Document:

EXHIBIT 10.9

                         COMMON STOCK PURCHASE AGREEMENT

                                     BETWEEN

                    CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC.
                                  (THE COMPANY)

                                       AND

                            CAPITAL CONSULTANTS, INC.
                                 (THE PURCHASER)

                          DATED AS OF FEBRUARY 1, 2001

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                         COMMON STOCK PURCHASE AGREEMENT

This Common Stock Purchase Agreement (this "Agreement") is made and entered into
as of February 1, 2001 (the "Effective  Date"),  between Clements Golden Phoenix
Enterprises,   Inc.  (the  "Company"),   a  Florida  corporation,   and  Capital
Consultants, Inc. (the "Purchaser").

                                   Background

                  The Company has authorized the issuance, sale, and delivery of
200,000 shares (the "Shares") of the Company's  Common Stock,  par value $0.0001
("Common Stock") at a price per Share of $1.00, in currency of the United States
of America,  for a total  purchase  price of $200,000.  The Purchaser  wishes to
purchase the Shares upon the terms and conditions stated in this Agreement.  The
Purchaser  is  purchasing  the Shares in reliance  upon the  exemption  from the
registration  requirements  of Section 5 of the U.S.  Securities Act of 1933, as
amended  (the "Act"),  in reliance  upon Rule 506 of  Regulation  D  promulgated
thereunder, or other applicable exemptions.

                                    Agreement

                  For  and in  consideration  of the  premises  and  the  mutual
covenants  contained  herein  and other  good and  valuable  consideration,  the
receipt and  sufficiency of which are hereby  acknowledged,  the Company and the
Purchaser hereby agree as follows:

Section 1.  Common Stock.

     Section 1.1. Issuance and Sale of Common Stock

                  The  Company  agrees  (i) to issue and sell the  Shares to the
Purchaser and the Purchaser  agrees to purchase the Shares from the Company,  at
the Closing, for the Purchase Price of US$200,000.

     Section 1.2. Closing.

                  The  closing  of the  purchase  and  sale of the  Shares  (the
"Closing") shall take place at the offices of Mintmire & Associates, 265 Sunrise
Avenue,  Suite 204, Palm Beach,  Florida 33480,  at 2:00 p.m.,  Eastern time, on
February 1, 2001 (the "Closing Date"),  or on such other date or such other time
or place as the parties may agree.

     Section 1.3 Deliveries at Closing

                  At the Closing the Company shall deliver to Purchaser:

                           (a)  this Agreement, executed by the Company;

                           (b)  a certificate for the Shares,  registered in the
Purchaser's  name,  free  and  clear  of any  claims,  and  containing  a legend
complying with the requirements of SEC Rule 506;

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                           (c)  the Registration  Rights  Agreement  (defined in
Section  4.9 below),  executed  by the  Company,  in  substantially  the form of
Exhibit B hereto;

                           (d)  the  opinion  of  Mintmire &  Associates,  legal
counsel to the Company, in substantially the form of Exhibit A hereto; and

Section 2.  Purchaser's Representations and Warranties

                  The  Purchaser  represents  and warrants  with respect to only
itself that:

     Section 2.1. Investment Purpose

                  The Purchaser is acquiring the Shares,  for the account for of
certain "accredited  investors," and who are acquiring the Shares for investment
and not with a view towards,  or for resale in connection  with, the public sale
or distribution  thereof;  provided however,  that by making the representations
herein, the Purchaser does not agree to hold any Shares for any minimum or other
specific  term.  The Purchaser  acknowledges  that the Shares may not be resold,
except pursuant to an effective  registration statement under the Securities Act
or an applicable exemption therefrom.

     Section 2.2. Accredited Purchaser Status

                  The  Purchaser  is an  "accredited  investor"  as that term is
defined in Rule 501(a)(3) of Regulation D of the SEC.

     Section 2.3. Reliance on Regulation D or other applicable Exemption

                  The  Purchaser  understands  that the Shares are being offered
and sold to it in reliance on the exemption from the  registration  requirements
of Section 5 of the  Securities  Act for limited  offers and sales as defined in
SEC Rule  506,  and that the  Company  is  relying  in part  upon the  truth and
accuracy  of,  and  the  Purchaser's   compliance  with,  the   representations,
warranties, agreements, acknowledgments, and understandings of the Purchaser set
forth herein in order to determine the  availability  of such exemptions and the
eligibility  of the  Purchaser  to acquire  such  Shares.  With  respect to that
exemption, the Purchaser further represents and warrants to the Company that:

                  (a)  The Purchaser is an accredited investor as defined by SEC
Rule 501(a).

                  (b)  The Purchaser  has  complied  with  all of the conditions
required of it by SEC Rule 506.

     Section 2.4. Information

                  The Purchaser and its  advisors,  if any, have been  furnished
with all materials relating to the business, financial condition, and operations
of the Company and materials relating to the offer and sale of the Shares, which
have been  requested by the Purchaser.  The Purchaser and its advisors,  if any,
have been afforded the opportunity to ask questions of the Company. Neither such
inquiries nor any other due diligence  investigations conducted by the Purchaser
or its advisors, if

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any, or its representatives shall modify, amend, or affect the Purchaser's right
to rely on the Company's  representations and warranties  contained in Section 3
below.  The Purchaser  understands  that its investment in the Shares involves a
high degree of risk. The Purchaser has sought such  accounting,  legal,  and tax
advice as it has considered  necessary to make an informed  investment  decision
with respect to its acquisition of the Shares.

     Section 2.5. No Governmental Review

                  The Purchaser  understands  that no United  States  federal or
state agency or any other  government  or  governmental  agency has passed on or
made any  recommendation  or  endorsement  of the  Shares,  or the  fairness  or
suitability of the investment in the Shares,  nor have such  authorities  passed
upon or endorsed the merits of the offering of the Shares.

     Section 2.6. Authorization Enforcement

                  This Agreement has been duly and validly authorized, executed,
and delivered on behalf of the Purchaser and is a valid and binding agreement of
the  Purchaser   enforceable  in  accordance  with  its  terms,  subject  as  to
enforceability  to general  principles of equity and to  applicable  bankruptcy,
insolvency,  reorganization,  moratorium,  liquidation,  and other  similar laws
relating to, or affecting  generally,  the enforcement of applicable  creditors'
rights and remedies.

     Section 2.7. Organization

                  The  Purchaser is a limited  partnership  organized  under the
laws of Kentucky.

     Section 2.8. No Scheme to Evade Registration.

                  Purchaser  represents  and  warrants to the  Company  that the
acquisition  of the Shares is not a  transaction  (or any element of a series of
transactions)  that is part of a plan or  scheme by the  Purchaser  to evade the
registration provisions of the Securities Act.

Section 3. Representations And Warranties Of The Company

                  The Company represents and warrants to the Purchaser that:

     Section 3.1. Organization and Qualification

                  The Company is a corporation duly organized, validly existing,
and in good standing under the laws of Florida,  and has the requisite corporate
power to own its properties and to carry on its business as now being conducted.
The  Company is not  qualified  as a foreign  corporation  to do business in any
other jurisdiction.  The Company has a wholly-owned subsidiary,  Clements Citrus
Sales of Florida, Inc., a Florida corporation.

     Section 3.2. Authorization, Enforcement, Compliance with Other Instruments.

                  (a)   The  Company  has  the  requisite  corporate  power  and
authority to enter into and perform this Agreement and to issue the Shares;

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                  (b)  the  execution  and  delivery  of this  Agreement  by the
Company,  and the  consummation by it of the transactions  contemplated  hereby,
including  without  limitation  the  issuance  of the  Shares,  have  been  duly
authorized  by the  Company's  Board of  Directors  and no  further  consent  or
authorization  is  required  by the  Company,  its  Board  of  Directors  or its
stockholders;

                  (c) this Agreement has been duly executed and delivered by the
Company  and the persons  signing on behalf of the  Company  have full power and
authority to do so; and

                  (d)  this   Agreement   constitutes   the  valid  and  binding
obligation of the Company enforceable against the Company in accordance with its
terms,  except as such  enforceability  may be limited by general  principles of
equity  or  applicable  bankruptcy,  insolvency,   reorganization,   moratorium,
liquidation,   or  similar  laws  relating  to,  or  affecting  generally,   the
enforcement of creditors' rights and remedies.

     Section 3.3. Capitalization

                  Immediately prior to Closing,  the authorized capital stock of
the Company  consisted of 50,000,000 shares of Common Stock, of which 28,498,764
shares are issued and outstanding.  No shares of the Company's capital stock are
subject to preemptive rights or any other similar rights.

     Section 3.4. Issuance of Shares

                  The  Shares  are  duly   authorized   and,  upon  issuance  in
accordance  with the terms  hereof,  shall be validly  issued,  fully paid,  and
nonassessable,  are free from all taxes,  liens, and charges with respect to the
issue  thereof and are entitled to the rights and  preferences  set forth in the
Shares. The Shares are "restricted  securities" as defined by SEC rules, and may
be transferred,  assigned or resold by the Purchaser only in accordance with the
Securities Act and the SEC rules promulgated thereunder.

     Section 3.5. No Conflicts

                  The execution, delivery, and performance of this Agreement and
the Acquisition Agreement by the Company, and the consummation by the Company of
the  transactions  contemplated  hereby  and  thereby,  will not (a) result in a
violation of the  Certificate of  Incorporation,  any Certificate of Designation
applicable to any Preferred  Stock of the Company,  or the Bylaws of the Company
or (b)  conflict  with,  constitute  a default (or an event which with notice or
lapse of time or both  would  become a  default)  under,  or give to others  any
rights  of  termination,   amendment,  acceleration,  or  cancellation  of,  any
agreement,  indenture,  or instrument to which the Company is a party, or result
in a  violation  of any  law,  rule,  regulation,  order,  judgment,  or  decree
(including federal and state securities laws and regulations)  applicable to the
Company or by which any  property or asset of the Company is bound or  affected.
The  Company  is not in  violation  of any term of,  or in  default  under,  its
Certificate of Incorporation  or Bylaws,  or any material  contract,  agreement,
mortgage, indebtedness, indenture, instrument, judgment, decree, or order or any
statute,

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rule,  or regulation  applicable to the Company.  The business of the Company is
not  being  conducted  and  shall  not be  conducted  in  violation  of any law,
ordinance,  or regulation of any  governmental  entity.  Except as  specifically
contemplated by this Agreement,  the Acquisition Agreement and as required under
the Securities Act and any applicable  state securities laws, the Company is not
required to obtain any consent,  authorization,  or order of, or make any filing
or  registration  with,  any  court or  governmental  agency  in order for it to
execute,  deliver,  and perform any of its obligations  under or contemplated by
this Agreement and the Acquisition Agreement in accordance with the terms hereof
or thereof.  All consents,  authorizations,  orders,  filings, and registrations
which the Company is required to obtain pursuant to the preceding  sentence have
been obtained or effected on or prior to the date hereof. The Company is unaware
of any facts or circumstances which might give rise to any of the foregoing.

     Section 3.6. Financial Statements

                  The  Company's  unaudited  balance sheet at September 30, 2000
and the audited  balance sheet at March 31, 2000, and the related  statements of
profit and loss for the periods then ended,  were  prepared in  accordance  with
generally accepted accounting principles,  are true, correct and complete in all
material respects,  and fairly present the Company's  financial position at that
date and the results of its  operations  for the period then ended.  The Company
has not engaged in any transaction,  maintained any bank account, or used any of
the funds of the Company that are not reflected in the normally maintained books
and records of the Company. No other information provided by or on behalf of the
Company to the  Purchaser  which is not  included in the  Financial  Statements,
including,  without limitation,  information  referred to in Section 2.4 of this
Agreement,  contains any untrue  statement of a material  fact or omits to state
any material  fact  necessary in order to make the  statements  therein,  in the
light of the circumstance under which they are or were made, not misleading.

     Section 3.7. Absence of Certain Changes

                  Since the date of the Company's  opening balance sheet,  there
has been no material adverse change and no material  adverse  development in the
business, properties, operations, financial condition, results of operations, or
prospects  of the  Company.  The Company  has not taken any steps,  and does not
currently  expect  to  take  any  steps,  to  seek  protection  pursuant  to any
bankruptcy law nor does the Company have any knowledge or reason to believe that
its creditors intend to initiate involuntary bankruptcy proceedings.

     Section 3.8. Absence of Litigation

                  There   is  no   action,   suit,   proceeding,   inquiry,   or
investigation  before  or  by  any  court,  public  board,   government  agency,
self-regulatory  organization,  or body  pending  or,  to the  knowledge  of the
Company,  threatened  against or affecting the Company or the Common  Stock,  in
which an  unfavorable  decision,  ruling or  finding  would (a) have a  material
adverse effect on the transactions contemplated hereby, (b) adversely affect the
validity or  enforceability  of, or the  authority  or ability of the Company to
perform its  obligations  under this  Agreement,  or any of the other  documents
contemplated  herein,  or (c) have a material  adverse  effect on the  business,
operations,  properties,  financial  condition,  or results of  operation of the
Company.

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     Section 3.9. Purchase of Shares

                  The  Company  acknowledges  and agrees that the  Purchaser  is
acting solely in the capacity of an arm's length  purchaser with respect to this
Agreement  and  the  transactions   contemplated  hereby.  The  Company  further
acknowledges  that  the  Purchaser  is not  acting  as a  financial  advisor  or
fiduciary  of the  Company  (or in any similar  capacity)  with  respect to this
Agreement or the Acquisition Agreement, or the transactions  contemplated herein
or therein.  The Company further  represents to the Purchaser that the Company's
decision to enter into this  Agreement has been based solely on the  independent
evaluation by the Company and its representatives.

     Section  3.10.  No  Undisclosed  Events,  Liabilities,   Developments,   or
                     Circumstances

                  No event, liability, development, or circumstance has occurred
or exists,  or is  contemplated  to occur,  with  respect to the  Company or its
businesses,  properties,  prospects,  operations, or financial condition,  which
could be material  but which has not been  publicly  announced  or  disclosed in
writing to the Purchaser.

     Section 3.11. No General Solicitation

                  Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf,  has engaged in any form of general  solicitation
or general  advertising (within the meaning of Regulation D under the Securities
Act) in connection with the offer or sale of the Shares.

     Section 3.12. No Integrated Offering

                  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 require registration of the Shares under the Securities
Act or cause this offering of the Shares to be integrated  with prior  offerings
by the Company for purposes of the Securities Act or any applicable  stockholder
approval provisions.

     Section 3.13. Internal Accounting Controls

                  The Company maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (a) transactions are executed in
accordance   with   management's   general  or  specific   authorizations,   (b)
transactions  are  recorded as  necessary  to permit  preparation  of  financial
statements in conformity with generally  accepted  accounting  principles and to
maintain  asset  accountability,  (c)  access  to assets  is  permitted  only in
accordance  with  management's  general or specific  authorization,  and (d) the
recorded  accountability  for assets is  compared  with the  existing  assets at
reasonable  intervals  and  appropriate  action  is taken  with  respect  to any
differences.

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     Section 3.14. No Materially Adverse Contracts, Etc.

                  The Company is not subject to any charter, corporate, or other
legal restriction,  or any judgment, decree, order, rule, or regulation which in
the  judgment  of the  Company's  officers  has, or is expected in the future to
have,  a  material  adverse  effect  on the  business,  properties,  operations,
financial  condition,  results of operations,  or prospects of the Company.  The
Company is not a party to any contract or agreement which in the judgment of the
Company's officers has, or is expected to have, a material adverse effect on the
business, properties, operations, financial condition, results of operations, or
prospects of the Company.

     Section 3.15. Tax Status

                  The Company has made or filed all federal and state income and
all other tax returns, reports, and declarations required by any jurisdiction to
which it is subject  (unless  and only to the extent  that the  Company  has set
aside on its books provisions  reasonably adequate for the payment of all unpaid
and unreported taxes), and has paid all taxes and other governmental assessments
and charges that are material in amount,  shown or  determined to be due on such
returns,  reports, and declarations,  except those being contested in good faith
and has set aside on its books provision  reasonably adequate for the payment of
all taxes for periods subsequent to the periods to which such returns,  reports,
or declarations  apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any  jurisdiction,  and the officers of the
Company know of no basis for any such claim.

     Section 3.16. Certain Transactions

                  Except for arm's  length  transactions  pursuant  to which the
Company  makes  payments in the ordinary  course of business  upon terms no less
favorable  than  the  Company  could  obtain  from  third  parties,  none of the
officers,  directors,  or  employees  of the Company is presently a party to any
transaction  with the Company  (other than for services as employees,  officers,
and  directors),   including  any  contract,  agreement,  or  other  arrangement
providing for the furnishing of services to or by,  providing for rental of real
or personal property to or from, or otherwise  requiring payments to or from any
officer,  director,  or such employee or, to the  knowledge of the Company,  any
corporation, partnership, trust, or other entity in which any officer, director,
or any such  employee  has a  substantial  interest or is an officer,  director,
trustee, or partner.

     Section 3.17. Fees and Rights of First Refusal

                  The Company is not obligated to offer the  securities  offered
hereunder on a right of first  refusal  basis or otherwise to any third  parties
including,  but not limited to, current or former  shareholders  of the Company,
underwriters,  brokers,  agents,  or other  third  parties.  The  Company is not
obligated to pay any commission or fee in connection  with the issuance and sale
of the Shares for which the Purchaser is or may become liable.

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Section 4.  Covenants

     Section 4.1. Best Efforts

                  Each party shall use its best  efforts  timely to satisfy each
of the  conditions to be satisfied by it as provided in Sections 5 and 6 of this
Agreement.

     Section 4.2. Compliance with Regulation D

                  Each party shall  comply with all of the terms of SEC Rule 506
required of it with respect to the Shares.

     Section 4.3. Use of Proceeds

                  The Company will use the proceeds  from the sale of the Shares
for general working capital purposes.

     Section 4.4 Listings

                  The Company  shall  maintain  the listing of its Common  Stock
(including the Shares), on the OTC Bulletin Board, and upon the NASDAQ Small Cap
Market as soon thereafter as it is eligible therefor.

     Section 4.5. Expenses

                  Each  party  hereto  shall  pay  its own  expenses,  including
attorney's fees, incurred in connection with this Agreement.

     Section 4.6. Registration Rights

                  In the event the Company files a  registration  statement (the
"Registration  Statement") with the SEC on certain  form(s),  as provided for in
the Registration  Rights  Agreement (the  "Registration  Rights  Agreement") the
Purchaser  may  request  have  the  Shares  included  in  such  registration  in
accordance with the terms of the Registration Rights Agreement.

Section 5.  Conditions To The Company's Obligation To Sell

                  The obligation of the Company  hereunder to issue and sell the
Shares to The  Purchaser  at the Closing is subject to the  satisfaction,  at or
before the Closing  Date,  of each of the  following  conditions,  provided that
these  conditions  are for the  Company's  sole benefit and may be waived by the
Company at any time in its sole discretion:

                  (a)  The  Purchaser  shall  have  executed  this Agreement and
delivered the same to the Company.

                  (b)  The Purchaser shall have delivered the Purchase Price for
the Shares to the Company.

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                  (c) The  representations and warranties of the Purchaser shall
be true and correct in all material  respects as of the date when made and as of
the  Closing  Date as though  made at that time,  and the  Purchaser  shall have
performed,  satisfied, and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed,  satisfied
or complied with by the Purchaser at or prior to the Closing Date.

Section 6.  Conditions To The Purchaser's Obligation To Purchase

                  The  obligation  of The  Purchaser  hereunder  to purchase the
Shares at the Closing is subject to the  satisfaction,  at or before the Closing
Date, of each of the following  conditions,  provided that these  conditions are
for the Purchaser's  sole benefit and may be waived by the Purchaser at any time
in its sole discretion:

                  (a)  The Company shall have executed this Agreement.

                  (b)  The  Company  shall have executed the Registration Rights
Agreement.

                  (c) The representations and warranties of the Company shall be
true and correct in all material respects (except to the extent that any of such
representations and warranties is already qualified as to materiality in Section
3 above, in which case, such  representations  and warranties  shall be true and
correct  without further  qualification)  as of the date when made and as of the
Closing  Date as  though  made at that  time  (except  for  representations  and
warranties  that  speak  as of a  specific  date)  and the  Company  shall  have
performed,  satisfied, and complied in all material respects with the covenants,
agreements,   and  conditions  required  by  this  Agreement  to  be  performed,
satisfied, or complied with by the Company at or prior to the Closing Date.

                  (d) The  Purchaser  shall  have  received  the  opinion of the
Company's  counsel dated as of the Closing Date, in form,  scope,  and substance
reasonably  satisfactory  to the  Purchaser  and in  substantially  the  form of
Exhibit A attached hereto.

Section 7.  Indemnification

                  In consideration of the Purchaser's  execution and delivery of
this Agreement and acquiring the Shares  hereunder and in addition to all of the
Company's  other  obligations  under this  Agreement,  the Company shall defend,
protect,  indemnify,  and hold harmless the Purchaser,  and all of its officers,
directors,  employees, and agents (including, without limitation, those retained
in  connection   with  the   transactions   contemplated   by  this   Agreement)
(collectively,  the "Indemnitees") from and against any and all actions,  causes
of action,  suits, claims,  losses, costs,  penalties,  fees,  liabilities,  and
damages, and expenses in connection therewith  (irrespective of whether any such
Indemnitee  is a party to the  action  for which  indemnification  hereunder  is
sought),  and  including  reasonable  attorneys'  fees  and  disbursements  (the
"Indemnified  Liabilities"),  incurred  by the  Indemnitees  or any of them as a
result of, or arising out of, or relating to (a) any misrepresentation or breach
of any  representation  or warranty made by the Company in this Agreement of the
Acquisition  Agreement,  or  any  other  certificate,  instrument,  or  document
contemplated hereby or

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thereby, (b) any breach of any covenant, agreement, or obligation of the Company
contained in this Agreement,  or (c) any cause of action, suit, or claim brought
or made  against  such  Indemnitee  and  arising  out of or  resulting  from the
execution, delivery, performance, or enforcement of this Agreement, or any other
instrument,  document,  or  agreement  executed  pursuant  hereto  by any of the
Indemnities,  any  transaction  financed  or to be financed in whole or in part,
directly or indirectly,  with the proceeds of the issuance of the Shares, or the
status of the  Purchaser  or  holder  of the  Shares,  as a  stockholder  in the
Company.  To the extent  that the  foregoing  undertaking  by the Company may be
unenforceable for any reason, the Company shall make the maximum contribution to
the payment and  satisfaction  of each of the Indemnified  Liabilities  which is
permissible under applicable law.

Section 8.  General Provisions

     Section 8.1. Governing Law

                  This  Agreement  shall  be  governed  by  and  interpreted  in
accordance  with the laws of the State of  Florida  and the  exemption  from the
registration  requirements  of the Securities Act for the sale shall be governed
by SEC Rule  506.  The  parties  agree  that the  courts of Palm  Beach  County,
Florida, shall have exclusive jurisdiction and venue for the adjudication of any
civil action between them arising out of relating to this Agreement,  and hereby
irrevocably consent to such jurisdiction and venue.

     Section 8.2. Counterparts

                  This  Agreement  may be  executed  in two  or  more  identical
counterparts,  all of which shall be considered  one and the same  agreement and
shall  become  effective  when  counterparts  have been signed by each party and
delivered to the other party.  In the event any  signature  page is delivered by
facsimile transmission,  the party using such means of delivery shall cause four
(4) additional  original executed signature pages to be physically  delivered to
the other party within five (5) days of the execution and delivery hereof.

     Section 8.3. Headings

                  The  headings  of  this  Agreement  are  for   convenience  of
reference  and shall not form part of, or affect  the  interpretation  of,  this
Agreement.

     Section 8.4. Severability

                  If any  provision  of  this  Agreement  shall  be  invalid  or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction  or the  validity  or  enforceability  of  any  provision  of  this
Agreement in any other jurisdiction.

     Section 8.5. Entire Agreement, Amendments

                  This  Agreement  supersedes  all other  prior  oral or written
agreements  between the  Purchaser,  the Company,  their  affiliates and persons
acting on their behalf with respect to the

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issuance  and  sale of the  Shares,  and  this  Agreement  and  the  instruments
referenced  herein contain the entire  understanding of the parties with respect
to the matters covered herein and therein and, except as specifically  set forth
herein  or  therein,   neither  the   Company  nor  any   Purchaser   makes  any
representation, warranty, covenant, or undertaking with respect to such matters.
No  provision  of this  Agreement  may be waived  or  amended  other  than by an
instrument in writing signed by the party to be charged with enforcement.

     Section 8.6. Notices

                  Any  notices,  consents,   waivers,  or  other  communications
required or permitted to be given under the terms of this  Agreement  must be in
writing  and will be  deemed  to have  been  delivered  (a) upon  receipt,  when
delivered personally, (b) upon receipt, when sent by facsimile,  provided a copy
is mailed by U.S. certified mail, return receipt  requested,  (c) three (3) days
after being sent by certified mail, return receipt requested, or (d) one (1) day
after deposit with a nationally  recognized  overnight delivery service, in each
case  properly  addressed to the party to receive the same.  The  addresses  and
facsimile numbers for such communications shall be:

if to the Company:                        with a copy
                                         (which shall not constitute notice) to:

Clements Golden Phoenix Enterprises, Inc.    Mintmire & Associates
3135 S.W. Mapp Road                          265 Sunrise Avenue
P.O. Box 268                                 Suite 204
Palm City, FL 34991                          Palm Beach, FL 33480
Attention: Joseph R. Rizzuti, Chairman &     Attention: Donald F. Mintmire
Chief Operating Officer                      Telephone: (561) 832-5696
Telephone: (561) 287-5958                    Facsimile: (561) 659-5371
Facsimile:   (561) 287-9776

if to the Purchaser:                     with a copy
                                         (which shall not constitute notice) to:

Capital Consultants, Inc.                    Frank G. Dickey, Jr.
1050 Chinoe Road, Suite 304                  1050 Chinoe Road, Suite 304
Lexington, KY 40502                          Lexington, KY 40502
                                             Facsimile No. (859) 268-4446

Each party shall provide five (5) day's prior written  notice to the other party
of any change in address or facsimile number.

     Section 8.7. Successors and Assigns

                  This Agreement  shall be binding upon and inure to the benefit
of the parties and their  respective  successors and assigns.  The Company shall
not assign this  Agreement or any rights or  obligations  hereunder  without the
prior written consent of the Purchaser. The Purchaser may assign

                                       12

<PAGE>

its rights hereunder without the consent of the Company,  provided however, that
any such  assignment  shall  not  release  the  Purchaser  from its  obligations
hereunder  unless such  obligations are assumed by such assignee and the Company
has consented to such assignment and assumption.

     Section 8.8. No Third Party Beneficiaries

                  This  Agreement  is  intended  for the  benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other person.

     Section 8.9. Survival

                  Unless this  Agreement is terminated  under Section 8.12,  the
representations  and  warranties of the Company and the  Purchaser  contained in
Sections 2 and 3, the  agreements  and  covenants set forth in Sections 4 and 5,
and the  indemnification  provisions  set forth in Section 7, shall  survive the
Closing.  The Purchaser shall be responsible  only for its own  representations,
warranties, agreements, and covenants hereunder.

     Section 8.10. Publicity

                  The Company and the Purchaser shall have the right to approve,
before issuance,  any press releases or any other public statements with respect
to the transactions  contemplated  hereby;  provided  however,  that the Company
shall be  entitled,  without the prior  approval of the  Purchaser,  to make any
press release or other public disclosure with respect to such transactions as is
required by applicable  law and  regulations  (although  the Purchaser  shall be
consulted  by the  Company in  connection  with any such press  release or other
public  disclosure  prior  to its  release  and  shall be  provided  with a copy
thereof).

     Section 8.11. Further Assurances

                  Each  party  shall  do and  perform,  or  cause to be done and
performed,  all such further acts and things,  and shall execute and deliver all
such other agreements,  certificates,  instruments,  and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

     Section 8.12. Termination

                  In the event that the  Closing  shall not have  occurred  with
respect  to the  Purchaser  on or before  five (5)  business  days from the date
hereof due to the Company's or Purchaser's failure to satisfy the conditions set
forth in Sections 5 and 6 above (and the non-breaching  party's failure to waive
such unsatisfied condition(s)), the non-breaching party shall have the option to
terminate this  Agreement  with respect to such breaching  party at the close of
business  on such  date  without  liability  of any  party to any  other  party;
provided however,  that if this Agreement is terminated pursuant to this Section
8.12,  the Company  shall remain  obligated to reimburse  the  Purchaser for the
expenses described in Section 4.6 above.

                                       13

<PAGE>

     Section 8.13. No Strict Construction

                  The language used in this  Agreement  will be deemed to be the
language  chosen by the parties to express their mutual intent,  and no rules of
strict construction will be applied against any party.

     Section 8.14. Currency

                  All dollar amounts expressed in this Agreement are currency of
the United States of America.

                  IN WITNESS WHEREOF,  the Company and the Purchaser have caused
this Common Stock  Purchase  Agreement to be duly  executed as of the date first
written above.

CLEMENTS GOLDEN PHOENIX
ENTERPRISES, INC.

By /s/ Joseph Rizzuti
--------------------------------------------
      Joseph Rizzuti, Chairman &
         Chief Operating Officer

CAPITAL CONSULTANTS, INC.

By  /s/ Frank G.  Dickey, Jr.
--------------------------------------------
Name  Frank G.  Dickey, Jr.
--------------------------------------------
Title  President
--------------------------------------------

                                       14EXHIBIT 10.10

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION  RIGHTS AGREEMENT (this  "Agreement") is made and entered
into as of February 1, 2001, by and between Clements Golden Phoenix Enterprises,
Inc., a Florida corporation (the "Company"), and Capital Consultants,  Inc. (the
"Purchaser").

                             Preliminary Statements

         In connection with the consummation of the transactions contemplated by
that certain Common Stock Purchase Agreement (the "Purchase  Agreement") of even
date  herewith by and between  the  Company and the  Purchaser,  the Company has
agreed,  upon the  terms and  subject  to the  conditions  of the  Common  Stock
Purchase  Agreement,  to issue and sell to the  Purchaser  200,000  shares ( the
"Shares") of the Company's Common Stock (the "Common Stock").

         The Shares are collectively referred to as the "Securities."

         To induce the Purchaser to execute and deliver the Purchase  Agreement,
the Company has agreed,  pursuant to the terms and conditions of this Agreement,
to provide certain registration rights with respect to the Common Shares.

                                    Agreement

         In consideration of the foregoing,  the mutual covenants and conditions
set forth in this Agreement and for other good and valuable  consideration,  the
receipt and sufficiency of which are hereby acknowledged, the parties, intending
to become legally bound, hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         As used in this Agreement, the following terms shall have the following
respective meanings:

         "Agreement"  shall mean this Registration  Rights  Agreement,  made and
entered  into as of  February  1,  2001,  by and  between  the  Company  and the
Purchaser.

         "Commission"  shall mean the Securities and Exchange  Commission or any
other federal agency at the time administering the Securities Act.

         "Shares"  shall  have  the  meaning   ascribed  to  such  term  in  the
Preliminary Statements to this Agreement.

         "Purchase  Agreement"  shall have the meaning  ascribed to such term in
the Preliminary Statements to this Agreement.

         "Company"  shall  mean  Clements  Golden  Phoenix  Enterprises, Inc., a
Florida corporation,  of which Clements Citrus Sales of Florida, Inc., a Florida
corporation is a wholly owned subsidiary.

<PAGE>

         "Exchange  Act"  shall mean the  Securities  Exchange  Act of 1934,  as
amended, or any successor federal statute,  and the rules and regulations of the
Commission thereunder, all as in effect from time to time.

         "Holder" or "Holders" shall mean (a) the Purchaser,  to the extent that
the  Purchaser  holds  Registrable  Securities,   and  (b)  any  Person  holding
Registrable Securities as a transferee of the Purchaser (directly or indirectly,
including subsequent transfers).

         "Person" shall mean any  individual,  corporation,  partnership,  joint
venture,  association,  joint- stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.

         "Purchase  Agreement"  shall mean,  that certain  Common Stock Purchase
Agreement,  dated as of  February  1, 2001,  by and  between the Company and the
Purchaser.

        "Purchaser" shall mean Capital Consultants, Inc., a Kentucky corporation

         The terms "register,"  "registered" and "registration" shall refer to a
registration  effected by preparing and filing with the  Commission  one or more
registration  statements covering Registrable  Securities in compliance with the
Securities Act that is declared or ordered effective by the Commission.

         "Registrable  Securities"  shall mean the Common Shares,  the Converted
Common Shares and any shares of capital stock issued or issuable with respect to
the Securities as a result of any stock split, stock dividend, recapitalization,
exchange or similar event;  provided,  however, that such securities shall cease
to be Registrable  Securities when (a) a registration  statement with respect to
such securities shall have been declared  effective under the Securities Act and
such  securities  shall  have been  disposed  of  pursuant  to the  registration
statement,  (b) such  securities are  distributed to the public pursuant to Rule
144(k) (or any successor provisions) promulgated under the Securities Act or (c)
such securities shall have ceased to be outstanding.

         "Registration  Expenses"  shall mean all expenses  incurred in order to
comply with Article II hereof, including,  without limitation,  all registration
and filing fees,  printing  expenses,  fees and disbursements of counsel for the
Company,  reasonable fees and  disbursements of one (1) counsel for the Holders,
blue sky fees and expenses, and the expense of any special audits incident to or
required by any such  registration,  but excluding the  compensation  of regular
employees  of the Company  (which shall be paid in any event by the Company) and
excluding Selling Expenses.

         "Restricted  Securities"  shall mean  Registrable  Securities  that are
"restricted securities" as defined in Rule 144 under the Securities Act.

         "Securities"  shall  have  the  meaning  ascribed  to such  term in the
Preliminary Statements to this Agreement.

<PAGE>

         "Securities Act" shall mean the Securities Act of 1933, as amended,  or
any successor  federal statute,  and the rules and regulations of the Commission
thereunder, all as in effect from time to time.

         "Selling  Expenses" shall mean all  underwriting  discounts and selling
commissions  incurred in connection  with the sale of  securities  pursuant to a
registration effected hereunder.

         Capitalized  terms used in this  Agreement  and not  otherwise  defined
herein shall have the respective meanings ascribed to such terms in the Purchase
Agreements.

                                   ARTICLE II
                               REGISTRATION RIGHTS

         Section 2.1 Registration Under the Securities Act of 1933, as amended.

         The Shares  have not been  registered  under the Act.  Unless and until
registered under the Act, all certificates  evidencing the shares shall bear the
following legend:

         These  securities have not been registered  under the Securities Act of
         1933,  as amended  (the "Act") or  applicable  state law and may not be
         sold,  transferred or otherwise disposed of unless registered under the
         Act and any  applicable  state act or unless the  Company is  satisfied
         that these securities may be transferred without registration under the
         Act.

         The  Shares  shall  be Rule  144  restricted  shares  (the  "Restricted
Securities").  After  issuance  of the  Shares,  Company  agrees to use its best
efforts to assist  Purchaser in registering  the Shares under the Act subject to
the rules,  regulations,  and other  provisions  of said Act and  subject to the
terms and conditions contained herein.

                  Piggyback Registration.

                           (a)   At any time that the Company proposes to file a
Company  registration  statement  on Form S-1 under the Act (the  "Registrations
Statement"),  the  Company  shall  cause  to be  included  in such  registration
statement  any  securities  issued or subject to issuance  in this  transaction;
provided,  however,  that if, at any time  after  giving  written  notice of its
intention  to register any  securities  and prior to the  effective  date of the
Company Registration  Statement filed in connection with such registration,  the
Company shall determine for any reason not to register or to delay  registration
of Purchaser's  Restricted  Securities,  the Company may, at its election,  give
written notice of such determination to holder and, thereupon:

                                    (i) in  the  ease  of a determination not to
register, shall be relieved of its obligation to register Purchaser's Restricted
Securities in connection with such  registration (but not from its obligation to
pay the registration expenses in connection therewith), and

                                    (ii) in  the case of a delay in registering,
shall be permitted to delay registering  Purchaser's  Restricted  Securities for
the same period as the delay in registering such other

<PAGE>

securities.

                           (b)    The Company's obligation to include Restricted
Securities  in a  Company's  Registration  Statement  shall  be  subject  to the
following limitations:

                                    (i)  The  Company  may  elect,  at  its sole
option  and for any  reason,  not to  register  Purchaser's  Restricted  Shares,
provided however, that this right is limited to one (1) time and relative to one
(1) particular Company Registration Statement.

                                    (ii)  The  Company shall not be obligated to
include any Restricted Securities in a registration statement filed on any other
form than Form S-1.

                                    (iii) If  a  Company  Registration Statement
involves an  underwritten  offering  and the  managing  underwriter  advises the
Company in writing that in its opinion, the number of securities requested to be
included in such Company Registration  Statement exceeds the number which can be
sold in such offering  without  adversely  affecting  the offering,  the Company
shall  include  in  such  Company  Registration  Statement  the  number  of such
securities  which the Company is so advised can be sold in such offering without
adversely affecting the offering, determined as follows:

                                           (A)  first,  the  securities proposed
by the Company to be sold for it own account, and

                                           (B) second, any Restricted Securities
requested to be included in such  registration  and any other  securities of the
Company  in  accordance  with the  priorities,  if and then  existing  among the
holders of such  securities pro rata among the holders  thereof  requesting such
registration on the basis of the number of shares of such  securities  requested
to be included by such holders.

                                    (iv)  The  Company shall not be obligated to
include  Restricted  Securities  in  more  than  one  (1)  Company  Registration
Statement.

                           (c)   To the extent Purchaser's Restricted Securities
are intended to be included in a Company Registration  Statement,  Purchaser may
include any of its Restricted Securities in such Company Registration  Statement
pursuant  to this  Agreement  only if  Purchaser  furnishes  to the  Company  in
writing,  within  ten (10)  business  days after  receipt  of a written  request
therefore,  such  information  specified in Item 507 of Regulation S-K under the
Act or such other  information as the Company may reasonably  request for use in
connection with the Company Registration  Statement or Prospectus or preliminary
Prospectus included therein and in any application to the NASD.  Purchaser as to
which the Company  Registration  Statement is being  effected  agrees to furnish
promptly to the Company all  information  required to be  disclosed  in order to
make all  information  previously  furnished  to the  Company by  Purchaser  not
materially misleading.

                  Section 2.2  Expenses  of  Registration.    All   Registration
Expenses  incurred  in  connection  with  any  registration,   qualification  or
compliance pursuant to Section 2.1 shall be borne

<PAGE>

by the Company;  and all Selling Expenses in connection with such  registration,
qualification  or compliance  shall be borne by the holders of the securities so
registered pro rata on the basis of the number of shares so registered.

                  Section  2.3  Registration  Procedures.  In the  case  of each
registration,  qualification  or compliance  effected by the Company pursuant to
this Article II, the Company will keep each Holder  advised in writing as to the
initiation of each  registration,  qualification  and  compliance  and as to the
completion thereof. At its expense, the Company will:

                           (a)      prepare  and  file  with the Commission such
amendments  and  supplements to such  registration  statement and the prospectus
used in  connection  with such  registration  statement  as may be  necessary to
comply with the  provisions  of the Act with respect to the  disposition  of all
securities covered by such registration statement;

                           (b)     furnish to the Holders such numbers of copies
of a prospectus,  including a  preliminary  prospectus,  in conformity  with the
requirement  of the  Securities  Act,  and  such  other  documents  as they  may
reasonably  request  (including a conformed copy of the  registration  statement
filed with the Commission and any  amendments  thereto and an original  executed
underwriting  agreement  entered into in connection with such  registration)  in
order to facilitate the disposition of Registrable Securities owned by them;

                           (c)    use reasonable efforts to register and qualify
the  securities  covered  by  such  registration   statement  under  such  other
securities  or blue  sky  laws of one (1)  jurisdiction  (in  addition  to those
jurisdictions  in which the Company  has  otherwise  agreed to so  register  and
qualify  such  securities)  as shall be  reasonably  requested  by the  Holders,
provided that the Company shall not be required in connection  therewith or as a
condition  thereto  to qualify to do  business  or to file a general  consent to
service of process in any such states or jurisdictions;

                           (d)  in the event of any underwritten public offering
enter into and perform its obligations under an underwriting  agreement with the
managing  underwriter(s)  of such offering;  each holder  participating  in such
underwriting  shall also  enter  into and  perform  its  obligations  under such
underwriting agreement;

                           (e)      notify each holder of Registrable Securities
covered by such registration  statement,  at any time when a prospectus relating
thereto is required to be delivered  under the Securities  Act, of the happening
of any event as a result of which the prospectus  included 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 the light of the  circumstances
then existing; and

                           (f)  furnish, at the request of any holder requesting
registration of Registrable  Securities pursuant to this Article II, on the date
that such  Registrable  Securities are delivered to the underwriters for sale in
connection with registration pursuant to this Article II, if such securities are
being sold through underwriters,  or on the date that the registration statement
with respect to such securities  becomes  effective,  if such securities are not
being sold through

<PAGE>

underwriters,  (i) a copy  of any  opinion,  dated  such  date,  of the  counsel
representing the Company for the purposes of such registration, addressed to the
underwriters  of the  Company,  and (ii) a copy of any letter,  dated such date,
from the independent  accountants of the Company,  addressed to the underwriters
of the Company.

    Each Holder of Registrable Securities agrees that upon receipt of any notice
from the Company of the  happening of any event of the kind  described in clause
(f) of this Section 2.3, such Holder will forthwith  discontinue  disposition of
Registrable  Securities  pursuant to the  registration  statement  covering such
Registrable   Securities  until  such  Holder's  receipt  of  the  copies  of  a
supplemented  or amended  prospectus  and, if so directed by the  Company,  such
Holder will deliver to the Company (at the Company's expense), all copies, other
than permanent file copies then in such Holder's  possession,  of the prospectus
covering such Registrable  Securities that was in effect prior to such amendment
or supplement.  In the event the Company shall give any such notice,  the period
set forth in clause (a) of this  Section  2.3 shall be extended by the number of
days during the period from and  including the date of the giving of such notice
pursuant to clause (e) of this Section 2.3 to and  including  the date when each
seller of Registrable  Securities  covered by such registration  statement shall
have received the copies of a supplemented or amended prospectus.

     Section 2.4 Indemnification.

                           (a)      The Company will indemnify each Holder, each
Holder's  officers,  directors and partners,  and each Person  controlling  such
Holder  (collectively,  "Holder's Parties"),  participating in any registration,
qualification,  or compliance  effected pursuant to this Article II with respect
to Registrable Securities held by such Holder and each underwriter,  if any, and
each Person who controls any underwriter,  against all claims,  losses,  damages
and liabilities (or actions in respect thereof),  including any of the foregoing
incurred in settlement of any litigation, commenced or threatened, to which they
may become subject under the  Securities  Act, the Exchange Act or other federal
or state law,  arising out of or based on (i) any untrue  statement  (or alleged
untrue  statement)  of a material  fact  contained in any  prospectus,  offering
circular  or  other  similar  document   (including  any  related   registration
statement,  notification  or  the  like)  incident  to  any  such  registration,
qualification or compliance,  or based on any omission (or alleged  omission) to
state therein a material fact required to be stated therein or necessary to make
the statements  therein not misleading,  or (ii) any violation by the Company of
any federal, state or common law rule or regulation applicable to the Company in
connection with any such  registration,  qualification  or compliance,  and will
reimburse each such Holder's Parties each such underwriter,  and each Person who
controls any such underwriter,  for any legal and any other expenses  reasonably
incurred in connection  with  investigating  or defending any such claim,  loss,
damage, liability or action, as incurred,  provided that the Company will not be
liable  in any  such  case to the  extent  that any such  claim,  loss,  damage,
liability  or  expense  arises  out of or is based on any  untrue  statement  or
omission,  made  in  reliance  on and in  conformity  with  written  information
furnished  to the  Company by such  Holder's  Parties or  underwriter  or Person
controlling such underwriter specifically for use in the preparation thereof.

                           (b)  Each Holder will, if Registrable Securities held
by such Holder are  included in the  securities  as to which such  registration,
qualification  or  compliance  is being  effected,  severally  and not  jointly,
indemnify the Company, each of its directors and officers, each

<PAGE>

underwriter,  if any, of the Company  securities  covered by such a registration
statement,  and each Person who controls the Company or such underwriter  within
the meaning of the  Securities  Act,  against all  claims,  losses,  damages and
liabilities (or actions in respect  thereof)  arising out of or based on (i) any
untrue  statement (or alleged untrue  statement) of a material fact contained in
any such registration statement,  prospectus, offering circular or other similar
document, or any 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, such directors,  officers,  Persons,
underwriters or control  Persons for any legal or any other expenses  reasonably
incurred in connection  with  investigating  or defending any such claim,  loss,
damage,  liability or action, as incurred,  in each case to the extent, but only
to the extent,  that such untrue  statement  (or alleged  untrue  statement)  or
omission  (or  alleged  omission)  is  made  in  such  registration   statement,
prospectus,  offering  circular  or  other  document  in  reliance  upon  and in
conformity with the written information  furnished to the Company by such Holder
specifically  for use in the preparation  thereof,  or (ii) any violation by any
such Holder of any federal, state or common law rule or regulation applicable to
such Holder in connection  with the  distribution  of  securities  pursuant to a
registration  statement,  and will  reimburse the Company,  such  Holders,  such
directors,  officers, Persons, underwriters or control Persons for any legal any
other expenses reasonably incurred in connection with investigating or defending
any such claim,  loss,  damage,  liability,  or action,  as incurred;  provided,
however,  that the obligations of each such Holder hereunder shall be limited to
an  amount  equal to the  aggregate  proceeds  received  by such  Holder in such
offering.

                           (c) Each party entitled to indemnification under this
Section 2.4 (the "Indemnified Party") shall give notice to the party required to
provide   indemnification   (the  "Indemnifying   Party")  promptly  after  such
Indemnified Party has received written notice of any claim as to which indemnity
may be sought,  and shall permit the Indemnifying Party to assume the defense of
any such claim or any litigation resulting therefrom,  provided that counsel for
the  Indemnifying  Party,  who  shall  conduct  the  defense  of such  claim  or
litigation, shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld). The Indemnified Party may participate in such defense
at such party's expense;  provided,  however,  that the Indemnifying Party shall
bear the expense of such  defense of one counsel  representing  the  Indemnified
Party  if   representation  of  both  parties  by  the  same  counsel  would  be
inappropriate due to actual or potential  conflicts of interest.  The failure of
any  Indemnified  Party to give notice as provided  herein shall not relieve the
Indemnifying  Party of its  obligations  under this Section  2.4,  except to the
extent such failure to give notice shall materially and adversely  prejudice the
Indemnifying  Party in the defense of any such claim or any such litigation.  No
Indemnifying  Party,  in the  defense  of any such claim or  litigation,  shall,
except  with the  consent  of each  Indemnified  Party,  consent to entry of any
judgment or enter into any settlement that does not include as an  unconditional
term thereof the giving by the claimant or plaintiff to such  Indemnified  Party
of a release from all liability in respect to such claim or litigation.

                           (d)(i)    If the indemnification provided for in this
Section 2.4 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, liability,  claim, damage or expense
referred to herein,  then the  Indemnifying  Party hereunder shall contribute to
the amount paid or payable by such  Indemnified  Party as a result of such loss,
liability,  claim,  damage or expense,  in such  proportion as is appropriate to
reflect the relative fault

<PAGE>

of the Indemnifying Party on the one hand and the Indemnified Party on the other
hand in connection with the statements or omissions which resulted in such loss,
liability,  claim,  damage or  expense as well as any other  relevant  equitable
considerations.  The  relative  fault  of  the  Indemnifying  Party  and  of the
Indemnified  Party shall be  determined  by reference  to,  among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission  to state a  material  fact  relates  to  information  supplied  by the
Indemnifying Party or by the Indemnified Party and the parties' relevant intent,
knowledge,  access to information and  opportunities  to correct or prevent such
statement or omission.

                           (ii)  The parties agree that it would not be just and
equitable if  contribution  pursuant to this Section 2.4 were  determined by pro
rata  allocation or by any other method of allocation that does not take account
of the equitable considerations referred to above. The amount paid or payable by
an Indemnified Party as a result of the claims,  losses, damages and liabilities
referred  to above shall be deemed to include,  subject to the  limitations  set
forth above, any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such action or claim.

                           (iii) No Holder that is a seller of Registrable Stock
covered by such registration  statement or Person  controlling such seller other
than the Company shall be obligated to make  contribution  hereunder that in the
aggregate  exceeds the total public offering price of the Registrable Stock sold
by such Holder,  less the  aggregate  amount of any damages that such Holder and
its  controlling  Persons have  otherwise  been required to pay pursuant to this
Section  2.4.  The  obligations  of such  Holders to  contribute  are several in
proportion  to their  respective  ownership  of the  securities  covered by such
registration statement and not joint.

                           (iv)   The indemnity and contribution provided herein
shall be in addition to, and not in lieu of, any other  liability that one party
may have to another.

                          Section 2.5    Information by Holder.   Each Holder of
Registrable Securities included in any registration shall furnish to the Company
such  information  regarding such Holder and the  distribution  proposed by such
Holder as the  Company  may  request  in  writing  and as shall be  required  in
connection with any  registration,  qualification  or compliance  referred to in
this Article II.

                          Section 2.6  Rule 144 Reporting. With a view to making
available the benefits of certain rules and  regulations of the Commission  that
may at any time  permit  the sale of the  Restricted  Securities  to the  public
without registration, the Company agrees to:

                           (a)  use  its  best efforts to facilitate the sale of
the  Restricted   Securities  to  the  public  without  registration  under  the
Securities Act, pursuant to Rule 144 under the Securities Act;

                           (b)    make and keep public information available, as
those terms are understood and defined in Rule 144 under the Securities  Act, at
all times after the effective date of the first registration  statement filed by
the Company for an offering of its securities to the general

<PAGE>

public;

                           (c)   file with the Commission in a timely manner all
reports and other documents required of the Company under the Securities Act and
the  Exchange  Act (at any time  after it has become  subject to such  reporting
requirements); and

                          (d) so long as a Holder owns any Restricted Securities
to furnish to the  Holder  forthwith  upon  request a written  statement  by the
Company as to its compliance  with the public  information  requirements of said
Rule 144, and the reporting  requirements of the Securities Act and the Exchange
Act, a copy of the most recent  annual or quarterly  report of the Company,  and
such  other  reports  and  documents  so filed by the  Company  as a Holder  may
reasonably  request  in  availing  itself  of  any  rule  or  regulation  of the
Commission allowing a Holder to sell any such securities without registration.

                    Section 2.7     Transfer of Registration Rights.  The rights
granted  under this Article II may not be assigned or otherwise  conveyed by any
Holder of Registrable Securities to any transferee.

                    Section 2.8     Restrictions on Market Manipulation.  In the
event  any  shares  of  Common  Stock  are  offered  or sold by any  Holder in a
registration, each such Holder will:

               (a)  advise the  Company  in writing of any offer,  sale or other
          disposition  by it of any Common Stock in any manner other than as set
          forth in the registration statement or any prospectus included therein
          on or for the 30-day  period prior to the filing of such  registration
          statement until the distribution under the registration  statement has
          been completed;

               (b) not effect any stabilization  activity in connection with the
          Company's Common Stock;

               (c) not  bid or  purchase,  for any  account  in  which  it has a
          beneficial  interest,  any  Common  Stock  except as may be  permitted
          pursuant to Rule 10b-6 under the Exchange Act (if applicable);

               (d) not until it has sold all of such  shares  of  Common  Stock,
          attempt to induce any Person to purchase  any Common  Stock  except as
          may be permitted pursuant to Rule 10b-6; and

               (e) not until it has sold all such  shares of Common  Stock,  pay
          any compensation for soliciting  another to purchase any securities of
          the Company, except as may be permitted pursuant to Rule 10b-6.

<PAGE>

                                   ARTICLE III
                                  MISCELLANEOUS

          Section 3.1 Governing  Law;  Jurisdiction  and Venue.  This  Agreement
shall be governed by and interpreted in accordance with the laws of the State of
Florida. The parties agree that the courts of Palm Beach County,  Florida, shall
have exclusive  jurisdiction  and venue for the adjudication of any civil action
between them arising out of relating to this Agreement,  and hereby  irrevocably
consent to such jurisdiction and venue.

          Section 3.2  Successors and  Assignees.  Except as otherwise  provided
herein,  the  provisions  hereof  shall  inure to the benefit of, and be binding
upon, the successors,  assignees,  heirs,  executors and  administrators (as the
case may be) of the parties hereto.

          Section 3.3 Entire Agreement.  This Agreement constitutes the full and
entire  understanding  and  agreement  between  the  parties  with regard to the
subject matter hereof.

          Section  3.4  Notices,  etc.  All  notices  and  other  communications
required or permitted  hereunder shall be in writing and shall be effective four
days after mailed by first-class mail, postage prepaid,  or otherwise  delivered
by  hand  or by  messenger,  addressed  (a)  if to  the  Purchaser,  at  Capital
Consultants,  Inc., 1050 Chinoe Road, Suite 304, Lexington, KY 40502, Attention:
Frank D. Dickey, Jr.; (b) if to any other Holder of Registrable  Securities,  at
such address as such Holder  shall have  furnished  the Company in writing,  or,
until any such Holder so furnishes an address to the Company, then to and at the
address of the last Holder of such  Registrable  Securities who has so furnished
an address to the  Company;  or (c) if to the Company,  at 3135 S.W.  Mapp Road,
P.O. Box 268, Palm City,  FL 34991,  Attention:  Joseph R.  Rizzuti,  Chairman &
Chief Operating Officer.

          Section 3.5 Delays or Omissions.  No delay or omission to exercise any
right,  power or remedy  accruing to any Holder of any  Registrable  Securities,
upon any breach or default of the Company under this Agreement, shall impair any
such  right,  power or remedy of such Holder nor shall it be  construed  to be a
waiver of any such breach or default or an acquiescence  therein or of or in any
similar  breach or  default  thereunder  occurring  nor shall any  waiver of any
single  breach or  default  be deemed a waiver  of any other  breach or  default
theretofore or thereafter occurring.  Any waiver, permit, consent or approval of
any kind or character  on the part of any Holder of any breach or default  under
this  Agreement  or any  waiver on the part of any Holder of any  provisions  or
conditions of this  Agreement  must be in writing and shall be effective only to
the extent  specifically set forth in such writing.  All remedies,  either under
this Agreement or by law or otherwise afforded to any Holder shall be cumulative
and not alternative.

          Section 3.6 Counterparts. This Agreement may be executed in any number
of  counterparts,  each of which may be executed by less than all of the parties
hereto,  each of  which  shall  be  enforceable  against  the  parties  actually
executing  such  counterparts  and all of which  together  shall  constitute one
instrument.

<PAGE>

          Section 3.7 Severability. In the event any provision of this Agreement
shall  be  invalid,  illegal  or  unenforceable,   the  validity,  legality  and
enforceability  of the remaining  provisions shall not in any way be affected or
impaired thereby.

          Section  3.8  Amendments.  The  provisions  of this  Agreement  may be
amended at any time and from time to time,  and  particular  provisions  of this
Agreement may be waived,  with and only with, an agreement or consent in writing
signed by the  Company  and by the  Holders  of a  majority  of the  Registrable
Securities voting as a single class.

     The parties have executed this Registration Rights Agreement as of the date
first written above.

                               CLEMENTS GOLDEN PHOENIX ENTERPRISES, INC.

                               /s/  Joseph R. Rizzuti
                               -------------------------------------
                               Name: Joseph R. Rizzuti
                               Title:  Chairman & Chief Operating Officer

                               CAPITAL CONSULTANTS, INC.

                               /s/ Frank G.  Dickey Jr.
                               -------------------------------------
                               Name: Frank G.  Dickey Jr.
                               Title: President

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