Document:

Exhibit 4.3
                                                                     -----------

                               EXCHANGE AGREEMENT
                               ------------------

EXCHANGE AGREEMENT ("Agreement") made as of the 27th day of July, 2004.
--------------------------------
A M O N G:
----------

          SWEET VALLEY FOODS INC., a Corporation  incorporated under the laws of
          -----------------------
          the Province of Ontario (hereinafter referred to as "SVFI")
                                                               ----

                                      -and

          MG HOLDINGS  INC., a  corporation  incorporated  under the laws of the
          -----------------
          Province of Ontario (hereinafter referred to as "MG Holdings")
                                                           -----------

                                      -and

          MONACO GROUP INC., a  corporation  incorporated  under the laws of the
          -----------------
          State of Delaware (hereinafter referred to as "Monaco")
                                                         ------

WHEREAS  pursuant to an Asset Purchase  Agreement dated as of May 25, 2004 among
-------
SVFI,  MG  Holdings,  and  Monaco,  as such  agreement  is  amended by the Asset
Purchase Amending  Agreement dated as of June 21, 2004 (hereafter,  collectively
referred to as the  "Purchase  Agreement"),  the parties  agreed that they would
execute and deliver an exchange  agreement  which would govern the  relationship
among the parties as it related to the  issuance and  existence of  exchangeable
shares (the "Exchangeable  Shares") in the capital of MG Holdings,  which are to
be issued pursuant to the Purchase Agreement;

AND WHEREAS the Articles of Incorporation of MG Holdings,  as amended, set forth
-----------
the  rights,   privileges,   restrictions   and  conditions   attaching  to  the
Exchangeable Shares;

AND WHEREAS the parties hereto have agreed to enter into this Agreement in order
-----------
to give effect to those exchange rights;

NOW  THEREFORE in  consideration  of the  respective  covenants  and  agreements
--------------
provided in this  Agreement and for other good and valuable  consideration  (the
receipt and  sufficiency of which are hereby  acknowledged),  the parties hereto
covenant and agree as follows:

                                    ARTICLE 1
                                    ---------
                         DEFINITIONS AND INTERPRETATION
                         ------------------------------

1.1    Definitions
       -----------

Each term denoted herein by initial  capital  letters and not otherwise  defined
herein  shall  have the  meaning  ascribed  thereto in the  rights,  privileges,
restrictions and conditions (collectively,  the "Share Provisions") attaching to
                                                 ----------------
the  Exchangeable  Shares  as set out in the  Articles  of  Incorporation  of MG
Holdings, as amended, unless the context requires otherwise.

1.2    Interpretation Not Affected by Headings
       ---------------------------------------

The division of this Agreement  into  articles,  sections and other portions and
the insertion of headings are for  convenience  of reference only and should not
affect the construction or  interpretation  of this Agreement.  Unless otherwise
indicated,  all  references  to an "Article"  or "Section"  followed by a number
and/or a letter referred to the specified  Article or Section of this Agreement.

<PAGE>

                                       -2-

The terms "this  Agreement",  "hereof',  "herein"  and  "hereunder"  and similar
expressions refer to this Agreement and not to any particular  Article,  Section
or other portion hereof and include any agreement or instrument supplementary or
ancillary hereto.

1.3    Number and Gender
       -----------------

Words  importing  the  singular  number  only shall  include the plural and vice
versa. Words importing any gender shall include all genders.

1.4    Date for any Action
       -------------------

If any date on which any action is required to be taken under this  Agreement is
not a  Business  Day,  such  action  shall be  required  to be taken on the next
succeeding Business Day.

                                    ARTICLE 2
                                    ---------
                       COVENANTS OF MONACO AND EXCHANGECO
                       ----------------------------------

2.1    Covenants Regarding Exchangeable Shares
       ---------------------------------------

So long as any  Exchangeable  Shares not owned by Monaco or its  Affiliates  are
outstanding,  Monaco covenants and agrees in favour of SVFI and MG Holdings that
it will:

     (a)  not declare or pay any dividend on the Monaco Common Shares unless (i)
          MG Holdings  shall on the same day declare or pay, as the case may be,
          an equivalent  dividend (as provided for in the Share  Provisions)  on
          the  Exchangeable  Shares  (an  "Equivalent  Dividend")  and  (ii)  MG
          Holdings shall have sufficient money or other assets or authorized but
          unissued  securities  available to enable the due  declaration and the
          due and punctual  payment,  in accordance  with applicable law, of any
          such Equivalent  Dividend or (iii) MG Holdings shall (y) subdivide the
          Exchangeable Shares in lieu of stock dividend thereon (as provided for
          in the Share Provisions) (an "Equivalent Stock Subdivision"),  and (z)
          have sufficient authorized but unissued securities available to enable
          the Equivalent Stock Subdivision;

     (b)  advise MG  Holdings  sufficiently  in  advance of the  declaration  by
          Monaco of any dividend on Monaco Common Shares and take all such other
          actions as are reasonably necessary, in co-operation with MG Holdings,
          to ensure that (i) the respective  declaration  date,  record date and
          payment date for an  Equivalent  Dividend on the  Exchangeable  Shares
          shall be the same as the  declaration  date,  record  date and payment
          date for the  corresponding  dividend on the Monaco Common Shares,  or
          (ii) the  record  date and  effective  date  for an  Equivalent  Stock
          Subdivision  shall be the same as the record date and payment date for
          the corresponding stock dividend on the Monaco Common Shares;

     (c)  ensure that the record date for any dividend declared on Monaco Common
          Shares is not less than 10 Business Days after the declaration date of
          such dividend;

     (d)  take  all  such  actions  and do all  such  things  as are  reasonably
          necessary or desirable to enable and permit MG Holdings, in accordance
          with applicable law, to pay and otherwise perform its obligations with
          respect to the satisfaction of the Liquidation  Amount, the Redemption
          Price,  the  Retraction  Price or Redemption  Call  Purchase  Price in

<PAGE>

                                       -3-

          respect of each issued and outstanding  Exchangeable Share (other than
          Exchangeable  Shares  owned  by  Monaco  or its  Affiliates)  upon the
          liquidation,  dissolution  or  winding-up  of MG Holdings or any other
          distribution of the assets of MG Holdings among its  shareholders  for
          the purpose of winding up its  affairs,  the  delivery of a Retraction
          Request  by  a  Holder  of  Exchangeable  Shares  or a  redemption  of
          Exchangeable  Shares by MG Holdings,  including without limitation all
          such  actions and all such things as are  necessary  or  desirable  to
          enable and permit MG Holdings to cause to be delivered  Monaco  Common
          Shares  to the  holders  of  Exchangeable  Shares in  accordance  with
          Articles 5, 6, 7 or 8 of the provisions of the Share Provisions;

     (e)  take all such  actions  and do all such  things  as are  necessary  or
          desirable to enable and permit Monaco,  in accordance  with applicable
          law, to perform its obligations arising upon the exercise by it of the
          Liquidation  Call Right,  the Retraction  Call Right or the Redemption
          Call Right. including without limitation all such actions and all such
          things as are  necessary or  desirable to enable and permit  Monaco to
          cause  to  be  delivered  Monaco  Common  Shares  to  the  Holders  of
          Exchangeable   Shares  in  accordance   with  the  provisions  of  the
          Liquidation  Call Right,  the Retraction  Call Right or the redemption
          Call Right as the case may be; and

     (f)  not  exercise  its vote as a  shareholder  to initiate  the  voluntary
          liquidation,  dissolution  or winding up of MG  Holdings  or any other
          distribution of the assets of MG Holdings among its  shareholders  for
          the purpose of winding up its affairs,  nor take any action or omit to
          take  any  action  that is  designed  to  result  in the  liquidation,
          dissolution or winding up of MG Holdings or any other  distribution of
          the assets of MG Holdings  among its  shareholders  for the purpose of
          winding up its affairs.

2.2    Segregation of Funds
       --------------------

Monaco  will  cause MG  Holdings  to deposit a  sufficient  amount of funds in a
separate account of MG Holdings and segregate a sufficient  amount of such other
assets and property as is necessary to enable MG Holdings to pay dividends  when
due and to pay or otherwise  satisfy its respective  obligations under the Share
Provisions, as applicable.

2.3    Reservation of Monaco Common Shares
       -----------------------------------

Monaco  hereby  represents,  warrants and covenants in favour of MG Holdings and
SVFI that Monaco has  reserved  for  issuance  and will,  at all times while any
Exchangeable Shares are outstanding,  keep available,  free from pre-emptive and
other rights,  out of its authorized  and unissued  capital stock such number of
Monaco  Common  Shares (or other shares or  securities  into which Monaco Common
Shares may be  reclassified  or changed as  contemplated  by Section 2.6): as is
equal to the sum of (i) the number of Exchangeable Shares issued and outstanding
from time to time and (ii) the number of  Exchangeable  Shares issuable upon the
exercise of all rights to acquire  Exchangeable  Shares outstanding from time to
time and to enable and permit MG  Holdings  and Monaco to meet their  respective
obligations hereunder and under the Share Provisions.

2.4    Notification of Certain Events
       ------------------------------

In order to assist Monaco to comply with its obligations hereunder,  MG Holdings
will notify Monaco of each of the following events at the time set forth below:

<PAGE>

                                       -4-

     (a)  in the  event of any  determination  by the Board of  Directors  of MG
          Holdings to institute voluntary liquidation, dissolution or winding-up
          proceedings  with  respect  to MG  Holdings  or to  effect  any  other
          distribution of the assets of MG Holdings among its  shareholders  for
          the purpose of winding up its  affairs,  at least 60 days prior to the
          proposed effective date of such liquidation,  dissolution,  winding-up
          or other distribution;

     (b)  promptly,  upon the earlier of receipt by MG Holdings of notice of and
          MG Holdings  otherwise  becoming aware of any threatened or instituted
          claim,  suit,  petition  or  other  proceedings  with  respect  to the
          involuntary  liquidation,  dissolution or winding-up of MG Holdings or
          to effect any other  distribution  of the assets of MG Holdings  among
          its shareholders for the purpose of winding up its affairs; and

     (c)  on the same date on which notice of  redemption is given to holders of
          Exchangeable  Shares,  upon the  determination of a Redemption Date in
          accordance with the Share Provisions.

2.5    Delivery of Monaco Common Shares to MG Holdings
       -----------------------------------------------

In  furtherance of its  obligations  under Section  2.1(d),  upon notice from MG
Holdings of any event that requires MG Holdings to cause to be delivered  Monaco
Common  Shares to any holder of  Exchangeable  Shares,  Monaco  shall  forthwith
allot,  issue and deliver or cause to be  delivered  to the  relevant  holder of
Exchangeable  Shares as directed by MG Holdings the  requisite  number of Monaco
Common Shares to be allotted to,  received by, and issued to or to the order of,
the former holder of the surrendered Exchangeable Shares. All such Monaco Common
Shares shall be duly  authorized  and validly  issued as fully paid and shall be
free and clear of any lien, claim or encumbrance.

2.6    Economic Equivalence
       --------------------

So long as any  Exchangeable  Shares not owned by Monaco or its  Affiliates  are
outstanding:

     (a)  Monaco will not without  prior  approval of MG Holdings  and the prior
          approval of the holders of the Exchangeable Shares given in accordance
          with Section 9.2 of the Share Provisions:

          (i)  issue  or  distribute   Monaco   Common  Shares  (or   securities
               exchangeable  for or  convertible  into  or  carrying  rights  to
               acquire   Monaco  Common   Shares)  to  the  holders  of  all  or
               substantially all of the then outstanding Monaco Common Shares by
               way of stock dividend or other distribution,  other than an issue
               of  Monaco  Common  Shares  (or  securities  exchangeable  for or
               convertible  into or  carrying  rights to acquire  Monaco  Common
               Shares) to holders of Monaco  Common  Shares (i) who  exercise an
               option  to  receive   dividends  in  Monaco   Common  Shares  (or
               securities  exchangeable  for or  convertible  into  or  carrying
               rights to acquire Monaco Common Shares) in lieu of receiving cash
               dividends,  or (ii) pursuant to any dividend reinvestment plan or
               scrip dividend; or

         (ii)  issue or distribute rights, options or warrants to the holders of
               all or substantially  all of the then  outstanding  Monaco Common

<PAGE>

                                       -5-

               Shares  entitling  them to  subscribe  for or to purchase  Monaco
               Common Shares (or securities exchangeable for or convertible into
               or carrying rights to acquire Monaco Common Shares); or

        (iii)  issue or  distribute to the holders of all or  substantially  all
               of the then  outstanding  Monaco  Common  Shares  (A)  shares  or
               securities of Monaco of any class other than Monaco Common Shares
               (other  than  shares  convertible  into  or  exchangeable  for or
               carrying  rights to acquire  Monaco Common Shares) or (B) rights,
               options  or  warrants  other than  those  referred  to in Section
               2.6(a)(ii);

          unless in each case the  economic  equivalent  on a per share basis of
          such rights, options, securities, shares, evidences of indebtedness or
          other assets is issued or distributed simultaneously to holders of the
          Exchangeable Shares;

     (b)  Monaco  will not without  the prior  approval  of MG Holdings  and the
          prior  approval of the  holders of the  Exchangeable  Shares  given in
          accordance with Section 9.2 of the Share Provisions:

          (i)  subdivide,  redivide or change the then outstanding Monaco Common
               Shares into a greater number of Monaco Common Shares; or

         (ii)  reduce,  combine,  consolidate  or  change  the then  outstanding
               Monaco  Common  Shares  into a lesser  number  of  Monaco  Common
               Shares; or

        (iii)  reclassify or otherwise  change Monaco Common Shares or effect an
               amalgamation,   merger,   reorganization   or  other  transaction
               affecting   Monaco   Common   Shares;   unless  the  same  or  an
               economically  equivalent change shall  simultaneously be made to,
               or in the rights of the holders of, the Exchangeable Shares.

     (c)  Monaco will  ensure that the record date for any event  referred to in
          Section 2.6(a) or Section 2.6(b),  or (if no record date is applicable
          for such event) the  effective  date for any such  event,  is not less
          than five Business Days after the date on which such event is declared
          or announced by Monaco (with  contemporaneous  notification thereof by
          Monaco to MG Holdings).

     (d)  The Board of Directors of MG Holdings shall  determine,  in good faith
          and in its sole discretion,  economic  equivalence for the purposes of
          any  event  referred  to  in  Section  2.6(a)  or  Section  2.6(b)  in
          accordance with the Share Provisions and each such determination shall
          be conclusive and binding on Monaco.

     (e)  MG Holdings agrees that, to the extent required,  upon due notice from
          Monaco,  MG Holdings  will use its best efforts to take or cause to be
          taken such steps as may be necessary for the purposes of ensuring that
          appropriate  dividends are paid or other  distributions are made by MG
          Holdings,  or  subdivisions,  redivisions  or changes  are made to the
          Exchangeable  Shares,  in order to  implement  the  required  economic
          equivalence  with respect to the Monaco Common Shares and Exchangeable
          Shares as provided for in this Section 2.6.

<PAGE>

                                       -6-

2.7    Tender Offers
       -------------

In the event that a tender offer,  share exchange offer,  issuer bid,  take-over
bid or similar  transaction with respect to Monaco Common Shares (an "Offer") is
proposed  by  Monaco  or is  proposed  to  Monaco  or  its  shareholders  and is
recommended by the Board of Directors of Monaco, or is otherwise  effected or to
be effected  with the consent or approval of the Board of  Directors  of Monaco,
and the  Exchangeable  Shares  are not  redeemed  by MG  Holdings,  Monaco  will
expeditiously  and in good faith to take all such actions and do all such things
as are  reasonably  necessary  or  desirable  to enable  and  permit  holders of
Exchangeable  Shares (other than Monaco and its  Affiliates)  to  participate in
such Offer to the same  extent and on an  economically  equivalent  basis as the
holders of Monaco Common Shares,  without  discrimination.  Without limiting the
generality of the foregoing,  Monaco will  expeditiously  and in good faith take
all such actions and do all such things as are reasonably necessary or desirable
to ensure that holders of Exchangeable Shares may participate in each such Offer
without being required to exchange  Exchangeable Shares (or, if so required,  to
ensure  that any such  exchange,  shall be  effective  only  upon,  and shall be
conditional  upon, the closing of such Offer and only to the extent necessary to
tender or deposit to the Offer).  Nothing  herein  shall affect the rights of MG
Holdings to redeem Exchangeable Shares in accordance with the Share Provisions.

2.8    Ownership of Outstanding Shares
       -------------------------------

Without the prior  approval of MG Holdings and the prior approval of the holders
of the  Exchangeable  Shares given in  accordance  with Section 9.2 of the Share
Provisions,  Monaco  covenants and agrees in favour of MG Holdings that, as long
as any outstanding Exchangeable Shares are owned by any Person other than Monaco
or any of its  Affiliates,  Monaco  will be and remain  the  direct or  indirect
beneficial  owner of all issued and outstanding  voting shares in the capital of
MG Holdings.

2.9    Monaco and Affiliates Not to Vote Exchangeable Shares
       -----------------------------------------------------

Monaco  covenants  and agrees  that it will  appoint  and cause to be  appointed
proxyholders  with  respect  to all  Exchangeable  Shares  held  by it  and  its
Affiliates  for the sole  purpose  of  attending  each  meeting  of  holders  of
Exchangeable  Shares in order to be  counted as part of the quorum for each such
meeting.  Monaco  further  covenants and agrees that it will not, and will cause
its  Affiliates  not to,  exercise any voting rights which may be exercisable by
holders  of  Exchangeable  Shares  from  time  to  time  pursuant  to the  Share
Provisions  or pursuant to the  provisions of the Act (or any successor or other
corporate  statute  by which MG  Holdings  may in the future be  governed)  with
respect to any Exchangeable Shares held by it or by its Affiliates in respect of
any matter considered at any meeting of holders of Exchangeable Shares.

2.10   Ordinary Market Purchases
       -------------------------

For certainty, nothing contained in this Agreement, including without limitation
the  obligations of Monaco  contained in Section 2.7, shall limit the ability of
Monaco (or any of its subsidiaries including,  without limitation,  MG Holdings)
to make ordinary  market  purchases of Monaco  Common Shares in accordance  with
applicable laws and regulatory or stock exchange requirements.

<PAGE>

                                       -7-

                                    ARTICLE 3
                                    ---------
                                     GENERAL
                                     -------

3.1    Term
       ----

This Agreement  shall come into force and be effective as of the date hereof and
shall  terminate  and be of no further force and effect until the earlier of (i)
ten years form the date hereof and (ii) such time as no Exchangeable  Shares (or
securities or rights  convertible into or exchangeable for or carrying rights to
acquire Exchangeable Shares) are held by any Person other than Monaco and any of
its Affiliates.

3.2    Severability
       ------------

If any  term or  other  provision  of this  Agreement  is  invalid,  illegal  or
incapable  of being  enforced  by any rule or law, or public  policy,  all other
conditions and provisions of this Agreement  shall  nevertheless  remain in full
force and effect so long as the economic or legal substance of the  transactions
contemplated  hereby is not  affected  in any manner  materially  adverse to any
party.  Upon such  determination  that any term or other  provision  is invalid,
illegal or incapable of being  enforced,  the parties hereto shall  negotiate in
good faith to modify this  Agreement so as to effect the original  intent of the
parties as  closely  as  possible  in an  acceptable  manner to the end that the
transactions contemplated hereby are fulfilled to the fullest extent possible.

3.3    Amendments, Modifications
       -------------------------

     (a)  This  Agreement may not be amended or modified  except by an agreement
          in writing  executed by MG  Holdings,  SVFI and Monaco and approved by
          the holders of the Exchangeable  Shares in accordance with Section 9.2
          of the Share Provisions.

     (b)  No amendment or  modification  or waiver of any of the  provisions  of
          this Agreement otherwise permitted hereunder shall be effective unless
          made in writing and signed by all of the parties hereto.

3.4    Ministerial Amendments
       ----------------------

Notwithstanding the provisions of Section 3.4, the parties to this Agreement may
in  writing  at any time and from  time to time,  without  the  approval  of the
holders of the  Exchangeable  Shares,  amend or modify  this  Agreement  for the
purposes of:

     (a)  adding to the covenants of any or all parties  provided that the Board
          of  Directors  of each of MG Holdings  and Monaco shall be of the good
          faith  opinion  that such  additions  will not be  prejudicial  to the
          rights or interests of the holders of the Exchangeable Shares;

     (b)  making such amendments or  modifications  not  inconsistent  with this
          Agreement as may be necessary or desirable  with respect to matters or
          questions  which,  in the good faith opinion of the Board of Directors
          of each of MG  Holdings  and  Monaco,  it may be  expedient  to  make,
          provided that each such Board of Directors  shall be of the good faith
          opinion that such amendments or modifications  will not be prejudicial
          to the rights or interests of the holders of the Exchangeable  Shares;
          or

<PAGE>

                                       -8-

     (c)  making such changes or corrections  which, on the advice of counsel to
          MG Holdings  and  Monaco,  are  required  for the purpose of curing or
          correcting  any  ambiguity  or defect  or  inconsistent  provision  or
          clerical  omission or mistake or  manifest  error,  provided  that the
          Boards of  Directors of each of MG Holdings and Monaco shall be of the
          good  faith  opinion  that such  changes  or  corrections  will not be
          prejudicial  to  the  rights  or  interests  of  the  holders  of  the
          Exchangeable Shares.

3.5    Meeting to Consider Amendments
       ------------------------------

MG Holdings,  at the request of Monaco,  shall call a meeting or meetings of the
holders of the  Exchangeable  Shares for the purpose of considering any proposed
amendment or modification  requiring  approval pursuant to Section 3.4. Any such
meeting or meetings shall be called and held in accordance with the bylaws of MG
Holdings, the Share Provisions and all applicable laws.

3.6    Enurement
       ---------

This  Agreement  shall be binding  upon and enure to the  benefit of the parties
hereto and their respective successors and assigns.

3.7    Notices to Parties
       ------------------

     (a)  All  notices  and other  communications  between  the  parties to this
          Agreement  shall be in writing  and shall be deemed to have been given
          if delivered personally or by confirmed telecopy to the parties at the
          following  addresses  (or at such other  address for any such party as
          shall be specified in like notice):

          c/o Monaco and MG Holdings:

                    20A Voyager Court South
                    Etobicoke, Ontario
                    M9W 5M7

                    Attention:         President
                    Telecopier No.:    416-213-9052

          c/o SVFI:

                    2345 Stanfield Road
                    Mississauga, Ontario
                    L4Y 3Y3

                    Attention:         President
                    Telecopier No.:    905-361-0122

     (b)  Any notice or other  communication given personally shall be deemed to
          have been given and  received  upon  delivery  thereof and if given by
          telecopy  shall be deemed to have been given and  received on the date
          of confirmed receipt thereof unless such day is not a Business Day, in
          which case it shall be deemed to have been given and received upon the
          immediately following Business Day.

<PAGE>

                                       -9-

3.8    Counterparts
       ------------

This Agreement may be executed in counterparts, each of which shall be deemed an
original,  and all of which taken  together  shall  constitute  one and the same
instrument.

3.9    Jurisdiction
       ------------

This  Agreement  shall be construed and enforced in accordance  with the laws of
the Province of Ontario and the laws of Canada applicable therein.

3.10   Attornment
       ----------

Each of the parties  hereto agrees that any action or proceeding  arising out of
or relating to this Agreement may be instituted in the courts of Ontario, waives
any objection which it may have now or hereafter to the venue of any such action
or proceeding, irrevocably submits to the jurisdiction of the said courts in any
such action or proceeding, agrees to be bound by any judgment of the said courts
and not to seek,  and  hereby  waives,  any  review  of the  merits  of any such
judgment by the courts of any other jurisdiction,  and Monaco hereby appoints MG
Holdings at its  registered  office in the  Province of Ontario as attorney  for
service of process.

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

                                       SWEET VALLEY FOODS INC.

                                       By: /s/ Leo Couprie & /s/ Tyronne Ganpaul
                                          --------------------------------------
                                          Name:  Leo Couprie & Tyronne Ganpaul
                                          Title: Chairman & President

                                       MG HOLDING INC.

                                       By: /s/ Suzanne Lilly
                                          --------------------------------------
                                          Name:  Suzanne Lilly
                                          Title: CFO

                                       MONACO GROUP INC.

                                       By: /s/ Suzanne Lilly
                                          --------------------------------------
                                          Name:  Suzanne Lilly
                                          Title: CFOExhibit 4.4
                                                                     -----------

Request ID: 005588807         Province of Ontario          Date Report Produced:
Transaction ID: 022220619     Ministry of Consumer                    2003/11/10
                              and Business Services        Time Report Produced:
Category ID: CT               Companies and Personal                    17:19:54
                              Property Security Branch

                          Certificate of Incorporation
                          ----------------------------

This is to certify that

                                MG HOLDINGS INC.
                                ----------------

Ontario Corporation No.

                                    002035552
                                    ---------

is a corporation
under the laws of the Province of Ontario.

These articles of incorporation
are effective on

                                NOVEMBER 10, 2003
                                -----------------

--------------------------------------------------------------------------------

                                  /s/ Director
--------------------------------------------------------------------------------

                                    Director
                            Business Corporations Act

<PAGE>

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

FORM 1

BUSINESS CORPORATIONS ACT

                            ARTICLES OF INCORPORATION
                            -------------------------

1.   The name of the corporation is:

            MG HOLDINGS INC.

2.   The address of the registered office is:

            20A      VOYAGER COURT SOUTH

     (Street & Number, or R.R. Number & Multi-Office Building give Room No.)

            ETOBICOKE                ONTARIO
            CANADA                   M9W5M7

     (Name of Municipality or Post Office)    (Postal Code)

3.   Number (or minimum and maximum)
number of directors is:

     Minimum    1                             Maximum    10

4.   The first director(s) is/are:

First name, initials and surname              Residence Canadian State Yes or No

Address for service, giving Street & No.,
or R.R. No., Municipality and Postal Code

SUZANNE                                                    YES
LILLY

20A VOYAGER COURT SOUTH

ETOBICOKE ONTARIO
CANADA M9W5M7

<PAGE>

                                                                         Page: 2

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

5.   Restrictions, if any, on business the corporation may carry on or on powers
     the corporation may exercise

     None

6.   The  classes  and any  maximum  number of shares  that the  corporation  is
     authorized to issue:

     unlimited common shares

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>

                                                                         Page: 3

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

7.   Rights, privileges,  restrictions and conditions (if any) attaching to each
     class of shares and directors authority with respect to any class of shares
     which may be issued in series:

     None

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>

                                                                         Page: 4

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

8.   The issue,  transfer or ownership of shares  is/is not  restricted  and the
     restrictions (if any) are as follows:

     None

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>

                                                                         Page: 5

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

9.   Other provisions, (if any, are):

     None

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>

                                                                         Page: 6

Request ID                                            Ontario Corporation Number

  5588807                                                       2035552

--------------------------------------------------------------------------------

10.  The names and addresses of the incorporators are

First name, initials and last name
or corporate name

Full address for service or address of registered  office or of principal  place
of business giving street & No. or R.R. No., municipality and postal code

SUZANNE LILLY

20A VOYAGER COURT SOUTH

ETOBICOKE ONTARIO
CANADA M925M7

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]