Document:

EXHIBIT 10.3

                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

     AGREEMENT dated as of July 19, 2005,  between MERCATOR MOMENTUM FUND, L.P.,
MERCATOR  MOMENTUM FUND III, L.P, MONARCH POINTE FUND, LTD.  (collectively,  the
"Funds")  and M.A.G.  Capital,  LLC ("MAG")  (the Funds and MAG are  referred to
individually as a "Holder" and collectively as the "Holders"),  and Vasomedical,
Inc. a Delaware corporation (the "Company").

     WHEREAS,  the Funds have  purchased,  for an  aggregate of  $2,500,000,  an
aggregate of 25,000 shares of Series D Convertible  Preferred Stock (the "Series
D Stock") from the Company,  and have the right to cause their Series D Stock to
be converted into shares of Common Stock,  $.001 par value (the "Common Stock"),
of the Company,  pursuant to the conversion formula set forth in the Certificate
of Designation ;

     WHEREAS,   each  Fund  and  MAG  have  acquired  Warrants  (together,   the
"Warrants")  from the  Company,  pursuant to which the Holders have the right to
purchase in the aggregate up to 1,892,219 shares of the Common Stock through the
exercise of the Warrants;

     WHEREAS,  the  Company  desires to grant to the  Holders  the  registration
rights set forth herein with respect to the shares of Common Stock issuable upon
the conversion of the Series D Stock and the exercise of the Warrants.

     NOW, THEREFORE, the parties hereto mutually agree as follows:

     1. Registrable Securities.  As used herein the terms "Registrable Security"
means each of the shares of Common Stock (i) issued upon the  conversion  of the
Series D Stock (the  "Conversion  Shares") or (ii) upon exercise of the Warrants
(the "Warrant Shares"),  provided,  however, that with respect to any particular
Registrable  Security,  such security  shall cease to be a Registrable  Security
when,  as of  the  date  of  determination  that  (a) it  has  been  effectively
registered under the Securities Act of 1933, as amended (the "Securities  Act"),
and disposed of pursuant thereto,  or (b) registration  under the Securities Act
is no longer  required for the immediate  public  distribution of such security.
The term "Registrable Securities" means any and/or all of the securities falling
within the foregoing definition of a "Registrable Security." In the event of any
merger,  reorganization,  consolidation,  recapitalization  or other  change  in
corporate structure affecting the Common Stock, such adjustment shall be made in
the definition of  "Registrable  Security" as is appropriate in order to prevent
any dilution or enlargement of the rights granted pursuant to this Section 1.

     2. Registration.

     (a) The Company  shall file a  registration  statement  (the  "Registration
Statement")  with the  Securities  and Exchange  Commission  (the "SEC")  within
forty-five  (45) days after the date of this  Agreement in order to register the
resale of the Registrable  Securities  under the Securities Act. Once effective,
the Company shall maintain the effectiveness of the Registration Statement until
the  earlier of (i) the date that all of the  Registrable  Securities  have been

<PAGE>

sold,  or (ii) the date that the  Company  receives an opinion of counsel to the
Company that all of the  Registrable  Securities  may be freely  traded  without
registration  under the  Securities  Act, under Rule 144  promulgated  under the
Securities Act or otherwise.

     (b) The Company will  initially  include in the  Registration  Statement as
Registrable  Securities Eight Million One Hundred Forty-Two Thousand Two Hundred
Nineteen (8,142,219) shares of Common Stock.

     3.  Covenants  of the Company  with  Respect to  Registration.  The Company
covenants and agrees as follows:

     (a) The  Company  shall use  commercially  reasonable  efforts to cause the
Registration  Statement to become effective with the SEC as promptly as possible
and in no event more than 90 days after filing the  Registration  Statement with
the SEC. If any stop order shall be issued by the SEC in  connection  therewith,
the Company shall use  commercially  reasonable  efforts to obtain  promptly the
removal  of  such  order.  Following  the  effective  date  of the  Registration
Statement,  the Company shall, upon the request of any Holder,  forthwith supply
such  reasonable  number of copies of the  Registration  Statement,  preliminary
prospectus and prospectus  meeting the  requirements  of the Securities Act, and
any other  documents  necessary  or  incidental  to the public  offering  of the
Registrable Securities, as shall be reasonably requested by the Holder to permit
the Holder to make a public distribution of the Holder's Registrable Securities.
The  obligations  of  the  Company   hereunder  with  respect  to  the  Holder's
Registrable  Securities  are subject to the Holder's  furnishing  to the Company
such appropriate  information  concerning the Holder,  the Holder's  Registrable
Securities and the terms of the Holder's offering of such Registrable Securities
as the Company may reasonably request in writing.

     (b) The Company shall pay all costs,  fees and expenses in connection  with
the Registration Statement filed pursuant to Section 2 hereof including, without
limitation, the Company's legal and accounting fees, printing expenses, and blue
sky fees and  expenses;  provided,  however,  that each  Holder  shall be solely
responsible  for the fees of any counsel  retained  by the Holder in  connection
with  such  registration  and any  transfer  taxes  or  underwriting  discounts,
commissions or fees applicable to the Registrable  Securities sold by the Holder
pursuant thereto.

     (c) The Company will take all actions which may be  reasonably  required to
qualify or register  the  Registrable  Securities  included in the  Registration
Statement  for the offer and sale under the  securities or blue sky laws of such
states as are reasonably  requested by each Holder of such securities,  provided
that the Company  shall not be obligated to execute or file any general  consent
to service of process  or to  qualify as a foreign  corporation  to do  business
under the laws of any such jurisdiction.

     4. Additional Terms.

     (a) The Company  shall  indemnify  and hold  harmless  the Holders and each
underwriter,  within the meaning of the Securities Act, who may purchase from or
sell for any Holder,  any Registrable  Securities,  from and against any and all
losses,  claims,  damages and  liabilities  caused by any untrue  statement of a
material fact contained in the Registration  Statement,  any other  registration
statement  filed by the Company  under the  Securities  Act with  respect to the
registration of the Registrable Securities, any post-effective amendment to such
registration  statements,  or any prospectus  included  therein or caused by any

                                      -2-
<PAGE>

omission  to state  therein a material  fact  required  to be stated  therein or
necessary to make the statements therein not misleading,  except insofar as such
losses,  claims,  damages or liabilities are caused by any such untrue statement
or omission  based upon  information  furnished  or required to be  furnished in
writing to the Company by the Holders or underwriter  expressly for use therein,
which indemnification shall include each person, if any, who controls any Holder
or  underwriter  within the  meaning  of the  Securities  Act and each  officer,
director, employee and agent of each Holder and underwriter;  provided, however,
that the  indemnification  in this Section  4(a) with respect to any  prospectus
shall not inure to the benefit of any Holder or  underwriter  (or to the benefit
of any  person  controlling  any Holder or  underwriter)  on account of any such
loss, claim, damage or liability arising from the sale of Registrable Securities
by the Holder or underwriter,  if a copy of a subsequent  prospectus  correcting
the untrue statement or omission in such earlier prospectus was provided to such
Holder  or  underwriter  by the  Company  prior  to the  subject  sale  and  the
subsequent  prospectus was not delivered or sent by the Holder or underwriter to
the purchaser  prior to such sale and provided  further,  that the Company shall
not be  obligated to so indemnify  any Holder or any such  underwriter  or other
person  referred to above unless the Holder or underwriter  or other person,  as
the case may be, shall at the same time  indemnify the Company,  its  directors,
each officer  signing the  Registration  Statement and each person,  if any, who
controls the Company within the meaning of the Securities  Act, from and against
any and all  losses,  claims,  damages  and  liabilities  caused  by any  untrue
statement  of a material  fact  contained  in the  Registration  Statement,  any
registration  statement or any  prospectus  required to be filed or furnished by
reason of this  Agreement or caused by any omission to state  therein a material
fact required to be stated therein or necessary to make the  statements  therein
not  misleading,  insofar as such losses,  claims,  damages or  liabilities  are
caused by any untrue statement or omission based upon  information  furnished in
writing to the Company by the Holder or underwriter expressly for use therein.

     (b) If for any reason the  indemnification  provided  for in the  preceding
section is held by a court of competent  jurisdiction  to be  unavailable  to an
indemnified party with respect to any loss, claim, damage,  liability or expense
referred to therein,  then the indemnifying  party, in lieu of indemnifying such
indemnified party thereunder,  shall contribute to the amount paid or payable by
the indemnified  party as a result of such loss,  claim,  damage or liability in
such  proportion  as is  appropriate  to  reflect  the  relative  fault  of  the
indemnified  party and the  indemnifying  party,  as well as any other  relevant
equitable considerations.

     (c) Neither the filing of a Registration  Statement by the Company pursuant
to this Agreement nor the making of any request for  prospectuses  by the Holder
shall impose upon any Holder any  obligation  to sell the  Holder's  Registrable
Securities.

     (d) Each Holder,  upon receipt of notice from the Company that an event has
occurred which requires a Post-Effective Amendment to the Registration Statement
or a supplement to the prospectus included therein,  shall promptly  discontinue
the  sale of  Registrable  Securities  until  the  Holder  receives  a copy of a
supplemented  or amended  prospectus  from the Company,  which the Company shall
provide as soon as practicable after such notice.

                                      -3-
<PAGE>

     (e) If the Company  fails to keep the  Registration  Statement  referred to
above  continuously  effective  during the  requisite  period,  then the Company
shall,  promptly  upon the request of any Holder,  use  commercially  reasonable
efforts  to  update  the  Registration  Statement  or  file  a new  registration
statement covering the Registrable  Securities remaining unsold,  subject to the
terms and provisions hereof.

     (f) Each  Holder  agrees to provide  the Company  with any  information  or
undertakings  reasonably  requested  by the  Company in order for the Company to
include any appropriate  information  concerning the Holder in the  Registration
Statement  or in order to promote  compliance  by the Company or the Holder with
the Securities Act.

     (g) The Company agrees that it shall cause each of its directors,  officers
and shareholders  owning ten percent (10%) or more of the Company's  outstanding
Common Stock to refrain from  selling any shares of the  Company's  Common Stock
until the Registration Statement has been declared effective.

     (h) Each Holder,  on behalf of itself and its affiliates,  hereby covenants
and agrees not to,  directly or indirectly,  offer to "short sell",  contract to
"short sell" or otherwise "short sell" any securities of the Company, including,
without limitation,  shares of Common Stock that will be received as a result of
the conversion of the Series D Stock or the exercise of the Warrants.

     5.  Governing  Law.  This  Agreement  shall be deemed to have been made and
delivered  in the  State of New  York and  shall  be  governed  as to  validity,
interpretation,  construction,  effect and in all other respects by the internal
substantive  laws of the State of New New  York,  without  giving  effect to the
choice of law rules thereof.

     6.  Amendment.  This Agreement may only be amended by a written  instrument
executed by the Company and the Holders.

     7. Entire Agreement. This Agreement constitutes the entire agreement of the
parties  hereto with respect to the subject  matter  hereof,  and supersedes all
prior  agreements  and  understandings  of the parties,  oral and written,  with
respect to the subject matter hereof.

     8. Execution in Counterparts. This Agreement may be executed in one or more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same document.

     9. Notices.  All communications  hereunder shall be in writing and shall be
hand delivered, mailed by first-class mail, couriered by next-day air courier or
by facsimile at the addresses set forth below.

If to the Holders,      M.A.G. Capital, LLC
                        Mercator Momentum Fund, L.P.
                        Mercator Momentum Fund III, L.P.
                        Monarch Pointe Fund, Ltd.
                        555 South Flower Street, Suite 4200

                                      -4-
<PAGE>

                        Los Angeles, CA  90071
                        Attention: David Firestone
        With a copy to  Sheppard Mullin Richter & Hampton LLP
                        333 South Hope Street
                        48th Floor
                        Los Angeles, CA 90071-1448
                        Telephone No.: (213) 620-1780
                        Facsimile No.:  (213) 620-1398
                        Attention:      David C. Ulich

                        If to the Company,

                        Vasomedical Inc
                        180 Linden Avenue
                        Westbury, NY 11590
                        Phone: 516-997-4600
                        Fax: 516-997-2299

                        Attention: Thomas W. Fry

        With a copy to: Beckman, Lieberman & Barandes, LLP
                        100 Jericho Quadrangle
                        Suite 329
                        Jericho, New York  11753
                        Telephone No.:  (516) 433-1200
                        Facsimile No.:   (516) 433-5858
                        Attention:  David H. Lieberman, Esq.

All such notices and communications shall be deemed to have been duly given: (i)
three (3) days after it is  received  if sent by  facsimile  at the  address and
number set forth above;  provided that notices  given by facsimile  shall not be
effective,  unless  either  (a) a  duplicate  copy of such  facsimile  notice is
promptly given by depositing the same in the mail, postage prepaid and addressed
to the party as set forth below or (b) the  receiving  party  delivers a written
confirmation of receipt for such notice by any other method permitted under this
paragraph;  and further  provided  that any notice given by  facsimile  received
after  5:00 p.m.  (recipient's  time) or on a  non-business  day shall be deemed
received on the next  business day; (ii) five (5) business days after deposit in
the United States mail,  certified,  return receipt requested,  postage prepaid,
and  addressed to the party as set forth below;  or (iii) the next  business day
after deposit with an international overnight delivery service, postage prepaid,
addressed  to the  party as set forth  below  with next  business  day  delivery
guaranteed;  provided that the sending party receives  confirmation  of delivery
from the delivery service provider.

                                      -5-
<PAGE>

     10. Binding Effect;  Benefits.  Any Holder may assign its rights hereunder.
This  Agreement  shall inure to the benefit of, and be binding upon, the parties
hereto  and  their  respective  heirs,  legal  representatives,  successors  and
assigns.  Nothing herein  contained,  express or implied,  is intended to confer
upon any person other than the parties hereto and their respective heirs,  legal
representatives  and  successors,  any rights or remedies  under or by reason of
this Agreement.

     11.  Headings.  The headings  contained  herein are for the sole purpose of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Agreement.

     12. Severability.  Any provision of this Agreement which is held by a court
of  competent   jurisdiction   to  be   prohibited  or   unenforceable   in  any
jurisdiction(s) shall be, as to such jurisdiction(s),  ineffective to the extent
of such  prohibition  or  unenforceability  without  invalidating  the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

     13. Attorneys' Fees and Disbursements. If any action at law or in equity is
necessary to enforce or interpret the terms of this  Agreement,  the  prevailing
party or parties  shall be entitled  to receive  from the other party or parties
reasonable  attorneys' fees and disbursements in addition to any other relief to
which the prevailing party or parties may be entitled.

            [The balance of this page is intentionally left blank.]

                                      -6-
<PAGE>

     IN WITNESS  WHEREOF,  this Agreement has been executed and delivered by the
parties hereto as of the date first above written.

                        VASOMEDICAL, INC.

                        By:/s/ Thomas Glover
                           ----------------------------------
                        Name:  Thomas Glover
                        Its:   President

                        HOLDERS:

                        MERCATOR MOMENTUM FUND, L.P.

                        By:  M.A.G. CAPITAL, LLC
                        Its:  General Partner

                        By:/s/ David Firestone
                           -----------------------------------
                        Name:  David Firestone
                        Its:   Managing Member

                        MERCATOR MOMENTUM FUND III, L.P.

                        By: M.A.G. CAPITAL, LLC
                        Its: General Partner

                        By:/s/ David Firestone
                           -----------------------------------
                        Name: David Firestone
                        Its:       Managing Member

                        MONARCH POINTE FUND, LTD.

                        By:/s/ David Firestone
                           -----------------------------------
                        Name: David Firestone
                        Its:  President

                        M.A.G. CAPITAL, LLC

                        By:/s/ David Firestone
                           -----------------------------------
                        Name: David Firestone
                        Its:  Managing Member

                                       -7-POOLING AGREEMENT

POOLING AGREEMENT

 

This Pooling Agreement (this "Agreement") is
made and entered into as of _________, 2005,

BY AND BETWEEN:

    
    THE UNDERSIGNED SHAREHOLDERS OF SE GLOBAL EQUITIES CORP. (to be
    renamed "Sun New Media Inc")

    

    (collectively referred to as the "Shareholders"
and individually as "Shareholder")
    

AND:

    
    SE GLOBAL EQUITIES CORP. (to
    be renamed "Sun New Media Inc"), incorporated under the laws of
    Minnesota and having an address at PO Box 297, 1142 S. Diamond Bar Blvd.,
    Diamond Bar, CA 91765

    ("SE Global")

AND:

    
    FIDELITY TRANSFER COMPANY, 1800 South West Temple.
    Suite 301, Salt Lake City, UT, 84115

    (hereinafter called the "Trustee")

  
     

  

WHEREAS:

A. SE Global, Sun Media Investment Holdings Ltd. ("Sun
Media"), Sun New Media Group Limited and Capital Alliance Group Inc.
have entered into an share purchase agreement, dated as of July 21, 2005 (the
"Share Agreement"), whereby on closing of the Share Agreement
Sun Media will own 78.23% of the issued and outstanding share capital of SE
Global as consideration for the Shares acquired;

B. The Shareholders are desirous of placing in pool the
shares owned by them in SE Global, being in respect of each of the Shareholders
the number of shares set opposite its name in Schedule "A" to this
Agreement, upon and subject to the terms and conditions hereinafter more
particularly set out;

C. The Trustee is willing to act as Trustee, upon the express
terms and subject to the express conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the parties hereby agree as follows:

1. DEFINED TERMS. Capitalized terms used in this
Agreement and not otherwise defined herein shall have the meanings ascribed to
them in the Share Agreement.

2. APPOINTMENT OF TRUSTEE. The Shareholders hereby
appoint Fidelity Transfer Company the Trustee to act as agent on their behalf
pursuant to this Agreement, and the Trustee hereby consents to its appointment
in such capacity on the terms and conditions of this Agreement.

3. DEPOSIT OF SHARES. On the closing date of the
Share Agreement (the "Closing Date"), the Shareholders will
cause SE Global to deliver to the Trustee (i) a list (Appendix "A")
containing the name, address and number of shares of common stock of SE Global
held by each Shareholder (the "Pool Shareholder List") being
placed in the pool (together the "Pooled Shares"), (ii)
certificates representing the Pooled Shares ("Share Certificates"),
and (iii) any and all other documents required from time to time by the Trustee
to effect transfers of the Pooled Shares in accordance with the terms and
conditions of this Agreement.

4. Release of THE POOLED Shares.

4.1 Authorized Disbursements. The Trustee is hereby
authorized to disburse the Pooled Shares only as follows:

(a) to the Shareholders in accordance with Section 4.2 of
this Agreement; or

(b) to the Shareholders upon receipt of a written instruction
signed by all the Shareholders; or

(c) to the Shareholders in accordance with a final and
binding judgment rendered by a court of competent jurisdiction and delivered to
the Trustee together with a certificate signed by SE Global (upon which
certificate the Trustee shall conclusively rely and act) certifying that said
judgment represents a final adjudication by a court of competent jurisdiction.

4.2 Expiration of Pool; Release of Pooled Shares.
Unless released earlier pursuant to Section 4.1, the Trustee shall release and
deliver the Pooled Shares on a pro rata basis as set out in Appendix
"B" to this Agreement.

5. Certain Rights of the Stockholders.

5.1 Rights attaching to Pooled Shares. The
Shareholders are entitled to all rights attaching to the Pooled Shares while the
Pooled Shares are subject to the Agreement, including without limitation, rights
to receive all dividend payments and distributions of capital, if any, from the
Pooled Shares, and to exercise all voting rights attached to the Pooled Shares.

5.2 Alteration of Capital. The parties hereto agree
that the provisions of this Agreement relating to the Pooled Shares shall apply
mutatis mutandis to any shares or securities into which the Pooled Shares may be
converted, changed, reclassified, redivided, redesignated, subdivided or
consolidated and to any shares or securities of SE Global or of any successor or
continuing company or corporation of SE Global that may be received by the
registered holder of the Pooled Shares on a reorganization, amalgamation,
consolidation or merger, statutory or otherwise, including the release
calculation which will be adjusted so that the proportion of the Pooled Shares
to be released is unaffected by the alteration of the capital of SE Global.

5.3 Transfer within the Pool. No transfer of Pooled
Shares by any Shareholder to a third party (not being a Shareholder) shall be
effective and no application shall be made to SE Global to register any such
transfer until the proposed transferee enters into an agreement with the other
parties hereto to the same effect as this Agreement. The Trustee shall not
effect a transfer of the Pooled Shares to a third party (not being a
Shareholder) unless the Trustee has received a copy of an acknowledgment,
attached as Appendix "C" to this Agreement, executed by the person to
whom the Pooled Shares are to be transferred. Notwithstanding the execution of
an acknowledgment by such a person, the transferor shall not be released from
its obligations under this Agreement unless it has transferred all of its Pooled
Shares. The Shareholders shall be entitled to transfer the Pooled Shares to
other Shareholders without the aforesaid requirements. In such event, the number
of Pooled Shares to be released to each Shareholder (as set out in
"Appendix B" hereto) shall be amended accordingly to reflect the said
transfer.

5.4 Amendment of This Agreement. This Agreement may be
amended by the written consent of all the Shareholders with Pooled Shares.

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6. Trustee.

6.1 Duties of Trustee. The Trustee shall treat the
Pooled Shares with such degree of care as it treats its own similar property. It
is agreed that the duties of the Trustee are only such as are herein
specifically provided, and the Trustee shall have no other duties, implied or
otherwise. The Trustee's duties are as a depository only, and the Trustee shall
incur no responsibility or liability whatsoever, except for its wilful
misconduct or gross negligence. Except where the terms of this Agreement
expressly refer thereto, the Trustee shall not be bound in any way by any of the
terms of the Share Agreement or any other agreement to which one or more of SE
Global, Sun Media, Capital Alliance Group Inc., or the Shareholders are parties,
whether or not the Trustee has knowledge thereof, and the Trustee shall not in
any way be required to determine whether or not the Share Agreement or any other
agreement has been complied with by SE Global, Sun Media, Capital Alliance Group
Inc., the Shareholders or any other party thereto. In the event that the Trustee
shall be uncertain as to any of its duties or rights hereunder or shall receive
instructions, claims or demands which, in its sole judgment, are in conflict
with any of the provisions of this Agreement, it shall be entitled to refrain
from taking any action other than to keep safely all Pooled Shares held in the
Pool until it shall be directed otherwise pursuant to a written notice from and
executed by SE Global, and the Trustee shall not be responsible or liable for
any damages while waiting for such written notice. This Agreement shall not
create any fiduciary duty of the Trustee to SE Global or any other person or
entity whatsoever nor disqualify the Trustee from representing any of such
parties as transfer agent and/or registrar.

6.2 Reliance by Trustee on Written Notices. The
Trustee may conclusively rely and shall be fully authorized and protected in
relying upon any written notice, direction, instruction, demand, certificate,
advice, opinion or document which it, in good faith, believes to be genuine. Set
forth in Schedule 6.2 hereto is a list of the names of the persons authorized to
act for SE Global and the signatures of all Shareholders under this Agreement.
The Trustee may conclusively rely on and shall be authorized and fully protected
in acting upon the written, facsimile or electronically delivered instructions
of SE Global and the Shareholders.

6.3 Risk to Trustee. In no event shall the Trustee be
liable (i) for any consequential, punitive or special damages or (ii) for an
amount in excess of the value of the Pooled Shares, valued as of the date of
deposit. The Trustee shall not incur any liability for not performing any act or
fulfilling any duty, obligation or responsibility hereunder by reason of any
occurrence beyond the control of the Trustee (including but not limited to any
act or provision of any present or future law or regulation or governmental
authority, any act of God or war, or the unavailability of the Federal Reserve
Bank wire or telex or other wire or communication facility).

6.4 No Investigation by Trustee. The Trustee shall not
be required or bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, entitlement, order, approval or other paper or document.

6.5 Trustee's Execution of Power. The Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, custodians, or nominees
appointed with due care, and shall not be responsible or liable for the acts or
omissions of any agent, attorney, custodian or nominee so appointed except for
acts that constitute wilful misconduct or gross negligence.

6.6 Legal Proceedings.

(a) The Trustee shall not be required to institute legal
proceedings of any kind.

(b) If at any time the Trustee is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects all or any portion of the Pooled
Shares (including but not limited to orders of attachment or garnishment or
other forms of levies or injunctions or stays relating to the transfer of all or
any portion of the Pooled Shares), the Trustee is authorized to comply therewith
in any manner as it or legal counsel of its own choosing deems appropriate; and
if the Trustee complies in good faith with any such judicial or administrative
order, judgment, decree, writ or other form of judicial or administrative
process, the Trustee shall not be liable to any of the parties hereto or to any
other person or entity even though such order, judgment, decree, writ or process
may be subsequently modified or vacated or otherwise determined to have been
without legal force or effect. The Trustee shall provide SE Global with notice,
in accordance with Section 7.3, of any such orders, judgments, decrees or writs
(along with copies of any related documentation), and the Trustee shall
reasonably consult with SE Global and the Shareholders and its counsel with
respect to such legal actions.

3

6.7 Trustee Reporting. Notwithstanding anything to the
contrary herein, except as required by law, in no event shall the Trustee be
under a duty to file any reports or withhold or deduct any amounts in respect of
taxes due for payments made pursuant to this Agreement.

6.8 Fees of the Trustee. SE Global covenants and
agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, the fees and expenses agreed to in writing between SE Global and
the Trustee (which at the date hereof are set forth in Schedule 6.8 hereto) and
will further pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions hereof or any other documents executed in
connection herewith (including the reasonable compensation and the reasonable
expenses and disbursements of its counsel and of all persons not regularly in
its employ), which related expenses, disbursements and advances shall be paid by
the requesting party, as set forth therein. The obligations of SE Global under
this Section 6.8 to compensate the Trustee and to pay or reimburse the Trustee
for reasonable expenses, disbursements and advances shall survive the
satisfaction and discharge of this Agreement or the earlier resignation or
removal of the Trustee.

6.9 Indemnification of the Trustee. SE Global and the
Shareholders agree to indemnify and hold the Trustee and its directors,
employees, officers, agents, successors and assigns harmless from and against
any and all losses, claims, damages, liabilities and expenses, including,
without limitation, reasonable costs of investigation and reasonable counsel
fees and expenses which may be imposed on the Trustee or incurred by it in
connection with its acceptance of this appointment as the Trustee hereunder or
the performance of its duties hereunder, except as a result of the Trustee's
negligence or wilful misconduct. Such indemnity includes, without limitation,
all losses, damages, liabilities and expenses (including reasonable counsel fees
and expenses) incurred in connection with any litigation (whether at the trial
or appellate levels) arising from this Agreement or involving the subject matter
hereof. The indemnification provisions contained in this Section 6.9 are in
addition to any other rights any of the indemnified parties may have by law or
otherwise and shall survive the termination of this Agreement or the resignation
or removal of the Trustee.

6.10 Successor to Trustee. Any corporation or other
entity whatsoever into which the Trustee may be merged or converted or with
which it may be consolidated, and any corporation or other entity whatsoever
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party or any corporation or other entity whatsoever succeeding to the
business of the Trustee shall be the successor of the Trustee hereunder without
the execution or filing of any paper with any party hereto except where an
instrument of transfer or assignment is required by law to effect such
succession.

6.11 Resignation of Trustee. If the Trustee at any
time, in its sole discretion, deems it necessary or advisable to resign as the
Trustee hereunder, it may do so by giving prior written notice of such event to
SE Global, and the Shareholders and thereafter delivering the Pooled Shares to
any other agent designated by SE Global and the Shareholders as communicated to
the Trustee in writing, and if no such agent shall be designated by SE Global
and the Shareholders within 60 calendar days of such written notice, then the
Trustee may do so by delivering the Pooled Shares either (a) to any bank or
trust located in the State of Utah which is willing to act as Trustee hereunder
in its place (provided that the fees charged by such bank or trust company are
not in excess of the fees charged by the Trustee for its services hereunder) or
(b) if no such bank or trust company can be retained within a reasonable period
after such 60 calendar day period after the delivery by the Trustee of its
written notice, then the Trustee shall seek the appointment of its successor as
prescribed by the clerk or other proper officer of a court of competent
jurisdiction located within the State of Utah to the extent permitted by law
(any such successor to the Trustee, whether designated by SE Global and the
Shareholders or pursuant to the clause above or otherwise, is hereinafter
referred to as the "Successor Agent"). The costs and expenses
(including reasonable attorneys' fees and expenses) incurred by the Trustee in
connection with such proceeding for the appointment of a Successor Agent shall
be paid by SE Global. SE Global and the Shareholders may, at any time after the
date hereof, upon 30 calendar day's prior written notice to the Trustee,
appoint a Successor Agent for the resignation or removal of the Trustee,
whereupon the Trustee shall deliver the Pooled Shares to such Successor Agent,
as provided below. The reasonable fees of any Successor Agent shall be borne by
SE Global. Upon receipt of the identity of the Successor Agent, the Trustee
shall deliver the Pooled Shares then held hereunder to the Successor Agent. Upon
delivery of the Pooled Shares to the Successor Agent, (i) the Trustee shall be
discharged from any and all responsibility or liability with respect to the
Pooled Shares (except as otherwise provided herein) and (ii) all references
herein to the "Trustee" shall, where applicable, be deemed to include
such Successor Agent and such Successor Agent shall thereafter become the
Trustee for all purposes of this Agreement.

4

7. MISCELLANEOUS.

7.1 Construction; Interpretation. 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. Article, section,
schedule, exhibit, recital and party references are to this Agreement unless
otherwise stated. No party, nor its counsel, shall be deemed the drafter of this
Agreement for purposes of construing the provisions of this Agreement, and all
provisions of this Agreement shall be construed in accordance with their fair
meaning, and not strictly for or against any party.

7.2 Amendments and Modifications. No party hereto
shall be bound by any modification, amendment, termination, cancellation,
rescission or supersession of this Agreement unless the same shall be in writing
and signed by it.

7.3 Notices. All notices and other communications
hereunder shall be in writing and shall be effective when actually received by
the party to which notice is sent as follows:

	 	
      (a) If to SE Global, to:
	
      With copies to:

      (which shall not constitute notice)

	 	 	 
	 	 	
      Bruno Wu, Chairman and CEO

      Sun New Media Inc Holdings Limited

      (the post merger name of SE Global)

      PO Box 297, 1142 S. Diamond Bar Blvd., Diamond Bar, CA 91765

    	 
	 	 	 	 
	 	
      (b) If to the Trustee, to:
	 
	 	 	 	 
	 	 	
      Fidelity Transfer Company

      1800 South West Temple. Suite 301, Salt Lake City, UT, 84115
	 
	 	 	 	 
	 	
      (c) If to the Shareholders, to:
	 
	 	 	
      The individual addresses beside each Shareholders name below.
	 

or to such other address as the person to whom notice is
being given may have previously furnished to the other parties in writing in the
manner set forth above.

7.4 Assignment. Subject to Sections 5.3, 6.10 and
6.11, neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any party (whether by operation of law or
otherwise) without the prior written consent of SE Global, the Shareholders and
the Trustee; provided that SE Global may assign its rights and obligations to
any affiliate, but no such assignment shall relieve such SE Global of its
obligations hereunder. This Agreement will be binding upon, inure to the benefit
of and be enforceable by the parties and their respective successors and
permitted assigns.

7.5 Termination of Agreement. This Agreement shall
terminate when all of the Pooled Shares have been disbursed according to the
terms of this Agreement.

5

7.6 Representation. Each of the parties hereby
represents and warrants that this Agreement has been duly authorized, executed
and delivered on its behalf and constitutes its legal, valid and binding
obligation.

7.7 Other Miscellaneous Provisions.

(a) Whenever under the terms hereof the time for giving a
notice or performing an act falls upon a Saturday, Sunday, or banking holiday,
such time shall be extended to the next day on which Trustee is open for
business.

(b) Each party agrees that any suit, action or proceeding
with respect to this Agreement, and the performance of the parties hereunder
shall only be brought in the courts of the State of Nevada, including any
federal court located within the State of Nevada. Accordingly, each party
submits irrevocably to the exclusive jurisdiction of such courts for the purpose
of any such suit, action or proceeding and waives irrevocably any right which it
may have to bring any such suit, action or proceeding in any forum other than a
court of the State of Nevada, or in any federal court located within the State
of Nevada, and any defence which it may have to the enforcement of this
provision, whether based on the inconvenience of the forum or otherwise.

(c) The Trustee does not have any interest in the Pooled
Shares deposited hereunder but is serving as escrow holder only. SE Global
agrees to pay or reimburse the Trustee upon request for any transfer taxes or
other taxes relating to the Pooled Shares incurred in connection herewith and
shall indemnify and hold harmless the Trustee for any amounts that it is
obligated to pay in the way of such taxes. Any payments of income in respect of
the Pooled Shares shall be subject to withholding regulations then in force with
respect to United States taxes. The parties hereto will provide the Trustee with
appropriate forms for tax I.D. number certifications.

(d) This Agreement shall be construed in accordance with and
bound by the laws of the State of Utah and the laws of the United States of
America applicable in the State of Minnesota.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -

THE NEXT PAGE IS THE SIGNATURE PAGE]

6

(f) This Agreement may be executed in several parts in the
same form and such part as so executed shall together constitute one original
agreement, and such parts, if more than one, shall be read together and
construed as if all the signing parties hereto had executed one copy of this
Agreement.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed as of the day and year first above written.

 

	
      FIDELITY TRANSFER COMPANY as
      Trustee

       

       

       

      By: _____________________________

      Name:

      Title:
	
      SE GLOBAL EQUITIES CORP.

       

       

       

      By: ____________________

      Name: ____________

      Title: Chairman and CEO

	 	 
	
      SHAREHOLDERS

	
       

       

      By: _____________________________

      Name:

      # of Shares Held:________
	
       

       

      By: _____________________________

      Name:

      # of Shares Held: ______

	
       

       

      By: _____________________________

      Name:

      # of Shares Held:________
	
       

       

      By: _____________________________

      Name:

      # of Shares Held: ______

	
       

       

      By: _____________________________

      Name:

      # of Shares Held:________
	
       

       

      By: _____________________________

      Name:

      # of Shares Held: ______

    
7

APPENDIX "C"

 

ACKNOWLEDGMENT AND AGREEMENT TO BE BOUND

 

To: FIDELITY TRANSFER COMPANY

1800 South West Temple. Suite 301

Salt Lake City, UT, 84115

    I, the undersigned, acknowledge that:

	I have entered into an agreement with ____________________under which
      _____________ shares of common stock of SE Global (the "Pooled
      Shares") will be transferred to me subject to receipt of all
      necessary approvals, if applicable, and

  
	the Shares are held in pool subject to a Voluntary Pooling Agreement
      dated for reference _________________ 2005 (the "Pooling
      Agreement"), a copy of which is attached as Schedule "A" to
      this acknowledgment.

    In consideration of $1.00 and other good and valuable
consideration (the receipt and sufficiency of which is acknowledged) I agree,
effective upon receipt of all necessary approval of the transfer to me of the
Pooled Shares, if applicable, to be bound by the Pooling Agreement in respect of
the Shares as if I were an original signatory to the Pooling Agreement.

 

Dated at _____________________, this _____ day of
___________, 200___.

 

Where the transferee is an individual:

	SIGNED, SEALED & DELIVERED by   	
 )	
	

      ______________________ in the	
 )	
	presence of: 

      	 )	
	
______________________________		
      ______________________________

	Signature of Witness		
       (signature of transferee)

	 
      __________________________
		
	Print Witness Name		
	 
      __________________________
		
	Address		

8

APPENDIX "A"

STOCKHOLDERS PARTY TO POOLING AGREEMENT

	
       

      
      NAME OF SHAREHOLDER
	
       

      
      NUMBER OF SHARES HELD IN ESCROW

	
      

      Sun Media Investment Holdings Inc.(1)

      
	
      

      50,000,000 Common Shares (post consolidation shares)

      
	Capital
      Alliance Group Inc.

      	7,000,000 Common
      Shares (post consolidation shares)
	
      {the names of the other shareholders to be inserted}(2)	{holdings of the other shareholders to be inserted}
		

	The shares of SE Global Equities Corp. (to be renamed "Sun New Media
    Inc") issued to Sun Media Investment Holdings Inc. and related parties
    on the Closing Date are considered "restricted securities" under
    applicable U.S. securities laws. Sun Media Investment Holdings Inc. and
    related parties receiving these securities may not sell these securities
    unless these securities are first registered under U.S. securities laws or
    on reliance of an available exemption from the U.S. registration
    requirements. After one year these securities may be sold pursuant Rule 144.
    Rule 144 allows holders to sell 1% of the issued and outstanding share
    capital of an issuer in any three month period subject to certain
    conditions. After two years, holders who are not officers, directors or
    affiliates may sell these securities without regard to volume or other
    conditions set out in Rule 144.
	The named shareholders are considered to be a
    "Related Party" to Sun Media Investment Holdings Inc. for the
    purpose of this Pooling Agreement.

    9

APPENDIX "B"

TERMS OF RELEASE FROM POOLING AGREEMENT

The Pooled Shares shall be released in the following amounts
and at the following times:

Sun Media Investment Holdings Inc. and Related Parties(1)(2):

	
      

      Release Date
	
      # of Shares

      to be Released

	
      Twenty four (24) months from the Closing Date
	
      1,000,000

	
      Thirty (30) months from the Closing Date
	
      1,000,000

	
      Thirty six (36) months from the Closing Date
	
      1,000,000

	
      Forty two(42) months from the Closing Date
	
      1,000,000

	
      Forty eight (48) months from the Closing Date
	
      46,000,000

	
      TOTAL:
	
      50,000,000

	The shares of SE Global Equities Corp. (to be renamed "Sun New Media
  Inc") issued to Sun Media Investment Holdings Inc. and related parties on
  the Closing Date are considered "restricted securities" under
  applicable U.S. securities laws. Sun Media Investment Holdings Inc. and
  related parties receiving these securities may not sell these securities
  unless these securities are first registered under U.S. securities laws or on
  reliance of an available exemption from the U.S. registration requirements.
  After one year these securities may be sold pursuant Rule 144. Rule 144 allows
  holders to sell 1% of the issued and outstanding share capital of an issuer in
  any three month period subject to certain conditions. After two years, holders
  who are not officers, directors or affiliates may sell these securities
  without regard to volume or other conditions set out in Rule 144.
	The shares are to be released on a pro rata basis to Sun Media Investment
  Holdings Inc. and Related Parties.

 

    10

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