Document:

EMPLOYMENT AGREEMENT ENTERED INTO AT MONTREAL ON 18 OCTOBER, 2006

BETWEEN:                      MANARIS  CORPORATION,  having  its head  office at
                              1155 Rene-Levesque  Blvd.,  Suite 2720,  Montreal,
                              province of Quebec,  H3B 2K8,  represented  by Mr.
                              John H.  Simons,  the  Chairman  of its  Board  of
                              Directors, duly authorized for the purposes hereof
                              as he so declares;

                              (Hereinafter referred to as "MANARIS")

AND:                          JOHN G. FRASER,  domiciled and residing at 104 Elm
                              Avenue, Toronto, province of Ontario, M4W 1P2;

                              (Hereinafter referred to as the "Employee")

WHEREAS  MANARIS and the  Employee  wish to enter into an  employment  agreement
according to the terms and conditions provided hereinafter;

WHEREAS MANARIS wishes to protect its legitimate business interest;

WHEREAS MANARIS operates  businesses  manufacturing and distributing fiber optic
components and modules;  environmental  monitoring  instruments and systems; and
electronic devices providing wireless access, tracking and control of assets;

WHEREAS MANARIS operates particularly in Canada, United States and Europe;

WHEREAS as an essential condition of this Employment Agreement, the Parties wish
to agree on confidentiality,  non-competition and non-solicitation  covenants in
order to protect the legitimate business interest of MANARIS.

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THE PARTIES AGREE AS FOLLOWS:

The preamble forms part of the Agreement.

1.    FUNCTIONS

      1.1   The Employee  shall act as  President  and Chief  Executive  Officer
            (President et chef de la direction) of MANARIS.  The Employee  shall
            report directly to the board of directors.

      1.2   MANARIS  shall  retain the services of the Employee as of October 1,
            2006.

2.    TERM OF EMPLOYMENT

      2.1   The  Employee's  employment  shall  begin  on  October  1,  2006 and
            continue  for a  period  of two  (2)  years  and  nine  (9)  months,
            terminating on June 30, 2009.

3.    EMPLOYEE RESPONSIBILITIES

      3.1   The Employee shall be responsible  for all operations and management
            of MANARIS,  including  strategic  planning &  direction,  mergers &
            acquisitions and relations with the board of directors.

      3.2   The Employee shall diligently, faithfully and honestly serve MANARIS
            during the term of his employment, and shall use his best efforts to
            promote the interests of MANARIS.

      3.3   The Employee  shall  devote all his time and  attention to carry out
            his duties and shall not engage in conduct which would  constitute a
            conflict of interest with MANARIS.  The Employee  shall not act as a
            Director or on the advisory committee of other corporations  without
            the prior written authorization of MANARIS. MANARIS shall not unduly
            withhold such authorization.

4.    SALARY

      4.1   MANARIS shall pay the Employee the following salary:

            -     from October 1, 2006 to June 30, 2007:  three hundred thousand
                  dollars  ($300,000.00) on a yearly basis,  less all applicable
                  deductions;

            -     from  July 1, 2007 to June 30,  2008:  three  hundred  fifteen
                  thousand  dollars  ($315,000)  on a  yearly  basis,  less  all
                  applicable deductions;

            -     from  July 1,  2008 to June 30,  2009:  three  hundred  thirty
                  thousand  dollars  ($330,000)  on a  yearly  basis,  less  all
                  applicable deductions;

            to be paid out in  accordance  with the  policies  of  MANARIS as to
            payment of salaries to its employees.

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5.    VACATIONS AND BENEFITS

      5.1   Vacations:  The Employee  shall be entitled to six (6) weeks of paid
            vacation  on a  yearly  basis.  Vacations  will be  taken  at  times
            mutually agreed upon between the Employee and MANARIS.

      5.2   Stock Option: The Employee shall benefit,  as of the date of signing
            of this  Agreement,  of an option  agreement  for one  million  five
            hundred  thousand  (1,500,000)  shares of Common  stock in the share
            capital of Manaris Corporation,  a Nevada corporation,  the whole in
            accordance with the terms and conditions of the Option Agreement and
            the Stock Option Plan attached hereto as schedule A.

            The option will be vested as follows:

                  ----------------------- --------------------------
                     Date of vesting         Options to acquire
                  ----------------------- --------------------------
                     June 30, 2007           500 000 shares
                  ----------------------- --------------------------
                     June 30, 2008           500 000 shares
                  ----------------------- --------------------------
                     June 30, 2009           500 000 shares
                  ----------------------- --------------------------

            In case of termination  without Serious Reason, as Serious Reason is
            defined in paragraph  9.2, the Employee will be entitled to exercise
            the  options  that are  vested  at the date of  termination  and the
            options that would have vested within twelve (12) months of the said
            termination, within ninety (90) days of said date of termination. In
            no  event  may the  vested  options  be  exercised  later  than  the
            expiration  of the term of the  options  as set forth in the  Option
            Agreement.

      5.3   Bonus:  The Employee  shall benefit from a yearly bonus as set forth
            in Schedule B.

      5.4   Benefits:  The Employee  shall benefit of the group  insurance  plan
            offered to MANARIS  employees.  MANARIS reserves the right to modify
            the group insurance plan at any time, at its absolute discretion.

      5.5   Car  Allowance:  MANARIS  shall pay up to one thousand  five hundred
            dollars  ($1,500) per month for the use of a car.  This amount shall
            include  all  costs  in  relation  to the  use  of a  care  notably,
            insurance, licensing, maintenance and normal usage of the car.

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      5.6   Health  Club:  MANARIS  shall  pay up to two  thousand  two  hundred
            dollars ($2,200) per year for the Employee's  membership in a health
            club.

      5.7   Golf Club:  MANARIS shall pay up to five thousand  dollars  ($5,000)
            per year for the Employee's membership in a golf club.

      5.8   Housing:  MANARIS shall pay up to two thousand eight hundred dollars
            ($2,800) per month for the use of an  apartment  in  Montreal.  This
            amount  shall   include  all  housing  costs   notably,   insurance,
            maintenance and furniture.

      5.9   Travelling:  MANARIS shall reimburse the Employee for the costs of a
            weekly  round-trip  air plane ticket  (Toronto-Montreal)  in economy
            class.

      5.10  Expenses:  MANARIS agrees to reimburse the Employee for the eligible
            expenses   incurred  in  the  execution  of  his   functions,   upon
            presentation  of an  expense  report,  in  accordance  with  MANARIS
            policies,  which may be modified from time to time by MANARIS at its
            absolute discretion.

6.    CONFIDENTIAL INFORMATION

      6.1   Access to information:  As part of his functions with MANARIS or any
            current  or future  subsidiary  or  affiliated  company  of  MANARIS
            (individually a "Subsidiary" or  collectively  the  "Subsidiaries"),
            the  Employee  shall  have  access  to  information  concerning  the
            business  of  MANARIS,   its  clients  or  its   supplier   and  its
            subsidiaries.

      6.2   Confidential   information:   Information  that  can  reasonably  be
            considered  confidential or whose disclosure would have an impact on
            the  interests  of  MANARIS,  its  clients or its  subsidiaries  and
            namely,  without  limiting the general scope of the  foregoing,  any
            information  concerning  the affairs of MANARIS,  its clients or its
            subsidiaries,   including  bids,  financial  information,   methods,
            processes,   software,  names,  clients'  skills  and  requirements,
            suppliers,  list of employees  and  distributors,  ideas,  concepts,
            projects,  discoveries,  inventions (patentable or not), know-how as
            well as other technical and business knowledge,  regardless of their
            form or the media (if  applicable)  on which they may be  presented,
            including all sketches, lists, reports, models,  prototypes,  disks,
            diskettes, tapes or other documents or similar objects,  constitutes
            confidential  information  under the  present  agreement  and is the
            property of MANARIS,  its clients and its  subsidiaries,  whether or
            not such information has been declared confidential.

      6.3   Confidentiality: The Employee agrees, for the entire duration of the
            present  agreement and after the  termination of it, to maintain the
            confidentiality  of  the  confidential  information  as  defined  in
            paragraph 6.2 and not to disclose,  directly or indirectly, any part
            of it to anyone or to use it in any manner.

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      6.4   Photocopies or other  reproductions:  At the request of MANARIS, the
            Employee shall immediately hand over any documents in his possession
            or under his control that contain confidential information,  as well
            as reproductions thereof.

      6.5   Policies:  The Employee  agrees to respect all policies  that may be
            implemented  by  MANARIS  or its  subsidiaries  from  time  to  time
            regarding confidential information,  the confidential information of
            any MANARIS  client,  as well as any  commitments  to which they are
            privy and that bind MANARIS with any of its clients.

      6.6   Use of information:  The Employee agrees not to take or keep, at the
            end  of  his  employment,   any  document  or  any  reproduction  of
            confidential information or any other physical property belonging to
            MANARIS, its clients or the companies associated with it.

      6.7   Exceptions:  MANARIS  recognizes  that the Employee  shall not be in
            default of his  commitments  under this  agreement  if the  Employee
            discloses information:

            6.7.1 That,  not being the fault of the Employee or any other person
                  under the terms of their  commitments  to  MANARIS  or MANARIS
                  clients, is in the public domain or becomes so;

            6.7.2 That, in accordance with the law, must be disclosed; or

            6.7.3 That the Employee must necessarily  disclose in exercising his
                  functions  with  MANARIS,  MANARIS  clients  or the  companies
                  associated with it.

7.    LOYALTY AND NON-COMPETITION

      7.1   Loyalty:  The Employee  agrees during his  employment  and after the
            termination  of it,  not to act in a  manner  that  is  disloyal  to
            MANARIS,  its  subsidiaries,  or their clients,  including,  without
            limiting  the  general  scope  of  the  foregoing,   not  negatively
            impacting  or  attempting  to  negatively  impact the  relations  of
            MANARIS,  its  subsidiaries  with  their  employees,   distributors,
            suppliers,  representatives,  clients  or other  parties  with which
            MANARIS, or its subsidiaries, do business; furthermore, the Employee
            shall not accept any gifts,  commissions  or earnings  from  persons
            doing  business with  MANARIS,  its  subsidiaries,  their clients or
            companies related thereto.

      7.2   Non-competition: The Employee agrees, for the entire duration of the
            present  agreement and for a period of twelve (12) months  following
            the end of the agreement,  not to do the following,  either directly
            or indirectly:

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            7.2.1 The Employee  will not enter into the  employment of any other
                  person, partnership, or corporation or provide services to any
                  such person which is in direct  competition  with the Products
                  (as hereinafter  defined) of MANARIS and its  subsidiaries and
                  Employee  shall not  engage  directly  or  indirectly  in such
                  competitive  business  or  enterprise,  financially,  or as an
                  advisor,  consultant,  owner or agent or in any other relation
                  or capacity whatsoever in Canada;

                  For the purpose of this agreement, "Products" shall mean fiber
                  optic   components  and  modules;   environmental   monitoring
                  instruments  and systems;  and  electronic  devices  providing
                  wireless access, tracking and control of assets."

            7.2.2 Solicit  clients of MANARIS and its  subsidiaries  in order to
                  sell them  products or services that are in  competition  with
                  the Products of MANARIS and its subsidiaries;

            7.2.3 Employ  or  solicit  to  employ  or  poach  any   employee  or
                  consultant of MANARIS or its subsidiaries.

            In the event that the  employment  of the  Employee is  unilaterally
            terminated by MANARIS  without  Serious Reason and the  compensation
            mentioned in  sub-section  9.3 is not paid by MANARIS in  accordance
            with the said section 9.3, the provisions of the section 7.2.1 shall
            not apply.

      7.3   Reasonableness:  The Employee expressly declares and recognizes that
            the restrictions stipulated in paragraphs 7.1 and 7.2 are reasonable
            and valid in terms of their  duration,  the  activities  and persons
            targeted,  that they are essential in order to allow MANARIS and its
            subsidiaries  to adequately  protect their position in the market in
            which they do  business,  operate and pursue  activities,  that they
            represent the agreement  concluded  between MANARIS and the Employee
            and, consequently, dispense MANARIS and its subsidiaries from having
            to establish their validity.  In the event that a court were to rule
            that the above-mentioned  non-competition commitment is too broad in
            scope  of  activities  or  territory  or too long in  duration,  the
            Parties undertake to negotiate new covenants  respecting the maximum
            level deemed reasonable.

8.    PENALTIES AND EXTENT OF RESTRICTIONS

      8.1   Failure to respect  commitments:  The Employee  recognizes  that his
            failure to respect his  commitments  and  obligations  mentioned  in
            sections 6 or 7 would cause  irreparable  damage to MANARIS and that
            MANARIS and its subsidiaries shall have the right to resort to legal
            action to obtain an injunction  or damages or any other  recourse in
            response to such a violation or threat of violation.

      8.2   Extent of restrictions:  The parties recognize that if the extent of
            any restriction  contained in sections 6 or 7 is deemed unreasonable
            to allow for full  applicability,  such  restriction  shall  then be
            applicable  to the maximum  extent  permitted by the laws of Quebec.
            The  Employee  hereby  agrees  and  accepts  that the extent of this
            restriction  may, if necessary,  be modified  accordingly as part of
            any legal action  taken in order to give effect to this  restriction
            and ensure it is respected.

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9.    TERMINATION

      9.1   This agreement shall be renewed  automatically  for succeeding terms
            of one (1) year unless  MANARIS  gives notice to Employee,  at least
            one hundred and eighty  (180) days prior to the  expiration  of this
            agreement or of any term of renewal, of its intention not to renew.

            In the event that MANARIS  provides  the  Employee  with the 180 day
            notice  hereinabove  mentioned,  the  agreement  will  automatically
            terminate at the expiration of the Agreement, without further notice
            or indemnity in lieu of notice.

      9.2   MANARIS may terminate  this  Agreement for Serious Reason in writing
            at any time and without  notice period or  compensation  of any kind
            whatsoever.  The  employment  of  the  Employee  under  the  present
            agreement  may be  terminated  or end earlier,  and shall in fact be
            automatically  terminated  without  notice in the  following  cases,
            which shall constitute Serious Reason:

            9.2.1 At the  expiration  of the  Agreement  given that  MANARIS has
                  provided the notice set forth in sub-section 9.1;

            9.2.2 The Parties agree in writing to terminate this Agreement;

            9.2.3 The  Employee  seriously  neglects his  obligations  under the
                  present agreement; or

            9.2.4 The Employee  commits an act of theft,  fraud or  embezzlement
                  against MANARIS or any other material acts of dishonesty; or

            9.2.5 Any serious  reasons within the meaning of section 2094 of the
                  Civil Code of Quebec.

      9.3   Termination  of the  Employee  without  Serious  Reason:  Due to the
            nature of MANARIS's competitive business environment,  the fact that
            its  business  is  highly   knowledge  driven  and  because  of  the
            Employee's executive position, MANARIS may, in its sole and absolute
            discretion,  at any time, without being obliged to demonstrate cause
            or Serious  Reason,  terminate the  Employee's  employment  upon the
            payment of an indemnity  in lieu of notice  equal to the  Employee's
            salary and benefits  that would have been  payable by MANARIS  under
            sub-sections  4.1 and 5.4 of this  agreement  for the  fifteen  (15)
            months  following  termination,  as well as the bonus  payment under
            Schedule "B" prorated to the period during which the Employee was in
            the  employ of  MANARIS  for the then  current  bonus  period.  Such
            indemnity and bonus payment shall be paid, at the sole discretion of
            MANARIS,  in a lump sum or in fifteen (15) equal  instalments,  less
            applicable deductions.

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      9.4   Termination  by the Employee:  The  employment of the Employee under
            this Agreement  shall terminate upon receipt by MANARIS of a two (2)
            months prior written notice of  resignation  signed by the Employee.
            In such event,  the Employee shall receive no further  payment after
            the expiry of this resignation notice.

10.   CHANGE IN CONTROL

      10.1  In the event  that  during the term of this  Agreement,  a Change in
            Control occurs and the Employee's employment is terminated:

            10.1.1 by MANARIS  without  Serious Reason within a period of twelve
                   (12) months of the Change in Control; or

            10.1.2 by  the  Employee,  for  Good  Reason,  and  other  than  for
                   voluntary  resignation  or  voluntary  retirement,  within  a
                   period of twelve (12) months of the Change in Control;

                   the Employee shall be entitled to  compensation  set forth in
                   Section 9.3 and the vesting as  described  in  paragraph  5.2
                   shall  apply  as of the  date of  termination  caused  by the
                   Change in Control.

      10.2  For the purpose of this Agreement:

            10.2.1 Change in Control:  shall mean the  acquisition of issued and
                   outstanding  shares  carrying  more  than  50%  of  the  vote
                   attaching to shares of MANARIS,  or  acquisition of more than
                   fifty   percent  (50%)  of  the  assets  of  MANARIS  by  any
                   corporation,  partnership,  joint venture, person or group of
                   persons acting together,

            10.2.2 Good  Reason:  shall  mean,  without the  Employee's  express
                   consent, written or otherwise, any of the following:

                   a)   Assignment  to the  Employee of any duties  inconsistent
                        with status as President and Chief Executive  Officer of
                        MANARIS or removal of the Employee  from the position of
                        President and Chief Executive  Officer of MANARIS,  or a
                        substantial  alteration  in the  nature or status of the
                        Employee's  responsibilities  from those in effect as of
                        the date hereof;

                   b)   Reduction  by MANARIS in the  Employee's  annual  salary
                        (section  4) or benefits  (set forth in section  5.4) or
                        bonus  (set  forth in  section  5.3) as in effect on the
                        date  hereof  or as same may be  increased  from time to
                        time;

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                   c)   Requirement  by MANARIS that the Employee  relocate from
                        Toronto,  or such  requirement  that de facto forces the
                        Employee to relocate from Toronto;

                   d)   Change in the  Employee's  reporting  relationship  such
                        that the Employee does not report  directly to the board
                        of directors.

11.   RECOURSE AND ENFORCEABILITY

      11.1  Recourse:  The Employee  recognizes that the  beneficiaries of their
            obligations  under the terms of the present  agreement  could suffer
            serious and irreparable  damage due to the breach of the commitments
            stipulated  in the present  agreement,  harm that  damages  would be
            unable to  compensate.  The  Employee  expressly  agrees that in the
            event that the above-mentioned commitments are breached, MANARIS and
            any other  beneficiary  of the  present  commitments  may  resort to
            injunctions or other remedial action  permitted by a competent court
            to have the  provisions of the present  agreement  executed  without
            harming the exercising of all other  available  recourse,  including
            but without limiting the general scope of the foregoing, recourse to
            damages.

12.   NOTICES

      12.1  Any notice, request or other communication required pursuant to this
            Agreement  shall be in writing and shall be delivered in person,  or
            sent by mail, registered mail, if the postal service is in operation
            throughout Canada, or by fax to the following addresses:

            12.1.1    to John G. Fraser:

                      104 Elm Avenue
                      Toronto (Ontario) M4W 1P2
                      Fax: (416) 966-5268

            12.1.2    to MANARIS:

                      1155 Rene-Levesque Blvd. - Suite 2720
                      Montreal (Quebec), H3B 2K8
                      To the attention of the Chairman of the Board of Directors
                      Fax: (514) 337-0985

      Such  notice  shall be deemed as having been  received  the  business  day
      immediately following the delivery or transmission by fax or in person. If
      it is sent by mail,  it shall be deemed as having been  received the third
      (3rd) business day after the date it was mailed.  However, if after having
      mailed the notice,  the postal service is stopped for whatever reason,  it
      shall be  delivered  in person or faxed.  A Party may,  from time to time,
      change his mailing address by notifying the other Parties.

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13.   FURTHER DOCUMENTATION

      13.1  The parties hereto and each of them hereby consents and agrees to do
            such  things,  attend such  meetings,  and to execute  such  further
            documents  and  assurances  as may be deemed  necessary or advisable
            from time to time in order to carry out the terms and  conditions of
            this Agreement in accordance with its true intent.

14.   WAIVERS

      14.1  No waiver of any of the provisions of this Agreement shall be deemed
            to  constitute  a waiver  of any  other  provision  (whether  or not
            similar);  nor shall  such  waiver be  binding  unless  executed  in
            writing by the party to be bound by the waiver.

      14.2  No waiver shall be deemed a  continuing  waiver or waiver in respect
            of  any  subsequent  breach  or  default,  either  of a  similar  or
            different nature, unless expressly so stated in writing.

15.   HEADINGS

      15.1  The  insertion of headings and the division of this  Agreement  into
            sections and  subsections  is for  convenience of reference only and
            shall not affect the interpretation hereof.

16.   MISCELLANEOUS

      16.1  Currency:  Amounts to be  advanced,  paid or  calculated  under this
            Agreement  are  to be  advanced,  paid  or  calculated  in  Canadian
            dollars.

      16.2  Enforceability:  Any  decision  by a court to the effect that one of
            the provisions in the present  agreement is null or non  enforceable
            shall in no way affect the  validity  or the  enforceability  of the
            other provisions in the present agreement.

      16.3  Applicable  laws:  The present  agreement is  interpreted  under and
            governed by the applicable laws of Quebec and the applicable laws of
            Canada.  The Superior  court of the province of Quebec,  district of
            Montreal shall have jurisdiction.

      16.4  Legal advice:  The Employee declares that he has had the opportunity
            to  seek  independent  legal  advice  with  respect  to the  present
            agreement and fully understands it.

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17.   FRENCH LANGUAGE

      17.1  The parties have expressly agreed that this agreement as well as any
            related documents be drafted in English.  Les parties  reconnaissent
            avoir  expressement  exige la  redaction  en anglais de la  presente
            convention,   ainsi  que  tout  document   execute  a  la  suite  ou
            relativement a la presente convention.

IN WITNESS WHEREOF, the parties signed the present service agreement on the date
and at the place mentioned above.

MANARIS INC.

/s/ John H. Simons                                /s/ John G. Fraser
----------------------------                      ------------------
By: JOHN H. SIMONS, Chairman                      JOHN G. FRASER

<PAGE>

                                   SCHEDULE B

                                      BONUS

The yearly Reference Period and Salary for the calculation of the Bonus shall be
as per  section  4.1,  except for the period  October 1, 2006 to June 30,  2007,
which shall be interpreted as a full 12 months Reference Period corresponding to
the fiscal year of MANARIS.

The Employee  shall be eligible for an annual bonus in cash,  targeted at 50% of
the  Salary of the  Employee  payable  for the  Reference  Period.  The bonus is
payable  at the  latest  ninety  (90) days  following  the end of the  Reference
Period.

For the first  Reference  Period,  namely  October 1, 2006 to June 30, 2007, the
target of 50% shall be distributed as outlined below.  For subsequent  Reference
Periods, new target distributions shall be determined by the Board of Directors.

A target of 12.5%  shall be based on the  doubling  of  revenue  of  MANARIS  as
evidenced by the audited financial statements for the fiscal year ended June 30,
2007 compared to the revenue in the audited financial  statements for the fiscal
year ended June 30, 2006. The 12.5% shall be earned if the revenue  doubles from
2006 to 2007, and the amount earned shall vary linearly from 0% if revenue stays
the same year to year, to 25% if revenue triples.

A target of 12.5% shall be based on the  reduction in net cash used in operating
activities from  continuing  operations by MANARIS (Net Cash Used) in the fourth
quarter of fiscal  2007  compared to the same  measure in the fourth  quarter of
fiscal 2006 as evidenced by the audited financial statements. The 12.5% shall be
earned if Net Cash Used is zero in the fourth  quarter of fiscal  2007,  and the
amount  earned shall vary  linearly  from 0% if the Net Cash Used stays the same
from year to year, to 25% if Net Cash Used in the fourth  quarter of fiscal 2007
is positive  (i.e.Net  Cash  Provided) and is equal in magnitude to the Net Cash
Used in the fourth quarter of fiscal 2006.

A  target  of 5%  shall  be  based  on the  implementation  of  robust  business
arrangements with C-Chip's partner, iMetrik.

A target of 5% shall be based on the  successful  completion of the $3.6 million
financing by MANARIS.

A  target  of 5%  shall be based on the  adoption  of a  streamlined  system  of
financial reporting for MANARIS and its operating subsidiaries.

A  target  of  5%  shall  be  based  on  the   simplification   of  the  holding
company/subsidiary structure of MANARIS.

A target of 5% shall be based on progress  being made towards a new  acquisition
for MANARIS.

The five  preceding 5% factors,  being based on qualitative  measures,  shall be
assessed  by the  Board of  Directors,  which at its  sole  discretion  shall be
empowered to weight the factors by a multiplier varying from 0 to 2 times.Exhibit
      4.1

     

    [FACE
      OF
      CERTIFICATE - ENERGY INFRASTRUCTURE ACQUISITION CORPORATION]

    

    UNITS
      

    

    U
      

    

    SEE
      REVERSE FOR CERTAIN DEFINITIONS 

    

    CUSIP_____________________________
         

    

    PINPOINT
      ADVANCE CORP.

    

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE
      SHARE OF COMMON STOCK

    

    This
      Certifies that 

    

    

    is
      the
      owner of

    

    Units.

    

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
      (“Common Stock”), of PINPOINT ADVANCE CORP., a Delaware corporation (the
“Company”), and one warrant (the “Warrant”). Each Warrant entitles the holder to
      purchase one (1) share of Common Stock for $6.00 per share (subject to
      adjustment). Each Warrant will become exercisable on the later of (i) the
      Company’s completion of a business combination with a target business or
      (ii),_____,
      2007
      and will expire unless exercised before 5:00 p.m., New York City Time,
      on_____,
      2011,
      or earlier upon redemption (the “Expiration Date”). The Common Stock and Warrant
      comprising the Units represented by this certificate are not transferable prior
      to_____,
      2006,
      subject to earlier separation in the discretion of the representative of the
      underwriters; provided, however, in no event will the representative of the
      underwriters allow separate trading of the common stock and warrants until
      the
      Company files an audited balance sheet reflecting the Company’s receipt of the
      gross proceeds of the offering. The terms of the Warrants are governed by a
      Warrant Agreement, dated as of_____,
      2006,
      between the Company and American Stock Transfer & Trust Company, as Warrant
      Agent, and are subject to the terms and provisions contained therein, all of
      which terms and provisions the holder of this certificate consents to by
      acceptance hereof. Copies of the Warrant Agreement are on file at the office
      of
      the Warrant Agent at 59 Maiden Lane, New York, New York 10038, and are available
      to any Warrant holder on written request and without cost. This certificate
      is
      not valid unless countersigned by the Transfer Agent and Registrar of the
      Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Witness
      the facsimile seal of the Company and the facsimile signature of its duly
      authorized officers. 

    

    

    COUNTERSIGNED
      AND REGISTERED: 

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY 

    TRANSFER
      AGENT AND REGISTRAR 

    BY:
      

    AUTHORIZED
      OFFICER 

    

    

    By
      

    

    

    (SIGNATURE)

    CHIEF
      EXECUTIVE OFFICER 

    

    

    (SEAL)

    

    (SIGNATURE)

    SECRETARY
      

    

    

    

    [REVERSE
      OF CERTIFICATE]

    

    PINPOINT
      ADVANCE CORP.

    

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights.

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    TEN
      COM -
      as tenants in common  

    TEN
      ENT -
      as tenants by the entireties  

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    UNIF
      GIFT
      MIN ACT- ______________Custodian________________

    
      	
            	(Cust)	
              (Minor)

            

    

     

    under
      Uniform Gifts to Minors

    Act
      ________________________ 

    (State)
      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      value
      received ___________________________ , hereby sell, assign and transfer
      unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

     

    
      	 
	(PLEASE PRINT OR TYPEWRITE NAME AND
              ADDRESS,
              INCLUDING ZIP CODE, OF ASSIGNEE) 
	 
	 
	 

    

     Units
      represented by the within Certificate, and do hereby irrevocably constitute
      and
      appoint 

    
      
        	 
	Attorney to transfer the said Units
                on the
                books of the within named Company with full power of substitution
                in the
                premises.

      
 

     

    Dated:
      

    

    Notice: The
      signature to this assignment must correspond with the name as written upon
      the
      face of the certificate in every particular, without alteration or enlargement
      or any change whatever.

     

    Signature(s)
      Guaranteed: 

    

    By
      ___________________

    THE
      SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
      IN
      AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
      17Ad-15). 

    

    The
      holder of this certificate shall be entitled to receive funds from the trust
      account only in the event of the Company’s liquidation or if the holder seeks to
      convert his respective shares into cash upon a business combination which he
      voted against and which is actually completed by the Company. In no other
      circumstances shall the holder have any right or interest of any kind in or to
      the trust account.

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