Document:

BORROWER               COMMERCIAL
                                 AMERICAN CONSUMERS, INC.     VARIABLE RATE
                               DBA SHOP RITE SUPERMARKETS      PROMISSORY
                                                                  NOTE
LENDER                    ADDRESS
Northwest Georgia Bank    P.O. Box 2328
3610 Battlefield Pkwy     Ft Oglethorpe, GA  30742
FT OGLETHORPE, GA 30742   Telephone No.   Identification No.
(706) 858-8430  "LENDER"  (706) 861-3347  xx-xxxxxxx

<TABLE>
<CAPTION>
--------------  --------  -----------  --------  --------  ----------  --------------
OFFICER         INTEREST   PRINCIPAL   FUNDING   MATURITY   CUSTOMER        LOAN
IDENTIFICATION    RATE      AMOUNT       DATE      DATE      NUMBER        NUMBER
<S>             <C>       <C>          <C>       <C>       <C>         <C>
KSF:39          VARIABLE  $350,020.00  12/17/03  12/17/08  xx-xxxxxxx  R-xx-xxxxxx-xx
--------------  --------  -----------  --------  --------  ----------  --------------
cam    LT/11    CL/b      COL/15       PURP/26   CRC/le    CT/307
</TABLE>

PROMISE TO PAY: For value received, Borrower promises to pay the order of Lender
the  principal amount of THREE HUNDRED FIFTY THOUSAND TWENTY AND NO/ 100 DOLLARS
($350,020.00)     plus  interest on the unpaid principal balance at the rate and
in  the manner described below, until all amounts owing under this Note are paid
in  full.  All amounts received by Lender shall be applied first to late charges
and expenses, accrued unpaid interest, then to unpaid principal, or in any other
order as determined by Lender, in Lender's sole discretion, as permitted by law.

INTEREST  RATE: This Note has a variable rate feature. The interest rate on this
Note  may  change  from time to time if the Index Rate identified below changes.
Interest  shall  be  computed on the basis of THE ACTUAL NUMBER OF DAYS OVER 360
DAYS  per  year.  Interest  on  this  Note  shall be calculated and payable at a
variable  rate  equal  to  0.000  %  per  annum OVER the Index Rate. The initial
interest  rate  on  this  Note  shall  be  6.000  % per annum. Any change in the
interest  rate  resulting  from a change in the Index Rate will be effective on:
     THE FIRST DAY OF EACH MONTH.

INDEX  RATE:  The  Index  Rate  for  this  Note  shall  be:
     WALL STREET PRIME RATE AS PUBLISHED BY THE WALL STREET JOURNAL.

If  the  Index  Rate is redefined or becomes unavailable, then Lender may select
another  index  rate  which  is  substantially  similar.

RATE  LIMITATIONS:  Subject to applicable law, the minimum interest rate on this
Note shall be  6.000 %  per annum.  The maximum interest rate on this Note shall
not  exceed  21.000  %  per  annum,  or  if  less,  or  if a maximum rate is not
indicated,  the maximum interest rate Lender is permitted to charge by law.  The
maximum  rate  increase  at  any  one  time  will be  5.000 %.  The maximum rate
decrease  at  any  one  time  will  be  N/A  %.

DEFAULT  RATE:  If there is an Event of Default under this Note, the Lender may,
in  its  discretion,  increase  the  interest  rate  on this Note to: 16% or the
maximum  interest  rate Lender is permitted to charge by law, whichever is less.

PAYMENT SCHEDULE: Borrower shall pay the principal and interest according to the
following  schedule:
     59  PAYMENTS  OF  $6,781.44  BEGINNING  JANUARY  17, 2004 AND CONTINUING AT
     MONTHLY  TIME INTERVALS THEREAFTER. A FINAL PAYMENT OF THE UNPAID PRINCIPAL
     BALANCE  PLUS  ACCRUED  INTEREST  IS  DUE AND PAYABLE ON DECEMBER 17, 2008.

PREPAYMENT:  This  Note  may  be  prepaid  in  part  or in full on or before its
maturity  date [ ]  with  [X]  without  penalty.  If  this  Note  contains  more
than one installment, any partial prepayment will not affect the due date or the
amount  of any subsequent installment, unless agreed to, in writing, by Borrower
and  Lender.  If  this  Note is prepaid in full there will be:

<PAGE>
[ ] A minimum finance charge of $________________. [ ] A prepayment penalty  of:

LATE  CHARGE: If a payment is received more than  9  days late, Borrower will be
charged  a  late  charge  of:
[ ] ________% of the unpaid portion of the payment; [ ] $__________; [X] 5.00 %
of  the  unpaid  late  paymnet  or $60.00, whichever is [ ] greater [X] less, as
permitted  by  law.

COLLATERAL:  To secure the payment and performance of obligations incurred under
this  Note,  Borrower  grants  Lender  a  security interest in all of Borrower's
right,  title,  and  interest  in all monies, instruments, savings, checking and
other  accounts  of  Borrower  (excluding  IRA,  Keogh, trust accounts and other
accounts  subject to tax penalties if so assigned) that are now or in the future
in Lender's custody or control. [X]  If checked, the obligations under this Note
are  also  secured  by  the  collateral  described in any security instrument(s)
executed in connection with this Note, and any collateral described in any other
security  instrument(s)  securing  this  Note  or all of Borrower's obligations.
ALL EQUIPMENT AND INVENTORY NOW OWNED OR HEREAFTER ACQUIRED BY BORROWER WHEREVER
LOCATED  AND  ANY  AND  ALL  SUBSTITUTIONS.

CHECK  PROCESSING  FEE:  If  a  check  for payment is returned to Lender for any
reason (for example, because there are insufficient funds in Borrower's checking
account),  lender will assess a check processing fee of $  N/A  , which shall be
added  to  the  principal  balance.

RENEWAL:[_] If checked, this Note is a renewal, but not a satisfaction, of Loan
Number  _____________

================================================================================
THE PERSONS SIGNING BELOW ACKNOWLEDGE THAT THEY HAVE READ, UNDERSTAND, AND AGREE
TO  THE  PROVISIONS  OF  THIS  NOTE,  INCLUDING  THE TERMS AND CONDITIONS ON THE
REVERSE  SIDE,  AND  FURTHER  ACKNOWLEDGE RECEIPT OF AN EXACT COPY OF THIS NOTE.

Dated:  DECEMBER 17, 2003

BORROWER:  AMERICAN CONSUMERS, INC.        BORROWER:  AMERICAN CONSUMERS, INC.
           DBA  SHOP  RITE                            DBA  SHOP  RITE

  /s/  Michael  A.  Richardson                   /s/  Paul  R.  Cook

By:                                        By:
   ---------------------------------          ---------------------------------
     Michael  A.  Richardson                    Paul  R.  Cook
     CEO/PRESIDENT                              EXECUTIVE  VICE  PRESIDENT

<PAGE>
                              TERMS AND CONDITIONS

1.   EVENT  OF  DEFAULT.  An Event of Default shall occur under this Note in the
     event  that  Borrower,  any  guarantor  or  any  other third party pledging
     collateral  to  secure  this  Note:
(a)  fails  to make any payment on this Note or any other indebtedness to Lender
     when  due;
(b)  fails  to  perform  any  obligation or breaches any warranty or covenant to
     Lender  contained  in  this  Note,  any  security  instrument, or any other
     present  or  future  written  agreement  regarding  this  or  any  other
     indebtedness  of  Borrower  to  Lender;
(c)  provides  or  causes any false or misleading signature or representation to
     be  provided  to  Lender;
(d)  sells,  conveys,  or  transfers rights in any collateral securing this Note
     without  the written approval of Lender; or destroys, loses or damages such
     collateral in any material respect; or subjects such collateral to seizure,
     confiscation  or  condemnation.
(e)  has  a  garnishment,  judgement,  tax  levy,  attachment or lien entered or
     served  against  Borrower,  any  guarantor,  or  any  third  party pledging
     collateral  to  secure  this  Note  or  any  of  their  property;
(f)  dies,  becomes  legally  incompetent, is dissolved or terminated, ceases to
     operate  its  business,  becomes  insolvent,  makes  an  assignment for the
     benefit of creditors, fails to pay debts as they become due, or becomes the
     subject  of any bankruptcy, insolvency or debtor rehabilitation proceeding;
(g)  fails  to  provide  Lender  evidence  of  satisfactory financial condition;
(h)  has  a  majority  of  its  outstanding voting securities sold, conveyed, or
     transferred  to  any  person or entity other than any person or entity that
     has  the  majority  ownership  as  of  the  date  of  the execution of this
     agreement;  or
(i)  if  Lender  deems  itself insecure in good faith with respect to any of the
     obligations  or  indebtedness.

2.   RIGHTS OF LENDER ON EVENT OF DEFAULT. If there is an Event of Default under
     this Note, Lender will be entitled to exercise one or more of the following
     remedies  without  notice  or  demand  (except  as  required  by  law):
(a)  to  declare  the principal amount plus accrued interest under this Note and
     all  other  present  and future obligations of Borrower immediately due and
     payable  in full; such acceleration shall be automatic and immediate if the
     Event  of  Default  is  a  filing  under  the  Bankruptcy  Code;
(b)  to  collect  the  outstanding  obligations  of  Borrower  with  or  without
     resorting  to  judicial  process;
(c)  to  cease  making  advances  under this Note or any other agreement between
     Borrower  and  Lender;
(d)  to  take  possession  of  any  collateral  in  any manner permitted by law;
(e)  to  require Borrower to deliver and make available to Lender any collateral
     at  a  place  reasonably  convenient  to  Borrower  and  Lender;
(f)  to  sell,  lease  or  otherwise  dispose  of any collateral and collect any
     deficiency  balance  with  or  without  resorting  to  legal  process;
(g)  to  set-off  Borrower's  obligations  against  any  amounts due to Borrower
     including,  but  not  limited to, monies, instruments, and deposit accounts
     maintained  with  Lender;  and
(h)  to  exercise  all  other rights available to Lender under any other written
     agreement  or  applicable  law.

Lender's rights are cumulative and may be exercised together, separately, and in
any  order.  Lender's  remedies  under  this  paragraph are in addition to those
available  under  any  other  written  agreement  or  applicable  law.

3.   DEMAND  FEATURE.  [ ]  If  checked,  this  Note  contains a demand feature.
     Lender's right to demand payment, at any time, and from time to time, shall
     be in Lender's sole and absolute discretion, whether or not any default has
     occurred.

4.   FINANCIAL  INFORMATION.  Borrower  will  at  all times keep proper books of
     record and account in which full, true and correct entries shall be made in
     accordance  with  generally accepted accounting principles and will deliver
     to  Lender,  within  ninety  (90) days after the end of each fiscal year of
     Borrower, a copy of the annual financial statements of Borrower relating to
     such  fiscal  year,  such  statements  to  include (i) the balance sheet of
     Borrower  as  at  the  end  of such fiscal year and (ii) the related income
     statement,  statement  of retained earnings and statement of changes in the
     financial  position  of  Borrower  for  such  fiscal year, prepared by such
     certified  public  accountants as may be reasonably satisfactory to Lender.
     Borrower  also  agrees  to deliver to Lender within fifteen (15) days after
     filing same, a copy of Borrower's income tax returns and also, from time to
     time,  such  other financial information with respect to Borrower as Lender
     may  request.

<PAGE>
5.   MODIFICATION  AND  WAIVER.  The modification or waiver of any of Borrower's
     obligations  or  Lender's  rights  under  this  Note must be contained in a
     writing  signed by Lender. Lender may perform any of Borrower's obligations
     or  delay or fail to exercise any of its rights without causing a waiver of
     those obligations or rights. A waiver on one occasion will not constitute a
     waiver  on any other occasion. Borrower's obligations under this Note shall
     not  be  affected  if  Lender  amends,  compromises,  exchanges,  fails  to
     exercise,  impairs  or  releases  any  of  the obligations belonging to any
     Borrower or guarantor or any of its rights against any Borrower, guarantor,
     or  any  collateral  securing  any  of  Borrower's  obligations.

6.   SEVERABILITY.  If  any  provision  of  this  Note  violates  the  law or is
     unenforceable,  the  rest  of  the Note shall remain valid. Notwithstanding
     anything contained in this Note to the contrary, in no event shall interest
     accrue  under  this  Note, before or after maturity, at a rate in excess of
     the  highest  rate  permitted by applicable law, and if interest (including
     any charge or fee held to be interest by a court of competent jurisdiction)
     in excess thereof be paid, any excess shall constitute a payment of, and be
     applied  to, the principal balance hereof, and if the principal balance has
     been  fully  paid,  then  such excess interest shall be repaid to Borrower.

7.   ASSIGNMENT. Borrower agrees not to assign any of Borrower' rights, remedies
     or  obligations  described in the Note without the prior written consent of
     Lender,  which  consent  may  be withheld by Lender in its sole discretion.
     Borrower agrees that Lender is entitled to assign some or all of its rights
     and  remedies described in this Note without notice to or the prior consent
     of  Borrower.

8.   NOTICE.  Any  notice  or  other communication to be provided to Borrower or
     Lender  under  this  Note shall be in writing and mailed to the parities at
     the  addresses  described in this Note or such other address as the parties
     may designate in writing from time to time.

9.   APPLICABLE  LAW.  Interest,  including  rates,  fees  and  charges  which
     compensate  Lender for the extension of credit to Borrower under this Note,
     or  which  compensate  Lender  for any default or breach by Borrower of the
     terms and conditions of this Note, shall be governed by federal law and the
     laws  of the state of GEORGIA . All other terms and conditions of this Note
     shall  be  governed  by the laws of the state of GEORGIA , unless otherwise
     preempted  by  federal  law.  Unless  applicable  law  provides  otherwise,
     Borrower  consents  to  the  jurisdiction and venue of any court located in
     GEORGIA  selected  by  Lender,  in  its discretion, in the event of a legal
     proceeding  under  this  Note.

10.  COLLECTION  COSTS  AND  ATTORNEYS'  FEES.  To  the extent permitted by law,
     Borrower  agrees  to pay all costs of collection, including attorneys' fees
     of  15  percent  of the principal and interest owing on the indebtedness if
     the  indebtedness  is  collected  by  law  or  through  an attorney at law.

11.  MISCELLANEOUS.  This  Note  is  being  executed  primarily  for commercial,
     agricultural,  or  business  purposes.  Borrower  will  provide Lender with
     current  financial statements and other financial information upon request.
     Borrower  and  Lender agree that time is of the essence. Borrower agrees to
     make  all  payments  to  Lender  at any address designated by Lender and in
     lawful  United  States  currency. Borrower and any person who endorses this
     Note waives presentment, demand for payment, notice of dishonor and protest
     and  further  waives  any right to require Lender to proceed against anyone
     else  before  proceeding against Borrower or said person. All references to
     Borrower  in  this Note shall include all of the parties signing this Note,
     and  this  Note  shall be binding upon the heirs, personal representatives,
     successors  and  assigns  of Borrower and Lender. If there is more than one
     Borrower their obligations under this Note shall be joint and several. This
     Note  represents the complete and integrated understanding between Borrower
     and  Lender  regarding  the  terms  hereof.

12.  JURY TRIAL WAIVER. LENDER AND BORROWER HEREBY WAIVE ANY RIGHT TO A TRIAL BY
     JURY  IN  ANY  CIVIL ACTION ARISING OUT OF, OR BASED UPON, THIS NOTE OR THE
     COLLATERAL  SERCURING  THIS  NOTE.

13.  ADDITIONAL  TERMS:

*****THE MINIMUM INTEREST RATE FOR THIS NOTE SHALL BE 6%.*****

<PAGE><PAGE>
Exhibit 10.3

15 September 2003

PRIVATE AND CONFIDENTIAL

Mr John Henderson
CEO and Director
Aqua Dyne Inc.
3rd Floor, 895 Dove Street
Newport Beach, California  9260  USA

Dear John

J WILSON - EMPLOYMENT CONTRACT

As you are aware, we have instructions to act for Jim Wilson ("JW").

JW will agree to enter into an employment contract with Aqua Dyne Australia Pty
Ltd ACN 103 011 696 ("ADA") on the following terms and conditions:

1.       PARTIES

1.1      EMPLOYER: ADA

1.2      EMPLOYEE: JW

1.3      GUARANTOR: Aqua Dyne Inc ("ADI")

2.       BACKGROUND

2.1      ADI has developed technologies known as the Jet Water System for
         treatment of contaminated or salt water ("the Technologies").

2.2      ADI has protected its intellectual property relating to the
         Technologies.

2.3      ADA is a wholly owned subsidiary of ADI.

2.4      ADI will give ADA a license to use the Technologies to develop its
         business in Australia. The business is the commercial application of
         the Technologies for profit after development and marketing activities
         ("the Proposed Business").

<PAGE>

3.       POSITION OF JW

3.1      Managing Director of ADA

3.2      Director of ADI, with appointment term, conditions, compensation,
         reimbursements and entitlements on the same basis as the proposed new
         directors, viz Messrs Symms and Ziglar. In the event that Messrs Symms
         and Ziglar or other parties acceptable to JW do not become Board
         Members, then at his option, JW may resign from the Board of ADI
         without any penalty whatsoever.

3.3      Director of Liquatech Pty Ltd in due course on terms and conditions to
         be agreed with the Board of ADI, should that company remain an entity
         separate from the Aqua Dyne Group.

4.       REPORTING

4.1      JW to report to the CEO of ADI.

5.       DUTIES OF JW

5.1      Determining technical capabilities of the technologies with assistance
         from independent consultants.

5.2      Determining feasibility of commercial manufacture and sales of the
         technologies, with the assistance from independent consultants.

5.3      Employing the technical, sales and administrative staff as appropriate
         for preparation of a business and marketing plan and thereafter
         development of the proposed business in Australia, South Pacific and
         Asian markets.

5.4      Negotiations with high volume water users such as companies (industrial
         and mining ) and government bodies and agencies which have currently
         expressed an interest in commercial use of the technologies.

6.       TERM

6.1      The initial contract is for three (3) years. JW has one (1) option to
         renew the initial contract for a further period of three (3) years,
         making a total employment period of up to 6 (six) years. The option to
         renew must be exercised by JW between months twenty-five (25) and
         thirty (30) after commencement of the initial contract. The option is
         to be exercisable by JW on the same terms and conditions as the initial
         contract save as to salary for the first year of the second three-year
         period, which shall not be less than the annual salary applicable in
         the third year of the initial contract. ADI and ADA, in good faith,
         hereby grant JW the right of first refusal to negotiate his
         continuation in the Position for a further period 6 (six) years ie for
         years seven (7)- twelve (12) on the basis of an initial contract of 3
         (three) years, with an option to JW for renewal for a further period of
         3 (three) years.

                                       2

<PAGE>

6.2      JW can terminate the contract at any time by giving three (3) months
         notice ("JW Termination"). Upon JW Termination ADA must make a payment
         immediately to JW of all entitlements which might be outstanding
         according to law.

6.3      Termination by ADA other than in circumstances set out in Clause 17
         herein: ADA can terminate the contract at any time by giving one (1)
         months notice ("ADA Termination"). Upon ADA Termination, ADA must make
         payment to JW of the greater of all remaining amounts that would have
         been paid to JW as remuneration had the relevant three year term of the
         contract been completed by both parties, or one (1) years remuneration
         (based on remuneration at the time of ADA Termination), such payments
         to be in Eligible Termination Payment form. If JW exercises the option
         to renew for a further three (3) years and ADA fails to enter the
         relevant three (3) year contract, within 30 days of JW so exercising
         his option, this will be deemed to be an ADA Termination. If ADA
         breaches Clause 7 of this contract or if ADI breaches Clause 15.1 of
         this contract this will be deemed to be an ADA Termination.

7.       PACKAGE

7.1      SALARY AS MANAGING DIRECTOR OF ADA

         Commencing salary to be AUD$250,000.00 per annum inclusive of Federal
         Superannuation Guarantee Levy (such that the amount of $250,000.00 per
         annum is the total cost to the Company) paid monthly in advance no
         later than the 7th day of the month.

         Fringe Benefits and other similar taxes on all other benefits payable
         to JW under the contract is to be to the account of ADA.

7.2      CAR PARK

         ADA must provide a car park to JW at the business premises where JW is
         working at no cost to JW.

7.3      EXPENSES ( AS MD OF ADA AND DIRECTOR OF ADI)

         Reimbursement of all usual work related expenses for this type of
         position including, but not limited to, telephone, entertainment and
         parking. No car will be provided but reasonable motor vehicle running
         expenses on a per klm basis are to be paid for any commute to and from
         ADA's place of business, in excess of 20 klms per day.

7.4      TRAVEL (AS MD OF ADA AND DIRECTOR OF ADI)

         Business Class were flight time is longer than 1.5 hours.

         Road travel for business purposes will be by hire car at the cost of
         the company.

7.5      SALARY REVIEW

         During the 11th month of each year of the contract, JW's performance
         will be reviewed ("Performance Review").

                                       3

<PAGE>

         The Performance Review will be based on an objective assessment of how
         diligently JW has applied himself overall to the discharge of his
         duties during the year in question, including Board positions.

         During the term of the contract, the CEO of ADI will immediately
         discuss with JW any concerns he might have in respect to JW's
         performance from time to time, with the objective of enabling JW to
         undertake personal corrective action, if such proves to be necessary.

         On the basis that JW's performance is assessed as acceptable (ie. he
         has diligently applied himself overall to his duties), he shall be
         entitled to a salary review.

         The salary review will determine JW's salary for the next year of the
         contract ("the New Salary").The New Salary will be at least equal to
         the old salary adjusted upwards for the effect of the Consumer Price
         Index increase over the previous (12) twelve months.

         The New Salary shall be determined by way of benchmarking JW's current
         salary against those paid to persons in JW's position in companies of
         similar size, performance and prospects.

8.       COMMENCEMENT

8.1      The parties acknowledge that JW must give up to 2 months notice of his
         intention to terminate employment with his current employer ("Current
         Employer Notice").

8.2      JW will not give the current employer notice until this contract is
         signed and ADA and ADI have satisfied Clause 12.1 (a) of the Conditions
         Precedent, which ADI and ADA irrevocably agree to do no later than 30
         September 2003.

8.3      Should ADI and ADA not have satisfied Clause 12.1 (a) of the Conditions
         Precedent by 30 September 2003, then JW shall grant ADI and ADA an
         extension for a further period not exceeding fourteen (14) days.

8.4      JW will commence employment under this contract no later than 1 week
         after termination of his current employment.

9. HOURS OF WORK

9.1.     8.30 am -5.30 pm Monday to Friday and such other hours as may be
         reasonably required.

10. HOLIDAYS

10.1     In the first year of the contract, seven (7) weeks, with 2 weeks in
         January 2004; and thereafter five (5) weeks per annum, subject to no
         greater than three (3) weeks consecutively, without permission of the
         Board of ADI.

11.      SICK LEAVE

11.1     Ten (10) days per annum.

                                       4

<PAGE>

11.2     JW, along with all other employees, shall be covered under Work Cover
         Queensland

12.      CONDITIONS PRECEDENT

12.1     This contract is subject to the following Conditions Precedent being
         satisfied by 30 September 2003 ("the Satisfaction Date"):

         (a)      ADI must deposit AUD$100,000.00 ("the Security Deposit") in
                  the Trust Account of Hillhouse Burrough McKeown, solicitors
                  who must hold the Security Deposit on trust for JW on the
                  following terms:

                  (i)      The Security Deposit must be paid to JW (in the form
                           of an Eligible Termination Payment if possible) if JW
                           informs Hillhouse Burrough McKeown that there has
                           been a breach of Clause 7 or Clause 15.1 or this
                           employment contract by ADI or ADA;

                  (ii)     The Security Deposit will be repaid to ADI if the
                           Conditions Precedent have not been satisfied by the
                           Satisfaction Date;

                  (iii)    The Security Deposit will be repaid to ADI if it has
                           not been paid to JW under sub-clause 12.1(b)(i) above
                           within nineteen (19) months of the commencement of
                           payment of JW's salary hereunder;

                  (iv)     Hillhouse Burrough McKeown may invest the Security
                           Deposit with a bank selected by Hillhouse Burrough
                           McKeown whereupon any interest earned on the Security
                           Deposit will become part of the Security Deposit.

         (b)      A payment of the Security Deposit to JW under Clause
                  12.1(b)(i) will be a credit against any amount payable to JW
                  under this contract and that the rights of JW under Clause 6.2
                  and 6.3 will not be otherwise affected.

         (c)      ADI must arrange for 100,000 ADI stock options to be issued to
                  JW in accordance with the company's registered stock option
                  plan and SEC legal requirements;

         (d)      In addition to the stock options in 12.1 (c), ADI must arrange
                  for JW to be issued with such further stock options as the
                  Board of ADI determines appropriate pursuant to its planned
                  review of the entitlements of directors and executives;

         (e)      The exercise price for the stock options in (c) and (d) above
                  shall be as determined by the Board of ADI;

         (f)      Directors Liability Indemnity Insurance to cover JW in his
                  positions with ADA and ADI;

         (g)      Due Diligence being completed to the satisfaction of JW;

         (h)      Messrs Symms and Ziglar becoming Board members of ADI

                                       5

<PAGE>

12.2     JW may terminate this contract if the Conditions Precedent have not
         been met by the Satisfaction Date.

13.      GUARANTEE AND INDEMNITY

13.1     ADI guarantees that ADA will perform its obligations under this
         employment contract including ADA's obligations under Clauses 6.2 and
         6.3 after termination.

13.2     ADI and ADA hereby indemnify JW against any loss or damage whatsoever
         or howsoever caused arising from the performance of his duties under
         this contract.

14.      BOARD POSITIONS

14.1     JW must be appointed a Director of ADA upon commencement of employment.

15.      FUNDING

15.1     ADI agrees that it will provide appropriate funding for the business
         plan of ADA when it is formulated. If funds are needed before the
         business plan is formulated, ADI will provide them to cover JW's salary
         and other business expenses relating to JW's duties. ADI agrees that
         the amount of funding to be provided over the first eighteen (18)
         months from commencement of this contract will be at least
         AUD$750,000.00 provided in such time as the funds are required by ADA.

15.2     ADI acknowledges that it intends to provide AUD$2,000,000.00 if that is
         necessary to maximise the prospects of the proposed business.

15.3     JW is not required to give any Director's Guarantees relating to the
         financing or operations of ADI or ADA, including but not limited to
         lease of premises or equipment leases by ADA or ADI.

16.      CONFIDENTIALITY

16.1     JW is aware that in the course of employment under this Agreement he
         will have access to and be entrusted with information in respect of the
         business and financing of ADA and its dealings, transactions and
         affairs all of which information is or may be confidential.

16.2     JW shall not (except in the proper course of his duties) during or
         after the period of his employment under this Agreement divulge to any
         person whatever or otherwise make use of (and shall use his best
         endeavours to prevent the publication or disclosure of) any trade
         secret or any confidential information concerning the business or
         finances of ADA or any of its dealings, transactions or affairs or any
         trade secret or any other such confidential information concerning ADA
         or any of its members, suppliers, agents, distributors or customers.

                                       6

<PAGE>

16.3     All notes and memoranda of any trade secrets or confidential
         information concerning the business of ADA or any of its members,
         suppliers, agents, distributors or customers which shall be acquired
         received or made by JW during the course of his employment shall be the
         property of ADA and shall be surrendered by JW to someone duly
         authorised in that behalf at the termination of his employment or at
         the request of the Board at any time during the course of his
         employment.

17.      TERMINATION

         17.1     The Company may at its sole discretion terminate the
                  employment in the manner specified in Clause 17.2 if at any
                  time JW is or becomes:

                  17.1.1   Incapacitated by illness or injury from performing
                           his duties under this Agreement for a period of three
                           (3) consecutive months or any periods aggregating
                           three months in any period of twelve (12) calendar
                           months.

                  17.1.2   Charged with any criminal offence which in the
                           reasonable opinion of the Board brings the JW or ADA
                           into serious disrepute.

                  17.1.3   Bankrupt or makes a composition or arrangement with
                           his creditors generally or takes advantage of any
                           statute for the relief of insolvent debtors.

                  17.1.4   Of unsound mind, or a person whose personal estate is
                           liable to be dealt with under any law relating to
                           mental health.

         17.2     Where ADA decides to terminate the employment for a reason
                  specified in Clause 17.1 it shall do so in the following
                  manner:

                  17.2.1   For reasons specified in Clause 17.1.1 by giving not
                           less than one (1) months previous written notice
                           expiring on or after the expiry of the three (3)
                           months period referred to therein or by paying one
                           (1) months' salary (but not allowances) in lieu
                           thereof but without prejudice to any rights or
                           remedies of either party under, or in respect of any
                           breach of, this Agreement.

                  17.2.2   For any other reason as specified in Clause 17.1 by
                           giving notice effective forthwith and without payment
                           of any salary or allowances (other than any accrued
                           to the date of termination, but without prejudice to
                           any rights or remedies of either party under, or in
                           respect of any breach of this Agreement.

                  17.2.3   Under termination of the employment, JW will be
                           entitled to payment in lieu of annual leave to which
                           he became entitled during the employment (including a
                           pro rata entitlement for the period after the last
                           anniversary of the commencement of the employment,
                           but which he did not take for any reason approved by
                           the Board).

                  17.2.4   Subject to an express agreement to the contrary, upon
                           termination of the employment all sums which are
                           owing by JW to ADA shall be repaid forthwith whether
                           such sums are then due to be paid or not.

18.      SEVERABILITY

18.      If any provision of this Contract is held invalid, unenforceable or
         illegal for any reason this Contract shall otherwise remain in full
         force apart from such provisions which shall be deemed deleted.

                                       7

<PAGE>

19.      ENTIRE AGREEMENT

19.      This Agreement constitutes the entire Agreement of the parties in
         respect of the matters dealt with in this Agreement and supersedes all
         prior Agreements, understandings and negotiations in respect of the
         matters dealt with in this Agreement.

20.      VARIATION

20.      This Agreement shall not be changed or modified in any way subsequent
         to its execution except in writing signed by ADA and JW.

21.      NOTICES

         Any notice, approval, consent or other communication under this
         Agreement shall be in writing and shall be delivered personally or
         given by pre-paid registered post, telegram or cable to a party at the
         address of the party indicated at the beginning of this Agreement or
         such other address as the party may from time to time notify to the
         other for the purpose of this claim. Proof of posting by pre-paid
         registered post or by dispatch of telegram or cable shall be proof of
         receipt, in the case of, on the third day after posting and, in the
         case of a telegram or cable, on the day immediately following dispatch.

22.      BINDING CONTRACT

22.1     Upon ADA, ADI and JW (either personally or through his solicitors)
         signing this letter, the parties agree that a binding employment
         contract is formed.

23.      PROPER LAW

23.1     This contract is subject to the law of Queensland.

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

signed by JIM WILSON

68 LUDLOW STREET, CHAPEL HILL 4069, AUSTRALIA

---------------------------------------------------------------
signed on behalf of
AQUA DYNE INC (ADI)

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

signed on behalf of
AQUA DYNE AUSTRALIA PTY LTD (ADA)

                                       8

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