Document:

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Exhibit 10.42

                            STOCK PURCHASE AGREEMENT

         This agreement ("Agreement") is dated April 23, 2003 between Vertical
Ventures Investments, LLC ("Purchaser"), and HiEnergy Technologies, Inc.
("Company").

         1. PURCHASE AND SALE. Purchaser agrees to buy and the Company agrees to
sell and issue to Purchaser 700,000 shares of the Company's common stock (the
"Shares") for an aggregate purchase price of approximately $ 249,000 the
"Purchase Price").

         2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
makes the following representations and warranties to the Purchaser:

         (a) Registered Offering. The offer and sale of the Shares have been
registered on a Form 58-2 registration statement, Registration No. 333-101055
("Registration Statement"), which Registration Statement has been declared
effective by the Securities and Exchange Commission (the "Commission") and the
Company has not received notice that the Commission has issued or intends to
issue a stop order with respect to the Registration Statements or that the
Commission otherwise has suspended or withdrawn the effectiveness of the
Registration Statements, either temporarily or permanently, or intends or has
threatened in writing to do so. The Company shall deliver to Purchaser the
prospectus that constitutes a part of the Registration Statements and a
prospectus supplement regarding the sale of the Shares pursuant hereto.

         (b) Organization and Qualification. The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware with the requisite corporate power and authority to own and use its
properties and assets and to carry on its business as currently conducted. The
Company is duty qualified to conduct business and is in good standing as a
foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification
necessary.

         (c) Authorization. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation of the
transaction contemplated hereby have been duly authorized by all necessary
action on the part of the Company and no further action is required by the
Company or its shareholders for the Company to execute and consummate this
Agreement and the transactions contemplated hereby. This Agreement has been duly
executed by the Company and, when delivered in accordance with the terms hereof,
and assuming the valid execution hereof by the Purchaser, will constitute the
valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except (a) as such enforceability may he limited by
bankruptcy, insolvency, reorganization or similar laws affecting creditors'
rights generally, (b) as enforceability of any indemnification and contribution
provisions may be limited under the federal and state securities laws and public
policy, and (c) that the remedy of specific performance and injunctive and other

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forms of equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceeding therefore may be brought

         (d) No Conflicts. The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby does not and will not: (i) conflict with or violate any
provision of the Company's certificate of incorporation or bylaws (each as
amended through the date hereof), or (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment or acceleration
(with or without notice, lapse of time or both) of, any material agreement or
indebtedness to which the Company is a party or by which any material property
or asset of the Company is bound or affected, or (iii) result in a violation of
any law, rule, regulation, order, judgment, decree or other restriction of any
court, governmental authority or stock market to which the Company or the Common
Stock is subject. No assurance is intended as to the potential effects of the
Company's Series A Preferred Stock Most Favored Nation provision.

         (e) Issuance of the Shares. The Shares are duly authorized and, when
issued and paid for in accordance with the terms hereof, will be legally issued,
fully paid and nonassessable, free and clear of all liens and encumbrances
(other than any that are the result of any action or inaction of the Purchaser).

         (f) Disclosure. Neither the Company nor any other Person acting on its
behalf has provided the Purchaser or their agents or counsel with any
information that constitutes or may, in the Company's opinion, constitute
material non-public information.

         (g) SEC Reports: Financial Statements. The Company has filed all
reports required to be filed by it under the Securities Exchange Act of 1934, as
amended, for the twelve months preceding the date hereof (collectively, "SEC
Reports"). Except as disclosed in the Prospectus, and except as set forth in
changes in subsequent amendments of SEC Reports, as of their respective dates,
the SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules a regulations of the
Commission promulgated thereunder, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading. Except as set forth in changes in subsequent amendments of the
financial statements included in SEC Reports, the financial statements of the
Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing. Such
financial statements, as amended, have been prepared in accordance with
generally accepted accounting principles applied on a consistent basis during
the periods involved, except as may be otherwise specified in such financial
statements or the notes thereto, and fairly present in all material respects the
financial position of the Company and its consolidated subsidiaries as of and
for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal
year-end audit adjustments.

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         3. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser
hereby represents and warrants to the Company as follows:

         (a) Organization; Authorization. The Purchaser has been organized and
is in good standing under the laws of the jurisdiction of its formation. The
Purchaser has the requisite right, power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby. Upon the
execution and delivery of this Agreement, and assuming the valid execution
thereof by the Company, this Agreement shall constitute the valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance
with its terms, except (a) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors' rights
generally, (b) as enforceability of any indemnification and contribution
provisions may be limited under the federal and state securities laws and public
policy, and (c) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceeding therefore
 may be brought.

         (b) No Conflicts. The execution, delivery and performance of this
Agreement by the Purchaser and the consummation by the Purchaser of the
transactions contemplated hereby does not and will not (1) conflict with or
violate any provision of the Purchaser's or Company's certificate of
incorporation or bylaws (each as amended through the date hereof), or (ii)
conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of
termination, amendment or acceleration (with or without notice, lapse of time or
both) of, any material agreement or indebtedness to which the Purchaser is a
party or by which any material property or asset of the Purchaser is bound or
affected, or (iii) result in a violation of any order, judgment or decree of any
court to which the Purchaser is subject.

         (c) Investment Representation. The Purchaser is not party to any
agreement or arrangement with respect to a disposition of Shares other than this
Agreement. The Purchaser is not registered as a broker-dealer under the Exchange
Act. The Purchaser is purchasing the Shares for the Purchaser's own account, for
investment purposes only and not with a view to distribute or participate in a
distribution thereof; provided that the foregoing representation and warranty is
not an agreement by the Purchaser to hold the Shares for any period of time.

         4. PAYMENT. The parties are entering into the Escrow Agreement attached
as Exhibit A, and the Purchaser will wire funds prior to the Closing to the
Escrow Agent. On the Closing Day: (x) the Company will deliver to the Purchaser,
via the Purchaser's DTC Account through the Depository Trust Company DWAC
system, the number Shares set forth in the Purchaser Agreement; and (y) the
Escrow Agent will deliver to the Company an amount in United States dollars
equal to the product of the number of Shares that it is acquiring at the
Closing, multiplied by the Per Share Purchase Price for such Shares, via wire
transfer of immediately available funds to an account designated in writing by
the Company for such purpose. The Closing Day shall be the date of this
Agreement or the first date that the Company can DWAC shares, but not later than
April 25, 2003. The Company will reimburse $10,000 to the Purchaser for such

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Purchaser's due diligence and related expenses incurred with connection with the
transactions contemplated hereby. At the Closing, such payments will be withheld
from the Purchase Price payable to the Company by the Purchaser.

         5. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other party. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement.

         6. ENTIRE AGREEMENT. This Agreement contains the entire understanding
of the parties with respect to the matters covered herein and, except as
specifically set forth herein, neither the Company nor the Purchaser make any
representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be amended other than by an instrument in
writing signed by the Company and Purchaser.

         7. SEVERABILITY. In the event that any provision of this Agreement
shall be determined to be invalid or unenforceable by any court of competent
jurisdiction, the remainder of this agreement shall not be affected thereby, and
any invalid or unenforceable provision shall be reformed so as to be valid and
enforceable to the full extent permitted by law.

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                             SIGNATURE PAGE FOLLOWS]

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         IN WITNESS WHEREOF, the parties hereto have caused this Stock Purchase
Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

                          COMPANY: HIENERGY TECHNOLOGIES, INC.

                          By: /s/ BOGDAN C. MAGLICH
                              -----------------------------------
                          Name: Bogdan C. Maglich

                          Title: Chairman, Chief Executive Officer and Treasurer

                          PURCHASER: VERTICAL VENTURES

                          INVESTMENTS, LLC

                          By: /s/ J. SILVERMAN
                              -----------------------------------
                          Name: JOSHUA SILVERMAN

                          Title: MANAGER

                          Address: 650 FIFTH AVE. 6TH FLOOR
                                   NY, NY 10019

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Exhibit 10.43

                             SUBSCRIPTION AGREEMENT

         This subscription (this "Subscription") is dated April 28, 2003 between
Greenwich Growth Fund Ltd. and HiEnergy Technologies Inc., a Delaware
corporation ("Seller") whereby the parties agree as follows:

I. Subscription.

         a) The Buyer shall buy and the Seller agrees to sell and issue to the
         Buyer 700,000 shares of the Seller's common stock (the "Shares) on the
         date hereof, at a price Share equal to $0.35, for an aggregate purchase
         price of $245,000 (the "Purchase Price").

         b) The Shares have been registered on a Form SB-2, Registration No.
         333- 101055 which registration statement (the " has been declared e by
         the Securities and Exchange Commission as of April 23, 2003, has
         remained effective since such date and is effective on the date hereof

         c) On the date hereof, the Seller shall deliver the Shares to the Buyer
         either via the Depository Trust Company's (DTC") Deposit Withdrawal
         Agent Commission (`DWAC') system via the DTC instructions set forth on
         the signature page hereto or via overnight courier. The Purchase Price
         shall be paid to the Seller as set forth in the escrow agreement,
         entered into among the Purchaser, thy Company and the escrow agent
         signatory thereto, in the form of Exhibit A hereto (the "Escrow
         Agreement"). On or before the date hereof, the Buyer shall have wired
         the Purchase Price to the escrow agent pursuant to the wire
         instructions set forth in the l Agreement. The obligations of the
         parties hereunder shall be conditioned upon the execution and delivery
         by each other party of the Escrow Agreement. The Shares must be
         unlegended and free of any resole restrictions that may be imposed by
         or on behalf of the Seller. Both parties hereby agree and acknowledge
         that delivery of the Shares via DTC's DWAC system is a material
         obligation of the Seller and furthermore, with respect to each party's
         obligations hereunder, time is of the essence.

         d) Pursuant to Rule 424 (b) (1) under the Securities Act of 1933, as
         amended, the Seller agrees to file a prospectus under Rule 424 (b)(1).
         Buyer acknowledges delivery and receipt of the prospectus in the form
         filed with the Company's Registration Statement on Form SB-2/A-2 on
         April 22, 2003.

2. Seller Representations and Warranties. The Seller represents and warrants
that: (a) it has full right, power and authority to enter into this Subscription
and to perform all of its obligations hereunder; (b) this Subscription has been
duly authorized and executed by

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and constitutes a valid and binding agreement of the Seller enforceable in
accordance with its terms, except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally, the enforcement of creditors' rights and remedies; (c) the
execution and delivery of this Subscription and the consummation of the
transactions contemplated hereby do not conflict with or result in a breath of
(i) the Sellers certificate of incorporation or by-laws, or (ii) in any material
respect, any agreement to which the Seller is a party or by which any of its
property or assets is bound; (d) upon issuance in accordance with the terms
hereof the Shares shall be duly and validly issued and outstanding, fully paid
and non-assessable, and the Buyer shall be entitled to all rights accorded to a
holder of Common Stock; and (c) the Registration Statement and the final
prospectus included therein do not contain untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein not misleading in light of the
circumstances under which they were made.

3. Buyer Representations and Warranties. The Buyer represents and warrants with
respect only to it that:

         a) Compliance with Securities Laws. The sale of the Shares will be in
compliance with all applicable state and federal securities laws.

         b) Authorization: Enforceability. This Subscription has beau duly and
validly authorized, executed and delivered on behalf of such Buyer and
constitutes a valid and binding agreement of such Buyer, enforceable against
such Buyer in accordance with its terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally, the enforcement of creditors rights and remedies.

         c) Investigation; Economic Risk. Such Buyer has had such opportunity as
such Buyer has deemed adequate to obtain from publicly available sources or from
representatives of the Company such information as is necessary to permit such
Buyer to evaluate the merits and ri of its investment in the company. Such Buyer
understands that its investment in the Shares involves a high degree of risk and
hereby represents that it is able to bear the economic risk of holding such
Shares as may be acquired pursuant to this Subscription.

         d) Buyer Status. Such Buy is acquiring the Securities as principal for
its own account for investment purposes only. Such Purchaser is acquiring the
Securities hereunder in the ordinary course of its business. Such Purchaser does
not have any agreement or understanding, directly or indirectly, with any Person
to distribute any of the Securities.

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4. Indemnification.

         a) The Seller agrees that it shall indemnify and hold harmless, the
         Buyer, its stockholders, directors, officers, employees, agents,
         affiliates and controlling persons within the meaning of Section 20 of
         the Securities Exchange Act of 1934 and Section 15 of the Securities
         Act of 1933, each as amended (any and all of whom are referred to as an
         "Indemnified Party"), from and against any and all losses, claims,
         damages, liabilities, or expenses, and all actions in respect thereof
         (including, but not limited to, all legal or other expenses reasonably
         incurred by an Indemnified party in connection with the investigation,
         preparation, defense or settlement of any claim, action or proceeding,
         whether c not resulting in any liability (provided, however that the
         Seller shall only pay for one separate legal counsel for the
         Indemnified Parties, and such counsel shall be selected by Buyers
         holding a majority-in-interest of the Shares inc in the Registration
         Statement to which the claim relates), incurred by an Indemnified Party
         arising out of or resulting from: (1) any actions taken or omitted to
         be taken by the Seller its affiliates, employees or agents arising out
         of or resulting from the execution, delivery, performance, breach by
         the Company or enforcement of this Subscription or (2) any untrue
         statement or alleged untrue statement of a material fact contained in
         any of the financial or other information contained in the registration
         statement and/or final prospectus furnished to the Buyer by or on
         behalf of the Seller or the omission or alleged omission of a material
         fact required to be stated therein or necessary to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading, provided, however the Seller will not be liable (i) to the
         extent and only to the extent that any loss, claim, damage liability or
         expanse is finally judicially determined to have resulted primarily
         from the Buyer's willful misconduct, fraudulent action(s), or
         negligence in performing its obligations hereunder (ii) for any amounts
         paid in settlement of any claim if such settlement is effected without
         the prior written consent of the Seller which consent shall not be
         unreasonably withheld, or (iii) far any claim arising out of or based
         upon any information furnished in writing to the Seller by any
         Indemnified Party expressly for use in connection with the preparation
         of the Prospectus or any amendment or supplement thereto.

         (b) If the indemnification provided for herein is conclusively
         determined (by an entry of final judgment by a court of competent
         jurisdiction and the expiration of the time or denial of the right to
         appeal) to be unavailable or Sufficient to hold any Indemnified Party
         harmless in respect to any losses, claims, damages, liabilities or
         expenses referred to herein, then the Seller shall contribute to the
         amounts paid or payable by such Indemnified Party in such proportion as
         is appropriate and equitable under all circumstances taking into
         account the relative benefits received by the Seller on the one hand
         and the Buyer on the other, from the transaction or proposed
         transaction under this Subscription or, if allocation on that basis is
         not permitted under applicable laws in such proportion as is
         appropriate to reflect not only the relative benefits received by the
         Seller on the one hand and the Buyer on the other, but also the
         relative fault of the Seller and the Buyer.

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         c) The Seller shall not settle or compromise or consent to the entry of
         any Judgment in or otherwise seek to terminate any pending or
         threatened action, claim, suit or proceeding in which any Indemnified
         Party is or could be a party and as to which indemnification or
         contribution could have been sought by such Indemnified Party hereunder
         (whether or not such Indemnified Party is a party thereto), unless such
         consent or termination includes an express unconditional release of
         such indemnified Party reasonably satisfactory in form and substance to
         such Indemnified Party, from all losses, claims, damages, liabilities
         or expenses arising out of such action, claim, suit or proceeding.

         d) In the event any Indemnified Party shall incur any expenses covered
         by this Section 4, the Seller shall reimburse the Indemnified Party for
         such covered expenses within ten (10) business days of the Indemnified
         Party delivery to the Seller of an invoice therefore, with receipts
         attached. Such obligation of the Seller to so advance funds may be
         conditioned upon the Seller's receipt of a written undertaking from the
         Indemnified Party to repay such amounts within ten (10), business days
         after a final, non-appealable judicial determination that such
         Indemnified Party was not entitled to indemnification hereunder.

         e) The foregoing indemnification and contribution provisions are not in
         lieu of, but in addition to, any rights which any Indemnified Party may
         have at common law hereunder or otherwise, and shall remain in f force
         and effect following the expiration or termination of the Buyer's
         engagement and shall be binding on any successors or assigns of the
         Seller and successors or assigns to all or substantially all of the
         Seller's business or assets.

5. Notice. All communications hereunder, except as may be otherwise specifically
provided herein, shall be in writing and halt be deemed to have been delivered:
(i) upon receipt, when delivered personally, (ii) upon receipt, when sent by
facsimile transmission (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) on the
next business day after deposit with a nationally recognized overnight courier
with next delivery guaranteed. The address and facsimile numbers for such
communications shall be:

         To the Seller:  1601 Alton Parkway, Unit B

                         Irvine, California 92606

                         Telephone (949) 757-0855

         With a Copy to: Nicholas J. Yocca, Esq.
                         Yocca Patch & Yocca, LISP
                         19900 MacArthur Blvd. Suite 650
                         Irvine, California 92612
                         Telephone (949) 253-0800

         To the Buyer:   as set forth on the signature page hereto.

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6. Jurisdiction. This Agreement shall be governed by and interpreted in
accordance with the laws of the State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof
regarding the conflict of laws. Each of the parties consents to the exclusive
jurisdiction of the federal courts whose districts encompass any part of the
City of New York or the state courts of the State of New York sitting in the
City of New York in connection with any dispute arising under this Agreement and
hereby waives, to the maximum extent permitted by law, any objection based on
forum non conveniens, to the bringing of any such proceeding in such
jurisdiction. To the extent determined by such court, the prevailing party shall
reimburse the other party for any reasonable legal fees and disbursements
incurred in enforcement of; or protection of any of its rights under this
Agreement.

7. Confidentiality. The Seller agrees that it will not disclose, and will not
include in any public announcement, the name of the Buys, unless expressly
agreed to by the Buyer or unless and until such disclosure is required by law or
applicable regulation, and then only to the extant of such requirement.

8. Miscellaneous.

         a) This Subscription constitutes the attire understanding and agreement
         between the parties with respect to its subject matter and there are no
         agreements or understandings with respect to the subject matter hereof
         which are not contained in this Subscription. This Subscription may be
         modified only in writing signed by the patty to be charged hereunder.

         b) This Subscription may be executed in any numbs of counterparts, all
         of which taken together shall constitute one and the same instrument
         and shall become effective when counterparts have been signed by each
         party and delivered to the other parties hereto, it being understood
         that all parties need not sign the same counterpart. Execution may be
         made by delivery by facsimile.

         c) The provisions of this Subscription are severable and, in the event
         that any court or officials of any regulatory agency of competent
         jurisdiction shall determine that any one or more of the provisions or
         part of the provisions contained in this Subscription shall, for any
         reason, be held to be Invalid, illegal or unenforceable in any respect
         such invalidity, illegality or unenforceability shall not affect any
         other provision or part of a provision of this Subscription and this
         Subscription shall be reformed and construed as if such invalid or
         illegal or unenforceable provision, or part of such provision, had
         never been contained herein, so that such provisions would be valid,
         legal and enforceable to the maximum extent possible, so long as such
         construction does not materially adversely effect the economic rights
         of either party hereto.

         d) The Company hereby covenants that it will not sell any of its common
         stock registered under the Registration Statement for a period of three
         weeks from the date hereof.

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         If the foregoing correctly sets forth our agreement, please confirm
this by signing and returning to us the duplicate copy of this letter.

                               AGREED AND ACCEPTED:

                               SELLER:

                               HIENERGY TECHNOLOGIES, INC.

                               By:      /s/ B.C. MAGLICH
                                 ----------------------------------------

                                        Name: Bogdan C. Maglich

                                        Title: Chairman, CEO and Treasurer

AGREED AND ACCEPTED

BUYER:

GREENWICH GROWTH FUND LTD.

By: /s/ E. SCHEMENAUER
  --------------------------
Name: Evan Schemenauer

Title: Director

Addresses for Notice:

C/o Consolidated Fund Management Ltd.

P.O. Box HM 2257

Hamilton, Bermuda

HMIX Attn: Evan Schemenauer

DTC Instructions:

Canaccord Capital Corp.

A/C Name: Greenwich Growth Fund

A/C 31F 607F7

DTC: 5046

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