Document:

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                                                                 EXHIBIT 10.18

                          CO-BRANDED SERVICE AGREEMENT

     This Agreement, dated as of December 14, 1999 (the "Effective Date"), is
made by and between Quepasa.com, Inc., a Nevada corporation with its principal
place of business at 400 East Van Buren, Phoenix, AZ 85004 ("QuePasa"), and
NetZero, Inc., a Delaware corporation with its principal place of business at
2555 Townsgate Road, Westlake Village, CA 91361 ("NetZero").

                                    Recitals
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     WHEREAS QuePasa is the owner or licensee of certain Web properties and
services targeting the U.S. Hispanic community in both the English and Spanish
language, including Internet Web sites and online communities (collectively, the
"QuePasa Services");

     WHEREAS NetZero provides free dial-up Internet access services in the
United States of America in the English language (the "NetZero Service") to its
subscribers. In conjunction with the NetZero Service, a persistent window ("The
ZeroPort") is displayed to subscribers while connected to the NetZero Service;
and

     WHEREAS the parties would like to offer free dial-up Internet access
services and content targeted to the U.S. Hispanic community through a
customized version of the NetZero Service and The ZeroPort utilizing the QuePasa
Services, including a co-branded start page in both the Spanish and English
language (the "Customized NetZero Service"). It is understood that the
Customized NetZero Service is intended to be designed primarily for bilingual
consumers.

     NOW, THEREFORE, QuePasa and NetZero hereby agree as follows:

     1. The Co-branded Start Page.

     a. Development of the Co-branded Start Page. QuePasa and NetZero shall
jointly design and create a co-branded Web start page (the "Co-branded Start
Page") to be used in connection with the Customized NetZero Service (as defined
in Section 2(a)). The Co-branded Start Page shall be based upon both the home
page for the web site located at www.quepasa.com and NetZero specifications for
co-branding such page with the NetZero trademarks, logos, and links as mutually
agreed upon. The Co-branded Start Page shall be subject to final approval by
NetZero, which approval will not be unreasonably withheld. QuePasa shall, at no
cost to NetZero, develop, implement and manage the Co-branded Start Page.
Without limiting the generality of the foregoing, the Co-branded Start Page
shall be created, designed and developed pursuant to the following provisions:

                    (i) QuePasa Content. The Co-branded Start Page shall include
            the full spectrum of QuePasa content, consumer applications and
            services. In addition, the co-branded start page may include links
            to other areas of sites owned or controlled by QuePasa (such sites,
            the "QuePasa Sites") and links to
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     other sites owned or controlled by third parties. QuePasa shall use best
     efforts to monitor and prevent offensive, pornographic or hate content from
     being displayed to Subscribers.

          ii.  NetZero Content. In addition, the Co-branded Start Page shall
include: (A) links and graphics to NetZero services including, without
limitation, customer service, technical support, and member benefits, and (B)
content, buttons or other editorial product selected by NetZero, provided,
that, such content, buttons or other editorial product shall not exceed 12 1/2%
of the "above the fold" real estate of the Co-branded Start Page when displayed
at full height on an 800x600 pixel resolution screen.

     b. Advertising. QuePasa will be responsible for and receive all revenues
from all advertising related activities on all of the pages on the Co-branded
Start Page and QuePasa Sites provided, however, that in no event shall QuePasa
display advertising on the Co-branded Start Page or on the QuePasa Sites for
free internet access services which compete directly with the NetZero Service
or the Customized NetZero Service.

     c. Hosting. QuePasa shall maintain, operate, host and serve, at no cost to
NetZero, the Co-branded Start Page and the QuePasa Sites. The URL of the
Co-branded Start Page will be substantially similar to "www.netzero.quepasa.com"
or as otherwise mutually agreed upon by the parties.

     d. Exclusivity. During the Term, QuePasa shall not enter into any
relationships for a co-branded site, co-branded service or co-branded start page
with any free internet access service providers which compete directly with the
NetZero Service or Customized NetZero Service in the United States, provided
that if QuePasa is in a relationship for a co-branded site, co-branded service
or co-branded start page with a partner that becomes a free internet access
provider which competes directly with the NetZero Service or Customized NetZero
Service during the Term, QuePasa shall be allowed to maintain such relationship
so long as QuePasa does not advertise or promote such free internet access
service on the Co-Branded Start Page or on the QuePasa Sites.

          2. Customized NetZero Service. NetZero and QuePasa shall cooperate in
the development of the Customized NetZero Service as set forth in this Section
2.

     a. Customized NetZero Service. NetZero shall allow each of its subscribers
to elect to receive the Customized NetZero Service. As part of the Customized
NetZero Service, NetZero shall provide customer support and documentation in
the Spanish language for its subscribers that elect to receive the Customized
NetZero Service ("Subscribers") in a manner similar to customer support and
documentation provided for subscribers to the NetZero Service.

               i. Registration Process. Subscribers may elect to use the
Customized NetZero Service through a process to be developed and implemented by
NetZero. NetZero will use commercially reasonable efforts to consult with, and
obtain feedback from, QuePasa with respect to such process.

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     The Subscriber default start page shall be dependent upon the Subscriber's
     election to receive content targeted to the U.S. Hispanic community through
     a customized version of the NetZero Service. NetZero subscribers will be
     sent an e-mail prior to the anticipated Launch Date informing such
     subscribers of the option to receive the Customized NetZero Service after
     the Launch Date.

                    ii.  Customized NetZero Service Implementation.  NetZero
     will use commercially reasonable efforts to implement the Customized
     NetZero Service, including the Customized ZeroPort (as defined in Section
     2(b) below) within ninety (90) days of the execution of this Agreement.
     Within thirty (30) days of the Effective Date, the parties shall develop a
     detailed implementation schedule for the Customized NetZero Service and the
     Customized ZeroPort (the "Implementation Plan").

    b. Customized ZeroPort.  As part of the Customized NetZero Service, NetZero
shall, at no cost to QuePasa, develop a customized version of The ZeroPort (the
"Customized ZeroPort") as more fully set forth below pursuant to the
Implementation Plan:

                    i.   NetZero shall configure the Customized ZeroPort so
     that the Co-branded Start Page will be the default and only start page for
     all Subscribers when such Subscriber uses the Customized NetZero Service.

                    ii.  The Customized ZeroPort shall contain a start button
     (the "Start Button") and search button ("Search Button") which link to the
     Co-branded Start Page and the applicable area of the QuePasa Sites,
     respectively.

                    iii. It is anticipated that the Customized ZeroPort will
     contain news, sports or weather buttons which shall be linked either to the
     applicable area of the Co-branded Start Page, other QuePasa Sites, or to
     third parties' Web sites, provided, that such third party Web site is not
     one of the ten exclusive URL's set forth in Exhibit B and all subdomains
     thereof and that the primary purpose of such third party web site is the
     provision of the applicable content.

                    iv.  NetZero shall make the applicable software for the
     Customized ZeroPort and Customized NetZero Service available in Spanish on
     a download page similar to the download page for the NetZero Service.

    c. Translation.  Pursuant to the Implementation Plan, the Customized
NetZero service will be translated into the Spanish language by NetZero and
QuePasa shall provide reasonable market specific modification and language
translation assistance, if any, with respect to the translation of the
Customized NetZero Service to the Spanish language.

    d. Advertising.  NetZero will be responsible for all advertising related
activities on the Customized NetZero Service, including the Customized ZeroPort.

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     e.   Hosting. NetZero shall maintain, operate, host and serve at no cost
to QuePasa, the Customized NetZero Service.

     f.   Exclusivity. During the Term, NetZero shall not enter into any
relationships for a co-branded site, co-branded service or co-branded start page
targeting the U.S. Hispanic community with any other portal or content
aggregator which competes directly with the QuePasa Services.

          3.   Co-Marketing; Cooperation.

     a.   Marketing Plan. The parties shall develop a mutually agreeable
marketing plan for the services contemplated hereunder within ninety (90) days
after the Effective Date. At a minimum, the marketing plan shall include the
following: (i) the parties shall feature the Customized NetZero Service in a
portion of the parties' respective marketing and promotional campaigns; (ii) all
standard marketing and promotional CD's produced after a mutually agreed upon
date and distributed by NetZero that are not co-branded with a third party shall
contain the applicable software for the Customized NetZero Service; (iii)
QuePasa shall commit to spend at least one million dollars ($1,000,000), and if
the aggregate amount payable for Logon Fees and Referral Fees payable hereunder
as set forth in Section 4(a) exceeds $6,000,000, QuePasa shall commit to
spending an additional one million dollars ($1,000,000), for the production and
distribution of CD's containing the Customized NetZero Service and other
mutually agreeable content, and QuePasa shall have exclusive control over
ordering or initiating the production and distribution of such CD's; provided,
that the amounts paid by QuePasa hereunder to produce and distribute such CD's
shall not exceed NetZero's reasonable costs of production and distribution of
the CD's; provided further, that such amounts will not be due and payable by
QuePasa until QuePasa places orders for such CD's and then only in the amount of
such orders; and (iv) QuePasa will use reasonable efforts to secure the rights
to bundle the NetZero software on Gloria Estefan music CD's; provided, however,
that QuePasa shall not be obligated to pay for any such rights.

     b.   Banner Advertising. NetZero shall provide to QuePasa, at no charge,
three eights of one percent (0.375%) of NetZero's total inventory of banner
advertising impressions on the Customized ZeroPort. NetZero shall provide URL
targeted banner advertising impressions for fifteen (15) URL's as mutually
agreed upon by the parties as set forth in Exhibit A attached hereto. URL
targeted banner advertising impressions means banner advertising impressions
that are displayed in the Customized ZeroPort when a Subscriber visits the
targeted URL. The parties shall mutually agree upon the ten of such URL's that
will be provided to QuePasa on an exclusive basis (meaning that a QuePasa URL
targeted banner advertising impression will be the first URL targeted banner
advertising impression that will be displayed in the Customized ZeroPort for
the exclusive URL's) and the five of such URL's that will be provided to
QuePasa on a non-exclusive basis. For such non-exclusive URL's, no more than
three other advertisers will be assigned to each URL for rotation (meaning that
a QuePasa URL targeted banner advertising impression will be the first URL
targeted banner advertising impression that will be displayed in the Customized
ZeroPort on an average of every fourth URL targeted banner advertising
impression displayed for the non-exclusive URL's). QuePasa shall be

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provided a defense shield for the QuePasa Sites, meaning that no direct
competitor to QuePasa may target the QuePasa Sites with URL targeted banner
advertising. QuePasa will receive, at no charge, targeted keyword banner
advertising impressions for twenty (20) mutually agreed upon keywords as set
forth in Exhibit B attached hereto. Targeted keyword banner advertising
impressions means banner advertising impressions that are displayed in the
Customized ZeroPort when a user types the applicable keyword into a browser or
search engine supported by NetZero. Five (5) of such keywords shall be provided
to QuePasa on an exclusive basis as mutually agreed upon by the parties
(meaning that a QuePasa keyword targeted banner advertising impression will be
the first keyword targeted banner advertising impression that will be displayed
in the Customized ZeroPort for the exclusive keywords). Exhibits A and B may
be updated with mutually agreeable URL's and keywords, respectively, once every
thirty days. QuePasa may not resell any of the banner advertising impressions
set forth hereunder.

     c. Reciprocal Links. As soon as practicable after the Effective Date,
QuePasa shall create a hyperlink above the fold on the QuePasa Site home page
located at www.quepasa.com to the NetZero Web site download page or such other
Web site as may be designated by NetZero; provided, that all users originating
from such hyperlink and who download the Customized NetZero Service will
automatically receive the Co-branded Start Page as their default start page.
QuePasa may move such link to any other QuePasa Site homepage, provided, that
such hyperlink shall at all times be displayed above the fold on the home page
of the primary QuePasa Site. As soon as practicable after the Effective Date,
NetZero shall create a hyperlink above the fold on the NetZero Web Site partner
page to the QuePasa Site home page.

     d. Teams. Each party shall designate a team responsible for furthering the
purpose of this Agreement, and such team shall consist of such party's
applicable personnel in the areas of business development, editorial,
marketing, sales, technology, legal and other areas that are relevant to this
Agreement.

     4.   Payments

     a. Logons and Referrals. QuePasa shall pay to NetZero a fee of ten cents
($0.10) each time the Co-branded Start Page is displayed to a Subscriber when a
Subscriber logs on to the Customized NetZero Service ("Logon Fee"). In addition,
QuePasa shall pay to NetZero a fee of five cents ($0.05) if a Subscriber visits
the Co-branded Start Page or any of the QuePasa Sites by using any of the
buttons on the Customized ZeroPart, including without limitation, the Search
Button and Start Button, or clicking through from the banner advertising
impressions provided hereunder (the "Referral Fee"), provided, that the Referral
Fee shall be payable only once per session of use of the Customized NetZero
Service by such Subscriber. If the aggregate amount payable for Logon Fees and
Referral Fees hereunder exceeds $6,000,000 and QuePasa has spent at least
$2,000,000 for the production and distribution of CD's as set forth hereunder,
the Logon Fee and Referral Fee for all subsequent transactions after the first
date on which both such aggregate amount payable exceeds $6,000,000 and QuePasa
has spent such $2,000,000, as applicable, shall be reduced to nine cents ($0.09)
and four and one-half cents ($0.045), respectively.

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     b.   Reporting.     Following the Launch Date (as defined in Section 8),
NetZero shall track each logon and visit giving rise to a Logon Fee or Referral
Fee, respectively, and shall provide reports to QuePasa within ten (10) days
after the end of each month setting forth the number of transactions occurring
during prior month and the amounts due for such month.

     c.   Payments.

               i.   QuePasa shall make advance payments as set forth herein
     ("Advance Payments") which shall be deemed recoupable advance payments
     against amounts due and payable under Section 4(a). Within thirty (30) days
     of the execution of this Agreement, QuePasa will pay to NetZero an Advance
     Payment of one million dollars ($1,000,000). On the dates in each full
     calendar month thereafter which are three business days following QuePasa's
     receipt of the report discussed in Section 4(b) above, QuePasa shall pay
     to NetZero an Advance Payment of the applicable amount, if necessary, such
     that the then current Advance Balance (as defined in Section 4(c)ii) (as
     adjusted to include the applicable Advance Payment) is equal to the prior
     month's total Logon Fees and Referral Fees paid to NetZero plus twenty five
     percent (25%).

               ii.  Upon the provision of the report set forth in Section 4(b),
     NetZero shall deduct the applicable amount set forth in such report from
     the Advance Balance. If the Advance Balance is not sufficient to cover the
     entire amount due, QuePasa shall pay such remaining amount within fifteen
     (15) days upon written notice of such shortfall. "Advance Balance" shall
     mean the balance of the amount held by NetZero as the recoupable advance
     payment as increased by Advance Payments and decreased by applicable
     amounts due NetZero, provided, that the Advance Balance shall never be less
     than $0. For the purpose of example only, if at the end of the first month
     following the Launch Date, the total Logon Fees and Referral Fees payable
     are $200,000, then such amount shall be deducted from the Advance Balance,
     and the Advnce Balance shall be reduced to $800,000. The Advance Balance
     for the second month following the Launch Date is required to be $250,000
     ($200,000 + 25%), and because the Advance Balance is $800,000, QuePasa does
     not need to make an Advance Payment for such month.

     5.   Auditing. NetZero shall keep, maintain and preserve for at least two
(2) years following termination or expiration of the Term, accurate records
relating to the applicable transactions and fees hereunder. During the Term and
the six (6) month period following expiration or termination of the Term,
QuePasa shall have the right, at its expense, to audit such records of NetZero
for the purpose of verifying NetZero's reports and fees. Should any audit reveal
a greater than five percent (5%) overpayment by QuePasa for the period being
audited, NetZero shall reimburse QuePasa for all costs associated with such
audit in addition to all other amounts due to QuePasa. Audits shall be made upon
not less than five (5) days' prior written notice and during regular business
hours. NetZero shall promptly remit to QuePasa any overpayment amounts.

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     6.   Aggregated and Individual Data. As mutually agreed to by the parties,
NetZero shall provide to QuePasa aggregated Subscriber data. Additionally,
NetZero shall provide to Subscribers the option to automatically register with
QuePasa for the customization of the Co-branded Start Page and if the
Subscriber elects such option, NetZero shall provide the applicable individual
Subscriber information to QuePasa. QuePasa may use such mutually agreed upon
individual data during the Term to individually customize the Co-branded Start
Page. QuePasa may use such aggregated data to better target and develop
content, e-commerce and advertising opportunities. QuePasa agrees that such
data is proprietary to NetZero and in no event shall QuePasa disclose, analyze,
compile, sell or otherwise use such data for any other purpose. Furthermore,
NetZero's obligation to provide such data and QuePasa's use of such data shall
be subject in all respects to, and shall comply with, all current and future
applicable laws, rules, regulations and orders regarding the collection,
retention, use, dissemination and confidentiality of such data, and to all
current and future policies and procedures of NetZero regarding the same.

     7.   Ownership. NetZero acknowledges and agrees that, as between QuePasa
and NetZero, QuePasa owns all title to, and all ownership rights in, any
QuePasa intellectual property, the QuePasa Sites and all proprietary aspects of
the Co-branded Start Page which are solely created and/or contributed by
QuePasa, including without limitation the underlying software but excluding any
NetZero brand features which are the sole property of NetZero. QuePasa
acknowledges and agrees that, as between QuePasa and NetZero, NetZero owns all
title to, and all ownership rights in, the Customized NetZero Service, the
Customized ZeroPort (including all software related to the Customized
ZeroPort)), any NetZero trademarks and all proprietary aspects of the
Co-branded Start Page which are solely created and/or contributed by NetZero,
including without limitation the underlying software but excluding any QuePasa
brand features which are the sole property of QuePasa. All Subscriber
information provided by a Subscriber to NetZero is owned by NetZero, including
Subscriber information passed to QuePasa as set forth in Section 6. All
Subscriber information provided by a Subscriber to QuePasa is owned by QuePasa.
QuePasa shall have the right to use all Subscriber information passed by NetZero
to QuePasa pursuant to Section 6 as set forth in Section 6.

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     8.   Term and Right of First Negotiation. This Agreement shall be
effective upon the Effective Date and have a term ("Term") of one (1) year from
the date on which NetZero launches the Customized NetZero Service (the "Launch
Date") unless terminated earlier as set forth herein. Upon the request of
either party after the date which is ninety (90) days prior to the end of the
Term, the parties shall negotiate in good faith the continuation of the
relationship hereunder and the terms and conditions of such relationship. If
the parties have not commenced such negotiations or have otherwise not been
able to reach agreement by the date which is sixty (60) days prior to the end
of the Term, the parties shall be free to enter into negotiations, discussions
and notwithstanding anything to the contrary herein, enter into relationships
and agreements with third parties with respect to the subject matter hereunder,
provided that the parties shall act in good faith with respect to the
furtherance of the purposes of this Agreement for the remainder of the Term.

     a. Termination. Either party may terminate this Agreement if (i) the other
party files a petition for bankruptcy or is adjudicated bankrupt; (ii) a
petition in bankruptcy is filed against the other party and such petition is
not dismissed within sixty (60) days of the filing date; (iii) the other party
becomes insolvent or makes an assignment for the benefit of its creditors
pursuant to any bankruptcy law; (iv) a receiver is appointed for the other
party or its business; (v) upon the occurrence of a material breach of a
material provision by the other party if such breach is not cured within thirty
(30) days after the written notice is received by the breaching party
identifying the matter constituting the material breach; (vi) in the event of
serious degradation of service that is in excess of industry standards that is
not remedied within thirty (30) days of receipt of notice of such degradation
of service; or (vii) by mutual consent of the parties.

     b. NetZero may terminate this Agreement upon 10 days' written notice on
any Change of Control of QuePasa in which the successor or acquirer is
reasonably deemed to be a direct competitor of NetZero. "Change of Control"
shall mean (i) merger, consolidation, or other reorganization or transaction or
series of transactions in which securities representing more than fifty percent
(50%) of the total combined voting power of QuePasa's outstanding securities
are transferred or issued, directly or indirectly, to any person or persons who
did not have beneficial ownership of securities representing such voting power
immediately prior thereto, or (ii) the sale, transfer or other disposition of
all or substantially all of the assets and business of QuePasa relating to the
subject matter of this Agreement. In addition, if QuePasa fails to pay any of
the Advance Payments or payments invoiced pursuant to Section 4(c)ii within ten
(10) calender days following written notice that payment is delinquent, or if
there are repeated failures of the QuePasa Sites and Co-branded Start Page to
be available to Subscribers at all times except for minor downtime due to
periodic maintenance and to perform in conformance with prevailing industry
standards, without any limitation on NetZero's remedies, NetZero shall have
the right, at its option, to (a) immediately terminate this Agreement on
delivery of written notice to QuePasa or (b) switch its default start page to
any other start or search page of its choice until QuePasa has cured such
delinquency.

     c. Effect of Termination. Upon such termination, (i) QuePasa shall
terminate the Co-branded Start Page, and (ii) each party shall promptly deliver
to the other party all

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originals and copies of any of the other party's content or material provided by
the other party hereunder, (iii) all amounts due hereunder shall become
immediately due and payable, (iv) NetZero shall return to QuePasa any amounts
of the Advance Balance in excess of the amounts due to NetZero at the time of
termination and (v) NetZero return to QuePasa any other unearned amounts
prepaid by QuePasa at the time of termination.

     9.   Marks. QuePasa hereby grants to NetZero a non-exclusive,
non-transferable, non-sublicensable license to reproduce and display QuePasa's
trademarks, service marks, logos and the like in the United States of America
solely for the purposes specified in this Agreement. NetZero hereby grants
QuePasa a non-exclusive, non-transferable, non-sublicensable license to
reproduce and display NetZero's trademarks, service marks, logos and the like
in the United States of America solely for the purposes specified in this
Agreement. Except as expressly stated herein, neither party shall make any
other use of the other party's marks. Furthermore, each party agrees and
acknowledges that the use of any of the other party's trademarks, service
marks, logos and the like shall not create any right, title or interest in or
to the use of such trademarks, service marks, logos and the like and that all
such use and goodwill associated therewith shall inure to the benefit of the
other party. Upon request of either party, the other party shall provide
appropriate attribution of the use of the requesting party's marks. All
licenses granted hereunder shall terminate automatically upon the effective
date of expiration or termination of this Agreement.

     10.  Representations and Warranties. Each party hereby represents and
warrants as follows:

     a.   Corporate Power. Such party is duly organized and validly existing
under the laws of the state of its incorporation and has full corporate power
and authority to enter into this Agreement and to carry out the provisions
hereof.

     b.   Due Authorization. Such party is duly authorized to execute and
deliver this Agreement and to perform its obligations hereunder.

     c.   Binding Agreement. This Agreement is a legal and valid obligation
binding upon it and enforceable with its terms. The execution, delivery and
performance of this Agreement by such party does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a party
or by which it may be bound, nor violate any law or regulation of any court,
governmental body or administrative or other agency having jurisdiction over it.

     d.   Intellectual Property Rights.

          i.   NetZero (i) has the full and exclusive right to permit QuePasa
to utilize NetZero's intellectual property, including any trademark, service
mark, graphics, logos or other material provided to QuePasa hereunder, to the
extent contemplated by this Agreement, (ii) is the sole owner or is a valid
licensee of the Customized ZeroPort, and (iii) NetZero is aware of no claims by

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any third parties adverse to any of such intellectual property rights,
including the Customized ZeroPort.

               ii.  QuePasa (i) has the full and exclusive right to grant or
otherwise permit NetZero to access the Co-branded Start Page, and to use
QuePasa's intellectual property, including any trademark, service mark,
graphics, logos or other material provided to NetZero hereunder, to the extent
contemplated by this Agreement, (ii) is the sole owner or is a valid licensee
of the software and content underlying the Co-branded Start Page, and (iii)
QuePasa is aware of no claims by any third parties adverse to any of such
intellectual property rights, including any software underlying the Co-branded
Start Page.

               iii. If either party's (the "Infringing Party") intellectual
property rights are alleged or held to infringe the intellectual property
rights of a third party, the Infringing Party shall, at its own expense, and in
its sole discretion, (1) procure for the non-Infringing Party the right to
continue to use the allegedly infringing intellectual property or (2) replace or
modify the intellectual property to make it non-infringing.

The representations and warranties and covenants in this Section 10 are
continuous in nature and shall be deemed to have been given by each party at
execution of this Agreement and at each stage of performance hereunder. These
representations, warranties and covenants shall survive termination or
expiration of this Agreement.

     11.  Limitation of Warranty.  EXCEPT AS EXPRESSLY WARRANTED IN SECTION 10
ABOVE, EACH PARTY EXPRESSLY DISCLAIMS ANY FURTHER WARRANTIES, EXPRESS, IMPLIED,
OR STATUTORY, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING AND EXCEPT AS EXPRESSLY WARRANTED IN SECTION 10,
NEITHER PARTY MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH
RESPECT TO ITS WEB SITES, THE CUSTOMIZED NETZERO SERVICE, THE CO-BRANDED START
PAGE AND NEITHER PARTY SHALL BE LIABLE FOR THE CONSEQUENCES OF ANY
INTERRUPTIONS, DOWNTIME, NON-PERFORMANCE OR ERRORS RELATED THERETO.

     12.  Indemnification.

     a.  Mutual Indemnity. Each party (in such case, the "Indemnifying Party")
will at all times defend, indemnify and hold harmless the other party (in such
case, the "Indemnified Party") and the Indemnified Party's officers, directors,
shareholders, employees, accountants, attorneys, agents, successors and assigns
from and against any and all third party claims, damages, liabilities, costs
and expenses, including reasonable legal fees and expenses, arising out of or
related to the Indemnifying Party's breach of any express representations and
warranties set forth in Section 10 of this Agreement. In

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addition, (i) NetZero shall indemnify QuePasa, its officers, directors,
shareholders, employees, accountants, attorneys, agents, successors and assigns
from and against any and all third party claims, damages, liabilities, costs and
expenses, including reasonable legal fees and expenses, arising out of or
related to the operation, provision or maintenance of the Customized NetZero
Service (other than services or products offered by QuePasa), or any act or
omission by NetZero with respect to NetZero's use of Subscriber information or
data, and (ii) QuePasa shall indemnify NetZero, its officers, directors,
shareholders, employees, accountants, attorneys, agents, successors and assigns
from and against any and all third party claims, damages, liabilities, costs and
expenses, including reasonable legal fees and expenses, arising out of or
related to the operation, provision or maintenance of services offered by
QuePasa on the Co-branded Start Page (other than services or products offered by
NetZero) or any act or omission by QuePasa with respect to QuePasa's use of
Subscriber information or data provided by NetZero or Subscriber. The
Indemnified Party shall give the Indemnifying Party prompt written notice of any
claim, action or demand for which indemnity is claimed. The Indemnifying Party
shall have the right, but not the obligation, to control the defense and/or
settlement of any claim in which it is named as a party and which arises as a
result of its breach of any warranty, representation, covenant or agreement
under this Agreement. The Idemnified Party shall have the right to participate
in any defense of a claim by the Indemnifying Party with counsel of the
Indemnified Party's choice at its own expense. The foregoing indemnity is
conditioned upon prompt written notice by the Indemnified Party to the
Indemnifying Party of any claim, action or demand for which indemnity is
claimed; complete control of the defense and settlement thereof by the
Indemnifying Party; and such reasonable cooperation by the Indemnified Party in
the defense as the Indemnifying Party may request, at the Indemnifying Party's
sole expense.

     b. Settlement. Neither party shall, without the prior written consent of
the other party, settle, compromise or consent to the entry of any judgment with
respect to any pending or threatened claim unless the settlement, compromise or
consent provides for and includes an express, unconditional release of all
claims, damages, liabilities, costs and expenses, including reasonable legal
fees and expenses, against the Indemnified Party.

     13.  Confidentiality, Press Releases.

    a. Non-Disclosure Agreement. The parties agree and acknowledge that, as a
result of negotiating, entering into and performing this Agreement, each party
has and will have access to certain of the other party's Confidential
Information (as defined below). Each party also understands and agrees that
misuse and/or disclosure of that information could adversely affect the other
party's business. Accordingly, the parties agree that, during the Term of this
Agreement and thereafter, each party shall use and reproduce the other party's
Confidential Information solely for purposes of this Agreement and only to the
extent necessary for such purpose and shall restrict disclosure of the other
party's Confidential Information to its employees, consultants or independent
contractors with a need to know and shall not disclose the other party's
Confidential Information to any third party without the prior written approval
of the other party. Notwithstanding the foregoing, it shall not be a breach of
this Agreement for either party

                                       11
<PAGE>   12
to disclose Confidential Information of the other party if required to do so
under law (including compliance with any applicable federal or state securities
laws), in a judicial or other governmental investigation or proceeding or
pursuant to a written opinion of counsel, provided the other party has been
given prior written notice and the disclosing party has sought all commercially
reasonable safeguards against any further dissemination prior to such
disclosure.

     b. CONFIDENTIAL INFORMATION DEFINED. As used in this Agreement, the term
"Confidential Information" refers to: (i) each party's trade secrets, business
plans, strategies, methods and/or practices; and (ii) other information relating
to either party that is not generally known to the public, including information
about either party's personnel, products, customers, marketing strategies,
services or future business plans. Notwithstanding the foregoing, the term
"Confidential Information" specifically excludes (A) information that is now in
the public domain or subsequently enters the public domain by publication or
otherwise through no action or fault of the other party; (B) information that is
known to either party without restriction, prior to receipt from the other party
under this Agreement, from its own independent sources as evidenced by such
party's written records, and which was not acquired, directly or indirectly,
from the other party; (C) information that either party receives from any third
party reasonably known by such receiving party to have a legal right to transmit
such information; and not under any obligation to keep such information
confidential; and (D) information independently developed by either party's
employees or agents provided that such party can show that those same employees
or agents had no access to the Confidential Information received hereunder.

     c. PRESS RELEASES. Except to the extent permitted pursuant to the last
sentence of paragraph (a) above and except for disclosure required pursuant to
the disclosure requirements of federal or state securities laws in no event
shall either party, its employees, consultants or affiliates disclose to any
third parties or make any press release or any public announcement relating in
any way whatsoever to this Agreement without the express prior written consent
of the other party, provided, that after the initial press release announcing
this Agreement, either party may refer to the other party in press releases,
marketing materials and other promotional materials upon the prior written
consent of such other party. The parties agree to cooperate with one another to
determine the content of an initial press release relating to this Agreement and
to issue such press release on a mutually agreed upon date.

     14.  FORCE MAJEURE. In the event that either party is prevented from
performing, or is unable to perform, any of tis obligations under this Agreement
due to any cause beyond the reasonable control of the party invoking this
provision, the affected party's performance shall be excused and the time for
performance shall be extended for the period of delay or inability to perform
due to such occurrence.

     15.  RELATIONSHIP OF PARTIES. NetZero and QuePasa are independent
contractors under this Agreement, and nothing herein shall be construed to
create a partnership, joint venture or agency relationship between NetZero and
QuePasa. Neither party has authority to enter into agreements of any kind on
behalf of the other.

                                       12
<PAGE>   13
     16.  Assignment. Neither QuePasa nor NetZero may assign this Agreement or
any of its rights or delegate any of its duties under this Agreement without
the prior written consent of the other. Notwithstanding the foregoing, each
party may assign this Agreement to any successor of such party.

     17.  Choice of Law and Forum. This Agreement, its interpretation,
performance or any breach thereof, shall be construed in accordance with, and
all questions with respect thereto shall be determined by, the laws of State of
California applicable to contracts entered into and wholly to be performed
within said State. Each of NetZero and QuePasa hereby consents to the personal
jurisdiction of the State of California, acknowledges that venue is proper in
any state or federal court in the State of California, agrees that any action
related to this Agreement must be brought in a state or Federal court in the
State of California, and waives any objection it has or may have in the future
with respect to any of the foregoing.

     18.  Scope of Agreement. This Agreement shall only apply to the
Customized NetZero Service (free, dial-up Internet access) designed primarily
for the U.S. Hispanic market in accordance with the terms herein.

     19.  Good Faith. The parties agree to act in good faith with respect to
each provision of this Agreement and any dispute that may arise related hereto.

     20.  Counterparts and Facsimile Signatures. This Agreement may be executed
in multiple counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same instrument. Facsimile
signatures will be considered original signatures.

     21.  No Waiver. The waiver by either party of a breach or a default of any
provision of this Agreement by the other party shall not be construed as a
waiver of any succeeding breach of the same or any other provision, nor shall
any delay or omission on the part of either party to exercise or avail itself
of any right, power or privilege that it has, or may have hereunder, operate as
a waiver of any right, power or privilege by such party.

     22.  Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
successors and assigns.

     23.  Severability. Each provision of this Agreement shall be severable
from every other provision of this Agreement for the purpose of determining the
legal enforceability of any specific provision.

                                       13
<PAGE>   14
     24.  Notices.  All notice required to be given under this Agreement must
be given in writing and delivered either in hand, by certified mail, return
receipt requested, postage pre-paid, or by Federal Express or other recognized
overnight delivery service, all delivery charges pre-paid, and addressed:

               If to QuePasa:      Quepasa.com, Inc.
                                   400 East Van Buren
                                   Phoenix, AZ 85004
                                   Attention: Bob Weinstein

                                   with a copy to:

                                   Brownstein Hyatt & Farber, P.C.
                                   410 Seventeenth Street, 22nd Floor
                                   Denver, CO 80202
                                   Attention: Adam Agron

               If to NetZero:      NetZero, Inc.
                                   2555 Townsgate Drive
                                   Westlake Village, CA 91361
                                   Attention: General Counsel

     25.  Entire Agreement.  This Agreement contains the entire understanding
of the parties hereto with respect to the transactions and matters contemplated
hereby, supersedes all previous agreements between QuePasa and NetZero
concerning the subject matter, and cannot be amended except by a writing signed
by both parties. No party hereto has relied on any statement, representation or
promise of any other party or with any other officer, agent, employee or
attorney for the other party in executing this Agreement except as expressly
stated herein.

     26.  Limitations of Liability.  UNDER NO CIRCUMSTANCES SHALL EITHER PARTY
BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL
OR EXEMPLARY DAMAGES (EVEN IF SUCH DAMAGES ARE FORESEEABLE OR THAT PARTY HAS
BEEN ADVISED OR HAS CONSTRUCTIVE KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES),
ARISING FROM SUCH PARTY'S PERFORMANCE OR NON-PERFORMANCE PURSUANT TO ANY
PROVISION OF THIS AGREEMENT OR THE OPERATION OF SUCH PARTY'S SITE (INCLUDING
SUCH DAMAGES INCURRED BY THIRD PARTIES), SUCH AS, BUT NOT LIMITED TO, LOSS OF
REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS.  NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, HOWEVER, THIS SECTION SHALL NOT LIMIT EITHER PARTY'S
LIABILITY TO THE OTHER FOR (A) WILLFUL AND MALICIOUS MISCONDUCT; (B) DIRECT
DAMAGES TO REAL OR TANGIBLE PERSONAL PROPERTY; (C) BODILY INJURY OR DEATH
CAUSED BY NEGLIGENCE; OR (D) INDEMNIFICATION AND CONFIDENTIALITY OBLIGATIONS
HEREUNDER.

                                       14
<PAGE>   15
          27.  Survival.  All terms of this Agreement which by their nature
extend beyond its termination (including any accrued payment or refund
obligations) remain in effect until fulfilled, and apply to respective
successors and assigns.

                            [SIGNATURE PAGE FOLLOWS]

                                       15
<PAGE>   16
     Executed as of the date first written above.

NetZero, Inc.                      Quepasa.com, Inc.

By: /s/ Charles S. Hilliard        By: /s/ Gary L. Trujillo
   ------------------------           --------------------

Name: CHARLES S. HILLIARD          Name: GARY L. TRUJILLO
     ----------------------             ------------------

Title: SVP & CFO                   Title: Chairman & CEO
      ---------------------              -----------------

                                       16
<PAGE>   17
                                   EXHIBIT A
                                     URL's

Exclusive

1.  http://www.univision.com

2.  http://www.univision.net

3.  http://www.elsitio.com

4.  http://www.yupi.com

5.  http://www.picosito.com

6.  http://www.starmedia.com

7.  http://www.galavision.com

8.  http://www.todito.com

9.  http://espanol.yahoo.com

10. http://www.espanol.com

Non-exclusive

1.  http://www.altavista.com

2.  http://www.excite.com

3.  http://www.mp3.com

4.  http://mx.yahoo.com

5.  http://www.aol.com

                                       17
<PAGE>   18
                                   EXHIBIT B
                                    KEYWORDS

Exclusive

1 quepasa

2 latino

3 latin

4 mexico

5 espanol (50% exclusivity, meaning rotation with one other advertiser)

5 credito (50% exclusivity, meaning rotation with one other advertiser)

Non-exclusive

6 empleo

7 baseball

8 toys

9 carros

10 spanish

11 hispano

12 soccer

13 futbol

14 ricky

15 insurance

16 shopping

17 viaje

18 musica

19 compras

                                       18
<PAGE>   19
FOR IMMEDIATE RELEASE
                                           Quepasa.com Contact:     Lano Buschel
                                                                  (212) 931-6130
                                                                 PepperCom, Inc.
                                                          Lbuschel@peppercom.com

                                                                  Michele Vahsen
                                                                     quepasa.com
                                                         (602) 716-0100 ext. 259
                                                             mvahsen@quepasa.com

                                           NetZero Contact:          Edie Kissko
                                                                    Golin/Harris
                                                                  (213) 623-4200
                                                         ekissko@golinharris.com

              QUEPASA.COM AND NETZERO ANNOUNCE STRATEGIC ALLIANCE

               PREMIER ONLINE COMMUNITY FOR U.S. HISPANICS JOINS
  FORCES WITH NETZERO TO BRING FREE INTERNET ACCESS TO THE U.S. LATINO MARKET

PHOENIX, AZ - DECEMBER 15, 1999 - QuePasa.com (Nasdaq: PASA), the premier
online community for U.S. Hispanics (www.quepasa.com) and NetZero, Inc.
(Nasdaq: NZRO), the nation's largest provider of free Internet access based on
number of registered users, today announced a strategic alliance whereby
NetZero will offer free Internet access along with quepasa.com's full spectrum
of content, consumer applications, and services designed for the U.S. Hispanic
market.

Under the exclusive agreement, NetZero's current and future subscribers may
select a customized quepasa.com start page that appears at each user logon and
that features highly relevant news, content and services in a bilingual format
for the Latino community. NetZero users also will have the option to select a
version of The Zeroport(TM) customized for the U.S. Hispanic market. The
ZeroPort is the unique, easy-to-use navigational tool for NetZero users that
provides "speed dial" to some of the most popular destinations on the Web.
Through the use of the ZeroPort subscribers will be able to utilize the
quepasa.com bilingual search services regardless of where they navigate on the
Internet. NetZero and quepasa.com indicated that the customized service will be
available in the first quarter of the calendar year 2000.

"Making the Internet available to every Hispanic family in the U.S. is a key
mission of quepasa.com," said Gary L. Trujillo, Chairman and CEO, quepasa.com.
"This represents a key distribution partnership to achieve our goal of
maintaining quepasa.com's focus and leadership in the U.S. Hispanic
marketplace. Quepasa.com and NetZero are working together to ensure that
Hispanic families throughout the United States will be able to participate in
the Internet revolution and be involved in a way that is culturally relevant to
the U.S. Latino community."
<PAGE>   20
Thirty-three million Latinos make up the fastest-growing minority in the
United States. Currently, 36% of U.S. Hispanics are online and U.S. Hispanic
households are purchasing computers at twice the rate of other U.S. households.
By the year 2000, online penetration in the U.S. Hispanic market is expected to
soar to 43%, resulting in 3.6 million US Latinos online. Using its proprietary
zCast(TM) tracking and targeting technology, NetZero will be able to provide
advertisers with valuable one-to-one marketing capabilities in this rapidly
growing market.

"The NetZero mission always has been to bring the benefits and freedom of the
Internet to the masses and to provide easy access to the wealth of content on
the Web," said Mark R. Goldston, chairman and chief executive officer of
NetZero. "This agreement allows us to provide the rich and meaningful content
of quepasa.com to our NetZero users in the U.S. Latino market."

ABOUT QUEPASA.COM

Quepasa.com provides the rapidly growing U.S. Hispanic market with information
and interactive content available in both Spanish and English. The site was
founded in 1998 and includes a search engine, free e-mail, free Web pages,
Spanish-language news feeds, worldwide weather information, chat rooms, games,
maps, and message boards. Quepasa.com has entered into strategic partnerships
with leading providers of media, content and technology including: Reuters
NewMedia, Inc., Associated Press, Hispanic Business Magazine, Screaming Media,
Inc., AutoNation, Inc., Telemundo Network Group, Fox Sports World Espanol,
Net2Phone, Inc., WeatherLabs, Inc., Inktomi, GTE Internetworking and Exodus
Communications.

ABOUT NETZERO

NetZero is pioneering a new Internet service model that provides consumers with
free access to the Internet while offering online advertisers an effective way
to target those users. NetZero offers consumers free and unlimited nationwide
Internet access, free email and navigational tools through The ZeroPort. The
ZeroPort is a persistent on-screen device which serves as a navigational tool
providing users with instant "speed dial" to key sites on the Internet for
functions such as shopping, auction, e-commerce and services. Users can even
access essential features such as search, e-mail and browse, all without having
to launch their browser. Customized information such as stocks, news and
sports can also be delivered directly to the desktop through The ZeroPort. For
advertisers, NetZero utilizes its proprietary zCast technology to provide
unique one-to-one targeting capabilities and the ability to track users
throughout their online experience. Between the October 1998 launch of NetZero
and September 30, 1999, approximately two million users registered for its free
Internet access service. NetZero offers its services in more than 1,800 cities
across the United States.
<PAGE>   21
CERTAIN STATEMENTS IN THIS RELEASE REGARDING THE COMPANY'S EXPECTED FUTURE
BUSINESS AND PROSPECTS CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH
FORWARD-LOOKING STATEMENTS ARE BASED UPON CURRENT EXPECTATIONS AND INVOLVE
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM ANY SUCH STATEMENT, INCLUDING RISKS AND UNCERTAINTIES DISCUSSED
IN THE PROSPECTUS AS AMENDED, OF QUEPASA.COM, WHICH DISCUSSIONS ARE
INCORPORATED HEREIN BY REFERENCE.

THIS ANNOUNCEMENT MAY CONTAIN FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE RESULTS PREDICTED
AND REPORTED RESULTS SHOULD NOT BE CONSIDERED AS AN INDICATION OF FUTURE
PERFORMANCE. THE POTENTIAL RISKS AND UNCERTAINTIES INCLUDE, AMONG OTHERS,
NETZERO'S UNPROVEN BUSINESS MODEL AND LIMITED OPERATING HISTORY; NETZERO'S
ABILITY TO GROW ITS USER BASE, GENERATE ADVERTISING REVENUES AND DECREASE
TELECOMMUNICATIONS COSTS; THE EFFECTS OF COMPETITION FOR USERS AND ADVERTISERS;
THE LOSS OF KEY CUSTOMERS; TECHNOLOGICAL PROBLEMS OR DEVELOPMENTS; AND
GOVERNMENTAL REGULATION. MORE INFORMATION ABOUT POTENTIAL FACTORS THAT COULD
AFFECT NETZERO'S BUSINESS AND FINANCIAL RESULTS IS INCLUDED IN NETZERO'S FORM
10-Q AND OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION
(http://www.sec.gov) INCLUDING (WITHOUT LIMITATION) INFORMATION UNDER THE
CAPTIONS "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS" AND "RISK FACTORS." NETZERO(TM), DEFENDERS OF THE FREE
WORLD(TM), THE NETZERO LOGO, CLUBZERO(TM), ZCAST(TM) AND THE ZEROPORT(TM) ARE
TRADEMARKS OF NETZERO, INC. ALL OTHER NAMES ARE TRADEMARKS AND/OR REGISTERED
TRADEMARKS OF THEIR RESPECTIVE OWNERS.

                                     # # #<PAGE>   1
                                                           Exhibit 10.19

                                 MERGER AGREEMENT

         This MERGER AGREEMENT (the "Agreement") is made as of December 17, 1999
by and among quepasa.com, inc., a Nevada corporation ("Quepasa"); eTrato
Acquisition Inc., a Delaware corporation wholly owned by Quepasa (the "Merger
Sub"); eTrato.com, Inc., a Delaware corporation ("eTrato"); and Verde Capital
Partners, LLC, an Arizona limited liability company ("Verde"), Alphabit Media
Ventures, LLC, a California limited liability company ("Alphabit"), Designet,
S.A. de C.V., a Mexico corporation, and Designet Ventures, LLC, a California
limited liability company (collectively "Designet") and Cruttenden Roth
Incorporated, a California corporation ("CRI") (together the "Shareholders" and
individually each a "Shareholder").

                                    RECITALS

         A. Quepasa wishes to acquire all of the outstanding capital stock of
eTrato from the Shareholders.

         B. The parties desire the transaction to be structured in a manner that
will qualify as a tax-free reorganization under Sections 368(a)(1)(A) and
368(a)(2)(D) of the Internal Revenue Code of 1986, as amended (the "Code").

         C. Quepasa has caused the formation of Merger Sub for the purpose of
accomplishing a tax-free triangular merger with eTrato.

         D. The parties have determined that it is in their respective best
interests to merge eTrato with and into Merger Sub (the "Merger") and to
undertake such other actions described herein, all on the terms and subject to
the conditions set forth in this Agreement.

         NOW, THEREFORE, the parties agree as follows:

                                   ARTICLE I.

                                   THE MERGER

         In connection with the Merger, the respective boards of directors of
Quepasa, the Merger Sub and eTrato have, by resolutions duly adopted, approved
the following provisions of this Article 1 as the plan of merger required by the
applicable provisions of the Delaware General Corporation Law ("Delaware Law"):

         1.1 The Merger. At the Effective Time (as defined in Section 1.3), in
accordance with this Agreement and Delaware Law, eTrato shall be merged with and
into Merger Sub, the separate existence of eTrato (except as such existence may
be continued by operation of law) shall cease, and Merger Sub shall continue as
the surviving corporation under the corporate name it possesses immediately
prior to the Effective Time. Merger Sub, in its capacity as the corporation
surviving the Merger, sometimes is referred to herein as the "Surviving
Corporation."
<PAGE>   2
         1.2 Effect of the Merger. The Surviving Corporation shall possess all
the rights, privileges, immunities and franchises, of a public as well as of a
private nature, of each of Merger Sub and eTrato (collectively, the "Constituent
Corporations"); all property, real, personal and mixed, and all accounts payable
arising in the ordinary course of business and accrued expenses due on whatever
account, and all debts, liabilities and duties due to each of the Constituent
Corporations shall be taken and deemed to be transferred to and vested in the
Surviving Corporation without further act or deed; and the Surviving Corporation
shall be responsible and liable for all liabilities and obligations of each of
the Constituent Corporations, in each case in accordance with Delaware Law.

         1.3 Consummation of the Merger. As soon as is practicable after the
satisfaction or waiver of the conditions set forth in Article 7, and in no event
later than five business days after such satisfaction or waiver, the parties
hereto will cause a certificate of merger relating to the Merger to be delivered
to the Secretary of State of the State of Delaware in accordance with Delaware
Law. The Merger shall be effective at such time as such certificate of merger is
duly filed with the Secretary of State of the State of Delaware. The date and
time when the Merger shall become effective is referred to as the "Effective
Time."

         1.4 Certificate of Incorporation and Bylaws; Directors and Officers.
The Certificate of Incorporation and Bylaws of Merger Sub, as in effect
immediately prior to the Effective Time, shall be the Certificate of
Incorporation and Bylaws of the Surviving Corporation immediately after the
Effective Time and shall thereafter continue to be its Certificate of
Incorporation and Bylaws until amended as provided therein and under Delaware
Law. The directors of Merger Sub holding office immediately prior to the
Effective Time shall be the directors of the Surviving Corporation immediately
after the Effective Time. The officers of Merger Sub holding office immediately
prior to the Effective Time shall be the officers (holding the same offices as
they held with the Merger Sub) of the Surviving Corporation immediately after
the Effective Time.

         1.5 Conversion of Securities. At the Effective Time, by virtue of the
Merger and without any action on the part of the Merger Sub, eTrato or the
holders of any of the following securities:

                  (a) All of the shares of common stock, par value $.001 per
         share, of eTrato (the "eTrato Common Stock") issued and outstanding
         immediately prior to the Effective Time shall automatically be canceled
         and extinguished and converted into and become a right to receive
         1,363,636 shares of common stock, $.001 par value per share, of Quepasa
         (the "Quepasa Common Stock") payable to the Shareholders pro rata (the
         "Quepasa Merger Shares").

                  (b) Each share of Series A Preferred Stock, par value $.001
         per share, of eTrato (the "Series A Preferred Stock") issued and
         outstanding immediately prior to the Effective Time shall automatically
         be canceled and extinguished and the outstanding shares of Series A
         Preferred Stock collectively shall be converted into the right to
         receive a promissory note substantially in the form as attached hereto
         as

                                       2
<PAGE>   3
         Exhibit A payable by Quepasa, in the aggregate principal amount of
         $1,250,000 (the "Promissory Note").

                  (c) Each option or warrant to purchase shares of eTrato Common
         Stock issued and outstanding immediately prior to the Effective Time
         shall automatically be cancelled and extinguished and no payment shall
         be made with respect thereto.

                  (d) Each share of eTrato Common Stock and Series A Preferred
         Stock issued and outstanding immediately prior to the Effective Time
         and held in the treasury of eTrato shall automatically be canceled and
         extinguished and no payment shall be made with respect thereto.

                  (e) The number of shares set forth in subsection (a) above
         shall be adjusted to reflect fully the effect of any stock split,
         reverse split, stock dividend (including any dividend or distribution
         of securities convertible into Quepasa Common Stock), reorganization,
         recapitalization or other like change with respect to Quepasa Common
         Stock occurring after the date hereof and prior to the Effective Time.

                  (f) Each share of common stock, par value $.001 per share, of
         the Merger Sub issued and outstanding immediately prior to the
         Effective Time shall automatically be converted into and become one
         validly issued, fully paid and nonassessable share of common stock, par
         value $.001 per share, of the Surviving Corporation.

         1.6 Reorganization. The parties hereby adopt this Agreement as a "plan
of reorganization" and shall consummate the Merger in accordance with Sections
368(a)(1)(A) and 368(a)(2)(D) of the Code. None of the parties shall take a
reporting position inconsistent with the treatment of the Merger as a
reorganization pursuant to Sections 368(a)(1)(A) and 368(a)(2)(D) of the Code.

         1.7 Closing. The closing (the "Closing") of the transactions
contemplated by this Agreement shall occur as soon as each of the conditions to
Closing contained in Article VII are fulfilled or waived at the offices of Snell
& Wilmer, L.L.P., One Arizona Center, Phoenix, Arizona 85004, or at such other
place or at such other time as the parties may mutually agree upon.

         1.8 Delivery of Certificates, Escrow and Note. At the Closing, Quepasa
shall deliver (i) to each of the Shareholders, a stock certificate representing
fifty percent (50%) of the Quepasa Merger Shares each Shareholder is entitled to
pursuant to Section 1.5 of this Agreement, (ii) to the Escrow Agent provided for
in accordance with an Escrow Agreement to be agreed to by the parties, stock
certificates representing the remaining Quepasa Merger Shares each Shareholder
is entitled to pursuant to Section 1.5 and (iii) the Note to the holder of the
Series A Preferred Stock. The Escrow Agreement shall provide (i) for release of
one half of the escrowed shares within 3 months of the Closing and release of
the remaining escrowed shares within 6 months of the Closing, subject to
obligations payable within such time periods pursuant to Section 8.6 and the
achievement of the

                                       3
<PAGE>   4
Targets set forth below; (ii) that the Shareholders shall be entitled to all
dividends and distributions paid on the escrowed shares; (iii) that the
Shareholders shall be entitled to all voting rights relating to the escrowed
shares; and (iv) that the escrowed shares will appear as issued and outstanding
on the balance sheet of Quepasa. No Quepasa Merger Shares shall be released
pursuant to the Escrow Agreement until the following targets are achieved by the
Surviving Corporation: (i) aggregate gross revenue of $2,000,000, (ii) an
English language version of the eTrato website shall be functional, and (iii) a
unified shopping cart for both the English and Spanish language versions of the
eTrato website shall be functional (the "Targets"); provided, however, all
escrowed shares shall be released upon the occurrence of a "Change of Control"
(as defined below). Quepasa agrees, consistent with its fiduciary obligations to
its shareholders, to provide commercially responsible assistance to the
Surviving Corporation in the achievement of the Targets. A "Change of Control"
is a transaction constituting (i) a sale of all or substantially all of the
assets of Quepasa or (ii) a merger, acquisition, consolidation or other
transaction involving the transfer or issuance of at least 50% of the
outstanding voting stock of Quepasa.

         1.9 Taking of Necessary Action; Further Action. Quepasa and the Merger
Sub, on the one hand, and eTrato and the Shareholders, on the other hand, shall
use all reasonable efforts to take all such actions (including without
limitation actions to cause the satisfaction of the conditions of the other to
effect the Merger) as may be necessary or appropriate in order to effectuate the
Merger as promptly as possible. If, at any time after the Effective Time, any
further action is necessary or desirable to carry out the purposes of this
Agreement and to vest the Surviving Corporation with full possession of all the
rights, privileges, immunities and franchises of the Constituent Corporations,
or fully subject the Surviving Corporation to all debts and obligations of the
Constituent Corporations, the officers and directors of the Surviving
Corporation are fully authorized in the name of the Constituent Corporations or
otherwise to take, and shall take, all such actions.

                                    ARTICLE 2

          REPRESENTATIONS AND WARRANTIES OF QUEPASA AND THE MERGER SUB

         Quepasa and the Merger Sub hereby represent and warrant to eTrato and
the Shareholders that, as of the date hereof, and again at the Effective Time,
except as set forth in a letter, dated as of the date hereof, furnished to
eTrato and the Shareholders (the "Quepasa Disclosure Letter"):

         2.1 Organization and Qualification. Each of Quepasa and the Merger Sub
is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada and the State of Delaware, respectively, and has the
requisite corporate power and authority to own and operate its properties and to
carry on its business as now conducted in every jurisdiction where the failure
to do so would have a material adverse effect on its assets, financial
condition, operating results, customer, employee, supplier or franchise
relations, business condition or prospects, or financing arrangements. The
copies of the Articles of Incorporation and Bylaws of Quepasa and the
Certificate of Incorporation and Bylaws of the Merger Sub previously furnished
to eTrato and the Shareholders reflect all amendments thereto and are correct
and complete.

                                       4
<PAGE>   5
         2.2 Authority Relative to This Agreement. Each of Quepasa and the
Merger Sub has the requisite corporate power and authority to enter into this
Agreement and to carry out its obligations hereunder. The execution and delivery
of this Agreement by Quepasa and the Merger Sub and the consummation by Quepasa
and the Merger Sub of the transactions contemplated hereby have been duly
authorized by Quepasa and the Merger Sub, and no other corporate proceedings on
the part of Quepasa or the Merger Sub are necessary to authorize this Agreement
and such transactions. This Agreement has been duly executed and delivered by
Quepasa and the Merger Sub and constitutes a valid and binding obligation of
each, enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency, reorganization or other
similar laws relating to the enforcement of creditors' rights generally and by
general principles of equity. Neither Quepasa nor the Merger Sub is subject to,
or obligated under, any provision of (a) its Articles or Certificate of
Incorporation, or its Bylaws, (b) any agreement, arrangement or understanding,
(c) any license, franchise or permit or (d) any law, regulation, order, judgment
or decree, which would be breached, or violated, or in respect of which a right
of termination or acceleration would arise or any encumbrance on any of its or
any of its subsidiaries' assets would be created, by its execution, delivery and
performance of this Agreement and the consummation by it of the transactions
contemplated hereby. Except for such filings to be made pursuant to Delaware Law
in order to effect the Merger, National Market rules and federal and state
securities laws and filings required under the HSR Act, which Quepasa agrees to
make, no authorization, consent or approval of, or filing with, any public body,
court or authority is necessary on the part of Quepasa or the Merger Sub for the
consummation by Quepasa and the Merger Sub of the transactions contemplated by
this Agreement.

         2.3 No Material Adverse Changes. Except as set forth in the Quepasa
Business Reports (defined in Section 2.7) there has not been any material
adverse change in the assets, financial condition, operating results, customer,
employee, supplier or franchise relations, business condition or prospects, or
financing arrangements of Quepasa.

         2.4 Validity of Stock. The Quepasa Merger Shares shall, when issued:
(i) be duly authorized, validly issued, fully paid and nonassessable and free of
liens and encumbrances created by any person other than the Shareholders, and
(ii) be free and clear of any transfer restrictions, liens and encumbrances
except for restrictions on transfer under applicable federal securities laws,
including Rule 144 promulgated under the Securities Act of 1933, as amended,
(the "Securities Act") except as provided for in the Escrow Agreement.

         2.5 Listing of Quepasa Common Stock. The Quepasa Common Stock is listed
for trading on Nasdaq and (i) Quepasa and the Quepasa Common Stock meet the
criteria for continued listing and trading on Nasdaq; (ii) Quepasa has not been
notified by Nasdaq of any failure or potential failure to meet the criteria for
continued listing and trading on Nasdaq and (iii) no suspension of trading in
the Quepasa Common Stock is in effect.

         2.6 Capitalization. The authorized equity capitalization of Quepasa
consists of 50,000,000 shares of Quepasa Common Stock and 5,000,000 shares of
Preferred Stock. As of the date hereof, 14,452,921 shares of Quepasa Common
Stock are issued and outstanding, all of which shares are validly issued, fully
paid and nonassessable, and no shares of Preferred Stock are

                                       5
<PAGE>   6
outstanding. Except as disclosed in the Quepasa Disclosure Letter to this
Agreement or in any Quepasa Business Report (defined in Section 2.7), there are
no options, warrants, conversion privileges or other rights, agreements,
arrangements or commitments obligating Quepasa to issue or sell any shares of
capital stock of Quepasa or securities or obligations of any kind convertible
into or exchangeable for any shares of capital stock of Quepasa or of any other
corporation, nor are there any stock appreciation, phantom stock or similar
rights outstanding based upon the book value or any other attribute of Quepasa.
No holders of outstanding shares of Quepasa Common Stock are entitled to any
preemptive or other similar rights.

         2.7 Financial Statements and SEC Filings. Quepasa has delivered to the
Shareholders true and correct copies of its Prospectus dated June 24, 1999, its
Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 1999 and
September 30, 1999, its Current Reports on Form 8-K filed on August 2, 1999,
August 10, 1999, September 3, 1999 and November 1, 1999, and its Registration
Statement on Form S-8 filed October 1, 1999, constituting all filings made with
the Securities and Exchange Commission (the "SEC") from and after June 24, 1999,
the effective date of Quepasa's Registration Statement on Form S-1. Quepasa will
also deliver to the Shareholders, on or before the Effective Time, any reports
which are filed with the SEC after the date hereof and any other reports sent
generally to its Shareholders after the date hereof, but not required to be
filed with the SEC. (All such reports are collectively referred to hereinafter
as the "Quepasa Business Reports"; and the financial statements, including the
notes thereto, contained in the Quepasa Business Reports are collectively
referred to hereinafter as the "Quepasa Financial Statements.") Quepasa has duly
filed all reports required to be filed by it with the SEC under the Securities
Act and the Securities Exchange Act of 1934, as amended, and no such report, nor
any report sent to Quepasa's shareholders generally, contains any untrue
statement of material fact or omits to state any material fact required to be
stated therein or necessary to make the statements in such report, in light of
the circumstances under which they were made, not misleading. The Quepasa
Financial Statements included in the Quepasa Business Reports were prepared in
accordance with generally accepted accounting principles applied on a consistent
basis throughout the periods involved and present fairly the consolidated
financial position, results of operations, and cash flows of Quepasa and its
consolidated subsidiaries as of the dates and for the periods indicated therein,
subject, in the case of unaudited interim statements, to normal year-end
accounting adjustments and the absence of complete footnote disclosure. Except
as set forth in the Quepasa Business Reports, Quepasa has no material
liabilities, contingent or otherwise, other than (i) liabilities incurred in the
ordinary course of business and (ii) obligations under contracts and commitments
incurred in the ordinary course of business, which, in both cases, individually
or in the aggregate, are not material to the financial condition or operating
results of Quepasa.

         2.8 Absence of Undisclosed Liabilities. Except as and to the extent
stated in the Quepasa Financial Statements or the Quepasa Business Reports,
Quepasa does not have any material liabilities or obligations (whether accrued,
absolute, contingent, unliquidated, known, unknown or otherwise), other than (i)
liabilities incurred in the ordinary course of business and (ii) obligations
under contracts and commitments incurred in the ordinary course of business,
which, in both subsections (i) and (ii), individually or in the aggregate, are
not material to the financial condition or operating results of Quepasa.

                                       6
<PAGE>   7
         2.9 Litigation. Except as set forth in the Quepasa Disclosure Letter or
Business Reports, there are no actions, suits, proceedings, orders or
investigations pending or threatened against Quepasa, at law or in equity, or
before or by any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, and
there is no basis known to Quepasa for any of the foregoing.

         2.10 No Commissions. Quepasa has not incurred any obligation for any
finder's or broker's or agent's fees or commissions or similar compensation in
connection with the transactions contemplated hereby.

         2.11 No Liabilities of Merger Sub. Except for its obligations under
this Agreement, the Merger Sub is not subject to any liabilities, obligations or
claims, whether absolute or contingent, liquidated or unliquidated, known or
unknown. The Merger Sub was formed solely for the purpose of consummating the
transactions contemplated by this Agreement and has not engaged in any business
or other activities for any other purpose.

         2.12 Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority on the part of
Quepasa or the Merger Sub is required in connection with the consummation of the
transactions contemplated by this Agreement except the filing of the Certificate
of Merger with the Secretary of State of Delaware and the HSR Act filings
required under Section 6.1.

         2.13 Disclosure. Neither this Agreement nor any of the exhibits hereto
contains any untrue statement of a material fact or omits a material fact
necessary to make the statements contained herein or therein, in light of the
circumstances in which they were made, not misleading, and there is no fact
which has not been disclosed to the Shareholders which materially affects
adversely or could reasonably be anticipated to materially affect adversely the
business, including the operating results, assets, customer, supplier or
employee relations and business prospects, of Quepasa.

         2.14     Reorganization Matters.

                  (a) Quepasa has, and at the Effective Time will have, no plan
         or intention to:

                           (i)    Liquidate Merger Sub;

                           (ii)   Merge Merger Sub with or into any other
                  corporation;

                           (iii)  Sell or otherwise dispose of the stock of
                  Merger Sub except for transfers of stock to corporations
                  "controlled" (within the meaning of Section 368(c) of the
                  Code) by Quepasa;

                                       7
<PAGE>   8
                            (iv) Cause Merger Sub to sell or otherwise dispose
                  of any of the assets of Merger Sub or assets acquired in the
                  Merger from eTrato except for (i) sales or other dispositions
                  made in the ordinary course of business, (ii) transfers
                  described in Section 368(a)(2)(C) of the Code; (iii) transfers
                  to members of the "qualified group" (within the meaning of
                  Treasury Regulations Section 1.368-1(d)(4)(ii)) encompassing
                  Quepasa (the "Quepasa Group") following the Effective Time, or
                  (iv) transfers to a partnership if either (x) members of the
                  Quepasa Group, in the aggregate, own a significant interest in
                  that partnership business or (y) one or more members of the
                  Quepasa Group have active and substantial management functions
                  as a partner with respect to that partnership business;

                            (v) Cause Merger Sub to issue additional shares of
                  stock that would result in Quepasa losing "control" (within
                  the meaning of Section 368(c) of the Code) of Merger Sub
                  following the Effective Time;

                            (vi) Cause Merger Sub or the Quepasa Group following
                  the Effective Time to discontinue the historic business
                  conducted by eTrato preceding the Effective Time or fail to
                  use in a business a significant portion of the assets held by
                  eTrato immediately preceding the Effective Time;

                            (vii) Acquire or cause any person "related" (within
                  the meaning of Treasury Regulations Section 1.368-1(e)(3)) to
                  Quepasa to acquire any of the Quepasa Common Stock issued in
                  the Merger; or

                            (viii) Take any action that might otherwise cause
                  the Merger not to be treated as a "reorganization" within the
                  meaning of Sections 368(a)(1)(A) and 368(a)(2)(D) of the Code.

                  (b) Prior to the Effective Time, neither Quepasa nor any
         person "related" to Quepasa will, "in connection with" the Merger,
         acquire any shares of eTrato capital stock. For purposes hereof, the
         term "related" has the meaning in Treasury Regulations Section
         1.368-1(e)(3) and the term "in connection with" has the meaning in
         Treasury Regulations Section 1.368-1(e)(2).

                  (c)      At the Effective Time:

                           (i)   Quepasa will own all of the outstanding stock
                  of Merger Sub;

                           (ii)   Merger Sub will own all of the assets ever
                  owned by Merger Sub; and

                           (iii)  Neither Quepasa nor Merger Sub will be, nor
                  will either of Quepasa or Merger Sub have been at any time
                  during the five-year period preceding the Effective Time, the
                  owner for federal income tax purposes of shares of eTrato
                  capital stock.

                                       8
<PAGE>   9
                  (d) Quepasa has, and at the Effective Time will have, no plan
         or intention to adopt any stock repurchase plan other than a plan that
         will limit repurchases of Quepasa Common Stock to repurchases made on
         the open market on an established securities exchange through a broker
         pursuant to an arrangement that will preclude Quepasa from knowing the
         identity of the seller and seller from knowing the identity of the
         purchaser.

                                    ARTICLE 3

                    REPRESENTATIONS AND WARRANTIES OF ETRATO

         eTrato hereby represents and warrants to Quepasa and Merger Sub that,
as of the date hereof and again at the Effective Time, except as set forth in a
letter, dated as of the date hereof, furnished to Quepasa and Merger Sub (the
"eTrato Disclosure Letter"):

         3.1 Organization and Qualification. eTrato is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, and has the requisite corporate power and authority to own and operate
its properties and to carry on its business as now conducted. eTrato is duly
qualified to do business in every jurisdiction where the failure to do so would
have a material adverse change in its assets, financial condition, operating
results, customer, employee, supplier or franchise relations, business condition
or prospects, or financing arrangements. The copies of eTrato's Restated
Certificate of Incorporation and Bylaws which have been furnished by eTrato to
Quepasa prior to the date of this Agreement reflect all amendments made thereto
and are correct and complete.

         3.2 Authority Relative to this Agreement. eTrato has the requisite
corporate power and authority to enter into this Agreement and to carry out its
obligations hereunder. The execution and delivery of this Agreement by eTrato
and the consummation by eTrato of the transactions contemplated hereby have been
duly authorized by the Board of Directors of eTrato and have been duly approved
by the Shareholders, and no other corporate proceedings on the part of eTrato
are necessary to authorize this Agreement and such transactions. This Agreement
has been duly executed and delivered by eTrato and constitutes a valid and
binding obligation of eTrato, enforceable in accordance with its terms, except
as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization or other similar laws relating to the enforcement of creditors'
rights generally and by general principles of equity. Except as set forth in the
eTrato Disclosure Letter, eTrato is not subject to, or obligated under, any
provision of (a) its Restated Certificate of Incorporation or Bylaws, (b) any
agreement, arrangement or understanding, (c) any license, franchise or permit or
(d) any law, regulation, order, judgment or decree, which would be breached or
violated, or in respect of which a right of termination or acceleration would
arise or any encumbrance on any of its assets would be created, by its
execution, delivery and performance of this Agreement and the consummation by it
of the transactions contemplated hereby. Except for such filings to be made
pursuant to Delaware Law in order to effect the Merger and filings required
under the HSR Act, no authorization, consent or approval of, or filing with, any
public body, court

                                       9
<PAGE>   10
or authority is necessary on the part of eTrato for the consummation by eTrato
of the transactions contemplated by this Agreement.

         3.3 Capitalization and Voting Rights. The authorized capital stock of
eTrato consists of:

                  (a) Preferred Stock. One Million Five Hundred Thousand
         (1,500,000) shares of Preferred Stock, par value $0.001, One Hundred
         Twenty-Five Thousand (125,000) of which have been designated Series A
         Preferred Stock and One Hundred Twenty Five Thousand (125,000) shares
         of which are issued and outstanding. The rights, privileges and
         preferences of the Series A Preferred Stock are as stated in eTrato's
         Certificate of Incorporation.

                  (b) Common Stock. Three Million Five Hundred Thousand
         (3,500,000) Shares of common stock, par value $0.001, of which Three
         Hundred Nine Thousand (309,000) shares are issued and outstanding
         immediately prior to Closing.

                  (c) The outstanding shares of eTrato Common Stock and Series A
         Preferred Stock are owned by the Shareholders and in the numbers
         specified in the eTrato Disclosure Letter.

                  (d) The outstanding shares of eTrato Common Stock and Series A
         Preferred Stock are all duly and validly authorized and issued, fully
         paid and nonassessable, and were issued in accordance with the
         registration or qualification provisions of the Securities Act and any
         relevant state securities laws, or pursuant to valid exemptions
         therefrom.

                  (e) Except for the Series A Preferred Stock and the rights
         provided in Section 5.1 of the eTrato Shareholders Agreement, dated
         November 23, 1999 by and between each of the Shareholders (the
         "Shareholders Agreement"), there are not outstanding any options,
         warrants, rights (including conversion or preemptive rights) or
         agreements for the purchase or acquisition from eTrato of any shares of
         its capital stock. eTrato has reserved 37,500 shares of eTrato Common
         Stock for purchase upon exercise of options to be granted in the future
         under eTrato's 1999 Stock Option Plan, none of which have been issued
         or granted. Except for the voting rights set forth in the Restated
         Certificate of Incorporation and the Shareholders Agreement, eTrato is
         not a party or subject to any agreement or understanding, and, to
         eTrato's knowledge, there is no agreement or understanding between any
         persons or entities, which affects or relates to the voting or giving
         of written consents with respect to any security or by a director of
         eTrato.

         3.4 Balance Sheet. eTrato has provided Quepasa with an unaudited
balance sheet, dated as of December 17, 1999 (the "Balance Sheet"), a statement
of profit and loss from November 1, 1999 through December 17, 1999, and a
statement of cash flows from November 1, 1999 through December 17, 1999 (the
"Cash Statements"). The Balance Sheet presents fairly in

                                       10
<PAGE>   11
all material respects the assets and liabilities of eTrato as of the date
thereof, subject to normal year-end accounting adjustments and the absence of
footnote disclosure. Except as set forth in the Balance Sheet, eTrato has no
material liabilities or obligations (whether accrued, absolute, contingent,
unliquidated, known, unknown or otherwise), other than (i) liabilities incurred
in the ordinary course of business and (ii) obligations under contracts and
commitments incurred in the ordinary course of business, which, in both
subsections (i) and (ii), individually or in the aggregate, are not material to
the financial condition or operating results of eTrato. The Cash Statements
present fairly in all material respects the information purported to be
presented therein.

         3.5 No Material Adverse Changes. Except as disclosed in the eTrato
Disclosure Letter, since November 30, 1999 there has not been a material adverse
change in the business or assets of eTrato. Without limiting the foregoing,
since November 30, 1999 there has not been:

                  (a) any change in the assets, liabilities, financial condition
         or operating results of the eTrato from that reflected in the Balance
         Sheet, except changes in the ordinary course of business that have not
         been, in the aggregate, materially adverse;

                  (b) any damage, destruction or loss, whether or not covered by
         insurance, materially and adversely affecting the assets, properties,
         financial condition, operating results or business of eTrato (as such
         business is presently conducted);

                  (c) any waiver by eTrato of a material right or of a material
         debt owed to it;

                  (d) any satisfaction or discharge of any lien, claim or
         encumbrance or payment of any obligation by eTrato, except (i) in the
         ordinary course of business and (ii) that is not material to the
         assets, properties, financial condition, operating results or business
         of eTrato (as such business is presently conducted);

                  (e) any material change or amendment to a material contract or
         arrangement by which eTrato or any of its assets or properties is bound
         or subject;

                  (f) any material change in any compensation arrangement or
         agreement with any employee;

                  (g) any sale, assignment or transfer of any patents,
         trademarks, copyrights, trade secrets or other intangible assets;

                  (h) any resignation or termination of employment of any key
         officer of eTrato; and eTrato, to the best of its knowledge, does not
         know of the impending resignation or termination of employment of any
         such officer;

                  (i) receipt of notice that there has been a loss of, or
         material order cancellation by, any major customer of eTrato;

                                       11
<PAGE>   12
                  (j) any mortgage, pledge, transfer of a security interest in,
         or lien, created by eTrato, with respect to any of its material
         properties or assets, except liens for taxes not yet due or payable;

                  (k) any loans or guarantees made by eTrato to or for the
         benefit of its employees, officers or directors, or any members of
         their immediate families, other than travel advances and other advances
         made in the ordinary course of its business;

                  (l) any declaration, setting aside or payment or other
         distribution in respect of any of eTrato's capital stock, or any direct
         or indirect redemption, purchase or other acquisition of any of such
         stock by eTrato;

                  (m) to eTrato's knowledge, any other event or condition of any
         character that might be reasonably expected to materially and adversely
         affect the assets, properties, financial condition, operating results
         or business of eTrato (as such business is presently conducted); or

                  (n) any agreement or commitment by eTrato to do any of the
things described in this Section 3.5.

         3.6 Litigation. There are no actions, suits, proceedings, orders or
investigations pending or threatened against eTrato, at law or in equity, or
before or by any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, and
there is no basis known to eTrato for any of the foregoing.

         3.7 Subsidiaries. eTrato does not presently own or control, directly or
indirectly, any interest in any other corporation, association, or other
business entity. eTrato is not a participant in any joint venture, partnership,
or similar arrangement.

         3.8 Patents and Trademarks. eTrato has sufficient ownership or rights
to all patents, trademarks, service marks, trade names, copyrights, trade
secrets, information, proprietary rights and processes necessary for its
business as now conducted without, to its knowledge, any conflict with or
infringement of the rights of others. The eTrato Disclosure Letter lists all
patents, trademarks and servicemarks, and pending applications therefor. There
are no outstanding options, licenses, or agreements of any kind relating to the
foregoing, nor is eTrato bound by or a party to any options, licenses or
agreements of any kind with respect to the patents, trademarks, service marks,
trade names, copyrights, trade secrets, licenses, information, proprietary
rights and processes of any other person or entity. eTrato has not received any
communications alleging that eTrato has violated or, by conducting its business
as proposed, would violate any of the patents, trademarks, service marks, trade
names, copyrights or trade secrets or other proprietary rights of any other
person or entity. eTrato is not aware that any of its employees is obligated
under any contract (including licenses, covenants or commitments of any nature)
or other agreement, or subject to any judgment, decree or order of any court or
administrative agency, that would interfere with their duties to eTrato or that
would conflict with eTrato's business as now conducted. Neither the execution
nor delivery of this Agreement, nor the carrying on of eTrato's

                                       12
<PAGE>   13
business by the employees of eTrato, nor the conduct of eTrato's business as now
conducted, will, to eTrato's knowledge, conflict with or result in a breach of
the terms, conditions or provisions of, or constitute a default under, any
contract, covenant or instrument under which any of such employees is now
obligated. eTrato does not believe it is or will be necessary to utilize any
inventions of any of its employees (or people it currently intends to hire) made
prior to or outside the scope of their employment by eTrato. eTrato has taken
all commercially reasonable action necessary to protect such trademark.

         3.9 Compliance with Other Instruments. eTrato is not in violation or
default of any provision of its Restated Certificate of Incorporation or Bylaws,
or of any instrument, judgment, order, writ, decree or contract to which it is a
party or by which it is bound, or, to eTrato's knowledge, of any provision of
any federal or state statute, rule or regulation applicable to eTrato. The
execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby will not result in any such violation or be
in conflict with or constitute, with or without the passage of time and giving
of notice, either a default under any such provision, instrument, judgment,
order, writ, decree or contract or an event that results in the creation of any
lien, charge or encumbrance upon any assets of eTrato or the suspension,
revocation, impairment, forfeiture, or nonrenewal of any permit, license,
authorization, or approval applicable to eTrato, that adversely affects its
business as now conducted or proposed to be conducted immediately following the
Closing, or its properties or its financial condition.

         3.10     Agreements; Action

                  (a) Except as set forth in the eTrato Disclosure Letter, there
         are no agreements, understandings or proposed transactions between
         eTrato and any of its officers, directors, affiliates, or any affiliate
         thereof.

                  (b) Except as set forth in the eTrato Disclosure Letter, there
         are no agreements, understandings, instruments, contracts, proposed
         transactions, judgments, orders, writs or decrees to which eTrato is a
         party or by which it is bound that may involve (i) obligations
         (contingent or otherwise) of, or payments to, eTrato in excess of
         $20,000, or (ii) the license of any patent, copyright, trade secret or
         other proprietary right to or from eTrato (other than the license of
         eTrato's software and products in the ordinary course of business), or
         (iii) provisions restricting or affecting the development, manufacture
         or distribution of eTrato's products or services, or (iv)
         indemnification by eTrato with respect to infringements of proprietary
         rights.

                  (c) eTrato has not (i) declared or paid any dividends or
         authorized or made any distribution upon or with respect to any class
         or series of its capital stock, (ii) incurred any indebtedness for
         money borrowed or any other liabilities individually in excess of
         $20,000 or, in the case of indebtedness and/or liabilities individually
         less than $20,000, in excess of $50,000 in the aggregate, (iii) made
         any loans or advances to any person, other than ordinary advances for
         travel expenses, or (iv) sold, exchanged or otherwise disposed of any
         of its assets or rights, other than the sale of its inventory in the
         ordinary course of business.

                                       13
<PAGE>   14
                  (d) For the purposes of subsections (b) and (c) above, all
         indebtedness, liabilities, agreements, understandings, instruments,
         contracts and proposed transactions involving the same person or entity
         (including persons or entities eTrato has reason to believe are
         affiliated therewith) shall be aggregated for the purpose of meeting
         the individual minimum dollar amounts of such subsections.

                  (e) eTrato is not a party to and is not bound by any contract,
         agreement or instrument, or subject to any restriction under its
         Restated Certificate of Incorporation or Bylaws, that adversely affects
         its business as now conducted or proposed to be conducted immediately
         following the Closing, or its properties or its financial condition.

         3.11 Related Party Transactions. Except as disclosed in the eTrato
Disclosure Letter, no employee, officer, or director of eTrato or member of his
or her immediate family is indebted to eTrato, nor is eTrato indebted (or
committed to make loans or extend or guarantee credit) to any of them. To
eTrato's knowledge, none of such persons has any direct or indirect ownership
interest in any firm or corporation with which eTrato is affiliated or with
which eTrato has a business relationship, or any firm or corporation that
competes with eTrato, except that employees, officers, or directors of eTrato
and members of their immediate families may own up to one percent (1%) of the
stock in each publicly traded company that may compete with eTrato. Except as
disclosed in the eTrato Disclosure Letter, no member of the immediate family of
any officer or director of eTrato is directly or indirectly interested in any
material contract with eTrato.

         3.12 Permits. eTrato has all franchises, permits, licenses, and any
similar authority necessary for the conduct of its business as now being
conducted by it, the lack of which could materially and adversely affect the
business, properties or financial condition of eTrato. eTrato is not in default
in any material respect under any of such franchises, permits, licenses, or
other similar authority.

         3.13 Employee Benefit Plans. Except for the eTrato 1999 Stock Option
Plan, eTrato does not have any Employee Benefit Plan as defined in the Employee
Retirement Income Security Act of 1974.

         3.14 Tax Returns, Payments and Elections. eTrato has filed all tax
returns and reports (including information returns and reports) as required to
be filed by it by law as of the date hereof or at the Effective Time. These
returns and reports are true and correct in all material respects. eTrato has
paid, or will pay prior to becoming delinquent, all taxes shown to be due and
payable on such returns and reports, and any assessments imposed, except those
contested by eTrato in good faith and disclosed to Quepasa. eTrato has not
elected pursuant to the Code to be treated as an S corporation or a collapsible
corporation pursuant to Section 1362(a) or Section 341(f) of the Code, nor has
it made any other elections pursuant to the Code (other than elections that
relate solely to methods of accounting, depreciation or amortization) that would
have a material adverse effect on eTrato, its financial condition, its business
as presently conducted or any of its properties or material assets. eTrato is
not aware of any tax deficiency

                                       14
<PAGE>   15
proposed or assessed against it and has not executed any waiver of any statute
of limitations on the assessment or collection of any tax or governmental
charge, nor is eTrato aware that any of eTrato's federal income tax returns or
any of its state income or franchise tax or sales or use tax returns has ever
been audited by governmental authorities. Since the date of the Balance Sheet,
eTrato has not incurred any taxes, assessments or governmental charges other
than in the ordinary course of business and eTrato has made adequate provisions
on its books of account for all taxes, assessments and governmental charges with
respect to its business, properties and operations for such period. To eTrato's
knowledge, eTrato has withheld or collected from each payment made to each of
its employees, the amount of all taxes (including, but not limited to, federal
income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment
Tax Act taxes) required to be withheld or collected therefrom, and has paid the
same to the proper tax receiving officers or authorized depositories.

         3.15 Minute Books. The minute book of eTrato provided to Quepasa
contains a complete summary of all meetings of directors and stockholders since
the time of incorporation and reflect all transactions referred to in such
minutes accurately in all material respects.

         3.16 Labor Agreements and Actions; Employee Compensation. eTrato is not
bound by or subject to (and none of its assets or properties is bound by or
subject to) any contract, commitment or arrangement with any labor union, and no
labor union has requested or, to eTrato's knowledge, has sought to represent any
of the employees, representatives or agents of eTrato. There is no strike or
other labor dispute involving eTrato pending, or to eTrato's knowledge,
threatened, that could have a material adverse effect on the assets, financial
condition, operating results, customer, employee, supplier or franchise
relations, business condition or prospects, or financing arrangements of eTrato
(as such business is now conducted), nor is eTrato aware of any labor
organization activity involving its employees. eTrato is not aware that any
officer or key employee, or that any group of key employees, intends to
terminate their employment with eTrato, nor does eTrato have a present intention
to terminate the employment of any of the foregoing. The employment of each
officer and employee of eTrato is terminable at the will of eTrato. To eTrato's
knowledge, eTrato has complied in all material respects with all applicable
state and federal equal employment opportunity and other laws related to
employment. eTrato is not a party to or bound by any currently effective
employment contract, deferred compensation agreement, bonus plan, incentive
plan, profit sharing plan, retirement agreement, or other employee compensation
agreement.

         3.17 Year 2000 Compliance. eTrato has advised Quepasa and the Merger
Sub of all action taken by eTrato to determine the effect on eTrato's business
by reason of the advent of the year 2000, and have provided Quepasa and the
Merger Sub with copies of all material reports with respect to year 2000 issues,
whether prepared internally or by an outside consultant.

         3.18 Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority on the part of
eTrato is required in connection with the consummation of the transactions
contemplated by this Agreement, except the filing of the Certificate of Merger
with the Secretary of State of Delaware and the HSR Act filings required under
Section 6.1.

                                       15
<PAGE>   16
         3.19 Proprietary Information Agreements. Except as set forth on the
eTrato Disclosure Letter, each employee, officer and consultant of eTrato has
executed a Proprietary Information and Inventions Agreement in the form provided
to Quepasa. eTrato is not aware that any of its employees, officers or
consultants are in violation thereof.

         3.20 Title to Property and Assets. To its knowledge, eTrato owns its
property and assets free and clear of all mortgages, liens, loans and
encumbrances, except such encumbrances and liens that arise in the ordinary
course of business and do not materially impair eTrato's ownership or use of
such property or assets. With respect to the property and assets it leases,
eTrato is in compliance with such leases and, to its knowledge, holds a valid
leasehold interest free of any liens, claims or encumbrances.

         3.21 Insurance. eTrato has in full force and effect fire and casualty
insurance policies, with extended coverage, sufficient in amount (subject to
reasonable deductibles) to allow it to replace any of its properties that might
be damaged or destroyed. eTrato has in full force and effect product liability
and errors and omissions insurance in amounts customary for companies similarly
situated.

         3.22 Disclosure. Neither this Agreement nor any of the exhibits hereto
contains any untrue statement of a material fact or omits a material fact
necessary to make the statements contained herein or therein, in light of the
circumstances in which they were made, not misleading, and there is no fact
which has not been disclosed to Quepasa which materially affects adversely or
could reasonably be anticipated to materially affect adversely the business,
including the operating results, assets, customer, supplier or employee
relations and business prospects, of eTrato.

                                    ARTICLE 4

         ADDITIONAL REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

         Each Shareholder, severally and jointly, represents and warrants to
Quepasa and Merger Sub only with respect to itself and its own circumstances as
of the date hereof and again at the Effective Time, the following:

         4.1 Authority. The Shareholder has the power and authority to enter
into this Agreement and to carry out its obligations hereunder. This Agreement
has been duly executed by the Shareholder and constitutes a valid and binding
obligation of the Shareholder, enforceable in accordance with its terms, except
as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization or other similar laws relating to the enforcement of creditors'
rights generally and by general principles of equity. The Shareholder is not
subject to, or obligated under, any agreement, arrangement or understanding, or
any law, regulation, order, judgment or decree, that would be breached or
violated, or in respect of which a right of termination or acceleration would
arise or any encumbrance on any of its assets would be created, by its
execution, delivery and performance of this Agreement and the consummation by it
of the transactions contemplated hereby. No authorization, consent or approval
of, or filing with, any public body, court or authority

                                       16
<PAGE>   17
is necessary on the part of the Shareholder for the consummation by it of the
transactions contemplated by this Agreement.

         4.2 Stock Ownership. The Shareholder represents that it is the legal
and beneficial owner of the number of shares of eTrato Common Stock or Series A
Preferred Stock, as applicable, set forth opposite its name in the eTrato
Disclosure Letter free and clear of all restrictions, liens and encumbrances
other than restrictions under federal and state securities laws and as set forth
in the Shareholders Agreement.

         4.3 Purchase Entirely for Own Account. The Quepasa Merger Shares to be
received by each respective Shareholder will be acquired for investment for the
Shareholder's own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and the Shareholder has no present
intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Agreement, the Shareholder further represents that
it does not have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participations to such person or to any third
person, with respect to any of the Quepasa Merger Shares.

         4.4 Disclosure of Information. The Shareholder believes it has received
all the information it considers necessary or appropriate for deciding whether
to receive the Quepasa Merger Shares. The Shareholder further represents that it
has had an opportunity to ask questions and receive answers from Quepasa
regarding the business, properties, prospects and financial condition of
Quepasa. The foregoing, however, does not limit or modify the representations
and warranties of Quepasa in Article 2 of this Agreement or the right of the
Shareholder to rely thereon.

         4.5 Investment Experience. The Shareholder is an investor in securities
of companies in the development stage and acknowledges that it is able to fend
for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment of owning the Quepasa Merger Shares.

         4.6 Restricted Securities. The Shareholder understands that the Quepasa
Merger Shares it is acquiring are characterized as "restricted securities" under
the federal securities laws inasmuch as it is being acquired from the Company in
a transaction not involving a public offering, and that under such laws and
applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances. In this connection,
the Shareholder represents that it is familiar with SEC Rule 144, as presently
in effect, and understands the resale limitations imposed thereby and by the
Securities Act.

         4.7 Holding Period. The Shareholders agree that, for a period of one
year from the Effective Time, they will not transfer or otherwise dispose of the
Quepasa Merger Shares being issued to each Shareholder pursuant to the terms of
this Agreement.

         4.8 Legend. It is understood that the certificates evidencing the
Quepasa Merger Shares may bear the following legend:

                                       17
<PAGE>   18
                  "These securities have not been registered under the
                  Securities Act of 1933, as amended. They may not be sold,
                  offered for sale, pledged or hypothecated in the absence of a
                  registration statement in effect with respect to the
                  securities under such Act or an opinion of counsel reasonably
                  satisfactory to Quepasa that such registration is not required
                  or unless sold pursuant to Rule 144 of such Act."

                                    ARTICLE 5

                     CONDUCT OF BUSINESS PENDING THE MERGER

         5.1 Conduct of Business Pending the Merger. eTrato and the Shareholders
covenant and agree that, prior to the Effective Time, unless Quepasa shall
otherwise agree in writing or as otherwise expressly contemplated or permitted
by this Agreement:

                  (a) The businesses of eTrato shall be conducted in the
         ordinary course, on an arm's length basis and in accordance in all
         material respects with all applicable laws, rules and regulations and
         past custom and practice; eTrato shall maintain its facilities in good
         operating condition, ordinary wear and tear excepted; and eTrato shall
         use its reasonable best efforts to preserve intact its business
         organization and goodwill, keep available the services of its officers
         and employees as a group and maintain satisfactory relationships with
         suppliers, distributors, customers and others having business
         relationships with it;

                  (b) eTrato shall not, directly or indirectly, do or permit to
         occur any of the following: (i) issue, sell, pledge, dispose of or
         encumber (A) any additional shares of, or any options, warrants,
         conversion privileges or rights of any kind to acquire any shares of,
         any of its capital stock, or (B) any of its assets, except in the
         ordinary course of business; (ii) amend or propose to amend its
         Restated Certificate of Incorporation or Bylaws; (iii) split, combine
         or reclassify any outstanding shares of eTrato Common Stock, or
         declare, set aside or pay any dividend of other distribution payable in
         cash, stock, property or otherwise with respect to shares of eTrato
         Common Stock; (iv) redeem, purchase or acquire or offer to acquire any
         shares of eTrato Common Stock or other securities of eTrato; (v)
         acquire (by merger, exchange, consolidation, acquisition of stock or
         assets or otherwise) any corporation, partnership, joint venture or
         other business organization or division or material assets thereof;
         (vi) incur any indebtedness for borrowed money or issue any debt
         securities except the borrowing of working capital in the ordinary
         course of business and consistent with past practice; (vii) make any
         investments other than short-term United States Treasury obligations or
         short-term certificates of deposit of a commercial bank or trust
         company; or (viii) enter into or propose to enter into, or modify or
         propose to modify, any agreement, arrangement or understanding with
         respect to any of the matters set forth in this Section 5.1(b);

                                       18
<PAGE>   19
                  (c) eTrato shall not, directly or indirectly, enter into or
         modify any contract, agreement or understanding, written or oral, that
         involves consideration or performance of eTrato of a value exceeding
         $50,000 or a term exceeding one year;

                   (d) Except as required by law, rule or regulation, eTrato
         shall not (i) enter into or modify any employment, severance or similar
         agreements or arrangements with, or grant any bonuses, salary
         increases, severance or termination pay to, any officers or directors
         or consultants; or (ii) take any action with respect to the grant of
         any bonuses, salary increases, severance or termination pay or with
         respect to any increase of benefits payable in effect on the date
         hereof;

                  (e) eTrato shall not adopt or amend any bonus, profit sharing,
         compensation, stock option, pension, retirement, deferred compensation,
         employment or other employee benefit plan, trust, fund or group
         arrangement for the benefit or welfare of any employees or any bonus,
         profit sharing, compensation, stock option, pension, retirement,
         deferred compensation, employment or other employee benefit plan,
         agreement, trust, fund or arrangements for the benefit or welfare of
         any director; and

                  (f) eTrato (i) shall not take any action which would render,
         or which reasonably may be expected to render, any representation or
         warranty made by it in this Agreement untrue at, or at any time prior
         to, the Effective Time; and (ii) shall notify Quepasa of any emergency
         or other change in the normal course of its business or in the
         operation of its properties and of any governmental or third party
         complaints, investigations or hearings (or communications indicating
         that the same may be contemplated) if such emergency, change,
         complaint, investigation or hearing would reasonably be expected to be
         material, alone or in the aggregate, to the business, operations or
         financial condition of eTrato or to eTrato's, Quepasa's or the Merger
         Sub's ability to consummate the transactions contemplated by this
         Agreement.

                                    ARTICLE 6

                              ADDITIONAL AGREEMENTS

         6.1 HSR Act Filings. To the extent required by law, eTrato on the one
hand and Quepasa and Merger Sub on the other shall each file with the United
States Federal Trade Commission (the "FTC") and the United States Department of
Justice (the "DOJ") any notifications required to be filed by their respective
"ultimate parent entities" under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the "HSR Act"), with respect to the transactions
contemplated herein. Each party shall be responsible for all expenses incurred
in the preparation of their respective HSR Act filings and each of Quepasa and
the Shareholders as a group, shall be responsible for half of the aggregate
filing fees to be paid in connection with the HSR Act filings. The parties shall
use their reasonable best efforts to make such filings

                                       19
<PAGE>   20
promptly, to respond to any requests for additional information made by either
the FTC or DOJ, and to cause the waiting periods under the HSR Act to terminate
or expire at the earliest possible date.

         6.2 Registration Rights. At the Effective Time, Quepasa and the
Shareholders shall enter into a Registration Rights Agreement in the form
attached hereto as Exhibit B (the "Registration Rights Agreement").

         6.3 Non-Compete Agreement. Each Shareholder, shall, at the Effective
Time, enter into a non-compete agreement substantially in the form set forth
hereto as Exhibit C.

         6.4 Employment Agreements. At the Effective Time, Quepasa and Elias
Terman, Joe Belluomini and Leo Hurtado shall have entered into employment
agreements substantially in the form attached hereto as Exhibit D.

         6.5 Listing of Shares. Quepasa will cause, at its own expense, the
Quepasa Merger Shares to be listed on the Nasdaq National Market or any other
exchange or trading system on which its common stock regularly trades.

         6.6 Expenses. Except as provided in Section 6.1 and Section 6.5 herein,
each party to this Agreement (Quepasa on the one hand and each of the
Shareholders on the other hand, for itself and eTrato) shall bear their own
expenses in connection with this Agreement and the transactions contemplated
herein. Notwithstanding the foregoing, in the event any party materially
breaches the terms of this Agreement prior to the Effective Time and the Merger
is not consummated, the breaching party agrees to pay the nonbreaching party an
amount equal to all of the expenses incurred by the nonbreaching party in
connection with the preparation and negotiation of this Agreement and any other
matters otherwise related to the transactions contemplated herein, including but
not limited to all fees and expenses incurred by the nonbreaching party to
accountants and attorneys. Nothing herein shall be deemed to limit the right or
remedy of a party in the event of a material breach of this Agreement by the
other party.

         6.7 Taxes. At the Closing, the Shareholders shall be responsible for
any sales, transfer or other similar taxes (excluding income taxes) which result
from the Merger.

         6.8 Notification of Certain Matters. Each party shall give prompt
notice to the others of (a) the occurrence or failure to occur of any event,
which occurrence or failure would be likely to cause any representation or
warranty on its part contained in this Agreement to be untrue or inaccurate at,
or at any time prior to, the Effective Time, and (b) any material failure of
such party, or any officer, director, shareholder, employee or agent thereof, to
comply with or satisfy any covenant, condition or agreement to be complied with
or satisfied by it hereunder.

                                       20
<PAGE>   21
         6.9      Access to Information; Confidentiality.

                  (a) Quepasa and eTrato shall each have the opportunity to make
         a complete due diligence review of the books, records, business and
         affairs of the other.

                  (b) To facilitate the due diligence review, Quepasa and eTrato
         shall provide to each other and each other's agents complete access to
         all of each other's records and documents, shall provide each other
         with personal, bank and professional references, and shall use
         reasonable efforts to make available for consultation customers and
         suppliers.

                  (c) Each party agrees that all non-public information provided
         to the other will be treated as confidential, and if this Agreement is
         terminated, will return to the other party all confidential documents
         (and all copies thereof) in its possession, or will certify to the
         other that all such documents not returned have been destroyed.
         Further, regardless of whether this Agreement is terminated, each party
         shall continue to hold all confidential information of the other in
         strictest confidence. Non-public information shall not include any
         information which a party can demonstrate: (i) was already in such
         party's possession prior to negotiations related to this transaction;
         (ii) is or becomes publicly and openly known and in the public domain
         through no fault of such party; or (iii) is received by such party in a
         non-confidential manner from a third party having the right to disclose
         such information.

                                    ARTICLE 7

                                   CONDITIONS

         7.1 Conditions to Obligations of Each Party To Effect the Merger. The
respective obligations of each party to effect the Merger shall be subject to
the fulfillment at or prior to the Effective Time of the following conditions:

                  (a) there shall not be pending by or before any court or other
         governmental body an order or injunction restraining or prohibiting the
         transactions contemplated hereby.

                  (b) no party hereto shall have terminated this Agreement as
permitted herein; and

                  (c) the applicable waiting period under the HSR Act relating
         to all transactions contemplated by this Agreement shall have expired
         or been terminated.

                                       21
<PAGE>   22
         7.2 Additional Conditions to Obligation of eTrato and the Shareholders.
The obligation of eTrato and the Shareholders to effect the Merger is also
subject to the fulfillment at or prior to the Effective Time of the following
conditions:

                  (a) the representations and warranties of Quepasa and the
         Merger Sub set forth in Article 2 that are qualified by materiality
         shall be true and correct and the representation and warranties of
         Quepasa and the Merger Sub that are not so qualified shall be true and
         correct in all material respects on and as of the Effective Time with
         the same force and effect as if made on and as of the Effective Time,
         and each of Quepasa and the Merger Sub shall in all material respects
         have performed each obligation and agreement and complied with each
         covenant to be performed and complied with by it hereunder at or prior
         to the Effective Time;

                  (b) Quepasa shall have furnished to eTrato a certificate in
         which Quepasa and the Merger Sub shall certify that neither Quepasa nor
         Merger Sub has any reason to believe that the conditions set forth in
         Section 7.2(a) have not been fulfilled;

                  (c) Quepasa shall have furnished to the Shareholders (i) a
         copy of the text of the resolutions by which the corporate action on
         the part of Quepasa and the Merger Sub necessary to approve this
         Agreement, the Merger and the issuance of the Quepasa Merger Shares
         were taken and (ii) certificates executed on behalf of Quepasa
         certifying, in each case, that such copy is a true, correct and
         complete copy of such resolutions and that such resolutions were duly
         adopted and have not been amended or rescinded;

                  (d) Quepasa shall have issued to each Shareholder and the
         Escrow Agent, certificates for the number of shares of Quepasa Common
         Stock to which such Shareholder is entitled pursuant to Section 1.5
         hereof.

                  (e) Opinions of Brownstein, Hyatt & Farber, P.C. and/or,
         Kummer Kaempfer Bonner & Renshaw based on customary reliance and
         subject to customary qualifications, addressed to eTrato and the
         Shareholders to the effect that:

                           (i) Quepasa is a corporation validly existing and in
                  good standing under the laws of the State of Nevada.

                           (ii) The Merger Sub is a corporation validly existing
                  and in good standing under the laws of the State of Delaware.

                           (iii) Quepasa has the corporate power to consummate
                  the transactions on its part contemplated by this Agreement.
                  Quepasa has duly taken all requisite corporate action to
                  authorize this Agreement and the articles of merger
                  contemplated in Section 1.3; this Agreement has been duly
                  executed and delivered by Quepasa

                                       22
<PAGE>   23
                  and constitutes a valid and binding obligation of Quepasa,
                  except as the enforceability thereof may be limited by
                  bankruptcy, insolvency, reorganization, fraudulent conveyance
                  or other similar laws relating to the enforcement of
                  creditors' rights generally and by general principles of
                  equity; Quepasa is not subject to, or obligated under, any
                  provision of its Articles of Incorporation or Bylaws, which
                  would be breached or violated by its execution, delivery and
                  performance of this Agreement and the consummation by it of
                  the transactions contemplated hereby; and, to counsel's
                  knowledge, Quepasa is not required to obtain any material
                  consents from any third party for the consummation of the
                  actions contemplated herein, which consent has not been
                  obtained.

                           (iv) The Merger Sub has the corporate power to
                  consummate the transactions on its part contemplated by this
                  Agreement. The Merger Sub has duly taken all requisite
                  corporate action to authorize this Agreement and the articles
                  of merger contemplated in Section 1.3; and this Agreement and
                  such articles of merger have been duly executed and delivered
                  by the Merger Sub and constitute valid and binding obligations
                  of the Merger Sub, except as the enforceability thereof may be
                  limited by bankruptcy, insolvency, reorganization or other
                  similar laws relating to the enforcement of creditors' rights
                  generally and by general principles of equity; the Merger Sub
                  is not subject to, or obligated under, any provision of its
                  Articles of Incorporation or Bylaws, which would be breached
                  or violated by its execution, delivery and performance of this
                  Agreement and the consummation by it of the transactions
                  contemplated hereby; and to counsel's knowledge, the Merger
                  Sub is not required to obtain any material consents from any
                  third party for the consummation of the actions contemplated
                  herein, which consent has not been obtained.

                           (v) The Quepasa Merger Shares have been duly
                  authorized and validly issued, fully paid and non-assessable.

                           (vi) Except as disclosed in the Quepasa Disclosure
                  Letter or Business Reports, to counsel's knowledge, there are
                  no actions, suits, proceedings, orders or investigations
                  threatened, instituted or pending against Quepasa, at law or
                  in equity, or before or by any federal, state, municipal or
                  other governmental department, commission, board, bureau,
                  agency or instrumentality.

                           (vii) No actions are required to be taken in order to
                  make the Merger effective under Delaware Law which have not
                  been taken on or prior to the delivery of such letter except
                  the delivery of the

                                       23
<PAGE>   24
                  articles of merger contemplated in Section 1.3 to the
                  Secretary of State of the State of Delaware, and the filing
                  thereof by the Secretary of State, in accordance with Delaware
                  Law;

                  (f) Quepasa shall have obtained each consent and approval
         necessary in order that the Merger and the transactions contemplated
         herein not constitute a breach or violation of, or result in a right of
         termination or acceleration or any encumbrance on any of Quepasa's
         assets pursuant to the provisions of, any agreement, arrangement or
         understanding or any license, franchise or permit;

                  (g) Between the date hereof and the Effective Time, (i) there
         shall have been no material adverse change in the assets, financial
         condition, operating results, customer, employee, supplier or franchise
         relations, business condition or prospects, or financing arrangements
         of Quepasa, (ii) there shall have been no adverse federal, state or
         local legislative or regulatory change affecting in any material
         respect the services, products or business of Quepasa and (iii) none of
         the properties and assets of Quepasa shall have been damaged by fire,
         flood, casualty, act of God or the public enemy or other cause
         (regardless of insurance coverage for such damage) which damages would
         have a material adverse effect on the assets, financial condition,
         operating results, customer, employee, supplier or franchise relations,
         business condition or prospects, or financing arrangements of Quepasa,
         and Quepasa shall have delivered to the Shareholders a certificate,
         dated as of the Effective Time to that effect; and

                  (h) All corporate and other proceedings in connection with the
         transactions contemplated at the Closing and all documents incident
         thereto shall be reasonably satisfactory in form and substance to
         eTrato's counsel, and eTrato and its counsel shall have received all
         such counterpart original and certified or other copies of such
         documents as they may reasonably request.

         7.3 Additional Conditions to Obligations of Quepasa and the Merger Sub.
The obligations of Quepasa and the Merger Sub to effect the Merger are also
subject to the fulfillment at or prior to the Effective Time of the following
conditions:

                  (a) the representations and warranties of eTrato and the
         Shareholders set forth in Article 3 and Article 4 respectively that are
         qualified by materiality shall be true and correct and the
         representation and warranties of eTrato and the Shareholders that are
         not so qualified shall be true and correct in all material respects on
         and as of the Effective Time with the same force and effect as if made
         on and as of the Effective Time, and each of eTrato and the
         Shareholders shall in all material respects have performed each
         obligation and agreement and complied with each covenant to be
         performed and complied with by it hereunder at or prior to the
         Effective Time;

                                       24
<PAGE>   25
                  (b) eTrato shall have furnished to Quepasa a certificate in
         which eTrato and the Shareholders shall certify that they have no
         reason to believe that the conditions set forth in Section 7.3(a) have
         not been fulfilled;

                  (c) eTrato shall have furnished to Quepasa (i) a copy of the
         text of the resolutions by which the Board of Directors and
         Shareholders of eTrato approved this Agreement (including, without
         limitation, the plan of merger contained herein) and the Merger; and
         (ii) a certificate executed on behalf of eTrato by its corporate
         secretary certifying to Quepasa that such copy is a true, correct and
         complete copy of such resolutions and that such resolutions were duly
         adopted and have not been amended or rescinded;

                  (d) The Shareholders shall have delivered the original
         certificate(s) for the shares of eTrato Common Stock or Series A
         Preferred Stock, as applicable, duly endorsed to the Surviving
         Corporation for cancellation;

                  (e) Quepasa shall have received a letter addressed to Quepasa
         from Snell & Wilmer, L.L.P., based on customary reliance and subject to
         customary qualifications, to the effect that:

                           (i) eTrato is a corporation validly existing and in
                  good standing under the laws of the State of Delaware.

                           (ii) The authorized capital of eTrato consists of
                  3,500,000 shares of common stock, having a par value of $.001
                  per share and 1,500,000 shares of Preferred Stock, having a
                  par value of $.001, of which 125,000 have been designated
                  Series A Preferred Stock;

                           (iii) eTrato has the corporate power to consummate
                  the transactions on its part contemplated by this Agreement.
                  eTrato has duly taken all requisite corporate action to
                  authorize this Agreement and the articles of merger
                  contemplated in Section 1.3; this Agreement and such articles
                  of merger have been duly executed and delivered by eTrato and
                  constitute valid and binding obligations of eTrato, except as
                  the enforceability thereof may be limited by bankruptcy,
                  insolvency, reorganization, fraudulent conveyance or other
                  similar laws relating to the enforcement of creditors' rights
                  generally and by general principles of equity; eTrato is not
                  subject to, or obligated under, any provision of its
                  Certificate of Incorporation or Bylaws which would be breached
                  or violated, or in respect of which a right of termination or
                  acceleration would arise or any encumbrance on any of its
                  assets would be created, by its execution, delivery and
                  performance of this Agreement and the consummation by it of
                  the transactions contemplated hereby; and to counsel's

                                       25
<PAGE>   26
                  knowledge, eTrato is not required to obtain any material
                  consents from any third party for the consummation of the
                  actions contemplated herein, which consent has not been
                  obtained.

                           (iv) Except as disclosed in the eTrato Disclosure
                  Letter, to counsel's knowledge, there are no actions, suits,
                  proceedings, orders or investigations threatened, instituted
                  or pending against eTrato, at law or in equity, or before or
                  by any federal, state, municipal or other governmental
                  department, commission, board, bureau, agency or
                  instrumentality.

                           (v) No actions are required to be taken in order to
                  make the Merger effective under Delaware Law which have not
                  been taken on or prior to the delivery of such letter except
                  the delivery of the articles of merger contemplated in Section
                  1.3 to the Secretary of State of the State of Delaware, and
                  the filing thereof by the Secretary of State, in accordance
                  with Delaware Law.

                  (f) eTrato and each of the Shareholders shall have obtained
         each consent and approval necessary in order that the Merger and the
         transactions contemplated herein not constitute a breach or violation
         of, or result in a right of termination or acceleration or any
         encumbrance on any of eTrato's assets pursuant to the provisions of,
         any agreement, arrangement or understanding or any license, franchise
         or permit;

                  (g) Between the date hereof and the Effective Time, (i) there
         shall have been no material adverse change in the assets, financial
         condition, operating results, customer, employee, supplier or franchise
         relations, business condition or prospects, or financing arrangements
         of eTrato, (ii) there shall have been no adverse federal, state or
         local legislative or regulatory change affecting in any material
         respect the services, products or business of eTrato and (iii) none of
         the properties and assets of eTrato shall have been damaged by fire,
         flood, casualty, act of God or the public enemy or other cause
         (regardless of insurance coverage for such damage) which damages may
         have a material adverse effect on the assets, financial condition,
         operating results, customer, employee, supplier or franchise relations,
         business condition or prospects, or financing arrangements of eTrato,
         and eTrato and the Shareholders shall have delivered to Quepasa a
         certificate, dated as of the Effective Time to that effect;

                  (h) Quepasa shall have received an opinion from H. C.
         Wainwright & Co., Inc., in form and substance reasonably satisfactory
         to Quepasa, to the effect that the terms of the Merger are fair from a
         financial point of view; and

                  (i) All corporate and other proceedings in connection with the
         transactions contemplated at the Closing and all documents incident
         thereto shall

                                       26
<PAGE>   27
         be reasonably satisfactory in form and substance to Quepasa's counsel,
         and Quepasa and its counsel shall have received all such counterpart
         original and certified or other copies of such documents as they may
         reasonably request.

                                    ARTICLE 8

                                   INDEMNITIES

         8.1 Survival of Representations and Warranties. All representations and
warranties made by Quepasa, the Merger Sub, eTrato and the Shareholders in this
Agreement shall survive for six months from the date of this Agreement and no
claim for any breach thereof may be made unless notice thereof is given to the
other party prior to such date; provided, however, that the representations and
warranties contained in Section 3.14 shall survive until the end of the
applicable statute of limitations and the representations and warranties
contained in Section 4.2 shall survive for ten (10) years; and provided further,
however, that the limitations on survival shall not apply to any breach of this
Agreement constituting fraud.

         8.2 Shareholders Agreement to Indemnify. Subject to the limitations in
this Article 8, the Shareholders, severally and jointly, agree to indemnify and
hold harmless Quepasa and Merger Sub and their respective directors, officers,
employees and agents from and against all proceedings, judgments, decrees,
demands, claims, actions, losses, damages, liabilities, costs and expenses,
including, without limitation, reasonable attorneys' fees and costs
(collectively referred to as "Losses") asserted against or incurred by Quepasa,
Merger Sub or their respective directors, officers, employees or agents
resulting from a breach of any covenant, agreement, representation or warranty
of eTrato or the Shareholders contained in this Agreement or the exhibits
hereto.

         8.3 Quepasa and the Merger Sub's Agreement to Indemnify. Subject to the
limitations in this Article 8, Quepasa and the Merger Sub hereby agree to
indemnify and hold harmless the Shareholders and their agents from and against
all Losses asserted against or incurred by the Shareholders or their agents
resulting from a breach of any covenant, agreement, representation or warranty
of Quepasa or Merger Sub contained in this Agreement or the exhibits hereto.

         8.4 Notice of Claim. Any party who has a claim which would give rise to
liability pursuant to this Article 8 shall give prompt notice to all other
parties of such claim, together with a reasonable description thereof. With
respect to any claim by a third party which is covered by the indemnifications
contained hereunder, the party obligated to indemnify shall be afforded the
opportunity, at its expense, to defend or settle such claim if, within 10 days
of notice thereof, it acknowledges in writing its indemnification obligation
hereunder, utilizes counsel reasonably satisfactory to the indemnified party,
commences such defense promptly and pursues such defense with diligence;
provided, however, that such indemnifying party shall secure the consent of the
indemnified party to any settlement, which consent shall not be unreasonably
withheld. If an indemnified party defends any claim hereunder, such party shall
use reasonable efforts in such defense and to mitigate Losses arising
thereunder, and shall not settle any claim without the consent of the
indemnifying party, which shall not be unreasonably withheld.

                                       27
<PAGE>   28
         8.5      Certain Limitations.

                  (a) Cap. The Shareholders' indemnification liability under
Section 8.2 and Quepasa's indemnification liability under Section 8.3 shall be
limited to the aggregate amount of consideration paid to the Shareholders
hereunder (the "Cap"), and such amounts shall be the exclusive remedies of each
of the parties in any cause of action based thereon (subject to the exception in
Section 8.5(c)) against the parties for any inaccuracy, misrepresentation,
breach of, or default in, any of the representations, warranties or covenants
given or made by the parties to this Agreement or in any certificate, document
or instrument delivered by or on behalf of any party pursuant hereto.

                  (b) Basket. In no event shall the Shareholders as a party on
the one hand or Quepasa as a party on the other hand be required to indemnify
the other party for any Losses relating to any matter subject to indemnification
under this Article 8, unless and until such Losses exceed in the aggregate
$150,000 (the "Basket"), in which event all such Losses in excess of the Basket
shall be recoverable by the indemnified party.

                  (c) Fraud. The Basket and Cap shall not apply to any breach of
this Agreement constituting fraud.

         8.6 Satisfaction of Obligations. If an indemnifying party becomes
obligated to indemnify another party with respect to any claim for
indemnification hereunder and the amount of liability with respect thereto shall
have been finally determined, subject to the limitations set forth in Section
8.5, the indemnifying party shall pay such amount to the indemnified party
within ten days following receipt by the indemnifying party of written demand
from the indemnified party. Quepasa and Merger Sub shall be obligated to satisfy
any obligation pursuant to such claims for indemnification against the
Shareholders by first, directing the Escrow Agent to return a number of Quepasa
Merger Shares to Quepasa and Merger Sub equal to the amount of such finally
determined obligation divided by $11.00 and, second, after no additional Quepasa
Merger Shares remain subject to the Escrow Agreement, asserting the claim
against the Shareholders directly.

         8.7 Exclusive Remedy. The rights and remedies provided for in this
Agreement (including the rights to indemnification) shall be exclusive and no
other rights and remedies that may exist at law or in equity may be asserted
against a party.

                                    ARTICLE 9

                        TERMINATION, AMENDMENT AND WAIVER

         9.1 Termination. This Agreement may be terminated at any time prior to
the Effective Time:

                                       28
<PAGE>   29
                  (a) by mutual consent of a duly authorized officer of Quepasa,
         eTrato and each of the Shareholders;

                  (b) by either party if the other party breaches any of its
         material representations, warranties or covenants contained herein and,
         if such breach is curable, is not cured within fifteen (15) business
         days after notice thereof;

                  (c) by either party if obligations to close the transactions
         contemplated by this Agreement shall become incapable of satisfaction;
         or

                  (d) by any of Quepasa, eTrato or the Shareholders if the
         Merger shall not have been consummated by March 31, 2000 or such later
         date as may be agreed upon by the parties;

provided, however, that no party shall have the right to terminate this
Agreement unilaterally if the event giving rise to such right shall be primarily
attributable to such party or to any affiliated party.

         9.2 Effect of Termination. In the event of termination of this
Agreement as provided in Section 9.1, this Agreement shall become void and there
shall be no liability or further obligation hereunder on the part of Quepasa,
the Merger Sub, eTrato, the Shareholders or their respective shareholders,
officers or directors, except as set forth in Section 6.9 and Article 8 hereof
and except for liability arising from a willful breach of this Agreement.

         9.3 Amendment. This Agreement may not be amended except by an
instrument in writing approved by the parties to this Agreement and signed on
behalf of each of the parties hereto.

         9.4 Waiver. At any time prior to the Effective Time, any party hereto
may (a) extend the time for the performance of any of the obligations or other
acts of any other party hereto or (b) waive compliance with any of the
agreements of any other party or with any conditions to its own obligations, in
each case only to the extent such obligations, agreements and conditions are
intended for its benefit.

                                   ARTICLE 10

                               GENERAL PROVISIONS

         10.1 Public Statements. Except as required by applicable law, no party
shall make any public announcement or statement with respect to the Merger, this
Agreement or any related transaction without the approval of the other parties,
which approval will not be unreasonably withheld. Each party agrees to consult
with the other parties prior to issuing any such public announcement or
statement.

         10.2 Notices. All notices and other communications hereunder shall be
in writing and shall be sufficiently given if made by hand delivery, by
telecopier, by recognized overnight courier service, or by registered or
certified mail (postage prepaid and return receipt requested) to the

                                       29
<PAGE>   30
parties at the following addresses (or at such other address for a party as
shall be specified by it by like notice):

<TABLE>
<S>                                             <C>
                  If to Quepasa or
                    the Merger Sub:             quepasa.com, inc.
                                                400 East Van Buren, 4th Floor
                                                Phoenix, Arizona  85004
                                                FAX:  602-716-0200
                                                Attn:  Gary Trujillo

                  With a copy to:               Brownstein, Hyatt & Farber, P.C.
                                                410 17th Street, 22nd Floor
                                                Denver, Colorado 80202
                                                FAX:  303-223-1111
                                                Attn:  Jeffrey Knetsch

                  If to eTrato:                 eTrato.com, Inc.
                                                1111 Harrison Street
                                                San Francisco, California  94103
                                                FAX:  415-242-9343
                                                Attn:  Joe Belluomini
</TABLE>

                                       30
<PAGE>   31
<TABLE>
<S>                                      <C>
                  With a copy to:        Crosby, Heafey, Roach & May
                                         Professional Corporation
                                         Four Embarcadero Center
                                         Suite 1900
                                         San Francisco, California  94111
                                         FAX:  415-391-8269
                                         Attn:  Matthew P. Fisher

                  If to Verde:           Verde Capital Partners, LLC
                                         2525 East Camelback Road
                                         Suite 1150
                                         Phoenix, Arizona  85016
                                         FAX:  602-522-3159
                                         Attn:  Ernest C. Garcia III

                  With a copy to:        Snell & Wilmer, L.L.P.
                                         One Arizona Center
                                         Phoenix, Arizona 85004
                                         FAX:  602-382-6070
                                         Attn:  Steven D. Pidgeon, Esq.

                  If to Alphabit:        Alphabit Media, Inc.
                                         1111 Harrison Street
                                         San Francisco, California  94103
                                         FAX:  415-252-9343
                                         Attn:  Joe Belluomini

                  With a copy to:        Crosby, Heafey, Roach & May
                                         Professional Corporation
                                         Four Embarcadero Center
                                         Suite 1900
                                         San Francisco, California  94111
                                         FAX:  415-391-8269
                                         Attn:  Matthew P. Fisher

                  If to Designet:        Designet S.A. de C.V.
                                         Napoles 59, Primer Piso
                                         Col. Juarez
                                         Mesico, D.S.  06600
                                         FAX:  011-525-286-8124
                                         Attn:  Elias Terman
</TABLE>

                                       31
<PAGE>   32
<TABLE>
<S>                                     <C>
                  With a copy to:        Mitchell & Shea
                                         1540 Sixth Avenue
                                         San Diego, California  92101
                                         FAX:  619-702-6534
                                         Attn:  Patrick G. Shea

                  If to CRI:             Cruttenden Roth Incorporated
                                         24 Corporate Plaza
                                         Newport Beach, California  92660
                                         FAX:  949-720-7223
                                         Attn:  Aaron Gurewitz
</TABLE>

         All such notices and other communications shall be deemed to have been
duly given: when delivered by hand, if personally delivered; three business days
after being deposited in the mail, postage prepaid, if delivered by mail; the
next business day, if by recognized overnight courier service; and when receipt
acknowledged, if telecopied; provided, however, notice to a party's attorney
shall not constitute notice to such party.

         10.3 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. References to Sections and Articles refer to
sections and articles of this Agreement unless otherwise stated. Words such as
"herein," "hereinafter," "hereof," "hereto," "hereby" and "hereunder," and words
of like import, unless the context requires otherwise, refer to this Agreement
(including the exhibits and attachments hereto). As used in this Agreement, the
masculine, feminine and neuter genders shall be deemed to include the others if
the context requires.

         10.4 Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated and the parties shall negotiate
in good faith to modify this Agreement to preserve each party's anticipated
benefits under this Agreement.

         10.5 Miscellaneous. This Agreement (together with all other documents
and instruments referred to herein): (a) constitutes the entire agreement, and
supersedes all other prior agreements, representations, warranties and
undertakings, both written and oral, among the parties, with respect to the
subject matter hereof; (b) is not intended to confer upon any other person any
rights or remedies hereunder; (c) shall not be assigned by operation of law or
otherwise, except that Quepasa and the Merger Sub may assign all or any portion
of their rights under this Agreement to any wholly owned subsidiary, but no such
assignment shall relieve Quepasa and the Merger Sub of their obligations
hereunder, and except that this Agreement may be assigned by operation of law to
any corporation with or into which Quepasa may be merged; and (d) shall be
governed in all respects, including validity, interpretation and effect, by the
internal laws of the State of Arizona, without giving effect to the principles
of conflict of laws thereof. This Agreement may be executed in two or more
counterparts, which together shall constitute a single agreement.

                                       32
<PAGE>   33
         10.6 Acknowledgement of Representation. Each of the parties
acknowledges that Snell & Wilmer LLP represents Verde Capital Partners, LLC in
connection with this Agreement and the other agreements, documents or
instruments contemplated hereby and that, except for purposes of delivering the
legal opinion required under Section 7.3(e) only, Snell & Wilmer LLP neither
represents, nor is acting on behalf of, eTrato or any Shareholder other than
Verde Capital Partners, LLC.

                                       33
<PAGE>   34
                                MERGER AGREEMENT

                                 SIGNATURE PAGE

         IN WITNESS WHEREOF, Quepasa, the Merger Sub, eTrato and the
Shareholders have caused this Agreement to be executed on the date first written
above by their respective officers thereunder duly authorized.

                                    QUEPASA.COM, INC., a Nevada corporation

                                    By    /s/ Gary Trujillo
                                    Name:   Gary Trujillo
                                    Title:  President & CEO

                                    ETRATO ACQUISITION INC.,
                                    a Delaware corporation

                                    By    /s/ Gary Trujillo
                                    Name:   Gary Trujillo
                                    Title:  President

                                    ETRATO.COM, INC., a Delaware corporation

                                    By    /s/ Elias M. Terman
                                    Name:  Elias M. Terman
                                    Title:  CEO/President

                                    VERDE CAPITAL PARTNERS, LLC,
                                    an Arizona Company

                                    By    /s/ Ernest C. Garcia II
                                    Name:
                                    Title:

                                       34
<PAGE>   35
                                    ALPHABIT MEDIA VENTURES, LLC.,
                                    a California limited liability company

                                    By   /s/ Joe Belluomini
                                    Name:
                                    Title:

                                    DESIGNET, S.A. de C.V.,
                                    a Mexico corporation

                                    By    /s/ Elias M. Terman
                                    Name:  Elias M. Terman
                                    Title:  CEO/President

                                    DESIGNET VENTURES, L.L.C.,
                                    a California limited liability company

                                    By    /s/ Elias M. Terman
                                    Name:  Elias M. Terman
                                    Title:  CEO/President

                                    CRUTTENDEN ROTH INCORPORATED,
                                    a California corporation

                                    By   /s/  Byron C. Roth
                                    Name: Byron C. Roth
                                    Title:  Chairman & CEO

                                       35
<PAGE>   36
                                    EXHIBIT A

                             FORM OF PROMISSORY NOTE

                                       36
<PAGE>   37
                                    EXHIBIT B

                      FORM OF REGISTRATION RIGHTS AGREEMENT

                                       37
<PAGE>   38
                                    EXHIBIT C

                          FORM OF NON-COMPETE AGREEMENT

                                       38
<PAGE>   39
                                    EXHIBIT D

                          FORM OF EMPLOYMENT AGREEMENT

                                       39

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