Document:

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                                                                   EXHIBIT 10.36

                           CONVERSION ESCROW AGREEMENT

                  CONVERSION ESCROW AGREEMENT (this "Agreement"), dated as of
August 18, 2000, by and among WALL STREET STRATEGIES CORPORATION, a corporation
organized under the laws of Nevada (the "Company"), BRYAN CAVE LLP (the "Escrow
Agent"), and and CALP II LIMITED PARTNERSHIP, a Bermuda limited partnership (the
"Holder").

                                    RECITALS

                  A. Simultaneously with the execution of this Agreement, the
Holder has entered into an 8% Series A Convertible Preferred Stock Subscription
Agreement, dated as of the date hereof (the "Subscription Agreement"), with the
Company, pursuant to which the Holder has agreed to purchase shares of the
Company's 8% Series A Convertible Preferred Stock, par value $0.001 (the
"Preferred Stock").

                  B. Upon the closing of the transaction contemplated by the
Subscription Agreement (the "Closing"), the Holder will receive ten shares of
Preferred Stock, and, commencing thirty days thereafter, will have the right,
from time to time, to convert the shares of Preferred Stock into shares of the
Company's Common Stock, par value $0.001 (the "Common Stock"), in accordance
with the terms of the Preferred Stock as set forth in the Certificate of
Designation relating thereto.

                  C. The Escrow Agent is willing to act as escrow agent pursuant
to the terms of this Agreement with respect to the delivery of the shares of
Common Stock upon conversion of the Preferred Stock.

                  D. All Capitalized terms used but not defined herein shall
have the meanings ascribed thereto in the Subscription Agreement.

                  NOW, THEREFORE, IT IS AGREED:

                  1. DEPOSIT. Simultaneously with the Closing, the Holder shall
deposit with the Escrow Agent a copy of this Escrow Agreement or a counterpart
thereof, executed by the Holder. Simultaneously with the Closing, the Company
shall deliver to the Escrow Agent this Escrow Agreement or a counterpart thereof
signed by the Company and, to be held in escrow in accordance with the terms
hereof, certificates representing One Million (1,000,000) shares of Common Stock
registered in the name of Holder. Any securities held by the Escrow Agent from
time to time in accordance with the terms hereof are referred to herein as the
"Escrowed Shares". Nothing herein contained shall be deemed to impose upon the
Escrow Agent any responsibility, and the Escrow Agent shall not be required, to
determine, at any time, the amounts or types of securities which would be
required to be delivered to accomplish the conversion of the shares of Preferred
Stock.

                  The Escrowed Shares and the other items to be delivered to the
Escrow Agent hereunder shall be delivered by the Company or the Holder (as the
case may be) to the Escrow Agent at its address for notice indicated in Section
5(a).

                  2. TERMS OF ESCROW.

                  (a) At any time that the Holder is permitted to convert the
         shares of Preferred Stock, and from time to time during the term of
         this Agreement, the Holder may deliver to the Escrow Agent written
         notice (a "Conversion Notice") that it has elected to convert the
         shares of Preferred Stock registered in the name of such Holder, in
         whole or in part, the Conversion Notice to be in the form annexed as
         Exhibit A attached hereto. A copy of the Conversion Notice shall be
         delivered by the Holder to the Company simultaneously,
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         and evidence of such delivery to the Company shall be provided to the
         Escrow Agent. The Conversion Notice shall specify the number of
         Escrowed Shares to be released by the Escrow Agent; provided, however,
         that the Escrow Agent shall not release any Escrowed Shares to the
         Holder unless (i) a registration statement with respect to the resale
         of the Escrowed Shares is then in effect (as represented by the Holder
         in the Conversion Notice), or (ii) such Holder makes the
         representations contained in the Conversion Notice relating to the
         exemption from the registration requirements under the United States
         Securities Act of 1933, as amended (the "Securities Act"), and
         Regulation S promulgated thereunder with respect to the resale of the
         Escrowed Shares. Provided that the Escrow Agent has not, within one (1)
         business day after the date of the Conversion Notice (the "Dispute
         Period"), received written notice (a "Dispute Notice") from the Company
         that it objects to the release of Escrowed Shares in accordance with
         the Conversion Notice, the Escrow Agent will release from escrow and
         deliver to the Holder certificates or instruments representing the
         number of Escrowed Shares issuable to the Holder in accordance with
         such conversion or exercise; provided, however, that if the
         certificates evidencing the Escrowed Shares held by the Escrow Agent
         are not in denominations appropriate for such delivery to the Holder,
         the Escrow Agent shall request the Company to cause its transfer agent
         and registrar to reissue such certificates in appropriate
         denominations; and provided further, however, that the Escrow Agent
         shall have no liability, obligation or responsibility with respect to
         any such reissuance. If the Company delivers a Dispute Notice to the
         Escrow Agent during the Dispute Period, the Escrow Agent shall forward
         a copy of such Dispute Notice to the Holder, and shall continue to hold
         the Escrowed Shares which are the subject of the Conversion Notice and
         otherwise act in accordance with the provisions hereof.

                  (b) If, at any time during the term of this Agreement, the
         Company exercises its right to redeem the Preferred Stock in accordance
         with its terms, the Company may so notify the Escrow Agent in writing
         (the "Redemption Notice"). A copy of such Redemption Notice shall be
         delivered to the Holder simultaneously, and evidence of such delivery
         shall be provided to the Escrow Agent. Provided that the Escrow Agent
         has not, within ten (10) business days after the date of the Redemption
         Notice (the "Redemption Dispute Period") received written notice (the
         "Redemption Dispute Notice") from the Holder that it disputes the claim
         of redemption, the Escrow Agent shall, as soon as practicable after the
         expiration of the Redemption Dispute Period, deliver to the Company any
         Escrowed Shares (and the certificates or other instruments representing
         such Escrowed Shares) then being held in escrow pursuant hereto. If the
         Holder delivers a Redemption Dispute Notice to the Escrow Agent during
         the Redemption Dispute Period, the Escrow Agent shall continue to hold
         the Escrowed Shares then being held in escrow and otherwise act in
         accordance with the provisions of Section 2(e) hereof.

                  (c) Without limiting or affecting any other provisions of this
         Agreement, if, at any time while it continues to hold any Escrowed
         Shares pursuant hereto, the Escrow Agent receives notice of objection,
         dispute, or other assertion in accordance with or affecting any of the
         provisions of this Agreement, the Escrow Agent shall continue to hold
         the Escrowed Shares until such time as the Escrow Agent shall receive
         (i) written instructions jointly executed by the Holder and the
         Company, directing distribution of the Escrowed Shares, or (ii) a
         certified copy of a judgment, order or decree of a court of competent
         jurisdiction, final beyond the right of appeal, directing the Escrow
         Agent to distribute said Escrowed Shares to any party hereto or as such
         judgment, order or decree shall otherwise specify (including any such
         order directing the Escrow Agent to deposit the Escrowed Shares into
         the court rendering such order, pending determination of any dispute
         between any of the parties). In addition, the Escrow Agent shall have
         the absolute right, at any time, to deposit any of the Escrowed Shares
         with a court of competent jurisdiction pursuant to Section 1006

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         of the New York Civil Practice Law and Rules (or similar rules of any
         other jurisdiction) without liability to any party.

                  (d) In the event that after the third anniversary of the date
         hereof the Escrow Agent shall hold any Escrowed Shares which are not
         then the subject of a pending Conversion Notice, the Escrow Agent shall
         deliver any such Escrowed Shares to the Company and shall thereupon be
         discharged of any further obligations with respect thereto.

         3. DUTIES AND OBLIGATIONS OF THE ESCROW AGENT.

                  (a) The parties hereto agree that the duties and obligations
         of the Escrow Agent are only such as are herein specifically provided
         and no other. The Escrow Agent's duties are as a depository only, and
         the Escrow Agent shall incur no liability whatsoever, except as a
         direct result of its willful misconduct or gross negligence. The Escrow
         Agent shall have no duty of inquiry or investigation, and the parties
         shall not rely on the Escrow Agent to ascertain any legal or factual
         matter.

                  (b) The Escrow Agent may consult with counsel of its choice,
         including itself, and shall not be liable for any action taken,
         suffered or omitted by it hereunder in good faith and in accordance
         with the advice of such counsel.

                  (c) The Escrow Agent shall not be bound in any way by the
         terms of any other agreement to which any Holder and the Company are
         parties, whether or not it has knowledge thereof, and the Escrow Agent
         shall not in any way be required to determine whether or not any other
         agreement has been complied with by the any Holder and the Company, or
         any other party thereto. The Escrow Agent shall not be bound by any
         modification, amendment, termination, cancellation, rescission or
         supersession of this Agreement unless the same shall be in writing and
         signed jointly by each of the Holder and the Company, and agreed to in
         writing by the Escrow Agent.

                  (d) If the Escrow Agent shall be uncertain as to its duties or
         rights hereunder or under applicable law or shall receive instructions,
         claims or demands which, in its sole opinion, are in conflict with any
         of the provisions of this Agreement or applicable law, it shall be
         entitled to refrain from taking any action, other than to keep safely
         all property held in escrow until it shall be directed otherwise by a
         final judgment of a court of competent jurisdiction.

                  (e) The Escrow Agent shall be fully protected in relying upon
         any written notice, demand, certificate or document which it, in good
         faith, believes to be genuine. The Escrow Agent shall not be
         responsible for the sufficiency or accuracy of the form, execution,
         validity or genuineness of documents or securities now or hereafter
         deposited hereunder, or of any endorsement thereon, or for any lack of
         endorsement thereon, or for any description therein; nor shall the
         Escrow Agent be responsible or liable in any respect on account of the
         identity, authority or rights of the persons executing or delivering or
         purporting to execute or deliver any such document, security or
         endorsement.

                  (f) The Escrow Agent shall not be required to institute legal
         proceedings of any kind and shall not be required to defend any legal
         proceedings which may be instituted against it or in respect of the
         Escrowed Shares.

                  (g) If the Escrow Agent at any time, in its sole discretion,
         deems it necessary or advisable to relinquish custody of the Escrowed
         Shares, it may do so by delivering the same to any other escrow agent
         mutually agreeable to the Holder and the

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         Company and, if no such escrow agent shall be selected within thirty
         (30) days of the Escrow Agent's notification to the Holder and the
         Company of its desire to so relinquish custody of the Escrowed Shares,
         then the Escrow Agent may do so by delivering the Escrowed Shares (a)
         to any bank or trust company in the Borough of Manhattan, City and
         State of New York, which is willing to act as escrow agent thereunder
         in place and instead of the Escrow Agent, or (b) to the clerk or other
         proper officer of a court of competent jurisdiction as may be permitted
         by law within the State, County and City of New York. The fee of any
         such bank or trust company or court officer shall be borne by the
         Company, and may be paid by the Escrow Agent from any Escrowed Shares
         held by it. Upon such delivery, the Escrow Agent shall be discharged
         from any and all responsibility or liability with respect to the
         Escrowed Shares and the Company shall promptly pay to the Escrow Agent
         all monies which may be owed it for its services hereunder, including,
         but not limited to, reimbursement of its out-of-pocket expenses
         pursuant to paragraph (i) below.

                  (h) This Agreement shall not create any fiduciary duty on the
         Escrow Agent's part to the Holder or the Company, nor disqualify the
         Escrow Agent from representing either party hereto in any dispute with
         the other, including any dispute with respect to the Escrowed Shares.

                  (i) The reasonable out-of-pocket expenses paid or incurred by
         the Escrow Agent in the administration of its duties hereunder,
         including, but not limited to, all counsel and advisors' and agents'
         fees and all taxes or other governmental charges, if any, shall be paid
         by the Company.

         4. INDEMNIFICATION.

         Each of the Holder and the Company, jointly and severally, hereby
indemnify and hold the Escrow Agent harmless from and against any and all
losses, damages, taxes, liabilities and expenses that may be incurred by the
Escrow Agent, arising out of or in connection with its acceptance of appointment
as the Escrow Agent hereunder and/or the performance or determination of its
duties pursuant to this Agreement, including, but not limited to, all legal
costs and expenses of the Escrow Agent (including legal counsel fees where the
Escrow Agent acts as counsel to itself, at its standard hourly rates) incurred
by the Escrow Agent in connection with its duties or the determination of its
duties hereunder or defending itself against any claim or liability in
connection with its performance hereunder, provided that the Escrow Agent shall
reimburse any indemnity payments actually received for any losses, damages,
taxes, liabilities or expenses that directly result from its willful misconduct
or gross negligence, as determined by a final, non-appealable judgment of a
court of competent jurisdiction.

         5. MISCELLANEOUS.

                  (a) This Agreement shall terminate upon the (i) release of all
         of the Escrowed Shares pursuant to the terms hereof or (ii) delivery to
         this Escrow Agent of an agreement in writing and signed by each of the
         Holder and the Company stating that this Agreement has been terminated.

                  (b) All notices, requests, demands and other communications
         hereunder shall be in writing, with copies to all the other parties
         hereto, and shall be deemed to have been duly given when (i) if
         delivered by hand, upon receipt, (ii) if sent by telecopier, upon
         receipt of proof of sending thereof, (iii) if sent by Express Mail,
         Federal Express or other next-day express delivery service (receipt
         requested), the next business day or (iv) if

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         mailed by first-class registered or certified mail, return receipt
         requested, postage prepaid, upon receipt, in each case if delivered to
         the following addresses:

                    (i)   If to the Company:

                          Wall Street Strategies Corporation
                          80 Broad Street
                          New York, NY  10004
                          Attn.: Charles V. Payne
                          Telecopier: (212) 514-9582

                    (ii)  If to the Holder:

                          At the address set forth in the Subscription Agreement

                    (iii) If to the Escrow Agent:

                          Bryan Cave LLP
                          245 Park Avenue
                          New York, New York  10167

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                           Attention:  Steven A. Saide
                           Telecopier: (212) 692-1900

or at such other address as any of the parties to this Agreement may hereafter
designate in the manner set forth above to the others.

                  (c) This Agreement shall be construed and enforced in
accordance with the law of the State of New York applicable to contracts entered
into and performed entirely within New York.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be signed the day and year first above written.

                             WALL STREET STRATEGIES CORPORATION

                             By: /s/ Charles V. Payne
                                 -----------------------------------------------
                             Name: Charles V. Payne
                             Title: President and CEO

                             BRYAN CAVE LLP

                             By: /s/ Steven A. Saide
                                 ----------------------------------------------
                             A Member of the Firm

                             HOLDER:

                                CALP II LIMITED PARTNERSHIP
                                By: VMH Investment Management Ltd.,
                                    General Partner

                                By: /s/ M. McKinnon
                                    --------------------------------------------
                                    Name: M. McKinnon
                                    Title: For:  VMH INTERNATIONAL LTD., G.P.
                                    Address: c/o Forum fund Services, Washington
                                    Mall, Third Floor, Church Street, Hamilton,
                                    HM 11 Bermuda

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                                    EXHIBIT A

                              NOTICE OF CONVERSION

(To be Executed by the Registered Holder
in order to Convert shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of 8% Series A
Convertible Preferred Stock indicated below, into shares of Common Stock, $0.001
par value per share (the "Common Stock"), of Wall Street Strategies Corporation,
a Nevada corporation (the "Company"), according to the conditions hereof, as of
the date written below. If shares are to be issued in the name of a person other
than undersigned, the undersigned will pay all transfer taxes payable with
respect thereto and is delivering herewith such certificates and opinions as
reasonably requested by the Company in accordance therewith. No fee will be
charged to the Holder for any conversion, except for such transfer taxes, if
any.

If this Conversion Notice is to be delivered to the Escrow Agent, the
undersigned warrants and represents by checking the box that it has been advised
that a registration statement with respect to the resale of the Common Stock
issuable pursuant to this Conversion Notice is in effect. [ ]

To the extent that no registration statement is effective with respect to the
shares to be issued hereunder, the undersigned certifies and represents (a) that
it is not a U.S. person as such term is defined in Regulation S promulgated
under the Securities Act of 1933, as amended (the "Act"), (b) that it is not
acting for the account or benefit of any U.S. person (as defined in Regulation
S), (c) that this share of Preferred Stock has not been converted in the United
States and (d) that the Common Stock issuable upon exercise of this share of
Preferred Stock will not be delivered in the United States. THE UNDERSIGNED
COVENANTS THAT ALL OFFERS AND SALES BY THE UNDERSIGNED OF THE SHARES OF COMMON
STOCK ISSUABLE UPON CONVERSION OF THIS SHARE OF PREFERRED STOCK SHALL BE MADE
SOLELY IN COMPLIANCE WITH REGULATION S, INCLUDING ANY APPLICABLE DISTRIBUTION
COMPLIANCE PERIODS, PURSUANT TO REGISTRATION OF THE COMMON STOCK UNDER THE ACT
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND THAT THE
UNDERSIGNED HAS CONSULTED WITH LEGAL COUNSEL CONCERNING ANY SUCH APPLICABLE
RESTRICTIONS UNDER REGULATION S. The undersigned understands that the
certificate(s) representing the shares of Common Stock issuable upon delivery of
this Conversion Notice will bear a legend setting forth the foregoing
restrictions.
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Conversion calculations:

                            Date to Effect Conversion:

                            Applicable Conversion Price:

                            Number of shares of Preferred Stock to be Converted:

                            Stated Value of shares of Preferred Stock to be
                            Converted:

                            Stated Value of Shares remaining available for
                            conversion at Conversion Price:

                            Number of shares of Common Stock to be Issued:

                            Signature

                            Name

                            Address<PAGE>   1
                                                                   EXHIBIT 10.37

MERRILL LYNCH                                        Corporate and Institutional
                                                     Client Group

                                                     6th Floor
                                                     222 Broadway
                                                     New York, New York 10038
                                                     212 670 0620

                               LETTER OF AGREEMENT
                                       FOR

                             WALL STREET STRATEGIES

The Citation Group (the "Citation Group") is a division of Merrill Lynch,
Pierce, Fenner & Smith Incorporated, a broker-dealer which, as part of its
regular services to its customers, provides investment research services for the
use of those customers.

The Citation Group hereby agrees to purchase from you or any of your affiliates
the services described in the use schedule attached hereto (the "User Schedule")
for use by our customers (the "Services"). Additions or deletions from the User
Schedule or any Supplemental User Schedules may be made only by mutual agreement
evidenced by written notice by us acknowledged by you. For Services previously
agreed upon, for use by other Citation Group customers, Citation Group will
notify you of the identity of the customer; no acceptance shall be required by
you.

We acknowledge that we are purchasing the Services to assist our customers in
making decisions with respect to investing in, purchasing or selling securities.
It is understood that, although you may deliver the Services directly to our
customers, such customer are not, and shall not be deemed to be, your customers
and such Services will be considered provided to such customers on our behalf.
All invoices for Services are to be directed and sent to the Citation Group, and
not to any of our customers. We will not pay any invoices that are directed to,
and made payable by, our customers.

You hereby represent that you are registered as an investment advisor pursuant
to the Investment Advisors Act of 1940, as amended, or are not required to
register pursuant to such Act either currently or as a result of your delivery
of the Services. In this connection, you agree to furnish to the Citation Group,
and any Citation Group customer to which you deliver any Services, all materials
that you are required to deliver pursuant to any applicable statute or
regulation governing your investment advisor activities.

You further represent that the particulars of any known affiliation between you
and any customer listed (either currently or hereafter) on the User Schedule
have been fully disclosed to the Citation Group and that if any such affiliation
arises at any time hereafter during the term of this agreement, or if you become
aware of any such affiliation at any time hereafter during the term of this
agreement, you will promptly disclose all of the particulars of such affiliation
to the Citation Group.

You hereby agree to indemnify and hold harmless the Citation Group from and
against any and all loss, liability, claim, damage and expense, including
counsel fees, arising out of any claim based upon your provision of the Services
or which results from any breach, or alleged breach, of
<PAGE>   2
MERRILL LYNCH

your representations contained herein and further agree to hold the Citation
Group harmless for any error or omission with respect to licenses for the
Services.

You further agree that you will not, without the prior written consent of the
Citation Group, publish or distribute any advertisement or other promotional
literature that makes reference to the fact that the Citation Group has agreed
to purchase the Services.

You agree to invoice, collect and remit all sales and use taxes, where
applicable, to the appropriate taxing authorities.

This agreement is not assignable by either party and may be terminated by either
party on thirty days' written notice to the other party. In the event of
termination, you will refund to the Citation Group the pro rata portion of the
payment made, if any, for the remaining term.

If these letters are in accordance with your understanding of our agreement,
please sign and return the enclosed duplicate copy of this letter, whereupon it
will become a binding agreement between both parties.

                                           Very truly yours,

                                           MERRILL LYNCH, PIERCE,
                                           FENNER & SMITH, INC.
                                           THE CITATION GROUP

                                           By:     Christine A. Daspro
                                           Title:  Vice President

                                           Signature: /s/ Christine A. Daspro
                                                      --------------------------
                                           Date:      August 28, 2000

ACCEPTED AND AGREED TO AS OF
THE DATE SET FORTH ABOVE:

Company:      WALL STREET STRATEGIES

Signature:    /s/ Shawn D. Baldwin
              -----------------------------

Name/Title:   Shawn D. Baldwin/Principal
              -----------------------------

Print Date:   August 28, 2000
              -----------------------------

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MERRILL LYNCH

                                  USER SCHEDULE

  Client(1)               Name of Research Product        Cost/Payment Frequency

(1) If there is any affiliation between your company (or any principal of your
    company) and any client listed on the User Schedule, the particulars of such
    affiliation must be fully described in a separate document to be submitted
    with this User Schedule.

ACCEPTED AND AGREED TO AS OF
THE DATE SET FORTH:

COMPANY - WALL STREET STRATEGIES            MERRILL LYNCH, PIERCE,
                                            FENNER & SMITH, INC.
                                            The Citation Group

Signature: /s/ Shawn D. Baldwin             Christine A. Daspro
           -------------------------        ---------------------------------
                                            Signature

Shawn D. Baldwin/Principal                  Christine A. Daspro
------------------------------------
Print Name & Title                          Vice President

Date: August 28, 2000                       Date:  August 28, 2000
      ------------------------------

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