Document:

<PAGE>

Exhibit 10.4

                                LICENSE AGREEMENT
                                -----------------

                                    BETWEEN:
                                    --------

                               ENDOVASC LTD., INC.
                               -------------------

                                      AND:
                                      ----

                             MIV THERAPEUTICS, INC.
                             ----------------------

                             MIV THERAPEUTICS, INC.
                             ----------------------
                             Unit 1, 8765 Ash Street
                  Vancouver, British Columbia, Canada, V6P 6T3

                                   ----------

<PAGE>

                                LICENSE AGREEMENT
                                -----------------

                  THIS LICENSE AGREEMENT is made and dated for reference
effective as at the 29th day of April, 2002 (the "EFFECTIVE DATE") as duly
executed on this 6th day of May, 2002 (the "EXECUTION DATE").

BETWEEN:
--------

                  ENDOVASC LTD., INC., a company incorporated under the laws of
                  the State of Nevada and having a business office and an
                  address for notice and delivery located at 15001 Walden Road,
                  Suite 108, Montgomery, Texas, U.S.A., 73356

                  (the "LICENSOR");

                                                               OF THE FIRST PART
                                                               -----------------

AND:
----

                  MIV THERAPEUTICS, INC., a company incorporated under the laws
                  of the State of Nevada and having a business office and an
                  address for notice and delivery located at Unit 1, 8765 Ash
                  Street, Vancouver, British Columbia, Canada, V6P 6T3

                  (the "LICENSEE");

                                                              OF THE SECOND PART
                                                              ------------------

                  (the Licensor and the Licensee being hereinafter singularly
                  also referred to as a "PARTY" and collectively referred to as
                  the "PARTIES" as the context so requires).

                  WHEREAS:
                  --------

A. The Licensor owns certain patented technologies marketed under the trade
names PROstent(TM) and Liprostin(TM)/PROstent(TM), and the Licensor's referenced
technologies have multiple stent coating applications for use with other medical
devices, including catheter delivery of PROstent(TM) (collectively, the
"TECHNOLOGY");

<PAGE>

B. The Licensor is desirous of entering into this agreement (the "AGREEMENT")
with the objective of furthering society's use of its Technology and to generate
further research with respect to the Technology;

C. The Licensor is desirous of granting to the Licensee and the Licensee is
desirous of acquiring from the Licensor an exclusive world-wide (the "AREA")
license (the "LICENSE") to use or cause to be used the Technology and any
improvements in any manner and for any purpose whatsoever and including, without
limiting the generality of the foregoing, to in any manner develop, maintain,
manufacture, distribute (with the exclusivity of distribution only being limited
to the areas of Canada, the United States and Mexico), market, sell, lease
and/or license or sub-license all products derived or developed from such
Technology and to sell the same to the general public throughout the Area in
perpetuity during the continuance of this Agreement; and

D. The Licensee agrees to assist the Licensor in its Liprostin(TM)/PROstent(TM)
research in accordance with the terms and conditions contained herein;

                  NOW THEREFORE THIS AGREEMENT WITNESSETH that, in consideration
of the mutual covenants and provisos herein contained, THE PARTIES HERETO AGREE
AS FOLLOWS:

                                    ARTICLE 1
                                    ---------
                    DEFINITIONS, SCHEDULES AND INTERPRETATION
                    -----------------------------------------

1.1 DEFINITIONS. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, the following words
and phrases shall have the following meanings:

         (a)      "ACCOUNTING" means an accounting statement setting out in
                  detail as to how the amount of Revenue (as hereinafter
                  defined) is determined;

         (b)      "AGREEMENT" means this "License Agreement" as from time to
                  time supplemented or amended by one or more agreements entered
                  into pursuant to the applicable provisions hereof together
                  with all Schedules as attached thereto;

         (c)      "ARBITRATION ACT" means the COMMERCIAL ARBITRATION ACT
                  (British Columbia), R.S.B.C. 1996, as amended, as set forth in
                  Article "18" hereinbelow;

                                      -2-
<PAGE>

         (d)      "AREA" has the meaning ascribed to it in recital "C."
                  hereinabove;

         (e)      "BENEFITS" has the meaning ascribed to it in section "6.3"
                  hereinbelow;

         (f)      "DEFAULTING PARTY" and "NON-DEFAULTING PARTY" have the
                  meanings ascribed to them in section "19.1" hereinbelow;

         (g)      "EFFECTIVE DATE" and "EXECUTION DATE" have the meanings
                  ascribed to them on the front page of this Agreement;

         (h)      "GROSS SALES" means all revenues, receipts and monies directly
                  or indirectly collected or received, whether for cash or
                  credit or by way of any benefit, advantage or concession, by
                  the Licensee from the marketing, manufacturing, sale,
                  distribution (where permitted), leasing and sub-licensing
                  (where permitted) of the Products (as hereinafter defined),
                  Improvements (as hereinafter defined) or otherwise in respect
                  to the Technology as specifically permitted in the Area. All
                  Gross Sales for calculation and accounting purposes shall be
                  converted and expressed in the equivalent in United States
                  dollars on the date payment is received, or deemed received,
                  by the Licensee at the rate of exchange set by the Royal Bank
                  of Canada at its principal offices located in Vancouver,
                  British Columbia;

         (i)      "IMPROVEMENTS" means any and all improvements, variations,
                  updates, modifications, enhancements and alterations directly
                  related to the Technology which are invented, developed and/or
                  acquired after the Effective Date by the Licensor or the
                  Licensee, their employees, servants, agents, sub-licensees or
                  subcontractors, whether patentable or not, which:

                  (i)      if patentable, which claim priority from any of the
                           patents or patent applications which comprise the
                           Technology and cannot be used or practised without a
                           license of the Technology; or

                  (ii)     if not patentable, which relate directly to the
                           Technology;

         (j)      "INDEMNIFIED PARTY" has the meaning ascribed to it in section
                  "16.1" hereinbelow;

         (k)      "JOINT VENTURE" has the meaning ascribed to it in section
                  "12.1" hereinbelow;

                                      -3-
<PAGE>

         (l)      "LICENSE" has the meaning ascribed to it in recital "C."
                  hereinabove as granted in accordance with section "2.1"
                  hereinbelow;

         (m)      "LICENSEE" means MIV Therapeutics, Inc., a company
                  incorporated under the laws of the State of Nevada, or any
                  successor company, however formed, whether as a result of
                  merger, amalgamation or other action;

         (n)      "LICENSE FEE" has the meaning ascribed to it in section "6.1"
                  hereinbelow;

         (o)      "LICENSE FEE SHARES" has the meaning ascribed to it in section
                  "6.1" hereinbelow;

         (p)      "LICENSOR" means Endovasc Ltd., Inc., a company incorporated
                  under the laws of the State of Nevada, or any successor
                  company, however formed, whether as a result of merger,
                  amalgamation or other action;

         (q)      "NEW TECHNOLOGY" has the meaning ascribed to it in section
                  "12.1" hereinbelow;

         (r)      "PARTY" or "PARTIES" means the Licensor and/or the Licensee
                  hereto, as the context so requires, and their respective
                  successors and permitted assigns as the context so requires;

         (s)      "PRODUCTS" means all goods manufactured in connection with the
                  use of all or some of the Technology and/or any Improvement;

         (t)      "REVENUES" has the meaning ascribed to it in section "6.3"
                  hereinbelow;

         (u)      "ROYALTY FEE" has the meaning ascribed to it in section "6.3"
                  hereinbelow;

         (v)      "SUB-LICENSE" has the meaning ascribed to it in section "4.1"
                  hereinbelow as determined in accordance with Article "4"
                  hereinbelow;

         (w)      "SUB-LICENSEE" has the meaning ascribed to it in section "4.1"
                  hereinbelow; and

         (x)      "U.S. ACT" has the meaning ascribed to it in section "6.7"
                  hereinbelow.

                                      -4-
<PAGE>

1.2 SCHEDULE. For the purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, the following shall represent
the only Schedule which is attached to this Agreement and which forms a material
part hereof:

                     SCHEDULE                           DESCRIPTION
                     --------                           -----------

                  Schedule "A":                 Description of the Technology.

1.3 INTERPRETATION. For the purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:

         (a)      the words "herein", "hereof" and "hereunder" and other words
                  of similar import refer to this Agreement as a whole and not
                  to any particular Article, section or other subdivision of
                  this Agreement;

         (b)      the headings are for convenience only and do not form a part
                  of this Agreement nor are they intended to interpret, define
                  or limit the scope or extent of this or any provision of this
                  Agreement;

         (c)      any reference to an entity shall include and shall be deemed
                  to be a reference to any entity that is a permitted successor
                  to such entity; and

         (d)      words in the singular include the plural and words in the
                  masculine gender include the feminine and neuter genders, and
                  VICE VERSA.

                                    ARTICLE 2
                                    ---------
                                GRANT OF LICENSE
                                ----------------

2.1 GRANT OF LICENSE. In consideration herein, and the covenants on the part of
the Licensee contained herein, the Licensor hereby grants to the Licensee the
exclusive license to use or cause to be used the Technology and any Improvements
in any manner and for any purpose whatsoever and including, without limiting the
generality of the foregoing, to in any manner develop, maintain, manufacture,
distribute (with the exclusivity of distribution only being limited to the areas
of Canada, the United States and Mexico), market, sell, lease and/or license or
sub-license all Products derived or developed from such Technology and to sell
the same to the general public throughout the Area in perpetuity during the
continuance of and in accordance with the terms and conditions set forth in this
Agreement (collectively, again, the "LICENSE").

                                      -5-
<PAGE>

2.2 LIMITED PURPOSE OF LICENSE. It is specifically acknowledged by the Licensee
that the within grant of the License is limited only to the purposes stated and
does not constitute a grant of any right of ownership, right of assignment or
any other right to dispose of the Technology except only as permitted herein and
as may be, from time-to-time, permitted by the Licensor in writing.

2.3 PROVISION OF NECESSARY MATERIALS. For the purpose of manufacturing the
Licensor will provide to the Licensee all necessary technical drawings,
schematics and information and all appropriate assistance as may be required by
the Licensee.

                                    ARTICLE 3
                                    ---------
                    PROPERTY RIGHTS IN AND TO THE TECHNOLOGY
                    ----------------------------------------

3.1 OWNERSHIP OF THE TECHNOLOGY. The Parties hereto hereby acknowledge and agree
that the Licensor owns any and all right, title and interest in and to the
Technology as well as any and all Improvements.

3.2 LICENSEE'S WARRANTY IN RESPECT OF OWNERSHIP OF THE TECHNOLOGY. The Licensee
warrants and agrees that all trademarks, patents, copyright and other
intellectual right, property and information, whether now existing, in progress,
or arising in the future in any jurisdiction, of or in relation to the
Technology, and as between the Parties hereto and any affiliates, subsidiaries,
associates, or personnel of the Licensee, belong solely and exclusively to the
Licensor. The Licensee warrants and agrees that all Improvements of the
Technology belong to the Licensor whether developed or acquired by the Licensee
or the Licensor.

3.3 PROHIBITION AGAINST DISPUTING LICENSOR'S RIGHTS. The Licensee warrants and
agrees that, during and after the term of this Agreement, it will not contest
the Licensor's right and ownership in and to any part of the Technology or any
Improvements, nor will it in any way dispute or impugn the validity of any of
the Licensor's ownership, copyright, trademark or patent therein nor the right
of the Licensor to receive, whether by assignment or grant, any of the same.

3.4 INFRINGEMENT OF LICENSOR'S TRADEMARKS. The Licensee shall immediately notify
the Licensor of any infringement or challenge or duplicate to the copyright,
trademark or patent or proprietorship of the Technology as soon as the Licensee
becomes aware of such and, should such occur in the Area, such challenge shall
be defended or prosecuted by the Licensor at the mutual and equal cost of the
Parties.

3.5 FURTHER ASSURANCES IN RESPECT OF THE TECHNOLOGY. The Licensee will, at the
request and the cost of the Licensor, enter into such further agreements and
execute any and all documents as may be required to ensure that ownership of the
Technology and any Improvements resides with the Licensor.

                                      -6-
<PAGE>

                                    ARTICLE 4
                                    ---------
                                  SUB-LICENSING
                                  -------------

4.1 RIGHT TO SUB-LICENSE. The Licensee shall have the right to grant
sub-licenses (each of which is herein again referred to as "SUB-LICENSE") to
affiliated companies and other third parties (each of which is a "SUB-LICENSEE")
with respect to the Technology and any Improvements within the Area with the
prior written consent of the Licensor; such consent not to be unreasonably
withheld. Any Sub-License must be granted in conformity with the terms of this
Agreement and the covenants and agreements of the Licensee herein contained. In
this regard a Sub-Licensee under this Article shall not be construed as an
assignment under Article "14" hereinbelow. However, any Sub-License granted by
the Licensee shall be personal to the Sub-Licensee and shall not be assignable
without the prior written consent of the Licensor.

4.2 SUB-LICENSEE SUBJECT TO THIS AGREEMENT. Each Sub-Licensee shall be, and
shall be stated to be, specifically subject to this Agreement and the due
performance of the Licensee's obligations hereunder.

                                    ARTICLE 5
                                    ---------
                                 CONFIDENTIALITY
                                 ---------------

5.1 CONFIDENTIALITY IN GENERAL. The Parties hereto acknowledge and agree with
each other that all information in respect to the Technology, Products,
Improvements and the respective businesses of the Parties hereto is
confidential, and the Parties hereto covenant and agree with each other to use
their best efforts to ensure that such information does not become public
knowledge and undertake not to disclose such information or any part thereof to
any other person except to their respective consultants, subcontractors and
employees as may be necessary to carry out their respective rights and
obligations under this Agreement and except as may be required for their
respective financial reporting, income tax or regulatory purposes.

5.2 CONFIDENTIALITY IN RESPECT OF THE LICENSOR AND THIS AGREEMENT. The Licensee
will not, except as authorized or required by the Licensee's obligations
hereunder, reveal or divulge to any person or companies any information
concerning the organization, business, finances, transactions or other affairs
of the Licensor, or of any of its subsidiaries, which may come to the Licensee's
knowledge during the continuance of this Agreement, and the Licensee will keep
in complete secrecy all confidential information entrusted to the Licensee and
will not use or attempt to use any such information in any manner which may
injure or cause loss either directly or indirectly to the Licensor's business.
This restriction will continue to apply after the termination of this Agreement
without limit in point of time but will cease to apply to information or
knowledge which may come into the public domain.

                                      -7-
<PAGE>

5.3 CONTROLS RESPECTING CONFIDENTIALITY. The Licensee warrants that all
information in respect of the Technology, Products, Improvements and the
business of the Licensor, whether documentary, electronic storage or otherwise,
shall be maintained in confidence by the Licensee and the Licensee shall
establish security systems and control systems sufficient within industry
standards, or otherwise to the satisfaction of the Licensor, to protect the
same. The Licensee warrants that it will initiate and maintain an appropriate
internal program limiting the internal distributions of any such information to
its officers, employees, servants or consultants and to effect the appropriate
non-disclosure agreements from any and all persons who may have access to the
same.

                                    ARTICLE 6
                                    ---------
                             LICENSE FEE AND ROYALTY
                             -----------------------

6.1 LICENSE FEE. In consideration of the within grant of the License herein by
the Licensor to the Licensee in perpetuity the Licensee shall be required to
maintain that License by way of the payment and/or issuance to the Licensor of
an aggregate license fee of U.S. $2,200,000 (the "LICENSE FEE") in the following
manner:

         (a)      an initial U.S. $200,000 of the License Fee is payable to the
                  Licensor by the Licensee in cash within 30 calendar days of
                  the Execution Date of this Agreement;

         (b)      a further U.S. $1,000,000 of the License Fee is payable to the
                  Licensor by the Licensee, at the sole and absolute discretion
                  of the Licensee, in cash and/or common shares of the capital
                  stock of the Licensee (collectively, the "LICENSE FEE
                  SHARES"); with the provision that at least U.S. $300,000 of
                  this License Fee being payable in cash; and which payment
                  and/or issuance must be made within 12 months from the
                  Execution Date of this Agreement; and

         (c)      the final U.S. $1,000,000 of the License Fee is payable to the
                  Licensor by the Licensee, again at the sole and absolute
                  discretion of the Licensee, in cash and/or License Fee Shares
                  of the Licensee; with the provision that at least U.S.
                  $300,000 of this final License Fee being payable in cash; and
                  which payment and/or issuance must be made within 24 months
                  from the Execution Date of this Agreement; and

failing any of which the within License will immediately then terminate. In this
regard it is hereby acknowledged and agreed that, during the first year from the
Execution Date of this Agreement, but before the first U.S. $1,000,000 payment
of the within License Fee is due, the Licensee may cancel this Agreement at any
time owing only the initial License Fee cash payment of U.S. $200,000 which is
due within 30 calendar days of the Execution Date of this Agreement under
paragraph "(a)" hereinabove.

                                      -8-
<PAGE>

In addition, and for the purposes of the Licensee's above election to issue any
License Fee Shares as part of the License Fee herein, it is hereby acknowledged
and agreed that the deemed price per License Fee Share to be issued, if any,
would be determined, at the date of issuance by the Licensee to the Licensor, on
the basis of the then average of the daily closing prices for the common shares
of the Licensee for the ten consecutive full trading days during which the
Licensee's common shares are actually traded, ending at the close of the trading
day two trading days prior to the actual date of issuance by the Licensee to the
Licensor.

6.2 EQUITY. It is hereby acknowledged and agreed by the Parties hereto that part
of the License Fee as noted in section "6.1" hereinabove will be allocated to
the purchase of a one percent (1%) equity position in the Licensor's common
stock (approximately 1,000,000 common shares) to be issued in the Licensee's
name commensurate with the initial License Fee cash payment under paragraph
"6.1(a)" hereinabove.

6.3 ROYALTY FEE AND MINIMUM ADVANCE ROYALTY FEE. In additional consideration of
the within grant of the License herein by the Licensor to the Licensee in
perpetuity the Licensee shall also be required to pay to the Licensor a royalty
fee (the "ROYALTY FEE") being the greater of:

         (a)      at all times during the continuance of this Agreement, eight
                  (8%) percent of all Product revenues (collectively, the
                  "REVENUES") in respect of Gross Sales and of any other
                  benefit, directly or indirectly collected or received, whether
                  for cash or credit or by way of any benefit, advantage,
                  equity, or concession (collectively, the "BENEFITS") from the
                  manufacturing, distribution (with distribution only being
                  limited to the areas of Canada, the United States and Mexico),
                  sale or, where permitted by the Licensor in writing,
                  sub-licensing, contracting, joint venturing, leasing, equity
                  participation or any other activity in relation to the
                  Products and any Improvements of the Technology in the Area;
                  and

         (b)      for a period of ten consecutive years only commencing on the
                  date that the Licensee completes either the sale, transfer
                  and/or assignment, as the case may be, and other than by way
                  of Sub-License, of either all of the License rights acquired
                  hereunder or of all of the assets or outstanding shares of the
                  Licensee, by way of merger or amalgamation, as the case may
                  be, a minimum advance Royalty Fee of not less than U.S.
                  $2,000,000 for each of such ten years which shall be due and
                  payable to the Licensor by the Licensee in cash; and which
                  minimum advance Royalty Fee payments must be made within 20
                  business days from the end of each such ten calendar years;

failing any of which the within License will immediately then terminate. The
Licensee shall establish sound procedures and processes for customer credit
verification, invoicing, security and collections in that regard.

                                      -9-
<PAGE>

6.4 PAYMENT OF THE ROYALTY FEE. The Royalty Fee shall be paid and accounted
quarterly, within ten calendar days after the end of each quarter, and the first
quarter shall commence on the first day of the month following the month of the
Effective Date hereof. The Royalty Fee shall be calculated on all amounts
invoiced, or deemed invoiced, in a quarter. Within 60 calendar days (or such
extended time as the Licensor may permit) of the end of each fourth quarter the
Licensee shall render an annual statement with explanatory notes, shall make any
adjustments thereto, and shall pay any Royalty Fee due from such adjustment upon
presentation of such accounting or give notice of any deduction to be carried to
apply to Revenues for the next quarter. The calculation of Revenues and Benefits
and Royalty Fee payments shall be carried out in accordance with generally
accepted United States accounting principles applied on a consistent basis. The
Licensor may contest and/or audit any accounting within 90 calendar days of
presentation of such report. However, an accounting may be challenged at any
time that it comes to the attention of the Licensor that the Licensee failed to
clearly disclose any material fact or Revenue or Benefit. Any and all expenses
attributable to any audit shall be the responsibility of and for the sole
account of the Licensor.

6.5 COLLECTION OF GROSS SALES. It shall be the responsibility of the Licensee to
collect the amounts of Gross Sales and all risk of such shall be that of the
Licensee. Notwithstanding that the Licensee shall not have invoiced a customer,
it shall be deemed to have invoiced for all Products and Improvements of the
Technology on the tenth calendar day after delivery of the same unless special
circumstances, with prior approval in writing by the Licensor, pertain. However,
the Licensee may deduct from Revenues upon which a Royalty Fee is calculated the
uncollected receivables from preceding quarters which the Licensee has made BONA
FIDE and reasonable best efforts to collect but the cost of collection shall not
be deducted from Revenues for the purpose of the Royalty Fee calculation. The
Royalty on Benefits shall be accounted to the Licensor immediately upon the same
being received, allocated or otherwise creating value or ownership in the
Licensee.

6.6 ADDITIONAL CONDITIONS ON ROYALTY FEE PAYMENTS. All Royalty Fee payments made
by the Licensee to the Licensor hereunder shall be made in United States dollars
without any reduction or deduction of any nature or kind whatsoever, except as
set forth in this Agreement. Any Benefits shall be delivered to the Licensor in
kind, unless otherwise agreed, and in the event that a Benefits' Royalty Fee
cannot be lawfully delivered in kind the same shall be valued by a mutually
selected valuator, which shall value the Benefit in the reasonable time-frame
(if a share equity then at such time as the Licensor shall require delivery or,
at the election of the Licensor, at the time that the Licensee shall sell the
same) selected by the Licensee and the Royalty Fee shall be paid in United
States dollars unless the Licensor shall have elected to take in kind.

6.7 INITIAL LEGENDING AND RESALE RESTRICTIONS RESPECTING ANY LICENSE FEE SHARES.
Subject to section "6.8" hereinbelow, the Licensor acknowledges and understands
that the initial certificates representing any License Fee Shares will be
stamped with the following legend (or substantially equivalent language)
restricting transfer in the following manner:

                                      -10-
<PAGE>

         "The securities represented by this certificate have not been
         registered under the United States Securities Act of 1933, as amended,
         or the laws of any state, and have been issued pursuant to an exemption
         from registration pertaining to such securities and pursuant to a
         representation by the security holder named hereon that said securities
         have been acquired for purposes of investment and not for purposes of
         distribution. These securities may not be offered, sold, transferred,
         pledged or hypothecated in the absence of registration, or the
         availability of an exemption from such registration. Furthermore, no
         offer, sale, transfer, pledge or hypothecation is to take place without
         the prior written approval of counsel to the Company being affixed to
         this certificate. The stock transfer agent has been ordered to
         effectuate transfers of this certificate only in accordance with the
         above instructions.".

                  In this regard the Licensor initially acknowledges and
                  understands that:

         (a)      any License Fee Shares will be restricted securities within
                  the meaning of "RULE 144" promulgated under the United States
                  Securities Act of 1933 (the "U.S. ACT");

         (b)      subject to section "6.8" hereinbelow, the exemption from
                  registration under Rule 144 will not generally be available in
                  any event for at least one year from the date of issuance of
                  the License Fee Shares, and even then will not be available
                  unless (i) a public trading market then exists for the common
                  stock of the Licensee, (ii) adequate information concerning
                  the Licensee is then available to the public and (iii) other
                  terms and conditions of Rule 144 are complied with; and

         (c)      any sale of the License Fee Shares may be made by the Licensor
                  only in limited amounts in accordance with such terms and
                  conditions.

                  The Licensor further acknowledges and understands that,
without in anyway limiting the acknowledgements and understandings as set forth
hereinabove, the Licensor agrees that the Licensor shall in no event make any
disposition of all or any portion of the License Fee Shares which the Licensor
is acquiring hereunder unless and until:

         (a)      there is then in effect a "REGISTRATION STATEMENT" under the
                  U.S. Act covering such proposed disposition and such
                  disposition is made in accordance with said Registration
                  Statement; or

         (b)      (i) the Licensor shall have notified the Licensee of the
                  proposed disposition and shall have furnished the Licensor
                  with a detailed statement of the circumstances surrounding the
                  proposed disposition, (ii) the Licensor shall have furnished
                  the Licensee with an opinion of the Licensor's own counsel to

                                      -11-
<PAGE>

                  the effect that such disposition will not require registration
                  of any such License Fee Shares under the U.S. Act and (iii)
                  such opinion of the Licensor's counsel shall have been
                  concurred in by counsel for the Licensee and the Licensee
                  shall have advised the Licensor of such concurrence.

6.8 REGISTRATION OF ANY LICENSE FEE SHARES. Subject to section "6.7"
hereinabove, the Licensee hereby covenants and agrees that, upon the issuance by
the Licensee to the Licensor of any License Fee Shares hereunder, and as soon as
reasonably possible thereafter, the Licensee shall use all reasonable efforts to
cause any such License Fee Shares to be registered under all applicable
securities legislation and including, without limitation, the U.S. Act, and by
way of, without limitation, the preparation and filing of a Registration
Statement which, when effective, will be effective for a period of not less than
one year from the date of issuance of any such License Fee Shares.

                                    ARTICLE 7
                                    ---------
                            ACCOUNTING AND INSPECTION
                            -------------------------

7.1 MAINTAINING SEPARATE RECORDS. The Licensee shall maintain at its principal
place of business separate accounts, and records thereto, of business and
activities conducted pursuant to this Agreement and such accounts and records to
be in sufficient detail to enable Royalty calculations to be properly made under
this Agreement. The Licensee shall retain the accounts, and records in relation
thereto, for at least three years after the date upon which they were made and
presented to the Licensor. The Licensee shall furnish such reasonable evidence
as the Licensor deems necessary to verify the accounting and will permit the
Licensor's representatives to make copies of or extracts from such accounts and
records.

7.2 INSPECTION OF RECORDS. The Licensor shall have, on one business day notice,
unimpeded right and authority to enter on the premises of the Licensee, its
representatives, its agents, its counsel or any other party having control or
possession of records or premises of the Licensee or in relation to its
production or sales or distribution of the Products or Improvements, or control
of any information relating to Technology, for the purpose of all such
investigations as the Licensor may require to assure itself as to the compliance
by the Licensee with appropriate technical standards, quality controls, security
of the Technology, use of the Technology, payment of Royalties and compliance
with this Agreement. The Licensee covenants to allow and assist the Licensor,
and its duly authorized representatives, access to all the aforesaid premises
and locations and access to all such personnel and other persons as the Licensor
may require, and the Licensee shall make such premises, records and persons
available within three business days of notice by the Licensor.

                                      -12-
<PAGE>

                                    ARTICLE 8
                                    ---------
                                   TRADEMARKS
                                   ----------

8.1 USE OF TRADEMARKS. The Licensee will be allowed to use any and all
trademarks of the Licensor with respect to the Technology, Products and any
Improvements.

                                    ARTICLE 9
                                    ---------
                     PERFORMANCE OBLIGATIONS OF THE LICENSEE
                     ---------------------------------------

9.1 PROMOTION AND MARKETING. The Licensee shall use its reasonable commercial
efforts to promote, market and sell the Products and utilize the Technology and
any Improvements and meet or cause to be met the market demand for the Products
and the utilization of the Technology and any Improvements in accordance with
the terms and conditions of this Agreement.

9.2 ASSISTING THE LICENSOR IN RESEARCH. The Licensee hereby agrees to assist the
Licensor in its Liprostin(TM)/PROstent(TM) research by sponsoring an arm of the
research devoted to stent coatings. In this regard the Licensee's budget for the
first 12 month development period shall be not less than the lesser of U.S.
$500,000 and such amount as may be required in order to carry out two animal
trials in conjunction with Liprostin(TM)/PROstent(TM), and all research to be
performed by the Licensee and the Licensor with respect to
Liprostin(TM)/PROstent(TM) shall be performed using the FDA approved protocol
and in such a manner as to assure compliance with FDA regulations.

9.3 RESEARCH MILESTONES. The Parties hereto agree that the timing of the
research relating to the Liprostin(TM)/PROstent(TM) is critical. Therefore, the
Licensee hereby agrees to use its reasonable commercial efforts to attain a
position in Phase III clinical trials by the beginning of the fourth year after
the Execution Date of this Agreement; failing which the Licensee will relinquish
the control of the research relating to the Liprostin(TM)/PROstent(TM) to the
Licensor and the Licensee will continue to be responsible for the costs of such
research.

                                   ARTICLE 10
                                   ----------
                                    INSURANCE
                                    ---------

10.1 INSURANCE. Within 60 calendar days of the first sale of any Product or the
completion of clinical or other testing using human subjects using a Product the
Licensee shall procure and maintain, during the term of this Agreement, the
insurance outlined in sections "10.2" and "10.3" hereinbelow and otherwise
comply with the insurance provisions contained therein.

                                      -13-
<PAGE>

10.2 NOTICE AND AMENDMENTS TO INSURANCE. One month prior to the first sale of
any Product the Licensee will give notice to the Licensor of the terms and
amount of the public liability, product liability and errors and omissions
insurance which it has placed in respect of the same; which in no case shall be
less than the insurance which a reasonable and prudent businessman carrying on a
similar line of business would acquire. This insurance shall be placed with a
reputable and financially secure insurance carrier and shall provide primary
coverage with respect to the activities contemplated by this Agreement. Such
policy shall include severability of interest and cross-liability clauses and
shall provide that the policy shall not be cancelled or materially altered
except upon at least 30 calendar days' written notice to the Licensor. The
Licensor shall have the right to require reasonable amendments to the terms or
the amount of coverage contained in the policy. Failing the Parties agreeing on
the appropriate terms or the amount of coverage, then the matter shall be
determined by arbitration as provided for herein. The Licensee shall provide the
Licensor with certificates of insurance evidencing such coverage seven calendar
days before commencement of sales of any Product and the Licensee covenants not
to sell any Product before such certificate is provided and approved by the
Licensor or to sell any Product at any time unless the insurance outlined in
this section is in effect.

10.3 INSURANCE BY SUB-LICENSEE. The Licensee shall require that each
Sub-Licensee under this Agreement shall procure and maintain, during the term of
the Sub-License, public liability, product liability and errors and omissions
insurance in reasonable amounts with a reputable and financially secure
insurance carrier.

                                   ARTICLE 11
                                   ----------
                                      TERM
                                      ----

11.1 TERM. The term of this Agreement shall be perpetual and be in full force
and effect as long as the terms and conditions of this Agreement are being met.

                                   ARTICLE 12
                                   ----------
                      JOINT VENTURE OPTION OF THE LICENSEE
                      ------------------------------------

12.1 LICENSEE'S OPTION TO FORM A JOINT VENTURE. As a consequence of the within
License the Licensee shall have an exclusive option, during the first 90
calendar days of the term of this Agreement and the License, to form a 50/50
joint venture relationship (the "JOINT VENTURE") with the Licensor to develop
the Licensor's present ANGIOGENIX(TM) coating products and the resorbable stent
and catheter technology consequent thereon (collectively, the "NEW TECHNOLOGY").
As a result of the proposed Joint Venture the Licensor shall be obligated to
contribute the New Technology to the Joint Venture, which will have a deemed
Joint Venture value of U.S. $2,500,000 attributable thereto, for research
already performed. The Licensee's corresponding contribution to the Joint
Venture will be to seek and secure, in such manner and to such extent as the
Licensee may determine, in its sole and absolute discretion, and within 12

                                      -14-
<PAGE>

months following the documented formation of the Joint Venture as contemplated
in section "12.2" hereinbelow, such private and/or public equity and/or debt
funding in the Joint Venture as may be necessary to maintain the research of the
New Technology in a manner and to an extent which is agreeable to all partners
of the Joint Venture. In this regard certain allowances with respect to the
exact percentage of ownership of the Joint Venture by the Licensor and the
Licensee may be made to comply with any taxing authority's regulations to avail
the Joint Venture of all available tax credits.

12.2 EFFORTS TO COMPLETE A JOINT VENTURE. Upon the Licensee exercising its
within right and option to form the Joint Venture contemplated herein the
Parties hereto agree to use their commercial reasonable efforts to form and
document the Joint Venture within 90 calendar days from date of any such
exercise. In that regard any formal Joint Venture structure will contain terms
and conditions standard in the industry and including, without limitation,
standard dilution provisions, and should the Parties hereto be unable to
determine the final terms thereof the matter shall be determined by arbitration
as provided for herein.

                                   ARTICLE 13
                                   ----------
                    LICENSEE IS INDEPENDENT AND NOT AN AGENT
                    ----------------------------------------

13.1 INDEPENDENT CONTRACTOR. The Licensee shall be an independent contractor and
not an employee of the Licensor, and the Licensor assumes no obligations,
contractual or otherwise, existing or which may arise with respect to the
Licensee's operations. Nothing contained herein shall constitute a partnership
or joint venture between the Parties hereto, and all sales made by the Licensee
shall be in the Licensee's name without reference to the Licensor if deemed so.

13.2 LICENSEE NOT AGENT. The Licensee shall have no right to pledge the credit
of the Licensor, and the Licensee is not, and shall not describe itself as, the
agent of the Licensor or the manufacturer of any of the Products utilizing the
Technology or any Improvements.

                                   ARTICLE 14
                                   ----------
                                   ASSIGNMENT
                                   ----------

14.1 ASSIGNMENT BY LICENSEE. The Licensee shall not assign this Agreement or any
rights hereunder in whole or in part unless it shall have first requested and
obtained the consent in writing of the Licensor to such proposed assignment. The
Licensor's consent thereto will not be unreasonably withheld; provided, however,
that the proposed assignee has agreed in writing with the Licensor to be bound
by and to observe the covenants of the Licensee herein contained.

14.2 ASSIGNMENT BY LICENSOR. This Agreement and all rights hereunder may be
assigned or transferred by the Licensor at any time provided that the Licensor's
assignee agrees to expressly honour the terms and conditions of this Agreement.

                                      -15-
<PAGE>

14.3 DEEMED ASSIGNMENT. The change in control of the Licensee, in whole or in
part, shall be deemed to be an assignment of this Agreement and the Licensee's
rights hereunder and shall be subject to section "14.1" hereinabove.

                                   ARTICLE 15
                                   ----------
                  REPRESENTATIONS AND WARRANTIES BY THE PARTIES
                  ---------------------------------------------

15.1 REPRESENTATIONS AND WARRANTIES BY THE LICENSOR. In order to induce the
Licensee to enter into and consummate this Agreement the Licensor hereby
represents and warrants to the Licensee, with the intent that the Licensee will
rely thereon in entering into this Agreement and in concluding the transactions
contemplated herein, that, to the best of the knowledge, information and belief
of the Licensor, after having made due enquiry:

         (a)      the Licensor has been duly incorporated and organized, is
                  validly existing and is in good standing under the laws of the
                  jurisdiction of its incorporation;

         (b)      the Licensor has the full corporate power and authority to
                  enter into this Agreement;

         (c)      the Licensor is duly registered and licensed to carry on
                  business in the jurisdictions in which it carries on business
                  or owns property where required under the laws of that
                  jurisdiction;

         (d)      the entering into of this Agreement by the Licensor does not
                  and will not conflict with, and does not and will not result
                  in a breach of, any of the terms of the Licensor's
                  incorporating documents or any agreement or instrument to
                  which the Licensor is a party;

         (e)      the Licensor is the legal and beneficial owner and registered
                  holder of the patented Technology and all related trade-marks;
                  and

         (f)      this Agreement has been duly authorized by all necessary
                  corporate action on the part of the Licensor, is validly
                  executed and delivered by the Licensor and is enforceable in
                  accordance with its terms.

15.2 REPRESENTATIONS AND WARRANTIES BY THE LICENSEE. In order to induce the
Licensor to enter into and consummate this Agreement the Licensee hereby
represents and warrants to the Licensor, with the intent that the Licensor will
rely thereon in entering into this Agreement and in concluding the transactions
contemplated herein, that, to the best of the knowledge, information and belief
of the Licensee, after having made due enquiry:

                                      -16-
<PAGE>

         (a)      the Licensee has been duly incorporated and organized, is
                  validly existing and is in good standing under the laws of the
                  jurisdiction of its incorporation;

         (b)      the Licensee has the full corporate power and authority to
                  enter into this Agreement;

         (c)      the Licensee is duly registered and licensed to carry on
                  business in the jurisdictions in which it carries on business
                  or owns property where required under the laws of that
                  jurisdiction;

         (d)      the entering into of this Agreement by the Licensee does not
                  and will not conflict with, and does not and will not result
                  in a breach of, any of the terms of the Licensee's
                  incorporating documents or any agreement or instrument to
                  which the Licensee is a party; and

         (e)      this Agreement has been duly authorized by all necessary
                  corporate action on the part of the Licensee, is validly
                  executed and delivered by the Licensee and is enforceable in
                  accordance with its terms.

                                   ARTICLE 16
                                   ----------
                      INDEMNIFICATION AND LEGAL PROCEEDINGS
                      -------------------------------------

16.1 INDEMNIFICATION. The Parties hereto agree to indemnify and save harmless
each other Party hereto and including, where applicable, their respective
affiliates, directors, officers, employees and agents (each such party being an
"INDEMNIFIED PARTY") harmless from and against any and all losses, claims,
actions, suits, proceedings, damages, liabilities or expenses of whatever nature
or kind, including any investigation expenses incurred by any Indemnified Party,
to which an Indemnified Party may become subject by reason of the terms and
conditions of this Agreement, without limiting the generality of the foregoing,
against any damages or losses, consequential or otherwise, arising from or out
of the use of the Technology or any Improvements or Products licensed under this
Agreement by the Licensee or its Sub-Licensees or their respective customers or
end-users howsoever the same may arise.

16.2 NO INDEMNIFICATION. This indemnity will not apply in respect of an
Indemnified Party in the event and to the extent that a court of competent
jurisdiction in a final judgment shall determine that the Indemnified Party was
grossly negligent or guilty of willful misconduct.

                                      -17-
<PAGE>

16.3 CLAIM OF INDEMNIFICATION. The Parties hereto agree to waive any right they
might have of first requiring the Indemnified Party to proceed against or
enforce any other right, power, remedy, security or claim payment from any other
person before claiming this indemnity.

16.4 NOTICE OF CLAIM. In case any action is brought against an Indemnified Party
in respect of which indemnity may be sought against any of the Parties hereto,
the Indemnified Party will give the relevant Party hereto prompt written notice
of any such action of which the Indemnified Party has knowledge and such Party
will undertake the investigation and defense thereof on behalf of the
Indemnified Party, including the prompt Consulting of counsel acceptable to the
Indemnified Party affected and the payment of all expenses. Failure by the
Indemnified Party to so notify shall not relieve any Party hereto of such
Party's obligation of indemnification hereunder unless (and only to the extent
that) such failure results in a forfeiture by any Party hereto of substantive
rights or defenses.

16.5 SETTLEMENT. No admission of liability and no settlement of any action shall
be made without the consent of each of the Parties hereto and the consent of the
Indemnified Party affected, such consent not to be unreasonable withheld.

16.6 LEGAL PROCEEDINGS. Notwithstanding that the relevant Party hereto will
undertake the investigation and defense of any action, an Indemnified Party will
have the right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel will be at the
expense of the Indemnified Party unless:

         (a)      such counsel has been authorized by the relevant Party hereto;

         (b)      the relevant Party hereto has not assumed the defense of the
                  action within a reasonable period of time after receiving
                  notice of the action;

         (c)      the named parties to any such action include that any Party
                  hereto and the Indemnified Party shall have been advised by
                  counsel that there may be a conflict of interest between any
                  Party hereto and the Indemnified Party; or

         (d)      there are one or more legal defenses available to the
                  Indemnified Party which are different from or in addition to
                  those available to any Party hereto.

16.7 CONTRIBUTION. If for any reason other than the gross negligence or bad
faith of the Indemnified Party being the primary cause of the loss claim,
damage, liability, cost or expense, the foregoing indemnification is unavailable
to the Indemnified Party or insufficient to hold them harmless, the relevant
Party hereto shall contribute to the amount paid or payable by the Indemnified
Party as a result of any and all such losses, claim, damages or liabilities in

                                      -18-
<PAGE>

such proportion as is appropriate to reflect not only the relative benefits
received by any Party hereto on the one hand and the Indemnified Party on the
other, but also the relative fault of the Parties and other equitable
considerations which may be relevant. Notwithstanding the foregoing, the
relevant Party hereto shall in any event contribute to the amount paid or
payable by the Indemnified Party, as a result of the loss, claim, damage,
liability, cost or expense (other than a loss, claim, damage, liability, cost or
expenses, the primary cause of which is the gross negligence or bad faith of the
Indemnified Party), any excess of such amount over the amount of the fees
actually received by the Indemnified Party hereunder.

                                   ARTICLE 17
                                   ----------
                                  FORCE MAJEURE
                                  -------------

17.1 EVENTS. If either Party hereto is at any time either during this Agreement
or thereafter prevented or delayed in complying with any provisions of this
Agreement by reason of strikes, walk-outs, labour shortages, power shortages,
fires, wars, acts of God, earthquakes, storms, floods, explosions, accidents,
protests or demonstrations by environmental lobbyists or native rights groups,
delays in transportation, breakdown of machinery, inability to obtain necessary
materials in the open market, unavailability of equipment, governmental
regulations restricting normal operations, shipping delays or any other reason
or reasons beyond the control of that Party, then the time limited for the
performance by that Party of its respective obligations hereunder shall be
extended by a period of time equal in length to the period of each such
prevention or delay.

17.2 NOTICE. A Party shall within three calendar days give notice to the other
Party of each event of FORCE MAJEURE under section "17.1" hereinabove, and upon
cessation of such event shall furnish the other Party with notice of that event
together with particulars of the number of days by which the obligations of that
Party hereunder have been extended by virtue of such event of FORCE MAJEURE and
all preceding events of FORCE MAJEURE.

                                   ARTICLE 18
                                   ----------
                                   ARBITRATION
                                   -----------

18.1 MATTERS FOR ARBITRATION. The Parties agree that all questions or matters in
dispute with respect to this Agreement shall be submitted to arbitration
pursuant to the terms hereof.

18.2 NOTICE. It shall be a condition precedent to the right of any Party to
submit any matter to arbitration pursuant to the provisions hereof, that any
Party intending to refer any matter to arbitration shall have given not less
than five business days' prior written notice of its intention to do so to the
other Party together with particulars of the matter in dispute. On the
expiration of such five business days the Party who gave such notice may proceed
to refer the dispute to arbitration as provided for in section "18.3"
hereinbelow.

                                      -19-
<PAGE>

18.3 APPOINTMENTS. The Party desiring arbitration shall appoint one arbitrator,
and shall notify the other Party of such appointment, and the other Party shall,
within five business days after receiving such notice, appoint an arbitrator,
and the two arbitrators so named, before proceeding to act, shall, within five
business days of the appointment of the last appointed arbitrator, unanimously
agree on the appointment of a third arbitrator, to act with them and be chairman
of the arbitration herein provided for. If the other Party shall fail to appoint
an arbitrator within five business days after receiving notice of the
appointment of the first arbitrator, and if the two arbitrators appointed by the
Parties shall be unable to agree on the appointment of the chairman, the
chairman shall be appointed in accordance with the Arbitration Act. Except as
specifically otherwise provided in this section, the arbitration herein provided
for shall be conducted in accordance with such Arbitration Act. The chairman, or
in the case where only one arbitrator is appointed, the single arbitrator, shall
fix a time and place for the purpose of hearing the evidence and representations
of the Parties, and he shall preside over the arbitration and determine all
questions of procedure not provided for by the ARBITRATION ACT or this section.
After hearing any evidence and representations that the Parties may submit, the
single arbitrator, or the arbitrators, as the case may be, shall make an award
and reduce the same to writing, and deliver one copy thereof to each of the
Parties. The expense of the arbitration shall be paid as specified in the award.

18.4 LIMITATIONS. The Parties agree that all matters submitted to arbitration
hereunder shall not be limited in the scope of discovery prior to the hearing of
evidence at any such arbitration.

18.5 AWARD. The Parties also agree that the award of a majority of the
arbitrators, or in the case of a single arbitrator, of such arbitrator, shall be
final and binding upon each of them.

                                   ARTICLE 19
                                   ----------
                             DEFAULT AND TERMINATION
                             -----------------------

19.1 DEFAULT. The Parties hereto agree that if any Party hereto is in default
with respect to any of the provisions of this Agreement (herein called the
"DEFAULTING PARTY"), the non-defaulting Parties (herein called, collectively,
the "NON-DEFAULTING PARTY") shall give notice to the Defaulting Party
designating such default, and within 15 calendar days after its receipt of such
notice, the Defaulting Party shall either:

         (a)      cure such default, or commence proceedings to cure such
                  default and prosecute the same to completion without undue
                  delay; or

                                      -20-
<PAGE>

         (b)      give the Non-Defaulting Party notice that it denies that such
                  default has occurred and that it is submitting the question to
                  arbitration as herein provided.

19.2 ARBITRATION. If arbitration is sought a Party shall not be deemed in
default until the matter shall have been determined finally by appropriate
arbitration under the provisions of Article "18" hereinabove.

19.3 CURING THE DEFAULT. If:

         (a)      the default is not so cured or the Defaulting Party does not
                  commence or diligently proceed to cure the default; or

         (b)      arbitration is not so sought; or

         (c)      the Defaulting Party is found in arbitration proceedings to be
                  in default, and fails to cure it within five calendar days
                  after the rendering of the arbitration award,

the Non-Defaulting Party may, by written notice given to the Defaulting Party at
any time while the default continues, terminate the interest of the Defaulting
Party in and to this Agreement.

                                   ARTICLE 20
                                   ----------
                                     NOTICE
                                     ------

20.1 NOTICE. Each notice, demand or other communication required or permitted to
be given under this Agreement shall be in writing and shall be sent by prepaid
registered mail deposited in a recognized post office and addressed to the Party
entitled to receive the same, or delivered to such Party, at the address for
such Party as set forth below or at such other address as any party may
hereinafter designate in writing to the other Party. The date of receipt of such
notice, demand or other communication shall be the date of delivery thereof if
delivered, or, if given by registered mail as aforesaid, shall be deemed
conclusively to be the third day after the same shall have been so mailed,
except in the case of interruption of postal services for any reason whatsoever,
in which case the date of receipt shall be the date on which the notice, demand
or other communication is actually received by the addressee.

                                      -21-
<PAGE>

         If to the Licensor:  Attention: David P. Summers, President
                              Endovasc Ltd., Inc.
                              15001 Walden Road, Suite 108
                              Montgomery, Texas
                              U.S.A., 73356
                              Telephone: (o)o and Fax: (o)o; and

         If to the Licensee:  Attention: Mr. Alan P. Lindsay, President
                              MIV Therapeutics, Inc.
                              Unit 1, 8765 Ash Street
                              Vancouver, British Columbia
                              Canada, V6P 6T3
                              Telephone: (604) 301-9545 and Fax: (604) 301-9546.

20.2 CHANGE OF ADDRESS. Either Party may at any time and from time to time
notify the other Party in writing of a change of address and the new address to
which notice shall be given to it thereafter until further change.

                                   ARTICLE 21
                                   ----------
                               GENERAL PROVISIONS
                               ------------------

21.1 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement to date
between the Parties hereto and supersedes every previous agreement, expectation,
negotiation, representation or understanding, whether oral or written, express
or implied, statutory or otherwise, between the Parties with respect to the
subject matter of this Agreement.

21.2 TIME OF THE ESSENCE. Time will be of the essence of this Agreement.

21.3 FURTHER ASSURANCES. The Parties will from time to time after the execution
of this Agreement make, do, execute or cause or permit to be made, done or
executed, all such further and other acts, deeds, things, devices and assurances
in law whatsoever as may be required to carry out the true intention and to give
full force and effect to this Agreement.

21.4 REPRESENTATION AND COSTS. It is hereby acknowledged by each of the Parties
hereto that, as between the Licensor and the Licensee herein, Devlin Jensen,
Barristers and Solicitors, acts solely for the Licensee, and that the Licensor
has been advised by both Devlin Jensen and the Licensee to obtain independent
legal advice with respect to the Licensor's review and execution of this
Agreement. In addition, it is hereby further acknowledged and agreed by the
Parties hereto that each Party to this Agreement will bear and pay its own
costs, legal and otherwise, in connection with its respective preparation,
review and execution of this Agreement and, in particular, that the costs
involved in the preparation of this Agreement, and all documentation necessarily
incidental thereto, by Devlin Jensen shall be at the cost of the Licensee.

                                      -22-
<PAGE>

21.5 APPLICABLE LAW. The situs of this Agreement is Vancouver, British Columbia,
however, for all purposes this Agreement will be governed exclusively by and
construed and enforced in accordance with the laws prevailing in the State of
Nevada, U.S.A.. This Agreement shall be litigated in the Courts of the State of
Nevada, U.S.A. unless otherwise agreed by the Parties hereto or unless otherwise
permitted by the Licensee.

21.6 SEVERABILITY AND CONSTRUCTION. Each Article, section, paragraph, term and
provision of this Agreement, and any portion thereof, shall be considered
severable, and if, for any reason, any portion of this Agreement is determined
to be invalid, contrary to or in conflict with any applicable present or future
law, rule or regulation in a final unappealable ruling issued by any court,
agency or tribunal with valid jurisdiction in a proceeding to which any Party
hereto is a party, that ruling shall not impair the operation of, or have any
other effect upon, such other portions of this Agreement as may remain otherwise
intelligible (all of which shall remain binding on the Parties and continue to
be given full force and effect as of the date upon which the ruling becomes
final).

21.7 CAPTIONS. The captions, section numbers and Article numbers appearing in
this Agreement are inserted for convenience of reference only and shall in no
way define, limit, construe or describe the scope or intent of this Agreement
nor in any way affect this Agreement.

21.8 COUNTERPARTS. This Agreement may be signed by the Parties hereto in as many
counterparts as may be necessary, and via facsimile if necessary, each of which
so signed being deemed to be an original and such counterparts together
constituting one and the same instrument and, notwithstanding the date of
execution, being deemed to bear the Effective Date as set forth on the front
page of this Agreement.

21.9 NO PARTNERSHIP OR AGENCY. The Parties have not created a partnership and
nothing contained in this Agreement shall in any manner whatsoever constitute
any Party the partner, agent or legal representative of the other Party, nor
create any fiduciary relationship between them for any purpose whatsoever.

21.10 CONSENTS AND WAIVERS. No consent or waiver expressed or implied by either
Party in respect of any breach or default by the other in the performance by
such other of its obligations hereunder shall:

         (a)      be valid unless it is in writing and stated to be a consent or
                  waiver pursuant to this section;

                                      -23-
<PAGE>

         (b)      be relied upon as a consent to or waiver of any other breach
                  or default of the same or any other obligation;

         (c)      constitute a general waiver under this Agreement; or

         (d)      eliminate or modify the need for a specific consent or waiver
                  pursuant to this section in any other or subsequent instance.

                  IN WITNESS WHEREOF the Parties hereto have hereunto set their
respective hands and seals in the presence of their duly authorized signatories
as at the Execution Date as hereinabove determined.

The CORPORATE SEAL of                       )
ENDOVASC LTD., INC.,                        )
-------------------                         )
the Licensor herein, was hereunto           )
affixed in the presence of:                 )
                                            )               (C/S)
/S/ DAVID STUENENBERG                       )
--------------------------------------------
Authorized Signatory                        )

The CORPORATE SEAL of                       )
MIV THERAPEUTICS, INC.,                     )
----------------------                      )
the Licensee herein, was hereunto           )
affixed in the presence of:                 )
                                            )               (C/S)
/S/ ALAN LINDSAY                            )
--------------------------------------------)
Authorized Signatory                        )
Alan P. Lindsay
Chairman, President and CEO

                                      -24-
<PAGE>

                                   SCHEDULE A
                                   ----------

         This is Schedule "A" to that certain License Agreement, dated effective
April 29, 2002, as entered into between Endovasc Ltd., Inc. and MIV
Therapeutics, Inc.

                          DESCRIPTION OF THE TECHNOLOGY
                          -----------------------------

1.       Patent Application No. 09/309,949; Filed on May 11, 1999; "Prosthesis
         With Biodegradable Surface Coating and Method For Making Same" [This
         application is a continuation-in-part application of U.S. Patent
         Application Serial No. 08/797,743 filed on February 7, 1997].

         Abstact: A vascular structure includes suitable mechanical properties
         needed to open and maintain a vessel, duct, tract, or organ and precise
         chronicity controlling the release and delivery of a bioactive agent
         carried on the vascular structure. The bioactive agent is capable of
         acting upon and altering the mechanisms of biologic systems in a manner
         providing a medicinal therapy. The vascular structure includes at least
         one layer or coating of the bioactive agent overlaid by a permiable
         membrane for controlling the osmotic release of the bioactive agent.

2.       Patent Application Serial No. 08/797,743; Filed on February 7, 1997;
         "Composition and Method For Making a Biodegradable Drug Delivery
         Stent".

         Abstract: A stent or vascular graft for supporting a blood vessel or
         organ lumen is coated with a biodegradable, resorbable and
         hemocompatible surface substrate. Biologically active microspheres
         which controllably release the biologically active agent into the
         vessel wall or organ to inhibit restenosis of the stent is embedded in
         the stent substrate. The biologically active microspheres include
         encapsulated PGE1 in a water soluble polyethylene glycol mix, which
         over a period of time dissolves and releases the PGE1 into the vessel
         wall or organ.

                                   ----------

                                      -25-Exhibit 10.1

                              INTRODUCER AGREEMENT
                 (U.S. Guaranteed Introducer - Fully Disclosed)

         THIS AGREEMENT is made and entered into as of this 15 day of June 2001
by and between E. D. & F. Man International Inc., a Delaware corporation
("Clearing Broker"), and Strategic Futures and Options, Inc., Minnesota
corporation ("Introducer").

         WHEREAS, Introducer is registered as a futures commission merchant or
introducing broker with the Commodity Futures Trading Commission ("CFTC') under
the Commodity Exchange Act. as amended (the "Act"), and is a member of the
National Futures Association ("NFA");

         WHEREAS, Introducer desires to introduce certain accounts ("Accounts")
on behalf of its customers ("Customers") to Clearing Broker on a fully disclosed
basis and to obtain from Clearing Broker clearing, execution, and other services
relating to transactions in commodities, commodity futures contracts, options on
commodities, options on commodity futures contracts. forward contracts, spot and
forward currencies, physical commodities and any similar instrument which may be
purchased or sold by or through Clearing Broker for the Accounts;

         WHEREAS, Clearing Broker is a clearing member of various contract
markets and exchanges and their clearinghouses and is registered as a futures
commission merchant with the CFTC under the Act;

         WHEREAS, Clearing Broker desires to provide clearing, execution, and
other services for the Accounts on the terms and conditions set forth herein;

         WHEREAS, Fox Inc. has entered into an agreement with Clearing Broker
which includes provisions that obligate Fox Inc. to indemnify Clearing Broker
for certain losses incurred by Clearing Broker resulting from its relationship
with Introducer;

         WHEREAS, Introducer desires to enter into a Guarantee Agreement (as
such term is defined by the CFTC) with Clearing Broker;

         WHEREAS, Clearing Broker desires to enter into a Guarantee Agreement
with Introducer;

         NOW, THEREFORE, for and in consideration of the premises and mutual
agreements set forth herein, the parties agree as follows:

1. Services Provided by Clearing Broker.

         Clearing Broker, acting as Introducer's agent, shall perform the
following services:

         (a) Clearing Broker shall maintain the Accounts on a fully disclosed
basis in accordance with any applicable law, rule. or regulation of or
administered by the CFTC, NFA, any United States contract market, exchange,
clearinghouse, governmental agency or other self-regulatory organization
("applicable law"). Clearing Broker reserves the right to refuse to accept or
carry any Account or clear or settle any transactions therein.

         (b) Clearing Broker shall receive and execute orders for the Accounts
in accordance with instructions transmitted by Introducer or its Customers.
Clearing Broker may execute orders through employees of Clearing Broker or
through independent contractors in contract markets of which Clearing Broker is
a member and may utilize the services of other futures commission merchants or
brokers and dealers which are members of contract markets or exchanges of which
Clearing Broker is not a member. Clearing Broker may, but shall not be obligated
to, execute orders received directly from Introducer or Introducer's Customer.

         (c) Clearing Broker shall prepare and transmit to Customers written
reports of margin calls, confirmation. purchase-and-sale, and monthly
statements. and such other documents as may be required by applicable law. Such
reports and other documents furnished by Clearing Broker to Customers shall
indicate that the Accounts are introduced by Introducer to Clearing Broker.

<PAGE>

         (d) Clearing Broker shall settle and clear transactions in the
Accounts.

         (e) Clearing Broker shall hold cash. securities. and other property
received from or on behalf of Customers in accordance with applicable law.
Clearing Broker shall not be obligated to pay interest on cash held for
Customers.

         (f) Clearing Broker will perform all cashiering functions for the
Accounts including, without limitation, receipt and delivery of securities,
warehouse receipts or commodities, making and receiving payments for
transactions, payment and collection of interest on Accounts, payment of
dividends and transmission of margin calls to Introducer.

         (g) Clearing Broker, and not Introducer, shall have the right, within
the limits of applicable law and regulations to lend, either to Clearing Broker
or to others, any securities or other property held by Clearing Broker in any
margin Account together with all attendant rights of ownership, and to use all
such property as collateral for Clearing Broker's general loans. All such
property, together with all attendant rights of ownership, may be pledged,
repledged, hypothecated or rehypothecated, either separately or in common with
other such property for any amounts due Clearing Broker thereon or for a greater
sum, and Clearing Broker shall have no obligation to retain a like amount of
similar property in its possession and control.

         (h) Concurrent with the execution and delivery of this Agreement,
Clearing Broker and Introducer each agree to execute and deliver a Guarantee
Agreement in the form set forth in CFTC Form I -FR-IB (Part B) as Exhibit A
hereto ("Guarantee Agreement"). This Agreement and the Guarantee Agreement shall
become effective as of the date set forth in the Guarantee Agreement and shall
remain effective until this Agreement is terminated as provided in termination
provisions hereof.

2. Services Not Performed by Clearing Broker.

         (a) Clearing Broker will not perform any of the following services or
functions:

                  (i) Preparation of Introducer's general accounting and payroll
         records. financial statements, or regulatory reports.

                  (ii) Payment of Introducer's general business expenses.

                  (iii) Payment of commissions or any other fees to Introducer's
         employees and agents.

                  (iv) Verification of information and instructions provided to
         Clearing Broker by Introducer or by Customers. Introducer acknowledges
         that Clearing Broker shall be entitled to rely upon any such
         information or instructions which Clearing Broker believes to be
         transmitted from Introducer or a Customer. Introducer further
         acknowledges that Clearing Broker shall not be required to determine
         the suitability of or otherwise screen any Customer order prior to
         execution and that Clearing Broker shall not be required to make any
         determination of the adequacy of the equity in any Account before
         executing an order.

                  (v) Supervision of Introducer or of Introducer's employees and
         agents.

                  (vi) Notwithstanding anything else herein, Clearing Broker
         will not be responsible for compliance with any applicable reporting,
         disclosure or record keeping requirements under the Employee Retirement
         Income Security Act of 1974, as amended ("ERISA") with respect to
         transactions subject to this Agreement.

<PAGE>

         (b) Clearing Broker will not be required to make any investigation into
the facts surrounding any transaction that it may have with Introducer or that
Introducer may have with its Customers or other persons, nor will Clearing
Broker be responsible for compliance by Introducer with the law of any
jurisdiction in which Introducer or a Customer conducts business.

3. Obligations of Introducer.

         (a) Introducer's conduct hereunder shall at all times be in compliance
with applicable law and in a manner consistent with the instructions and
requests of Clearing Broker and in compliance with all statutes, laws,
ordinances, requirements of any government governmental authority, regulatory
agency or self-regulatory body wherever located with jurisdiction over
Introducer, its Customers or any Accounts.

         (b) Introducer shall diligently supervise the activities of its
employees and agents.

         (c) Introducer shall use due diligence to learn all essential facts
relative to each Account, each Customer, each order and every person holding a
power-of-attorney over each Account. Each new Account created for a Customer
shall be approved in writing by a principal of Introducer and a principal of Fox
Inc. or such principal's designee. This provision is for the sole benefit of the
parties hereto and is not intended for the benefit of any Customer or other
person other than Fox Inc.

         (d) Introducer shall maintain compliance and supervisory procedures
which are adequate to assure compliance by Introducer and its employees and
agents with applicable law and procedures established from time to time by
Clearing Broker. Without limiting the generality of the foregoing, such
compliance and supervisory procedures shall cover the Opening, approval, and
monitoring of Accounts, including review of order entry procedures for and
trading activity in Accounts; supervision of trading advice and recommendations
provided to Customers; compliance with anti-money laundering requirements;
compliance with Office of Foreign Asset Control requirements; and supervision of
special accounts such as discretionary accounts, commodity pool or fund
accounts, option trading accounts, and accounts of employees or officers of
Introducer or of futures commission merchants, introducing brokers, commodities
and securities brokers and dealers, self-regulatory organizations, or financial
institutions and shall include any responsibilities under New York Stock
Exchange ("NYSE") Rules 405 and 407 and 408.

         (e) Prior to the opening of an Account, Introducer shall furnish
Clearing Broker with all pertinent information with respect to that Account.
including such information as is requested in Clearing Broker's standard new
account documentation. and Introducer shall supplement that information in the
event there are any changes thereto. Clearing Broker shall not unreasonably
withhold approval of any new Customer account submitted by Introducer that has
not been altered or modified and that meets Clearing Broker's risk, credit.
profitability and compliance criteria. Introducer further agrees that it will
not use any document or agreement in connection with the opening or maintenance
of an Account that has not been supplied or approved by Clearing Broker.

         (f) Introducer shall be responsible for determining the authenticity,
accuracy, and genuineness of all orders, instructions, certificates. papers. and
signatures received with respect to an Account.

<PAGE>

         (g) Introducer shall assure that no Customer will be permitted to
establish or maintain positions in an Account if such Customer is not in
compliance with all applicable margin requirements as established from time to
time by Clearing Broker. Introducer will promptly communicate to Customers any
margin calls initiated by Clearing Broker and use its best efforts to assure
timely payment of margin as required by Clearing Broker. Clearing Broker may
accept margin payments by non-certified check through the regular mail;
provided, however, that Clearing Broker may, in its sole discretion and without
prior notice, require that such payments be made by certified or cashier's check
or by wire transfer. Introducer will apprise its Customers of the risks of
trading and of changes in Clearing Broker margin policies and requirements.
Introducer shall be responsible for all errors in the Accounts, unless such
errors shall have been caused by Clearing Broker or any floor broker selected by
Clearing Broker.

         (h) Introducer shall abide by procedures established by Clearing Broker
with respect to the transmission of orders for the Accounts. Without limiting
the generality of the foregoing, Introducer agrees not to accept or transmit to
Clearing Broker an order from or for the Account of a Customer unless
immediately upon receipt thereof a written record of such order is prepared.
including the Account identification and order number, and Introducer records on
such order by time-stamping the date and time (to the nearest minute) the order
is received, when it was transmitted to Clearing Broker, and when it was
confirmed to the Customer by Introducer. Introducer shall keep all records
required hereunder for a period of not less than six years.

         (i) Introducer agrees that it will not accept or hold in its name any
money, securities, or property (or extend credit in lieu thereof) to margin,
guarantee, or secure any trades, contracts, or positions effected or carried in
any Account. All such money, securities, and property shall be received on
behalf of Clearing Broker and in its name (and all checks and drafts shall be
payable to the order of Clearing Broker) and shall transmitted to Clearing
Broker or, at the direction of Clearing Broker, deposited in such bank account
or accounts as may be designated by Clearing Broker.

         (j) Introducer shall not guarantee any Customer against loss or a
margin call in an Account or in respect of any transaction effected with or for
such Customer or make any representation to such effect.

         (k) Introducer shall be responsible for handling and resolving all
Customer inquiries, disputes and complaints. Each party shall promptly inform
the other party of any written complaint or material verbal complaint it
receives from any Customer. In the event Introducer cannot resolve the dispute
to the satisfaction of the relevant Customer, Introducer shall meet with
Clearing Broker and discuss strategy for resolving the dispute. In the event the
parties cannot agree and Clearing Broker makes a good faith determination that
failure to settle the relevant complaint could result in a regulatory finding
against Clearing Broker or subject Clearing Broker to adverse media coverage,
then Clearing Broker shall have the right to terminate this Agreement as if for
cause pursuant to the provisions of Section 11(a). In the event Clearing Broker
shall terminate this Agreement under this Section 3(k) for reasons other than
the conduct or alleged conduct of Introducer, Clearing Broker shall continue to
clear the Accounts for a period of ninety (90) days following such notice,
unless the parties otherwise agree in writing to different terms.
Notwithstanding the foregoing, during this period, Clearing Broker shall have no
obligation to clear any Account or maintain any Customer relationship giving
rise to the termination.

         (l) Introducer shall not permit any person to exercise any
discretionary authority with respect to any transaction in an Account unless it
has obtained (in a form approved by Clearing Broker) a signed copy of the
power-of-attorney, authorization. or other document by which such power is given
and a signed copy of such further documents as may be required by Clearing
Broker or by applicable law.

<PAGE>

         (m) Introducer shall use its best efforts to assure that each Customer
complies with all applicable position limits established by -the CFTC or a
contract market or exchange or Clearing Broker and shall not knowingly permit
any transaction to be effected in an Account in violation of such limits.
Introducer shall promptly report to Clearing Broker the facts concerning any
Account that has exceeded any applicable limit.

         (n) Introducer shall promptly report to Clearing Broker any special
calls for information made upon any of its Customers by the CFTC or any contract
market or exchange or self-regulatory organization and shall refrain from
soliciting or accepting any order (other than orders to liquidate existing
positions) from any Customer who is in violation of such a special call.

         (o) Introducer shall make no report or statement (whether orally or in
writing) to any Customer with respect to any transaction, position. or other
matter relating to a Customer's Account that is not in conformity with
statements, reports, and information furnished by Clearing Broker pursuant to
this Agreement.

         (p) Introducer shall check out with Clearing Broker each day's business
by 4:00 p.m. Chicago time for accuracy and completeness. Concurrence between
Introducer and Clearing Broker will be binding, except that Clearing Broker
shall have the right to amend, add, or cancel any trade (or any aspect or
portion thereof) the next succeeding business day if floor and clearinghouse
clearance reports properly support such action. Any such amendment, addition. or
cancellation will be reported to Introducer promptly on such succeeding business
day, and Introducer shall be required immediately to accept such amendment.
addition. or cancellation.

         (q) Introducer shall not hold itself out as an agent of Clearing
Broker, or as being associated with Clearing Broker in any manner other than in
the clearing relationship established pursuant to this Agreement. Without
limiting the generality of the foregoing, Introducer shall not issue any
communication, advertisement, market letter, or sales literature directed to any
Customer or containing the name of Clearing Broker without the prior written
consent of Clearing Broker.

         (r) In the event that Clearing Broker permits Introducer or any
Customers use of or access to any electronic order entry, electronic order
routing or electronic account access system (whether or not sponsored by
Clearing Broker) (collectively, the "Service"), Introducer agrees as follows:

                  (i) Introducer is responsible for each Customer's use of the
         Service. Use of the Service will be governed by the terms of use.
         privacy statements. and other agreements and disclosures provided with
         the Service. Introducer acknowledges and recognizes that the Service is
         new technology and as a consequence, there may be periods of time when
         the Service is not available. Introducer agrees that it Will provide
         Customers who use the Service with alternate means to enter orders in
         the event of any unavailability of the Service.

                  (ii) If as part of the Service, Clearing Broker permits
         Introducer to link to Clearing Broker's website or to any new account
         documents and related material posted on its website ("Covered
         Information"), Introducer shall not bypass or disable access to any
         agreements, legends or other information preceding the Covered
         Information. Additionally Introducer agrees to abide by any written
         procedures issued by Clearing Broker's Information Technology
         Department regarding the Service, website linking and usage.

<PAGE>

                  (iii) If Clearing Broker permits Introducer to allow Customers
         to route orders to Clearing Broker through any order routing system not
         sponsored by Clearing Broker, Introducer recognizes and agrees that
         Clearing Broker shall have no responsibility for the maintenance or
         quality of services provided through that order routing system.
         Introducer further agrees that even though Clearing Broker may not be a
         party to any agreement with the sponsor of the order routing system
         governing its terms of use, Clearing Broker shall nonetheless enjoy all
         the rights and privileges of the sponsor of the order routing system as
         if Clearing Broker were the sponsor of the order routing system.

         (s) Introducer agrees to notify Clearing Broker promptly of any
material adverse change in Introducer's financial condition or of the
commencement or threatened commencement of any action, suit, proceeding or
investigation against Introducer or any of its principals or employees.

4. Disclosure to Customers.

         Clearing Broker shall limit its services as provided in this Agreement
and Introducer shall not hold itself out as an agent of Clearing Broker or any
affiliate of Clearing Broker except as provided for in this Agreement.
Introducer shall be responsible for informing Customers of the nature of the
clearing relationship between Clearing Broker and Introducer, and Introducer
agrees that it and its employees and agents will not make any representation to
Customers regarding Clearing Broker or Clearing Broker's responsibilities that
is inconsistent with the terms of this Agreement.

5. Access to Information; Financial Reports.

         (a) Introducer shall make its books and records available for
reasonable inspection at all times by duly authorized representatives of
Clearing Broker, governmental authority, regulatory agency, self-regulatory
organization or any contract market or clearinghouse through which trades for
Customers are executed or cleared.

         (b) Introducer shall provide Clearing Broker with a copy of its
quarterly and year-end financial statements and reports of its auditors. if any,
as and when such reports are prepared. Introducer further agrees to provide such
interim financial information as Clearing Broker may reasonably request.

         (c) Introducer shall, upon request. provide Clearing Broker with any
information in Introducer's possession with respect to any Customer or any
Account.

6. Confidentiality.

         (a) Clearing Broker shall exercise reasonable care to prevent access to
information regarding Introducer or Customers by unauthorized persons and will
keep confidential any information it has concerning the business of Introducer.
Notwithstanding the foregoing, Clearing Broker shall be held harmless for
complying with any request for information or document by any governmental
regulator, contract market or exchange or other self-regulatory organization, or
any subpoena, court order or other legal process which Clearing Broker believes
to be valid and effective.

         (b) Introducer shall keep confidential any information it acquires
regarding Clearing Broker and its business pursuant to its clearing relationship
with Clearing Broker.

         (c) The provisions of this Section 6 shall survive the termination of
this Agreement.

<PAGE>

7. Indemnification

         (a) Introducer shall fully indemnify, protect and hold harmless
Clearing Broker and its directors, officers, shareholders. Employees, agents,
affiliates, and each person, if any, controlling Clearing Broker from and
against all manner of claims, demands, proceedings, suits, or actions (whether
in law or in equity) and liabilities, losses, expenses, and costs (including
reasonable attorneys' fees, collectively "Losses") in the event: (i) Clearing
Broker complies with any instruction or order received from Introducer or any
Customer in respect to an Account; (ii) Introducer or any Customer fails to
satisfy any margin requirement or to pay any amount due to Clearing Broker or
any of its affiliates; (iii) Introducer fails to perform its obligations or
breaches its representations, warranties, and covenants hereunder; (iv) any
Customer institutes a claim, suit, action, or other proceeding (whether in law
or in equity) against Clearing Broker or any of its affiliates for any reason,
or any exchange or any U.S. or non-U.S. governmental agency or self-regulatory
organization institutes a claim, suit, action, or other proceeding against
Clearing Broker or any of its affiliates relating to this Agreement or any
Account or Customer, or (v) Clearing Broker shall incur Losses arising from
Introducer's activities unrelated to this Agreement; provided, however, in the
case of subsection (i) hereof, that Clearing Broker shall not be entitled to
indemnity in any such matter if and to the extent Clearing Broker is found to
have engaged in gross negligence or willful misconduct in the performance of its
services under this Agreement. For purposes of this paragraph. the term Customer
shall include any broker introduced by Introducer and its Customers.

         (b) Clearing Broker and its affiliates shall be entitled to collect or
secure any amount owed to them hereunder or otherwise by means which shall
include, but not be limited to, charging Introducer's "house" account and/or
setting off any amount owed to Introducer by Clearing Broker or any of its
affiliates. In such instance, Clearing Broker need not resort to remedies
against any Customer in order to collect or secure such amount by such means. As
security for the obligations of Introducer under this Agreement and to Clearing
Broker's affiliates, Introducer shall deposit the sum of U.S. $__________ with
Clearing Broker, which amount shall bear interest at the overnight loan rate.
Such interest shall be credited on a monthly basis to Introducer's security
deposit account with Clearing Broker. In addition, Clearing Broker will also
credit monthly Introducer's net revenue hereunder to Introducer's security
deposit account at such times that the balance of that account is less than U.S.
$__________. Thereafter, Introducer may withdraw any excess from the account.
Clearing Broker and its affiliates are authorized to transfer, use, and apply
all or any portion of such security deposit whenever Clearing Broker or its
affiliates deem it necessary to pay or satisfy amounts owed to Clearing Broker
or any affiliates thereof, or third parties by reason of this Section 7.
Introducer further agrees that, if any person or entity has instituted or
threatened a claim, suit action, or other proceeding against Clearing Broker or
any of its affiliates which reasonably could expose such person to any
liability, loss, cost, or expense which is the obligation of Introducer
hereunder, Clearing Broker is authorized to withhold an amount equal to the
amount of any such claim, suit, action, or other proceeding from any amounts
owed to Introducer, or from any other funds. securities, or other property owned
by Introducer on deposit with Clearing Broker for any purpose until such claim.
suit, action, or other proceeding has been fully resolved to the satisfaction of
Clearing Broker.

8. Compensation.

         Clearing Broker will collect commissions established by Introducer and
paid on transactions executed and cleared for Customers and will pay over the
same to Fox Inc. monthly after deducting clearing charges and any other amounts
owing to Clearing Broker or any of its affiliates under this Agreement, Clearing
Broker's agreement with Fox Inc. or otherwise. Amounts due to Introducer shall
be payable directly to Fox Inc., and Clearing Broker shall have no obligation to
pay any amounts to Introducer. Fox Inc. agrees that it shall compensate
Introducer pursuant to arrangements agreed to between Fox Inc. and Introducer.
Fox Inc. and Introducer agree that Clearing Broker has not participated in, nor
is it responsible for, the terms agreed to between Fox Inc. and Introducer. In
the event there shall be a dispute between Fox Inc. and Introducer regarding any
amounts payable by Fox Inc. to Introducer, Clearing Broker's sole responsibility
shall be to hold any amounts in dispute until such time that Fox Inc. and
Introducer have resolved the matter. Clearing Broker may, but shall not be
required, to interplead any disputed amount into a court of competent
jurisdiction. with the cost of the interpleader action to be paid from the
amounts in dispute.

<PAGE>

9. No Omnibus Account.

         Except as expressly permitted by Clearing Broker, during the term of
this Agreement Introducer may not utilize an omnibus account maintained at
Clearing Broker to effect transactions for Customers. Introducer agrees to have
all Customer orders executed only on a fully-disclosed basis, unless Clearing
Broker shall have consented in writing to the use of an omnibus account.

10. Representations. Warranties, and Covenants.

         (a) Introducer represents, warrants, and covenants as follows:

                  (i) Introducer is now, and during the term of this Agreement
         will remain duly registered as a futures commission merchant or
         introducing broker with the CFTC.

                  (ii) Introducer is now, and during the term of this Agreement
         will remain, a member in good standing of NFA

                  (iii) Introducer has all requisite authority, under the laws
         and rules and regulations of its home jurisdiction and in each other
         jurisdiction in which it conducts business to enter into this Agreement
         and to retain the services of Clearing Broker in accordance with the
         terms hereof and discharge its obligations hereunder.

                  (iv) If an entity, Introducer is duly organized. validly
         existing, and in good standing under the laws of the jurisdiction of
         its organization, and is qualified to do business in such other
         urisdictions as the nature of its business activities and properties
         therein may require.

                  (v) Introducer is aware of, and familiar with the provisions
         of, the US Foreign Corrupt Practices Act of 1977, as amended (the
         "FCPA") and its purposes and will take no action and make no payment in
         violation of. or which might cause Clearing Broker or any of its
         associated persons or affiliates to be in violation of, the FCPA.

                  (vi) Introducer has taken all requisite action to authorize
         the execution, delivery, and performance of this Agreement and the
         transactions contemplated herein. This Agreement has been duly
         authorized, executed. and delivered by Introducer and is binding upon
         and enforceable against Introducer in accordance with its terms.

                  (vii) Except as set forth in Exhibit B, Introducer's sole
         business is the introduction of customer accounts as contemplated by
         this Agreement. Introducer is now, and during the term of this
         Agreement will remain, in compliance with all laws, rules and
         regulations having applicability to its business, including those
         specified in Exhibit B.

         (b) Clearing Broker represents, warrants, and covenants to Introducer
as follows:

<PAGE>

                  (i) Clearing Broker is now, and during the term of this
         Agreement Will remain, duly registered as a futures commission merchant
         with the CFTC.

                  (ii) Clearing Broker is now, and during the term of this
         Agreement will remain, a member in good standing of NFA.

                  (iii) Clearing Broker is now, and during the term of this
         Agreement will remain, in compliance with the minimum financial and
         financial reporting requirements of the CFTC and each contract market,
         exchange or other self-regulatory organization of which it is a member.

11. Termination.

         (a) This Agreement may be terminated by either party without cause upon
ninety (90) days written notice delivered as provided in Section 12 hereof. This
Agreement may be terminated immediately by either party if any representation or
warranty ceases to be true or if any duties. responsibilities, obligations, or
covenants are not duly performed during the term of this Agreement. The
obligations of Introducer under Section 7 hereof shall survive any termination
of this Agreement.

         (b) Upon termination of this Agreement and in addition to the
provisions of Section 7(b) hereof, Clearing Broker shall be entitled to
withhold, without recourse by Introducer, payment of compensation due to
Introducer pursuant to Section 8 hereof for the greater of ninety days or the
pendency of any claim, demand, proceeding, suit. or action (whether in law or
equity) arising under, or out of transactions under, this Agreement.

12. Notices.

Except as otherwise provided in this Agreement. all notices required to be given
under this Agreement shall be in writing, and shall be effective upon receipt as
provided herein. Any such written notice shall be deemed received upon the
earlier of: (a) actual receipt by the other party; or (b) the close of business
on: (i) the date of transmission if sent by facsimile or same-day courier; (ii)
on the business day after the date of transmission, if sent by overnight mail;
or (iii) the fifth business day after transmission, if sent by air mail, postage
prepaid, and (if applicable) return receipt requested. For the purposes of
delivery of any notice hereunder, the address and facsimile number of Clearing
Broker and Introducer, respectively, shall be as set forth on the signature page
hereof. Either party may change its address or facsimile number for notices by
giving written notice of the new address or number to the other party. Any party
providing a notice must also provide a copy to Fox Inc. at 141 West Jackson
Boulevard, Suite 1800 - A. Chicago, Illinois, 60604 and a copy to Joel M.
Friedman, Esq. at Joel M. Friedman and Assoc.. Two Prudential Plaza, ISO North
Stetson, Suite 850, Chicago, Illinois, 60601-6712.

13. Limitation on Liability.

Neither Clearing Broker nor any of its affiliates will be responsible for delays
in the transmission of execution of orders due to breakdown or failure of
transmission or communication facilities or to any other cause or causes beyond
their control. Independent floor brokers responsible for the execution of
Customer orders are not agents of Clearing Broker and Clearing Broker shall not
be responsible for the acts or omissions of such floor brokers not selected by
Clearing Broker.

<PAGE>

14. Miscellaneous.

         (a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
ILLINOIS WITHOUT REGARD TO THE CHOICE-OF-LAW PROVISIONS THEREOF. ALL DISPUTES,
CLAIMS, ACTIONS, OR PROCEEDINGS ARISING DIRECTLY, OR INDIRECTLY OR OTHERWISE IN
CONNECTION WITH, OUT OF, RELATED TO OR FROM THIS AGREEMENT SHALL BE LITIGATED AT
THE DISCRETION AND ELECTION OF CLEARING BROKER ONLY IN A COURT LOCATED IN
CHICAGO, ILLINOIS. INTRODUCER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF
ANY STATE OR FEDERAL COURT LOCATED IN CHICAGO, ILLINOIS. INTRODUCER APPOINTS AND
DESIGNATES CLEARING BROKER (OR ANY OTHER PERSON WHOM CLEARING BROKER MAY FROM
TIME TO TIME HEREINAFTER DESIGNATE) AS INTRODUCER'S TRUE AND LAWFUL
ATTORNEY-IN-FACT AND DULY AUTHORIZED AGENT FOR SERVICE OF LEGAL PROCESS, AND
AGREES THAT SERVICE OF SUCH PROCESS UPON CLEARING BROKER OR SUCH OTHER PARTY
SHALL CONSTITUTE PERSONAL SERVICE OF SUCH PROCESS UPON INTRODUCER; PROVIDED,
THAT CLEARING BROKER OR SUCH OTHER PARTY SHALL, WITHIN FIVE DAYS AFTER RECEIPT
OF ANY SUCH PROCESS, FORWARD THE SAME BY CERTIFIED OR REGISTERED MAIL, TOGETHER
WITH ALL PAPERS AFFIXED THERETO, TO INTRODUCER'S ADDRESS SET FORTH ON THE
SIGNATURE PAGE HEREOF.

         (b) No action, regardless of form, arising out of transactions under
this Agreement may be commenced against Clearing Broker and its directors,
officers, shareholders, employees, representatives, agents, successors, or
assigns in any forum by the undersigned, its successors, or assigns more than
one year after the claim giving rise to such action has arisen.

         (c) This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. No
assignment or amendment shall be valid unless the other party consents to such
assignment or amendment in writing. Notwithstanding the foregoing, any
assignment by Clearing Broker to any entity controlled directly or indirectly by
it or in connection with the sale of all or substantially all its business will
be deemed not to require the consent of Introducer.

         (d) This Agreement is the entire agreement between the parties relating
to the subject hereof and all prior negotiations and understandings between the
parties, whether written or oral, are hereby merged into this Agreement. Except
as otherwise expressly provided in this Agreement, no provision of this
Agreement may be waived or amended unless the waiver or amendment is in writing
and signed by a duly authorized officer of Clearing Broker and a duly authorized
principal of Introducer. No extension, amendment or substitute agreement shall
be entered into without the consent of Fox Inc. if such extension, amendment or
substitute agreement effects the financial terms of this Agreement or the
termination provisions. Clearing Broker is authorized to provide Fox Inc. with a
copy of any extension. amendment or substitute agreement. No waiver or amendment
of this Agreement shall be implied from any course of dealing between the
parties or from any failure by a party to assert its rights under this Agreement
on any occasion or series of occasions. The Agreement shall automatically
terminate simultaneously with the termination of Clearing Broker's introducer
agreement with Fox Inc.

         (e) Neither this Agreement nor the performance of services by Clearing
Broker hereunder shall be construed to create a joint venture or partnership
between Clearing Broker and Introducer. Nothing in this Agreement shall be
construed or constitute employment or an offer of employment by Clearing Broker.

         (f) Clearing Broker and its affiliates will not be liable to Introducer
or any Customers for any loss, liability, claim. cost damage or expense
resulting, either directly or indirectly from and without limitation: the
action. inaction, non- performance or failure of, or restrictions imposed by any
government, agency, court regulatory organization, exchange, clearing
organization, market, broker, dealer, depository or custodian; the suspension of
trading, war, labor strikes or actions or acts of god; the corruption of data;
communication or computer failure, including delay, breakdown or failure of the
Service or any related hardware or software and any events or conditions beyond
Clearing Broker's or its affiliates' control. Clearing Broker and its affiliates
reserve the right to act in anticipation of events or conditions of the type
described herein and may, without liability to introducer, take whatever actions
it or they deem necessary to protect its or their interests and those of its
customers.

<PAGE>

         (g) Whenever possible. each provision of this Agreement shall be
interpreted in such a manner as to be valid and effective under applicable law.
In the event that any one or more of the provisions of the Agreement shall be
held invalid, illegal, or unenforceable in any respect, such provisions shall be
severed from this Agreement, and the validity, legality, and enforcement of the
remaining provisions contained herein shall not be affected or impaired thereby.

         (h) The section headings in this Agreement are inserted for convenience
of reference only and are not intended to limit the applicability or affect the
meaning of any of its provisions.

         IN WITNESS WHEREOF, the parties hereto have each caused this Agreement
to be executed by their duly authorized representative as of the day and year
first set forth above.

Strategic Futures and Options, Inc.           E. D. & F. MAN INTERNATIONAL INC.
Name of Introducer

By: /s/ Ronald G. Wolfbauer                   By: /s/ Maggie Liataud
-----------------------------------           ----------------------------------
Title: President                              Title: VP
Address For Notices:                          Address For Notices:
Strategic Futures and Options, Inc.           E. D. & F. Man International Inc.
1750 Yankee Doodle Road, STE. 202             440 S. LaSalle St., 20th Fl.
Eagan, MN 55121                               Chicago, IL 60605
                                                Attention: General Counsel

As to Section 8:

FOX INC.

By: /s/ Jeffrey Fox
-----------------------------------
Title: President

<PAGE>

                                   EXHIBIT A

                               GUARANTEE AGREEMENT

In consideration for the introduction of commodity customer, option customer,
foreign futures customer and foreign options customer accounts by Strategic
Futures and Options, Inc., an introducing broker, to E.D. & F. Man International
Inc., a futures commission merchant registered with the Commission as such, and
in satisfaction of the adjusted net capital requirements with which the
introducing broker otherwise would have to comply pursuant to Commission
Regulation ss.1.17, 17 C.F.R ss.1.17, the futures commission merchant guarantees
performance by the introducing broker, of, and shall be jointly and severally
liable for, all obligations of the introducing broker under the Commodity
Exchange Act, as it may be amended from time to time, and the rules, regulations
and orders which have been or may be promulgated thereunder with respect to the
solicitation of and transactions involving all commodity customer, option
customer, foreign futures customer and foreign options customer accounts of the
introducing broker entered into on or after the effective date of this
agreement.

This guarantee agreement shall be enforceable regardless of the subsequent
incorporation, merger or consolidation of either the futures commission merchant
or the introducing broker, or any change in the composition, nature, personnel
or location of the futures commission merchant or the introducing broker.

For purposes of this agreement only, the futures commission merchant shall be
deemed to be the agent of the introducing broker upon whom process may be served
in any action or proceeding against the introducing broker under the Commodity
Exchange Act and the rules, regulations and orders promulgated thereunder.

The futures commission merchant acknowledges that at the time of execution of
this guarantee agreement, there are not any conditions precedent, concurrent or
subsequent affecting, impairing or modifying in any manner the obligations of
the futures commission merchant hereunder, or the immediate taking effect of
this agreement as the entire agreement of the futures commission merchant with
respect to guaranteeing the introducing broker's obligations as set forth herein
to the Commission and to the introducing broker's commodity customers, option
customers, foreign futures customers and foreign options customers under the
Commodity Exchange Act.

If this guarantee agreement is filed in connection with an application for
initial registration as an introducing broker, this agreement shall be effective
as of the date registration is granted to the introducing broker. If this
guarantee agreement is filed other than in connection with an application for
initial registration as an introducing broker, it shall be effective as of the
date agreed to by the futures commission merchant and the introducing broker as
set forth below.

This guarantee agreement is binding and, is and shall remain in full force and
effect unless terminated in accordance with the rules, regulations or orders
promulgated by the Commission with respect to such

<PAGE>

terminations. Termination of this agreement will not affect the liability of the
futures commission merchant with respect to obligations of the introducing
broker incurred on or before the date this agreement is terminated.

Dated:                                       Dated:
E.D & F. Man International Inc.              Strategic Futures and Options, Inc.
                                             Introducing Broker

Address:                                     Address:
440 South LaSalle St., 20th Fl.              Suite 202
Chicago. IL 60605                            1750 Yankee Doodle Road
                                             Eagan, MN 55121

By: /s/ Maggie Liataud                       By: /s/ Ronald G. Wolfbauer
--------------------------------------        ------------------------------
V.P.
Effective Date:  Date of NFA approval

<PAGE>

                               PERSONAL GUARANTEE

In order to induce E. D. & F. Man International Inc. (the, "Clearing Broker") to
enter into the Introducer Agreement with Strategic Futures and Options, Inc., a
Minnesota corporation ("Introducer"), to which this guarantee is attached, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned hereby, jointly and severally in the
case of multiple guarantors. personally and unconditionally guarantees the
prompt, full, and complete performance of any and all covenants and agreements
of Introducer to Clearing Broker and its affiliates and the payment of any and
all indebtedness, damages, costs, and expenses (including attorneys' fees and
costs of collection) owed to or which may become due to Clearing Broker by
Introducer.

This guarantee shall remain in full force and effect until the termination of
the Introducer Agreement; provided, however, that the undersigned shall not be
released from his obligations hereunder so long as any claim of Clearing Broker
against Introducer which arises out of. or relates to, directly or indirectly,
the Introducer Agreement is not settled to the satisfaction of Clearing Broker
or discharged in full.

The undersigned hereby expressly waives (a) notice of acceptance of this
guarantee by Clearing Broker, (b) notice of any default or non-performance of
Introducer under the Introducer Agreement (c) notice of any modification to the
Introducer Agreement or any extension of time granted to Introducer, and (d) all
defenses, offsets, and counterclaims which the undersigned may at any time have
to any claim of Clearing Broker against Introducer. The undersigned expressly
acknowledges that amendment or modification of the Introducer Agreement or the
renewal or extension of any indebtedness of, Introducer shall not in any manner
release. affect. or impair his liability under this guarantee. The undersigned
further agrees that no invalidity of the Introducer Agreement or any obligation
thereunder shall affect or impair his liability under this guarantee.

Clearing Broker, may, in its discretion. proceed against the undersigned,
jointly and severally in the case of multiple guarantors, to collect any
obligation covered by this guarantee without first proceeding against
Introducer. Upon five days' written notice by Clearing Broker, the undersigned
shall pay any and all indebtedness, damages, costs, and expenses due Clearing
Broker from Introducer and shall perform any and all duties and obligations of
Introducer to Clearing Broker. This guarantee shall be construed pursuant to the
laws of the State of Illinois, shall inure to the benefit of Clearing Broker,
its successors. and assigns, and shall be binding on the undersigned, his heirs,
and assigns.

All notices required to be delivered under this guarantee shall be in writing
and shall be effective upon the earlier of: (a) actual receipt by the other
party; or (b) the close of business on: (i) the date of transmission if sent by
facsimile or same-day courier; (ii) the business day after the date of
transmission, if sent by overnight mail; or (iii) the fifth business day after
transmission, if sent by air mail, postage prepaid and (if applicable) return
receipt requested. For the purposes of delivery of any notice hereunder, the
address and facsimile number of Clearing Broker shall be as set forth on the

<PAGE>

signature page of the Introducer Agreement and the address and facsimile number
of the undersigned shall be as set forth on the signature page hereof. Either
party may change its address or facsimile number for notices by giving written
notice of the new address or number to the other party.

This guarantee shall be governed by the laws of the State of Illinois without
regard to the choice-of-law provision thereof. All disputes. claims, actions, or
proceedings arising directly, indirectly or otherwise in connection with, out
of, related to or from this guarantee shall be litigated at the discretion and
election of Clearing Broker only in a court located in Chicago, Illinois. The
undersigned hereby consents and submits to the jurisdiction of any state or
federal court located within the City of Chicago, State of Illinois, and waives
any objection to venue in such court. The undersigned appoints and designates
Clearing Broker (or any other party whom Clearing Broker may from time to time
hereinafter designate) as the undersigned's true and lawful attorney-in-fact and
duly authorized agent for service of legal process, and agrees that service of
such process upon Clearing Broker or such other party shall constitute personal
service of such process upon the undersigned; provided, that Clearing Broker or
such other party shall, within five days after receipt of any such process,
forward the same by certified or registered mail, together with all papers
affixed thereto, to the address provided below.

All pronouns shall be deemed to refer to the masculine or feminine, as the
gender of the undersigned requires, and the singular shall import the plural in
the context of this guarantee.

 /s/ Ronald G. Wolfbauer
------------------------------------
Individually, as Guarantor

Strategic Futures and Options, Inc.
1750 Yankee Doodle Road, Suite 202
------------------------------------
Address

Eagan,      MN       55121
------------------------------------
City       State      Zip

(651) 406-9331
------------------------------------
Facsimile

Date: 3/8/01

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