Document:

<PAGE>

                                                                     EXHIBIT 4.4

                               PLEDGE AGREEMENT

          Pledge Agreement dated as of August 4, 2000 ("Agreement") made by
                                                        ---------
Robert C. Silzer, an individual residing at 2385 - 133A Street, White Rock,
British Columbia, Canada (the "Pledgor"), to The Shaar Fund Ltd. (the "Secured
                               -------                                 -------
Party").
-----

                             W I T N E S S E T H:
                             - - - - - - - - - -

          WHEREAS, the Pledgor is a director, executive officer and stockholder
of Inforetech Wireless Technology Inc., a Nevada corporation (the "Company");
                                                                   -------

          WHEREAS, the Company and the Secured Party are parties to a securities
purchase agreement dated as of even date herewith (the "Securities Purchase
                                                        -------------------
Agreement") which provides for, among other things, the issuance and sale by the
---------
Company to the Secured Party of the Debenture (as such term is defined in the
Securities Purchase Agreement) and the Warrant (as such term is defined in the
Securities Purchase Agreement);

          WHEREAS, the Debenture is convertible and the Warrant is exercisable
into shares of the Company's Class A Common Equity Voting Stock, par value
$0.001 per share ("Common Stock");
                   ------------

          WHEREAS, the Pledgor owns certain units ("Units"), each of which
                                                    -----
consists of (i) one (1) Class A Preferred Share, without par value (the
"Inforetech A Shares"), of Inforetech Golf Technology 2000 Inc., a subsidiary of
--------------------
the Company, and (ii) one (1) share of Class B Special Voting Non-Equity Stock,
par value $0.001 per share (the "Class B Shares") of the Company;
                                 --------------

          WHEREAS, the Pledgor has the right to put the Units to the Company and
the Company has the right to call the Units if the Pledgor exercises a
redemption privilege in regard to the Inforetech A Shares pursuant to certain
put and call agreements (collectively, the "Put and Call Agreements"), true,
                                            -----------------------
correct and complete copies of which are attached hereto as Exhibit A and
                                                            ---------
Exhibit B, respectively;
---------

          WHEREAS, pursuant to the Put and Call Agreements, each Unit is
exchangeable for one (1) share of Common Stock;

          WHEREAS, the Securities Purchase Agreement requires that the
obligations of the Company under the Debenture, the Warrant and the other
Documents (as such term is defined in the Securities Purchase Agreement) be
secured by (i) Units exchangeable into one million (1,000,000) shares of Common
Stock in the aggregate and (ii) the other Pledged Property (as such term is
hereinafter defined);

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter contained, the parties hereto agree as follows:
<PAGE>

                                   ARTICLE 1
                                  DEFINITIONS

          SECTION 1.1  Definitions.  As used in this Agreement, the following
                       -----------
terms shall have the meaning ascribed to them below:

          "Agent for Service of Process" has the meaning ascribed to such term
           ----------------------------
in Section 4.6(a) hereof.

          "Agreement" means this Pledge Agreement as the same may be amended,
           ---------
supplemented or otherwise modified from time to time.

          "Business Day" means any day of the year other than a Saturday, Sunday
           ------------
or a holiday on which banks are required or authorized by law to close in New
York, New York.

          "Class B Shares" has the meaning ascribed to such term in the fourth
           --------------
WHEREAS clause of this Agreement.

          "Common Stock" has the meaning ascribed to such term in the third
           ------------
WHEREAS clause of this Agreement.

          "Debenture" has the meaning ascribed to such term in the second
           ---------
WHEREAS clause  of this Agreement.

          "Deficit Shares" has the meaning ascribed to such term in Section
           --------------
2.10.

          "Delivery Default" has the meaning ascribed to such term in Section
           ----------------
2.10.

          "Documents" has the meaning ascribed to such term in the seventh
           ---------
WHEREAS clause of this Agreement.

          "Event of Default" has the meaning ascribed to such term in Section
           ----------------
3.1.

          "Inforetech A Shares" has the meaning ascribed to such term in the
           -------------------
fourth WHEREAS clause of this Agreement.

          "Lien" means any title defect, objection, security interest, pledge,
           ----
encumbrance, mortgage, lien, charge, claim, option, preferential arrangement or
restriction of any kind, including, but not limited to, any restriction on the
use, voting, transfer, receipt of income or other exercise of any attributes of
ownership.

          "Loss Amount" has the meaning ascribed to such term in Section 2.10.
           -----------

          "Make-Whole Shares" has the meaning ascribed to such term in Section
           -----------------
2.10.

                                      -2-
<PAGE>

          "Person" means and includes any individual, business trust,
           ------
partnership, limited liability company, limited liability partnership, joint
venture, firm, corporation, association, joint stock company, trust or other
enterprise, or any governmental or political subdivision, agency, department or
instrumentality thereof.

          "Pledged Property" has the meaning ascribed to such term in Section
           ----------------
2.1.

          "Pledged Securities" has the meaning ascribed to such term in Section
           ------------------
2.1.

          "Pledgor" has the meaning ascribed to such term in the preamble of
           -------
this Agreement.

          "Put and Call Agreements" has the meaning ascribed to such term in the
           -----------------------
fifth WHEREAS clause of this Agreement.

          "Secured Obligations" means collectively, the (i) payment of all
           -------------------
principal, premium and interest owing or otherwise outstanding and due to the
Secured Party under the Debenture; (ii) issuance and delivery of shares of
Common Stock pursuant to the respective terms and conditions of the Debenture
and the Warrant; (iii) performance by the Company of all of its obligations
under and on account of the Securities Purchase Agreement, Debenture, Warrant
and other Documents not previously described; (iv) payment of all amounts from
time to time owing to the Secured Party by the Pledgor under this Agreement and
(v) payment of all costs and expenses (including, without limitation, reasonable
attorneys' fees and expenses) incurred by the Secured Party in the collection of
the Debenture and in the enforcement of its rights under this Agreement, the
Securities Purchase Agreement and the other Documents.

          "Secured Party" has the meaning ascribed to such term in the preamble
           -------------
of this Agreement.

          "Securities Purchase Agreement" has the meaning ascribed to such term
           -----------------------------
in the second WHEREAS clause of this Agreement.

          "Units" has the meaning ascribed to such term in the fourth WHEREAS
           -----
clause of this Agreement.

          "Warrant" has the meaning ascribed to such term in the second WHEREAS
           -------
clause of this Agreement.

                                   ARTICLE 2
                                  THE PLEDGE

                                      -3-
<PAGE>

          SECTION 2.1  The Pledge.  As collateral security for the prompt
                       ----------
payment and performance in full when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations, the Pledgor hereby
pledges to the Secured Party and grants to the Secured Party a first priority,
perfected security interest in all of the Pledgor's right, title and interest
in, to and under the following property, whether now owned by the Pledgor or
hereafter acquired and whether now existing or hereafter coming into existence
(collectively, the "Pledged Property"):
                    ----------------

          (i)    the equity securities listed on Schedule 2.1 hereto, together
                                                 ------------
     with the certificates and instruments evidencing the same (collectively,
     the "Pledged Securities");
          -------------------

          (ii)   all shares, securities, instruments, moneys or other property
     representing a dividend on any of the Pledged Securities, or representing a
     distribution or return of capital upon or in respect of the Pledged
     Securities, or resulting from a stock split, spin-off, split-up, revision,
     consolidation, merger, sale of assets, combination of shares, conversion of
     shares, reclassification or other like change of the Pledged Securities or
     otherwise received in exchange therefor, and any subscription warrants,
     rights or options issued to the holders of, or otherwise in respect of, the
     Pledged Securities;

          (iii)  in the event of any consolidation or merger in which any of the
     Pledged Securities are converted or exchanged into one or more types of
     other securities, all such other securities into which the Pledged
     Securities are converted or exchanged and

          (iv)   all proceeds of the Pledged Property (including, without
     limitation, proceeds that constitute property of the types described in
     clauses (ii) and (iii) of this Section 2.1).

During the term of this Agreement, all dividends and other distributions on the
Pledged Property shall be paid directly to the Secured Party or such agent or
nominee and retained by it as additional Pledged Property subject to the terms
of this Agreement and, in either such case, if the Secured Party shall so
request, the Pledgor shall execute and deliver to the Secured Party appropriate
additional proxies, powers of attorney, dividend, distribution and other orders,
instruments and documents to such ends.

          SECTION 2.2  Representations.  The Pledgor represents and warrants to
                       ---------------
the Secured Party as of the date of this Agreement that:

          (i)    This Agreement has been duly and validly executed and delivered
     by the Pledgor and constitutes a legal, valid and binding obligation
     enforceable against the Pledgor in accordance with its terms (subject to
     applicable bankruptcy, insolvency and similar laws affecting creditors'
     rights generally and principles of equity as applied in the discretion of
     courts of competent jurisdiction).

          (ii)   No consent of any Person and no authorization, approval or
     action by, and no notice to or filing with, any Person is required (A) for
     the pledge by the Pledgor of the Pledged Property pursuant to this
     Agreement or for the execution, delivery or performance

                                      -4-
<PAGE>

     of this Agreement by the Pledgor, (B) for the perfection or maintenance of
     the security interest created hereby (including the first priority nature
     of such security interest) or (C) for the exercise by the Secured Party of
     the rights and remedies provided for in this Agreement (except as may be
     required in connection with any disposition of any portion of the Pledged
     Property by laws affecting the offering and sale of securities generally).

          (iii)  The Pledgor is the sole record and beneficial owner (as such
     term is defined in Rule 13d-3 promulgated under the Securities Exchange Act
     of 1934, as amended) of the Pledged Securities and no Lien exists upon the
     Pledged Securities (and no right or option to acquire the same exists in
     favor of any other Person), except for (A) the security interest in favor
     of the Secured Party created herein, which security interest constitutes a
     first priority perfected security interest in and to all of the Pledged
     Securities; (B) any restrictive legends set forth on the certificates
     representing the Pledged Securities and (C) those created by the Put and
     Call Agreements.

          (iv)   As of the date hereof, Schedule 2.1 hereto accurately and
                                        ------------
     completely sets forth the number and type of the Pledged Securities.  The
     Pledged Securities have been duly authorized and validly issued, and are
     fully paid and non-assessable.

          (v)    There are no conditions precedent to the effectiveness of this
     Agreement on the part of the Pledgor that have not been satisfied or
     waived.

          (vi)   The Pledgor has, independently and without reliance upon the
     Secured Party and based on such documents and information as the Pledgor
     has deemed appropriate, made his own credit analysis and decision to enter
     into this Agreement.

          (vii)  The copies of the Put and Call Agreements attached to this
     Agreement as Exhibit A and Exhibit B are true, correct and complete, and in
                  ---------     ---------
     full force and effect on the date of this Agreement.

          SECTION 2.3  Delivery of Pledged Securities.  Concurrently with the
                       ------------------------------
Pledgor's execution and delivery of this Agreement, all certificates or
instruments representing or evidencing the Pledged Securities shall be delivered
to and held by or on behalf of the Secured Party pursuant hereto.  The
certificates so delivered representing or evidencing the Pledged Securities
shall be accompanied by the documents and instruments listed on Schedule 2.3
                                                                ------------
hereto, in form and substance satisfactory to the Secured Party.  The Pledgor
shall also execute and deliver to the Secured Party, concurrently with its
execution and delivery of this Agreement, UCC-1 financing statements and any
corresponding financing statement or like instrument provided for under the
federal laws of Canada or the Province of British Columbia (including, without
limitation, the Personal Property Security Act of British Columbia), in each
case, in form and substance satisfactory to the Secured Party.

          SECTION 2.4  Agent for Additional Pledged Property.  The Pledgor shall
                       -------------------------------------
accept any Pledged Property described in clauses (ii), (iii) and (iv) of Section
2.1 as the Secured Party's agent, in trust for the Secured Party, and shall
deliver any such Pledged Property together with any

                                      -5-
<PAGE>

necessary endorsements, stock powers or other instruments of transfer and,
exercise and conversion notices (in each case, duly executed and in form and
substance satisfactory to the Secured Party) forthwith to the Secured Party to
be held by the Secured Party, subject to the terms hereof, as part of the
Pledged Property. The Secured Party shall have the right at any time to exchange
certificates or instruments representing or evidencing Pledged Property for
certificates or instruments of smaller or larger denominations.

          SECTION 2.5  Record Ownership.  Upon the occurrence and continuance of
                       ----------------
any Event of Default, the Secured Party, at its option, may have any or all of
the Pledged Securities (other than non-transferable securities) constituting
part of the Pledged Property registered in its name or that of one or more of
its nominees or agents and the Pledgor hereby covenants that, upon the Secured
Party's request, the Pledgor will use its best efforts to cause the issuers of
such Pledged Securities to effect such registration.

          SECTION 2.6  Negative Pledge; Priority.  Until the payment and
                       -------------------------
satisfaction in full of the Secured Obligations, the Pledgor covenants and
agrees that (i) the Pledgor shall not create, permit or suffer to exist any Lien
on or in respect of any Pledged Property, other than the Lien created by this
Agreement and the Put and Call Agreements; (ii) the security interest created
herein on the Pledged Property shall at all times constitute a first priority,
perfected security interest in and to the Pledged Property, subject to no equal
or prior Lien or security interest (other than as set forth in subclause (B) of
Section 2.2(iii)); (iii) the Pledgor shall not sell, transfer, assign (by
operation of law or otherwise) or otherwise dispose of, or grant any option with
respect to, any of the Pledged Property and (iv) the Pledgor shall warrant and
defend title to the Pledged Property and the security interest created thereon
hereunder against all claims of any Person whatsoever.

          SECTION 2.7  Other Financing Statements and Liens.  Without the prior
                       ------------------------------------
written consent of Secured Party, the Pledgor shall not file or suffer to be on
file, or authorize or permit to be filed or be on file, in any jurisdiction, any
financing statement or like instrument with respect to the Pledged Property in
which the Secured Party is not named as the sole secured party.

          SECTION 2.8  Preservation of Rights.  The Secured Party shall not be
                       ----------------------
required to take steps necessary to preserve any rights against prior parties to
any of the Pledged Property.

          SECTION 2.9  Documents; Voting; Payments.  In furtherance of the grant
                       ---------------------------
of the security interest pursuant to Section 2.1:

          (i)   The Pledgor shall from time to time give, execute, deliver, file
     and/or record any financing statement, notice, instrument, document,
     agreement or other papers, and take such other actions, as may be necessary
     or desirable (in the judgment of the Secured Party) to create, preserve,
     perfect or validate the security interest granted pursuant hereto or to
     enable the Secured Party to exercise and enforce its rights hereunder with
     respect to such security interest or otherwise to effectuate the purposes
     of this Agreement; provided, however, that so long as no Event of Default
                        --------  -------
     has occurred and is continuing the Secured Party shall not seek to exchange
     the Pledged Securities for shares of Common Stock.

                                      -6-
<PAGE>

          (ii)   So long as no Event of Default has occurred and is continuing,
     the Pledgor shall have the right to exercise all powers of voting and
     consent pertaining to the Pledged Property and to exercise all rights,
     options and privileges pertaining thereto for all purposes not inconsistent
     with the terms of this Agreement or any instrument or agreement referred to
     herein, provided that the Pledgor shall not vote the Pledged Property or
             --------
     exercise any such rights, options or privileges pertaining thereto in any
     manner which is inconsistent with such terms. The Secured Party shall, upon
     the written request of the Pledgor, execute and deliver to the Pledgor all
     proxies, powers of attorney, instruments and documents, in each case,
     without recourse, as the Pledgor may reasonably request for the purpose of
     exercising the powers which the Pledgor is entitled to exercise pursuant to
     this clause (ii).

          (iii)  If any Event of Default shall have occurred, then so long as
     such Event of Default shall continue and whether or not the Secured Party
     exercises any available right to declare any Secured Obligations due and
     payable or seeks or pursues any other relief or remedy available to it
     under applicable law or under this Agreement, the Secured Party or its
     agent or nominee, as the case may be, shall have the sole and exclusive
     right to exercise all powers of voting with respect to the Pledged Property
     or to exercise such right in such manner as the Secured Party or such agent
     or nominee shall determine in its sole discretion.

          SECTION 2.10  Event of Default Rights and Remedies.  During the period
                        ------------------------------------
any Event of Default shall have occurred and be continuing the Secured Party
shall have the right to take the following actions:

          (i)    With respect to each Event of Default attributable to the
     Company's failure to deliver timely ("Delivery Default") shares of Common
                                           ----------------
     Stock in connection with any conversion of the Debenture or exercise of the
     Warrant, the Secured Party, may, without conducting any private or public
     sale, cause Pledged Securities in an amount equal to the number of shares
     of Common Stock ("Deficit Shares") not so delivered to be transferred to
                       --------------
     and registered in the name of the Secured Party, whereupon the Secured
     Party shall become the sole record and beneficial owner (as such term is
     defined in Rule 13d-3 promulgated under the Securities Exchange Act of
     1934, as amended) of the Deficit Shares for all purposes, free from any
     claim or right of whatsoever and, including any equity of redemption, any
     such claim or right being hereby expressly waived and released.  The
     Secured Party's acquisition of sole record and beneficial ownership of the
     Deficit Shares pursuant to the immediately preceding sentence shall not
     preclude, limit or otherwise restrict the Secured Party from exercising any
     other right or pursuing any other remedy available to it at law or in
     equity in connection with any Delivery Default including, without
     limitation, the monetary damages provided for in Section V.D. of the
     Securities Purchase Agreement.

          (ii)   With respect to each Event of Default (other than Delivery
     Defaults) involving a Loss Amount (as such term is hereinafter defined) in
     excess of Fifty Thousand Dollars ($50,000 (U.S.)), the Secured Party, may,

                                      -7-
<PAGE>

                 (A)  without conducting any private or public sale, cause
                 Pledged Securities in an amount equal to the number of Make-
                 Whole Shares to be transferred to and registered in the name of
                 the Secured Party, whereupon the Secured Party shall become the
                 sole record and beneficial owner (as such term is defined in
                 Rule 13d-3 promulgated under the Securities Exchange Act of
                 1934) as amended, of the Make-Whole Shares for all purposes,
                 free from any claim or right of whatsoever and, including any
                 equity of redemption, any such claim or right being hereby
                 expressly waived and released. As used herein, the term "Make-
                                                                          -----
                 Whole Shares" means that number of shares of Common Stock equal
                 ------------
                 to the quotient obtained by dividing (y) the damages, costs,
                 expenses and fees (including, without limitation, reasonable
                 attorneys' fees) (collectively, the "Loss Amount") suffered or
                                                      -----------
                 otherwise borne or incurred by the Secured Party on account of
                 such Event of Default (which Loss Amount shall be determined in
                 good faith by the Secured Party whose determination shall be
                 final, conclusive and binding) by (z) the Conversion Price (as
                 such term is defined in the Debenture) on the transfer date of
                 the Make-Whole Shares. The Secured Party's acquisition of sole
                 record and beneficial ownership of the Make-Whole Shares
                 pursuant to this subclause (ii)(A) shall not preclude, limit or
                 otherwise restrict the Secured Party from exercising any other
                 right or pursuing any other remedy available to it at law or in
                 equity in connection with any Event of Default covered by this
                 subclause (ii)(A);

                 (B) with respect to the Pledged Property or any part thereof
                 which shall then be or shall thereafter come into the
                 possession, custody or control of the Secured Party or any of
                 its nominees or agents, without notice except as specified
                 below, sell or otherwise dispose of all or any part of such
                 Pledged Property, at such place or places as the Secured Party
                 deems best, and for cash or on credit or for future delivery
                 (without thereby assuming any credit risk), at public or
                 private sale or at any broker's board or on any securities
                 exchange, without demand of performance or notice of intention
                 to effect any such disposition or of time or place of sale
                 (except for such notice as is required by applicable law and
                 cannot be waived) and the Secured Party or anyone else may be
                 the purchaser or recipient of any or all of the Pledged
                 Property so disposed of at any public sale (or, to the extent
                 permitted by applicable law, at any private sale), any broker's
                 board or on any securities exchange, and thereafter hold the
                 same as the sole record and beneficial owner (as such term is
                 defined in Rule 13d-3 promulgated under the Securities Exchange
                 Act of 1934, as amended), free from any claim or right of
                 whatsoever kind, including any equity of redemption, any such
                 claim or right being hereby expressly waived and released. The
                 Pledgor agrees that, to the extent notice of sale shall be
                 required by law, at least ten (10) days' prior notice to the
                 Pledgor of the time and place of any public sale or the time
                 after which any private sale is to be made shall constitute
                 reasonable notification. The proceeds of each collection, sale
                 or other disposition under

                                      -8-
<PAGE>

                 this Section 2.10 shall be applied in accordance with Section
                 2.12. Notwithstanding the notice provisions contained in this
                 subclause (ii)(B), 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 same may be so adjourned. In
                 case of any sale of all or any part of the Pledged Property on
                 credit or for future delivery, the Pledged Property so sold may
                 be retained by the Secured Party until the selling price is
                 paid by the purchaser thereof, but the Secured Party shall
                 incur no liability in the case of the failure of such purchaser
                 to pay for the Pledged Property so sold and in case of any such
                 failure such Pledged Property may again be sold on like notice.
                 The Pledgor recognizes that, by reason of certain prohibitions
                 in the Securities Act of 1933, as amended, and applicable state
                 securities laws, the Secured Party may be compelled, with
                 respect to the sale of all or any part of the Pledged Property,
                 to limit purchasers to those who will agree, among other
                 things, to acquire the Pledged Property for their own account,
                 for investment and not with a view to the distribution or
                 resale thereof. The Pledgor 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, and
                 notwithstanding such circumstances, agrees that (y) any such
                 private sale shall be deemed to have been made in a
                 commercially reasonable manner even if the Secured Party
                 accepts the first offer received and does not offer such
                 Pledged Property to more than one offeree and (z) the Secured
                 Party shall have no obligation to engage in public sales and no
                 obligation to delay the sale of any Pledged Property for the
                 period of time necessary to permit the issuer thereof to
                 register it for public sale or

                 (C)  engage in a combination of the actions covered by
                 subclauses (ii)(A) and (ii)(B) above, provided that the
                                                       --------
                 aggregate value of the remedy realized by the Secured Party as
                 a result of engaging in such actions does not exceed the Loss
                 Amount.

          (iii)  With respect to any Delivery Default or other Event of Default
     involving a Loss Amount in excess of Fifty Thousand Dollars ($50,000
     (U.S.)), the Secured Party

                 (A)  in its discretion may, in its name or in the name of the
                 Pledgor or otherwise, demand, sue for, collect or receive any
                 money or property at any time payable or receivable on account
                 of or in exchange for any of the Pledged Property, but shall be
                 under no obligation to do so and

                 (B)  shall have all of the rights and remedies with respect to
                 the Pledged Property of a secured party under the Uniform
                 Commercial Code in effect in the State of New York at that time
                 (whether or not such Uniform Commercial

                                      -9-
<PAGE>

               Code applies to the Pledged Property at issue) and such
               additional rights and remedies to which a secured party is
               entitled under the laws in effect in any jurisdiction where any
               rights and remedies hereunder may be asserted, including, without
               limitation, the right, to the maximum extent permitted by law, to
               exercise all voting, consensual and other powers of ownership
               pertaining to the Pledged Property as if the Secured Party were
               the sole and absolute owner thereof (and the Pledgor agrees to
               take all such action as may be appropriate to give effect to such
               right).

          SECTION 2.11  Deficiency.  If the proceeds of sale, collection or
                        ----------
other realization of or upon the Pledged Property are insufficient to cover the
costs and expenses of such realization and the payment in full of the Secured
Obligations, the Pledgor shall not be liable for such deficiency.

          SECTION 2.12  Application of Proceeds.  Except as otherwise herein
                        -----------------------
expressly provided, the proceeds of any collection, sale or other realization of
all or any part of the Pledged Property pursuant hereto, and any other cash at
the time held by the Secured Party pursuant to this Agreement, shall be applied
by the Secured Party:

          First, to the payment of the costs and expenses of such collection,
          -----
     sale or other realization, including reasonable costs and expenses of the
     Secured Party and the reasonable fees and expenses of its counsel, experts
     and agents, and all advances made or incurred by the Secured Party in
     connection therewith;

          Next, to the payment in full of the Secured Obligations, in such order
          ----
     of priority as the Secured Party shall determine and

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

          SECTION 2.13  Attorney-in-Fact.  Without limiting any other provision
                        ----------------
of this Agreement, the Secured Party is hereby appointed the attorney-in-fact of
the Pledgor for the purpose of carrying out the provisions of this Agreement and
taking any action and executing any instruments which the Secured Party may deem
necessary or advisable to accomplish the purposes hereof, which appointment as
attorney-in-fact is irrevocable and coupled with an interest. The Secured Party
shall notify the Pledgor of any action taken by the Secured Party pursuant to
this Section 2.13; provided, however, that the failure to provide such notice
                   --------  -------
shall in no way impair the rights of the Secured Party to take any such actions
hereunder. Without limiting the generality of the foregoing, so long as the
Secured Party shall be entitled under this Agreement to make collections in
respect of the Pledged Property, the Secured Party shall have the right and
power to receive, endorse and collect all checks made payable to the order of
the Pledgor representing any dividend, payment, or other distribution in respect
of the Pledged Property or any part thereof and to give full discharge for the
same.

                                     -10-
<PAGE>

          SECTION 2.14  Secured Party May Perform.  If the Pledgor fails to
                        -------------------------
perform any agreement contained herein, the Secured Party may perform, or cause
performance of, such agreement, and the expenses of the Secured Party incurred
in connection therewith shall be payable by the Pledgor under Section 2.18.

          SECTION 2.15  Secured Party's Duties.  The powers conferred on the
                        ----------------------
Secured Party hereunder are solely to protect the Secured Party's interest in
the Pledged Property and shall not impose any duty upon the Secured Party to
exercise any such powers.  Except for the safe custody of any Pledged Property
in the Secured Party's possession and the accounting for moneys actually
received by the Secured Party hereunder, the Secured Party shall have no duty as
to any Pledged Property, as to ascertaining or taking action with respect to
calls, conversions, exchanges, maturities, tenders or other matters relative to
any Pledged Property, whether or not the Secured Party has or is deemed to have
knowledge of such matters, or as to the taking of any necessary steps to
preserve rights against any Person or any other rights pertaining to any Pledged
Property.  The Secured Party shall be deemed to have exercised reasonable care
in the custody and preservation of any Pledged Property in the Secured Party's
possession if such Pledged Property is accorded treatment substantially equal to
that which the Secured Party accords its own property.

          SECTION 2.16  Security Interest Absolute.  All rights of the Secured
                        --------------------------
Party and all obligations of the Pledgor hereunder shall be absolute and
unconditional irrespective of:

               (i)    any lack of validity or enforceability of the Securities
Purchase Agreement, Debenture, Warrant or any other Document;

               (ii)   any change in the time, manner or place of payment of, or
in any other term of, all or any of the Secured Obligations, or any other
amendment or waiver of or any consent to any departure from all or any of the
Secured Obligations;

               (iii)  any taking, exchange, release or non-perfection of any
other collateral for all or any of the Secured Obligations;

               (iv)   any manner of application of the Pledged Property to all
or any of the Secured Obligations, or any manner of sale or other disposition of
any of the Pledged Property for all or any of the Secured Obligations or any
other assets of the Pledgor or

               (v)    any other circumstance which might otherwise constitute a
defense available to, or a discharge of, the Pledgor.

          SECTION 2.17  Termination and Release.  When all Secured Obligations
                        -----------------------
shall have been paid in full, the obligations of the Pledgor under this
Agreement shall terminate, and the Secured Party shall, upon request of the
Pledgor, release from its Lien hereunder and forthwith cause to be assigned,
transferred and delivered, against receipt but without any recourse, warranty or
representation whatsoever, any remaining Pledged Property and money received in
respect thereof, to or for the order of the Pledgor.

                                     -11-
<PAGE>

          SECTION 2.18  Expenses.  The Pledgor shall, upon demand, pay to the
                        --------
Secured Party all fees and expenses (including, without limitation, fees and
expenses of the Secured Party's counsel, experts and agents) which the Secured
Party may incur in connection with the (i) the administration of this Agreement;
(ii) custody or preservation of, or the sale of, collection from or other
realization upon, any of the Pledged Property; (iii) exercise or enforcement of
any of the rights and remedies of the Secured Party hereunder or (iv) failure by
the Pledgor to perform or observe any of the provisions hereof.

          SECTION 2.19 Put and Call Agreements Covenant.  During the term of
                       --------------------------------
this Agreement, the Pledgor shall not, without the prior written consent of the
Secured Party (which may be withheld for any or no reason by the Secured Party
in its sole and absolute discretion) (i) exercise the redemption privilege with
respect to any of the Inforetech A Shares included within the Pledged
Securities; (ii) the put right provided for in the Put and Call Agreements in
respect of any Unit included within the Pledged Securities or (iii) terminate,
amend or otherwise modify the terms and conditions contained in the Put and Call
Agreements.

                                   ARTICLE 3
                               EVENTS OF DEFAULT

          SECTION 3.1  Events of Default.  Each of the following events shall be
                       -----------------
referred to as an "Event of Default":
                   ----------------

          (i)    Any covenants, agreements or representations or warranties
contained in this Agreement;

          (ii)   Any default under or breach by the Company of any of its
covenants, agreements or representations or warranties contained in the
Securities Purchase Agreement, the Debenture, the Warrant or any other Document
and

          (iii)  The possession of the Pledged Property by Secured Party
pursuant to this Agreement shall cease to create in favor of the Secured Party a
valid, perfected first priority security interest in and Lien on any of the
Pledged Property.

          SECTION 3.2  Recovery of Amounts.  In case any one or more Events of
                       -------------------
Default shall happen and be continuing, the Secured Party shall be entitled to
recover judgment against the Pledgor for the amount due either before, or after,
or during the pendency of any proceedings for the enforcement of any security
therefor, and, in the event of realization of any funds from any security and
application thereof to the partial payment of the amounts due, the Secured Party
shall be entitled to enforce payment of and recover judgment for all amounts
then remaining due and unpaid.  In case any one or more Events of Default shall
happen and be continuing the Secured Party may proceed to protect and enforce
its rights by suit in equity, action at law and/or by any other appropriate
proceeding, including, without limitation, for the specific performance of any
covenant or agreement or in aid of the exercise of any power granted to the
Secured Party.

                                     -12-
<PAGE>

                                   ARTICLE 4
                                 MISCELLANEOUS

          SECTION 4.1  Amendments, Etc.  No amendment or waiver of any provision
                       ----------------
of any of this Agreement, nor consent to any departure by the Pledgor therefrom,
shall in any event be effective unless the same shall be in writing and signed
by the Secured Party and the Pledgor.  Any such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

          SECTION 4.2  Notices, Etc.  All notices and other communications
                       -------------
provided for hereunder shall be in writing and shall be delivered personally, or
sent by telecopier machine or by a nationally recognized overnight courier
service, and shall be deemed given when so delivered personally, or by
telecopier machine or overnight courier service as follows:

if to the Pledgor, at his address at:

          Robert C. Silzer
          2385 - 133A Street
          White Rock, British Columbia
          Canada
          Telecopier No.:  604.576.7401

          with a copy to:

          Loeb & Loeb LLP
          345 Park Avenue
          New York, New York 10154
          Attention:         David S. Schaefer
          Telecopier No.:    212.407.4990

if to the Secured Party, at its address at:

          The Shaar Fund Ltd.
          c/o Levinson Capital Management, LLC
          Suite 1820
          Two World Trade Center
          New York, New York 10048
          Attention:         Sam Levinson
          Telecopier No.:    212.432.7771

          with a copy to:

                                     -13-
<PAGE>

          Herrick, Feinstein LLP
          2 Park Avenue
          New York, New York 10016
          Attention:        Irwin A. Kishner
          Telecopier No.:   212.592.1500

          SECTION 4.3  No Waiver; Remedies.  No failure on the part of the
                       -------------------
Secured Party or any of its agents to exercise, and no course of dealing with
respect to, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by
the Secured Party or any of its agents of any right, power or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law.

          SECTION 4.4  Binding Effect; Assignments.  This Agreement shall be
                       ---------------------------
binding upon and inure to the benefit of the Pledgor and his assigns, and the
Secured Party and its successors and assigns; provided, however, the Pledgor
                                              --------  -------
shall not transfer any of his obligations hereunder without the express prior
written consent of the Secured Party.

          SECTION 4.5 Governing Law.  This agreement shall be governed by and
                      -------------
construed in accordance with the laws of the State of New York, without regard
for its conflict of laws rules.

          SECTION 4.6  Submission to Jurisdiction.
                       --------------------------

          (i)    The Pledgor hereby (i) irrevocably submits to the nonexclusive
jurisdiction of the United States District Court for the Southern District of
New York and of any New York State court located in the Borough of Manhattan,
City of New York, New York for the purposes of all legal proceedings arising out
of or relating to this Agreement, the Securities Purchase Agreement or any other
Document; (ii) irrevocably waives, to the fullest extent permitted by law, any
objection which he 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; (iii)
generally appoints, as attorney-in-fact to receive service of process in all
such proceedings, the individual named in Section 4.2 hereof to whom copies of
communications given to the Pledgor are to be sent (whose address for purposes
of this Section 4.6(a) shall be such individual's address listed in Section 4.2)
(the "Agent for Service of Process"); (iv) agrees that (without prejudice to any
      ----------------------------
other lawful method of service) service of process upon the Agent for Service of
Process shall constitute valid service upon the Pledgor and (v) agrees that the
Secured Party shall be given thirty (30) days' advance written notice regarding
any change related to the Agent for Service of Process, and so long as any
Secured Obligation remains outstanding to maintain an agent in New York County
for the receipt of process as aforesaid.

          (ii)   The due payment and performance of the Secured Obligations
shall be without regard to any counterclaim or right of offset or any other
claim which the Pledgor or his assigns may have against the Secured Party, and
no such counterclaim (other than a compulsory counterclaim) or offset shall be
asserted by the Pledgor or his assigns in any action, suit or

                                     -14-
<PAGE>

proceeding instituted by the Secured Party for the payment or performance of any
or all of the Secured Obligations.

          SECTION 4.7  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY
                       --------------------
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT OR HE MAY HAVE TO A TRIAL BY
JURY IN ANY COURT HAVING JURISDICTION OVER THE MATTER WITH RESPECT TO ANY
ACTION, COUNTERCLAIM OR DEFENSE ARISING OUT OF OR RELATING TO THIS AGREEMENT,
THE PLEDGED PROPERTY,  THE SECURITIES PURCHASE AGREEMENT OR THE OTHER DOCUMENTS.

          SECTION 4.8  Counterparts.  This Agreement may be executed in two (2)
                       ------------
counterparts, each executed counterpart constituting an original but together
only one Agreement.

          SECTION  4.9  Headings.  The headings of the sections of this
                        --------
Agreement are inserted for purposes of convenience only and shall not be
construed to affect the meaning or construction of any of the provisions hereof.

          SECTION 4.10  Severability.  If any provision hereof is invalid and
                        ------------
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in favor of the Secured Party in
order to carry out the intentions of the parties hereto as nearly as may be
possible and (ii) the invalidity or unenforceability of any provision hereof in
any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

          SECTION 4.11  Entire Agreement.  This Agreement constitutes the entire
                        ----------------
understanding between the parties with respect to the subject matter hereof.
All prior agreements, understandings, representations, warranties and
negotiations, if any, whether written or oral, are merged into this Agreement,
and this Agreement is the entire agreement between the parties hereto relating
to the subject matter hereto.

          SECTION 4.12  No Third Party Beneficiary.  Nothing contained in this
                        --------------------------
Agreement shall be deemed to confer upon any Person other than the Pledgor and
his assigns, and the Secured Party and its successors and assigns any right to
insist upon or to enforce the performance or observance of any of the
obligations contained herein.

          SECTION 4.13  Construction.  The Pledgor acknowledges he and his
                        ------------
counsel have reviewed this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Agreement or any amendment
hereto.

          SECTION 4.14  Survival.  All agreements, covenants, representations
                        --------
and warranties made in this Agreement shall survive the execution and delivery
of this Agreement.

                                     -15-
<PAGE>

          SECTION 4.15  Gender.  All words used herein in the masculine shall be
                        ------
masculine or feminine as proper reading requires.

                    [REMAINDER OF PAGE INTENTIONALLY BLANK.
                         NEXT PAGE IS SIGNATURE PAGE.]

                                     -16-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed or caused this
Agreement to be executed as of the date first above written.

                                    THE SHAAR FUND LTD.
                                    By: Shaar Advisory Services N.V.

                                    By: /s/ Wim Langeveld
                                        ----------------------------
                                        Name:  Wim Langeveld
                                        Title: Managing Director

                                    By: /s/ Robert C. Silzer
                                        -------------------------------
                                        Name:  Robert C. Silzer

                                     -17-
<PAGE>

                                                                    Schedule 2.1

<TABLE>
<CAPTION>

                 Issuer                   Type of Security   Stock Certificate   Number of Shares
                                                                  Numbers
--------------------------------------    ----------------   -----------------   ----------------
<S>                                       <C>                <C>                 <C>

Inforetech Wireless Technology, Inc.      Class B Special         8B & 9B                1,000,000
                                          Voting Non-Equity

Inforetech Golf Technology 2000 Inc.      Class A                 9A & 10A               1,000,000
                                          Preference

</TABLE>

                                     -18-
<PAGE>

                                                                    Schedule 2.3

1.   Letter of direction, irrevocable during the term of this Agreement, from
     the Pledgor to the Company and the Company's transfer agent authorizing the
     Secured Party to exercise the put right associated with the Units set forth
     on Schedule 2.1 hereof.
        ------------

2.   Undated treasury order of the Company executed in blank, irrevocable during
     the term of this Agreement, directing the Company's transfer agent to issue
     shares of Common Stock to the Secured Party upon exercise of the put right
     contained in the Put and Call Agreements.

3.   Special Power of Attorney, irrevocable during the term of this Agreement,
     from the Pledgor in favor of the Secured Party.

                                     -19-
<PAGE>

                                                                       Exhibit A
<PAGE>

                                                                       EXHIBIT B<PAGE>

                                                                     EXHIBIT 4.5

THIS COMMON STOCK PURCHASE WARRANT AND THE SECURITIES REPRESEN-TED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
TRANSFERRED IN VIOLATION OF SUCH ACT, THE RULES AND REGULATIONS THEREUNDER OR
THE PROVISIONS OC.C. OfficeFinancial Printing GroupTHIS COMMON STOCK PURCHASE
WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED IN VIOLATION OF
SUCH ACT, THE RULES AND REGULATIONS THEREUNDER OR THE PROVISIONS OF THIS COMMON
STOCK PURCHASE WARRANT.

        Number of Shares of Class A Common Equity Voting Stock: 100,000
                                 Warrant No. 2

                         COMMON STOCK PURCHASE WARRANT

               To Purchase Class A Common Equity Voting Stock of

                      Inforetech Wireless Technology Inc.

          THIS IS TO CERTIFY THAT The Shaar Fund Ltd., or registered assigns, is
entitled, at any time from the Closing Date (as such term is hereinafter
defined) to the Expiration Date (as such term is hereinafter defined), to
purchase from Inforetech Wireless Technology Inc., a Nevada corporation (the
"Company"), shares of Common Stock (as such term is hereinafter defined and
subject to adjustment as provided herein), in whole or in part, including
fractional parts, at a purchase price per share equal to one hundred percent
(100%) of the Market Price, subject to adjustment as provided herein, all on the
terms and conditions and pursuant to the provisions hereinafter set forth.

          1.  DEFINITIONS

          As used in this Common Stock Purchase Warrant (this "Warrant"), the
following terms shall have the respective meanings set forth below:

          "Additional Shares of Common Stock" shall mean all shares of Common
Stock issued by the Company after the Closing Date, other than Warrant Stock.

          "Book Value" shall mean, in respect of any share of Common Stock on
any date herein specified, the consolidated book value of the Company as of the
last day of any month immediately preceding such date, divided by the number of
Fully Diluted Outstanding shares of Common Stock as determined in accordance
with GAAP (assuming the payment of the exercise prices for such shares) by Ernst
& Young LLP or any other firm of independent certified public accountants of
recognized national standing selected by the Company and reasonably acceptable
to the Holder.

          "Business Day" shall mean any day that is not a Saturday or Sunday or
a day on which banks are required or permitted to be closed in the State of New
York.

          "Closing Date" shall have the meaning set forth in the Securities
Purchase Agreement.
<PAGE>

          "Commission" shall mean the Securities and Exchange Commission or any
other federal agency then administering the Securities Act and other federal
securities laws.

          "Common Stock" shall mean (except where the context otherwise
indicates) the Class A Common Equity Voting Stock, par value $0.001 per share,
of the Company as constituted on the Closing Date, and any capital stock into
which such Common Stock may thereafter be changed, and shall also include (i)
capital stock of the Company of any other class (regardless of how denominated)
issued to the holders of shares of Common Stock upon any reclassification
thereof which is also not preferred as to dividends or assets over any other
class of stock of the Company and which is not subject to redemption and (ii)
shares of common stock of any successor or acquiring corporation received by or
distributed to the holders of Common Stock of the Company in the circumstances
contemplated by Section 4.4.

          "Convertible Securities" shall mean evidences of indebtedness, shares
of stock or other securities which are convertible into or exchangeable, with or
without payment of additional consideration in cash or property, for shares of
Common Stock, either immediately or upon the occurrence of a specified date or a
specified event.

          "Current Market Price" shall mean on any date of determination the
closing bid price of a Common Share on such day as reported on OTCBB; provided,
                                                                      --------
if such security bid is not listed or admitted to trading on OTCBB, as reported
on the principal national security exchange or quotation system on which such
security is quoted or listed or admitted to trading, or, if not quoted or listed
or admitted to trading on any national securities exchange or quotation system,
the closing bid price of such security on the over-the-counter market on the day
in question as reported by Bloomberg LP, or a similar generally accepted
reporting service, as the case may be.

          "Current Warrant Price" shall mean, in respect of a share of Common
Stock at any date herein specified, the price at which a share of Common Stock
may be purchased pursuant to this Warrant on such date, as set forth in the
first paragraph hereof.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

          "Exercise Period" shall mean the period during which this Warrant is
exercisable pursuant to Section 2.1.

          "Expiration Date" shall mean September 12, 2005.

          "Fully Diluted Outstanding" shall mean, when used with reference to
Common Stock, at any date as of which the number of shares thereof is to be
determined, all shares of Common Stock Outstanding at such date and all shares
of Common Stock issuable in respect of this Warrant, outstanding on such date,
and other options or warrants to purchase, or securities convertible into,
shares of Common Stock outstanding on such date which would be deemed

                                      -2-
<PAGE>

outstanding in accordance with GAAP for purposes of determining Book Value or
net income per share.

          "Fundamental Corporate Change" shall have the meaning set forth in
Section 4.4.

          "GAAP" shall mean generally accepted accounting principles in the
United States of America as from time to time in effect.

          "Holder" shall mean the Person in whose name the Warrant or Warrant
Stock set forth herein is registered on the books of the Company maintained for
such purpose.

          "Market Price" per Common Share means the average of the closing bid
prices of the Common Shares as reported on OTCBB for the five trading days
immediately preceding the Closing Date.

          "OTCBB" shall mean the OTC Bulletin Board service of the National
Association of Securities Dealers, Inc.

          "Other Property" shall have the meaning set forth in Section 4.4.

          "Outstanding" shall mean, when used with reference to Common Stock, at
any date as of which the number of shares thereof is to be determined, all
issued shares of Common Stock, except shares then owned or held by or for the
account of the Company or any subsidiary thereof, and shall include all shares
issuable in respect of outstanding scrip or any certificates representing
fractional interests in shares of Common Stock.

          "Person" shall mean any individual, sole proprietorship, partnership,
joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, entity or government (whether federal,
state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof).

          "Registration Rights Agreement" shall mean the Registration Rights
Agreement dated as of a date even herewith between the Company and The Shaar
Fund Ltd., as it may be amended from time to time.

          "Restricted Common Stock" shall mean shares of Common Stock which are,
or which upon their issuance on their exercise of this Warrant would be,
evidenced by a certificate bearing the restrictive legend set forth in Section
9.1(a).

          "Securities Act" shall mean the Securities Act of 1933, as amended, or
any successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

                                      -3-
<PAGE>

          "Securities Purchase Agreement" shall mean the Securities Purchase
Agreement dated as of a date even herewith between the Company and The Shaar
Fund Ltd., as it may be amended from time to time.

          "Transfer" shall mean any disposition of any Warrant or Warrant Stock
or of any interest in either thereof, which would constitute a sale thereof
within the meaning of the Securities Act.

          "Transfer Notice" shall have the meaning set forth in Section 9.2.

          "Warrant Price" shall mean an amount equal to (i) the number of shares
of Common Stock being purchased upon exercise of this Warrant pursuant to
Section 2.1 multiplied by (ii) the Current Warrant Price as of the date of such
exercise.

          "Warrant Stock" shall mean the shares of Common Stock purchased by the
holders of the Warrants upon the exercise thereof.

          "Warrants" shall mean this Warrant and all warrants issued upon
transfer, division or combination of, or in substitution for, any thereof.  All
Warrants shall at all times be identical as to terms and conditions and date,
except as to the number of shares of Common Stock for which they may be
exercised.

          2.  EXERCISE OF WARRANT

          2.1  Manner of Exercise

          From and after the Closing Date and until 5:00 p.m., New York time, on
the Expiration Date, Holder may exercise this Warrant, on any Business Day, for
all or any part of the number of shares of Common Stock purchasable hereunder.

          In order to exercise this Warrant, in whole or in part, Holder shall
deliver to the Company at its principal office at Suite 214, 5500 - 152nd
Street, Surrey, British Columbia, Canada V35-8E7, or at the office or agency
designated by the Company pursuant to Section 12, (i) a written notice of
Holder's election to exercise this Warrant, which notice shall specify the
number of shares of Common Stock to be purchased, (ii) to the extent such
exercise is not being effected through a Cashless Exercise, payment of the
Warrant Price in cash or wire transfer or cashier's check drawn on a United
States bank and (iii) this Warrant.  Such notice shall be substantially in the
form of the subscription form appearing at the end of this Warrant as Exhibit A,
                                                                      ---------
duly executed by Holder or its agent or attorney.  Upon receipt of the items
referred to in clauses (i), (ii) and (iii) above, the Company shall, as promptly
as practicable, and in any event within five (5) Business Days thereafter,
execute or cause to be executed and deliver or cause to be delivered to Holder a
certificate or certificates representing the aggregate number of full shares of
Common Stock issuable upon such exercise, together with cash in lieu of any
fraction of a share, as hereinafter provided.  The stock certificate or
certificates so delivered shall be, to the extent possible, in such denomination
or

                                      -4-
<PAGE>

denominations as Holder shall request in the notice and shall be registered
in the name of Holder or, subject to Section 9, such other name as shall be
designated in the notice.  This Warrant shall be deemed to have been exercised
and such certificate or certificates shall be deemed to have been issued, and
Holder or any other Person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date
the notice, together with the cash or check or checks and this Warrant, is
received by the Company as described above and all taxes required to be paid by
Holder, if any, pursuant to Section 2.2 prior to the issuance of such shares
have been paid.  If this Warrant shall have been exercised in part, the Company
shall, at the time of delivery of the certificate or certificates representing
Warrant Stock, deliver to Holder a new Warrant evidencing the rights of Holder
to purchase the unpurchased shares of Common Stock called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant,
or, at the request of Holder, appropriate notation may be made on this Warrant
and the same returned to Holder.  Notwithstanding any provision herein to the
contrary, the Company shall not be required to register shares in the name of
any Person who acquired this Warrant (or part hereof) or any Warrant Stock
otherwise than in accordance with this Warrant.

          Simultaneously with the exercise of this Warrant, payment in full of
the Warrant Price shall be made, at the option of the Holder, (i) by payment of
the Warrant Price in cash or by wire transfer or cashier's check drawn on a
United States bank, (ii) in the event that the Registration Statement (as such
term is defined in the Registration Rights Agreement) has not been declared or
no longer remains effective under the Securities Act on the date of exercise of
this Warrant, through a net exercise without payment of the Warrant Price in
cash by providing notice to the Company of the Holder's election to receive a
number of shares of Common Stock in a Cashless Exercise equal to the product of
(1) the number of shares for which such Warrant is exercisable with payment in
cash of the Warrant Price as of the date of exercise and (2) the Cashless
Exercise Ratio (as such term is hereinafter defined) or (iii) in the event that
the Registration Statement has not been declared or no longer remains effective
under the Securities Act on the date of exercise of this Warrant, by any
combination of clauses (i) and (ii).  For purposes of this Agreement, the
"Cashless Exercise Ratio" shall equal a fraction, the numerator of which is the
excess of the Current Market Price per share of the Common Stock on the date of
exercise over the Current Warrant Price as of the date of exercise, and the
denominator of which is the Current Market Price per share of the Common Stock
on the date of exercise.  An exercise in accordance with clause (ii) above is
hereinafter referred to as a "Cashless Exercise."  Following a Cashless
Exercise, this Warrant shall be cancelled in all respects with regard to (a) the
number of shares of Common Stock issued in accordance with the Cashless Exercise

plus (b) the number of shares used as consideration for the Cashless Exercise.
----

          2.2  Payment of Taxes and Charges

          All shares of Common Stock issuable upon the exercise of this Warrant
pursuant to the terms hereof shall be validly issued, fully paid and
nonassessable, freely tradable and without any preemptive rights.  The Company
shall pay all expenses in connection with, and all taxes and other governmental
charges that may be imposed with respect to, the issuance or delivery thereof,
unless such tax or charge is imposed by law upon Holder, in which case such
taxes or charges shall be paid by Holder.  The Company shall not be required,
however, to pay any tax or other charge

                                      -5-
<PAGE>

imposed in connection with any transfer involved in the issuance of any
certificate for shares of Common Stock issuable upon exercise of this Warrant in
any name other than that of Holder, and in such case the Company shall not be
required to issue or deliver any stock certificate until such tax or other
charge has been paid or it has been established to the satisfaction of the
Company that no such tax or other charge is due.

          2.3  Fractional Shares

          The Company shall not be required to issue a fractional share of
Common Stock upon exercise of any Warrant.  As to any fraction of a share which
Holder would otherwise be entitled to purchase upon such exercise, the Company
shall pay a cash adjustment in respect of such final fraction in an amount equal
to the same fraction of the Market Price per share of Common Stock as of the
Closing Date.

          2.4  Continued Validity

          A holder of shares of Common Stock issued upon the exercise of this
Warrant, in whole or in part (other than a holder who acquires such shares after
the same have been publicly sold pursuant to a Registration Statement under the
Securities Act or sold pursuant to Rule 144 thereunder) shall continue to be
entitled with respect to such shares to all rights to which it would have been
entitled as Holder under Sections 9, 10 and 14 of this Warrant.  The Company
will, at the time of exercise of this Warrant, in whole or in part, upon the
request of Holder, acknowledge in writing, in form reasonably satisfactory to
Holder, its continuing obligation to afford Holder all such rights; provided,
                                                                    --------
however, that if Holder shall fail to make any such request, such failure shall
-------
not affect the continuing obligation of the Company to afford to Holder all such
rights.

          3.  TRANSFER, DIVISION AND COMBINATION

          3.1  Transfer

          Subject to compliance with Section 9, transfer of this Warrant and all
rights hereunder, in whole or in part, shall be registered on the books of the
Company to be maintained for such purpose, upon surrender of this Warrant at the
principal office of the Company referred to in Section 2.1 or the office or
agency designated by the Company pursuant to Section 12, together with a written
assignment of this Warrant substantially in the form of Exhibit B hereto duly
                                                        ---------
executed by Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.  Upon such surrender
and, if required, such payment, the Company shall, subject to Section 9, execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled.  A Warrant, if
properly assigned in compliance with Section 9, may be exercised by a new Holder
for the purchase of shares of Common Stock without having a new Warrant issued..

                                      -6-
<PAGE>

          3.2  Division and Combination

          Subject to Section 9, this Warrant may be divided or combined with
other Warrants upon presentation hereof at the aforesaid office or agency of the
Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by Holder or its agent or
attorney.  Subject to compliance with Sections 3.1 and 9, as to any transfer
which may be involved in such division or combination, the Company shall execute
and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to
be divided or combined in accordance with such notice.

          3.3  Expenses

          The Company shall prepare, issue and deliver at its own expense (other
than transfer taxes) the new Warrants or Warrants under this Section 3.

          3.4  Maintenance of Books

          The Company agrees to maintain, at its aforesaid office or agency,
books for the registration and the registration of transfer of the Warrants.

          4.  ADJUSTMENTS

          The number of shares of Common Stock for which this Warrant is
exercisable, or the price at which such shares may be purchased upon exercise of
this Warrant, shall be subject to adjustment from time to time as set forth in
this Section 4.  The Company shall give Holder notice of any event described
below which requires an adjustment pursuant to this Section 4 at the time of
such event.

          4.1  Stock Dividends, Subdivisions and Combinations

          If at any time the Company shall:

          (a)  take a record of the holders of its Common Stock for the purpose
of entitling them to receive a dividend payable in, or other distribution of,
Additional Shares of Common Stock;

          (b)  subdivide its outstanding shares of Common Stock into a larger
number of shares of Common Stock or

          (c)  combine its outstanding shares of Common Stock into a smaller
number of Shares of Common Stock;

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant

                                      -7-
<PAGE>

is exercisable immediately prior to the occurrence of such event would own or be
entitled to receive after the happening of such event and (ii) the Current
Warrant Price shall be adjusted to equal (A) the Current Warrant Price
multiplied by the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the adjustment divided by (B) the number of
shares for which this Warrant is exercisable immediately after such adjustment.

          4.2  Certain Other Distributions

          If at any time the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive any dividend or other
distribution of:

          (a) cash;

          (b) any evidences of its indebtedness, any shares of its stock or any
other securities or property of any nature whatsoever (other than cash,
Convertible Securities or Additional Shares of Common Stock) or

          (c) any warrants or other rights to subscribe for or purchase any
evidences of its indebtedness, any shares of its stock or any other securities
or property of any nature whatsoever (other than cash, Convertible Securities or
Additional Shares of Common Stock);

then Holder shall be entitled to receive such dividend or distribution as if
Holder had exercised the Warrant.  A reclassification of the Common Stock (other
than a change in par value, or from par value to no par value or from no par
value to par value) into shares of Common Stock and shares of any other class of
stock shall be deemed a distribution by the Company to the holders of its Common
Stock of such shares of such other class of stock within the meaning of this
Section 4.2 and, if the outstanding shares of Common Stock shall be changed into
a larger or smaller number of shares of Common Stock as a part of such
reclassification, such change shall be deemed a subdivision or combination, as
the case may be, of the outstanding shares of Common Stock within the meaning of
Section 4. 1.

          4.3  Other Provisions Applicable to Adjustments under this Section

          The following provisions shall be applicable to the making of
adjustments of the number of shares of Common Stock for which this Warrant is
exercisable and the Current Warrant Price provided for in this Section 4:

          (a)  When Adjustments to be Made.  The adjustments required by this
Section 4 shall be made whenever and as often as any specified event requiring
an adjustment shall occur.  For the purpose of any adjustment, any specified
event shall be deemed to have occurred at the close of business on the date of
its occurrence.

          (b)  Fractional Interests.  In computing adjustments under this
Section 4, fractional interests in Common Stock shall be taken into account to
the nearest 1/10th of a share.

                                      -8-
<PAGE>

          (c)  When Adjustment not Required.  If the Company shall take a record
of the holders of its Common Stock for the purpose of entitling them to receive
a dividend or distribution subscription or purchase rights and shall, thereafter
and before the distribution to stockholders thereof, legally abandon its plan to
pay or deliver such dividend, distribution, subscription or purchase rights,
then thereafter no adjustment shall be required by reason of the taking of such
record and any such adjustment previously made in respect thereof shall be
rescinded and annulled.

          (d)  Challenge to Good Faith Determination.  Whenever the Board of
Directors of the Company shall be required to make a determination in good faith
of the fair value of any item under this Section 4, such determination may be
challenged in good faith by the Holder, and any dispute shall be resolved by an
investment banking firm of recognized national standing selected by the Company
and acceptable to Holder.

          4.4  Reorganization, Reclassification, Merger, Consolidation or
               Disposition of Assets

          In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another Person (where the
Company is not the survivor or where there is a change in or distribution with
respect to the Common Stock of the Company), or sell, convey, transfer or
otherwise dispose of all or substantially all its property, assets or business
to another Person, or effectuate a transaction or series of related transactions
in which more than fifty percent (50%) of the voting power of the Company is
disposed of (each, a "Fundamental Corporate Change") and, pursuant to the terms
of such Fundamental Corporate Change, shares of common stock of the successor or
acquiring corporation, or any cash, shares of stock or other securities or
property of any nature whatsoever (including warrants or other subscription or
purchase rights) in addition to or in lieu of common stock of the successor or
acquiring corporation ("Other Property"), are to be received by or distributed
to the holders of Common Stock of the Company, then Holder shall have the right
thereafter to receive, upon exercise of the Warrant, such number of shares of
common stock of the successor or acquiring corporation or of the Company, if it
is the surviving corporation, and Other Property as is receivable upon or as a
result of such Fundamental Corporate Change by a holder of the number of shares
of Common Stock for which this Warrant is exercisable immediately prior to such
Fundamental Corporate Change.  In case of any such Fundamental Corporate Change,
the successor or acquiring corporation (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined by resolution of the
Board of Directors of the Company) in order to provide for adjustments of shares
of Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 4.
For purposes of this Section 4.4, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any

                                      -9-
<PAGE>

such stock, either immediately or upon the arrival of a specified date or the
happening of a specified event, and any warrants or other rights to subscribe
for or purchase any such stock. The foregoing provisions of this Section 4.4
shall similarly apply to successive Fundamental Corporate Changes.

          4.5  Other Action Affecting Common Stock

          In case at any time or from time to time the Company shall take any
action in respect of its Common Stock, other than any action described in this
Section 4, which would have a materially adverse effect upon the rights of
Holder (including, without limitation, the issuance by the Company of any
security having a purchase, exercise, conversion or exchange price that is less
than the Current Warrant Price on the date of such issuance), the number of
shares of Common Stock and/or the purchase price thereof shall be adjusted in
such manner as may be equitable in the circumstances, as determined in good
faith by the Board of Directors of the Company.

          4.6  Certain Limitations

          Notwithstanding anything herein to the contrary, the Company agrees
not to enter into any transaction which, by reason of any adjustment hereunder,
would cause the Current Warrant Price to be less than the par value per share of
Common Stock.

          5.  NOTICES TO HOLDER

          5.1  Notice of Adjustments

          Whenever the number of shares of Common Stock for which this Warrant
is exercisable, or whenever the price at which a share of such Common Stock may
be purchased upon exercise of the Warrants, shall be adjusted pursuant to
Section 4, the Company shall forthwith prepare a certificate to be executed by
the chief financial officer of the Company setting forth, in reasonable detail,
the event requiring the adjustment and the method by which such adjustment was
calculated (including a description of the basis on which the Board of Directors
of the Company determined the fair value of any evidences of indebtedness,
shares of stock, other securities or property or warrants or other subscription
or purchase rights referred to in Section 4.2), specifying the number of shares
of Common Stock for which this Warrant is exercisable and (if such adjustment
was made pursuant to Section 4.4 or 4.5) describing the number and kind of any
other shares of stock or Other Property for which this Warrant is exercisable,
and any change in the purchase price or prices thereof, after giving effect to
such adjustment or change.  The Company shall promptly cause a signed copy of
such certificate to be delivered to the Holder in accordance with Section 14.2.
The Company shall keep at its office or agency designated pursuant to Section 12
copies of all such certificates and cause the same to be available for
inspection at said office during normal business hours by the Holder or any
prospective purchaser of a Warrant designated by Holder.

          5.2  Notice of Corporate Action

          If at any time:

                                     -10-
<PAGE>

          (a)  the Company shall take a record of the holders of its Common
Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right;

          (b)  there, shall be any capital reorganization of the Company, any
reclassification or recapitalization of the capital stock of the Company or any
consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation or

          (c)  there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least thirty (30) days' prior written notice of the date on which a record date
shall be selected for such dividend, distribution or right or for determining
rights to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up and (ii) in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, at least thirty (30) days' prior written notice of the date when the same
shall take place.  Such notice in accordance with the foregoing clause also
shall specify (i) the date on which any such record is to be taken for the
purpose of such dividend, distribution or right, the date on which the holders
of Common Stock shall be entitled to any such dividend, distribution or right,
and the amount and character thereof and (ii) the date on which any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up is to take place and the
time, if any such time is to be fixed, as of which the holders of Common Stock
shall be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up.  Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 14.2.

          6.  NO IMPAIRMENT

          The Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issuance or sale of
securities or other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder
against impairment.  Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (b) take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable

                                     -11-
<PAGE>

shares of Common Stock upon the exercise of this Warrant and (c) use its best
efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable
the Company to perform its obligations under this Warrant.

          Upon the request of Holder, the Company will at any time during the
period this Warrant is outstanding acknowledge in writing, in form satisfactory
to Holder, the continuing validity of this Warrant and the obligations of the
Company hereunder.

          7.  RESERVATION AND AUTHORIZATION OF COMMON STOCK

          From and after the Closing Date, the Company shall at all times
reserve and keep available for issuance upon the exercise of Warrants such
number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of all outstanding Warrants.  All
shares of Common Stock which shall be so issuable, when issued upon exercise of
any Warrant and payment therefor in accordance with the terms of such Warrant,
shall be duly and validly issued and fully paid and nonassessable and not
subject to preemptive rights.

          Before taking any action which would cause an adjustment reducing the
Current Warrant Price below the then par value, if any, of the shares of Common
Stock issuable upon exercise of the Warrants, the Company shall take any
corporate action which may be necessary in order that the Company may validly
and legally issue fully paid and nonassessable shares of such Common Stock at
such adjusted Current Warrant Price.

          Before taking any action which would result in an adjustment in the
number of shares of Common Stock for which this Warrant is exercisable or in the
Current Warrant Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

          8.  TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

          In the case of all dividends or other distributions by the Company to
the holders of its Common Stock with respect to which any provision of Section 4
refers to the taking of record of such holders, the Company will in each case
take such a record and will take such record as of the close of business on a
Business Day.  The Company will not at any time, except upon dissolution,
liquidation or winding up of the Company, close its stock transfer books or
Warrant transfer books so as to result in preventing or delaying the exercise or
transfer of any Warrant.

          9.  RESTRICTIONS ON TRANSFERABILITY

          The Warrants and the Warrant Stock shall not be transferred,
hypothecated or assigned before satisfaction of the conditions specified in this
Section 9, which conditions are intended to ensure compliance with the
provisions of the Securities Act with respect to the Transfer

                                     -12-
<PAGE>

of any Warrant or any Warrant Stock. Holder, by acceptance of this Warrant,
agrees to be bound by the provisions of this Section 9.

          9.1  Restrictive Legend

          (a)  Holder, by accepting this Warrant and any Warrant Stock agrees
that this Warrant and the Warrant Stock issuable upon exercise hereof may not be
assigned or otherwise transferred unless and until (i) the Company has received
an opinion of counsel for Holder that such securities may be sold pursuant to an
exemption from registration under the Securities Act or (ii) a registration
statement relating to such securities has been filed by the Company and declared
effective by the Commission.

          Each certificate for Warrant Stock issuable hereunder shall bear a
legend as follows until such securities have been sold pursuant to an effective
registration statement under the Securities, Act:

          "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
          1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
          STATE, AND ARE BEING OFFERED AND SOLD PURSUANT TO AN EXEMPTION FROM
          THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.
          THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN
          EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
          TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
          SECURITIES ACT OR SUCH OTHER LAWS."

          (b)  Except as otherwise provided in this Section 9, the Warrant shall
be stamped or otherwise imprinted with a legend in substantially the following
form:

          "THIS COMMON STOCK PURCHASE WARRANT AND THE SECURITIES REPRESENTED
          HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT, THE
          RULES AND REGULATIONS THEREUNDER OR THE PROVISIONS OF THIS COMMON
          STOCK PURCHASE WARRANT."

          9.2  Notice of Proposed Transfers

          Prior to any Transfer or attempted Transfer of any Warrants or any
shares of Restricted Common Stock, the Holder shall give ten (10) days' prior
written notice (a "Transfer

                                     -13-
<PAGE>

Notice") to the Company of Holder's intention to effect such Transfer,
describing the manner and circumstances of the proposed Transfer, and obtain
from counsel to Holder who shall be reasonably satisfactory to the Company, an
opinion that the proposed Transfer of such Warrants or such Restricted Common
Stock may be effected without registration under the Securities Act. After
receipt of the Transfer Notice and opinion, the Company shall, within five (5)
days thereof, notify the Holder as to whether such opinion is reasonably
satisfactory and, if so, such Holder shall thereupon be entitled to Transfer
such Warrants or such Restricted Common Stock in accordance with the terms of
the Transfer Notice. Each certificate, if any, evidencing such shares of
Restricted Common Stock issued upon such Transfer shall bear the restrictive
legend set forth in Section 9.1(a), and the Warrant issued upon such Transfer
shall bear the restrictive legend set forth in Section 9.1(b), unless in the
opinion of such counsel such legend is not required in order to ensure
compliance with the Securities Act. Holder shall not be entitled to Transfer
such Warrants or such Restricted Common Stock until receipt of notice from the
Company under this Section 9.2 that such opinion is reasonably satisfactory.

          9.3  Required Registration

          Pursuant to the terms and conditions set forth in Registration Rights
Agreement, the Company shall prepare and file with the Commission not later than
the sixtieth (60th) day after the Closing Date, a Registration Statement
relating to the offer and sale of the Common Stock issuable upon exercise of the
Warrants and shall use its best efforts to cause the Commission to declare such
Registration Statement effective under the Securities Act as promptly as
practicable but no later than one hundred and eighty (180) days after the
Closing Date.

          9.4  Termination of Restrictions

          Notwithstanding the foregoing provisions of Section 9, the
restrictions imposed by this Section upon the transferability of the Warrants,
the Warrant Stock and the Restricted Common Stock (or Common Stock issuable upon
the exercise of the Warrants) and the legend requirements of Section 9.1 shall
terminate as to any particular Warrant or share of Warrant Stock or Restricted
Common Stock (or Common Stock issuable upon the exercise of the Warrants) (i)
when and so long as such security shall have been effectively registered under
the Securities Act and disposed of pursuant thereto or (ii) when the Company
shall have received an opinion of counsel reasonably satisfactory to it that
such shares may be transferred without registration thereof under the Securities
Act.  Whenever the restrictions imposed by Section 9 shall terminate as to this
Warrant, as hereinabove provided, the Holder hereof shall be entitled to receive
from the Company upon written request of the Holder, at the expense of the
Company, a new Warrant bearing the following legend in place of the restrictive
legend set forth hereon:

          "THE RESTRICTIONS ON TRANSFERABILITY OF THE WITHIN WARRANT CONTAINED
          IN SECTION 9 HEREOF TERMINATED ON ________, 200_, AND ARE OF NO
          FURTHER FORCE AND EFFECT."

                                     -14-
<PAGE>

All Warrants issued upon registration of transfer, division or combination of,
or in substitution for, any Warrant or Warrants entitled to bear such legend
shall have a similar legend endorsed thereon.  Whenever the restrictions imposed
by this Section shall terminate as to any share of Restricted Common Stock, as
hereinabove provided, the holder thereof shall be entitled to receive from the
Company, at the Company's expense, a new certificate representing such Common
Stock not bearing the restrictive legend set forth in Section 9.1(a).

          9.5  Listing on Securities Exchange

          If the Company shall list any shares of Common Stock on any securities
exchange or quotation system, it will, at its expense, list thereon, maintain
and, when necessary, increase such listing of, all shares of Common Stock issued
or, to the extent permissible under the applicable securities exchange rules,
issuable upon the exercise of this Warrant so long as any shares of Common Stock
shall be so listed during any such Exercise Period.

          10.  SUPPLYING INFORMATION

          The Company shall cooperate with Holder in supplying such information
as may be reasonably necessary for Holder to complete and file any information
reporting forms presently or hereafter required by the Commission as a condition
to the availability of an exemption from the Securities Act for the sale of any
Warrant or Restricted Common Stock.

          11.  LOSS OR MUTILATION

          Upon receipt by the Company from Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it (it being
understood that the written agreement of the Holder shall be sufficient
indemnity), and, in case of mutilation, upon surrender and cancellation hereof,
the Company will execute and deliver in lieu hereof a new Warrant of like tenor
to Holder; provided, that in the case of mutilation no indemnity shall be
           --------
required if this Warrant in identifiable form is surrendered to the Company for
cancellation.

          12.  OFFICE OF THE COMPANY

          As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be the principal executive offices of
the Company) where the Warrants may be presented for exercise, registration of
transfer, division or combination as provided in this Warrant.

          13.  LIMITATION OF LIABILITY

          No provision hereof, in the absence of affirmative action by Holder to
purchase shares of Common Stock, and no enumeration herein of the rights or
privileges of Holder hereof, shall give rise to any liability of Holder for the
purchase price of any Common Stock or as a

                                     -15-
<PAGE>

stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

          14.  MISCELLANEOUS

          14.1  Nonwaiver and Expenses

          No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or
otherwise prejudice Holder's rights, powers or remedies.  If the Company fails
to make, when due, any payments provided for hereunder, or fails to comply with
any other provision of this Warrant, the Company shall pay to Holder such
amounts as shall be sufficient to cover any costs and expenses including,
without limitation, reasonable attorneys' fees, including those of appellate
proceedings, incurred by Holder in collecting any amounts due pursuant hereto or
in otherwise enforcing any of its rights, powers or remedies hereunder.

          14.2  Notice Generally

          Except as may be otherwise provided herein, any notice or other
communication or delivery required or permitted hereunder shall be in writing
and shall be delivered personally, or sent by telecopier machine or by a
nationally recognized overnight courier service, and shall be deemed given when
so delivered personally, or by telecopier machine or overnight courier service
as follows:

          (a) if to the Company, to:

          Inforetech Wireless Technology Inc.
          Suite 214
          5500 - 152nd Street
          Surrey, British Columbia
          Canada V3S 8E7
          Attention:  Robert C. Silzer
          Telecopier: 604.576.7401
          Telephone:  604.576.7442

          with a copy to:

          Holmes Greenslade
          1880 - 1066 West Hastings Street
          Vancouver, British Columbia
          Canada V6E 3X1
          Attention:  John W. Greenslade
          Telecopier: 604.688.0426
          Telephone:  604.688.7861

                                     -16-
<PAGE>

     (b)  if to the Holder, to:

          The Shaar Fund Ltd.
          c/o Levinson Capital Management, LLC
          Suite 1820
          2 World Trade Center
          New York, New York 10048
          Attention:  Sam Levinson
          Telecopier: 212.432.7771
          Telephone:  212.432.7711

          with a copy to:

          Herrick, Feinstein LLP
          2 Park Avenue
          New York, New York 10016
          Attention:  Irwin A. Kishner
          Telecopier: 212.592.1500
          Telephone:  212.592.1435

The Company or the Holder may change the foregoing address by notice given
pursuant to this Section 14.2.

          14.3  Indemnification

          The Company agrees to indemnify and hold harmless Holder from and
against any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys' fees, expenses and disbursements of
any kind which may be imposed upon, incurred by or asserted against Holder in
any manner relating to or arising out of any failure by the Company to perform
or observe in any material respect any of its covenants, agreements,
undertakings or obligations set forth in this Warrant; provided, however, that
                                                       --------  -------
the Company will not be liable hereunder to the extent that any liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, claims,
costs, attorneys fees, expenses or disbursements are found in a final
nonappealable judgment by a court to have resulted from Holder's gross
negligence, bad faith or willful misconduct in its capacity as a stockholder or
warrantholder of the Company.

          14.4  Remedies

          Holder in addition to being entitled to exercise all rights granted by
law, including recovery of damages, will be entitled to specific performance of
its rights under Section 9 of this Warrant.  The Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of Section 9 of this Warrant and hereby agrees to
waive the defense in any action for specific perforinance that a remedy at law
would be adequate.

                                     -17-
<PAGE>

          14.5  Successors and Assigns

          Subject to the provisions of Sections 3.1 and 9, this Warrant and the
rights evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and assigns of Holder.  The
provisions of this Warrant are intended to be for the benefit of all Holders
from time to time of this Warrant and, with respect to Section 9 hereof, holders
of Warrant Stock, and shall be enforceable by any such Holder or holder of
Warrant Stock.

          14.6  Amendment

          This Warrant and all other Warrants may be modified or amended or the
provisions hereof waived with the written consent of the Company and Holder.

          14.7  Severability

          Wherever possible, each provision of this Warrant shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall only be ineffective to the extent of such prohibition
or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Warrant.

          14.8  Headings

          The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant.

          14.9  Governing Law

          This Warrant shall be governed by the laws of the State of New York,
without regard to the provisions thereof relating to conflicts of law.

                    [REMAINDER OF PAGE INTENTIONALLY BLANK.
                         NEXT PAGE IS SIGNATURE PAGE.]

                                     -18-
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

Dated:  August 4, 2000

                              Inforetech Wireless Technology Inc.

                              By: /s/ Robert C. Silzer
                                  ----------------------------------
                                  Name:   Robert C. Silzer
                                  Title:  Chairman, Chief Executive
                                          Officer and Secretary

                                     -19-
<PAGE>

                                                                       EXHIBIT A

                               SUBSCRIPTION FORM

                [To be executed only upon exercise of Warrant]

          The undersigned registered owner of this Warrant irrevocably exercises
this Warrant for the purchase of _____________ shares of Common Stock of
Inforetech Wireless Technology Inc.  and herewith makes payment therefor, all at
the price and on the terms and conditions specified in this Warrant and requests
that certificates for the shares of Common Stock hereby purchased (and any
securities or other property issuable upon such exercise) be issued in the name
of and delivered to

______________________________________________________________________________

whose address is

______________________________________________________________________________

and, if such shares of Common Stock shall not include all of the shares of
Common Stock issuable as provided in this Warrant, that a new Warrant of like
tenor and date for the balance of the shares of Common Stock issuable hereunder
be delivered to the undersigned.

                              ______________________________
                              (Name of Registered Owner)

                              ______________________________
                              (Signature of Registered Owner)

                              ______________________________
                              (Street Address)

                              ______________________________
                              (City)   (State)  (Zip Code)

                              Notice: The signature on this subscription must
                              correspond with the name as written upon the face
                              of the within Warrant in every particular, without
                              alteration or enlargement or any change
                              whatsoever.

                                      A-1
<PAGE>

                                                                       EXHIBIT B

                                ASSIGNMENT FORM

          FOR VALUE RECEIVED, the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to the number of
shares of Common Stock set forth below:

                                       No. of Shares of
Name and Address of Assignee             Common Stock
----------------------------           ----------------

and does hereby irrevocably constitute and appoint

______________________________________________________________________________

attorney-in-fact to register such transfer on the books of Inforetech Wireless
Technology Inc. maintained for the purpose, with full power of substitution in
the premises.

Dated:

                                    ________________________
                                    (Print Name)

                                    ________________________
                                    (Signature)

                                    _________________________
                                    (Print Name of Witness)

                                    ________________________
                                    (Witness's Signature)

                              Notice: The signature on this assignment must
                              correspond with the name as written upon the face
                              of the within Warrant in every particular, without
                              alteration or enlargement or any change
                              whatsoever.

                                      B-1

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