Document:

ORIGINAL
                                WARRANT AGREEMENT

No. _______________                                          WARRANT TO PURCHASE
                                                                1,000.000 SHARES

                    UNIVERSAL BEVERAGES HOLDINGS CORPORATION
                             (a Florida corporation)

                       FORM OF WARRANT FOR THE PURCHASE OF
                                  COMMON STOCK

         This certifies that, for value received ALTAMONTE CAPITAL. LLC, or
registered assigned arc entitled, at any time prior to 5:00 P.M. Eastern time on
March 6.2003 (the "Expiration Date"), to purchase firm the Company the number of
shares shown above (the "Warrant Shores") of common stock, par value $0.001, of
the Company (the "Common Stock") by surrendering this warrant with the purchase
form attached hereto, duly executed at the principal office of the Company,
currently located in Jacksonville, Florida and by paying in full and in lawful
money of cite United States of America by cash or cashiers' check the purchase
price of the Warrant Shares as to which this Warrant is exercised, on all the
tam and conditions hereinafter act forth. This Warrant Agreement (sometimes
referred to as the "Warrant" or the "Agreement" defines the terms arid
conditions of certain warrants certificates (the "Certificates") dated March 6,
1998 that wore previously issued to Altamonte Capital, LLC to purchase
1,000,000 shares of the Company's common stock at an exercise price of $5.00 per
share.

         1. The initial purchase price at which the Warrant Shares are
purchasable (hereinafter referred to as the "Warrant Price") Is $5.00 per share,
subject to adjustment as hereinafter provided. The Warrants are exerciseable
immediately and shall expire on March 6, 2003.

         2. On the exercise of all or any portion of this warrant in the manner
provided above, the person exercising the same shall be deemed to have become a
holder of record of Common Stock (or of the other securities or properties to
which he or it is entitled on such exercise) for ail purposes, And certificates
for the securities so purchased shall be delivered to the purchaser within a
reasonable time, but in no event longer than ten days after the Warrants shall
have been exercised as set forth above. If this Warrant shall be exercised in
respect to only a part of the Warrant Shares covered hereby, the holder shall be
entitled to receive a similar Warrant of like tenor date covering the number of
Warrant Shares with respect to which this Warrant shall not have been exercised.

         3. This Warrant is exchangeable, on the surrender hereof by the holder
at the office of the Company, for new Warrants of like tenor tend date
representing in the aggregate the right to subscribe for and purchase the number
of Warrant Shares which may be subscribed for and purchased hereunder.

<PAGE>

         4. The Company covenants and agrees that the Warrant Shares which may
be issued on the exercise of the rights represented by this Warrant will, on
issuance, be fully paid and nonassessable and free from all taxes, liens. and
charges with respect to the issue thereof The Company further covenants and
agrees that during the period within which the rights represented by this
Warrant may be exercised. the Company will have authorized and reserved a
sufficient number of shares of Common Stock to provide for the exercise of the
rights represented by this Warrant.

         5. (a) Subject to Section 5(b), this Warrant and the shares issuable on
exercise of this Warrant ace restricted securities within the meaning of Rule
144 promulgated under the Securities Act of 1933. as amended, and all
certificates therefore shall contain a legend in the following form.

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
            NOT BEEN REGISTERED M ER THE SECURITIES ACT OF 1933,
            AS AMENDED (THE "SECURITIES ACT"), AND ARE "RESTRICT
            CD SECURITIES" WITHIN THE MEANING OF RULE 144
            PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES
            HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD
            OR TRANSFERRED WITHOUT COMPLYING WITH RULE 144 IN THE
            ABSENCE Or AN EFFECTIVE REGISTRATION OR OTHER
            COMPLIANCE UNDER THE SECURITIES ACT.

         (b) Within the next year by Marco 31, 2001, the Company agrees that it
will tote its best efforts to file a registration statement with the Securities
and Exchange Commission ("SEC") to register the common stock underlying the
Warrants

         6. Subject to the restrictions set forth in paragraph 5. the holder
(and the successors and assigns of the holder) covenant and agree that it will
make no sale, transfer or conveyance of the Warrant Shares for any period
specified by an industry calf regulatory agency or organization during which
such transactions may not be effected as a condition to registration or approval
of any aspect of the registration statement of offering by the Company or the
holders of the Warrant Shares. On such transfer, every holder hereof agrees that
the Company may deem and treat the registered holder of this Warrant, or
registered holders as the case may be, as the true and lawful owner thereof for
all purposes and the Company shall not be affected by any notice to the
contrary. All rights conferred by this Warrant shall inure to the benefit of the
successors and assigns of the original holder.

         7 The Warrants arc subject to redemption en the following terms and
conditions:

                  (a) The redemption price for etch Warrant Share purchasable
hereunder is $0.01.

                  (b) The Warrants may be redeemed by the Company when the Fair
Value (as hereinafter defined) of ft Company's Curnmon Stock is 55.00 per share
for tarry 5 trading days

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<PAGE>

within tiny period of 10 consecutive trading days (the "Measurement Period").
,'fair Value" fur any trading day is determined as follows; if the Common Stock
is listed on any established stock; exchange or a national market system,
including without limitation the NASDAQ National or SmaIlCap Market, the average
closing bid and asked prices; or, if quotations for the Common stuck. appear
only on the OTC Bulletin Board, the National Quotation Bureau Pink Sheets or
similar service for reporting quotations, the average high bid tend asked
prices.

(c) The Company will send a notice of redemption within 10 day, following tic
end of any Measurement Period in which the Nix Value of the Common Stock
achiovcs the price and for the number of trading days specified in the preceding
paragraph. The Company shall mail written notice of redemption to the record
holder at his or her address appearing, on the hooks and records of the Company.
The notice of redemption shall specify the date of redemption, which shall not
be less than 30 days following the date the note is mailed to holders. 'Me
Warrants puny be exercised, in whole or in put, after notice of redemption is
given but before the date of redemption specified in the notice.

(d) On the date of redemption, the Company will be obligated pay to the bulder
(upun surrender of this Warrant by such holds at ft Company's principal office)
an amount in immediately available funds equal to the redemption price for all
Warrant Shasta purchasable hereunder. On the date of redemption all rights Wet
this Warrant, including, but not limited to, any right of exercise will cease,
the Warrant will not be deemed to be outstanding, and tine Warrant will
represent only the right to receive payment of the redemption once

         8. As used herein, the term "Common Stock" shall meat and include the
Company's Common Stock authorized on the date of the original issue of this
Warrant and shall also include any capital stuck of any class of the Company
thereafter authorized that shall tot be limited to a fixed sum or percentage in
respect of the tights of the holders thereof to participate art dividends told
in the distribution of assets on the voluntary or involuntary liquidation,
dissolution, or winding op of the Company; vi , that the Warrant Shares
purchasable pursuant to thus Warrant shall Include only shares of the class
designated in the Company's Article' of Incorporation m Common Stock on the data
of the original issue of this: Warrant If the Company (1) subdivides or
reclassifies its outstanding shares of Common Stock into a greater number of
shares pursuant to ere forward stock split) or (2) combine or reclassify its
outstanding shares of Common Stock into a smaller number of shares (pursuant to
a reverse stocksplit), the exercise price and number of shares of common stock
purchased upon exorcise of this Warrant shall be adjusted proportionately,

         9. This Agreement shall be construed under and be governed by the laws
of the state of Florida. 'Ibis Agreement modifies and supersedes the tetras of
the Certificates dated Match 6,1998 and the terms and conditions of the
Certificates shall be subject to all the terms and conditions contained in this
Agreement. 1f there is a conflict between the tams in tax Cenificates dud this
Agreement, the terms of this Agreement shall govern.

                                        3
<PAGE>

         10. Where this Warrant provides for notice to holder of any event, such
notice shall be sufciently given if in writing and mailed. postage prepaid, to
the holder at his or her addresses us it appears to the books laid records the
Company, not later than the latest date, and neat earlier than the earliest
date, proscribed for the giving of such notice. In any case whore notice to
holde~n is given by mail. neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular holder shall affect the
sufficiency of such notice with respect to holders of other Warrant.. Where this
Warrant provides for notice to the Company, such notice shall be Sufficiently
given if, in writing arid mailed, registered. postage prepaid to the Company at
its address not lot" than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice

         11. This WarrauttwaynotbeedwithoutthetuutualagteamentoftheCompanyand,
the Warrant Holder: provided, that the Company may decrease the Warrant Price or
extend the Expiration Date at its discretion without the approval or written
consent of any the holder or holders

DATED this 31st day of March, 700(1.

                                         UNIVERSAL BEVERAGES HOLDINGS
                                         CORPORATION

                                         By: /s/ Jonathon Moore
                                            ------------------------------------
                                         Jonathon Moore, Chief Executive Officer

                                        4
<PAGE>

                                FORM OF PURCHASE

                  (to be signed only upon exercise of Warrant)

TO: UNIVERSAL BEVERAGES HOLDINGS CORPORATION

         The undersigned, the owner of the attached Warrant, hereby irrevocable
elects to exercise the purchase rights represented by the Warrant for and to
purchase thereunder, _________ shares of common stock of UNIVERSAL BEVERAGES
HOLDINGS CORPORATION, and herewith makes payment of $__________ therefor, and
requests that the certificate(s) fur such shares be delivered to:
___________________________, at: and if such shall not be all of the shares
purchasable hereunder that a new Warrant of like tenor for the balance of the
shares purchasable under the attached Warrant be delivered to the undersigned.

DATED this __________________ day of __________________________.

                                             -----------------------------------
                                             Signature

                                        5FORM OF EXCHANGE AGREEMENT
                           --------------------------

         THIS EXCHANGE AGREEMENT (this "Agreement") is dated as of March 31,
2000 and is by and between Universal Beverages Holdings Corporation, a Florida
corporation ("UBHC") and Universal Beverages, Inc., a Florida corporation
("UBHC") which is a wholly owned subsidiary of UBHC (collectively, UBHC and UBI
shall be referred to as "Universal") and Bridge Bank, Ltd., a Bahamian
corporation ("Note Holder").

         WHEREAS, the Note Holder advanced approximately $541,000 to Universal
and the Note Holder has the right to receive certain loan payments including
accrual but unpaid interest (all such sums due and owing shall be referred to as
the "Loan"), from Universal and this right is evidenced in an agreement between
UBI and the Note Holder entered into in 1997 (the "Loan Agreement");

         WHEREAS, the Loan Agreement and any other agreements between Universal
and the Note Holder relating directly or indirectly to the Loan, whether
guaranty agreements pledge, agreements security, interests or agreement of any
other type, shall be referred to collectively as the "Loan Documents";

         WHEREAS, in exchange for receiving 700,000 shares (the "Shares") of
UBHC's common stock, the Note Holder has agreed (i) to forgive any indebtedness
that Universal owes under the loan, including all accrued but unpaid interest
and (ii) to release Universal from any and all obligations under the Loan and
each the Loan Documents

         NOW, THEREFORE in consideration of the premises and the mutual
representations, warranties, covenants and agreements herein contained, the
parties hereto agree a follows:

         1.       Exchange Agreement
                  ------------------

         1.1 In exchange for receiving 700,000 shares of the Company's common
stock, the Note Holder has agreed (i) to forgive any indebtedness that Universal
owes undo the Loan plus any and all accrued interest and (ii) to release
Universal from any and all obligation under the Loan and each of the Loan
Documents and release any and all security interest that it may have in
Universal's property.

         1.2 Effective as of the date of this Agreement, the Note Holder hereby
agrees and acknowledges that all sums due and owing under the Loan are hereby
extinguished and canceled. The Note Holder also agrees that the Loan and each of
the Loan Documents is deemed to be null void and of no further force and effect.
If necessary the Note Holder agrees that it will file UCC-3 Termination
Statements with the Florida Department of State and any other filings offices to
terminate any security interests that it may have in Universal's assets.

<PAGE>

         1.3 In order to evidence the cancellation of indebtedness under the
Note, the Note Holder agrees that it will write "PAID IN FULL" on the original
promissory note, if located, and initial such phrase and return the original
promissory note to Universal. The Note Holder also agrees that it will handwrite
"CANCELED" on each of the original Loan Documents, initial such phrase and
return each of the original Loan Documents to Universal.

         2.       Registration Rights
                  -------------------

         2.1 If UBHC files a registration statement with, the Securities and
Exchange Commission during the next five (5) years, the common stock will have
"piggyback" rights to be included in the registration statement. If UBHC in good
faith or an underwriter determines that the inclusion of these shares would hurt
the public offering, UBHC will not have to include these shares in the
registration statement: however, UBHC will use its best efforts to include these
shares in the next registration statement that it files during said time period.

         3.       Mutual Releases and Covenant Not to 8uc.
                  ----------------------------------------

         3.1 The Note Holder hereby releases UBHC, UBI and each and every one or
their respective directors officers employees, representatives, legal counsel.
agents, subsidiaries, or affiliates (collectively, the "Affiliates") from all
claims, causes of action, damages, judgments, agreements and demands whatsoever,
whether liquidated or unliquidated, contingent or fixed, determined or
undetermined, known or unknown, at law or in equity, which it has had, now has,
or may hereinafter have against UBIC, UBI or its Affiliates for any matter
whatsoever arising directly or indirectly out of or relating to this Agreement
arising from the beginning of the world to the end of the world. The Note Holder
further agrees never to institute or cause to be instituted any suit of any form
or action or proceeding of any kind or nature against UBHC, UBI or its
Affiliates by reason of or in connection with any of the actions or matters
released hereinabove and that this Release shall be construed broadly to protect
UBHC and UBI and their Affiliates.

         3.2 Universal releases the Note Holder and each and every one of its
respective directors, officers, employees, representatives, legal counsel,
agents, subsidiaries, or affiliates (collectively, the "Affiliates") from all
claims, causes of action, damages, judgements, agreements and demands
whatsoever, whether liquidated or unliquidated contingent or fixed, determined
or undetermined, known or unknown, at ********************[ILLEGIBLE] which it
has had [ILLEGIBLE] hereinafter have against the Note Holder or its Affiliates
for any matter whatsoever arising directly or indirectly out of or Relating to
this Agreement arising from the beginning of the world to the end of the world.
Universal agrees never institute or cause to be instituted any suit or any form
or action or proceeding of kind or nature against the Note Holder or its
Affiliates by reason of or in connection with any of the actions or matters
released hereinabove and that thin Release shall be construed broadly to protect
the Note Holder and its affiliates.

                                       2
<PAGE>

         4. Representations, Warranties, and Agreements of the Note Holder. In
connection with UBHC's agreement to issue the Shares pursuant to the terns of
this Agreement, the Note Holder hereby make the following representations,
warranties and agreements and confirms the following understandings.

         4.1 Investment Purpose. The Note Holder, or its designees, is acquiring
the Shares for its own account and for investment purposes only, within the
meaning of the Securities Act of 1933, as amended (the "Securities Act"), with
no intention of assigning any participation or interest therein and no view to
the distribution thereof.

         4.2 Unregistered Offering. The Note Holder understands that the sale of
the Shares is not being registered, on the basis that the issuance of the Shares
is exempt from registration under the Securities Act and rules and regulations
promulgated thereunder, as a transaction by an issuer not involving any public
offering (the "Offering"), and that reliance on such exemption is predicated, in
part, on the Note Holder's representations and warranties contained in this
Agreement.

         4.3 Limitations on Disposition. The Note Holder understand that there
are substantial restrictions on the transferability of the Shares: the Shares
will contain a restrictive legend; the investors in UBHC have no rights to
require that the Shares be registered under the Securities Act and there is not
expected to be a market for the resale of the Shares. Accordingly, the
undersigned may have to hold the Shares for a substantial period of time and it
may not be possible for the undersigned to liquidate its investment in UBHC.

         4.4 Absence of Official Evaluation. The Note Holder has had the
opportunity to conduct a due diligence review of Universal and ask
representatives of Universal questions about Universal's business and financial
condition and the terms of this exchange offer and relating restructuring, and
has had access to material books, records and contracts of Universal. The Note
Holder has had the opportunity to conduct a due diligence review of Universal
and ask representatives of Universal questions about Universal's business and
financial condition and the terms of this exchange offer and related
restructuring, and has had access to material books, records and contracts of
Universal.

         5.       Indemnification.
                  ----------------

         5.1 Each party agrees to indemnify and hold harmless the other party
and its [MISSING LINE OF TEXT]************ liability, claim, damage, deficiency,
and all actions, suits, proceedings, demands, assessments, judgments, costs and
expenses whatsoever (including, but not limited to, any and all expenses
whatsoever, including attorneys' fees, reasonably incurred in investigating,
preparing, or defending against any litigation commenced or threatened or any
claim whatsoever through all appeals) arising out of or based upon any false
representation or breach or failure by the other party to comply with any

                                       3
<PAGE>

covenant or agreement made by it heroin or in any ocher document furnished by
its in connection with his subscription.

         6.       Governing Law
                  -------------

         6.1 This Agreement has been entered into and shall be construed and
enforced in accordance with the laws of the State of Florida, without reference
to the choice of law principles thereof. This Agreement shall be subject to the
exclusive jurisdiction of the courts of the State of Florida located in Duval
County. Florida or the United States District Court for the Southern District of
Florida. The parties to this Agreement agree that any and oil causes of action
or claims arising out of or relating to this Agreement shall be governed by and
construed in accordance with the laws of the State of Florida and irrevocably
and expressly agree to submit to the jurisdiction of the courts of the State of
Florida for the purpose of resolving any and all disputes relating to this
Agreement. The parties irrevocably waive to the fullest extent permitted by law,
any objection which they may now or hereafter have to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement or any
judgment or permanent or temporary injunction entered by any court in respect
hereof brought in Duval County, Florida and further irrevocably waive any claim
that my suit, action or proceeding brought in Duval County. Florida has been
brought in an inconvenient forum.

         6.2 If either party institutes legal proceedings against the party, the
parties agree that, except as provided below, each party shall serve process by
process server upon the other party at the address listed in Section 7.5 hereof.
Each party shall notify the other party in writing of any change in residence
address within ten (10) calendar days of the change. If a party fails to do so,
each party agrees that the other party may serve process by: (a) serving copies
of the summons and complaints by certified U.S. Mail the other party's street
known address gives pursuant to Section 7.5, and (b) placing a public notice in
a newspaper of general circulation in the geographic areas of the other party's
last's known residence address for a period of two consecutive weeks following
commencement (i.e. filing) of the proceedings.

         7.       General Provisions
                  ------------------

         7.1 This Agreement and the agreements, instruments schedules exhibits
and other writings referred to in this Agreement, constitute the entire
understanding of the parties with respect to subject matter of this Agreement.
This Agreement supersedes all prior agreements and understandings between the
parties with respect to its subject matter. This Agreement may be amended only
by means of a written instrument duly executed by all of the parties hereto.

                                       4
<PAGE>

         7.7 The Preliminary Recitals set forth in the Preamble are hereby
incorporated and made part of this Agreement. Section headings are inserted for
convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement. The Exhibits and Schedules
identified in this Agreement and incorporated herein by reference are made a
part hereof.

         7.8 The parties agree to execute and deliver all such further
documents, agreements, and instruments and take such other and further action as
may be necessary or appropriate to carry out the purposes and intent of this
Agreement.

         7.9 This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which, taken together,
shall constitute one and the same document. Any facsimile copy of a manually
executed original shall be deemed a manually executed original.

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

UNIVERSAL BEVERAGES HOLDING
CORPORATION

/s/ Jonathon Moore
------------------------------------------------------
Jonathon Moore, Chief Executive Officer

UNIVERSAL BEVERAGES INC.

/s/ Jonathon Moore
------------------------------------------------------
Jonathon Moore, Chief Executive Officer

BRIDGE BANK, LTD.

/s/ Victor G. Klingelhofer
--------------------------------------------------------------
Victor G. Klingelhofer
Counsel for Bridge Bank, Ltd.

                                       5

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