Document:

Exhibit 10.3

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                 Letter of Intent for a Joint Venture Agreement
             Between Teliphone Inc. and Intelco Communication, Inc.

Dated July 14, 2006

By and between:

Teliphone Inc. "Teliphone" a Canadian Corporation having offices located at 1080
Beaver Hall, Suite 1555, Montreal, Quebec, Canada H2Z 1S8, hereby represented by
George Metrakos, its President & CEO, duly authorized as he so declares,

And

Intelco Communications, "Intelco", a Canadian corporation having offices located
at 4150 Ste-Catherine St West, suite 200, Montreal, Quebec, Canada, H3Z 2Y5,
hereby represented by Serge Farman, its Executive Vice-President, duly
authorized as he so declares,

And

3901823 Canada Inc., "3901823", a Canadian corporation (and majority shareholder
of Intelco) having offices located at 4150 Ste-Catherine St West, suite 200,
Montreal, Quebec, Canada, H3Z 2Y5, hereby represented by Serge Farman, its
Executive Vice-President, duly authorized as he so declares,

Collectively known as "the Parties"

And

Benoit Laliberte, businessman, domiciled at 220 de la coulee, Mont-St-Hilaire,
Qc, Canada. (Benoit Laliberte signature required for investment as described in
section 5 and personal guarantee in item 2.7).

Whereas the parties wish to set forth the guidelines in this Letter of Intent
(LOI) and subsequent Agreement in order to merge their operations and for
Teliphone to provide to Intelco a white-label version of its VoIP platform.

1.    Intent & Objective:

      1.1.  To leverage Intelco's global distribution channel of pre-paid
            calling cards and telecommunications services by introducing
            Teliphone's VoIP services to their existing and future client base.

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

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      1.2.  To leverage Teliphone's technology and experience with its initial
            clients in order to provide Intelco with a proven VoIP product to
            sell to the global market.

      1.3.  To immediately (within 3-6 months) turn Teliphone's current
            operations to cash flow positive by merging operations with Intelco
            and thereby reducing Teliphone's required cash outflows over the
            next 12 months.

2.    White-Label Version of Teliphone's VoIP platform for Intelco

Actual costs and in-kind contributions made for this white-label platform are
presented in tabular form in Appendix A.

      2.1.  Teliphone will provide to Intelco a white label version of its VoIP
            platform for use by Intelco for promotion of its line of VoIP
            products without commercial restriction to the global marketplace.

      2.2.  Intelco will pay Teliphone 1$ per month per active subscriber as a
            software license fee. The minimum amount paid will be based on a
            ramp-up period as described in item 2.6 below and the maximum will
            be $12,000 per month. These amounts will remain as an advance from
            Teliphone for 12 months from the signing of this LOI and will be
            converted as described in section 6.

      2.3.  Above and beyond the twelve thousandth customer, Teliphone will
            receive $0.15 per Intelco subscriber per month. In return, Teliphone
            will ensure that all of the necessary resources within Teliphone's
            team and technology is in place in order to meet Intelco's
            requirements for modifications of their white label platform.

      2.4.  Intelco's customers' traffic will be passed entirely on Intelco's
            network (ie. Intelco assumes DID costs, call origination and call
            termination costs).

      2.5.  Teliphone will invoice any actual variable costs that may be
            incurred by Teliphone in order to supply service to these customers
            (ie. E9-1-1 PSAP call services).

      2.6.  The following period will comprise the minimum amounts being charged
            per subscriber per month for the software license fee as described
            in item 2.2 above:

2.6.1.   Month 1:               0$
2.6.2.   Month 2:               The greater of 1$/subscriber and $1,000
2.6.3.   Month 3:               The greater of 1$/subscriber and $2,000
2.6.4.   Month 4:               The greater of 1$/subscriber and $3,500
2.6.5.   Month 5 and onwards:   The greater of 1$/subscriber and $5,000*

* During this period, as described in 2.2 above, the maximum paid by Intelco
will be $12,000. As described in 2.5, above and beyond the twelve thousandth
customer, Intelco will pay only $0.15 per subscriber per month for the software
license fee.

      2.7.  New technological developments created by Benoit Laliberte (Personal
            commitment)

Benoit Laliberte personally commits to making available any and all new
technological developments where he is directly or indirectly involved in
creating to the disposal of Intelco via their Teliphone white label platform for
a no-cost license, with no royalties on future sales for the use by Intelco as
it sees fit to commercialize.

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

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3.    Usage of Intelco's Infrastructure

Actual costs and in-kind contributions made for these operational expenses are
presented in tabular form in Appendix A.

      3.1.  Intelco will provide the following services to Teliphone:

            3.1.1. Rent. Teliphone will move from its current offices at 1080
                   Beaver Hall, to Intelco's offices located at 4150
                   Ste-Catherine street, Montreal. This is valued at $2,500 per
                   month.

            3.1.2. Telecom network fixed costs. Intelco will provide to
                   Teliphone usage of origination and termination of call
                   traffic across its entire network of PRI's. These are valued
                   at the current market price of $0.007 per minute. The amounts
                   charged will be the greater of the actual charges and $7,000
                   per month.

            3.1.3. Telecom network variable costs. Intelco will invoice any
                   actual variable costs that may be incurred by Teliphone
                   across its network (ie. Monthly DID costs, any additional
                   origination or termination costs that are incurred that are
                   not part of Intelco's fixed cost operations).

NOTE: Teliphone will port over all of its Montreal and Toronto DID's and
subsequent origination and termination traffic to Intelco and subsequently
cancel its 5 Montreal and 1 Toronto PRI's with Rogers Business Solutions.
Teliphone will, however, maintain its own PRI's for cities which it deems
necessary and that are not part of Intelco's network.

            3.1.4. Hosting and co-location services. Intelco will provide the
                  following to Teliphone within its own in-house data center
                  (valued at $2,500 per month):

                  3.1.4.1. 4 full cabinets for Teliphone's existing hardware
                           equipment

                  3.1.4.2. The necessary bandwidth for Teliphone's operations
                           (currently 2 MB per month)

                  3.1.4.3. 60 Amps continuous at 120Volts electrical power
                           supply with back-up UPS.

      3.2.  New hardware will be acquired in September 2006 in order to house
            both Teliphone's and Intelco's VoIP customers. This equipment is
            estimated to require 1/2 cabinet of space and will be located within
            Intelco's cabinets located at Teleglobe, along with Teliphone's
            telecom equipment.

      3.3.  Any amounts forwarded to Teliphone by Intelco will remain as an
            advance from Intelco for 12 months from the signing of this LOI and
            will be converted as described in section 6.

4.    Establishment of a Line of Credit

      4.1.  3901823 will provide Teliphone a $75,000 a line of credit with the
            following disbursements:

            4.1.1. $25,000 at the signing of this LOI

            4.1.2. $25,000 at the installation of Teliphone's equipment within
                   Intelco's data center and a notarized and executed lean on
                   the assets as described in 4.3.

            4.1.3. $25,000 when Teliphone's equipment is able to handle the
                   activation of new Intelco's clients.

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

                                        3

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      4.2.  The totality of the line of credit must be repaid by Teliphone by
            December 21, 2006. If any amounts are outstanding at this time, then
            Teliphone will be considered in default, at which time Teliphone
            will have 10 days to remit all outstanding amounts back to 3901823.

      4.3.  In the event that Teliphone does not reimburse the full outstanding
            amount to 3901823 by December 31, 2006, Intelco will receive
            ownership of Teliphone's current assets (cash, pre-paid deposits and
            accounts receivable), capital assets (property, plant and equipment)
            and intellectual property in order for Intelco's VoIP program to
            continue under 3901823's ownership. A first level lien on the assets
            will be notarized and signed after signing of this LOI.

      4.4.  Teliphone agrees to sign over the $56,000 of receivables pertaining
            to its 2004 and 2005 research and development tax credits which it
            estimates to receive by October 1, 2006 to 3901823 in order to
            guarantee a major part of these disbursements. Teliphone will
            forward any cash received from this funding directly to 3901823 upon
            receipt.

5.    Investment in Teliphone by Benoit Laliberte.

      5.1.  Benoit Laliberte agrees to provide to Teliphone an additional
            $30,000 for use by Teliphone in order to cover any additional cash
            flow requirements by Teliphone as required during the transition
            phase. The following disbursements will be taken on Benoit
            Laliberte's credit card:

            5.1.1. $15,000 in July 2006

            5.1.2. $15,000 in August 2006

6.    Conversion of Amounts Owing after 12 Months of Merged Operations

      6.1.  Based on the values of in-kind contributions that will be made over
            the next 12 months, Teliphone will have an outstanding advance from
            Intelco when both advances are netted.

            6.1.1. The netted $ value will be converted to options exercisable
                   into Class A voting shares of the common stock of Teliphone.
                   The valuation that will be used is $1,000,000, which means
                   that each $10,000 of netted investment in Teliphone will be
                   equal to 1%. It is estimated that the net advance will be
                   $75,000, or options on 7.5%. These shares will be in the name
                   of Intelco.

      6.2.  Subsequent to this conversion, both Teliphone and Intelco will
            commence to invoice each other for their respective services being
            offered, with payments due within 30 days upon receipt of invoice.

7.    3901823 Acquisition of Voting, Class A Common Shares of Teliphone

      7.1.  OSK currently holds 104 class A common voting shares, representing
            all of the outstanding shares of Teliphone.

      7.2.  Teliphone will issue from treasury an additional 35 class A voting
            shares to 3901823. The resulting ownership will be OSK 74.8% and
            3901823, 25.2%.

      7.3.  In consideration of this new minor position, Intelco will be awarded
            one seat on Teliphone's Board of Directors. The newly appointed
            board member will be provided full access to Teliphone's financial
            reporting information as required.

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

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8.    Additional considerations of this LOI

      8.1.  Intelco will gain a 'first right of refusal' in the event that an
            offer to purchase Teliphone is made in the future or on the issuance
            of any new shares.

      8.2.  Teliphone will assign its Telecommunications Services Agreement Kore
            Wireless Canada Inc. to Intelco pending assignment and
            re-negotiation of terms by Kore Wireless Canada Inc.

      8.3.  Teliphone will immediately enter into discussions with its long term
            debt holders to restructure its long term debt and advances
            (particularly from its Parent Company OSK Capital II Corp and
            affiliated company 3894517 Canada Inc. / United American
            Corporation).

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

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Agreed and signed in Montreal, Quebec, Canada,

/s/ Bassim Kano                         /s/ George Metrakos
-------------------------------------   ----------------------------------------
Bassim Kano                             George Metrakos
Executive Vice President                President & CEO
Intelco Communication                   Teliphone Inc.

/s/ Serge Farman
-------------------------------------
Serge Farman
Executive Vice President
3901823 Canada Inc.

/s/ Benoit Laliberte
-------------------------------------
Benoit Laliberte
For personal guarantee as outlined in item 2.7 and section 5.

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

                                        6

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Appendix A. - Summary of In-kind and Cash disbursements

<TABLE>
<CAPTION>
       Disbursement              Estimated $ Value                 Payment consideration
-------------------------   --------------------------   ----------------------------------------
<S>                         <C>                          <C>
Teliphone
  Software license          $1.00 / subscriber / month            Advance from Teliphone
  Network (variable)(1)              At cost             Net 30 days upon presentation of invoice
  Network (fixed)(2)                 At cost                      Advance from Teliphone

Intelco
  Rent                           $2,500 per month                  Advance from Intelco
  Network (variable)(3)              At cost             Net 30 days upon presentation of invoice
  Network (fixed)(4)                 At cost                       Advance from Intelco
  Co-location services           $2,500 per month                  Advance from Intelco
</TABLE>

(1)   These represent any incremental costs that Teliphone must incur in order
      to house Intelco's clients, such as E9-1-1 PSAP services or DID's on any
      of Teliphone's PRI's that Intelco does not have, such as Gatineau, Hull,
      Pont-Viau, Chomedy, Granby or St-Hyacinthe.

(2)   These represent any costs incurred by Teliphone for passing traffic on
      Teliphone's PRI's for Intelco, such as per minute origination and
      termination costs (current price of $0.007 per minute). PRI's include
      Granby, St-Hyacinthe, Chomedy/Pont-Viau or Gatineau/Hull.

(3)   These represent DID costs incurred by Intelco for Teliphone's customers
      over Intelco's Montreal, Toronto, Quebec City or any other of their US or
      Canadian PRI's.

(4)   These represent any costs incurred by Intelco for passing Teliphone
      traffic on Intelco's PRI's including Montreal, Toronto, Quebec City or any
      other of their US or Canadian PRI's (current price of $0.007 per minute).

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                                 Teliphone Inc.
                          1080 Beaver Hall, suite 1555
                        Montreal, Quebec, Canada H2Z 1S8
                          (514) 313-6000, 877 TELIPHONE
                       www.teliphone.ca info@teliphone.ca

                                        7Exhibit 10.4

CUSTOMER AND ASSET ACQUISITION AND SOFTWARE LICENSING AGREEMENT MADE AND ENTERED
INTO IN THE CITY OF MONTREAL, PROVINCE OF QUEBEC WITH AN EFFECTIVE DATE OF
DECEMBER 7, 2005

BY AND BETWEEN:                  TELIPHONE INC., a body politic and corporate,
                                 duly incorporated according to law, having a
                                 place of business at 1080 Beaver Hall, suite
                                 1555, Montreal, Quebec, H2Z 1S8 herein
                                 represented by George Metrakos, President, duly
                                 authorized as he so declares,

                                 hereinafter referred to as "TELIPHONE"

AND:                             IPHONIA INC. a body politic and corporate, duly
                                 incorporated according to law, having a place
                                 of business at 5, St-Sulpice, Oka, Quebec, J0N
                                 1E0, also operating under the trade name
                                 "METRONET" herein represented by Micheline
                                 Soucy, President, duly authorized as she so
                                 declares,

                                 hereinafter referred to as "IPHONIA"

AND:                             TELICOM INC. a body politic and corporate, duly
                                 incorporated according to law, having a place
                                 of business at 5, St-Sulpice, Oka, Quebec, J0N
                                 1E0, herein represented by Serge Doyon,
                                 President, duly authorized as he so declares,

                                 hereinafter referred to as "TELICOM"

AND:                             UNITED AMERICAN CORPORATION. a body politic and
                                 corporate, duly incorporated according to law,
                                 having a place of business at 3273 East Warm
                                 Springs Road Las Vegas, Nevada 89120 USA,
                                 herein represented by Simon Lamarche, President
                                 and CEO, duly authorized as he so declares,

                                 hereinafter referred to as "UAC"

Known collectively as "THE PARTIES"

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                                    PREAMBLE

WHEREAS TELIPHONE is a provider of Voice-over-Internet-Protocol (VoIP) services
and is currently expanding its client base through direct sales efforts to new
residential and business customers;

WHEREAS IPHONIA is a provider of VoIP, inter-suburban and dial-up long distance
telecommunications services and wishes to transfer its client base and various
telecommunications equipment to TELIPHONE;

WHEREAS TELICOM will transfer a full access and full usage license at no charge
for use of the source code and intellectual property of TELICOM's billing
software, currently utilized by TELIPHONE as the basis for its first generation
service billing software.

WHEREAS UAC, as majority owner of TELIPHONE through its majority-owned
subsidiary OSK CAPITAL II Corp., will guarantee the monthly payments required in
this agreement as outlined in section 4.

WHEREAS THE PARTIES wish to set forth their rights and obligations pertaining to
the transfer of IPHONIA's clients and services to TELIPHONE, along with the sale
of various telecommunications equipment and have agreed to transfer the
customers and equipment in conformity with the terms and conditions as provided
herein;

WHEREFORE THE PARTIES HERETO HAVE AGREED AS FOLLOWS:

1.    The Preamble hereinabove stated shall form an integral part of the present
      Agreement as if recited herein at length;

2.    DEFINITIONS

      2.1.  ARPU: Average Revenue Per User.

      2.2.  DID: A unique phone number as depicted by a 10 number sequence that
            is used to direct voice traffic throughout the PSTN.

      2.3.  LNP: Local Number Portability. The process in which a DID is
            transferred from one PRI owner to another.

      2.4.  PRI: Primary Rate Interface, which is a data connection to the PSTN
            that can manage 23 simultaneous channels of voice communications at
            once.

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      2.5.  PSTN: Public Switched Telephone Network. The global
            telecommunications network owned and operated by Tier 1
            Telecommunications carriers worldwide who may sell or lease voice
            traffic over it to Tier 2 & 3 telecommunications carriers such as
            TELIPHONE and IPHONIA.

      2.6.  VOIP: Voice Over Internet Protocol, the use of the public internet
            to transmit voice calls.

3.    Transfer of IPHONIA Services to TELIPHONE

      3.1.  IPHONIA will transfer to TELIPHONE all of its Inter-Suburban, VoIP
            and Long Distance dial-up services that are required to properly
            serve clients that are being transferred as part of this agreement.

      3.2.  TELIPHONE may decide to sell these Services to its existing clients,
            or to market them to new clients at the sole discretion of
            TELIPHONE.

4.    Transfer of IPHONIA Operations to TELIPHONE

      4.1.  IPHONIA agrees to transfer to TELIPHONE all active DID's from its
            three (3) Telus Montreal PRI's. A list of active Montreal DID's can
            be found in Schedule A.

      4.2.  IPHONIA agrees to transfer to TELIPHONE all active DID's from its
            combined Quebec city - Sherbrooke - Ottawa PRI. TELIPHONE will
            assume the balance of IPHONIA's contract ending in May 2007 with
            Group Telecom for this combined PRI. A list of active Quebec City,
            Sherbrooke and Ottawa DID's can be found in Schedule B

      4.3.  Considering that IPHONIA's contract with Telus for the three (3)
            Montreal PRI's is due to expire on December 31, 2005, IPHONIA will
            facilitate the LNP of these DID's to TELIPHONE's Montreal network.

      4.4.  In consideration of the added cost that TELIPHONE will incur in
            upgrading its own Montreal PRI network in order to accommodate the
            added PRI capacity required, THE PARTIES hereby agree that the
            equivalent $ value of capacity upgrade required by TELIPHONE to
            accommodate these IPHONIA Montreal DID's shall be paid to TELIPHONE
            in the form of IPHONIA Telecommunications Equipment, described
            herein.

            4.4.1. It is estimated that this will represent Cdn$1,500 per month
                  of additional charges incurred by TELIPHONE and therefore this
                  amount will be placed against the purchase of the following
                  IPHONIA Telecommunications equipment:

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            o     1 x CISCO AS5350, 8-T1 Gateway, market value of Cdn$15,000,
                  serial #JAE0641055F

            o     1 x CISCO PIX 515E Firewall, already in use by TELIPHONE,
                  market value of Cdn$4,500, serial #S88807079454.

            o     1 x CISCO PIX 515E Firewall, market value of Cdn$2,500, serial
                  #806383054

            For a total of Cdn$22,000. At Cdn$1,500 per month plus interest
            expenses, THE PARTIES agree that TELIPHONE will continue to make
            these payments for 18 months from the signing of this agreement.

      4.5.  IPHONIA agrees to transfer the bank accounts utilized to collect,
            through direct debit, revenues from IPHONIA clients to be
            transferred to TELIPHONE.

            4.5.1. While the bank accounts and customers will belong to
                  TELIPHONE, IPHONIA will maintain signing authority on the
                  accounts in order to extract a monthly amount, for a period of
                  24 months from the signing of this contract of Cdn$7,600
                  representing the client revenues plus an additional Cdn$1,500
                  representing the payment by TELIPHONE for the equipment
                  purchased as described in section 4.4.1 above, until all of
                  the equipment is paid for. Afterwards, IPHONIA will continue
                  to extract Cdn$7,600 until the end of the 24 month period.

            4.5.2. Any amounts of sales taxes will be collected by TELIPHONE
                   since TELIPHONE is declaring the revenues of the clients.

            4.5.3. At the end of the 24 month period, signing authority will be
                   changed to TELIPHONE in which case no further payments will
                   be made to IPHONIA.

            4.5.4. IPHONIA agrees to change the name on the account such that
                   IPHONIA clients will see "TELIPHONE INC." as the debitor of
                   their bank account.

      4.6.  IPHONIA will transfer the remaining balance at the end of each month
            to TELIPHONE, which represents the taxes and any increases in
            revenues from the IPHONIA client base.

      4.7.  TELIPHONE will pay IPHONIA any shortfalls from the total amounts
            owing per month, as described above in section 4.5.

5.    Transfer of IPHONIA Clients to TELIPHONE

      5.1.  IPHONIA will transfer their active clients (estimated at 750), along
            with a database of inactive clients (estimated at 3,000) to
            TELIPHONE for the sole consideration listed in item 4.5.1,
            representing the average revenues generated by the clients less
            additional infrastructure costs required to serve them, as mentioned
            in section 4.4. above.

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      5.2.  Upon termination of this agreement, all clients will become the sole
            property of TELIPHONE, and all revenues associated with them will
            belong solely to TELIPHONE without any consideration of revenue
            transfer to IPHONIA.

      5.3.  TELIPHONE reserves the right to "up-sell", that is to increase the
            revenues of any of the clients through a targeted sales campaign.
            IPHONIA will offer whatever assistance is deemed necessary in order
            to facilitate this process. Any increases in revenues from the
            existing client base will belong solely to TELIPHONE. TELIPHONE
            agrees to provide an e-mail notification within 24 hours of an
            IPHONIA client being transferred to a TELIPHONE service.

      5.4.  At the end of each month, TELIPHONE will transfer to IPHONIA any
            amounts received from clients who have transferred from IPHONIA
            services to TELIPHONE services. The amounts transferred will be
            equivalent to the amounts of revenues that these clients generated
            when purchasing IPHONIA services.

6.    Additional Services Provided by TELIPHONE to IPHONIA

      6.1.  TELIPHONE will offer at no additional cost the co-location of
            IPHONIA equipment in its Montreal data center. The equipment list to
            be hosted is found in Schedule C. This equipment will be identified
            as the sole property of IPHONIA and will be labelled as such within
            TELIPHONE's co-location facility at PEER 1 Montreal. In addition, a
            letter, signed by TELIPHONE and IPHONIA will be sent to PEER 1
            identifying these items as being property of IPHONIA and not
            TELIPHONE. Included in this letter, will be the equipment identified
            in item 4.4.1. Upon receipt of the 18th month payment from
            TELIPHONE, and hence this equipment becoming property of TELIPHONE,
            these items will be newly identified, within the co-location
            facility and in writing to PEER 1 as belonging to TELIPHONE.

      6.2.  TELIPHONE will provide at no additional cost to IPHONIA, the
            required bandwidth of Internet traffic for services unrelated to
            this agreement. It is understood by THE PARTIES that the amount of
            bandwidth is minimal in comparison to that used by TELIPHONE on a
            regular basis for its operations. However, should the IPHONIA
            bandwidth usage become more significant in the future, THE PARTIES
            agree that IPHONIA will pay TELIPHONE an equivalent market price for
            its bandwidth requirements.

      6.3.  TELIPHONE will provide to IPHONIA a total of fifteen (15) unlimited
            world IP calling packages at no charge for personal and business use
            by IPHONIA and their affiliated companies for a period of ten (10)
            years upon the signing of this contract. A partial list of DID's for
            the services to be offered over is found in Schedule D. It is
            understood by THE PARTIES that these lines will not consume a
            significant volume of long distance charges.

                                       5

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7.    NON-COMPETITION CLAUSE

IPHONIA agrees, for a full five (5) years after the signing of this agreement
(see TERM AND TERMINATION), to not enter into direct or indirect competition
with TELIPHONE as it pertains to VoIP services, inter-suburban and dial-up long
distance telecommunications services.

8.    PUBLIC DISCLOSURE

TELIPHONE reserves the right to publicly announce the acquisition as it deems
necessary to meet SEC disclosure norms as a public company. TELIPHONE also
reserves the right to disclose the transaction in the form of a public press
release. All releases will require prior approval of IPHONIA prior to being
distributed.

9.    TERM AND TERMINATION

      9.1.  TERM. This Agreement shall commence on the date hereinabove and
            remain in effect for an initial period of two (2) year from the
            effective date. Upon completion of the two (2) year period, all of
            IPHONIA Services, Operations and Clients will transfer in full to
            TELIPHONE. This will constitute the official termination of the
            agreement.

      9.2.  TERMINATION BY EITHER PARTY. Either party (the "Non-Defaulting
            Party") may terminate this Agreement by providing at least thirty
            (30) days prior written notice to the other party (the "Defaulting
            Party") upon the occurrence of any of the following events:

            (a)   the Defaulting Party is in default in the performance of any
                  of its obligations under this Agreement or breaches any
                  provision hereof and such default or breach continues after at
                  least ten (10) days following receipt of written notice of
                  such default or breach from the Non-Defaulting Party to the
                  Defaulting Party.

            (b)   the conviction in any court of competent jurisdiction of
                  either party or any employee, shareholder, director or officer
                  of either party for any crime or violation of law if, such
                  conviction is likely to adversely affect the operation or
                  business of the other party or tend to be harmful to the
                  goodwill or reputation of the other party.

            (c)   Any conduct or practice by either party, its directors,
                  officers, employees or shareholders, which is injurious to the
                  goodwill or reputation of the other party.

                                       6

<PAGE>

            (d)   Either party commits, participates or acquiesces in any
                  fraudulent or improper actions in regards to this agreement;

      9.3.  However unlikely, in the event the TELIPHONE becomes insolvent and
            can no longer actively serve IPHONIA's clients, IPHONIA retains the
            right to terminate this contract and to reclaim its former clients
            and services from TELIPHONE in order to continue to offer services
            to them.

10.   CONFIDENTIALITY.

      10.1. "Confidential Information" means any business and technical
            information disclosed by either party to the other party, either
            directly or indirectly, in writing, orally or by inspection of
            tangible objects (including without limitation concepts, designs,
            documents, prototypes or samples), which is designated as
            "Confidential," "Proprietary" or some similar designation or is
            disclosed under circumstances which indicate its confidential
            nature. Confidential Information may also include third party
            confidential information. Confidential Information will not include
            any information which

                  (i) was publicly known and made generally available in the
                  public domain prior to the time of disclosure by the
                  disclosing party;

                  (ii) becomes publicly known and made generally available after
                  disclosure by the disclosing party to the receiving party
                  through no action or inaction of the receiving party;

                  (iii) is already in the possession of the receiving party at
                  the time of disclosure by the disclosing party as shown by the
                  receiving party's files and records immediately prior to the
                  time of disclosure;

                  (iv) is obtained by the receiving party from a third party
                  without a breach of such third party's obligations of
                  confidentiality; or

                  (v) is independently developed by the receiving party without
                  use of or reference to the disclosing party's Confidential
                  Information, as shown by documents and other competent
                  evidence in the receiving party's possession.

      10.2. Non-use and Nondisclosure. Each party agrees not to use any
            Confidential Information of the other party for any purpose except
            to perform its obligations or exercise its rights under this
            Agreement. Each party agrees not to disclose any Confidential
            Information of the other party to third parties or to such party's
            employees, except to those employees or consultants of the receiving
            party who are required to have the information. Nothing in this
            Section precludes either party from disclosing the other party's
            Confidential Information as required by law or a legal process.

                                       7

<PAGE>

      10.3. Maintenance of Confidentiality. Each party agrees that it will take
            reasonable measures to protect the secrecy of and avoid disclosure
            and unauthorized use of the Confidential Information of the other
            party. Without limiting the foregoing, each party will take at least
            those measures that it takes to protect its own most highly
            confidential information and will ensure that its employees and
            independent contractors who have access to Confidential Information
            of the other party have signed a non-use and non-disclosure
            agreement in content similar to the provisions hereof. Each party
            will reproduce the other party's proprietary rights notices on any
            such approved copies, in the same manner in which such notices were
            set forth in or on the original.

11.   GENERAL AND CONCLUDING PROVISIONS

      11.1. This agreement shall ensure to the benefit of and be binding upon
            the parties hereto, and their respective heirs, legatees, executors,
            legal representatives, successors and assigns.

      11.2. This Agreement contains the entire agreement among the parties with
            respect to the transactions contemplated herein, and supersedes all
            prior negotiations, agreements and undertakings.

      11.3. This Agreement may be executed in two or more counterparts each of
            which shall be deemed an original and all of which together shall
            constitute one and the same Agreement. Faxed signatures of the
            parties shall be valid and binding, however, the parties hereto
            agree to provide the original of their signature to this Agreement
            to each of the other parties thereafter.

      11.4. All notices in connection with this Agreement shall be in writing
            and either hand-delivered or mailed by registered or certified mail
            and shall be sent to all of the parties hereto. Any such notice
            shall be deemed to have been received on the earlier of the date of
            the hand-delivery or on the fifth (5th) business day following the
            date indicated on the proof of mailing. The respective addresses for
            such notices are:

                  Teliphone Inc
                  1080 Beaver Hall, Suite 1555
                  Montreal, Quebec, H2Z 1S8 Canada
                  Attention: George Metrakos
                  Telephone: (514) 313-6010
                  Fax: (514) 313-6001
                  E-mail: gmetrakos@teliphone.ca

                  Iphonia Inc.
                  5, St-Sulpice
                  Oka, Quebec, J0N 1E0, Canada
                  Attention: Micheline Soucy
                  Telephone: 514-788-6186
                  Fax: (514) 908-5170
                  E-mail: msoucy@iphonia.com

                                       8

<PAGE>

                  United American Corp
                  1080 Beaver Hall, Suite 1555
                  Montreal, Quebec, H2Z 1S8 Canada
                  Attention:  Simon Lamarche
                  Telephone: (514) 313-3421
                  Fax: (514) 313-6001
                  E-mail: slamarche@teliphone.ca

                  Telicom Inc.
                  5, St-Sulpice
                  Oka, Quebec, J0N 1E0, Canada
                  Attention: Serge Doyon
                  Telephone: 514-788-6186
                  Fax: (514) 908-5170
                  E-mail: sjdoyon@telicom.ca

      11.5. This Agreement shall be construed in accordance with the laws of the
            Province of Quebec and Canada.

      11.6. This Agreement may be amended only by written agreement duly
            executed by all parties hereto.

      11.7. The parties shall furnish and deliver from time to time such
            documents, and writings as may reasonably be required as necessary
            or desirable to complete this Agreement and to give effect to its
            provisions.

      11.8. The parties agree to do and cause to be done such acts, deeds,
            documents and/or corporate proceedings as maybe necessary or
            desirable to complete this Agreement, and to give effect to its
            provisions.

      11.9. The parties hereto have requested that the present Agreement be
            drafted in the English language. Les parties declarent qu'ils ont
            requis que la presente entente soit redigee dans la langue anglaise.

WHEREFORE THE PARTIES HERETO HAVE SIGNED WITH DATE EFFECTIVE ON THE DATE AND
PLACE FIRST MENTIONED HEREINABOVE.

                                       9

<PAGE>

TELIPHONE INC                            IPHONIA INC

per:                                     per:

/s/ George Metrakos                      /s/ Micheline Soucy
---------------------------------        ---------------------------------
George Metrakos, President               Micheline Soucy, President

November 28, 2006                        November 28, 2006
---------------------------------        ---------------------------------
Date                                     Date

TELICOM INC.                             UNITED AMERICAN CORPORATION

per:                                              per:

/s/ Serge Doyon                          /s/ Simon Lamarche
---------------------------------        ---------------------------------
Serge Doyon, President                   Simon Lamarche, President & CEO

November 28, 2006                        November 28, 2006
---------------------------------        ---------------------------------
Date                                     Date

                                       10

<PAGE>

                                   SCHEDULE A

List of Active IPHONIA Montreal DID's

(514) 788-2915 - DIAL-UP TEST
(514) 788-4849 - SCCP
(514) 788-4870 - SCCP
(514) 788-4872 - SCCP
(514) 788-4890 - SCCP
(514) 788-4908 - SCCP
(514) 788-4919 - SCCP
(514) 788-4963 - SCCP
(514) 788-4972 - SCCP
(514) 788-4976 - SCCP
(514) 788-4977 - SCCP
(514) 788-5014 - SCCP
(514) 788-5020 - SCCP
(514) 788-5037 - SCCP
(514) 788-5047 - SCCP
(514) 788-5053 - SCCP
(514) 788-5054 - SCCP
(514) 788-6173 - SCCP
(514) 788-6174 - SCCP
(514) 788-6175 - SCCP
(514) 788-6176 - SCCP
(514) 788-6177 - DIALUP (incoming), SCCP (outgoing)
(514) 788-6178 - DIALUP (incoming Iphonia)
(514) 788-6179 - SCCP
(514) 788-6180 - SCCP
(514) 788-6181 - SCCP
(514) 788-6182 - SCCP
(514) 788-6183 - SCCP
(514) 788-6184 - SCCP
(514) 788-6185 - SCCP
(514) 788-6186 - SCCP
(514) 788-6187 - SCCP
(514) 788-6188 - DIALUP (main Iphonia)
(514) 788-6189 - DIALUP (incoming Metronet)
(514) 788-6190 - SCCP (Voicemail access)
(514) 788-6191 - SCCP
(514) 788-6192 - SCCP
(514) 788-6193 - SCCP
(514) 788-6194 - SCCP
(514) 788-6195 - SCCP
(514) 788-6196 - SCCP
(514) 788-6197 - SCCP

                                       11

<PAGE>

(514) 788-6198 - SCCP
(514) 788-6199 - DIALUP (Reverse)
(514) 335-2838 - DIALUP (main Metronet)
(514) 335-0411 - DIALUP (incoming Metronet)
(514) 380-8126 - SCCP
(514) 380-8140 - SCCP
(514) 380-2560 - SCCP
(514) 788-6386 - SCCP
(514) 788-6400 - SCCP
(514) 788-6401 - SIP (Voicemail English)
(514) 788-6402 - SIP (Voicemail French)
(514) 788-6403 - SIP
(514) 788-6404 - SIP
(514) 788-6407 - SIP
(514) 788-6408 - SIP
(514) 788-6409 - SIP
(514) 788-6410 - SCCP
(514) 788-6411 - DIALUP (Info)
(514) 788-6412 - SIP
(514) 788-6413 - SIP
(514) 788-6414 - SIP
(514) 788-6415 - SIP
(514) 788-6416 - TELIPHONE
(514) 788-6417 - SIP
(514) 788-6418 - SIP
(514) 788-6420 - SCCP
(514) 788-6421 - SIP
(514) 788-6425 - TELIPHONE
(514) 788-6437 - DIALUP (1-866-788-6199 - CAN)
(514) 788-6438 - DIALUP (1-866-788-6177 - US)

                                       12

<PAGE>

                                   SCHEDULE B

List of Active Quebec city, Sherbrooke and Ottawa DID's

Quebec

(418) 948-8201 - SIP
(418) 948-8210 - SIP
(418) 948-8215 - SIP
(418) 948-8222 - DIALUP
(418) 948-8225 - SCCP
(418) 948-8240 - TELIPHONE
(418) 948-8241 - TELIPHONE
(418) 948-8242 - TELIPHONE
(418) 948-8243 - TELIPHONE
(418) 948-8244 - TELIPHONE
(418) 948-8245 - TELIPHONE
(418) 948-8246 - TELIPHONE
(418) 948-8247 - TELIPHONE
(418) 948-8248 - TELIPHONE
(418) 948-8249 - TELIPHONE

Ottawa

(613) 482-8222 - DIALUP
(613) 482-8225 - SCCP

Sherbrooke

(819) 340-8222 - DIALUP
(819) 340-8225 - SCCP

                                       13

<PAGE>

                                   SCHEDULE C

Amount of Co-Location Space to be Offered at No Charge by TELIPHONE to IPHONIA

<TABLE>
<CAPTION>
Size (U)     Description     Manufacturer              Model                       Serial               OS/Firmware
--------   ---------------   ------------   ---------------------------   -----------------------   -------------------
<S>        <C>               <C>            <C>                           <C>                       <C>
   1       Firewall 1        Cisco          PIX 515E                      806383054                 6.2(2)116
   1       Firewall 2        Cisco          PIX 515E                      806392165                 6.2(2)116
   1       Ethernet Switch   Cisco          Catalyst 2950, 24 Port        FHK0638W1AK               12.1(12c)EA1
   1       Power Switch 1    APC            Masterswitch Plus AP9606      JA0228013223              v2.0.0
   1       Power Switch 2    APC            Masterswitch Plus AP9225EXP   WA0137004706              N/A
   1       Gateway           Cisco          AS5350-8PRI, 128MB            JAE0641055F               12.2(13)T8
   2       CallManager 1     Compaq         Proliant DL380R02             R234JZG10004              Windows 2000
   2       CallManager 2     Compaq         Proliant DL380R02             R235JZG10003              Windows 2000
   1       Asterisk          Compaq         Proliant DL360                R011000256/6J15FXK1F03Y   Fedora 2.6.5-1.358
   1       Voicemail         Compaq         Tasksmart W2200               RO1933256/6J16JKN1E00L    Windows 2000
   1       ACS 1             Compaq         Tasksmart W2200               R219JJ710001              Windows 2000
   1       ACS 2             Compaq         Tasksmart W2200               R219JJ710003              Windows 2000
   1       Iphonia web       Compaq         Tasksmart W2200               R230JJ71000               Windows 2000
   2       Hebergement       Compaq         Dell Poweredge 2450           82PXB01                   Windows 2000
   2       Backup            Compaq         Dell Poweredge 2450           G2PXB01                   Windows 2000
   1       DNS               Generic        Generic                       No Serial                 Mandrake  2.4.18-14
</TABLE>

                                       14

<PAGE>

                                   SCHEDULE D

List of DID's that TELIPHONE will Provide Unlimited US & Canada VoIP Services at
no charge to IPHONIA

514-335-2560
514-380-8140
514-380-8126
514-788-6181
514-788-6183
514-788-6185
514-788-6186

                                       15

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