Document:

Unassociated Document

     

    
       

      

       

      LICENSE
        AGREEMENT

       

      between

       

      IBt
        SA

       

      and

       

      IsoRay
        Medical Inc.

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        LICENSE
          AGREEMENT

      

       

      Between:

       

      IBt,
        a
        Société Anonyme incorporated in Belgium, having its registered office at 7180
        Seneffe, Rue Jules Bordet 1, Zone Industrielle C, Belgium, 

      hereby
        duly represented by its legal representatives John Carden, Chairman, and
hereinafter
        referred to as "IBt",

       

      And:

       

      IsoRay
        Medical Inc.,
        incorporated in Washington, USA, having its registered office at Richland,
        WA
        99354-5411, 350 Hills Street, Suite 106, hereby
        duly represented by its legal representatives Roger E. Girard, hereinafter
        referred to as "Iso",
        IBt
        and
        Iso are hereinafter separately referred to as "Party"
        and
        jointly as "Parties".

       

      

       

      WHEREAS,

       

      IBt
        has
        developed certain technology relating to the production of a polymer based
        encapsulation of seeds and is currently fabricating polymer encapsulated
        seeds
        ("OptiSeed") for marketing in the USA;

       

      IBt
        has
        developed certain technology relating to the formulation of a jetable fluid
        (ink) containing the radioactivity to be used in connection with those seeds;
        IBt
        owns
        certain intellectual property rights relating to the above mentioned technology,
        including but not limited to patent rights and know-how;

       

      Iso
        owns
        intellectual property rights relating to the production of a Cs-131
        brachytherapy seed, and is currently producing and marketing a Titanium (Ti)
        encapsulated Cs-131 brachytherapy seed;

       

      Iso
        wishes to obtain the right to produce polymer encapsulated Cs-131 brachytherapy
        seeds and to use, sell or otherwise dispose of such products in the U.S.A.
        under
        the intellectual property rights related to the IBt proprietary
        technology;

       

      The
        Parties have entered into a Letter of Intent dated 15 December 2005 according
        to
        which IBt would grant to Iso a license to produce certain products under
        the
        aforementioned intellectual property rights and the parties desire to document
        the terms and conditions of this license.

       

      NOW,
        THEREFORE, 

       

      in
        consideration of the premises and mutual covenants hereinafter
        contained

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      IT
        HAS BEEN AGREED AS FOLLOWS:

       

      
        	
                1

              	
                DEFINITIONS

              

      

       

      In
        this
        Agreement (including the Schedules) the following capitalised words and
        expressions shall have the following meanings whether used in the singular
        or in
        the plural:

       

      "Agreement"
        means
        the present license agreement including the Schedules.
        

       

      "Confidential
        Information"
        shall
        mean confidential or proprietary information of one of the Parties. Confidential
        Information may be in written, graphic, oral, physical or any other possible
        form and may include scientific knowledge, know-how, processes, inventions,
        techniques, formulae, products, business operations, customer requirements,
        designs, sketches, photographs, drawings, specifications, reports, studies,
        findings, data, plans or other records, biological materials, and/or software,
        and, in the case of IBt, includes, among others, the information listed in
        Schedule
        3,
        and, in
        the case of Iso, includes, among others, the information listed in Schedule
        4.
        

       

      "Intellectual
        Property Rights"
        shall
        mean collectively the Know-How, the Licensed Patents, the industrial models,
        designs or copyrights which are vested in IBt or which IBt is entitled to
        use or
        which IBt may acquire or acquire the right to use.

       

      "Know-How"
        shall
        mean technical and commercial information, relating to or useful in connection
        with the Licensed Patents, and the manufacture, use and sale of polymer seeds
        on
        the basis of said Licensed Patents, as further specified in Schedule
        1.
        

       

      "Licensed
        Patents"
        shall
        mean the patents and patent applications specified in Schedule
        2.

       

      "Net
        Sales"
        with
        respect to a Product shall mean the gross amount billed or invoiced on sales
        of
        such Product by Iso less returns. The sale or transfer by Iso to a sub-licensee
        or distributor shall not be considered as a sale for the purpose of this
        definition, but the resale by such sub-licensee or distributor to third parties
        shall be the Net Sale.

       

      "OptiSeed"
        shall
        mean the polymer based seed fabricated by IBt on the basis of the Licensed
        Patents.

       

      "Person"
        shall
        mean any person, firm, corporate or unincorporated association, body or entity,
        excluding IBt or Iso.

       

      "Personnel"
        shall
        mean and includes any individual or company a Party employs as a partner,
        employee or independent contractor.

       

      "Products"
        shall
        mean a brachytherapy devices containing the isotope Cs-131 to be used for
        the
        therapy of any malignant tumor type for which Iso has received clearance
        to
        market in the Territory and (i) embodying at least one claim of one or more
        of
        the Licensed Patents and/or (ii) manufactured or used using the
        Know-How.

       

      "Schedule"
        shall
        mean an appendix to the present license agreement.

       

      "Territory"
        shall
        mean the United States of America.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                2

              	
                GRANT
                  OF LICENSE

              

      

       

      
        	
                2.1

              	
                IBt
                  hereby grants to Iso an exclusive license under the Intellectual
                  Property
                  Rights in order to manufacture, have manufactured, promote, use
                  and sell
                  the Products in the Territory subject as hereinafter
                  provided.

              
	 	 
	
                2.2

              	
                Iso
                  intends to develop, produce and commercialize a Cs-131 containing
                  polymer
                  encapsulated seed and stranding to be used in conjunction with
                  said Cs-131
                  polymer encapsulated seed under this license. Should Iso decide
                  to
                  develop, produce and / or commercialize any other device falling
                  within
                  the definition of the “Products”, example; Cs-131 containing microspheres
                  or Cs-131 containing brachytherapy sources in a form other than
                  seeds
                  (collectively, “Other Devices”), Iso agrees to inform IBt of its intention
                  and further agrees not to proceed with such development without
                  the
                  written consent of IBt, such consent not to be unreasonably withheld
                  and
                  all development, production and commercialization of Other Devices
                  shall
                  be pursuant to the terms and conditions of this Agreement. Subsequently
                  in
                  this agreement, any reference to Products shall be understood to
                  include
                  Other Devices as Products.

              
	 	 
	
                2.3

              	
                The
                  rights and licenses granted by IBt to Iso under Article 2.1
                  may not be transferred or sublicensed by Iso without the prior
                  written
                  consent of IBt.

              
	 	 
	
                2.4

              	
                No
                  license is granted by IBt for any other isotope than Cs-131 and
                  for any
                  other territory.

              
	 	 
	
                2.5

              	
                The
                  license provided under this Article 2 shall only take effect in the
                  event the feasibility phase referred in Article 3.1 is terminated
                  with a positive confirmation, as provided in
                  Article 3.1.1.

              

      

       

      
        	
                3

              	
                FEASIBILITY
                  PHASE AND CONFIRMATION 

              

      

       

      
        	
                3.1

              	
                Because
                  the most technologically challenging task in the development of
                  the
                  Products is, according to the Parties, the formulation of an ink
                  containing the required Cs-131 activity, the Parties agree to perform
                  the
                  Agreement in two steps as
                  follows :

              

      

       

      
        	
                3.1.1

              	
                Feasibility
                  phase

              
	 	 
	As
                soon as possible after the signing of the Agreement, technical teams
                of
                IBt and Iso shall meet at the offices of Iso to discuss requirements,
                constraints and potential candidate materials for the formulation
                of an
                acceptable Cs-131 ink. These meetings will be held for a maximum
                of
                three days and will be attended by two representatives of IBt,
                including John Carden.
	 	 
	Immediately
                after these meetings, Iso representatives will further study the
                feasibility of the project contemplated in this Agreement and will
                confirm
                in writing to IBt by 28 February 2006 at the latest, whether they
                believe
                in good faith that the project is feasible in their views and whether
                they
                want to go further into the implementation of the Agreement.
	 	 
	
                3.1.2

              	
                Final
                  development

              
	 	 
	Upon
                a positive written confirmation of Iso pursuant to Article 3.1.1, the
                Parties will further perform the Agreement and will collaborate in
                good
                faith to assess how to proceed with the development of the final
                ink,
                based on the outcome of the feasibility phase. This final development
                phase will be performed by Iso with assistance by IBt, should IBt
                agree to
                provide such assistance. [ **]
	 	 
	
                3.1.3

              	
                Absence
                  of a positive confirmation

              
	 	 
	Should
                Iso reach in good faith the conclusion that the project is not feasible
                and send a negative notification to IBt by the date provided in
                Article 3.1.1, IBt will pay back to Iso 25,000 USD out of the 50,000
                USD already paid by Iso according to Article 5.7 and this Agreement
                shall
                automatically terminate, with the consequences provided in
                Article 15. Should Iso fail to provide notification, either positive
                or negative, by the date provided in Article 3.1.1, the Parties agree
                that this shall be construed as a positive notification and the program
                shall proceed as specified in this
                document.

      

      
         

        
          

        

        [**]Certain
          information in this document has been omitted and filed separately with
          the
          Securities and Exchange Commission. Confidential
          treatment
          has been
          requested with respect to the omitted portions

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                4

              	
                PROVISION
                  OF KNOW-HOW AND TECHNICAL
                  ASSISTANCE

              

      

       

      
        	
                4.1

              	
                IBt
                  shall disclose to Iso the Know-How as shall be necessary to enable
                  Iso to
                  perform the feasibility phase defined in Article 3 and then to enable
                  Iso to manufacture, use and sell the Products, as provided
                  below:

              

      

       

      
        	
                4.1.1

              	
                Facility
                  design, preparation and commissioning:

              
	 	 
	IBt
                will provide specifications for the equipment to be used by Iso and
                recommend suppliers for such equipment. Iso will place orders [**]
                for
                such equipment, shipping, any taxes or duty and any other costs associated
                with obtaining, installing or commissioning the required
                equipment.
	 	 
	IBt
                will provide access to [**]. The object of this technical assistance
                is to
                provide to Iso the skills required to install and commission its
                in-house
                Cs-131 polymer seed fabrication area. 
	 	 
	The
                duration of this assistance period will be [**] and will be ended
                when IBt
                will have reached the objective and reasonable conclusion that all
                the
                necessary information has been provided to Iso, with a two (2) week
                notice
                to Iso. If required and when needed, IBt will, on a best effort basis,
                assist Iso in this process at the facilities of Iso [**].
	 	 
	
                4.1.2

              	
                Manufacturing
                  procedures

              
	 	 
	IBt
                will provide Iso access to its relevant OptiSeed manufacturing procedures
                on an "as is" basis and without implied guarantee concerning their
                suitability for the manufacture of a Cs-131 polymeric seed. It will
                be the
                sole responsibility of Iso to decide what procedures are appropriate
                to
                use for its manufacturing process and how, if at all, they should
                be
                applied.
	 	 
	
                4.1.3

              	
                Regulatory

              
	 	 
	IBt
                will provide Iso [ **]
                and, within the limits specified in agreements between IBt and third
                parties, [**]. 

      

       

      
        	
                4.2

              	
                The
                  Know-How and the information provided by IBt or developed in cooperation
                  with IBt pursuant to the Agreement shall be used by Iso solely
                  for the
                  purpose of the development, manufacture, use and sale of the Products
                  in
                  the Territory during the term of this Agreement.

              
	 	 
	
                4.3

              	
                Where
                  Iso's Personnel attend at the premises of IBt, Iso shall
                  [**].

              

      

      
         

          
            

          

        

        [**]Certain
          information in this document has been omitted and filed separately with
          the
          Securities and Exchange Commission. Confidential
          treatment
          has been
          requested with respect to the omitted portions.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                5

              	
                FEES
                  AND ROYALTIES

              

      

      In
        consideration for the rights granted to Iso pursuant to this Agreement, Iso
        shall pay to IBt license fees (the "License Fee") and royalties as determined
        below:

       

      
        	
                5.1

              	
                License
                  Fee:

              
	 	 
	 	
                The
                  License Fee amounts to $500,000, including the upfront payment
                  of $50,000
                  referred to in Article 5.7, the remaining of which Iso shall pay
                  to IBt as
                  follows: $225,000 no later than March 5, 2006 and (ii) $225,000
                  no later
                  than August 15, 2006.

              
	 	 
	 	
                Except
                  for 50 % of the upfront payment referred to in Article 5.7, the
                  License Fee shall not be refundable for whatever reason and shall
                  in all
                  cases be and remain the sole property of IBt.

              
	 	 
	
                5.2

              	
                Royalties
                  on sales:

              
	 	 
	 	
                Iso
                  shall pay to IBt royalties equal to the larger of the Royalty on
                  Net Sales
                  as calculated in 5.3 below or the Minimum Royalties as mentioned
                  in the
                  following table:

              

      

       

      
        	
                Year

              	 	
                
                  Minimum
                    Royalties

                

              	 	
                Minimum
                  Royalties

              	 
	 	 	
                
                  (Annual)
                    

                

              	 	
                (Quarterly)

              	 
	
                2006

              	 	 	
              	 	 	
                Initial
                  license fee

              	 
	
                2007

              	 	
                $

              	
                400,000

              	 	
                $

              	
                100,000

              	 
	
                2008
                  through 2009

              	 	
                $

              	
                600,000

              	 	
                $

              	
                150,000

              	 
	
                2010
                  through end

              	 	
                $

              	
                800,000

              	 	
                $

              	
                200,000

              	 

      

       

      
        	
                5.3

              	
                Royalty
                  payment as a function of Net Sales
                  revenue:

              

      

       

      
        	 	Year 	 	 	 
	 	 	 	 	 
	 	Net Sales  	 	Royalty Rate 	 
	 	 	 	 	 
	 	[**] 	 	[**] 	 

      

         

      
        	
                5.4

              	
                The
                  License Fee and the royalty payments shall be paid to IBt in USD
                  in
                  Belgium on account number [**], at ING bank with IBAN number [**]
                  with
                  mention “License Fee & royalty” or at such other place as IBt may
                  reasonably designate consistent with the laws and regulations controlling
                  in any foreign country. 

              
	 	 
	
                5.5

              	
                Royalty
                  payments shall be made by Iso on a quarterly basis with payment
                  received
                  by IBt no later than the 45 days following the end of the quarter
                  and with
                  submission of the reports required by Article 6. All amounts due
                  under
                  this Agreement shall, if overdue, automatically bear interest until
                  payment at a per annum rate of eight percent (8%) above the prime
                  rate in
                  effect at the European Central Bank published on the due date.
                  The payment
                  of such interest shall not foreclose IBt from exercising any other
                  rights
                  it may have resulting from any late payment. 

              
	 	 
	
                5.6

              	
                Any
                  failure or any delay by Iso of more than 60 days to fully pay the
                  License
                  Fee or the annual royalties owed to IBt as specified in this
                  Article 5 shall entitle IBt to terminate the Agreement in accordance
                  with Article 14.1 below. In this case, IBt shall have a first right
                  of
                  refusal to purchase from Iso all of the equipment used in the production
                  of the Products at book value and shall have access to the relevant
                  records and books of Iso to check that book value, as provided
                  in
                  Article 6. In the event IBt exercises this right of first refusal,
                  IBt shall have no right to produce the Products or use the equipment
                  for
                  production of the Products.

              
	 	 
	
                5.7

              	
                Upfront
                  payment 

              

      

       

      
        	
                5.7.1

              	
                Upon
                  signing of the Letter of Intent referred to in the preamble, Iso
                  has paid
                  to IBt an upfront payment on the License Fee defined in Article 5.1
                  of $50,000.

              
	 	 
	
                5.7.2

              	
                If
                  a negative conclusion is reached in good faith by Iso at the end
                  of the
                  feasibility phase in accordance with Article 3.1.3 with the
                  consequence that Iso believe that an acceptable ink solution cannot
                  be
                  developed for Cs-131 seeds, $25,000 out of this upfront payment
                  shall be
                  reimbursed by IBt to Iso upon receipt of the notification mentioned
                  in
                  Article 3.1.3. 

              

      

       

      
        
          

        

        [**]Certain
          information in this document has been omitted and filed separately with
          the
          Securities and Exchange Commission. Confidential
          treatment
          has been
          requested with respect to the omitted portions.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                6

              	
                REPORTS
                  AND RECORDS

              

      

       

      
        	
                6.1

              	
                Iso
                  shall keep records containing all particulars necessary to show
                  the
                  amounts payable to IBt under the Agreement. The books of account
                  shall be
                  kept at Iso's principal place of business. The books and supporting
                  data
                  shall be open at all reasonable times for three (3) years following
                  the
                  end of the calendar year to which they pertain, for inspection
                  by IBt or
                  its agents to the extent necessary to verify Iso's royalty statement
                  or
                  compliance in other respects with this Agreement, provided, however,
                  that
                  such inspection shall take place no more frequently than once every
                  six
                  (6) months. Iso agrees to permit such books and records to be examined
                  at
                  ordinary business hours with reasonable prior notice to Iso. Such
                  examination is to be made under appropriate confidentiality restrictions,
                  at the expense of IBt, except that if such inspection leads to
                  the
                  discovery of discrepancy in reporting which is greater than five
                  percent
                  (5%) to IBt's detriment, Iso agrees to pay the full cost of such
                  inspection.

              
	 	 
	
                6.2

              	
                Iso
                  shall provide to IBt a written annual report on or before 31 January
                  of
                  each calendar year. The annual report shall summarize progress
                  on research
                  and development, regulatory approvals, manufacturing, sublicensing
                  if
                  authorised, marketing and sales during the preceding twelve (12)
                  months,
                  and plans for the coming year. 

              
	 	 
	
                6.3

              	
                 After
                  the first commercial sale of a Product, Iso shall provide quarterly
                  reports to IBt. The quarterly reports shall be delivered within
                  forty five
                  (45) days after March 31, June 30, September 30, and December 31
                  of each
                  year. The quarterly reports shall give particulars of the business
                  conducted by Iso during the preceding quarter that are pertinent
                  to a
                  royalty accounting, including:

              
	 	 
	
                 

              	
                [**] 

              

      

       

      
        	
                7

              	
                PROPRIETARY
                  RIGHTS ON DEVELOPMENTS

              

      

       

      
        	
                7.1

              	
                The
                  Intellectual Property Rights and all new intellectual property
                  rights or
                  know how developed by either Party during the performance of the
                  Agreement
                  in connection with the formulation, preparation and rationale for
                  the
                  composition and the processing selection of the ink shall remain
                  the
                  exclusive property of IBt. However, these rights will be automatically
                  licensed to Iso pursuant to this Agreement for its use in the fabrication
                  of Cs-131 seeds exclusively and their sale in the Territory and
                  for the
                  duration of this Agreement.

              
	 	 
	
                7.2

              	
                Any
                  intellectual property right or know how developed in relation to
                  the
                  production, separation and purification of Cs-131 for use in a
                  brachytherapy device shall remain the exclusive property of Iso
                  and shall
                  not be used by IBt without the express prior consent of
                  Iso.

              

      

       

      
        
          

        

        [**]Certain
          information in this document has been omitted and filed separately with
          the
          Securities and Exchange Commission. Confidential
          treatment
          has been
          requested with respect to the omitted portions.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                8

              	
                INFRINGEMENT

              

      

       

      
        	
                8.1

              	
                Iso
                  shall forthwith give notice in writing to IBt of any infringement
                  or
                  suspected or threatened infringement in the Territory of the Intellectual
                  Property Rights that shall at any time during the term of this
                  Agreement
                  come to its knowledge.

              
	 	 
	
                8.2

              	
                IBt
                  and Iso shall thereupon discuss what steps should be taken to prevent
                  or
                  terminate such infringement, including the institution of legal
                  proceedings where necessary.

              

      

       

      
        	
                8.3

              	
                If
                  it is decided to take any such steps, Iso and IBt shall provide
                  or procure
                  to the other Party such assistance (including the furnishing of
                  documents
                  and information and the execution of all necessary documents) as
                  the other
                  Party may reasonably request.

              

      

       

      
        	
                9

              	
                MAINTENANCE
                  OF THE INTELLECTUAL PROPERTY RIGHTS

              
	 	 
	 	
                IBt
                  shall pay all costs and fees and do all such acts and things as
                  may be
                  reasonably necessary to obtain the registration of and shall during
                  the
                  period of this Agreement pay all renewal fees and do all such acts
                  and
                  things as may be necessary to maintain the Intellectual Property
                  Rights.

              

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                10

              	
                CONFIDENTIALITY

              

      

       

      
        	
                10.1

              	
                Each
                  Party shall use the Confidential Information disclosed by the other
                  Party
                  ("Disclosing
                  Party")
                  only for the execution of the Agreement and shall not otherwise
                  use or
                  exploit the Disclosing Party's Confidential Information for its
                  own
                  benefit or the benefit of another party without the prior written
                  consent
                  of the Disclosing Party. The Party receiving Confidential Information
                  ("Receiving
                  Party")
                  shall not file or (try to) obtain any intellectual property rights
                  on
                  results or ideas arising from the evaluation of Confidential
                  Information.

              
	 	 
	
                10.2

              	
                The
                  Receiving Party undertakes to the Disclosing Party that for the
                  period of
                  this Agreement and thereafter it shall keep and it shall procure
                  that its
                  Personnel keeps secret and confidential the Confidential Information
                  communicated to it by the Disclosing Party and shall not disclose
                  the same
                  or any part thereof to any person whatsoever other than to its
                  Personnel
                  directly concerned with the execution of the Agreement provided
                  that
                  before any such disclosure the Receiving Party shall procure that
                  its
                  Personnel concerned shall execute a confidentiality undertaking
                  in a form
                  approved by the Disclosing Party.

              
	 	 
	
                10.3

              	
                The
                  Receiving Party will only make copies of the Confidential Information
                  if
                  strictly required for the execution of the Agreement. 

              
	 	 
	
                10.4

              	
                All
                  obligations created by this Article 10 shall remain in full force
                  and
                  effect during twenty (20) years after the date of disclosure of
                  the
                  Confidential Information. Notwithstanding this Agreement, the Receiving
                  Party may use or disclose Confidential Information of the Disclosing
                  Party
                  to the extent it is clearly able to demonstrate, by clear and convincing
                  evidence, that such Confidential
                  Information:

              

      

       

      
        	
                (a)

              	
                was
                  in the public domain or the subject of public knowledge at the
                  time of
                  disclosure, or becomes part of the public domain or the subject
                  of public
                  knowledge through no fault, negligence or breach of contract of
                  the
                  Receiving Party or any party to whom the Receiving Party has disclosed
                  the
                  Confidential Information;

              
	 	 
	
                (b)

              	
                was
                  lawfully in its possession or in the possession of its affiliates
                  and
                  known to it prior to disclosure as evidenced by documents antedating
                  the
                  date of disclosure;

              
	 	 
	
                (c)

              	
                becomes
                  available to the Receiving Party or its affiliates from a third
                  party not
                  in breach of a legal obligation of confidentiality in respect
                  hereof;

              
	 	 
	
                (d)

              	
                was
                  subsequently and independently developed as shown by written records
                  by
                  its Personnel who had no knowledge of such information,
                  or

              
	 	 
	
                (e)

              	
                was
                  required to be disclosed by law, court or governmental order, provided
                  that the Receiving Party in such case shall immediately notify
                  the
                  Disclosing Party in writing of such obligation and shall provide
                  adequate
                  opportunity to the Disclosing Party to object to such disclosure
                  or
                  request confidential treatment thereof.

              
	 	 
	Exceptions
                (a) through (e) shall not permit the Receiving Party to disregard
                the
                obligations of confidentiality herein merely because individual portion(s)
                of the Confidential Information may be found within such exceptions,
                or
                because the Confidential Information is implicitly but not explicitly
                disclosed in Confidential information falling within such
                exceptions.

      

       

      
        	
                10.5

              	
                During
                  the period of this Agreement and at any time thereafter the Receiving
                  Party agrees that it will, upon the request of the Disclosing Party
                  but at
                  its own expense, take such steps as the Disclosing Party may require
                  to
                  enforce any such confidentiality undertaking given by Personnel
                  of the
                  Receiving Party, including in particular but without prejudice
                  to the
                  generality of the foregoing obligation, the initiation and prosecution
                  of
                  any legal proceedings and the enforcement of any judgement obtained.
                  All
                  such steps as aforesaid to be taken by the Receiving Party shall
                  be taken
                  as expeditiously as possible and the Receiving Party agrees that
                  in
                  respect of its obligation to enforce such confidentiality undertakings
                  as
                  aforesaid time shall be of the essence in complying with the requirements
                  of the Disclosing Party. 

              
	
                10.6

              	
                All
                  Confidential Information disclosed pursuant to this Agreement shall
                  be and
                  remain the Disclosing Party's property. Upon termination for any
                  reason or
                  expiry of the Agreement, all the Confidential Information and all
                  copies
                  thereof shall be immediately returned to the Disclosing Party upon
                  its
                  request, or destroyed at its
                  option.

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                11

              	
                 LIABILITIES
                  AND WARRANTIES

              

      

       

      
        	
                11.1

              	
                Except
                  as otherwise provided in this Agreement, each Party shall at all
                  times
                  during the term of this Agreement and thereafter, indemnify, defend
                  and
                  hold the other Party or, as the case may be, any other prejudiced
                  party,
                  harmless against all claims, liabilities, damages, expenses or
                  costs
                  (including attorneys’ and experts’ fees) of any kind whatsoever, arising
                  out of a breach by this Party of its obligations under this Agreement.
                  In
                  addition, Iso shall be liable for any negligence, act or omission
                  of its
                  Personnel and any other third party having obtained information
                  regarding
                  the Agreement from Iso which would result in the infringement of
                  the
                  Intellectual Property Rights or the other rights of IBt.
                  In
                  addition, IBt shall be liable for any negligence, act or omission
                  of its
                  Personnel and any other third party having obtained information
                  regarding
                  the Agreement from IBt which would result in the infringement of
                  the
                  intellectual property rights or the other rights of Iso.

              
	 	 
	
                11.2

              	
                Except
                  as otherwise provided in this Agreement, IBt, its Personnel and
                  affiliates
                  make no warranties of any kind, including but not limited to warranties
                  of
                  merchantability, fitness for a particular purpose, feasibility
                  of the
                  project contemplated under this Agreement, validity of Licensed
                  Patents.
                  Nothing in this Agreement shall be construed as a warranty that
                  the
                  practice by Iso of the Licensed Patents shall not infringe the
                  intellectual property rights of any third party. IBt, its Personnel
                  and
                  affiliates shall not be liable for indirect damages except if due
                  to their
                  will-full misconduct. IBt's liability under the Agreement shall
                  in any
                  event be limited to the amounts paid by Iso to IBt under the
                  Agreement.

              

      

       

      
        	
                12

              	
                FORCE
                  MAJEURE

              

      

       

      
        	
                12.1

              	
                It
                  is agreed that neither IBt nor Iso shall be liable under this Agreement
                  for delay or failure to carry out its provisions to the extent
                  that such
                  failure is caused by sabotage, fire, flood, acts of God, civil
                  commotions,
                  strikes, slow-downs or industrial action of any kind, riots,
                  insurrections, wars, acts of any governmental authority, priorities
                  granted at the request or for the benefit directly or indirectly
                  of any
                  government agency or any cause (whether similar to the foregoing
                  or not)
                  beyond their respective control. IBt or Iso (as the case may be)
                  shall
                  promptly inform the other of the existence of such conditions of
                  force
                  majeure and they shall consult together to find a mutually acceptable
                  solution.

              

      

       

      
        	
                13

              	
                TERM

              

      

       

      
        	
                13.1

              	
                The
                  license and the other rights granted under this Agreement are,
                  unless
                  terminated by the provisions of Article 14 hereof, granted for
                  fifteen
                  (15) years from the date of signing. At the end of this fifteen
                  (15) year
                  term, the Agreement may be extended for further five (5) year periods
                  upon
                  mutual written agreement of the
                  Parties.

              

      

       

      
        	
                14

              	
                EARLY
                  TERMINATION

              
	 	 
	 	
                Without
                  prejudice to any other rights that it may have under the terms
                  of this
                  Agreement or pursuant to the law, IBt may, at its option, immediately
                  terminate this Agreement and the license therein granted forthwith
                  by
                  notice in writing to such effect and without intervention of a
                  court ("de
                  plein droit"):

              

      

       

      
        	
                14.1

              	
                if
                  Iso fails to pay the License Fee or the annual royalties owed to
                  IBt as
                  required in Article 5;

              
	 	 
	
                14.2

              	
                if
                  Iso is in material or persistent breach of any of the terms and
                  conditions
                  of this Agreement and, if such breach is capable of remedy, fails
                  to
                  remedy the same within thirty (30) days after receiving written
                  notice
                  from IBt specifying the default and requiring it to be remedied;
                  or

              
	 	 
	
                14.3

              	
                if
                  Iso is placed into voluntary or compulsory liquidation or compounds
                  with
                  its creditors or has a receiver appointed of all or any part of
                  its assets
                  or takes or suffers any similar action in consequence of
                  debt.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	
                15

              	
                CONSEQUENCES
                  OF TERMINATION

              

      

       

      
        	
                15.1

              	
                In
                  the event of termination of this Agreement howsoever arising, Iso
                  shall,
                  at its own costs, return promptly to IBt all technical material
                  including
                  but not limited to production records in its possession relative
                  to the
                  development or the manufacturing of the Products, the Intellectual
                  Property Rights, the Know-How, Confidential Information owned by
                  IBt, and
                  any other proprietary rights of IBt developed in the meantime,
                  and all
                  copies thereof. Also in the event of termination of this Agreement
                  howsoever arising, IBt shall, at its own costs, return promptly
                  to Iso all
                  technical material including but not limited to production records
                  in its
                  possession relative to the development or the manufacturing of
                  the
                  Products, Iso's intellectual property rights, Iso's know-how, Confidential
                  Information owned by Iso, and any other proprietary rights of Iso
                  developed in the meantime, and all copies thereof. For the avoidance
                  of
                  doubt, the Parties stress and agree that this will include any
                  documentation, production records or any other materials that might
                  allow
                  a third party to replicate a polymer seed production process.
                  

              
	 	 
	
                15.2

              	
                In
                  the event of termination or expiry of this Agreement howsoever
                  arising,
                  all rights and licences granted to Iso hereunder shall cease automatically
                  to be of any force and effect.

              
	 	 
	
                15.3

              	
                Without
                  prejudice to Article 5.5, in the event of termination or expiry of
                  this Agreement howsoever arising, Iso may complete the sale of
                  the
                  Products, provided that Iso shall liquidate such stocks with due
                  diligence
                  and under the supervision of IBt and
                  provided, however, all sums due to IBt have first been
                  paid.

              
	 	 
	
                15.4

              	
                Termination
                  shall be without prejudice to (a) IBt's rights and obligations
                  pursuant to
                  Article 5
                  (Royalties and Fees) to the extent that the obligation to pay the
                  License
                  Fee or any royalties has arisen but said royalties and/or License
                  Fee have
                  not yet been paid, and (b) IBt' rights and Iso's obligations pursuant
                  to
                  Article 7 (Proprietary Rights on Development), Article 9
                  (Maintenance of Intellectual Property Rights), Article 10
                  (Confidentiality) and (c) IBt' and Iso's rights and obligations
                  pursuant
                  to Article 6 and 11 (Reports and Liabilities and
                  warranties).

              
	 	 
	
                15.5

              	
                Termination
                  shall be without prejudice to any cause of action or claim of IBt
                  accrued
                  or to accrue because of any breach or default by Iso. Termination
                  shall be
                  without prejudice to any cause of action or claim of Iso accrued
                  or to
                  accrue because of any breach or default by
                  IBt.

              

      

       

      
        	
                16

              	
                NON
                  HIRING AND NON COMPETITION

              

      

       

      
        	
                16.1

              	
                Except
                  as the other Party
                  expressly authorizes in writing in advance, neither Party shall
                  solicit,
                  offer work to, employ, or contract with, whether as a partner,
                  employee or
                  independent contractor, directly or indirectly, any of the other
                  Party’s
                  Personnel during the Agreement or
                  during the twelve (12) months thereafter. In the event of a breach,
                  the
                  breaching Party shall pay compensation to the non-breaching Party
                  in the
                  form of liquidated damages equal to the greater of one (1) year’s
                  compensation either (a) offered to the Personnel by the breaching
                  Party or
                  (b) paid or offered to the Personnel by the non-breaching Party.
                  

              
	 	 
	
                16.2

              	
                Nothing
                  in the Agreement shall
                  restrict Iso's ability to exploit its own intellectual property
                  rights,
                  and thus to produce, sell and provide products and services which
                  in no
                  way incorporate or are produced, sold or provided using the Intellectual
                  Property Rights or the Know How. In the event of a dispute, Iso
                  shall bear
                  the burden of proving that any products which it may produce or
                  sell or
                  any services it may provide were produced, sold and provided without
                  in
                  any way using the Intellectual Property Rights or the Know How.
                  

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                17

              	
                GENERAL
                  PROVISIONS

              

      

       

      
        	
                17.1

              	
                The
                  failure of either Party at any time to require performance by the
                  other
                  Party of any provisions of this Agreement shall in no way affect
                  the right
                  of such Party to require performance of any provisions. Any waiver
                  by any
                  Party of any breach of any provisions of this Agreement shall not
                  be
                  construed as a waiver of any continuing or succeeding breach of
                  such
                  provisions or any other provisions of this Agreement. The rights
                  and
                  remedies provided in this Agreement are cumulative and not exclusive
                  of
                  any rights and remedies provided by law.

              
	 	 
	
                17.2

              	
                Any
                  provisions of this Agreement which are prohibited or unenforceable
                  in any
                  jurisdiction shall as to such jurisdiction be ineffective to the
                  extent of
                  such prohibition or unenforceability, without invalidating the
                  remaining
                  provisions hereof and any such prohibition or unenforceability
                  in any
                  jurisdiction shall not invalidate or render unenforceable such
                  provisions
                  in any other jurisdiction and in the event of any provisions being
                  severed, there shall be deemed substituted a like provision to
                  accomplish
                  the intent of the Parties to the extent permitted by the applicable
                  law save
                  that if Article 10 (Confidentiality) above shall be deemed to be
                  prohibited or unenforceable in whole or in part, then notwithstanding
                  anything to the contrary herein, this Agreement shall forthwith
                  cease and
                  terminate.

              
	 	 
	
                17.3

              	
                Any
                  governmental impost payable in the Territory in connection with
                  the
                  registration or approval of this Agreement shall be for the account
                  of
                  Iso.

              
	 	 
	
                17.4

              	
                Any
                  notice or communication to be given or made hereunder shall be
                  deemed to
                  be properly given or made:

              

      

       

      
        	
                17.4.1

              	
                Three
                  (3) working days after being sent to the intended recipient by
                  pre-paid
                  recorded delivery post (special courier), addressed to its registered
                  office marked for the attention of a principal officer;

              
	 	 
	 	
                or

              
	 	 
	
                17.4.2

              	
                Twenty-four
                  (24) hours after the time of dispatch of a facsimile or e-mail
                  message.

              

      

       

      
        	
                17.5

              	
                The
                  rights and licenses granted by IBt in this Agreement may not be
                  assigned
                  by Iso to another party (other than a wholly owned subsidiary to
                  which Iso
                  may assign this License Agreement at any time); without the prior
                  written
                  consent of IBt.

              
	 	 
	
                17.6

              	
                This
                  Agreement contains the entire agreement of the Parties hereto with
                  regard
                  to the object to which it refers and contains everything the Parties
                  have
                  negotiated and agreed upon within the framework of this
                  Agreement.

              
	 	 
	
                17.7

              	
                No
                  amendment or modification of this Agreement shall take effect unless
                  it is
                  in writing and is executed by duly authorized representatives of
                  both
                  Parties.

              
	 	 
	
                17.8

              	
                This
                  Agreement may be executed in one or more counterparts, each of
                  which when
                  so executed shall be deemed to be an original, and all of which
                  together
                  shall constitute one and the same instrument.

              
	 	 
	
                17.9

              	
                In
                  respect to the public nature of both Parties, the Parties agree
                  to not
                  disclose the existence or the content of this Agreement to the
                  public
                  without mutual consultation, coordination and
                  consent.

              

      

       

      
        	
                18

              	
                GOVERNING
                  LAW AND JURISDICTION

              
	 	 
	 	
                This
                  Agreement shall be governed by and construed and interpreted in
                  accordance
                  with the laws of the Grand Duchy of Luxemburg. Any litigation relating
                  to
                  the conclusion, validity, interpretation or performance of this
                  Agreement,
                  or of subsequent contracts or operations derived herefrom, as well
                  as any
                  other litigation concerning or related to the this Agreement, without
                  any
                  exception, shall be submitted to the exclusive jurisdiction of
                  the
                  Luxemburg Courts.

              

      

       

      AS
        WITNESS
        the
        hands of the duly authorized representatives of the Parties hereto the day
        and
        year first above written.

       

      Signed
        in
        Atlanta, Georgia, USA on February 2, 2006, in two original copies, each Party
        acknowledging having received one of these copies,

       

      
        	 	 	 	 
	 	IBt  	 	 
	By 	
                /s/
                  John Carden                        
                  

              	 	 
	Name 	
                
                  John
                    Carden                        
                    

                

              	 	 
	
                Capacity

              	
                
                  Chairman                          
                       

                

              	 	 
	 	
                 

              	 	 
	 	Iso 	 	 
	By 	
                /s/
                  Roger E. Girard           
                     

              	 	By 
	Name 	
                Roger
                  E. Girard               

              	 	Name 
	
                Capacity

              	
                CEO/Chairman                 
                  

              	 	
                Capacity

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1: KNOW-HOW

       

      
        	
                a)

              	
                Certain
                  know-how of IBt relating to the fabrication of OptiSeed and the
                  formulation preparation and rationale of a jetable fluid
                  (ink);

              
	 	 
	
                b)

              	
                identity,
                  design and purpose for all equipment used in the preparation of
                  jetable
                  fluid (ink) and the identity, purpose and rationale for the choice
                  of all
                  equipment used in the dispensing of inks. 

              
	 	 
	
                c)

              	
                Proprietary
                  designs and techniques related to the manufacturing and processing
                  of
                  plastic seeds for the therapy of any malignant tumor type for which
                  Iso
                  has received clearance to market in the Territory.
                  

              

      

      

      SCHEDULE
        2: LICENSED PATENTS

       

      
        	
                United
                  States Patent 

              	
                6,589,502 

              
	
                Coniglione
                  ,   et al. 

              	
                July
                  8, 2003 

              

      

      

      Radioisotope
        dispersed in a matrix for brachytherapy 

       

      Abstract

       

      Therapeutic
        sources for use in the practice of brachytherapy are fabricated from radioactive
        composites of a radioactive powder of palladium-103, yttrium-90, phosphorus-32
        or gold-198 and a biocompatible polymeric matrix. The particles of radioactive
        powder are dispersed within the polymer essentially randomly throughout a
        particular volume. The polymeric matrix is desirably manufactured with
        pre-selected flexibility suitable to its intended use, e.g. in the form of
        a
        rod, hollow rod, suture, film, sheet, or microspheroidal particles. The
        radioactive composites produce therapeutic sources which generate a radiation
        field that is substantially uniform in all directions. The therapeutic source
        may assembled from the radioactive composite during a medical procedure to
        emit
        the desired amount of therapeutic radiation. Optionally, the polymer is selected
        to dissolve or degrade in the body at a predetermined rate, the rate chosen
        depending upon the half life of the radioisotope used in the therapeutic
        source.

       

      
        	
                United
                  States Patent 

              	
                6,461,433 

              
	
                Carden,
                  Jr. ,   et al. 

              	
                October
                  8, 2002 

              

      

      

      Fluid-jet
        deposition of radioactive material 

       

      Abstract

      
        	
                d)

              	
                A
                  method and apparatus for precisely applying radioactive material
                  to a
                  substrate such as a brachytherapy device is disclosed. A radioactive
                  fluid
                  adapted to cure rapidly is deposited as discrete dots onto a surface
                  with
                  a fluid-jet printhead. The apparatus comprises a fluid-jet printhead
                  in
                  communication with a chamber containing radioactive fluid to be
                  applied by
                  the printhead. The printhead is microprocessor driven, and the
                  microprocessor may be provided with feedback from a station where
                  the
                  radioactivity deposited on a preceding substrate in a batch is
                  measured,
                  permitting the system to be recalibrated on an ongoing basis as
                  the batch
                  of printed devices is produced. Compensation for attenuation of
                  radiation
                  by a casing may also be made part of the feedback technique. Also
                  disclosed is a brachytherapy device having printed on a surface
                  dots of
                  radiation-emitting material, in a pattern comprising various bands,
                  dots
                  or areas. Fluids suitable for printing by a fluid-jet printhead
                  comprise a
                  binder such as an acrylic resin or silicate, and a radioactive
                  salt,
                  compound or complex, dissolved in a radiation resistant solvent.
                  Alternative fluids comprise radioactive salts, compounds, or complexes
                  adsorbed onto a microparticulate carrier, or elemental microparticles,
                  dispersed in a rapidly curable radiation-resistant fluid
                  medium.

              

      

       

      SCHEDULE
        3 CONFIDENTIAL INFORMATION OWNED BY IBT

       

      Confidential
        Information of IBt includes without being limited thereto, any and all
        information relating to OptiSeed, IBt’s activities and Know-How disclosed by or
        on behalf of IBt. It is stressed that confidential information of IBt includes,
        in relation to the ink, materials used in its current ink formulations, all
        considerations relating to the choice of these materials, identity, design
        and
        purpose for all equipment used in the preparation of inks and the identity,
        purpose and rationale for the choice of all equipment used in the dispensing
        of
        inks to fabricate seeds. IBt is entering into this agreement with the
        understanding that Iso will take all steps necessary to safeguard this
        information.

       

       SCHEDULE
        4 CONFIDENTIAL INFORMATION OWNED BY ISO

       

      Confidential
        Information of Iso includes, but is not limited to, any and all information
        related to Cs-131 production, Cs-131 incorporation into brachytherapy products,
        trade secrets and know-how disclosed by or on behalf of Iso. Confidential
        information of Iso includes methods of Cs-131 separation and purification,
        means
        to produce carrier-free, or substantially carrier-free Cs-131 products, methods
        of preparing barium precursors to Cs-131 production, as well as the identity,
        design, and purpose of materials and equipment used in the producing ultra-pure
        Cs-131 for medical and other uses. Confidential information of Iso also includes
        certain method of attaching Cs-131 to components of brachytherapy products,
        means of producing finished products for delivering radiation from Cs-131
        directly to malignant tissue, and methods for optimizing the distribution
        of
        radiation emitted from a Cs-131 brachytherapy device. Iso is entering into
        this
        agreement with the understanding that IBt will take all steps necessary to
        safeguard this information as if it were their own. 

       

      
        
          
          

        

        
          13Exhibit
      10.1

     

    STOCK
      PURCHASE AGREEMENT

     

    STOCK
      PURCHASE AGREEMENT,
      dated as
      of the
      26th
      day of
      April 2006 (this “Agreement”), between
      AZUR HOLDINGS, INC., a Delaware corporation with principal executive offices
      at
      101 NE 3rd Avenue, Suite 1220, Fort Lauderdale, Florida 33301 (the
      “Company”), and
      CAPITALSWISS LIMITED, with its principal offices at Weinplaz
      10 8001 Zurich, Switzerland (the
      “Purchaser”). 

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      subject to the terms and conditions of this Agreement, the Company shall issue
      and sell to the Purchaser and the Purchaser shall have the right to purchase
      from the Company Five Million (5,000,000) shares of the Company’s Common Stock
      (the “Shares”), par value $0.0001 per share (the “Common Stock”) pursuant to the
      terms of this Agreement.

    WHEREAS,
      Company desires to sell, and Purchaser desires to purchase, the Shares pursuant
      to this Agreement.

    

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Purchaser agree as
      follows:

     

    ARTICLE
      I

     

    ACQUISITION
      OF SECURITIES

     

    1.1 Sale
      of Stock.
      Subject
      to the terms and conditions herein stated, Company agrees to sell, assign,
      transfer, and deliver to Purchaser on the Closing Date, and Purchaser agrees
      to
      purchase from Company up to Five Million (5,000,000) shares of the Company’s
      Common Stock (the “Shares”), par value $0.0001 per share (the “Common Stock”),
      pursuant to Regulation S (“Regulation S”), promulgated under the U.S. Securities
      Act of 1933, as amended as of the date of this Agreement (the
“Act”).

     

    1.2 Purchase
      Price.
      The
      total purchase price for the Shares, which Purchaser agrees to pay to Company,
      shall be $.60 per share or Three Million Dollars ($3,000,000) for the aggregate
      of Five Million (5,000,000) Shares (the “Purchase Price”). 

    

    1.3 Payment
      of Purchase Price.
      Purchaser shall pay to Company the Purchase Price in five equal installments
      (the “Installments”) on or before the dates set forth below. 

    

      
        	Installment
                #	 	
                Installment
                  Amount

              	 	
                Payment
                  Deadline Due Date

              	 	
                Amount
                  of Shares

              	 
	
                I.

              	 	
                $

              	
                600,000

              	 	 	
                June
                  1, 2006

              	 	 	
                1,000,000

              	 
	
                II.

              	 	
                $

              	
                600,000

              	 	 	
                July
                  1, 2006

              	 	 	
                1,000,000

              	 
	
                III.

              	 	
                $

              	
                600,000

              	 	 	
                August
                  1, 2006

              	 	 	
                1,000,000

              	 
	
                IV.

              	 	
                $

              	
                600,000

              	 	 	
                September
                  1, 2006

              	 	 	
                1,000,000

              	 
	
                V.

              	 	
                $

              	
                600,000

              	 	 	
                October
                  1, 2006

              	 	 	
                1,000,000

              	 

      

    

     

    Purchaser
      may pre-pay all or portions Installment Payments without penalty.

    

    1.4 Issuance
      of the Shares.
      The
      Company shall issue up to Five Million (5,000,000) shares of the Company’s
      Common Stock, par value $0.0001 per share (the “Common Stock”), pursuant to
      Regulation S as follows: 

    

    
      	i)  	
              Upon
                the execution of the Agreement the Company shall issue to the Purchaser
                Two Million (2,000,000) (the “Initial Share Distribution”) of the Five
                Million (5,000,000) Shares. 

            

    

    

    
      	ii)  	
              Subject
                to Section 1.5 below and the forfeiture provisions therein, upon
                the
                payment in full of the Purchase Price pursuant to Sections 1.2 and
                1.3
                above, by Purchaser, for the Initial Share Distribution, the Company
                shall
                issue to the Purchaser an additional Two Million (2,000,000) (the
“Second
                Share Distribution”) of the remaining Three Million (3,000,000) Shares.
                

            

    

    

    
      	iii)  	
              Subject
                to Section 1.5 below and the forfeiture provisions therein, upon
                the
                payment of the Purchase Price pursuant to Sections 1.2 and 1.3 above,
                by
                Purchaser, for the Second Share Distribution, the Company shall issue
                to
                the Purchaser the remaining One Million (1,000,000) (the “Final Share
                Distribution”). 

            

    

     

    1.5 Adjustments
      to Shares.
      Should
      Purchaser make a payment for a particular Installment of less than $600,000
      by
      the given Payment Deadline Due Date for such Installment as required by Section
      1.3 above, Purchaser agrees that the right to purchase the Shares not paid
      for
      as a result of Purchaser’s nonpayment of all or a portion of such Installment
      Payment by the Payment Deadline Due Date shall be forfeited and the Purchaser
      shall no longer have the rights to purchase the forfeited Shares. 

    

    For
      example, if Purchaser makes a payments equaling $480,000 by June 1, 2006 then
      the right to purchase 200,000 Shares of the 1,000,000 Shares for which payment
      was due shall be forfeited by Purchaser. 

    

    However,
      if Purchaser makes a payments equaling $860,000 by June 1, 2006 then Purchaser
      shall have a credit of $260,000 toward the payment of Installment II due to
      the
      prepayment and receive the 433,333 Shares which Purchaser paid for and was
      allotted under Installment II. 

    

    Should
      any of the Shares, which have not been paid for in accordance with Section
      1.2
      and 1.3, remain in the possession of Purchaser after October 1, 2006, these
      Shares are immediately forfeited and Purchaser agrees to return the unpaid
      Shares to the Company by October 5, 2006 for the immediate cancellation of
      the
      unpaid Shares. The Purchaser hereby indemnifies the Company against any losses,
      damages and costs arising from the transfer or purported transfer by Purchaser
      to any person, firm or entity of any Shares which have been forfeited hereunder.
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    1.6
       Resales;
      Hedging.
       Purchaser
      hereby agrees that all resales of the Shares by it shall be pursuant to
      Regulation S, Rule 144 under the Act or other applicable exemption under the
      Act
      and further agrees that it shall not engage in any hedging transactions with
      respect to the Shares unless such activities are conducted in accordance with
      the Act and regulations promulgated thereunder. 

    

    1.7
       Consent
      to Stop Transfer Order.
       Purchaser
      hereby consents to the placement by the Company of a stop
      transfer order to its stock transfer agent with respect to all Shares for one
      year from the date of purchase by Purchaser in order to prevent any resales
      into
      the U.S. during that period. 

    

    1.8 Closing.
      The
      closing of the sale of the Shares pursuant to the terms of this Agreement (the
      "Closing") shall take place on April 26, 2006 (the “Effective Date”), or such
      other date as the parties may agree. Such date is herein referred to as the
      "Closing Date."  

     

    ARTICLE
      II

     

    REPRESENATIONS
      AND WARRANTIES

     

    2.1 Representations
      and Warranties of the Company.
      Except
      as
      set forth under the corresponding section of the Disclosure Schedules which
      Disclosure Schedules shall be deemed a part hereof, the Company hereby makes
      the
      representations and warranties set forth below to the Purchaser:

    

    (a) Subsidiaries.
      The
      Grand
      Shell Landing, Inc., a Mississippi corporation (of which the Company owns all
      of
      the outstanding common stock), and Azur Shell Landing Resort, Inc., a
      Mississippi corporation (of which the Company owns 75% of the outstanding common
      stock), (each of the foregoing corporations are hereinafter referred to as
      a
“Subsidiary”
      and
      collectively, the “Subsidiaries”),
      are
      the only subsidiaries of the Company. Other than the Subsidiaries, the Company
      has no subsidiaries or affiliated corporation or owns any interest in any other
      enterprise (whether or not such enterprise is a corporation). The
      Company and
      each
      Subsidiary has
      been
      duly organized and is validly existing as a corporation in good standing under
      the laws of the respective
      jurisdiction
      of its incorporation with full power and authority (corporate and other) to
      own,
      lease and operate its respective
      properties
      and conduct its respective
      business
      as described in the SEC Documents; the Company and
      each
      Subsidiary is
      duly
      qualified to do business as a foreign corporation and is in good standing in
      each jurisdiction in which the ownership or leasing of its respective
      properties
      or the conduct of its respective
      business
      requires such qualification, except where the failure to be so qualified or
      be
      in good standing would not have a material adverse effect on the business,
      prospects, condition
      (financial or otherwise), and results of operations of the Company and
      Subsidiary taken
      as
      a whole; no proceeding has been instituted in any such jurisdiction, revoking,
      limiting or curtailing, or seeking to revoke, limit or curtail, such power
      and
      authority or qualification; the Company and
      each
      Subsidiary is
      in
      possession of,
      and
      operating in compliance with,
      all
      authorizations, licenses, certificates, consents, orders and permits from state,
      federal,
      foreign
      and
      other regulatory authorities that are material to the conduct of its business,
      all of which are valid and in full force and effect; neither
      the
      Company nor
      either Subsidiary is
      in
      violation of its respective
      charter
      or bylaws or in default in the performance or observance of any obligation,
      agreement, covenant or condition contained in any material bond, debenture,
      note
      or other evidence of indebtedness, or in any material lease, contract,
      indenture, mortgage, deed of trust, loan agreement, joint venture or other
      agreement or instrument to which it is a party or by which it or its
respective
      properties
      or assets may be bound,
      which
      violation or default would have a material adverse effect on the business,
      prospects, financial condition or results of operations of the Company and
      the
      Subsidiaries taken as a whole;
      and
neither
      the
      Company nor
      any
      Subsidiary is
      in
      violation of any law, order, rule, regulation, writ, injunction, judgment or
      decree of any court, government or governmental agency or body, domestic or
      foreign, having jurisdiction over the Company or
      such
      Subsidiary or
      over
      its respective
      properties
      or assets,
      which
      violation would have a material adverse effect on the business, prospects,
      financial condition or results of operations of the Company and the Subsidiaries
      taken as a whole.
      The SEC
      Documents accurately describe any corporation, association or other entity
      owned
      or controlled, directly or indirectly, by the Company
      or any
      Subsidiary.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (b) Organization
      and Qualification.
      The
      Company and each of the Subsidiaries is an entity duly incorporated or otherwise
      organized, validly existing and in good standing under the laws of the
      jurisdiction of its incorporation or organization (as applicable), with the
      requisite power and authority to own and use its properties and assets and
      to
      carry on its business as currently conducted. Neither the Company nor any
      Subsidiary is in violation or default of any of the provisions of its respective
      certificate or articles of incorporation, bylaws or other organizational or
      charter documents. Each of the Company and the Subsidiaries is duly qualified
      to
      conduct business and is in good standing as a foreign corporation or other
      entity in each jurisdiction in which the nature of the business conducted or
      property owned by it makes such qualification necessary, except where the
      failure to be so qualified or in good standing, as the case may be, could not
      have or reasonably be expected to result in (i) a material adverse effect on
      the
      legality, validity or enforceability of any of the “Transaction
      Documents”
(For
      purposes of this Agreement this Agreement and any other documents or agreements
      executed in connection with the transactions contemplated hereunder shall be
      collectively referred to herein as the “Transaction Documents”), (ii) a material
      adverse effect on the results of operations, assets, business, prospects or
      condition (financial or otherwise) of the Company and the Subsidiaries, taken
      as
      a whole, or (iii) a material adverse effect on the Company’s ability to perform
      in any material respect on a timely basis its obligations under any Transaction
      Document (any of (i), (ii) or (iii), a “Material
      Adverse Effect”)
      and no
      Proceeding has been instituted in any such jurisdiction revoking, limiting
      or
      curtailing or seeking to revoke, limit or curtail such power and authority
      or
      qualification.

     

    (c)  Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and to
      consummate the transactions contemplated by each of the Transaction Documents
      and otherwise to carry out its obligations hereunder and thereunder. The
      execution and delivery of each of the Transaction Documents by the Company
      and
      the consummation by it of the transactions contemplated thereby have been duly
      authorized by all necessary action on the part of the Company and no further
      action is required by the Company, its board of directors or its stockholders
      in
      connection therewith other than in connection with the Required Approvals.
      Each
      Transaction Document has been (or upon delivery will have been) duly executed
      by
      the Company and, when delivered in accordance with the terms hereof and thereof,
      will constitute the valid and binding obligation of the Company enforceable
      against the Company in accordance with its terms, except (i) as limited by
      applicable bankruptcy, insolvency, reorganization, moratorium and other laws
      of
      general application affecting enforcement of creditors’ rights generally and
      (ii) as limited by laws relating to the availability of specific performance,
      injunctive relief or other equitable remedies.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (d) No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the Company,
      the issuance and sale of the Shares and the consummation by the Company of
      the
      other transactions contemplated hereby and thereby do not and will not (i)
      conflict with or violate any provision of the Company’s or any Subsidiary’s
      certificate or articles of incorporation, bylaws or other organizational or
      charter documents, or (ii) conflict with, or constitute a default (or an event
      that with notice or lapse of time or both would become a default) under, result
      in the creation of any Lien upon any of the properties or assets of the Company
      or any Subsidiary, or give to others any rights of termination, amendment,
      acceleration or cancellation (with or without notice, lapse of time or both)
      of,
      any agreement, credit facility, debt or other instrument (evidencing a Company
      or Subsidiary debt or otherwise) or other understanding to which the Company
      or
      any Subsidiary is a party or by which any property or asset of the Company
      or
      any Subsidiary is bound or affected, or (iii) subject to the Required Approvals,
      conflict with or result in a violation of any law, rule, regulation, order,
      judgment, injunction, decree or other restriction of any court or governmental
      authority to which the Company or a Subsidiary is subject (including federal
      and
      state securities laws and regulations), or by which any property or asset of
      the
      Company or a Subsidiary is bound or affected; except in the case of each of
      clauses (ii) and (iii), such as could not have or reasonably be expected to
      result in a Material Adverse Effect.

     

    (e) Filings,
      Consents and Approvals.
      The
      Company is not required to obtain any consent, waiver, authorization or order
      of, give any notice to, or make any filing or registration with, any court
      or
      other federal, state, local or other governmental authority or other Person
      in
      connection with the execution, delivery and performance by the Company of the
      Transaction Documents, other than such filings as are required to be made under
      applicable state and federal securities laws (collectively, the “Required
      Approvals”).

     

    (f) Issuance
      of the Securities.
      The
      Shares are duly authorized and, when issued and paid for in accordance with
      the
      applicable Transaction Documents, will be duly and validly issued, fully paid
      and nonassessable, free and clear of all Liens imposed by the Company other
      than
      restrictions on transfer provided for in the Transaction Documents. The Shares,
      when issued in accordance with the terms of the Transaction Documents, will
      be
      validly issued, fully paid and nonassessable, free and clear of all Liens
      imposed by the Company. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (g) Capitalization.
      The
      authorized capital stock of the Company consists of 300,000,000 shares of Common
      Stock, of which, as of April 3, 2006, 25,436,893 shares
      of
      Common Stock are outstanding, and 5,000,000 shares of preferred stock, par
      value
      $0.0001 per share, none of which is outstanding. All outstanding capital stock
      of The Grand Shell Landing, Inc. and 75% of the outstanding capital stock of
      Azur Shell Landing Resort, Inc. is owned beneficially and of record by the
      Company. Each of such outstanding shares of Common Stock and each outstanding
      share of capital stock of each Subsidiary, is duly and validly authorized,
      validly issued, fully paid, and nonassessable, has not been issued and is not
      owned or held in violation of any preemptive or similar right of stockholders.
      Except as disclosed in the SEC Documents, (i) there is no commitment, plan,
      or
      arrangement to issue, and no outstanding option, warrant, or other right calling
      for the issuance of, any share of capital stock of or any security or other
      instrument convertible into, exercisable for, or exchangeable for capital stock
      of the Company or either Subsidiary, except
      for an aggregate of 15,416,508
      options
      and/or warrants currently outstanding
      to
      acquire shares of Common Stock,
      and
      (ii) except for debentures in an aggregate principal amount of $1,000,000 which
      are convertible into common stock of the Company, there is outstanding no
      security or other instrument convertible into or exchangeable for capital stock
      of the Company or Subsidiary. The
      Shares
      have been duly authorized for issuance and sale to the Purchaser pursuant
hereto
      and,
      when issued and delivered by the Company against payment therefor in accordance
      with the terms of this Agreement, will be duly and validly issued and fully
      paid
      and nonassessable, and will be sold free and clear of any pledge, lien, security
      interest, encumbrance, claim or equitable interest
      of any
      kind;
      and no
      preemptive or
      similar right,
      co-sale right, registration right, right of first refusal or other similar
      right
      of stockholders exists with respect to any of the Shares or the issuance and
      sale thereof other than those that have been expressly waived prior to the
      date
      hereof and those that will automatically expire upon the execution hereof.
      No
      further approval or authorization of any stockholder, the Board of Directors
      of
      the Company or others is required for the issuance and sale or transfer of
      the
      Shares,
      except
      as
      may be required under the Securities Act, the rules
      and
regulations
      promulgated
      thereunder or
      under
      state or other securities or blue
      sky
      laws.
      The description of the Company's stock option, stock bonus and other stock
      plans
      or arrangements, and the options or other rights granted and exercised
      thereunder, set forth in the SEC Documents accurately and fairly presents the
      information required to be shown with respect to such plans, arrangements,
      options and rights under the Securities Act,
      the
      Exchange Act,
      and the
rules
      and
regulations
      promulgated thereunder.
      The
      Company has authorized and has reserved and covenants to continue to reserve,
      free of preemptive rights and other similar contractual rights of stockholders,
      a sufficient number of its authorized, but unissued, shares of its Common Stock
      to cover the Shares.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (h) SEC
      Documents.
      Subsequent
      to the respective dates as of which information is given in the SEC Documents,
      there has not been (i) any material adverse change in the business,
      prospects, financial condition
      or results of operations of the Company
      and the
      Subsidiaries taken as a whole,
      (ii)
      any transaction
      committed to or consummated
      that is
      material to the Company
      and the
      Subsidiaries taken as a whole,
      (iii)
      any obligation, direct or contingent, that is material to the
      Company
      and the
      Subsidiaries taken as a whole
      incurred
      by the Company
      or
      either Subsidiary,
      except
such
      obligations
      as
      have
      been incurred
      in the ordinary course of business, (iv) any change in the capital stock or
      outstanding indebtedness of the Company or
      either
      Subsidiary that
      is
      material to the Company
      and the
      Subsidiaries taken as whole,
      (v) any
      dividend or distribution of any kind declared, paid,
      or made
      on the capital stock of the Company, or (vi) any loss or damage (whether or
      not
      insured) to the property of the Company or
      either
      Subsidiary which
      has
      a material adverse effect on the business,
      prospects, condition
      (financial or otherwise), or results of operations of the Company
      and the
      Subsidiaries taken as a whole.

     

    (i) Litigation.
      There
      is no action, suit, inquiry, notice of violation, proceeding or investigation
      pending or, to the knowledge of the Company, threatened against or affecting
      the
      Company, any Subsidiary or any of their respective properties before or by
      any
      court, arbitrator, governmental or administrative agency or regulatory authority
      (federal, state, county, local or foreign) (collectively, an “Action”)
      which
      (i) adversely affects or challenges the legality, validity or enforceability
      of
      any of the Transaction Documents or the Shares or (ii) could, if there were
      an
      unfavorable decision, have or reasonably be expected to result in a Material
      Adverse Effect. Neither the Company nor any Subsidiary, nor any director or
      officer thereof, is or has been the subject of any Action involving a claim
      of
      violation of or liability under federal or state securities laws or a claim
      of
      breach of fiduciary duty. There has not been, and to the knowledge of the
      Company, there is not pending or contemplated, any investigation by the SEC
      involving the Company or any current or former director or officer of the
      Company. The SEC has not issued any stop order or other order suspending the
      effectiveness of any registration statement filed by the Company or any
      Subsidiary under the Exchange Act or the Securities Act.

     

    (j) Labor
      Relations.
      No
      material labor dispute exists or, to the knowledge of the Company, is imminent
      with respect to any of the employees of the Company which could reasonably
      be
      expected to result in a Material Adverse Effect.

     

    (k) Compliance.
      Neither
      the Company nor any Subsidiary (i) is in default under or in violation of (and
      no event has occurred that has not been waived that, with notice or lapse of
      time or both, would result in a default by the Company or any Subsidiary under),
      nor has the Company or any Subsidiary received notice of a claim that it is
      in
      default under or that it is in violation of, any indenture, loan or credit
      agreement or any other agreement or instrument to which it is a party or by
      which it or any of its properties is bound (whether or not such default or
      violation has been waived), (ii) is in violation of any order of any court,
      arbitrator or governmental body, or (iii) is or has been in violation of any
      statute, rule or regulation of any governmental authority, including without
      limitation all foreign, federal, state and local laws applicable to its business
      except in each case as could not have a Material Adverse Effect.

     

    (l) Regulatory
      Permits.
      The
      Company and the Subsidiaries possess all certificates, authorizations and
      permits issued by the appropriate federal, state, local or foreign regulatory
      authorities necessary to conduct their respective businesses as described in
      the
      SEC Reports, except where the failure to possess such permits could not have
      or
      reasonably be expected to result in a Material Adverse Effect (“Material
      Permits”),
      and
      neither the Company nor any Subsidiary has received any notice of proceedings
      relating to the revocation or modification of any Material Permit.

     

    (m) Title
      to Assets.
      The
      Company and the Subsidiaries have good and marketable title in fee simple to
      all
      real property owned by them that is material to the business of the Company
      and
      the Subsidiaries and good and marketable title in all personal property owned
      by
      them that is material to the business of the Company and the Subsidiaries,
      in
      each case free and clear of all Liens, except for Liens as do not materially
      affect the value of such property and do not materially interfere with the
      use
      made and proposed to be made of such property by the Company and the
      Subsidiaries and Liens for the payment of federal, state or other taxes, the
      payment of which is neither delinquent nor subject to penalties. Any real
      property and facilities held under lease by the Company and the Subsidiaries
      are
      held by them under valid, subsisting and enforceable leases of which the Company
      and the Subsidiaries are in compliance.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (n) Patents
      and Trademarks.
      The
      Company and the Subsidiaries have, or have rights to use, all patents, patent
      applications, trademarks, trademark applications, service marks, trade names,
      copyrights, licenses and other similar rights necessary or material for use
      in
      connection with their respective businesses as described in the SEC Reports
      and
      which the failure to so have could have a Material Adverse Effect (collectively,
      the “Intellectual
      Property Rights”).
      Neither the Company nor any Subsidiary has received a written notice that the
      Intellectual Property Rights used by the Company or any Subsidiary violates
      or
      infringes upon the rights of any Person. To the knowledge of the Company, all
      such Intellectual Property Rights are enforceable and there is no existing
      infringement by another Person of any of the Intellectual Property Rights of
      others.

     

    (o) Insurance.
      The
      Company and the Subsidiaries are insured by insurers of recognized financial
      responsibility against such losses and risks and in such amounts as are prudent
      and customary in the businesses in which the Company and the Subsidiaries are
      engaged. To the best knowledge of the Company, such insurance contracts and
      policies are accurate and complete. Neither the Company nor any Subsidiary
      has
      any reason to believe that it will not be able to renew its existing insurance
      coverage as and when such coverage expires or to obtain similar coverage from
      similar insurers as may be necessary to continue its business without a
      significant increase in cost.

     

    (p) Internal
      Accounting Controls.
      The
      books, records and accounts of the Company and each Subsidiary accurately and
      fairly reflect, in reasonable detail, the transactions in, and dispositions
      of,
      the assets of, and the results of operations of, the Company and such
      Subsidiary, as applicable, respectively, all to the extent required by generally
      accepted accounting principles. The Company and each Subsidiary maintains a
      system of internal accounting controls sufficient to provide reasonable
      assurances that (i) transactions are executed in accordance with management’s
      general or specific authorizations, (ii) transactions are recorded as necessary
      to permit preparation of financial statements in accordance with generally
      accepted accounting principles and to maintain asset accountability, (iii)
      access to assets is permitted only in accordance with management’s general or
      specific authorization and (iv) the recorded accountability for assets is
      compared with the existing assets at reasonable intervals and appropriate action
      is taken with respect to any differences.

     

    (q) Certain
      Fees.
      No
      brokerage or finder’s fees or commissions are or will be payable by the Company
      to any broker, financial advisor or consultant, finder, placement agent,
      investment banker, bank or other Person with respect to the transactions
      contemplated by the Transaction Documents. The Purchaser shall have no
      obligation with respect to any fees or with respect to any claims made by or
      on
      behalf of other Persons for fees of a type contemplated in this Section that
      may
      be due in connection with the transactions contemplated by the Transaction
      Documents.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (r) Private
      Placement.
      Assuming the accuracy of the Purchaser representations and warranties set forth
      in Section 2.2, no registration under the Securities Act is required for the
      offer and sale of the Shares by the Company to the Purchaser as contemplated
      hereby. The issuance and sale of the Shares hereunder does not contravene the
      rules and regulations of the Trading Market.

     

    (s) Investment
      Company.
      The
      Company is not, and is not an affiliate of, and immediately after receipt of
      payment for the Shares, will not be or be an affiliate of, an “investment
      company” within the meaning of the Investment Company Act of 1940, as amended.
      The Company shall conduct its business in a manner so that it will not become
      subject to the Investment Company Act.

     

    (t) Listing
      and Maintenance Requirements.
      The
      Company’s Common Stock is registered pursuant to Section 12(g) of the Exchange
      Act, and the Company has taken no action designed to, or which to its knowledge
      is likely to have the effect of, terminating the registration of the Common
      Stock under the Exchange Act nor has the Company received any notification
      that
      the SEC is contemplating terminating such registration. The Company has not,
      in
      the 12 months preceding the date hereof, received notice from any Trading Market
      on which the Common Stock is or has been listed or quoted to the effect that
      the
      Company is not in compliance with the listing or maintenance requirements of
      such Trading Market. The Company is, and has no reason to believe that it will
      not in the foreseeable future continue to be, in compliance with all such
      listing and maintenance requirements.

     

    (u) Application
      of Takeover Protections.
      The
      Company and its Board of Directors have taken all necessary action, if any,
      in
      order to render inapplicable any control share acquisition, business
      combination, poison pill (including any distribution under a rights agreement)

      or other similar anti-takeover provision under the Company’s Certificate of
      Incorporation (or similar charter documents) or the laws of its state of
      incorporation that is or could become applicable to the Purchaser as a result
      of
      the Purchaser and the Company fulfilling their obligations or exercising their
      rights under the Transaction Documents, including without limitation as a result
      of the Company’s issuance of the Shares and the Purchaser’ ownership of the
      Shares.

     

    (v) Disclosure.
      The
      Company confirms that, neither it nor any other Person acting on its behalf
      has
      provided any of the Purchaser or their agents or counsel with any information
      that constitutes or might constitute material, non-public information. The
      Company understands and confirms that the Purchaser will rely on the foregoing
      representations and covenants in effecting transactions in securities of the
      Company. All disclosure provided to the Purchaser regarding the Company, its
      business and the transactions contemplated hereby, including the Disclosure
      Schedules to this Agreement, furnished by or on behalf of the Company with
      respect to the representations and warranties made herein are true and correct
      with respect to such representations and warranties and do not contain any
      untrue statement of a material fact or omit to state any material fact necessary
      in order to make the statements made therein, in light of the circumstances
      under which they were made, not misleading. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (w) Insolvency.
      There
      has not been filed by or against Company in bankruptcy or any other insolvency
      proceeding, or for the reorganization or appointment of a receiver or trustee,
      nor has the Company made an assignment for the benefit of creditors, nor filed
      a
      petition for arrangement, nor entered into an arrangement with creditors, nor
      admitted in writing its inability to pay debts as they become due.

     

    (x) Tax
      Status.
      Except
      for matters that would not, individually or in the aggregate, have or reasonably
      be expected to result in a Material Adverse Effect, the Company and each
      Subsidiary has filed all necessary federal, state and foreign income and
      franchise tax returns and has paid or accrued all taxes shown as due thereon,
      and the Company has no knowledge of a tax deficiency which has been asserted
      or
      threatened against the Company or any Subsidiary.

    

    (y) No
      General Solicitation.
      Neither
      the Company nor any person acting on behalf of the Company has offered or sold
      any of the Shares by any form of general solicitation or general advertising.
      The Company has offered the Shares for sale only to the Purchaser and certain
      other “accredited investors” within the meaning of Rule 501 under the Securities
      Act.

    

    (z) Foreign
      Corrupt Practices.
      Neither
      the Company or Subsidiary, nor, to the best knowledge of the Company, any
      director, officer, agent, employee, or other person associated with, or acting
      on behalf of, the Company or either Subsidiary, has, directly or indirectly:
      used any corporate funds for unlawful contributions, gifts, entertainment,
      or
      other unlawful expenses relating to political activity; made any unlawful
      payment to foreign or domestic government officials or employees or to foreign
      or domestic political parties or campaigns from corporate funds; violated any
      provision of the Foreign Corrupt Practices Act of 1977, as amended; or made
      any
      bribe, rebate, payoff, influence payment, kickback, or other unlawful payment.
      The Company's internal accounting controls and procedures are sufficient to
      cause the Company and each Subsidiary to comply in all respects with the Foreign
      Corrupt Practices Act of 1977, as amended.

     

    (aa) Accountants.
      Baum
      & Company, P.A. (the
      “Auditors”),
      which
      has examined the consolidated
      financial
      statements of the Company, together with the related schedules and notes,
      for
      the
      period from May 1, 2004 to April 30, 2005 and reviewed (but did not audit)
      the
      consolidated financial statements of the Company, together with the related
      schedules and notes for the period from May 1, 2005 to October 31,
      2005,
      and
      Goldstein Golub Kessler LLP, which has examined the consolidated financial
      statements of the Company, together with the related schedules and notes, for
      the period from May 1, 2003 to April 30, 2004, respectively,
      filed with the SEC
      as
      a part
      of the SEC Documents are independent accountants within the meaning of the
      Securities Act,
      the
      Exchange Act,
      and the
rules
      and
regulations
      promulgated thereunder;
      the
      audited consolidated
      financial
      statements of the Company, together with the related schedules and notes, and
      the unaudited financial information, forming part of the SEC Documents, fairly
      present and
      will
      fairly present the
      financial position and the results of operations of the Company at the
      respective dates and for the respective periods to which they apply; and all
      audited consolidated
      financial
      statements of the Company, together with the related schedules and notes, and
      the unaudited consolidated
      financial
      information, filed with the SEC as part of the SEC Documents, complied
      and will comply as to form in all material respects with applicable accounting
      requirements and with the rules and regulations of the SEC with respect hereto
      when filed, have
      been
and
      will
      be prepared
      in accordance with generally accepted accounting principles consistently applied
      throughout the periods involved except as may be otherwise stated
      therein
      (except
      as may be indicated in the notes thereto or as permitted by the rules and
      regulations of the SEC) and fairly present and will fairly present, subject
      in
      the case of the unaudited consolidated financial statements, to customary year
      end audit adjustments, the financial position of the Company as at the dates
      thereof and the results of its operations and cash flows. The
      procedures pursuant to which the aforementioned consolidated financial
      statements have been audited are compliant with generally accepted auditing
      standards. The
      selected and summary consolidated
      financial
      and statistical data included in the SEC Documents present and
      will
      present fairly
      the information shown therein and have been compiled on a basis consistent
      with
      the audited consolidated
      financial
      statements presented therein. No other financial statements or schedules are
      required to be included in the SEC Documents. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (bb)Acknowledgment
      Regarding Purchaser’ Purchase of Securities.
      The
      Company acknowledges and agrees that the Purchaser is acting solely in the
      capacity of an arm’s length purchaser with respect to the Transaction Documents
      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 and the transactions
      contemplated hereby and any advice given by any Purchaser or any of their
      respective representatives or agents in connection with this Agreement and
      the
      transactions contemplated hereby is merely incidental to the Purchaser’s
      purchase of the Shares. 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 of the transactions contemplated hereby by the Company
      and its representatives.

     

    2.2. Representations
      and Warranties of the Purchaser.
      Purchaser hereby represents and warrants as of the date hereof and as of the
      Closing Date to the Company as follows:

     

    (a) Organization;
      Authority.
      Purchaser is an entity duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its organization with full right,
      corporate or partnership power and authority to enter into and to consummate
      the
      transactions contemplated by the Transaction Documents and otherwise to carry
      out its obligations hereunder and thereunder. The execution, delivery and
      performance by Purchaser of the transactions contemplated by this Agreement
      have
      been duly authorized by all necessary corporate or similar action on the part
      of
      Purchaser. Each Transaction Document to which it is a party has been duly
      executed by Purchaser, and when delivered by Purchaser in accordance with the
      terms hereof, will constitute the valid and legally binding obligation of
      Purchaser, enforceable against it in accordance with its terms, except (i)
      as
      limited by general equitable principles and applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      enforcement of creditors’ rights generally, (ii) as limited by laws relating to
      the availability of specific performance, injunctive relief or other equitable
      remedies and (iii) insofar as indemnification and contribution provisions may
      be
      limited by applicable law.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (b) The
      Purchaser has full legal right, power and authority to enter into this Agreement
      and to perform the transactions contemplated hereby. This Agreement has been
      duly authorized, executed and delivered by the Purchaser. The execution,
      delivery and performance of this Agreement by the Purchaser and the consummation
      of the transactions herein contemplated will not violate any provision of the
      organizational documents of the Purchaser and will not result in the creation
      of
      any lien, charge, security interest or encumbrance upon any assets or property
      of the Purchaser pursuant to the terms or provisions of, or will not conflict
      with, result in the breach or violation of, or constitute, either by itself
      or
      upon notice or the passage of time or both, a default under any agreement,
      mortgage, deed of trust, lease, franchise, license, indenture, permit or other
      instrument to which the Purchaser is a party or by which the Purchaser or any
      of
      its assets or properties may be bound or affected or any statute or any
      authorization, judgment, decree, order, rule or regulation of any court or
      any
      regulatory body, administrative agency or other governmental body applicable
      to
      the Purchaser or any of its properties. No consent, approval, authorization
      or
      other order of any court, regulatory body, administrative agency or other
      governmental body is required for the execution, delivery and performance by
      the
      Purchaser of this Agreement or the consummation by the Purchaser of the
      transactions contemplated hereby, other than approvals of the relevant
      securities authorities. Assuming the valid execution hereof by the Company,
      this
      Agreement will constitute the legal, valid and binding obligation of the
      Purchaser, enforceable in accordance with its terms, except as enforceability
      may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar laws affecting creditors’ rights generally and except as
      enforceability may be subject to general principles of equity (regardless of
      whether such enforceability is considered in a proceeding in equity or at
      law).

     

    (c) There
      are
      no legal or governmental actions, suits or proceedings pending or, to the
      Purchaser’s knowledge, threatened to which the Purchaser is or may be a party
      which seeks to prevent or restrain the transactions contemplated by this
      Agreement or to recover damages as a result of the consummation of such
      transactions. To the knowledge of the Purchaser, the Purchaser has not been
      and
      is not currently the subject of an investigation or inquiry by the SEC, National
      Association of Securities Dealers, Inc., NASD Regulation, Inc., or any state
      securities commission.

     

    (d) The
      Purchaser is knowledgeable, sophisticated and experienced in making, and is
      qualified to make, decisions with respect to investments in shares representing
      an investment decision like that involved in the purchase of the Shares. The
      Purchaser is an “accredited investor” within the meaning of Rule 501(a) of
      Regulation D promulgated under the Securities Act or
      is not
      a "U.S. Person" as that term is defined under Rule 902(o)(1) of Regulation
      S..
      The
      Purchaser is not a “dealer” within the meaning of the Securities Act or a
“broker” or “dealer” within the meaning of the Exchange Act. The Purchaser is
      able to bear the economic risk of loss of the Purchaser’s entire investment in
      the Shares. No offer to enter into this Agreement has been made by the Company
      to Purchaser in the United States.

     

    (e) The
      Purchaser has requested, received, reviewed and considered all information
      it
      deems relevant in making an informed decision to purchase the Shares.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (f) Purchaser
      represents that it is the sole and true party in interest, and no other person
      or entity has or will have upon the issuance of the Shares beneficial ownership
      interest in the Shares or any portion thereof, whether direct or indirect
      (excluding any contractual right to payments based on the value of such Shares),
      other than the equity holders or beneficiaries of such Purchaser.

    

       (g)
      Purchaser
      represents that it is acquiring the Shares for its own account and for
      investment purposes and not for the account or benefit of any U.S. person or
      other person or entity or for or with a view to resale or
      distribution.

     

    (h) Purchaser
      is experienced in evaluating and making speculative investments, and has the
      capacity to protect Purchaser's interests in connection with the acquisition
      of
      the Shares. Purchaser has such knowledge and experience in financial and
      business matters in general, and investments in the laser industry in
      particular, that Purchaser is capable of evaluating the merits and risks of
      Purchaser's investment in the Company. Purchaser has been informed that an
      investment in the Company is speculative and has concluded that Purchaser's
      proposed investment is appropriate in light of its overall investment objectives
      and financial situation.

     

    (i) No
      party
      has received or will receive any compensation or other remuneration for advising
      Purchaser with respect to this investment other than legal counsel, and
      Purchaser represents that no investment advisor or purchaser representative
      has
      been consulted or retained in connection with Purchaser's decision to invest
      in
      the Company.

       

    (j) Purchaser
      confirms that it has received and thoroughly read and is familiar with and
      understands this Agreement, and that all documents, records, books and other
      information pertaining to Purchaser's investment in the Company requested by
      Purchaser have been made available for inspection and copying and that there
      are
      no additional materials or documents that have been requested by Purchaser
      that
      have not been made available by the Company.

    

       (k) At
      no
      time was Purchaser presented with or solicited by or through any leaflet, public
      promotional meeting, television advertisement or any other form of general
      solicitation or advertising.

    

       (l)
      Purchaser understands and acknowledges that the Shares have not been registered
      under the Act, or any state securities laws, and that they will be issued in
      reliance upon certain exemptions from the registration requirements of those
      laws, and thus cannot be resold unless they are registered under the Act or
      unless the Company has first received an opinion of competent securities counsel
      that registration is not required for such resale. Purchaser acknowledges that
      it cannot resell any Shares unless such resale transaction is in accordance
      with
      Regulation S and/or Rule 144 under the Act, pursuant to registration under
      the
      Act, or pursuant to an available exemption from registration. With regard to
      the
      restrictions on resales of the Shares or any security underlying or into which
      the Shares are or may be convertible, Purchaser is aware (i) of the limitations
      and applicability of Securities and Exchange Commission Rule 144, (ii) that
      the
      Company will issue stop transfer orders to its stock transfer agent; and (iii)
      that a restrictive legend will be placed on certificates representing the Shares
      and any security underlying or into which any of the Shares are or will be
      convertible, which legend will read substantially as follows:

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
      EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE
      SECURITIES COMMISSION OF ANY STATE UNDER ANY SECURITIES LAW. THEY ARE BEING
      OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGUSLATION S
      (“REGULATION S”) PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). THE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
      UNITED STATES OR TO A U.S. PERSON (AS SUCH TERM IS DEFINED IN REGULATION S)
      UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT AND APPLICABLE STATE
      SECURITIES LAW, OR SUCH OFFERS, SALES AND TRANSFERS ARE MADE PURSUANT TO
      AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. THESE
      SECURITIES ARE THE SUBJECT OF A STOP TRANSFER ORDER PLACED WITH THE COMPANY’S
      TRANSFER AGENT WHICH IS IN EFFECT FOR ONE YEAR FROM April 26th, 2006. UNTIL
      THE
      EXPIRATION OF SUCH STOP TRANSFER ORDER, THE TRANSFER AGENT WILL NOT ISSUE ANY
      NEW CERTIFICATE UPON THE SALE OR OTHER HYPOTHECATION OF THESE SECURITIES, NOR
      WILL IT DELIVER THESE SECURITIES TROUGH THE DEPOSITORY TRUST CORPORATION
      ELECTRONICALLY, OR OTHERWISE.ALL HEDGING ACTIVITY WITH RESPECT TO THESE
      SECURITIES MUST BE CONDUCTED IN ACCORDANCE WITH THE ACT. 

    

     

    2.3 Survival
      of Representations, Warranties and Agreements.
      Notwithstanding any investigation made by any party to this Agreement, all
      covenants, agreements, representations and warranties made by the Company and
      the Purchaser herein and in the certificates delivered pursuant hereto shall
      survive the execution of this Agreement, the
      termination
      of Purchaser’s obligations to purchase the Shares, and the
      delivery to the Purchaser of the Shares being purchased and the payment
      therefor.

     

    ARTICLE
      III

     

    INDEMNIFICATION

     

    Subject
      to the provisions of this Section 3.2, the Company will indemnify and hold
      the
      Purchaser and their directors, officers, shareholders, members, partners,
      employees and agents (each, a “Purchaser Party”) harmless from any and all
      losses, liabilities, obligations, claims, contingencies, damages, costs and
      expenses, including all judgments, amounts paid in settlements, court costs
      and
      reasonable attorneys’ fees and costs of investigation that the Purchaser may
      suffer or incur as a result of or relating to (a) any breach of any of the
      representations, warranties, covenants or agreements made by the Company in
      this
      Agreement or in the other Transaction Documents or (b) any action instituted
      against a Purchaser, or any of them or their respective Affiliates, by any
      stockholder of the Company who is not an Affiliate of Purchaser, with respect
      to
      any of the transactions contemplated by the Transaction Documents (unless such
      action is based upon a breach of Purchaser’s representations, warranties or
      covenants under the Transaction Documents or any agreements or understandings
      Purchaser may have with any such stockholder or any violations by the Purchaser
      of state or federal securities laws or any conduct by Purchaser which
      constitutes fraud, gross negligence, willful misconduct or malfeasance). If
      any
      action shall be brought against any Purchaser Party in respect of which
      indemnity may be sought pursuant to this Agreement, such Purchaser Party shall
      promptly notify the Company in writing, and the Company shall have the right
      to
      assume the defense thereof with counsel of its own choosing. Any Purchaser
      Party
      shall have the right to employ separate counsel in any such action and
      participate in the defense thereof, but the fees and expenses of such counsel
      shall be at the expense of such Purchaser Party, except to the extent that
      (i)
      the employment thereof has been specifically authorized by the Company in
      writing, (ii) the Company has failed after a reasonable period of time to assume
      such defense and to employ counsel or (iii) in such action there is, in the
      reasonable opinion of such separate counsel, a material conflict on any material
      issue between the position of the Company and the position of such Purchaser
      Party. The Company will not be liable to the Purchaser under this Agreement
      (i)
      for any settlement by a Purchaser effected without the Company’s prior written
      consent, which shall not be unreasonably withheld or delayed; or (ii) to the
      extent, but only to the extent that a loss, claim, damage or liability is
      attributable to any Purchaser’s breach of any of the representations,
      warranties, covenants or agreements made by the Purchaser in this Agreement
      or
      in the other Transaction Documents.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

     

    TERMINATION

     

    4.1 Termination
      by Purchaser.
      The
      Purchaser may terminate its obligations under this Agreement by oral or written
      notice to the Company following the occurrence of one or more of the
      following:

     

    (a) the
      Company shall default in any material respect in the performance of any covenant
      or agreement under this Agreement, which default shall continue for more than
      three business days following written notice thereof from the
      Purchaser;

     

    (b) the
      representations and warranties of the Company set forth in Section 2 of this
      Agreement shall not be true and correct in all material respects as of the
      date
      of this Agreement, except for the representations and warranties made as of
      a
      particular date which representations and warranties need be true and correct
      only as of such date;
      or,

     

    (c) the
      Company shall merge or consolidate with any Person, shall effect any
      reorganization, or shall sell or substantially all of its assets, or shall
      enter
      into any agreement contemplating the same.

     

    4.2 Termination
      by Company.
      The
      Company may terminate its obligations under this Agreement by oral or written
      notice to the Purchaser following the occurrence of one or more of the
      following:

     

    (a) the
      Purchaser shall default in any material respect in the performance of any
      covenant or agreement under this Agreement, which default shall continue for
      more than three business days following written notice thereof from the Company;
      or,

     

    (b) the
      representations and warranties of the Purchaser set forth in Section 2.2 of
      this
      Agreement shall not be true and correct in all material respects as of the
      date
      of this Agreement, except for the representations and warranties made as of
      a
      particular date which representations and warranties need be true and correct
      only as of such date.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      V

     

    MISCELLANEOUS

     

    5.1 Notices.
      All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be mailed by first-class registered or certified airmail,
      confirmed facsimile or nationally recognized overnight express courier postage
      prepaid, and shall be deemed given when so mailed and shall be delivered as
      addressed as set forth in the introductory paragraph hereto and as follows:
      

     

    (a) if
      to the
      Company, to:

     

    Phone:
      954-763-1515  

    Facsimile:
      954-763-1516 

    Attention:
      Donald Winfrey, President 

     

    with
      a
      copy to:

    Guzov
      Ofsink, LLC

    600
      Madison Avenue, 14th
      Floor

    New
      York,
      New York 10022

    Attention:
      Darren Ofsink, Esq. 

    Phone: 212-371-8008
      x 122 

    Facsimile:
      212-688-7273 

    or
      to
      such other person at such other place as the Company shall designate to the
      Purchaser in writing; and

    

    (b) if
      to the
      Purchaser, to: CAPITALSWISS LIMITED

     

    Attention: Kenrah
      Turnquist, Corporate Secretary

    Phone:
      +41-438887505 

    Facsimile:
      +41-438887501

     

    5.2 Closing
      Costs.
      Purchaser and Company shall each pay their own attorney’s fees. The Company
      shall be responsible for the timely payment of, and shall indemnify and hold
      harmless the Purchaser against, all excise, sales, use (including all bulk
      sales
      taxes), recording, ad valorem, transfer and other similar taxes and fees arising
      out of or in connection with or attributable to the transactions effected
      pursuant to this Agreement with the exception of any and all income taxes
      imposed on the Purchaser. Company agrees to pay the costs from the Purchase
      Price proceeds received by the Company as set forth on Exhibit “A”.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    5.3 Entire
      Agreement.
      The
      Transaction Documents, together with the exhibits and schedules thereto, contain
      the entire understanding of the parties with respect to the subject matter
      hereof and supersede all prior agreements and understandings, oral or written,
      with respect to such matters, which the parties acknowledge have been merged
      into such documents, exhibits and schedules. 

    

    5.4 Amendments;
      Waivers.
      No
      provision of this Agreement may be waived or amended except in a written
      instrument signed, in the case of an amendment, by the Company and Purchaser
      or,
      in the case of a waiver, by the party against whom enforcement of any such
      waiver is sought. No waiver of any default with respect to any provision,
      condition or requirement of this Agreement shall be deemed to be a continuing
      waiver in the future or a waiver of any subsequent default or a waiver of any
      other provision, condition or requirement hereof, nor shall any delay or
      omission of either party to exercise any right hereunder in any manner impair
      the exercise of any such right.

    

    5.5 Headings.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. 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.

    

    5.6 Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of Purchaser. Purchaser may assign any or all of its rights under this
      Agreement to any Person to whom Purchaser assigns or transfers any Shares,
      provided such transferee agrees in writing to be bound, with respect to the
      transferred Shares, by the provisions hereof that apply to the
“Purchaser”.

     

    5.7 Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of the Transaction Documents shall be governed by and construed and enforced
      in
      accordance with the internal laws of the State of New York, without regard
      to
      the principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Agreement and any other Transaction Documents
      (whether brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced exclusively
      in
      the state and federal courts sitting in the City of New York. Each party hereby
      irrevocably submits to the exclusive jurisdiction of the state and federal
      courts sitting in the City of New York, borough of Manhattan for the
      adjudication of any dispute hereunder or in connection herewith or with any
      transaction contemplated hereby or discussed herein (including with respect
      to
      the enforcement of any of the Transaction Documents), and hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally subject to the jurisdiction of any such court, that
      such suit, action or proceeding is improper or inconvenient venue for such
      proceeding. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. The parties hereby waive all rights to a trial by jury. If
      either party shall commence an action or proceeding to enforce any provisions
      of
      the Transaction Documents, then the prevailing party in such action or
      proceeding shall be reimbursed by the other party for its attorneys’ fees and
      other costs and expenses incurred with the investigation, preparation and
      prosecution of such action or proceeding.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    5.8 Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

     

    5.9 Replacement
      of Securities.
      If any
      certificate or instrument evidencing any Shares is mutilated, lost, stolen
      or
      destroyed, the Company shall issue or cause to be issued in exchange and
      substitution for and upon cancellation thereof, or in lieu of and substitution
      therefor, a new certificate or instrument, but only upon receipt of evidence
      reasonably satisfactory to the Company of such loss, theft or destruction and
      customary and reasonable indemnity, if requested. The applicants for a new
      certificate or instrument under such circumstances shall also pay any reasonable
      third-party costs associated with the issuance of such replacement
      Shares.

    

    5.10Construction.
      The
      parties agree that each of them and/or their respective counsel has reviewed
      and
      had an opportunity to revise the Transaction Documents and, therefore, the
      normal rule of construction to the effect that any ambiguities are to be
      resolved against the drafting party shall not be employed in the interpretation
      of the Transaction Documents or any amendments hereto.

    

    5.11 Changes.
      This
      Agreement may not be modified or amended except pursuant to an instrument in
      writing signed by the Company and the Purchaser. 

     

    5.12 Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original, but all of which, when taken together, shall constitute
      but one instrument, and shall become effective when one or more counterparts
      have been signed by each party hereto and delivered to the other parties. In
      the
      event that any signature is delivered by facsimile transmission, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile signature page were an original thereof.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their duly authorized representatives as of the day and year first above
      written. 

     

    
      	 	 	 
	 	AZUR
              HOLDINGS,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Donald
              Goree
	 	
              
Name:
              Donald Goree
	 	Title:
              Chief Executive Officer

      	 	 	 
	 	 	 
	 	 	 
	 	CAPITALSWISS
              LIMITED
	 
 	 
 	 
 
	 	By:  	/s/ Kenrah
              Turnquist
	 	
              
Name:
              Kenrah Turnquist
	 	Title:
              Corporate Secretary

    
      
        
          
          

        

        
          18

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