Document:

SECURITY AGREEMENT

THIS SECURITY  AGREEMENT (this "Agreement") made as of this 1st day of February,
2001 between Fiserv Securities, Inc., (the "Secured Party"), with offices at One
Commerce  Square,  2005 Market  Street,  Philadelphia,  PA 19103-3212  and First
Montauk  Financial  Corp.,  (the  "Company") at Parkway 109 Office  Center,  328
Newman Springs Road, Red Bank, NJ 07701.

         The  Amended  Financial  Agreement  dated as of  February  1, 2001 (the
"Amended  Financial  Agreement")  executed by the Company and the Secured Party,
which is incorporated by reference  hereto,  provides,  subject to its terms and
conditions, for an advance to the Company for which the Company granted the Lien
provided for in this Agreement,

         To induce the  Secured  Party to enter into,  and to make the  advances
under,  the  Amended  Financial  Agreement  and  for  other  good  and  valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company  has agreed to  pledge,  assign  and grant a  security  interest  in the
Collateral  as security for the Secured  Obligations.  Accordingly,  the Company
agrees with the Secured Party as follows:

         1.   Definitions and Interpretation.
              ------------------------------

     1.1 Certain  Defined  Terms.  The following  terms shall have the following
meanings under this Agreement:

     "Basic  Document"  shall  mean the  Amended  Financial  Agreement  and this
Agreement.

     "Code"  shall  mean  the  Uniform  Commercial  Code  as in  effect  in  the
Commonwealth  of  Pennsylvania  from time to time or,  by  reason  of  mandatory
application, any other applicable jurisdiction.

     "Collateral" shall mean all right, title and interest of the Company in the
shares of  capital  stock (the  "Stock")  held by the  Company in the  following
subsidiary (the "Subsidiary") of the company:  One Million  (1,000,000)  shares,
which represents all issued and outstanding  shares of First Montauk  Securities
Corp. (the "Stock").

     "Default"  shall mean any event  requiring  a payment by Holding  Corp.  as
provided in Sections 3, 4 and 6(c)of the Amended Financial Agreement.

     "Lien"  shall mean,  with  respect to any  property,  any  mortgage,  lien,
pledge, charge,  security interest or encumbrance of any kind in respect of such
property or any agreement to give, or notice of, any of the foregoing.

     "Secured Obligations" shall mean any and all obligations of the Company for
the payment of all amounts owed under the Amended Financial Agreement.

     1.2  Interpretation.  In this Agreement,  unless otherwise  indicated,  the
singular  includes the plural and plural the singular;  words  importing  either
gender include the other gender; references to statutes or regulations are to be
construed as including  all statutory or  regulatory  provisions  consolidating,
amending or  replacing  the statute or  regulation  referred to;  references  to
"writing" include printing,  typing,  lithography and other means of reproducing
words  in a  tangible  visible  form;  the  words  "including,"  "includes"  and
"include"  shall be deemed to be  followed  by the words  "without  limitation";
references  to  articles,  sections (or  subdivisions  of  sections),  exhibits,
annexes or schedules are to this  Agreement;  references to agreements and other
contractual  instruments  shall be deemed to include all subsequent  amendments,
extensions  and  other  modifications  to such  instruments  (without,  however,
limiting  any  prohibition  on  any  such   amendments,   extensions  and  other
modifications  by the terms of any such document);  and references to persons or
entities including their respective permitted successors and assigns.
<PAGE>

         2.   Collateral.
              ----------

                  2.1 Grant.  As collateral  security for the prompt  payment in
full when due (whether at stated  maturity,  by  acceleration  or otherwise) and
performance of the Secured Obligations,  the Company hereby pledges, assigns and
grants to the Secured Party a security  interest in all of the Company's  right,
title and interest in and to the Collateral.

                  2.2 Perfection.  Concurrently  with the execution and delivery
of this  Agreement,  the Company shall (i) file such  financing  statements  and
other  documents in such offices as the Secured Party may reasonably  request in
writing to perfect  and  establish  the Lien  granted  by this  Agreement,  (ii)
deliver to the  attorneys  for the Secured Party and pledge to the Secured Party
certificates  representing  the Stock,  and (iii) take all such other actions as
shall be necessary or as the Secured  Party may request to perfect and establish
the priority of the Lien granted by this Agreement.

                  2.3   Rights and Obligations.
                        ----------------------

     (a) The  exercise  by the  Secured  Party of any  right,  remedy,  power or
privilege in respect of this Agreement shall not release the Company from any of
its duties and obligations under the Amended  Financial  Agreement except to the
extent  such  obligations  are  discharged  by any remedy  under this  agreement
utilized by the Secured Party.

     (b) No Lien granted by this  Agreement in the  Company's  right,  title and
interest  in any  contract or  agreement  shall be deemed to be a consent by the
Secured Party to any such contract or agreement.

     (c) No  reference  in this  Agreement  to  proceeds or to the sale or other
disposition  of  Collateral  shall  authorize  the Company to sell or  otherwise
dispose of any Collateral.

     (d) The Secured  Party shall not be  required  to take steps  necessary  to
preserve any rights against prior parties to any part of the Collateral.

     3.  Representations,  Warranties  and  Covenants.  As of the  date  of this
Agreement,  the Company represents,  warrants and covenants to the Secured Party
as follows:

     3.1 Title.  The Company is the sole  beneficial  owner of the Collateral in
which  it  purports  to  grant a Lien  pursuant  to  this  Agreement,  and  such
Collateral is free and clear of all Liens. The Lien granted by this Agreement in
favor of the Secured  Party has attached and  constitutes  a perfected  security
interest in all of such Collateral prior to all other Liens.

     3.2 Sales and Other Liens. The Company shall not dispose of any Collateral,
create, incur, assume or suffer to exist any Lien upon any Collateral or file or
suffer  to be on  file  or  authorize  to be  filed,  in any  jurisdiction,  any
financing  statement or like  instrument  with respect to all or any part of the
Collateral in which the Secured Party is not named as the sole secured party.

     3.3 Principal Place of Business.  The Company's chief executive  office and
principal place of business is located at the address set forth below.

     3.4 Further Assurances. The Company agrees that, from time to time upon the
written request of the Secured Party,  the Company will execute and deliver such
further  documents  and do such other acts and things as the  Secured  Party may
reasonably request in order fully to effect the purposes of this Agreement.

     3.5 Stock and Future Issuances. The Stock constitutes all of the issued and
outstanding  shares of capital stock of the  Subsidiary.  No additional  capital
stock of the Subsidiary may be issued,  and no transfer of all, or substantially
all,  of the  assets  of the  Subsidiary  shall  be  made  for  less  than  fair
consideration,  until the  satisfaction  of all obligations of the Company under
the Amended Financial Agreement in full.
<PAGE>

     4. Remedies.

     4.1 Events of  Default,  Etc.  If any Default  shall have  occurred  and be
continuing:

     (a) The Secured Party in its discretion  may, upon ten business days' prior
written notice to the Company of the time and place,  with respect to all or any
part of the  Collateral  which shall then be or shall  thereafter  come into the
possession,  custody or control of the Secured Party or any of its agents, sell,
or  otherwise  dispose of all or any part of such  Collateral,  at such place or
places as the  Secured  Party  deems  best,  for cash,  for credit or for future
delivery  (without  thereby  assuming  any credit risk) and at public or private
sale,  without  demand of  performance or notice of intention to effect any such
disposition  or of time or place of any such  sale  (except  such  notice  as is
required above or by applicable  statute and cannot be waived),  and the Secured
Party or any other person or entity may be the purchaser, lessee or recipient of
any or all of the  Collateral  so  disposed  of at any public  sale (or,  to the
extent  permitted  by law, at any  private  sale) and  thereafter  hold the same
absolutely, free from any claim or right of whatsoever kind, including any right
or equity of  redemption  (statutory  or  otherwise),  of the Company,  any such
demand,  notice and right or equity being hereby  expressly waived and released.
The Secured  Party may,  without  notice or  publication,  adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for the sale,  and such sale may be made at any time
or place to which the sale may be so adjourned; and

     (b) The Secured Party shall have, and in its discretion may exercise,  upon
ten  business  days' prior  written  notice to the  Company,  all of the rights,
remedies,  powers and  privileges  with respect to the  Collateral  of a secured
party under the Code  (whether or not the Code is in effect in the  jurisdiction
where such  rights,  remedies,  powers and  privileges  are  asserted)  and such
additional rights,  remedies,  powers and privileges to which a secured party is
entitled  under  the  laws in  effect  in any  jurisdiction  where  any  rights,
remedies,  powers and  privileges in respect of this Agreement or the Collateral
may be asserted, including the right, to the maximum extent permitted by law, to
exercise all voting,  consensual and other powers of ownership pertaining to the
Collateral  as if the  Secured  Party  were the sole and  absolute  owner of the
Collateral (and the Company agrees to take all such action as may be appropriate
to give effect to such right).

The proceeds of, and other  realization  upon,  the  Collateral by virtue of the
exercise of remedies under this Section 4.1 shall be applied in accordance  with
Section 4.4.

     4.2  Deficiency.  If the  proceeds  of,  or  other  realization  upon,  the
Collateral  by  virtue  of the  exercise  of  remedies  under  Section  4.1  are
insufficient to cover the costs and expenses of such exercise and the payment in
full of the other Secured  Obligations,  the Company shall remain liable for any
deficiency.

     4.3 Private Sale.

     (a) The Secured  Party shall  incur no  liability  as a result of the sale,
lease or other  disposition  of all or any part of the Collateral at any private
sale pursuant to Section 4.1 conducted in a commercially  reasonable manner. The
Company  hereby waives any claims against the Secured Party arising by reason of
the fact  that the price at which  the  Collateral  may have been sold at such a
private sale was less than the price which might have been  obtained at a public
sale or was less than the aggregate amount of the Secured  Obligations,  even if
the  Secured  Party  accepts  the first  offer  received  and does not offer the
Collateral to more than one offeree.

     (b)  The  Company  recognizes  that,  by  reason  of  certain  prohibitions
contained in the Securities Act of 1933 and applicable  state  securities  laws,
the Secured Party may be compelled,  with respect to any sale of all or any part
of the  Collateral,  to limit  purchasers  to those who will agree,  among other
things, to acquire the Collateral for their own account,  for investment and not
with a view to distribution or resale.  The Company  acknowledges  that any such
private sales may be at prices and on terms less  favorable to the Secured Party
than those  obtainable  through a public sale  without such  restrictions,  and,
notwithstanding  such  circumstances,  agree that any such private sale shall be
deemed  to have  been  made in a  commercially  reasonable  manner  and that the
Secured  Party  shall  have no  obligation  to  engage  in  public  sales and no
obligation to delay the sale of any  Collateral for the period of time necessary
to permit the  respective  Issuer of such  Collateral  to register it for public
sale.
<PAGE>

     4.4 Application of Proceeds. Except as otherwise expressly provided in this
Agreement and except as provided  below in this Section 4.4, the proceeds of, or
other  realization  upon,  all or any part of the  Collateral  by  virtue of the
exercise  of remedies  under  Section 4.1 and any other cash at the time held by
the Secured Party under this Agreement, shall be applied by the Secured Party:

     First,  to the  payment  of the  costs and  expenses  of such  exercise  of
remedies,  including reasonable  out-of-pocket costs and expenses of the Secured
Party,  the fees and  expenses of its agents and counsel and all other  expenses
incurred and advances made by the Secured Party in that connection;

     Next, to the payment in full of the remaining  Secured  Obligations in such
manner as the Secured Party may determine; and

     Finally,  to the payment to the Company,  or its  respective  successors or
assigns, or as a court of competent jurisdiction may direct, of any surplus then
remaining.

     As used in this  Section  4,  "proceeds"  of  Collateral  shall  mean cash,
securities and other property  realized in respect of, and distributions in kind
of,   Collateral,   including  any  property   received  under  any  bankruptcy,
reorganization  or other similar  proceeding as to the Company or any issuer of,
or account debtor or other obligor on, any of the Collateral.

     5. Miscellaneous.

     5.1 Waiver.  No failure on the part of the Secured Party to exercise and no
delay in  exercising,  and no course of  dealing  with  respect  to,  any right,
remedy,  power or privilege  under this  Agreement  shall operate as a waiver of
such right, remedy, power or privilege, nor shall any single or partial exercise
of any right, remedy, power or privilege under this Agreement preclude any other
or  further  exercise  of any such  right,  remedy,  power or  privilege  or the
exercise of any other right, remedy, power or privilege.  The rights,  remedies,
powers  and  privileges  provided  in  this  Agreement  are  cumulative  and not
exclusive of any rights, remedies, powers and privileges provided by law.

     5.2  Notices.  All  notices  and  communications  to be  given  under  this
Agreement  shall be given or made in writing to the  intended  recipient  at the
address  specified  below or, as to any party, at such other address as shall be
designated  by such party in a notice to each other  party.  Except as otherwise
provided in this Agreement, all such communications shall be deemed to have been
duly given when  transmitted by telex or telecopier,  delivered to the telegraph
or cable office or personally delivered or, in the case of a mailed notice, upon
receipt, in each case, given or addressed as provided in this Section 5.2:

                  As to the Introducing Firm:

                           Mr. William Kurinsky, CFO and COO
                           First Montauk Securities Corp.
                           328 Newman Springs Road
                           Parkway 109 Office Center
                           Red Bank, NJ  07701

                  As to the Clearing Agent:

                           Mr. Lawrence E. Donato, President
                           Fiserv Securities, Inc.
                           One Commerce Square
                           2005 Market Street
                           Philadelphia, PA 19103-3212

                  As to the Holding Corp.:

                           Mr. William Kurinsky, CFO and COO
                           First Montauk Financial Corp.
                           328 Newman Springs Road
                           Parkway 109 Office Center
                           Red Bank, NJ  07701
<PAGE>

                    With a copy to:

                           Mr. Scott M. Donnini, VP, General Counsel & Secretary
                           Fiserv Securities, Inc.
                           One Commerce Square
                           2005 Market Street
                           Philadelphia, PA  19103-3212

                           Mr. Paul A. Lieberman-General Counsel
                           First Montauk Securities Corp.
                           Parkway 109 Office Center
                           328 Newman Springs Road
                           Red Bank, NJ  07701

                           Victor J. DiGioia
                           Goldstein & DiGioia, LLP
                           369 Lexington Avenue
                           New York, NY 10017

                  5.3 Expenses,  Etc. The Company  agrees to pay or to reimburse
the Secured Party for all costs and expenses  (including  reasonable  attorney's
fees and  expenses)  that may be incurred by the Secured  Party in any effort to
enforce  any of the  provisions  of Section 4 or any of the  obligations  of the
Company in respect of the Collateral or in connection with (a) the  preservation
of the Lien of, or the rights of the Secured  Party under this  Agreement or (b)
any  actual  or  attempted  sale,  lease,  disposition,   exchange,  collection,
compromise,  settlement  or other  realization  in  respect  of, or care of, the
Collateral,  including  all such costs and expenses (and  reasonable  attorney's
fees and expenses) incurred in any bankruptcy,  reorganization, workout or other
similar proceeding relating to the Company.

                  5.4  Amendments,  Etc. Any provision of this  Agreement may be
modified,  supplemented or waived only by an instrument in writing duly executed
by the Company and the  Secured  Party.  Any such  modification,  supplement  or
waiver  shall be for such  period  and  subject to such  conditions  as shall be
specified  in the  instrument  effecting  the same and shall be binding upon the
Secured Party,  each holder of any of the Secured  Obligations  and the Company,
and any such waiver shall be effective only in the specific instance and for the
purposes for which given.

                  5.5  Successors and Assigns.  This Agreement  shall be binding
upon and inure to the benefit of the Company,  the Secured Party and each holder
of any of the Secured Obligations and their respective  successors and permitted
assigns.  The  Company  shall not  assign or  transfer  its  rights  under  this
Agreement without the prior written consent of the Secured Party.

                  5.6 Survival.  All representations and warranties made in this
Agreement or in any  certificate or other document  delivered  pursuant to or in
connection  with this Agreement shall survive the execution and delivery of this
Agreement  or such  certificate  or other  document  (as the case may be) or any
deemed repetition of any such representation or warranty.

                  5.7 Agreements Superseded. This Agreement supersedes all prior
agreements and  understandings,  written or oral, among the parties with respect
to the  subject  matter of this  Agreement,  except  for the  Amended  Financial
Agreement and the Clearing  Agreement entered into and between the Secured Party
and the Subsidiary dated May 8, 2000, as amended February 1, 2001.

                  5.8  Severability.  Any  provision of this  Agreement  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining   provisions  of  this  Agreement,   and  any  such
prohibition  or  unenforceability  in any  jurisdiction  shall not invalidate or
render unenforceable such provision in any other jurisdiction.
<PAGE>

                  5.9 GOVERNING LAW; SUBMISSION TO JURISDICTION.  THIS AGREEMENT
SHALL  BE  GOVERNED  BY,  AND  CONSTRUED  IN  ACCORDANCE  WITH,  THE  LAW OF THE
COMMONWEALTH  OF  PENNSYLVANIA.  THE COMPANY HEREBY SUBMITS TO THE  NONEXCLUSIVE
JURISDICTION  OF THE UNITED STATES  DISTRICT  COURT FOR THE EASTERN  DISTRICT OF
PENNSYLVANIA AND OF ANY PENNSYLVANIA STATE COURT SITTING IN PENNSYLVANIA FOR THE
PURPOSES OF ALL LEGAL  PROCEEDINGS  ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE  TRANSACTIONS  CONTEMPLATED  BY THIS AGREEMENT.  THE COMPANY  IRREVOCABLY
WAIVES,  TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER  HAVE TO THE LAYING OF THE VENUE OF ANY SUCH  PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

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

First Montauk Financial Corp.               Fiserv Securities, Inc.

By: ____________________________            By: _______________________________

Title: _________________________            Title: ____________________________EXECUTION COPY
                            ASSET PURCHASE AGREEMENT

         This Asset Purchase Agreement (this "Agreement") is made and entered
into as of March 30, 2001, by and among BioMeridian Corporation, a Utah
corporation, and BioMeridian Services Corp., a Utah corporation which is a
wholly-owned subsidiary of BioMeridian Corporation (collectively, "Seller"),
Bio-Origins, LC, a Utah limited liability company ("Buyer"), and William A.
Fresh, individually ("Fresh") and in his capacity as trustee of the Reva Luana
Fresh Family Living Trust (the "Fresh Trust"). All capitalized terms not
otherwise specifically defined in the text hereof shall have the meanings set
forth in Article 8 below.

                                    Recitals

         A. Seller is in the initial stages of developing a services business
(the "Business") for the purposes of identifying and sourcing health-related
products, including "essential oils" (the "Products"), to be marketed through
various distribution channels in Asia, and providing marketing support to such
distribution channels.

         B. Seller desires to sell to Buyer, and Buyer desires to purchase from
Seller, substantially all of the assets, tangible and intangible, used by Seller
in the Business, on the terms and subject to the conditions set forth in this
Agreement.

                                    Agreement

         In consideration of the respective representations, warranties and
covenants contained herein and for other good and valuable consideration, the
receipt, adequacy and legal sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

                                    ARTICLE 1
                             SALE OF ASSETS; CLOSING

         1.1 Assets. Subject to the terms and conditions of this Agreement, at
the Effective Time, Seller shall sell, transfer, assign, and deliver to Buyer,
and Buyer shall purchase and acquire from Seller, all right, title and interest
of Seller in and to the following (the "Assets"):

                  (a) all Intellectual Property, business information, trade
secrets, royalty rights, confidential information, formulas, recipes, processes,
techniques, know-how, licenses and other rights to use any of the foregoing, any
and all income, royalties, damages, claims and payments now or hereafter
receivable with respect to any of the foregoing and all rights, including all
rights to sue, relating thereto, all licenses, permits, permissions, and
authorizations, consents, easements, rights of way, software, domain names,
websites, and any and all other intangible assets included in, relating to or
necessary for the marketing or distribution of the Products and the operation of
the Business (the "Intangible Assets");

                  (b) all tangible personal property and equipment used in,
relating to or necessary for the marketing or distribution of the Products and
the operation of the Business (the "Tangible Assets");

                  (c) all contracts and other agreements, whether oral or
written, used in or relating to the marketing sale or distribution of the
Products and the operation of the Business (other than leases for real property)
(the "Contracts"); and

<PAGE>
                                                                  EXECUTION COPY

                   (d) all business forms, inventory records, operating records,
customer lists, telephone numbers, vendor and customer price lists, sales
histories, internal reports regarding product cost, supplier price, and methods
of cost accounting used to determine costs of production, and other files or
documents relating to the marketing or distribution of the Products and the
operation of the Business (the "Records").

         1.2 Assumed Liabilities. At the Effective Time and subject to the terms
and conditions of this Agreement, Buyer agrees to assume and become responsible
for all Liabilities of Seller with respect to the Business, including, without
limitation, the obligations of Seller with respect to the Contracts, the Notes
(as defined in Section 1.3(b) below) and the trade payables identified on
Schedule 1.2 to this Agreement (the "Assumed Liabilities").

         1.3 Consideration For the Assets. In consideration for the transfer of
the Assets, Buyer and Seller agree as follows:

                  (a) Cash Consideration. Buyer has paid to Seller $200,000 in
cash (the "Cash Consideration"), receipt of which is hereby acknowledged by
Seller.

                  (b) Assumption of Indebtedness. Buyer will assume and agree to
pay in full the following promissory notes made by Seller (the "Notes"):

                           (i) a promissory note in the original principal
amount of $100,000, made by Seller in favor of Fresh; and

                           (ii) a promissory note in the original principal
amount of $150,000, made by Seller in favor of WAF Investment Co., together with
accrued interest of $10,000 thereunder.

         1.4 Closing. The closing of the purchase and sale contemplated by this
Agreement (the "Closing") will take place on such date as shall be mutually
acceptable to Buyer and Seller (the "Closing Date") at such location as shall be
mutually acceptable to Buyer and Seller, and will be effective as of 11:59 p.m..
on March 31, 2001 (the "Effective Time").

         1.5 Closing Deliveries.

                  (a) At the Closing, Seller shall deliver to Buyer the
following:

                           (i) An executed Bill of Sale in substantially the
form of Exhibit A, transferring to Buyer the Tangible Assets, free and clear of
all Encumbrances;

                           (ii) An executed counterpart of an Assignment and
Assumption Agreement in substantially the form of Exhibit B, assigning to Buyer
the Intangible Assets, the Contracts and other Assets, free and clear of all
Encumbrances, and Seller's obligations under the Notes;

                           (iii) Possession of all of the Tangible Assets and
Records; and

                           (iv) Such other documents, agreements, assignments,
instruments and certificates as may be required by this Agreement or as may be
reasonably requested by Buyer to carry out the terms and conditions of this
Agreement.

                           (b) At or prior to the Closing, Buyer shall deliver
to Seller:

<PAGE>
                                                                  EXECUTION COPY

                           (i) The Cash Consideration, payable to Seller,
receipt of which is hereby acknowledged by Seller;

                           (ii) An executed counterpart of an Assignment and
Assumption Agreement, substantially in the form of Exhibit B, evidencing Buyer's
assumption of Seller's obligations under the Notes, the Contracts and all other
Liabilities of Seller with respect to the Business; and

                           (iii) Such other documents, agreements, assignments,
instruments and certificates as may be required by this Agreement or as may be
reasonably requested by Seller to carry out the terms and conditions of this
Agreement.

                                    ARTICLE 2
                    REPRESENTATIONS AND WARRANTIES OF SELLER

         For the purpose of inducing Buyer to enter into this Agreement and with
the knowledge that Buyer will rely on the following representations and
warranties, as of the Closing Date and the Effective Time, Seller represents and
warrants to Buyer as follows:

         2.1 Authority. This Agreement has been duly executed and delivered by
Seller and constitutes the legal, valid and binding agreement of Seller
enforceable against Seller in accordance with its terms, except as such
enforceability may be limited by bankruptcy and the laws affecting the
enforcement of creditors' rights generally or equitable principles.

         2.2 Tangible Assets. All of the Tangible Assets are merchantable, in
material compliance with all requirements of all governing laws and regulations,
and in good working order and repair.

         2.3 Contracts. No amounts have been paid to Seller or any of its
affiliates, in advance in the form of fees or compensation with respect to any
Contract. No monetary amount is owed under any Contract by Seller to any Person
for goods or services received by or on behalf of Seller. True, correct and
complete copies of each Contract, or with respect to oral agreements written
summaries of the material terms thereof, have been delivered to Buyer. With
respect to each Contract,

                  (a) Each is in full force and effect, is legal, valid and
binding and is enforceable in accordance with its terms. Each will continue to
be in full force and effect, legal, valid and binding and enforceable in
accordance with its terms following the consummation of the transactions
contemplated hereby; and

                  (b) Seller, and to the knowledge of Seller, each other party,
has not defaulted under and is not in breach of any Contract, and no condition
exists or event has occurred which, with notice or lapse of time or both, would
constitute a default or a basis for force majeure or other claim of excusable
delay or non-performance thereunder.

         2.4  Title to Assets and Related Matters.
              -----------------------------------

                  (a) Seller owns and has good and marketable title in and to
all of the Assets, free and clear of all Encumbrances and the claims or rights
of any other Person and has the full legal power and authority to transfer the
Assets to Buyer. Upon Seller's transfer of the Assets at the Effective Time as
contemplated by this Agreement, Buyer shall acquire all right, title, and
interest in and to the Assets, free of any adverse claim, Encumbrance, right, or
interest of any nature whatsoever. The Assets are sufficient for the marketing
and distribution of the Products as presently done by Seller.

<PAGE>
                                                                  EXECUTION COPY

                  (b) All property, equipment and other capital assets included
in the Assets are structurally sound with no known material defects and are in
good operating condition and repair (subject to normal wear and tear) so as to
permit the operation of the Assets as presently operated. No such property,
equipment or other capital asset is in need of maintenance or repairs except for
ordinary, routine maintenance and repairs which are not material in nature or
cost.

         2.5 Intellectual Property. Seller has, and Buyer will have following
the Closing, the right to use, commercialize, exploit and transfer the
Intellectual Property. Seller's use of the Intellectual Property and Intangible
Assets does not violate or infringe the rights of any other Person, and the
transfer of such assets to Buyer pursuant to this Agreement will not violate or
infringe the rights of any other Person. Seller is not in default (nor with the
giving of notice or lapse of time or both would be in default) under any license
to use such Intellectual Property or Intangible Assets. No Person has a right to
receive a royalty or other payment in respect of any item of the Intellectual
Property pursuant to any contractual or other arrangement. Seller has not
granted any license, sublicense or other right relating in whole or in part to
any of the Intellectual Property.

                                    ARTICLE 3
                     REPRESENTATIONS AND WARRANTIES OF BUYER

         For the purpose of inducing Seller to enter into this Agreement and
with the knowledge that Seller will rely on the following representations and
warranties, as of the Closing Date and the Effective Time, Buyer represents and
warrants to Seller as follows:

         3.1 Authority. Buyer has full power and authority to execute and
deliver this Agreement and to perform its obligations hereunder. This Agreement
has been duly and validly executed and delivered by Buyer and constitutes the
legal, valid and binding agreement of Buyer enforceable against Buyer in
accordance with its terms, except as such enforceability may be limited by
bankruptcy and the laws affecting the enforcement of creditors' rights generally
or equitable principles.

         3.2 Organization, Existence, Good Standing, Qualification and
Authority. Buyer (a) is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Utah, (b) is
qualified to do business in every jurisdiction in which its ownership of
property or conduct of business requires it to qualify, and (c) has full
corporate power and authority to carry on its business as now being conducted
and to own and operate its properties and assets.

                                    ARTICLE 4
                CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER

         The obligations of Buyer to consummate the transactions contemplated by
this Agreement at the Closing are subject to fulfillment of the following
conditions, any one or more of which may be waived in whole or in part by Buyer
in the manner provided for herein.

         4.1 Representations and Warranties True at Closing. The representations
and warranties of Seller contained in this Agreement shall be true as of the
Closing Date. Any other documents referred to herein and delivered by Seller
pursuant hereto shall be true, correct and complete with respect to the subject
matter thereof as of the Closing Date.

<PAGE>
                                                                  EXECUTION COPY

         4.2 Seller's Performance; Compliance with Agreement. Seller shall have
performed and complied with all obligations, agreements, covenants, deliveries
and conditions required by this Agreement to be performed or complied with by it
on or before the Closing Date.

         4.3 Authorization; Third Party Consents. Seller shall have obtained all
consents or approvals necessary to transfer the Assets to Buyer.

                                    ARTICLE 5
                CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER

         The obligations of Seller to consummate the transactions contemplated
by this Agreement at the Closing are subject to the fulfillment of the following
conditions, any one or more of which may be waived by Seller in the manner
provided for herein:

         5.1 Representations and Warranties True at Closing. The representations
and warranties of Buyer contained in this Agreement shall be true, correct and
complete in all material respects as of the Closing Date.

         5.2 Buyer's Performance; Compliance with Agreement. Buyer shall have
performed and complied with all obligations, agreements, covenants and
conditions required by this Agreement to be performed or complied with by Buyer
on or before the Closing Date.

                                    ARTICLE 6
                       COVENANTS OF PARTIES AFTER CLOSING

         Each of the parties hereto agrees as follows with respect to the period
beginning immediately after the Closing:

         6.1 Further Assurances of Seller. Seller shall, upon the request of
Buyer from time to time after the Closing, execute and deliver, and use its best
efforts to cause other Persons to execute and deliver, all such further
documents and instruments, and will do or use its best efforts to cause to be
done such other acts, as Buyer may reasonably request in order to consummate
more completely and make effective the transactions contemplated hereby.

         6.2 Profit Sharing. If Buyer's pre-tax income for the calendar year
ended December 31, 2001 exceeds $128,600, Buyer will pay Seller 50% of the
amount of such excess, within 30 days of the closing of Buyer's books for such
year, which closing shall be within 60 days of the end of such year.

         6.3 Option to Purchase Interest in Buyer.
             ------------------------------------

                  (a) Fresh, individually and in his capacity as trustee of the
Fresh Trust, hereby grants to Seller the right and the option to purchase from
Fresh and/or the Fresh Trust up to 80% of the aggregate membership interests of
Buyer, in four increments of up to 20% each (each, an "Increment"), at the
times, and for the amounts, set forth below (the "Option"):

<PAGE>
                                                                  EXECUTION COPY

           Increment No.             Exercise Date              Exercise Price

           1                         January 2, 2002            $112,007
           2                         April 1, 2002              $119,600
           3                         July 1, 2002               $127,708
           4                         October 1, 2002            $136,365

                  (b) If Seller fails to exercise the Option as to any Increment
prior to the exercise date for such Increment, the Option will lapse as to such
Increment. Notwithstanding any such lapse, however, Buyer may exercise the
Option with respect to any Increment as to which the Option has not lapsed.

                  (c) The Option shall terminate immediately upon the first to
occur of (i) any bankruptcy proceeding (whether voluntary or involuntary),
liquidation, insolvency or appointment of a receiver with respect to Seller,
(ii) Seller's consummation of any transaction or series of transactions (whether
a sale of stock, merger, restructuring or any other transaction of series of
transactions) in which the holders of the outstanding voting shares of Seller
immediately prior to the transaction or arrangement hold less than 50% of the
outstanding voting shares of Seller immediately following the transaction, or
(iii) Seller's sale or transfer of all or substantially all of its assets.

                  (d) Fresh, individually and in his capacity as trustee of the
Fresh Trust, covenants and agrees that at all times prior to the expiration or
termination of the Option he and the Fresh Trust will maintain, in the
aggregate, ownership of sufficient membership interest of Buyer in order to
permit Seller to exercise the Option as contemplated by this Section 6.3 and
acquire up to 80% of the aggregate membership interests of Buyer.

         6.4 Assistance. For a period of 30 days following the Effective Time,
Seller will provide to Buyer, at Seller's expense, accounting and administrative
services with respect to the Business.

         6.5 Payment of Costs. Each of Buyer and Seller shall bear its own costs
and expenses (including, without limitation, fees and expenses of business
brokers, legal counsel, accountants and other facilitators and advisors, except
as otherwise specifically set forth herein) incurred at any time in connection
with this Agreement and the transactions contemplated hereby.

                                    ARTICLE 7
                                  MISCELLANEOUS

         7.1 Survival of Representations and Warranties. All representations and
warranties of the parties hereto shall survive the Closing and continue for a
period of one year.

         7.2 Amendment and Modification. This Agreement may be amended,
modified, terminated, rescinded or supplemented only by written agreement signed
by the parties hereto.

         7.3 Waiver; Consents. Any failure of a party to comply with any
obligation, covenant, agreement or condition herein may be waived by each party
affected thereby only by a written instrument signed by the party granting such
waiver. No waiver, or failure to insist upon strict compliance, by any party of
any term or condition or any breach of any term or condition contained in this
Agreement, in any one or more instances, shall be construed to be a waiver of,
or estoppel with respect to, any other term or condition or any other breach of
the same. Whenever this Agreement requires or permits consent by or on behalf of
any party hereto, such consent shall be given in writing in a manner consistent
with the requirements for a waiver.

<PAGE>
                                                                  EXECUTION COPY

         7.4 Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given when (i) delivered
personally, or (ii) sent by telecopier (with receipt confirmed), or (iii)
received by the addressee, if sent by Express Mail, Federal Express or other
express delivery service (receipt requested) or (iv) three (3) days after being
sent by registered or certified mail, return receipt requested, in each case to
the other party at the following addresses and telecopier numbers (or to such
other address or telecopier number for a party as shall be specified in writing;
provided that notices of a change of address or telecopier number shall be
effective only upon receipt thereof):

         if to Seller, to:

                  BioMeridian Corporation
                  12411 South 265 West, Suite F
                  Draper, Utah 84020
                  Fax: (801) 501-7518
                  Attn: Mark Seethaler

         if to Buyer, Fresh or the Fresh Trust, to:

                  William A. Fresh
                  176 Emeraud Drive
                  St. George, Utah 84770
                  Fax: (435) 652-0532

         7.5 Assignment. This Agreement and all of the provisions hereof shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns, but neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by Seller
without the prior written consent of Buyer. Buyer may freely assign this
Agreement and its rights, interests and obligations hereunder with or without
the consent of Seller.

         7.6 Severability. Any provision hereof prohibited by or deemed unlawful
or unenforceable under any applicable law of any jurisdiction shall, as to such
jurisdiction, be ineffective without affecting any other provision of this
Agreement. To the full extent, however, that the provisions of such applicable
law may be waived, they are hereby waived to the end that this Agreement be
deemed to be a valid and binding agreement enforceable in accordance with its
terms. In the event that any term or provision of this Agreement shall be held
invalid by a competent court or government agency, the remainder of this
Agreement shall not be affected thereby and the parties hereto shall continue to
be bound by the remaining terms hereof. In such event, the relevant term or
provision (or should such term(s) or provision(s) be a crucial element of this
Agreement, then the entire Agreement) shall be renegotiated by the parties in a
good faith effort to achieve mutual agreement consistent with such holding and
the parties shall continue to perform under this Agreement in a manner
consistent with its intent and objectives.

         7.7 Governing Law. This Agreement shall be deemed to have been executed
in the State of Utah and shall be governed by the laws of the State of Utah,
(regardless of the laws that might otherwise govern under applicable Utah
principles of conflicts of law) as to all matters, including matters of
validity, construction, effect, performance, and remedies. The parties agree to
submit to the jurisdiction of the courts in the State of Utah and the United
States District Court, District of Utah, any claims or lawsuits arising form
this Agreement, and waive any objections based on inconvenient forum.

<PAGE>
                                                                  EXECUTION COPY

         7.8 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same agreement. This Agreement may be
executed by facsimile signatures, each of which will be deemed an original.

         7.9 Entire Agreement. This Agreement, including the instruments,
memoranda, certificates, schedules, exhibits, and other documents referred to
herein, which are hereby incorporated herein by this reference, embodies the
entire agreement and understanding of the parties hereto in respect of the
subject matter contained herein. There are no restrictions, promises,
representations, warranties, covenants, or undertakings other than those
expressly set forth or referred to herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

         7.10 Attorneys' Fees. In the event any party hereto institutes a
Proceeding against any other party hereto for a claim arising out of or to
enforce this Agreement, the party that prevails by enforcing this Agreement
shall be entitled to recover reasonable attorneys' fees, costs and expenses
incurred, in addition to any other relief to which they may be entitled.

         7.11 Construction. This Agreement shall be construed as though all
parties had drafted it. Whenever the context may require, any pronoun used
herein shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns, pronouns and verbs shall include the plural and vice
versa. Each of the foregoing genders and plurals is understood to refer to a
corporation, partnership or other legal entity when the context so requires. The
boldfaced and underlined section descriptions shall be and are for reference
only and shall not be deemed to alter to limit the meaning of this Agreement in
any way.

                                    ARTICLE 8
                                   DEFINITIONS

         8.1 For the purposes of this Agreement, the following terms shall have
the meanings specified or referred to below whether or not capitalized when used
in this Agreement. Any reference or citation to a law, statute or regulation
shall be deemed to include any amendments thereto and any judicial and
administrative interpretations thereof.

                  (a) "Encumbrance" means any lien, pledge, hypothecation,
charge, mortgage, deed of trust, security interest, encumbrance, equity, trust,
equitable interest, claim, easement, right-of-way, servitude, right of
possession, lease tenancy, license, encroachment, burden, intrusion, covenant,
infringement, interference, proxy, option, right of first refusal, community
property interest, legend, defect, impediment, exception, condition,
restriction, reservation, limitation, impairment, imperfection of title,
restriction on the transfer of any security or other asset, restriction on the
receipt of any income derived from any security or other asset, and restriction
on the possession, use, exercise or transfer of any other attribute of
ownership, whether based on or arising from common law, constitutional
provision, statute, contract or otherwise.

                  (b) "Entity" means any corporation (including any non-profit
corporation), limited liability company, general partnership, limited
partnership, joint venture, joint stock association, estate, trust, cooperative,
foundation, union, syndicate, league, consortium, coalition, committee, society,
firm, company or other enterprise, association, organization or entity of any
nature, other than a Governmental Authority.

<PAGE>
                                                                  EXECUTION COPY

                  (c) "Governmental Authority" means any foreign governmental
authority, the United States of America, any State of the United States of
America, any local authority and any political subdivision of any of the
foregoing, any multi-national organization or body, any agency, department,
commission, board, bureau, court or other authority thereof, or any
quasi-governmental or private body exercising, or purporting to exercise, any
executive, legislative, judicial, administrative, police, regulatory or taxing
authority or power of any nature.

                  (d) "Governmental Authorization" means any permit, license,
franchise, approval, certificate, consent, ratification, permission,
confirmation, endorsement, waiver, certification, registration, transfer,
qualification or other authorization issued, granted, given or otherwise made
available by or under the authority of any Governmental Authority or pursuant to
any Legal Requirement.

                  (e) "Intellectual Property" means all inventions, patents,
improvements related to patented or unpatented inventions, trademarks and trade
names (whether currently or formerly used, including the names "BIO-ORIGINS" and
"BIOORIGINS") service marks, assumed names, trade dress, copyrights, United
States, Foreign, state and other applications and registrations for and with
respect to any of the foregoing and renewals and continuation thereof, in each
case with the goodwill symbolized thereby and associated therewith, software,
domain names, websites, e-mail addresses, and other intellectual property owned
or licensed by Seller and related in any way to the Products.

                  (f) "Legal Requirement" means any law, statute, ordinance,
decree, requirement, Order, treaty, proclamation, convention, rule or regulation
(or interpretation of any of the foregoing) of, and the terms of any
Governmental Authorization issued by, any Governmental Authority.

                  (g) "Liability" means any debt, obligation, duty, or liability
of any nature (including any unknown, undisclosed, unfixed, unliquidated,
unsecured, unmatured, unaccrued, unasserted, contingent, conditional, inchoate,
implied, vicarious, joint, several or secondary liability), regardless of
whether such debt, obligation, duty or liability would be required to be
disclosed on a balance sheet prepared in accordance with United States Generally
Accepted Accounting Principles.

                  (h) "Loss" means any loss, damage, injury, harm, detriment,
decline in value, lost opportunity, Liability, exposure, claim, demand,
Proceeding, settlement, judgment, award, punitive damage award, fine, penalty,
tax, fee, charge, cost or expense (including costs of attempting to avoid or in
opposing the imposition thereof, interest, penalties, costs of preparation and
investigation, and the fees, disbursements and expenses of attorneys,
accountants and other professional advisors).

                  (i) "Order" means any order, judgment, injunction, edict,
decree, ruling, pronouncement, determination, decision, opinion, sentence,
subpoena, consent decree, writ or award issued, made, entered or rendered by any
court, administrative agency or other Governmental Authority or by any
arbitrator.

                  (j) "Person" means any individual, Entity, or Governmental
Authority.

                  (k) "Proceeding" means any action, suit, litigation,
arbitration, lawsuit, claim, proceeding (including any civil, criminal,
administrative, investigative or appellate proceeding and any informal
proceeding), prosecution, contest, hearing, inquiry, inquest, audit,
examination, investigation, challenge, controversy or dispute commenced,
brought, conducted or heard by or before, or otherwise involving, any
Governmental Authority or any arbitrator.

<PAGE>
                                                                  EXECUTION COPY

         IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement as of the date first above written.

                            Seller

                            BioMeridian Corporation,
                            a Utah corporation

                            By: /s/ Mark Seethaler
                            Its: Vice President and CFO

                            Bio-Origins, Inc.,
                            a Utah corporation

                            By: /s/ Mark Seethaler
                            Its: Vice President and CFO

                            Buyer

                            Bio-Origins, LC,
                            a Utah limited liability company

                            By: /s/ William A. Fresh
                            Its: Manager

                            Fresh

                            /s/ William A. Fresh
                            William A. Fresh, an individual

                            Fresh Trust

                            Reva Luana Fresh Family Living Trust

                            /s/ William A. Fresh
                            By: William A. Fresh, Trustee

<PAGE>
                                                                  EXECUTION COPY

                                  SCHEDULE 1.2
                                       TO
                            ASSET PURCHASE AGREEMENT

                           Accrued and Trade Payables
                           ---------------------------

               Accrued Personnel Costs                                    1,908
               Accrued Manager Bonus                                     10,000
               Trade Payables
                                               Blizkit                    2,562
                                          Editing Etc.                      894
                                             Evan Ehat                      300
                                       Reginald Hughes                      552
                                          J&S Holdings                    2,000
                                             Time Labs                      319
                                                                 ---------------
               Total Trade Payables                                       6,627

                                                                 ---------------
               Total Accrued and Trade Payables                          18,535

<PAGE>

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