
and techniques,  technical designs,  and specifications  (written or otherwise),
improvements,  modifications, adaptations, and derivations thereto, and patents,
patent applications,  inventor's certificates, and patent disclosures,  together
with divisions, continuations, continuations-in-part, revisions, reissuances and
reexaminations   thereof;   (ii)   trademarks,   service  marks,   brand  names,
certification marks,  collective marks,  d/b/a's,  trade dress, logos,  symbols,
trade  names,  assumed  names,  fictitious  names,  corporate  names  and  other
indications  or  indicia  of  origin,   including   translations,   adaptations,
derivations,  modifications,  combinations and renewals thereof; (iii) published
and unpublished  works of authorship,  whether  copyrightable  or not (including
databases and other compilations of data or information), copyrights therein and
thereto, moral rights, and rights equivalent thereto,  including but not limited
to, the rights of attribution,  assignation  and integrity;  (iv) trade secrets,
confidential  and/or  proprietary  information  (including  ideas,  research and
development,  know-how,  formulas,  compositions,  manufacturing  and production
processes and techniques,  technical  data,  schematics,  designs,  discoveries,
drawings,  prototypes,  specifications,  hardware  configurations,  customer and
supplier lists, financial information,  pricing and cost information,  financial
projections,   and  business  and  marketing   methods  plans  and   proposals),
collectively  "Trade  Secrets";  (v)  computer  software,   including  programs,
applications,  source and object code,  data bases,  data,  models,  algorithms,
flowcharts,  tables  and  documentation  related  to the  foregoing;  (vi) other
similar  tangible or intangible  intellectual  property or  proprietary  rights,
information  and  technology  and copies and  tangible  embodiments  thereof (in
whatever form or medium);  (vii) all  applications  to register,  registrations,
restorations,  reversions  and renewals or extensions of the  foregoing;  (viii)
Internet  domain names;  and (ix) all the goodwill  associated  with each of the
foregoing  and  symbolized  thereby;  (x) URL's;  (xi) 800 / 888 / 877 toll free
numbers;  and (xii) all other  intellectual  property or proprietary  rights and
claims or  causes  of action  arising  out of or  related  to any  infringement,
misappropriation or other violation of any of the foregoing, including rights to
recover for past, present and future violations thereof.

                                       2
<PAGE>
     "Legal  Proceeding"  shall mean any private or governmental  action,  suit,
complaint,  arbitration,   mediation,  legal  or  administrative  proceeding  or
investigation  pending  or  threatened,  whether  prior to or post  closing  and
whether or not a  contingent  liability,  arising or  accruing  from  actions or
activities of the Company Parent or Company prior to the Closing Date.

     "Lien" shall mean any security interest,  mortgage, pledge,  hypothecation,
charge, claim, option, right to acquire, adverse interest,  assignment,  deposit
arrangement, encumbrance, restriction, lien (statutory or other), or preference,
priority or other security agreement or preferential  arrangement of any kind or
nature  whatsoever  (including  any  conditional  sale or other title  retention
agreement,  any financing lease involving substantially the same economic effect
as any of the  foregoing,  and the filing of any financing  statement  under the
Uniform Commercial Code or comparable law of any jurisdiction).

     "Material Adverse Effect" on any Person shall mean any circumstance, change
or effect that is or could  reasonably be expected to be  materially  adverse to
the business, assets, liabilities,  obligations, financial condition, results of
operations or prospects of such Person.

     "Material Contract" shall mean any contract involving the sum of $10,000 or
more singly or in the aggregate if related.

     "Person"  shall  mean  an  individual,  partnership,  corporation,  limited
liability company, trust,  unincorporated  organization,  association,  or joint
venture or a  government,  agency,  political  subdivision,  or  instrumentality
thereof.

     "Tax" or  "Taxes"  shall  mean (i) any and all  federal,  state,  local and
foreign taxes and other  assessments,  governmental  charges,  regulatory  fees,
duties,  fees,  levies,  impositions  and  liabilities  in the  nature of a tax,
including  taxes  based upon or  measured by gross  receipts,  income,  profits,
sales,  use and occupation,  and value added, ad valorem,  transfer,  franchise,
withholding,  payroll, recapture, employment, excise and property taxes and (ii)
all interest,  penalties  and additions  imposed with respect to such amounts in
clause (i).

     "Tax Return" shall mean a report,  return or other information  required to
be  supplied  to or filed with a  Governmental  Entity  with  respect to any Tax
including  an  information  return,  claim for  refund,  amended  Tax  return or
declaration of estimated Tax.

     "VoIP" shall mean voice over Internet protocol.

     1.2 Terms Generally.

     The definitions set forth or referenced in Sections 1.1 and 1.2 shall apply
equally to both the singular and plural  forms of the terms  defined.  The words
"include",  "includes"  and  "including"  shall be deemed to be  followed by the
phrase  "without  limitation".  As used  herein,  the phrase  "to the  Company's
knowledge",  or any  similar  phrase or term  relating to the  knowledge  of the
Company means the actual  knowledge,  after  reasonable  inquiry,  of any of the
officers  or  directors  of  the  Company.   "Reasonable   inquiry"  shall  mean
communication by any of the officers or directors of the Company to the officers
and field personnel of the Company with direct  responsibility for the matter in
question  and to counsel  with  respect to matters  involving  questions of law,
requesting such individual to review specified  provisions of this Agreement and

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to advise such person of any matter  relevant to the  specified  representation,
warranty or provision.

                                       II.
                                PURCHASE AND SALE

     2.1 Agreement to Sell.

     At the  Closing  (as  defined  in  Section  3.1) and  except  as  otherwise
specifically  provided in this Section, the Company will validly and effectively
grant, sell, convey, assign,  transfer and deliver to Buyer, upon and subject to
the terms and conditions of this Agreement,  all of the Company's  right,  title
and interest in and to certain of the Company's  assets set forth in Section 2.2
(the  "Assets")  free and clear of all  liens,  including  Tax  Liens,  pledges,
security interests, charges, claims, restrictions and encumbrances of any nature
whatsoever except as set forth on Schedule 2.6.

     2.2 Included Assets.

     The Assets  referred to in Section 2.1 shall include,  without  limitation,
the following assets used or useful in the Business:

     (a) all items of  personal  property  (including  but not limited to office
furniture,  office  equipment,  and office supplies) and other tangible personal
property  related to the  administration  of the Business as is, where is and as
set forth on Schedule 2.2(a);

     (b) all  items  of VoIP  switching  equipment,  networking  equipment,  and
customer premise equipment as is, where is and as set forth on Schedule 2.2(b);

     (c) all items of  computer  equipment;  related  peripherals  and  software
licenses (as are assignable) related thereto as is, where is and as set forth on
Schedule 2.2(c);

     (d) all rights under any written or oral Contract, lease, agreement,  plan,
instrument,  registration,  license,  certificate  of  occupancy,  other permit,
certification,  authorization  or  approval of any  nature,  or other  document,
commitment,  arrangement,  undertaking,  practice or authorization  set forth on
Schedule 2.2(d);

     (e) all  licenses,  permits,  subject to Buyer  qualifying  for all of said
licenses,  permits,  or  authorizations  and other  governmental  authorizations
(hereinafter referred to as "Licenses and Permits") listed on Schedule 2.2 (e);

     (f) all  rights  under  any  trademarks,  service  marks,  trade  names  or
copyrights,  whether registered or unregistered,  and any applications  therefor
utilized by the Business as set forth on Schedule 2.2(f).  The patents set forth
on Schedule 2.3 are specifically  excluded from the Assets but shall be licensed
to Buyer under the license agreement set forth on Exhibit A;

     (g) all software technologies,  methods, formulations, data bases and other
intellectual property used in the Business and listed on Schedule 2.2(g);

                                       4
<PAGE>
     (h) all records, manuals and other documents (collectively,  the "Records")
relating to or used in connection  with the Business.  If there is a claim made,
the  Company  shall  have the  reasonable  right of access to the  Records  post
closing for the period of the applicable statute of limitations;

     (i) the customer base and all information,  files,  records,  data,  plans,
customer  and supplier  contracts  and recorded  knowledge,  including  customer
records,  customer Contracts,  customer lists, supplier lists and prospect lists
forth on Schedule 2.2(i);

     (j) the maintenance and service contracts ("Maintenance Contracts"), as are
assignable, set forth in Schedule 2.2(j), if any;

     (k) all merchant accounts,  deposits,  security  deposits,  and other items
listed on Schedule 2.2(k);

     (l) all accounts and notes receivable; and

     (m) all other assets of the Business,  including those that are integral to
the day to day operation of the Business,  except those  excluded  under Section
2.3.

     Excluded  Assets.  The  assets of the  Business  on  Schedule  2.3 shall be
specifically excluded from the sale.

     2.4 The Purchase Price and Payment.

     (a) The purchase  price payable to the Company by Buyer shall consist of an
aggregate  cash payment of Two Hundred Fifty  Thousand  ($250,000)  Dollars (the
"Cash Payment") Payable at closing.

     No  Assumption  of  Liabilities.  Except  for  and  limited  solely  to the
contractual  obligations  under the Contracts  listed on Schedule 2.2(d) and the
liabilities  listed on Schedule 2.6, Buyer shall not assume, nor shall be liable
for, any  liabilities or obligations of the Company  Parent,  the Company or the
Business,  of any nature  whatsoever,  express or implied,  fixed or contingent,
including,  but not limited to any liability  for any claim,  regardless of when
made or  asserted,  which  arises  out of or is based  upon  negligence,  strict
liability  or  any  express  or  implied  representation,  warranty,  agreement,
contract or guarantee made by the Company  Parent or the Company,  or alleged to
have been made by the  Company  Parent or the  Company,  or which is  imposed or
asserted  to be imposed by  operation  of law,  in  connection  with any product
designed,  manufactured,  sold,  shipped  or  installed  by or on  behalf of the
Company Parent or the Company,  of or for any service  performed by or on behalf
of the Company  Parent or the Company,  including  without  limitation any claim
relating to the service, repair or replacement of any such product and any claim
seeking  recovery for property  damage,  consequential  damage,  lost revenue or
income or personal injury. In addition to the foregoing, in no event shall Buyer
assume any  liability  or incur any  liability or  obligation  in respect of any
federal,  state or local income or other tax or regulatory  fee liability of the
Company Parent or the Company payable with respect to the Assets, (including the
Business), properties or operations of the Company Parent or the Company for any
period  through the Closing  Date or  thereafter  or incident to or arising as a
consequence  of the  negotiation  or  consummation  by the Company Parent or the

                                       5
<PAGE>
Company of this Agreement and the  transactions  contemplated  by this Agreement
and if requested to pay, defend or incur any liability,  will offset among other
remedies as set forth in Section 2.8.

     Allocation of Purchase Price.  Buyer  utilizing an independent  third party
will determine the allocation of the Purchase Price for tax purposes.

     Adjustments.  The Company and Buyer will make a reasonable effort to obtain
cut-off  statements  from  vendors and other  creditors  of the  Business at the
Closing  date.  The Company  will be  responsible  for paying  those  vendor and
creditor  costs  pertaining to the Company up to and including the Closing Date,
and Buyer  will be  responsible  for paying  those  vendor  and  creditor  costs
pertaining  to the Business  accruing  after the Closing  Date.  For those costs
related to the Business that are not practical to obtain  cut-off  statements as
of the Closing Date,  including but not limited to accrued employee vacation and
property  taxes,  and for those vendors  unable to prepare a statement as of the
Closing Date, Buyer shall make the related  payments,  and then bill the Company
for those  portions  reasonably  attributable  to Business  prior to the Closing
Date,  and any  amounts  so  billed  shall be  supported  with  the  appropriate
documentation  and the Company  shall pay Buyer within  thirty (30) days.  Buyer
shall have the right to setoff  payment  otherwise  due the  Company  under this
Section.

     Unearned  Revenue.  The Company and Company Parent shall have no obligation
to Buyer for any unearned revenue at Closing,  which is presently being recorded
in the Company's general ledger account 22000.

                                      III.
                                     CLOSING

     Closing.  The Closing  shall take place (i) at 1:00 p.m. (New York time) at
the offices of Buyer,  2400 W Cypress Creek Rd Ft Lauderdale 33309, on the third
business  day  following  the date on which  Parent  provides  the Company  with
written  notice  that the last of the  conditions  set forth in Article  VIII is
satisfied or, if permissible,  waived in writing; or (ii) on such other date and
at such  other  time or place  as is  mutually  agreed  by the  parties  in this
Agreement in writing.  Provided however,  the Closing shall not occur later than
unless  extended  in  writing by Buyer,  and the  Company  has  agreed  that any
extension of the Closing will be by Buyer and the Company.

     3.2 Items to be  Delivered  at  Closing.  At the Closing and subject to the
terms and conditions contained in this Agreement:

     (a) The Company will deliver to Buyer the following:

          (i) such  bills  of sale  with  covenants  of  warranty,  assignments,
     endorsements,  and other good and sufficient  instruments  and documents of
     conveyance and transfer,  in form and substance  satisfactory  to Buyer and
     its counsel,  as shall be necessary and  effective to convey,  transfer and
     assign  to,  and vest in,  Buyer  all of the  Company's  right,  title  and
     interest  in and to the  Assets  of the  Business  to be  sold  under  this
     Agreement,  including,  without limitation,  (A) good, valid and marketable

                                       6
<PAGE>
     title in and to all of the Assets of the Company  related to the  Business,
     (B) good and valid  leasehold  interests in and to all of the Assets leased
     by the Company related to the Business, and (C) all of the Company's rights
     under  all  agreements,   contracts,   commitments,  leases,  plans,  bids,
     quotations,  proposals, licenses, permits, authorizations,  instruments and
     other  documents  to which  the  Company  is a party or by which  they have
     rights on the  Closing  Date and which are to be sold under this  Agreement
     and are related to the Business; and

          (ii) all agreements,  contracts, customer prospect lists, commitments,
     leases,   plans,   bids,   quotations,    proposals,   licenses,   permits,
     authorizations,  instruments, manuals and guidebooks, price books and price
     lists, customer and subscriber lists, supplier lists, sales records, files,
     correspondence, and other documents, books, records, papers, files and data
     belonging  to the  Company  which  are part of the  Assets or relate to the
     Business of the Company;  and simultaneously  with such delivery,  all such
     steps  will  be  taken  as may be  required  to put  the  Buyer  in  actual
     possession and operating control of the Assets and the Business; and

          (iii) all schedules to be provided under this agreement, five (5) days
     prior to Closing, along with all supporting documentation.

     (b) Buyer will deliver to the Company the following:

          (i) the Initial Cash Payment as set forth in Section 2.4(a)(i).

          (ii) The Promissory Note and Security Agreement.

     3.3  Third-Party  Consents.  To the extent  that the rights of the  Company
under any agreement, contract, commitment, lease, license, permit, authorization
or other Asset to be  assigned to Buyer may not be assigned  without the consent
of  another  person  which  has not been  obtained,  this  Agreement  shall  not
constitute  an  agreement to assign the same if an  attempted  assignment  would
constitute a breach or be unlawful,  and the Company  shall use its best efforts
to obtain any such required consent(s)  promptly.  If any such consent shall not
be obtained or if any attempted  assignment would be ineffective or would impair
Buyer's rights under the instrument in question in Buyer's sole determination so
that would not in effect  acquire  the  benefit of all such  rights,  then Buyer
shall have the option of terminating this Agreement.

     3.4 Further Assurances.  The Company, from time to time within one (1) year
after the Closing, at Buyer's request, will execute,  acknowledge and deliver to
Buyer such other instruments of conveyance and transfer and will take such other
actions and execute and deliver such other documents, certifications and further
assurances as Buyer may reasonably  request in order to vest more effectively in
Buyer,  or to put Buyer more fully in possession  of, any of the Assets,  or the
Business.

                                       7
<PAGE>
                                       IV.
              REPRESENTATIONS AND WARRANTIES OF THE COMPANY PARENT
                                 AND THE COMPANY

     The Company Parent and the Company, jointly and severally, hereby represent
and warrant to Buyer on the date hereof and on the Closing Date as follows:

     4.1 Organization and Qualification. Each the Company Parent and the Company
(a) is a corporation  duly  incorporated,  validly existing and in good standing
under  the laws of its  jurisdiction  of  incorporation;  (b) has all  requisite
corporate  power and authority to own,  lease and operate its  properties and to
carry on its business as it is now being  conducted and (c) is duly qualified or
licensed to do business and is in good  standing in each  jurisdiction  in which
the properties  owned,  leased or operated by it or the nature of its activities
makes such qualification necessary.

     4.2  Authorization  and Validity of Agreement.  Each the Company Parent and
the Company has all requisite  corporate  power and authority to enter into this
Agreement  and  to  perform  its   obligations   hereunder  and  consummate  the
transactions contemplated hereby. The execution, delivery and performance by the
Company  Parent and the Company of this  Agreement and the  consummation  by the
Company Parent and the Company of the transactions contemplated hereby have been
duly and validly authorized by all necessary corporate action on the part of the
Company  Parent and the  Company.  This  Agreement  has been duly  executed  and
delivered  by the  Company  Parent  and the  Company  and is a legal,  valid and
binding obligation of the Company Parent and the Company enforceable against the
Company Parent and the Company in accordance with its terms.

     4.3 Financial Statements.  The Company has delivered to Buyer copies of the
audited income statements of the Business for the fiscal year ended December 31,
2012,  and  unaudited  the  periods  ended Jan  01,2013, thru  April 30,  2013,
(collectively the "Financial  Statements").  The Financial  Statements have been
prepared in accordance  with past  practices and in  accordance  with  generally
accepted  accounting  principles (GAAP) applied on a consistent basis throughout
such period.  The  Financial  Statements  are true,  correct and  complete,  and
present  fairly and  accurately  the  financial  condition  and  position of the
Business as of the dates indicated.

     4.4  Absence of  Undisclosed  Liabilities.  Except as set forth in Schedule
4.4,  on the  date  hereof  and as of  the  Closing  Date,  the  Company  has no
liabilities  of  any  nature,  whether  direct,  indirect,   accrued,  absolute,
contingent or otherwise (including, without limitation, liabilities as guarantor
or otherwise with respect to obligations of others or liabilities  for Taxes due
or then accrued or to become due), that were not fully and adequately  reflected
or reserved  against on the  Financial  Statements  of the Company.  There is no
existing  condition,  situation  or set  of  circumstances  (excluding  possible
changes in the Tax laws of any  jurisdiction)  that could reasonably be expected
to result in any such liability, other than liabilities (i) fully and adequately
reflected or reserved  against on the  Financial  Statements;  or (ii)  incurred
since  the  Current  Balance  Sheet  Date in the  ordinary  course  of  business
consistent  with past  practice,  which in the aggregate are not material to the
Company.  For purposes of this Section 4.4,  "material" shall mean any amount in
excess of $25,000.

                                       8
<PAGE>
     4.5 No Material Adverse Change. Since the date of the Financial Statements,
there  have  been no  material  changes  in the  assets,  properties,  business,
operations,  prospects or condition  (financial  or  otherwise)  of the Business
that,  individually  or in the aggregate,  materially  and adversely  affect the
Business, nor does the Company know of any such change that is reasonably likely
to occur,  nor has there been any damage,  destruction  or loss  materially  and
adversely affecting the assets, properties,  business, operations,  prospects or
condition of the Business, whether or not covered by insurance.

     4.6  Accounts  and Notes  Receivable.  All  accounts  and notes  receivable
reflected in the Financial  Statements and all accounts receivable arising after
the date of the Financial Statements  (collectively,  the "Accounts Receivable")
have arisen in the ordinary course of business, represent valid and enforceable
obligations due to the Business, and are not subject to any discount, set-off or
counter-claim.  All such  Accounts  Receivable  have been  collected or, will be
fully  collectible in the ordinary course of business in the aggregate  recorded
amounts thereof.

     4.7 Tax Matters.

     (a) As used in this  Agreement,  "Taxes"  shall mean all  taxes,  including
without limitation income taxes, corporation taxes, capital taxes, excise taxes,
value added and sales taxes, use taxes,  gross receipts taxes,  franchise taxes,
employment and payroll related taxes, goods and services taxes,  transfer taxes,
withholding  taxes,  property  taxes  and  import  duties,  levies,  deductions,
withholdings,  charges,  public and private pension plan  contributions,  social
security  contributions,  workmen's  compensation  contributions,  public health
contributions,  regulatory fees and taxes, assessments,  fees of any nature, and
all  deficiencies or other additions to tax,  interest and penalties owed by the
Business the Company Parent and/or by the Company;  and "Tax" shall mean any one
of them.  The  Company has paid all Taxes  required to be paid  through the date
hereof  (other than Taxes not yet due and payable,  the  liability  for which is
adequately reserved for by the Company in the Financial Statements).

     (b) The Company has timely filed all Tax Returns required to be filed by it
through  the  date  hereof.  Each  of the  Tax  returns  filed  by  the  Company
completely,  correctly and  accurately  reflects the amount of the tax liability
for the period covered thereby.

     (c) There has not been any audit of any Tax Return filed by the Company, no
audit of any Tax Return filed by the Company is in progress, and the Company has
not been notified by any tax authority  that any such audit is  contemplated  or
pending.  No tax  authority is now  asserting  or, to the best  knowledge of the
Company,  threatening to assert any Tax deficiency or claim for additional Taxes
or interest thereon or penalties.

     (d) The Company has withheld  from each payment made to any of its past and
present  officers,  employees,  consultants and agents the amount of any and all
Taxes and other deductions required to be withheld and has paid or made adequate
provision for the payment of such amounts to the proper authorities.

                                       9
<PAGE>
     4.8 No Approvals or Notices Required; No Conflict with Instruments.

     The execution,  delivery and  performance of this Agreement and the related
agreements by the Company  Parent and the Company will not contravene or violate
(a) any existing law,  rule or  regulation  to which the Company  Parent and the
Company is subject, (b) any judgment,  order, writ, injunction,  decree or award
of any  court,  arbitrator  or  governmental  or  regulatory  official,  body or
authority which is applicable to the Company Parent and the Company,  or (c) the
Certificate  of  Incorporation  or Bylaws of the Company Parent and the Company;
nor will such execution, delivery or performance violate, be in conflict with or
result in the breach (with or without the giving of notice or lapse of time,  or
both) of any term,  condition  or  provision  of, or require  the consent of any
other party to, any mortgage, indenture, agreement, contract, commitment, lease,
plan or other instrument,  document or understanding,  oral or written, to which
the Company Parent and the Company is a party or by which the Company Parent and
the  Company  is  otherwise  bound.  Except as set  forth on  Schedule  4.8,  no
authorization,  approval or consent,  and no  registration  or filing with,  any
governmental or regulatory official, body or authority is required in connection
with the  execution,  delivery and  performance of this Agreement by the Company
Parent and the Company.

     4.9 Legal Proceedings. Except as set forth in Schedule 4.9, there is no (a)
Legal  Proceeding  pending or  threatened,  against,  involving or affecting the
Company  or any of its  respective  assets  or  rights;  (b)  judgment,  decree,
Injunction, rule, or order of any Governmental Entity applicable to the that has
had or is reasonably likely to have, either individually or in the aggregate,  a
Company  Material Adverse Effect;  (c) Legal  Proceeding  pending or threatened,
against the Company that seeks to restrain,  enjoin or delay the consummation of
this Agreement or any of the other  transactions  contemplated by this Agreement
or that seeks damages in connection therewith;  or (d) Injunction,  of any type.
For the avoidance of any doubt, the Buyer and each of its shareholders, board of
directors,  officers,  employees,  agents  or  attorneys  (each an  "Indemnified
Party"),  will be  indemnified  by the Company  Parent and the Company  from and
against any and all claims, liabilities,  obligations, costs and attorneys' fees
and held  harmless  in the event a Legal  Proceeding  is pending  or  threatened
against any Indemnified  Party.  This section shall survive Closing for a period
of two (2) years or, so long as there is no payment  default by the Buyer in the
third (3rd) year, three (3) years.

     4.10 Licenses; Compliance with Regulatory Requirements.  The Business holds
the licenses,  franchises,  authorizations,  permits,  certificates,  variances,
exemptions,    concessions,    leases,   instruments,   orders   and   approvals
(collectively,  the "Licenses"), which are listed in Schedule 4.10, required for
or which are material to the  ownership  of the Assets and the  operation of the
Business,  all of which are being assigned  pursuant to this Agreement to Buyer.
The Company is in  compliance  with,  and has  conducted  the  Business so as to
comply  with,  the terms of the  respective  Licenses and all  applicable  laws,
rules,  regulations,  ordinances  and  codes.  Buyer  will  make  all  necessary
disclosures to effectuate the transfer of any License.

     4.11 Brokers or Finders.  No agent,  broker,  investment banker,  financial
advisor or other entity is or will be entitled, by reason of any agreement,  act
or statement by the Company  Parent and the Company or its officers,  employees,
consultants or agents, to any financial advisory,  broker's, finder's or similar
fee or  commission,  to  reimbursement  of  expenses  or to  indemnification  or
contribution  in connection  with any of the  transactions  contemplated by this

                                       10
<PAGE>
Agreement,  and the Company  agrees to hold Buyer  harmless from and against any
and all  claims,  liabilities  or  obligations  with  respect  to any such fees,
commissions,  expenses or claims for indemnification or contribution asserted by
any  entity on the basis of any act or  statement  made or  alleged to have been
made  by  the  Company  Parent  and  the  Company  or its  officers,  employees,
consultants or agents. No agent, broker, investment banker, financial advisor or
other  entity  is or  will be  entitled,  by  reason  of any  agreement,  act or
statement by Buyer or its officers,  employees,  consultants  or agents,  to any
financial  advisory,  broker's,  finder's  or  similar  fee  or  commission,  to
reimbursement  of expenses or to  indemnification  or contribution in connection
with any of the transactions contemplated by this Agreement, and Buyer agrees to
indemnify and hold the Company Parent and the Company  harmless from and against
any and all claims,  liabilities or  obligations  with respect to any such fees,
commissions,  expenses or claims for indemnification or contribution asserted by
any  entity on the basis of any act or  statement  made or  alleged to have been
made by Buyer or its officers, employees, consultants or agents, as per separate
agreement by and between the Company and the Finder.

     4.12 Leasehold  Interests.  The leasehold interests of the Business are set
forth in  Schedule  4.12.  All such leases are in good  standing,  have no Liens
against them, and are in full force and effect.  Such leases will be assigned by
the Company to Buyer  effective as of the Closing Date,  with the consent of the
Landlord.

     4.13 Title to Assets;  Liens.  Except as set forth on  Schedule  4.13,  the
Company has good,  valid and marketable title to the Assets to be sold to Buyer,
free and clear of all  liens,  pledges,  security  interests,  charges,  claims,
restrictions  and  other  encumbrances  and  defects  of  title  of  any  nature
whatsoever, including, without limitation, all assets reflected in the Financial
Statements. There are no developments,  pending or threatened,  affecting any of
the  Assets  that  might  materially  detract  from  their  value or  materially
interfere with any present or intended use of the Assets.

     4.14  Employees.  Set  forth on  Schedule  4.14 is a  complete  list of the
employee's of the Business. Except as set forth in Schedule 4.14, the Company is
not  delinquent  in payments to any of its  employees  for any wages,  salaries,
commissions,  bonuses or other direct compensation for any services performed by
them to the date hereof, or for amounts reimbursable to such employees.

     4.15 Provided  Information.  All written information  concerning the Assets
and the Business  that has been prepared by or on behalf of the Company and that
has been or will be provided to Buyer in connection with this Agreement,  was or
will be, at the time made  available,  correct in all material  respects and did
not, at the time made available, contain any untrue statement of a material fact
or omit to state a  material  fact  necessary  in  order to make the  statements
contained therein not misleading in light of the circumstances  under which such
statements were made.

     4.16 Full  Disclosure.  Now and as of the date of  Closing,  the  Schedules
hereto or which shall be attached hereto prior to Closing, and all documents and
other  papers  listed  therein or  required  to be  delivered  pursuant  to this
Agreement, and all due diligence materials provided are true, complete,  correct
and  authentic.  No  representation  or warranty  of the Company  Parent and the
Company contained in this Agreement,  and, no document furnished by or on behalf

                                       11
<PAGE>
of the Company  Parent and the Company to Buyer pursuant to this Agreement or in
connection  with  the  transactions  contemplated  hereby,  contains  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 made, in the context in which
made, not false or misleading.

     4.17 Survival.  Except as provided in Section 4.9, the  Representations and
warranties  under this Section 4. shall survive the Closing Date for a period of
two (2) years or, so long as there is no  payment  default by Buyer in the third
(3rd) year, three (3) years.

                                       V.
               REPRESENTATIONS AND WARRANTIES OF PARENT AND _BUYER

         Buyer  hereby  represents  and  warrants to the Company  Parent and the
Company as follows:

     5.1  Organization  and  Qualification.  Buyer  (a)  is a  corporation  duly
incorporated,  validly existing and in good standing under the laws of the State
of Nevada, (b) has all requisite corporate power and authority to own, lease and
operate its properties and to carry on its business as now being conducted;  and
(c) is duly qualified or licensed and is in good standing to do business in each
jurisdiction  in which the  properties  owned,  leased or  operated by it or the
nature of its activities makes such qualification necessary.

     5.2  Authorization  and  Validity  of  Agreement.  Buyer has all  requisite
corporate  power and  authority to enter into this  Agreement and to perform its
obligations  hereunder and to consummate the transactions  contemplated  hereby.
The  execution,  delivery and  performance  by Buyer of this  Agreement  and the
consummation of the transactions  contemplated hereby have been duly and validly
authorized  by all  necessary  corporate  action  on the  part  of  Buyer.  This
Agreement has been duly  executed and  delivered by Buyer and is a legal,  valid
and binding obligation of Buyer enforceable against Buyer in accordance with its
terms.

     5.3 Disclosure.  Buyer has reviewed the due diligence  material provided by
the Company  Parent and the  Company and each  Schedule  attached  hereto.  Each
document was reviewed with the  presumption  of  correctness on its face without
further due diligence on Buyer's part.

                                      VI.
                       ADDITIONAL COVENANTS AND AGREEMENTS

     6.1 Access to Information.

     (a) During the period from the date of this Agreement and continuing  until
the  period of the Statue of  Limitations  for any  claim,  and upon  reasonable
notice,  the  Company  will  afford to Buyer  reasonable  access  during  normal
business  hours to its  personnel  and to any books,  records,  financial  data,
operating data or other information  relative to the Business as Buyer will from
time  to  time  reasonably  request.  Buyer  agrees  that  it  will  not use any
information  obtained  pursuant to this Section 6.1 for any purpose unrelated to
the  consummation  of the  transactions  contemplated  by this  Agreement or the
ongoing operation of the Business.

                                       12
<PAGE>
     (b) During the period from the date of this Agreement and continuing  until
the  period of the  Statute  of  Limitations  for any claim and upon  reasonable
notice,  the Buyer will  afford to Company  Parent  and the  Company  reasonable
access during normal business hours to its personnel and to any books,  records,
financial  data,  operating  data or other  information  necessary  to audit the
payments made under Section 2.5 of this  Agreement.  Each of Company  Parent and
the Company  agrees that it will not use any  information  obtained  pursuant to
this Section 6.1 for any purpose  unrelated  to the audit of the  payments  made
under Section 2.5 of this Agreement.

     6.2 Confidentiality.

     (a) Unless  otherwise agreed to in writing by the party disclosing the same
(a "disclosing  party"),  each party (a "receiving  party") will, and will cause
its officers, directors, employees, and agents (collectively referred to as such
party's "Representatives") to, (i) keep all Confidential Information (as defined
below) of the disclosing  party in strict  confidence and not disclose or reveal
any such Confidential Information to any Person other than those Representatives
of the  receiving  party who are  participating  in effecting  the  transactions
contemplated hereby or who otherwise need to know such Confidential Information,
(ii) use such Confidential  Information only in connection with consummating the
transactions  contemplated  hereby and enforcing the  receiving  party's  rights
hereunder,  and (iii) not use Confidential Information in any manner detrimental
to the  disclosing  party.  In the event  that a  receiving  party is  requested
pursuant to, or required by, applicable law or regulation or by legal process to
disclose any  Confidential  Information of the disclosing  party,  the receiving
party will provide the disclosing party with prompt notice of such request(s) to
enable the disclosing party to seek an appropriate protective order.

     (b)  A  party's   obligations   hereunder  with  respect  to   Confidential
Information  that (i) is disclosed to a third party with the disclosing  party's
written  approval,  (ii) is required  to be  produced  under order of a court of
competent  jurisdiction or other similar  requirements of a governmental agency,
or (iii) is required to be  disclosed by  applicable  law or  regulation,  will,
subject in the case of clauses  (ii) and (iii)  above to the  receiving  party's
compliance with the preceding sentence, cease to the extent of the disclosure so
consented to or required,  except to the extent otherwise  provided by the terms
of such consent or covered by a protective  order.  If a receiving  party uses a
degree of care to prevent disclosure of the Confidential  Information that is at
least as great as the care it normally takes to preserve its own  information of
a similar  nature,  it will not be liable for any disclosure that occurs despite
the exercise of that degree of care,  and in no event will a receiving  party be
liable for any indirect,  punitive,  special or  consequential  damages.  In the
event this  Agreement  is  terminated,  each party will,  if so requested by the
other party,  promptly return or destroy all of the Confidential  Information of
such other party, including all copies,  reproductions,  summaries,  analyses or
extracts  thereof or based thereon in the  possession of the receiving  party or
its Representatives.

     (c) For purposes of this Section 6.2, "Confidential Information" of a party
means all  confidential  or  proprietary  information  about  such party that is
furnished by it or its  Representatives  to the other party or the other party's
Representatives,   regardless   of  the   manner  in  which  it  is   furnished.

                                       13
<PAGE>
"Confidential Information" does not include, however,  information which (i) has
been or in the future is  published  or is now or in the future is  otherwise in
the public domain through no fault of the receiving party or its Representatives
or is  otherwise  required to be  disclosed  by law;  (ii) was  available to the
receiving party or its Representatives on a non-confidential  basis prior to its
disclosure by the  disclosing  party;  (iii) becomes  available to the receiving
party or its  Representatives  on a  non-confidential  basis from a Person other
than the disclosing party or its Representatives who is not otherwise bound by a
confidentiality  agreement with the disclosing party or its Representatives,  or
is not otherwise  prohibited from  transmitting the information to the receiving
party  or  its  Representatives,  or  (iv)  is  independently  developed  by the
receiving party or its Representatives  through Persons who have not had, either
directly or  indirectly,  access to or  knowledge of such  information.  Nothing
contained in this  Section 6.2 shall be  construed to limit a receiving  party's
right to independently develop or acquire products without use of the disclosing
party's Confidential Information.

     (d) The  Company  Parent,  the  Company,  and Buyer (and any party  related
thereto)  will provide all parties at least two business  days in advance with a
draft copy of any press release associated with this Agreement, and will provide
all parties at least one business day in advance with a draft regulatory  filing
associated with this Agreement.

     (e)  Notwithstanding  the restrictions set forth above, each party shall be
entitled to make the required filings and publications  necessary to comply with
the rules and regulations of any securities  regulatory agency. In the event the
Company  Parent and the Company is  required to make such filing that  reference
this  Agreement  and/or  Buyer shall be entitled to  pre-approve  such filing in
writing.

     6.3 Obligations Post Closing.

     (a) For  two (2)  years  following  Closing,  the  Company  Parent  and the
Company, and their directors,  officers, employees and agents will not, directly
or indirectly, on the Company Parent or the Company's behalf or on behalf of any
other  person  or  entity,  in any way or in any  other  capacity,  solicit  any
customer  purchased  under  this  Agreement,  including  calling  upon  any such
customer,  for the purpose of  soliciting  or  providing  to such  customer  any
products  or  services  which are the same as or  similar to those  provided  or
intended to be provided by Buyer.

     (b) The Company  Parent and the Company  agree that for a period of two (2)
years from Closing (the  "Non-Competitive  Period"),  the Company Parent and the
Company, and their directors, officers, employees and agents shall not, directly
as  owner,  partner,  joint  venturer,  stockholder,  employee,  broker,  agent,
principal,  trustee,  corporate officer,  director,  licensor or in any capacity
whatsoever engage in, become  financially  interested in, be employed by, render
any  consultation  or business  advice with  respect to, or have any  connection
with, any business  engaged in providing  products or services that are the same
as or competitive with the Business.

                                       14
<PAGE>
                                      VII.
                                 INDEMNIFICATION

     7.1 Indemnification by the Company Parent and the Company.

     (a) From and after the Closing, the Company Parent and the Company, jointly
and  severally,  will defend,  reimburse,  indemnify and hold harmless Buyer and
each of its  subsidiaries,  shareholders,  directors,  officers,  employees  and
agents,  (each such person being referred to as a "Company  Indemnified  Party")
against and in respect of:

          (i) any and all liabilities and obligations of any nature  whatsoever,
     except  unearned  revenues as described  in Section 2.9 of this  Agreement,
     relating to the Company  Parent,  the  Company,  the Business or the Assets
     that accrue prior to the Closing that any Company Indemnified Party becomes
     liable  for as a  result  of the  purchase  of the  Assets  (including  the
     Business) or related to this Agreement;

          (ii) any and all actions,  suits,  claims,  or legal,  administrative,
     arbitration,  governmental or other proceedings or  investigations  against
     any Company  Indemnified  Party that relate to the  Business or the Assets,
     and  which  result  from or arise  out of any  event,  occurrence,  action,
     inaction or transaction  occurring prior to the Closing Date, including but
     not limited to claims made by any regulatory agency;

          (iii) any and all damages, losses,  deficiencies,  liabilities,  costs
     and  expenses  incurred or suffered by any Company  Indemnified  Party that
     result  from,  relate  to or arise out of any  material  misrepresentation,
     breach of material warranty or nonfulfillment of any material  agreement or
     covenant  on the part of the  Company  Parent  and the  Company  under this
     Agreement  or  from  any   misrepresentation   in  or  omission   from  any
     certificate,  response to due diligence,  schedule,  statement, document or
     instrument  furnished to Buyer  pursuant  hereto or in connection  with the
     negotiation, execution or performance of this Agreement;

          (iv) any claim by any former  officer or  employee  or creditor of the
     Company Parent and/or the Company; and

          (v) any and all actions, suits, claims,  proceedings,  investigations,
     demands,  assessments,  audits, fines, judgments,  costs and other expenses
     (including,  without  limitation,   reasonable  legal  fees  and  expenses)
     incident to any of the foregoing or to the enforcement of this Section 7.1.

     (b) Notice must be given  within a reasonable  time after  discovery of any
fact or  circumstance on which a party could claim  indemnification  ("Claim" or
"Claims").  The notice shall  describe the nature of the Claim,  if the Claim is
determinable,  the amount of the Claim, or if not  determinable,  an estimate of
the amount of the Claim.  Each party  agrees to use its best efforts to minimize
the amount of the loss or injury for which it is entitled to indemnification. If
the party,  in order to fulfill  its  obligations  to the other  party must take

                                       15
<PAGE>
legal action or if the party is involved in legal  action,  the outcome of which
could give rise to its seeking indemnification, one party shall consult with the
other  party  with  respect to such  legal  action  and allow it to  participate
therein.  The Company Parent and the Company shall at all times have the primary
obligation  of defending any Claim and shall pay all costs and  attorneys'  fees
associated  therewith  whether the action is brought  directly against a Company
Indemnified  Party.  The Company  Parent and the Company,  and Buyer agrees that
there are no special or punitive  damages in the event of any  violation  of the
within Agreement.

     (c) No Claim for which  indemnification  is  asserted  shall be  settled or
compromised without the written consent of the Buyer.

     (d) A Claim  shall be  deemed  finally  resolved  in the  event a matter is
submitted to a court, upon the entry of judgment by a court of final authority.

     7.2  Payment of  Indemnification  Obligation.  The  Company  Parent and the
Company,  jointly  and  severally,   agrees  to  pay  promptly  to  any  Company
Indemnified Party, the amount of all damages, losses, deficiencies, liabilities,
costs, expenses, claims and other obligations to which the foregoing indemnities
relate,   including  attorneys'  fees.  Buyer  may  setoff  any  indemnification
obligation  from any portion of the Purchase  Price  (including the Note) or the
Earn-Out Compensation.

     7.3 Other Rights and Remedies Not Affected.  The indemnification  rights of
the Company  Indemnified  Party under this Article VII are independent of and in
addition to such rights and remedies as Buyer, Buyer and the Company Indemnified
Party  may have at law or in  equity  or  otherwise  for any  misrepresentation,
breach of warranty or failure to fulfill any  agreement  or covenant  hereunder,
including without limitation the right to seek specific performance,  rescission
or restitution, none of which rights or remedies shall be affected or diminished
hereby.

     7.4 Survival.  Notwithstanding  any right of any party to investigate fully
the  affairs  of the other  party and  notwithstanding  any  knowledge  of facts
determined or determinable by such party pursuant to such investigation or right
of  investigation,  Buyer has the right to rely fully upon the  representations,
warranties,  covenants and  agreements of the Company  Parent and the Company in
this Agreement or in any Schedule,  certificate or financial statement delivered
by any party  pursuant  hereto.  All such Company  representations,  warranties,
covenants and agreements shall survive the execution and delivery hereof and the
Closing hereunder and the Company Parent and the Company Indemnified Party shall
be indemnified in accordance with this Section 7 or other express  provisions in
this  Agreement,   and,  except  as  otherwise  specifically  provided  in  this
Agreement,  the obligations shall thereafter  terminate and expire at the end of
the third (3rd) full  calendar  year after the  Closing  Date unless a claim has
been asserted prior to that date.

     7.5 Disputes. In the event of any disputes over whether  indemnification is
owed  hereunder,  the parties  will each make good faith,  concerted  efforts to
resolve the claim or third-party  claim within 30 calendar days of notice.  If a
claim  is not  resolved  within  the 30  days,  then  it  will  be  resolved  by
arbitration under the auspices of the American Arbitration Association.

                                       16
<PAGE>
                                     VIII.
                              CONDITIONS PRECEDENT

     8.1 Conditions  Precedent to the Obligations of Buyer;  Parent; the Company
Parent and the Company.

     The  respective  obligations  of Buyer (8.2) and the Company Parent and the
Company (8.3) to consummate  the Closing are subject to the  satisfaction  at or
prior to the Closing Date of each of the following conditions:

     8.2 Conditions Precedent to the Obligations of Buyer.

     The  obligations  of Buyer to  consummate  the  Closing  are subject to the
satisfaction  at or  prior  to  the  Closing  Date  of  each  of  the  following
conditions, unless waived by Buyer in writing:

     (a) Accuracy of Representations  and Warranties.  The  representations  and
warranties of the Company  Parent and the Company  contained in Sections 4 shall
be true and correct in all respects as of the date of this  Agreement and on and
as of the Closing Date as though made on and as of the Closing Date.  Each other
representation  and warranty of the Company Parent and the Company  contained in
this Agreement  shall,  if specifically  qualified by  materiality,  be true and
correct and, if not so qualified,  be true and correct in all material  respects
in each case as of the date of this  Agreement  and  (except to the extent  such
representation  and warranty speaks as of a specified earlier date) on and as of
the Closing Date as though made on and as of the Closing Date.

     (b)  Performance  of  Agreements.  The Company Parent and the Company shall
have performed in all material  respects all  obligations  and  agreements,  and
complied in all material  respects with all covenants and conditions,  contained
in this  Agreement  to be  performed  or complied  with by it prior to or on the
Closing Date.

     (c) Officers'  Certificate.  The Company  Parent and the Company shall have
delivered to Buyer (i) a certificate,  dated the Closing Date,  signed on behalf
of the Company Parent and the Company by the Chief Executive Officer, certifying
as  to  the  fulfillment  of  the  conditions   specified  in  Section  8,  (ii)
certificates,  dated the  Closing  Date,  signed by and on behalf of each of the
individuals  listed on Schedule 8.2(c), and (iii) a certificate of the Secretary
of the  Company  Parent  and the  Company  certifying,  among  other  things the
incumbency  of all  officers  of the  Company  Parent  and  the  Company  having
authority to execute and deliver this Agreement and the agreements and documents
contemplated hereby and the transactions contemplated hereby.

     (d) Approvals. All third party consents required hereunder are acquired.

     (e) Liens and  Encumbrances.  Except as set forth on Schedule 8.2(e), on or
before the closing,  the Company  Parent and the Company  shall have  obtained a
release and  discharge  of any and all liens  (including  Tax  Liens),  security
interests,  restrictions,  defects and encumbrances which affect the Business or
Assets  to be  transferred  and  provide  Company  with all  UCC-3  forms  where
applicable.

                                       17
<PAGE>
     (f) No Adverse Enactments.  There shall not have been any material statute,
rule,  regulation,  order,  judgment or decree proposed,  enacted,  promulgated,
entered,  issued,  enforced or deemed applicable by any foreign or United States
federal,  state or local Governmental Entity, and there shall be no action, suit
or proceeding pending or threatened,  which, in Buyer's reasonable  judgment (i)
makes or may make this Agreement, or any of the other transactions  contemplated
by this Agreement illegal or imposes or may impose material damages or penalties
in connection therewith, (ii) otherwise prohibits or unreasonably delays, or may
prohibit or unreasonably  delay  transactions  contemplated by this Agreement or
increases  in any  material  respect the  liabilities  or  obligations  of Buyer
arising out of this Agreement,  or any of the transactions  contemplated by this
Agreement.

     (g) Contract  Consents and Notices.  All consents to contracts  required in
connection with the  consummation of the  transactions  contemplated  hereby and
which, if not obtained or given, would have, individually or in the aggregate, a
Material  Adverse  Effect  on the  transactions  contemplated  shall  have  been
obtained and given.

     (h) No Material Adverse Change.  Since the date hereof,  nothing shall have
occurred,  and Buyer shall not have become aware of any circumstance,  change or
event  having  occurred  prior  to  such  date,  which  individually  or in  the
aggregate, has had or, in the reasonable judgment of Buyer, could be expected to
have, a material adverse effect on (i) the transactions  contemplated  hereby or
Buyer's  liabilities or obligations with respect to such  transactions,  or (ii)
the business, assets, results of operations, financial condition or prospects of
the Company Parent and the Company, taken as a whole, or Buyer, taken as a whole
(including  any  potential  change or event  disclosed  on any  Schedule  which,
subsequent  to the date hereof,  actually  occurs) or (iii) a  declaration  of a
banking  moratorium or any general suspension of payments in respect of banks in
the United States.

     (i) Receipt of  Approvals  and Consents  from  Governmental  Entities.  All
approvals and consents by any  Governmental  Entity  required in connection with
the  consummation  of the  transactions  contemplated  hereby  shall  have  been
obtained  and  shall  be  in  full  force  and  effect,  all  filings  with  any
Governmental  Entity as are required in connection with the consummation of such
transactions shall have been made, and all waiting periods,  if any,  applicable
to the  consummation of such  transactions  imposed by any  Governmental  Entity
shall have expired.

     (j) Proceedings  Satisfactory.  All actions,  proceedings,  instruments and
documents  required  to  carry  out  the  transactions  contemplated  hereby  or
incidental hereto and all other related legal matters shall have been reasonably
satisfactory  to and approved by counsel for Buyer and such  counsel  shall have
been  furnished  with  such  certified  copies  of such  corporate  actions  and
proceedings and such other  instruments and documents as such counsel shall have
reasonably requested.

     (k) Due Diligence. The Company confirms in writing that it has provided and
fully  disclosed  all  requested  due  diligence  materials  and the Buyer  have

                                       18
<PAGE>
completed a review of and have  approved in writing,  in their sole  discretion,
all due diligence materials and schedules.

     (l) Agreements.  The Company shall have received consents in writing to the
assignment of the rights of the Company  Parent and the Company from the parties
to the  Agreements  listed on  Schedule  2.2 such that the Buyer may  succeed to
those rights.

     (m) E911  Notification.  The Company will provide evidence  satisfactory to
Buyer and its counsel that they have fully  complied with the E911  notification
requirement  as  set  forth  by  the  Federal  Communications  Commission  where
applicable.

     (n) Debtor and Creditor Act. The Company shall have complied with the rules
and  regulations of each  particular  jurisdiction as they pertain to creditor's
rights, including but not limited to, right of notification of an asset sale.

     8.3 Conditions  Precedent to the  Obligations of the Company Parent and the
Company.

     The  obligation  of the Company  Parent and the Company to  consummate  the
Closing is also subject to the  satisfaction  at or prior to the Closing Date of
each of the following  conditions,  unless waived by the Company  Parent and the
Company:

     (a) The  representations  and warranties of Buyer contained herein shall be
true and correct in all respects as of the date of this  Agreement and on and as
of the Closing Date,  as though made on and as of the Closing  Date.  Each other
representation  and warranty of Buyer  contained  in this  Agreement  shall,  if
specifically  qualified  by  materiality,  be true and  correct  and,  if not so
qualified,  be true and correct in all material  respects in each case as of the
date of this  Agreement and on and as of the Closing Date, as though made on and
as of the Closing Date.

     (b) Buyer shall have performed in all material respects all obligations and
agreements,  and  complied  in all  material  respects  with all  covenants  and
conditions, contained in this Agreement to be performed or complied with by them
prior to or on the Closing Date.

     (c) Officers' Certificate. Buyer shall have delivered to the Company Parent
and the Company a certificate, dated the Closing Date, signed on behalf of Buyer
by  the  Chief  Executive  Officer  certifying  as to  the  fulfillment  of  the
conditions specified in Section 8, certifying, among other things the incumbency
of all officers of Buyer having  authority to execute and deliver this Agreement
and the  agreements  and  documents  contemplated  hereby  and the  transactions
contemplated hereby.

                                       IX.
                                   TERMINATION

     9.1  Termination by Either Buyer or the Company Parent and the Company.  In
the event  any of the  conditions  contained  in  Section  8.2 are not fully and
completely satisfied as solely determined by the Buyer, and the conditions shall
not have been expressly  waived in writing,  this Agreement shall terminate upon

                                       19
<PAGE>
notice by the Buyer to the Company  Parent and the Company.  In the event any of
the  conditions  contained  in Section 8.3 are not  satisfied by Buyer as of the
Closing Date and the conditions shall not have been waived, this Agreement shall
terminate  upon  notice by the  Company  Parent and the  Company  to Buyer.  The
Company,  its Parent,  and Buyer agree  that,  in the event of any  post-closing
claims  and/or  matters  effecting  the  within  Agreement,  that the party that
receives  notice of the claim will  provide  written  notice of the claim to all
other parties,  and that following said notice,  all other parties will have the
right to cure any claimed  default,  and that in the event the  claimed  default
within 30 days is uncured,  then in that event,  the parties agree to submit the
claim to Arbitration, as provided for herein.

     9.2 Effect of Termination and  Abandonment.  In the event of termination of
this  Agreement  pursuant to this Article IX, this  Agreement,  except as to the
provisions  of Section  6.2 and  Section 7 which  shall  expressly  survive  any
termination, shall become void and of no effect with no liability on the part of
any party hereto;  provided,  however,  except as otherwise  provided herein, no
such  termination  shall  relieve any party  hereto of any  liability or damages
resulting from any willful or intentional breach of this Agreement.

                                       X.
                                  MISCELLANEOUS

     10.1 No Waiver,  Survival of  Representations,  Warranties,  Covenants  and
Agreements.  The respective  representations  and  warranties of Buyer,  and the
Company  Parent  and  the  Company  contained  herein  or  in  any  schedule  or
certificate or other  instrument  delivered  pursuant  hereto prior to or at the
Closing  shall not be deemed waived or otherwise  affected by any  investigation
made by any party hereto or any  knowledge  of any party for whose  benefit such
representations and warranties are made. The respective covenants and agreements
of the parties  contained  herein  which are to be  performed  after the Closing
shall  survive the Closing  Date and shall only  terminate in  accordance  their
respective terms.

     10.2 Expenses.  The parties shall pay their own expenses  incidental to the
preparation  of this  Agreement,  the  carrying  out of the  provisions  of this
Agreement and the consummation of the transactions contemplated hereby.

     10.3  Remedy.  The  Company  Parent and the Company  acknowledges  that the
Assets are unique and not otherwise available and agree that, in addition to any
other  remedy  available  to Buyer;  Buyer may  invoke any  equitable  remedy to
enforce performance  hereunder,  including,  without  limitation,  the remedy of
specific performance.

     10.4  Notices.   All  notices,   requests,   demands,   waivers  and  other
communications  required or permitted to be given under this Agreement  shall be
in writing and shall be deemed to have been duly given if  delivered  personally
(by courier  service or otherwise) or mailed,  certified or registered mail with
postage prepaid, or sent by confirmed telecopier, as follows:

                                       20
<PAGE>
     If to Buyer:

     David F Levy
     2400 W Cypress Creek Rd. Suite 111
     FT. Lauderdale, Florida 33309

     With a copy to:

     Stuart Ehrlich
     Dallas, Texas 75354

or to such  other  Person or  address  as any party  shall  specify by notice in
writing to the other  party.  Any such notice shall be deemed to have been given
(a) upon actual delivery,  if delivered by hand, (b) on the third (3rd) business
day following deposit of such notice,  properly  addressed with postage prepaid,
with the United States Postal Service if mailed by registered or certified mail,
return  receipt  requested,  or (c)  upon  sending  such  notice,  if  sent  via
facsimile,  with  confirmation  of receipt,  except that any notice of change of
address shall be effective only upon actual receipt thereof.

     10.5 Entire Agreement. This Agreement (including the Schedules and Exhibits
and other documents referred to herein) constitutes the entire agreement between
the parties and supersedes all prior  agreements  and  understandings,  oral and
written, between the parties with respect to the subject matter hereof.

     10.6 Assignment; Binding Effect; Benefit. Neither this Agreement nor any of
the  rights,  benefits  or  obligations  hereunder  may be assigned by any party
(whether by operation of law or otherwise)  without the prior written consent of
the other party.  Subject to the  preceding  sentence,  this  Agreement  will be
binding  upon,  inure to the  benefit of and be  enforceable  by the parties and
their respective successors and assigns. Except for the provisions (which may be
enforced by the Indemnified  Parties),  nothing in this Agreement,  expressed or
implied,  is  intended  to confer on any Person  other than the parties or their
respective  successors  and  assigns,  any  rights,  remedies,   obligations  or
liabilities under or by reason of this Agreement.

     10.7  Amendment.  This Agreement may not be amended except by an instrument
in writing signed on behalf of each of the parties.

     10.8 Headings.  The headings  contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or  interpretation  of
this Agreement.

     10.9 Counterparts.  This Agreement may be executed in counterparts, each of
which  shall be deemed to be an  original,  and all of which  together  shall be
deemed to be one and the same instrument.

     10.10 Governing Law and Venue; Waiver of Jury Trial.

     (a) THIS AGREEMENT  SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL
BE INTERPRETED,  CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE

                                       21
<PAGE>
STATE OF TEXAS WITHOUT  REGARD TO THE CONFLICT OF LAW  PRINCIPLES  THEREOF.  The
parties hereby irrevocably submit to the jurisdiction of the courts of the State
of Florida  and the venue for any  litigation  shall be within  Broward  County,
Florida.

     (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE  COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE  EACH SUCH PARTY HEREBY  IRREVOCABLY  AND  UNCONDITIONALLY  WAIVES ANY
RIGHT  SUCH  PARTY  MAY HAVE TO A TRIAL  BY JURY IN  RESPECT  OF ANY  LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     10.11  Joint   Participation  in  Drafting  this  Agreement.   The  parties
acknowledge   and  confirm  that  each  of  their   respective   attorneys  have
participated jointly in the drafting,  review and revision of this Agreement and
that it has not been written solely by counsel for one party and that each party
has had the benefit of its independent  legal  counsel's  advice with respect to
the terms and provisions hereof and its rights and obligations  hereunder.  Each
party hereto, therefore,  stipulates and agrees that the rule of construction to
the  effect  that  any  ambiguities  are to be or may be  resolved  against  the
drafting party shall not be employed in the  interpretation of this Agreement to
favor any party against  another and that no party shall have the benefit of any
legal  presumption  or the  detriment  of any  burden  of proof by reason of any
ambiguity or uncertain meaning contained in this Agreement.

     10.12  Severability.  The  provisions  of this  Agreement  shall be  deemed
severable and the  invalidity  or  unenforceability  of any provision  shall not
affect the validity or enforceability of the other provisions hereof.

     10.13 Enforcement. The parties agree that irreparable damage would occur in
the event that any of the  provisions  of this  Agreement  were not performed in
accordance  with  their  specific  terms  or  were  otherwise  breached.  It  is
accordingly  agreed that the parties  shall be entitled to seek an injunction or
injunctions to prevent  breaches of this  Agreement and to enforce  specifically
the terms and provisions of this Agreement in the courts located in the State of
Florida,  this being in addition to any other  remedy to which they are entitled
at law or in equity.

     10.14  Attorneys'  Fees  and  Costs.  Unless  expressly  set  forth  in the
Agreement,  if any action or other  proceeding is brought for the enforcement or
interpretation of this Agreement,  or because of any alleged dispute,  breach or
default  in  connection  with  any of the  provisions  of  this  Agreement,  the
successful  or  prevailing  party  shall  be  entitled  to  recover   reasonable
attorneys'   fees  and  other  costs  incurred  in  that  action  or  proceeding
(including, without limitation, reasonable attorneys' fees and costs incurred in
all appellate  proceedings),  in addition to any other relief to which it may be
entitled.

     10.15  Representation  by Counsel.  Each party has had the  opportunity and
reasonable  time,  to consult the attorney and  accountant  of its choosing with
reference to this Agreement and the transactions contemplated herein.

                            [Signature Page Follows]

                                       22
<PAGE>
         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the date first above written.

                                          ITG, INC

                                          By: /s/ Peter Sperling
                                              ----------------------------------
                                              Peter Sperling BOD / Secretary

                                          ITALK INC

                                          By: /s/ David F. Levy
                                              ----------------------------------
                                              David F. Levy CEO

                                       23
<PAGE>
                                 SCHEDULE 2.2(A)

             OFFICE FURNITURE, OFFICE EQUIPMENT, AND OFFICE SUPPLIES

                                      -NONE

<PAGE>
                                SCHEDULE 2.2 (B)

                            VOIP SWITCHING EQUIPMENT

                                      -NONE

<PAGE>
                                SCHEDULE 2.2 (C)

              GENERAL COMPUTER EQUIPMENT, PERIPHERALS, AND LICENSES

                                      -NONE

<PAGE>
                                 SCHEDULE 2.2(D)

                        CONTRACTS, LEASES, AND AGREEMENTS

                                      -NONE

<PAGE>
                                 SCHEDULE 2.2(E)

               LICENSES, PERMITS, AND GOVERNMENTAL AUTHORIZATIONS

                                      -NONE

<PAGE>
                                 SCHEDULE 2.2(F)

                  TRADEMARKS, SERVICE MARKS, TRADE NAMES, ETC.

1. All service  names used by the  Business,  including,  but not limited to the
following:

ITG
EasyTalk
Valucom

2. All domain  names used by the  Business,  including,  but not  limited to the
following:

4. All local,  International  and toll free access  numbers used by the business
including all DID's

<PAGE>
                                 SCHEDULE 2.2(G)

                      SOFTWARE, TECHNOLOGY, AND DATA BASES

1. All data bases associated with the websites used by the Business,  including,
but not limited to, the following:

<PAGE>
                                 SCHEDULE 2.2(I)

            CUSTOMER BASE, CUSTOMER RECORDS, AND RELATED INFORMATION

1. The ITG Customer Base

All customer  lists,  files,  records,  data, and contracts for the ITG Customer
Base  including  any  and  all  information   regarding  past  customers  and/or
prospective customers of the Business.

<PAGE>
                                 SCHEDULE 2.2(J)

                        Maintenance and Service Contracts

                                      -NONE

<PAGE>
                                 SCHEDULE 2.2(K)

             BANK ACCOUNTS, MERCHANT ACCOUNTS, AND SECURITY DEPOSITS

                                      -NONE

<PAGE>
                                  SCHEDULE 2.3

                                 EXCLUDED ASSETS

                         -ALL Fixed and physical assets

<PAGE>
                                  SCHEDULE 2.6

                               ASSUMED LIABILITIES

1. Buyer's  portion of the joint  liabilities at Closing that are impractical to
obtain cut-off statements for, as provided for in Section 2.9.

2. The unused PIN balance liability  associated with the unearned  revenue,  per
Section 2.10.

<PAGE>
                                   LIABILITIES

Schedule 4.4 NONE
Schedule 4.8 NONE
Schedule 4.9 NONE
Schedule 4.10 FCC
Schedule 4.12 NONE
Schedule 4.13 YES
Schedule 4.14 NOT

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