Document:

Exhibit 10.1 Agreement and Plan of Merger between Preferred Financial Resources,
Inc.  and  Investors  Preferred  Opportunities,   Inc.  dated  August  15,  2003
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AGREEMENT AND PLAN OF MERGER

     THIS AGREEMENT AND PLAN OF MERGER,  dated this 15th day of August, 2003, is
entered  into  by and  between  PREFERRED  FINANCIAL  RESOURCES,  INC.  Colorado
Corporation (hereinafter referred to as "PFR" and "surviving corporation"),  and
INVESTOR'S  PREFERRED ASSETS, INC. , a Nevada  corporation,  hereinafter "IPO"),
hereinafter all referred to collectively as the "Constituent entities;"

     WHEREAS, the Board of Directors and managers,  respectively, of each of the
constituent entities deems it advisable for the general welfare and advantage of
the  respective  constituent  entities  and their  respective  stockholders  and
members that the constituent  entities merge into a single corporation  pursuant
to this agreement,  and the constituent entities respectively desire to so merge
pursuant to this agreement and pursuant to the applicable  provisions of Title 7
of Colorado Statutes,  Sections 7-111-101,  et.seq., and Nevada Revised Statutes
92A.100, et. seq. This agreement supersedes all former agreements by and between
the parties.

     NOW, THEREFORE,  in consideration of the promises and the mutual covenants,
representations  and warranties  herein  contained,  and other good and valuable
consideration,  the  receipt,  adequacy,  and  sufficiency  of which are  hereby
acknowledged, the parties hereto agree as follows:

     1. Terms of Merger:  The terms and conditions of such merger (the "Merger")
the mode of carrying the same into effect,  the manner and basis of converting r
exchanging the shares of issued stock of each of the constituent  entities,  and
the manner of dealing with any issued stock of the constituent entities no to be
so converted or exchanged, are and shall be as set forth herein.

     2. Surviving Corporation::  On the Effective Date (as hereinafter defined),
the separate  existence of  INVESTOR'S  PREFERRED  OPPORTUNITIES  ("IPO")  shall
cease, and IPO shall be merged into PREFERRED FINANCIAL RESOURCES, INC. ("PFR").
PFR shall continue its corporate existence and shall be the surviving entity.

     3.  Articles  of  Merger:  Articles  of  Merger in  substantially  the form
attached hereto as Exhibit A (the "Articles of Merger") shall be approved by the
holders  of at least  2/3 of the  common  stock of PFR,  and a  majority  of the
shareholders  of IPO.  The  Articles of Merger  shall be filed with the Colorado
Department of State and the Nevada Secretary of State.

     4.  Articles of  Incorporation:  The Articles of  Incorporation  of PFR, in
effect as of the Effective Date,  shall be the Articles of  Incorporation of the
surviving entity.

     5. By-Laws:  The By-Laws of PFR, in effect as of the Effective Date,  shall
be the By-Laws of the surviving entity until thereafter amended.

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     6.  Officers and  Directors:  The  Officers and  Directors of PFR as of the
effective date shall be the officers and directors of the surviving entity until
their respective successors are duly elected and qualified.

     7. Conversion of Members' interests:  The manner and basis of converting or
exchanging  the issued  stock of each of PFR to the members of each LLC shall be
as follows:

          A. On the Effective  Date, the  shareholders of IPO shall be deemed to
     have surrendered the same to PFR, and such shareholders  shall thereupon be
     entitled to receive in exchange therefor a certificate representing 1 share
     of PFR common stock for every  common  share held in IPO,  upon tender of a
     certificate representing the IPO shares to the Exchange Agent in accordance
     with the letter of  transmittal  sent to each  shareholder  by the Exchange
     Agent and the terms of the offer of exchange set forth in the  Registration
     Statement to be filed by PFR with the Securities and Exchange Commission on
     Form S-4.

          B. The exchange of shares  contemplated hereby is intended not to give
     rise to any taxable income to either PFR or  SHAREHOLDERS,  and the parties
     hereby  adopt  this  Agreement  as a "plan of  reorganization"  within  the
     meaning of  ss.368(a)(1)(B)  of the  Internal  Revenue  Code and the United
     States Treasury Regulations  interpreting it. The parties agree to take all
     necessary  steps  to  assure  that no  taxable  income  results  from  this
     transaction,  and no party  shall take any  action  which  would  cause the
     transaction to fail to qualify as such a reorganization.

          C. No fractional  shares of PFR common stock shall be issued,  but, in
     lieu thereof,  each holder of shares of IPO who would otherwise be entitled
     to receive a fraction of a share of PFR (after  aggregating  all fractional
     shares of PFR common  stock to be  received by such  shareholder)  shall be
     entitled to receive from PFR a whole share of PFR common stock.

     8. Exchange Procedures.

          A. American Stock Registrar & Transfer Co. is hereby  appointed to act
     as the  Exchange  Agent with  respect  to the  exchange  of stock  provided
     hereby,  and PFR  shall  provide  American  with  the  requisite  corporate
     resolutions to issue the stock to be issued in connection with the exchange
     prior to the effective date.

          B. As soon as is  practical  after the  effective  date,  the Exchange
     Agent shall mail to each holder of record of a certificate or  certificates
     representing  shares of PFR; 1) a letter of transmittal  (which shall state
     that  delivery  shall  be  effected,  and  risk of loss  and  title  to the
     certificate  shall pass,  only upon the delivery of the  certificate to the
     Exchange Agent), and 2) instructions for use in effecting the tender of the
     certificate  to the  Exchange  Agent,  and  subject  the  requirements  and
     restrictions of any other agreement entered into between PFR and any holder
     of IPO common  stock on or before the  effective  date,  the holder of such
     certificate shall be entitled to receive in exchange therefor the number of
     shares of PFR common stock provided by the terms of this Agreement, and the
     certificate   surrendered   shall  be  cancelled.   Until   surrendered  as
     contemplated by this section,  the holder of each such certificate shall be
     deemed only to have the right to receive upon such  surrender the number of
     such  shares of PFR common  stock as  provided  by this  Agreement  and the
     provisions of Colorado law.

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          C. In the  event any  certificates  evidencing  shares of ACTON  stock
     shall have be lost, stolen, or destroyed, the Exchange Agent shall issue in
     exchange for such lost, stolen or destroyed, the Exchange Agent shall issue
     in  exchange  for such lost,  stolen or  destroyed  certificates,  upon the
     making of a declaration of lost certificate,  provided,  however,  that PFR
     may require,  in its discretion,  as a condition  precedent to the issuance
     thereof,  that the  shareholder  post a bond in such sum as is necessary to
     indemnify  against any claim that may be made  against PFR or the  Exchange
     Agent with respect to the certificates  alleged to have been lost;  stolen;
     or destroyed.

     9.  Dissenting  Members:  If the  plan of  merger  contemplated  hereby  is
effected,  shareholders of IPO dissenting  from the offer of exchange,  provided
they  comply  with the  provisions  of Title 7 of  Colorado  Statutes,  Sections
7-113-102,  et. seq.,  shall be paid the fair value of their  interests.  If any
such dissenting  shareholder shall effectively withdraw or lose (through failure
to perfect or otherwise) the right to dissent, then, on the effective date, such
holder's  shares shall be  automatically  converted  into and represent only the
right to  receive  the  shares  of PFR  common  stock to which  such  dissenting
shareholder is entitled to under this Agreement.  If any dissenting  shareholder
is entitled to a cash payment, such payment shall be made by IPO.

The method of determining such "fair value" shall be as follows:

          A. The "book  value" of IPO shall be  calculated  by  subtracting  the
     liabilities of each entity from its  respective  assets as of the effective
     date of the proposed merger;

          B. Said book value  shall be  divided  by the number of common  shares
     outstanding in IPO; and

          C. The resulting figure, multiplied by actual number of shares held by
     the dissenting shareholder, shall constitute "fair value."

     10. Accounting Matters: Upon the Effective Date:

          A) All of the assets and  liabilities  of IPO shall be taken up on the
     books of PFR at the  amount at which  they shall at that time be carried on
     the books of IPO, subject to such adjustments,  if any, as may be necessary
     to conform to PFR's accounting procedures, and

          B) All of the rights,  privileges,  immunities,  powers, purposes, and
     franchises  of IPO, and all  property;  real,  personal and mixed,  and all
     debts due to IPO on  whichever  account  shall be  vested  in PFR,  and all
     property rights, privileges,  immunities,  powers, purposes and franchises,
     and all and every other  interest  shall be thereafter as  effectually  the
     property  of PFR as they were of IPO,  respectively,  and all of the debts,
     liabilities,  obligations and duties of IPO shall thenceforth attach to PFR
     and may be  enforced  against  it to the  same  extent  as if  such  debts,
     liabilities,  obligations,  and duties had been  incurred or  contracted by
     PFR.

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<PAGE>

     11.  Effective Date: The merger  provided for by this  Agreement,  shall be
come  effective  (the  "Effective  Date")  on  that  date  set  forth  in  PFR's
Registration  Statement on Form S-4, once that Registration Statement shall have
been  declared  effective by the  Securities  and Exchange  Commission,  and the
separate  existence of IPO, except insofar as continued by statute,  shall cease
on the date as of which the Articles of Merger, duly advised,  approved, signed,
acknowledged, and sealed by the constituent entities, have been filed for record
with the Colorado Department of State and the Nevada Secretary of State.

     IN  WITNESS  WHEREOF,  IPO and PFR,  the  entities  who are  parties to the
Merger,  have caused this Agreement to be signed in their  respective  corporate
names and on behalf by their  respective  Presidents  and  Secretaries  for each
corporation, as of the date first above written.

PREFERRED RESOURCES, INC.

/s/ Andrew Brown                             By: /s/ Roger Sherman
---------------------------                      ----------------------------
Andrew Brown,                                      Roger Sherman,
Secretary                                          President

INVESTORS PREFERRED OPPORTUNITIES, INC.

/s/ Roger Sherman                            By:  /s/ Andrew Brown
---------------------------                      ----------------------------
Roger Sherman, Secretary                        Andrew Brown, PresidentExhibit 4.1

EXHIBIT 4.1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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