Document:

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
      AMENDED,  OR ANY STATE  SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,  OFFERED FOR SALE,
      PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
      STATEMENT  AS TO THIS  WARRANT  UNDER  SAID ACT AND ANY  APPLICABLE  STATE
      SECURITIES  LAWS OR AN  OPINION  OF  COUNSEL  REASONABLY  SATISFACTORY  TO
      PACIFIC CMA, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

           Right to Purchase up to 350,000 Shares of Common Stock of
                                Pacific CMA, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                                   Issue Date:  May 2, 2006

      PACIFIC CMA, INC., a corporation  organized under the laws of the State of
Delaware (the  "Company"),  hereby  certifies that, for value  received,  LAURUS
MASTER FUND, LTD., or assigns (the "Holder"), is entitled,  subject to the terms
set forth below, to purchase from the Company (as defined herein) from and after
the Issue Date of this  Warrant and at any time or from time to time before 5:00
p.m., New York time,  through the close of business May 2, 2013 (the "Expiration
Date"),  up to 350,000 fully paid and  nonassessable  shares of Common Stock (as
hereinafter  defined),  $0.001 par value per share,  at the applicable  Exercise
Price per share (as defined  below).  The number and character of such shares of
Common  Stock  and the  applicable  Exercise  Price per  share  are  subject  to
adjustment as provided herein.

         As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

            (a) The term  "Company"  shall  include  Pacific  CMA,  Inc. and any
      person or entity  which  shall  succeed,  or assume  the  obligations  of,
      Pacific CMA, Inc. hereunder.

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
      par value $0.001 per share;  and (ii) any other  securities  into which or
      for which any of the securities  described in the preceding clause (i) may
      be  converted  or  exchanged  pursuant  to  a  plan  of  recapitalization,
      reorganization, merger, sale of assets or otherwise.

            (c) The term  "Other  Securities"  refers to any stock  (other  than
      Common  Stock) and other  securities  of the  Company or any other  person
      (corporate or otherwise) which the holder of the Warrant at any time shall
      be entitled to receive,  or shall have  received,  on the  exercise of the
      Warrant,  in lieu of or in addition to Common Stock,  or which at any time
      shall  be  issuable  or shall  have  been  issued  in  exchange  for or in
      replacement of Common Stock or Other  Securities  pursuant to Section 4 or
      otherwise.

<PAGE>

            (d) The "Exercise  Price"  applicable  under this Warrant shall be a
      price of $0.88 for each share acquired hereunder.

      1. Exercise of Warrant.

            1.1 Number of Shares Issuable upon Exercise. From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original  or fax copy of an  exercise  notice  in the form  attached  hereto  as
Exhibit  A (the  "Exercise  Notice"),  shares of  Common  Stock of the  Company,
subject to adjustment pursuant to Section 4. 1.2 Fair Market Value. For purposes
hereof,  the "Fair  Market  Value" of a share of Common Stock as of a particular
date (the "Determination Date") shall mean:

            (a) If the  Company's  Common Stock is traded on the American  Stock
      Exchange  or another  national  exchange  or is quoted on the  National or
      SmallCap  Market of The Nasdaq Stock  Market,  Inc.  ("Nasdaq"),  then the
      closing or last sale price,  respectively,  reported for the last business
      day immediately preceding the Determination Date.

            (b) If the  Company's  Common  Stock is not  traded on the  American
      Stock Exchange or another national exchange or on the Nasdaq but is traded
      on the NASD Over The Counter Bulletin Board,  then the mean of the average
      of the closing bid and asked  prices  reported  for the last  business day
      immediately preceding the Determination Date.

            (c) Except as provided in clause (d) below, if the Company's  Common
      Stock is not publicly traded,  then as the Holder and the Company agree or
      in the absence of agreement by  arbitration  in accordance  with the rules
      then in effect of the American  Arbitration  Association,  before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

            (d)  If  the  Determination  Date  is  the  date  of a  liquidation,
      dissolution  or  winding  up,  or any event  deemed  to be a  liquidation,
      dissolution  or winding up pursuant  to the  Company's  charter,  then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such  liquidation,  dissolution or winding up,
      plus all other  amounts to be  payable  per share in respect of the Common
      Stock in liquidation under the charter,  assuming for the purposes of this
      clause  (d) that all of the  shares of Common  Stock  then  issuable  upon
      exercise of the Warrant are outstanding at the Determination Date.

            1.3 Company  Acknowledgment.  The Company  will,  at the time of the
exercise of this Warrant,  upon the request of the holder hereof  acknowledge in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

                                       2
<PAGE>

            1.4 Trustee for Warrant  Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee for the holders of this  Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

      2. Procedure for Exercise.

            2.1 Delivery of Stock Certificates,  Etc., on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of  business  on the date on which  this  Warrant  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within  three (3) business  days  thereafter,  the Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the  Holder,  or as such  Holder  (upon
payment  by  such  Holder  of any  applicable  transfer  taxes)  may  direct  in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market  Value  of one  full  share,  together  with  any  other  stock  or other
securities and property  (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

            2.2 Exercise.

            (a) Payment  may be made in cash or by  certified  or official  bank
      check  payable  to  the  order  of the  Company  equal  to the  applicable
      aggregate Exercise Price for the number of Common Shares specified in such
      Exercise  Notice (as such exercise number shall be adjusted to reflect any
      adjustment  in the total number of shares of Common Stock  issuable to the
      Holder per the terms of this  Warrant) and the Holder  shall  thereupon be
      entitled  to  receive  the  number  of duly  authorized,  validly  issued,
      fully-paid and non-assessable shares of Common Stock (or Other Securities)
      determined as provided herein.

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the Company  whereby  the  Holder,  on the
exercise  hereof as provided in Section 1 at any time after the  consummation of
such  reorganization,  consolidation  or  merger or the  effective  date of such
dissolution,  as the case may be, shall receive, in lieu of the Common Stock (or
Other  Securities)  issuable on such exercise prior to such consummation or such
effective date, the stock and other securities and property  (including cash) to
which  such  Holder  would  have  been  entitled  upon such  consummation  or in
connection  with such  dissolution,  as the case may be, if such  Holder  had so
exercised  this  Warrant,  immediately  prior  thereto,  all  subject to further
adjustment thereafter as provided in Section 4.

                                       3
<PAGE>

            3.2  Dissolution.  In the event of any  dissolution  of the  Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder  pursuant to Section  3.1,  or, if the Holder shall so
instruct the  Company,  to a bank or trust  company  specified by the Holder and
having its principal office in New York, NY as trustee for the Holder.

            3.3 Continuation of Terms. Upon any  reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable on the exercise of this Warrant after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Warrant as  provided in Section 4. In the
event  this  Warrant  does not  continue  in full  force  and  effect  after the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holder will be delivered to the Holder or the Trustee as contemplated by Section
3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding Common Stock or any preferred stock issued by
the Company,  (b) subdivide its outstanding  shares of Common Stock, (c) combine
its  outstanding  shares of the Common Stock into a smaller  number of shares of
the  Common  Stock,  then,  in  each  such  event,  the  Exercise  Price  shall,
simultaneously  with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of  Common  Stock  outstanding  immediately  prior to such  event and the
denominator  of which shall be the number of shares of Common Stock  outstanding
immediately  after such event,  and the product so obtained shall  thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted,  shall be
readjusted  in the same manner upon the  happening  of any  successive  event or
events  described herein in this Section 4. The number of shares of Common Stock
that the holder shall thereafter,  on the exercise hereof as provided in Section
1,  be  entitled  to  receive  shall  be  adjusted  to a  number  determined  by
multiplying  the number of shares of Common Stock that would  otherwise (but for
the  provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would  otherwise (but for the
provisions  of this  Section 4) be in  effect,  and (b) the  denominator  is the
Exercise  Price in effect on the date of such exercise  (taking into account the
provisions of this Section 4).

                                       4
<PAGE>

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this  Warrant,  the Company at its expense will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of this  Warrant  and prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each such  certificate to the holder and any Warrant agent of the
Company (appointed pursuant to Section 11 hereof).

      6.  Reservation  of Stock,  Etc.,  Issuable on  Exercise  of Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of this  Warrant,  shares of Common  Stock (or Other
Securities) from time to time issuable on the exercise of this Warrant.

      7. Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without limitation, a legal opinion from the Transferor's counsel that
such  transfer  is  exempt  from the  registration  requirements  of  applicable
securities  laws, the Company at its expense (but with payment by the Transferor
of any applicable  transfer  taxes) will issue and deliver to or on the order of
the  Transferor  thereof  a new  Warrant  of  like  tenor,  in the  name  of the
Transferor  and/or the  transferee(s)  specified in such Transferor  Endorsement
Form  (each a  "Transferee"),  calling  in the  aggregate  on the  face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration  Rights. The Holder has been granted certain  registration
rights by the Company. These registration rights are set forth in a Registration
Rights  Agreement  entered  into by the Company and Holder  dated as of the date
hereof,  as the same may be amended,  modified and/or  supplemented from time to
time.

                                       5
<PAGE>

      10. Maximum Exercise.

      Notwithstanding  anything  contained  herein to the  contrary,  the Holder
shall not be entitled to exercise this Warrant in connection with that number of
shares of Common  Stock which would exceed the  difference  between (i) 4.99% of
the issued and outstanding  shares of Common Stock and (ii) the number of shares
of  Common  Stock  beneficially  owned  by  the  Holder.  For  purposes  of  the
immediately  preceding  sentence,  beneficial  ownership  shall be determined in
accordance  with  Section  13(d) of the  Securities  Exchange  Act of  1934,  as
amended, and Regulation 13d-3 thereunder.  The limitation described in the first
sentence of this Section 10 shall  automatically  become null and void following
written notice to the Company upon the occurrence and during the  continuance of
an Event of Default (as defined in the Security  Agreement  dated as of the date
hereof among the Holder, the Company and various subsidiaries of the Company, as
amended, modified, restated and/or supplemented from time to time, the "Security
Agreement"), or upon 75 days prior written notice to the Company, except that at
no time shall the  number of shares of Common  Stock  beneficially  owned by the
Holder exceed 19.99% of the outstanding  shares of Common Stock , or such lesser
amount as  required by the  applicable  Principal  Market on which the  Parent's
Common  Stock is listed,  unless such shall  first be  approved by the  Parent's
stockholders.  Notwithstanding  anything  contained herein to the contrary,  the
number of shares of Common Stock  issuable by the Company and  acquirable by the
Holder at a price below $.81 per share  pursuant  to the terms of this  Warrant,
the Security  Agreement,  any  Ancillary  Agreement  (as defined in the Security
Agreement)  or otherwise,  shall not exceed an aggregate of 5,095,933  shares of
Common  Stock  (subject  to  appropriate  adjustment  for  stock  splits,  stock
dividends, or other similar  recapitalizations  affecting the Common Stock) (the
"Maximum Common Stock Issuance"), unless the issuance of Common Shares hereunder
in excess of the Maximum  Common Stock  Issuance  shall first be approved by the
Company's shareholders. If at any point in time and from time to time the number
of shares of Common  Stock  issued  pursuant to the terms of this  Warrant,  the
Security  Agreement,  any  Ancillary  Agreement  (as  defined  in  the  Security
Agreement) or otherwise, together with the number of shares of Common Stock that
would then be issuable by the Company to the Holder in the event of a conversion
pursuant to the terms of this  Warrant,  the Security  Agreement,  any Ancillary
Agreement (as defined in the Security Agreement) or otherwise,  would exceed the
Maximum  Common  Stock  Issuance  but for this  Section  10, the  Company  shall
promptly call a  shareholders  meeting to solicit  shareholder  approval for the
issuance of the shares of Common Stock hereunder in excess of the Maximum Common
Stock Issuance.

      11. Warrant  Agent.  The Company may, by written notice to the each Holder
of the  Warrant,  appoint an agent for the purpose of issuing  Common  Stock (or
Other  Securities)  on the  exercise  of this  Warrant  pursuant  to  Section 1,
exchanging  this  Warrant  pursuant  to Section 7, and  replacing  this  Warrant
pursuant  to  Section  8,  or any of the  foregoing,  and  thereafter  any  such
issuance,  exchange or  replacement,  as the case may be,  shall be made at such
office by such agent.

                                       6
<PAGE>

      12. Transfer on the Company's Books.  Until this Warrant is transferred on
the books of the Company,  the Company may treat the registered holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder shall be mailed by first class registered or certified mail,  postage
prepaid, at such address as may have been furnished to the Company in writing by
such Holder or, until any such Holder furnishes to the Company an address,  then
to, and at the address of, the last  Holder who has so  furnished  an address to
the Company.

      14.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  THIS WARRANT SHALL BE GOVERNED BY AND  CONSTRUED IN ACCORDANCE  WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT  REGARD TO  PRINCIPLES OF CONFLICTS OF
LAWS.  ANY ACTION  BROUGHT  CONCERNING  THE  TRANSACTIONS  CONTEMPLATED  BY THIS
WARRANT  SHALL BE  BROUGHT  ONLY IN STATE  COURTS OF NEW YORK OR IN THE  FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED,  HOWEVER, THAT THE HOLDER MAY
CHOOSE TO WAIVE  THIS  PROVISION  AND BRING AN ACTION  OUTSIDE  THE STATE OF NEW
YORK. The  individuals  executing this Warrant on behalf of the Company agree to
submit  to the  jurisdiction  of such  courts  and  waive  trial  by  jury.  The
prevailing  party  shall be  entitled  to  recover  from  the  other  party  its
reasonable  attorneys'  fees and costs.  In the event that any provision of this
Warrant is invalid or unenforceable under any applicable statute or rule of law,
then  such  provision  shall be deemed  inoperative  to the  extent  that it may
conflict  therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or  unenforceable  under
any law shall not affect the validity or  enforceability  of any other provision
of this  Warrant.  The  headings in this  Warrant are for  purposes of reference
only,  and shall not limit or  otherwise  affect  any of the terms  hereof.  The
invalidity or  unenforceability  of any provision  hereof shall in no way affect
the  validity  or  enforceability  of any other  provision  hereof.  The Company
acknowledges that legal counsel  participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to
be  resolved   against  the   drafting   party  shall  not  be  applied  in  the
interpretation of this Warrant to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;

                             SIGNATURE PAGE FOLLOWS]

                                       7
<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                             PACIFIC CMA, INC.

WITNESS:

                                             By:/s/ Alfred Lam
                                                --------------------------------
                                             Name:  Alfred Lam
                                                  ------------------------------
/s/ Celia Tai                                Title: Chairman/CEO
-------------------------------------              -----------------------------
Celia Tai, Assistant to the Chairmanh

                                       8
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION

                   (To Be Signed Only On Exercise Of Warrant)

TO:      Pacific CMA, Inc.

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

         Attention:        Chief Financial Officer

      The  undersigned,  pursuant to the  provisions  set forth in the  attached
Warrant (No.____),  hereby irrevocably elects to purchase (check applicable box)
________ shares of the common stock covered by such warrant.

      The undersigned herewith makes payment of the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________. Such payment takes the form of (check applicable box or boxes):

________          $__________ in lawful money of the United States

      The undersigned  requests that the  certificates for such shares be issued
in the name of, and delivered to  ______________________________________________
whose address is .______________________________________________________________

      The  undersigned  represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act") or  pursuant  to an  exemption  from
registration under the Securities Act.

Dated:
      -------------------------     --------------------------------------------
                                    (Signature must conform to name of holder as
                                    specified   on  the  face  of  the  Warrant)
                                    Address:
                                            ------------------------------------
                                            ------------------------------------

                                       9
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT

                   (To Be Signed Only On Transfer Of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the  person(s)  named  below  under  the  heading  "Transferees"  the right
represented  by the within  Warrant to  purchase  the  percentage  and number of
shares of Common  Stock of Pacific  CMA,  Inc.  into  which the  within  Warrant
relates  specified  under the  headings  "Percentage  Transferred"  and  "Number
Transferred," respectively,  opposite the name(s) of such person(s) and appoints
each such  person  Attorney  to transfer  its  respective  right on the books of
Pacific CMA, Inc. with full power of substitution in the premises.

                                         Percentage               Number
Transferees              Address         Transferred            Transferred
-----------              -------         -----------            -----------

Dated:
     --------------------------     --------------------------------------------
                                    (Signature must conform to name of holder as
                                    specified   on  the  face  of  the  Warrant)
                                    Address:

                                    SIGNED IN THE PRESENCE OF:

                                    --------------------------------------------
                                                   (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

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

-------------------------------
           (Name)

                                       10AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

            This  Amended  and  Restated  Registration  Rights  Agreement  (this
"Agreement")  is made and entered into as of May 2, 2006, by and between Pacific
CMA, Inc., a Delaware corporation (the "Company"),  and Laurus Master Fund, Ltd.
(the "Purchaser").

            This Agreement is made pursuant to the Security Agreement,  dated as
of July 29, 2006 as amended as of the date hereof,  by and among the  Purchaser,
the Company and various  subsidiaries of the Company (as may be further amended,
modified or  supplemented  from time to time,  the  "Security  Agreement"),  and
pursuant to the Note and the Warrants referred to therein. This Agreement amends
and restates that certain Minimum Borrowing Note  Registration  Rights Agreement
by and  between  the  Company  and the  Purchaser  dated  July  29,  2005 in its
entirety.

            The Company and the Purchaser hereby agree as follows:

      1.  DEFINITIONS.  Capitalized  terms used and not otherwise defined herein
that are defined in the Security  Agreement  shall have the meanings  given such
terms in the Security Agreement. As used in this Agreement,  the following terms
shall have the following meanings:

            "Commission" means the Securities and Exchange Commission.

            "Common Stock" means shares of the Company's common stock, par value
$0.01 per share.

            "Effectiveness  Date" means,  (i) with  respect to the  Registration
Statement  required to be filed in connection with the  Convertible  Note issued
under the Security  Agreement and the, a date no later than  one-hundred  twenty
(120) days  following  the date hereof and (ii) with respect to each  additional
Registration  Statement  required  to be filed  hereunder,  a date no later than
sixty (60) days following the applicable Filing Date.

            "Effectiveness Period" has the meaning set forth in Section 2(a).

            "Exchange  Act"  means  the  Securities  Exchange  Act of  1934,  as
amended, and any successor statute.

            "Filing Date" means, with respect to (1) the Registration  Statement
which is  required  to be filed in  connection  with the shares of Common  Stock
issuable upon  conversion of the  Convertible  Note made on the initial  funding
date,  the date  which is  thirty  (30)  days  after  the date  hereof,  (2) the
Registration  Statement  required to be filed in  connection  with the shares of
Common Stock  issuable to the Holder upon exercise of a Warrant,  the date which
is thirty (30) days after the issuance of such Warrant, and (4) the Registration
Statement  required to be filed in  connection  with the shares of Common  Stock
issuable to the Holder as a result of adjustments to the Fixed  Conversion Price
or the Exercise  Price,  as the case may be, made pursuant to Section 3.5 of the
Convertible Note, Section 4 of the Warrants or otherwise, thirty (30) days after
the  occurrence  of such  event  or the  date  of the  adjustment  of the  Fixed
Conversion Price or Exercise Price, as the case may be..

<PAGE>

            "Holder" or "Holders"  means the Purchaser or any of its  affiliates
or transferees to the extent any of them hold Registrable Securities, other then
those purchasing Registrable Securities in a market transaction.

            "Indemnified Party" has the meaning set forth in Section 5(c).

            "Indemnifying Party" has the meaning set forth in Section 5(c).

            "Proceeding"  means  an  action,   claim,  suit,   investigation  or
proceeding   (including,   without  limitation,   an  investigation  or  partial
proceeding, such as a deposition), whether commenced or threatened.

            "Prospectus"  means  the  prospectus   included  in  a  Registration
Statement  (including,  without  limitation,  a  prospectus  that  includes  any
information  previously  omitted from a prospectus filed as part of an effective
registration  statement  in  reliance  upon  Rule  430A  promulgated  under  the
Securities Act), as amended or supplemented by any prospectus  supplement,  with
respect  to  the  terms  of  the  offering  of any  portion  of the  Registrable
Securities covered by such Registration Statement,  and all other amendments and
supplements to the  Prospectus,  including  post-effective  amendments,  and all
material  incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

            "Registrable  Securities"  means the shares of Common  Stock  issued
upon the conversion of the Note and issuable upon exercise of the Warrants.

            "Registration  Statement" means each registration statement required
to  be  filed  hereunder,  including  the  Prospectus  therein,  amendments  and
supplements to such  registration  statement or  Prospectus,  including pre- and
post-effective  amendments,  all exhibits thereto, and all material incorporated
by reference  or deemed to be  incorporated  by  reference in such  registration
statement.

            "Rule 144" means Rule 144 promulgated by the Commission  pursuant to
the  Securities  Act,  as such Rule may be  amended  from  time to time,  or any
similar  rule  or  regulation   hereafter   adopted  by  the  Commission  having
substantially the same effect as such Rule.

            "Rule 415" means Rule 415 promulgated by the Commission  pursuant to
the  Securities  Act,  as such Rule may be  amended  from  time to time,  or any
similar  rule  or  regulation   hereafter   adopted  by  the  Commission  having
substantially the same effect as such Rule.

            "Securities  Act" means the Securities Act of 1933, as amended,  and
any successor statute.

            "Security  Agreement"  has the  meaning  given  to such  term in the
Preamble hereto.

            "Trading  Market"  means any of the NASD Over The  Counter  Bulletin
Board,  NASDAQ SmallCap Market,  the NASDAQ National Market,  the American Stock
Exchange or the New York Stock Exchange.

                                       2
<PAGE>

            "Warrants"  means the Common Stock purchase  warrants  issued to the
Purchaser  on July 29, 2005 and the Common  Stock  purchase  warrants  issued in
connection  with  the  Security  Agreement,  whether  on  the  date  thereof  or
thereafter.

      2. REGISTRATION.

            (a) On or prior to each Filing Date,  the Company  shall prepare and
file with the  Commission a  Registration  Statement  covering  the  Registrable
Securities for a selling  stockholder resale offering to be made on a continuous
basis  pursuant to Rule 415. Each  Registration  Statement  shall be on Form S-3
(except  if the  Company  is not  then  eligible  to  register  for  resale  the
Registrable  Securities on Form S-3, in which case such registration shall be on
another appropriate form in accordance  herewith).  The Company shall cause each
Registration  Statement  to become  effective  and remain  effective as provided
herein.  The Company shall use its reasonable  commercial  efforts to cause each
Registration  Statement to be declared  effective  under the  Securities  Act as
promptly as possible  after the filing  thereof,  but in any event no later than
the Effectiveness Date. The Company shall use its reasonable  commercial efforts
to keep each Registration  Statement continuously effective under the Securities
Act  until  the date  which  is the  earlier  date of when  (i) all  Registrable
Securities  covered by such  Registration  Statement  have been sold or (ii) all
Registrable  Securities  covered  by  such  Registration  Statement  may be sold
immediately  without  registration  under the  Securities Act and without volume
restrictions  pursuant  to Rule  144(k),  as  determined  by the  counsel to the
Company  pursuant to a written  opinion  letter to such  effect,  addressed  and
acceptable to the Company's  transfer agent and the affected  Holders (each,  an
"Effectiveness Period").

            (b)  Within  three  business  days of the  Effectiveness  Date,  the
Company shall cause its counsel to issue a blanket  opinion in the form attached
hereto as Exhibit A, to the transfer  agent  stating that the shares are subject
to an effective  registration  statement and can be reissued free of restrictive
legend upon notice of a sale by the Purchaser and  confirmation by the Purchaser
that it has complied with the prospectus  delivery  requirements,  provided that
the Company has not advised the  transfer  agent  orally or in writing  that the
opinion  has been  withdrawn.  Copies of the  blanket  opinion  required by this
Section 2(c) shall be delivered to the Purchaser within the time frame set forth
above.

      3. REGISTRATION PROCEDURES. If and whenever the Company is required by the
provisions hereof to effect the registration of any Registrable Securities under
the Securities Act, the Company will, as expeditiously as possible:

            (a) prepare and file with the  Commission a  Registration  Statement
with respect to such Registrable Securities,  respond as promptly as possible to
any comments  received  from the  Commission,  and use its best efforts to cause
such Registration Statement to become and remain effective for the Effectiveness
Period with respect thereto, and promptly provide to the Purchaser copies of all
filings and Commission letters of comment relating thereto;

            (b)  prepare  and  file  with the  Commission  such  amendments  and
supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to comply with the  provisions  of the  Securities
Act with respect to the  disposition of all  Registrable  Securities  covered by
such Registration  Statement and to keep such Registration  Statement  effective
until the expiration of the Effectiveness Period applicable to such Registration
Statement;

                                       3
<PAGE>

            (c)  furnish  to  the  Purchaser   such  number  of  copies  of  the
Registration  Statement and the  Prospectus  included  therein  (including  each
preliminary  Prospectus)  as the Purchaser  reasonably may request to facilitate
the public sale or disposition  of the  Registrable  Securities  covered by such
Registration Statement;

            (d) use its commercially  reasonable  efforts to register or qualify
the Purchaser's  Registrable  Securities covered by such Registration  Statement
under the securities or "blue sky" laws of such jurisdictions  within the United
States as the Purchaser may  reasonably  request,  provided,  however,  that the
Company  shall not for any such  purpose be  required  to qualify  generally  to
transact business as a foreign  corporation in any jurisdiction  where it is not
so  qualified  or  to  consent  to  general  service  of  process  in  any  such
jurisdiction;

            (e) list the  Registrable  Securities  covered by such  Registration
Statement with any securities  exchange on which the Common Stock of the Company
is then listed;

            (f)  immediately  notify the Purchaser at any time when a Prospectus
relating  thereto is required to be delivered  under the Securities  Act, of the
happening  of any event of which the Company has  knowledge as a result of which
the  Prospectus  contained in such  Registration  Statement,  as then in effect,
includes  an untrue  statement  of a material  fact or omits to state a material
fact required to be stated therein or necessary to make the  statements  therein
not misleading in light of the circumstances then existing; and

            (g) make available for inspection by the Purchaser and any attorney,
accountant or other agent  retained by the  Purchaser,  all publicly  available,
non-confidential  financial and other records, pertinent corporate documents and
properties  of the Company,  and cause the  Company's  officers,  directors  and
employees  to  supply  all  publicly  available,   non-confidential  information
reasonably requested by the attorney, accountant or agent of the Purchaser.

      4.  REGISTRATION   EXPENSES.   All  expenses  relating  to  the  Company's
compliance  with Sections 2 and 3 hereof,  including,  without  limitation,  all
registration  and filing fees,  printing  expenses,  fees and  disbursements  of
counsel and independent  public  accountants for the Company,  fees and expenses
(including  reasonable  counsel fees) incurred in connection with complying with
state  securities or "blue sky" laws, fees of the American Stock Exchange or the
Principal  Trading market for theCompany's  securities,  transfer taxes, fees of
transfer  agents and  registrars,  fees of, and  disbursements  incurred by, one
counsel  for  the  Holders  are  called  "Registration  Expenses".  All  selling
commissions applicable to the sale of Registrable Securities, including any fees
and disbursements of any special counsel to the Holders beyond those included in
Registration  Expenses, are called "Selling Expenses." The Company shall only be
responsible for all Registration Expenses.

                                       4
<PAGE>

      5. INDEMNIFICATION.

            (a) In the event of a  registration  of any  Registrable  Securities
under the Securities Act pursuant to this Agreement,  the Company will indemnify
and hold  harmless  each  Holder,  and its  officers,  directors  and each other
person,  if any, who controls such Holder  within the meaning of the  Securities
Act, against any losses,  claims,  damages or liabilities,  joint or several, to
which such Holder,  or such persons may become  subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in  respect  thereof)  arise out of or are based upon any  untrue  statement  or
alleged  untrue  statement of any material  fact  contained in any  Registration
Statement under which such  Registrable  Securities  were  registered  under the
Securities Act pursuant to this Agreement,  any preliminary  Prospectus or final
Prospectus  contained therein,  or any amendment or supplement thereof, or arise
out of or are based upon the  omission or alleged  omission  to state  therein a
material fact required to be stated  therein or necessary to make the statements
therein not misleading, and will reimburse such Holder, and each such person for
any  reasonable  legal or other  expenses  incurred by them in  connection  with
investigating or defending any such loss,  claim,  damage,  liability or action;
provided,  however,  that the Company will not be liable in any such case if and
to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue  statement  or alleged  untrue  statement  or  omission  or
alleged  omission so made in  conformity  with  information  furnished  by or on
behalf of the  Purchaser or any such person in writing  specifically  for use in
any such document.

            (b) In the event of a  registration  of the  Registrable  Securities
under the  Securities  Act  pursuant  to this  Agreement,  each  Purchaser  will
indemnify  and hold harmless the Company,  and its officers,  directors and each
other  person,  if any,  who  controls  the  Company  within the  meaning of the
Securities Act,  against all losses,  claims,  damages or liabilities,  joint or
several,  to which the  Company or such  persons  may become  subject  under the
Securities  Act or  otherwise,  insofar  as  such  losses,  claims,  damages  or
liabilities  (or actions in respect  thereof) arise out of or are based upon any
untrue  statement or alleged  untrue  statement  of any material  fact which was
furnished in writing by such Purchaser to the Company  expressly for use in (and
such  information is contained in) the  Registration  Statement under which such
Registrable Securities were registered under the Securities Act pursuant to this
Agreement,  any preliminary Prospectus or final Prospectus contained therein, or
any  amendment  or  supplement  thereof,  or arise out of or are based  upon the
omission or alleged  omission to state  therein a material  fact  required to be
stated therein or necessary to make the statements  therein not misleading,  and
will  reimburse  the Company and each such  person for any  reasonable  legal or
other expenses  incurred by them in connection with  investigating  or defending
any such loss, claim, damage, liability or action, provided,  however, that such
Purchaser  will be liable in any such  case if and only to the  extent  that any
such loss,  claim,  damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in
conformity with information  furnished in writing to the Company by or on behalf
of such Purchaser specifically for use in any such document. Notwithstanding the
provisions of this paragraph,  such Purchaser shall not be required to indemnify
any  person or entity in excess  of the  amount of the  aggregate  net  proceeds
received by such  Purchaser in respect of  Registrable  Securities in connection
with any such registration under the Securities Act.

                                       5
<PAGE>

            (c)   Promptly   after   receipt  by  a  party   entitled  to  claim
indemnification hereunder (an "Indemnified Party") of notice of the commencement
of any action,  such Indemnified Party shall, if a claim for  indemnification in
respect thereof is to be made against a party hereto obligated to indemnify such
Indemnified Party (an "Indemnifying  Party"),  notify the Indemnifying  Party in
writing thereof,  but the omission so to notify the Indemnifying Party shall not
relieve it from any liability which it may have to such Indemnified  Party other
than under this Section 5(c) and shall only relieve it from any liability  which
it may have to such  Indemnified  Party  under this  Section  5(c) if and to the
extent the Indemnifying  Party is prejudiced by such omission.  In case any such
action shall be brought  against any  Indemnified  Party and it shall notify the
Indemnifying Party of the commencement  thereof, the Indemnifying Party shall be
entitled  to  participate  in and,  to the extent it shall  wish,  to assume and
undertake  the defense  thereof with counsel  satisfactory  to such  Indemnified
Party,  and, after notice from the Indemnifying  Party to such Indemnified Party
of its election so to assume and undertake the defense thereof, the Indemnifying
Party shall not be liable to such Indemnified  Party under this Section 5(c) for
any legal expenses subsequently incurred by such Indemnified Party in connection
with the defense thereof; if the Indemnified Party retains its own counsel, then
the  Indemnified  Party shall pay all fees,  costs and expenses of such counsel,
provided,  however,  that, if the defendants in any such action include both the
Indemnified  Party and the  Indemnifying  Party and the Indemnified  Party shall
have reasonably  concluded that there may be reasonable defenses available to it
which are different  from or additional to those  available to the  Indemnifying
Party or if the interests of the Indemnified  Party  reasonably may be deemed to
conflict with the interests of the  Indemnifying  Party,  the Indemnified  Party
shall have the right to select one  separate  counsel  and to assume  such legal
defenses and otherwise to  participate  in the defense of such action,  with the
reasonable expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred.

            (d) In order to provide for just and equitable  contribution  in the
event of joint  liability  under the  Securities Act in any case in which either
(i) the  Purchaser,  or any  officer,  director  or  controlling  person  of the
Purchaser,  makes a claim for indemnification  pursuant to this Section 5 but it
is judicially  determined (by the entry of a final judgment or decree by a court
of competent  jurisdiction and the expiration of time to appeal or the denial of
the last right of appeal) that such  indemnification may not be enforced in such
case  notwithstanding  the fact that this Section 5 provides for indemnification
in such case, or (ii)  contribution  under the Securities Act may be required on
the part of the Purchaser or such officer, director or controlling person of the
Purchaser in  circumstances  for which  indemnification  is provided  under this
Section 5; then,  and in each such case,  the  Company  and the  Purchaser  will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (after  contribution  from others) in such proportion so that the
Purchaser is responsible only for the portion represented by the percentage that
the  public  offering  price  of its  securities  offered  by  the  Registration
Statement bears to the public  offering price of all securities  offered by such
Registration  Statement,  provided,  however,  that,  in any such case,  (A) the
Purchaser  will not be required to contribute any amount in excess of the public
offering  price  of  all  such  securities   offered  by  it  pursuant  to  such
Registration  Statement;  and (B) no  person  or  entity  guilty  of  fraudulent
misrepresentation  (within  the  meaning  of  Section  10(f) of the Act) will be
entitled  to  contribution  from any person or entity who was not guilty of such
fraudulent misrepresentation.

                                       6
<PAGE>

      6. REPRESENTATIONS AND WARRANTIES.

            (a) The Common  Stock is  registered  pursuant  to Section  12(b) or
12(g) of the Exchange Act and,  except with respect to certain matters which the
Company  has  disclosed  to the  Purchaser  on  Schedule  12(u) to the  Security
Agreement,  the  Company  has  timely  filed  all  proxy  statements,   reports,
schedules,  forms,  statements  and other  documents  required to be filed by it
under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-K
for the fiscal year ended  December  31, 2004 and (ii) its  Quarterly  Report on
Form 10-Q for the fiscal  quarter ended March 31, 2005  (collectively,  the "SEC
Reports").  Each SEC  Report  was,  at the time of its  filing,  in  substantial
compliance  with the  requirements  of its  respective  form and none of the SEC
Reports,  nor the financial  statements (and the notes thereto)  included in the
SEC Reports, as of their respective filing dates, contained any untrue statement
of a material  fact or omitted to state a material  fact  required  to be stated
therein  or  necessary  to  make  the  statements   therein,  in  light  of  the
circumstances  under  which  they  were  made,  not  misleading.  The  financial
statements of the Company  included in the SEC Reports  comply as to form in all
material  respects with  applicable  accounting  requirements  and the published
rules  and  regulations  of  the  Commission  or  other   applicable  rules  and
regulations with respect thereto.  Such financial  statements have been prepared
in accordance with generally accepted accounting  principles ("GAAP") applied on
a consistent  basis during the periods  involved (except (i) as may be otherwise
indicated in such financial  statements or the notes thereto or (ii) in the case
of unaudited interim statements, to the extent they may not include footnotes or
may be  condensed)  and fairly  present in all material  respects the  financial
condition,  the results of operations  and the cash flows of the Company and its
subsidiaries,  on a consolidated basis, as of, and for, the periods presented in
each such SEC Report.

            (b) The Common  Stock is listed for  trading on the  American  Stock
Exchange and satisfies all  requirements  for the  continuation of such listing,
and the  Company  shall do all things  necessary  for the  continuation  of such
listing.  The Company has not  received any notice that its Common Stock will be
delisted from the American Stock  Exchange  (except for prior notices which have
been fully remedied) or that the Common Stock does not meet all requirements for
the continuation of such listing.

            (c) Neither the Company,  nor any of its affiliates,  nor any person
acting on its or their  behalf,  has directly or  indirectly  made any offers or
sales  of any  security  or  solicited  any  offers  to buy any  security  under
circumstances  that would cause the offering of the  Securities  pursuant to the
Security  Agreement  to be  integrated  with prior  offerings by the Company for
purposes of the  Securities Act which would prevent the Company from selling the
Common Stock  pursuant to Rule 506 under the  Securities  Act, or any applicable
exchange-related stockholder approval provisions, nor will the Company or any of
its  affiliates  or  subsidiaries  take any action or steps that would cause the
offering of the Common Stock to be integrated with other  offerings  (other than
such concurrent offering to the Purchaser).

            (d) The  Warrants,  the  Convertible  Note and the  shares of Common
Stock  which  the  Purchaser  may  acquire  pursuant  to the  Warrants  and  the
Convertible  Note are all restricted  securities  under the Securities Act as of
the date of this  Agreement.  The Company will not issue any stop transfer order
or  other  order  impeding  the  sale  and  delivery  of any of the  Registrable
Securities at such time as such Registrable Securities are registered for public
sale or an  exemption  from  registration  is  available,  except as required by
federal or state securities laws.

                                       7
<PAGE>

            (e) The Company understands the nature of the Registrable Securities
issuable upon the  conversion of the  Convertible  Note and the exercise of each
Warrant and recognizes that the issuance of such Registrable Securities may have
a potential  dilutive effect.  The Company  specifically  acknowledges  that its
obligation to issue the  Registrable  Securities is binding upon the Company and
enforceable  regardless  of the dilution such issuance may have on the ownership
interests of other shareholders of the Company.

            (f) Except for agreements  made in the ordinary  course of business,
there is no agreement  that has not been filed with the Commission as an exhibit
to a  registration  statement  or to a form  required to be filed by the Company
under the Exchange Act, the breach of which could reasonably be expected to have
a material  and adverse  effect on the Company  and its  subsidiaries,  or would
prohibit or  otherwise  interfere  with the ability of the Company to enter into
and perform any of its obligations under this Agreement in any material respect.

            (g) The Company  will at all times have  authorized  and  reserved a
sufficient number of shares of Common Stock for the full conversion of each Note
and exercise of the Warrants.

      7. MISCELLANEOUS.

            (A)  REMEDIES.  In the  event of a  breach  by the  Company  or by a
Holder, of any of their respective obligations under this Agreement, each Holder
or the  Company,  as the case may be, in addition to being  entitled to exercise
all rights  granted  by law and under  this  Agreement,  including  recovery  of
damages,  will be  entitled  to specific  performance  of its rights  under this
Agreement.

            (B) NO PIGGYBACK ON  REGISTRATIONS.  Except as and to the extent set
forth on Schedule 7(b) hereto or in any of the Company's SEC Reports or Exchange
Act Filings, neither the Company nor any of its security holders (other than the
Holders in such capacity pursuant hereto) may include  securities of the Company
in any  Registration  Statement other than the Registrable  Securities,  and the
Company shall not after the date hereof enter into any  agreement  providing any
such right for inclusion of shares in the  Registration  Statement to any of its
security holders.  Except as and to the extent specified in Schedule 7(b) hereto
or in any of the Company's SEC Reports or Exchange Act Filings,  the Company has
not previously entered into any agreement granting any registration  rights with
respect  to any of its  securities  to any  Person  that  have  not  been  fully
satisfied.

            (C) COMPLIANCE. Each Holder covenants and agrees that it will comply
with the prospectus delivery requirements of the Securities Act as applicable to
it  in  connection  with  sales  of  Registrable   Securities  pursuant  to  any
Registration Statement.

                                       8
<PAGE>

            (D) DISCONTINUED DISPOSITION.  Each Holder agrees by its acquisition
of such  Registrable  Securities that, upon receipt of a notice from the Company
of the occurrence of a  Discontinuation  Event (as defined  below),  such Holder
will forthwith discontinue  disposition of such Registrable Securities under the
applicable  Registration  Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the  "Advice") by the Company that the use of the applicable
Prospectus  may be resumed,  and, in either  case,  has  received  copies of any
additional  or  supplemental  filings  that are  incorporated  or  deemed  to be
incorporated  by reference in such  Prospectus or  Registration  Statement.  The
Company may provide  appropriate  stop orders to enforce the  provisions of this
paragraph.  For purposes of this Agreement, a "Discontinuation Event" shall mean
(i) when the Commission notifies the Company whether there will be a "review" of
such Registration  Statement and whenever the Commission  comments in writing on
such Registration  Statement (the Company shall provide true and complete copies
thereof  and all written  responses  thereto to each of the  Holders);  (ii) any
request by the Commission or any other Federal or state  governmental  authority
for amendments or supplements  to such  Registration  Statement or Prospectus or
for  additional  information;  (iii) the issuance by the  Commission of any stop
order suspending the effectiveness of such Registration  Statement  covering any
or all of the  Registrable  Securities or the initiation of any  Proceedings for
that purpose;  (iv) the receipt by the Company of any notification  with respect
to the suspension of the qualification or exemption from qualification of any of
the Registrable  Securities for sale in any  jurisdiction,  or the initiation or
threatening of any Proceeding for such purpose; and/or (v) the occurrence of any
event or passage of time that makes the  financial  statements  included in such
Registration Statement ineligible for inclusion therein or any statement made in
such Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated  therein by reference  untrue in any material respect or that
requires  any  revisions to such  Registration  Statement,  Prospectus  or other
documents so that, in the case of such Registration Statement or Prospectus,  as
the case may be, it will not contain any untrue  statement of a material fact or
omit to state any material  fact  required to be stated  therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

            (E)   PIGGY-BACK   REGISTRATIONS.   If  at  any  time   during   any
Effectiveness Period there is not an effective  Registration  Statement covering
all  of  the  Registrable   Securities   required  to  be  covered  during  such
Effectiveness  Period and the Company  shall  determine to prepare and file with
the  Commission  a  registration  statement  relating to an offering for its own
account or the account of others under the  Securities  Act of any of its equity
securities,  other than on Form S-4 or Form S-8 (each as  promulgated  under the
Securities Act) or their then  equivalents  relating to equity  securities to be
issued solely in connection  with any  acquisition  of any entity or business or
equity  securities  issuable in connection  with stock option or other  employee
benefit plans, then the Company shall send to each Holder written notice of such
determination and, if within fifteen (15) days after receipt of such notice, any
such Holder  shall so request in  writing,  the  Company  shall  include in such
registration  statement  all or any  part of such  Registrable  Securities  such
Holder  requests to be  registered,  to the extent the Company may do so without
violating  registration  rights  of  others  which  exist as of the date of this
Agreement,  subject to customary  underwriter cutbacks applicable to all holders
of  registration  rights and subject to obtaining  any  required  consent of any
selling stockholder(s) to such inclusion under such registration statement.

            (F)  AMENDMENTS  AND  WAIVERS.  The  provisions  of this  Agreement,
including  the  provisions  of this  sentence,  may not be amended,  modified or
supplemented,  and waivers or consents to departures from the provisions  hereof
may not be given,  unless the same shall be in writing and signed by the Company
and the  Holders  of at least a  majority  of the then  outstanding  Registrable
Securities.  Notwithstanding  the foregoing,  a waiver or consent to depart from
the provisions  hereof with respect to a matter that relates  exclusively to the
rights of certain  Holders and that does not directly or  indirectly  affect the
rights of other  Holders  may be given by Holders of at least a majority  of the
Registrable  Securities  to which  such  waiver or  consent  relates;  provided,
however,  that the provisions of this sentence may not be amended,  modified, or
supplemented  except  in  accordance  with  the  provisions  of the  immediately
preceding sentence.

                                       9
<PAGE>

            (G)  NOTICES.  Any notice or request  hereunder  may be given to the
Company or the Purchaser at the  respective  addresses set forth below or as may
hereafter be specified in a notice  designated as a change of address under this
Section 7(g).  Any notice or request  hereunder  shall be given by registered or
certified mail, return receipt requested, hand delivery, overnight mail, Federal
Express or other national overnight next day carrier  (collectively,  "Courier")
or telecopy  (confirmed by mail).  Notices and requests shall be, in the case of
those by hand delivery, deemed to have been given when delivered to any party to
whom it is addressed,  in the case of those by mail or overnight mail, deemed to
have been given three (3)  business  days after the date when  deposited  in the
mail or with the  overnight  mail  carrier,  in the case of a Courier,  the next
business day following timely delivery of the package with the Courier,  and, in
the case of a  telecopy,  when  confirmed.  The  address  for such  notices  and
communications shall be as follows:

       If to the Company:                  Pacific CMA, Inc.
                                           Attention:    Chief Financial Officer
                                           Facsimile:

                                           with a copy to:

                                           Gusrae, Kaplan, Bruno & Nusbaum PLLC
                                           120 Wall Street, 11th Floor
                                           New York, New York 10005
                                           Attention:  Lawrence G. Nusbaum, Esq.
                                           Facsimile:  212-809-5449

       If                                  to a Purchaser: To
                                           the address set
                                           forth under such
                                           Purchaser name on
                                           the signature
                                           pages hereto.

       If to any other Person who is

       then the registered Holder:         To the address of such Holder as it
                                           appears in the stock transfer books
                                           of the Company

or such other address as may be  designated  in writing  hereafter in accordance
with this Section 7(g) by such Person.

            (H)  SUCCESSORS  AND  ASSIGNS.  This  Agreement  shall  inure to the
benefit of and be binding upon the successors  and permitted  assigns of each of
the parties and shall inure to the benefit of each  Holder.  The Company may not
assign its rights or obligations  hereunder without the prior written consent of
each Holder.  Each Holder may assign their  respective  rights  hereunder in the
manner  and to the  Persons  as  permitted  under the  Convertible  Note and the
Security Agreement.

                                       10
<PAGE>

            (I) EXECUTION AND  COUNTERPARTS.  This  Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be
an original and, all of which taken together  shall  constitute one and the same
agreement.   In  the  event  that  any   signature  is  delivered  by  facsimile
transmission,  such  signature  shall create a valid  binding  obligation of the
party  executing  (or on whose behalf such  signature is executed) the same with
the same  force and  effect as if such  facsimile  signature  were the  original
thereof.

            (J)  GOVERNING  LAW,  JURISDICTION  AND WAIVER OF JURY  TRIAL.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH
STATE,  WITHOUT  REGARD TO  PRINCIPLES  OF CONFLICTS OF LAW. The Company  hereby
consents  and agrees that the state or federal  courts  located in the County of
New  York,  State of New York  shall  have  exclusion  jurisdiction  to hear and
determine  any  Proceeding  between  the  Company,  on the  one  hand,  and  the
Purchaser,  on the other hand,  pertaining  to this  Agreement  or to any matter
arising out of or related to this  Agreement;  provided,  that the Purchaser and
the Company  acknowledge that any appeals from those courts may have to be heard
by a court  located  outside of the County of New York,  State of New York,  and
further  provided,  that nothing in this Agreement shall be deemed or operate to
preclude the Purchaser from bringing a Proceeding in any other  jurisdiction  to
collect the obligations,  to realize on the Collateral or any other security for
the  obligations,  or to enforce a judgment or other court order in favor of the
Purchaser.  The  Company  expressly  submits  and  consents  in  advance to such
jurisdiction  in any  Proceeding  commenced  in any such court,  and the Company
hereby  waives  any  objection  which it may have  based  upon lack of  personal
jurisdiction,  improper venue or forum non conveniens. The Company hereby waives
personal service of the summons,  complaint and other process issued in any such
Proceeding and agrees that service of such summons,  complaint and other process
may be made by  registered  or  certified  mail  addressed to the Company at the
address  set forth in  Section  7(g) and that  service  so made  shall be deemed
completed upon the earlier of the Company's  actual receipt thereof or three (3)
days after deposit in the U.S. mails, proper postage prepaid. The parties hereto
desire that their disputes be resolved by a judge applying such applicable laws.
Therefore,  to achieve the best  combination  of the  benefits  of the  judicial
system and of arbitration,  the parties hereto waive all rights to trial by jury
in any Proceeding  brought to resolve any dispute,  whether arising in contract,
tort,  or otherwise  between the  Purchaser  and/or the Company  arising out of,
connected with,  related or incidental to the relationship  established  between
then in connection with this Agreement.  If either party hereto shall commence a
Proceeding to enforce any provisions of this Agreement,  the Security  Agreement
or any other Ancillary  Agreement,  then the prevailing party in such Proceeding
shall be reimbursed by the other party for its  reasonable  attorneys'  fees and
other  costs and  expenses  incurred  with the  investigation,  preparation  and
prosecution of such Proceeding.

            (K) CUMULATIVE REMEDIES. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

                                       11
<PAGE>

            (L) SEVERABILITY. If any term, provision, covenant or restriction of
this  Agreement  is held by a court of  competent  jurisdiction  to be  invalid,
illegal,  void  or  unenforceable,  the  remainder  of  the  terms,  provisions,
covenants  and  restrictions  set forth  herein  shall  remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto  shall use their  reasonable  efforts to find and  employ an  alternative
means to achieve the same or substantially  the same result as that contemplated
by such term,  provision,  covenant or restriction.  It is hereby stipulated and
declared to be the  intention of the parties  that they would have  executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

            (M) HEADINGS.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

       [Balance of page intentionally left blank; signature page follows]

                                       12
<PAGE>

      IN WITNESS  WHEREOF,  the parties have  executed this Amended and Restated
Registration Rights Agreement as of the date first written above.

                                                PACIFIC CMA, INC.

                                                By: /s/ Alfred Lam
                                                    ----------------------------
                                                Name: Alfred Lam
                                                Title: Chairman/CEO

                                                LAURUS MASTER FUND, LTD.

                                                By: /s/ David Grin
                                                    ----------------------------
                                                Name: David Grin
                                                Title: Director

                                                Address for Notices:

                                                825 Third Avenue, 14th Floor
                                                New York, New York 10022
                                                Attention:  David Grin
                                                Facsimile:  212-541-4434

                                       13
<PAGE>

                                    EXHIBIT A

                              ____________, 200___

[Continental Stock Transfer
& Trust Company
Two Broadway
New York, New York  10004
Attn:  William Seegraber]

                  Re:    Pacific CMA, Inc. Registration Statement on Form [S-3]
                         ------------------------------------------------------

Ladies and Gentlemen:

      As counsel to Pacific CMA, Inc. , a Delaware  corporation (the "Company"),
we have been  requested  to render  our  opinion to you in  connection  with the
resale by the  individuals or entitles listed on Schedule A attached hereto (the
"Selling Stockholders"),  of an aggregate of __________ shares (the "Shares") of
the Company's Common Stock.

      A  Registration  Statement on Form [S-3] under the Securities Act of 1933,
as amended  (the  "Act"),  with respect to the resale of the Shares was declared
effective by the Securities and Exchange  Commission on [date].  Enclosed is the
Prospectus  dated [date].  We  understand  that the Shares are to be offered and
sold in the manner described in the Prospectus.

      Based upon the foregoing,  upon request by the Selling Stockholders at any
time while the registration statement remains effective,  it is our opinion that
the Shares have been  registered  for resale under the Act and new  certificates
evidencing  the Shares  upon their  transfer or  re-registration  by the Selling
Stockholders may be issued without restrictive legend. We will advise you if the
registration statement is not available or effective at any point in the future.

                                             Very truly yours,

                                             [Company counsel]

<PAGE>

                             SCHEDULE A TO EXHIBIT A

                                                                  Shares
  Selling Stockholder                R/N/O                     Being Offered
  -------------------                -----                     -------------

<PAGE>

                                  SCHEDULE 7(B)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]