Document:

Exhibit  10.21  Consultant  Agreement  with  Marcia  A.  Pearlstein

                              CONSULTANT AGREEMENT

This CONSULTANT AGREEMENT (the "Agreement") is effective as of December 23, 2003
by  and  between  Telecommunication Products Inc., a Colorado corporation or its
successors  or  assigns (the "Company"), and Marcia A. Pearlstein, an individual
(the  "Executive"),  and  is  made  with  reference  to  the  following  facts:

A.  Company  is  engaged  in  the  telecommunications  business;

B. Company desires to retain the services of Executive, and Executive is willing
to  provide  such  services  to  the  Company;

C.  Company  and  Executive  desire  to enter into this Agreement to provide for
Executive's employment by the Company upon the terms and conditions set forth in
this  Agreement.

NOW,  THEREFORE,  in  consideration of the foregoing facts and mutual agreements
set  forth  below, the parties, intending to be legally bound, agree as follows:

1.  Employment.  The  Company  hereby  agrees to employ Executive, and Executive
hereby  accepts  such  employment  and  agrees to perform Executive's duties and
responsibilities  in  accordance  with  the terms and conditions hereinafter set
forth.

1.1  Employment  Term.  The  term of Executive's employment under this Agreement
shall  commence  as of the date hereof (the "Effective Date") and shall continue
for  one  (1)  year,  unless terminated in accordance with Section 5 hereof. The
period  commencing  as of the Effective Date, and ending one (1) year thereafter
or  such  later  date  to  which  the  term  of Executive's employment under the
Agreement  shall  have  been extended by written mutual agreement is hereinafter
referred  to  as  the  "Employment  Term."

1.2  Duties  and  Responsibilities.  During the Employment Term, Executive shall
serve  as  a member of the Board of Directors, as Corporate Secretary and as the
Interim Chief Financial Officer of the Company and perform all duties and accept
all  responsibilities  incident  to such position or other appropriate duties as
may be reasonably assigned to Executive by the Company's Board of Directors (the
"Board")  from  time  to  time  consistent  with  Executive's status as a senior
executive.

1.3  Base  Salary.  For all the services rendered by Executive hereunder for the
Company,  the  Company  shall pay Executive a base salary (the "Base Salary") at
the  minimum  annual  rate  of $36,000 per annum (payable in accordance with the
Company's  then  applicable  payroll  policies) as compensation for all services
rendered  by Executive hereunder. The Base Salary shall be subject to all state,
federal,  and  local payroll tax withholding and any other withholdings required
by  law.  Following  each  year  after  the  Effective  Date, Executive shall be
reviewed  by the Company's Board to determine whether a raise in the Base Salary
and  other  additional compensation and benefits is appropriate, in the sole and
absolute  discretion  of  the  Board;  provided,  however, that at no time shall
Executive's  Base  Salary  be  less  than  $36,000  per  annum.

1.4  Benefit  Coverages. During the Employment Term, Executive shall be entitled
to  participate  in  all employee pension and welfare benefit plans and programs
made  available  to  the  Company's senior level executives as a group or to its
employees  generally,  as  such  plans or programs may be in effect from time to
time  (the  "Benefit Coverages"), including, without limitation, pension, profit
sharing,  savings  and  other  retirement  plans  or  programs, medical, dental,
hospitalization,  short-term  and long-term disability and life insurance plans,
accidental  death  and  dismemberment  protection and travel accident insurance.

1.5  Performance  Bonuses.  Within ninety (90) days after the end of each fiscal
year  of the Company, which is currently March 31st, during the Employment Term,
the  Executive  will be eligible to receive a bonus (the "Performance Bonus") in
an  amount  as  determined at the discretion of the Board of the Company. To the
extent  that,  for  any  given  year  of the Employment Term, Executive has been
employed  for less than the full year, the Performance Bonus shall be reduced on
a  pro  rata  basis for the amount of time actually worked during such year. All
bonus  payments  shall  be  subject  to  customary withholdings required by law.

1.6  Vacations  and  Holidays.  Each year, the Executive shall be entitled to an
aggregate  of four (4) weeks' paid vacation plus holidays in accordance with the
Company's policies, as amended from time to time, for senior executive officers.

2.  Confidential  Information.

2.1  Executive  recognizes  and  acknowledges  that  by  reason  of  Executive's
employment  by  and  service  to  the Company before, during and, if applicable,
after  the  Employment  Term, Executive will have access to certain confidential
and  proprietary  information relating to the Company's business, as well as the
businesses,  which  may  include,  but  is  not limited to, trade secrets, trade
"know-how,"  product  development techniques and plans, formulas, customer lists
and  addresses,  cost  and  pricing information, marketing and sales techniques,
strategy  and programs, computer programs and software and financial information
(collectively referred to as "Confidential Information"). Executive acknowledges
that  such  Confidential  Information  is  a  valuable  and  unique asset of the
Company,  and  Executive covenants that he will not, unless expressly authorized
in  writing by the Company, as the case may be, at any time during the course of
Executive's  employment  use any Confidential Information or divulge or disclose
any  Confidential  Information  to  any  person,  firm  or corporation except in
connection  with  the performance of Executive's duties for the Company and in a
manner  consistent  with  the  Company's  policies  regarding  Confidential
Information.  Executive also covenants that at any time after the termination of
such  employment,  directly  or  indirectly,  he  will  not use any Confidential
Information  or  divulge or disclose any Confidential Information to any person,
firm  or corporation, unless such information is in the public domain through no
fault  of  Executive  or except when required to do so by a court of law, by any
governmental  agency  having  supervisory  authority  over  the  business of the
Company  or  by  any  administrative  or legislative body (including a committee
thereof)  with  apparent jurisdiction to order Executive to divulge, disclose or
make  accessible  such  information.  All  written  Confidential  Information.
(including,  without  limitation,  in  any  computer or other electronic format)
which  comes  into  Executive's  possession  during  the  course  of Executive's
employment  shall  remain the property of the Company as the case may be. Except
as  required in the performance of Executive's duties for the Company, or unless
expressly  authorized  in writing by the Company, Executive shall not remove any
written Confidential Information from the Company's premises, or the premises of
the  other,  as  the  case  may be, except in connection with the performance of
Executive's  duties  for  the  Company,  as  the  case  may  be, and in a manner
consistent  with  the  Company's  policies  regarding  Confidential Information.

Upon  termination  of  Executive's  employment,  the  Executive agrees to return
immediately  to  the  Company,  as  the  case  may  be, all written Confidential
Information  (including, without limitation, in any computer or other electronic
format)  in  Executive's  possession.

3.  Non-Competition;  Non-Solicitation.

3.1  During  Executive's  employment  by the Company, Executive will not, except
with  the  prior  written  consent  of  the  Board, directly or indirectly, own,
manage,  operate,  join,  control,  finance  or  participate  in  the ownership,
management,  operation,  control or financing of, or be connected as an officer,
director,  Executive,  partner,  principal, agent, representative, consultant or
otherwise  with  other than existing relationships and contractual relationships
to use or permit Executive's name to be used in connection with, any business or
enterprise  (a  "Competitor")  which  competes  with  the  Company or generates,
directly  or  indirectly, for itself or others revenues from the type of product
and  services  provided  by  the  Company  or  its affiliates during Executive's
employment  by  the  Company.

3.2  The foregoing restrictions shall not be construed to prohibit the ownership
by  Executive  of  less than five percent (5%) of any class of securities of any
corporation  which  is  a  Competitor  having  a  class of securities registered
pursuant  to  the  Securities  Exchange  Act  of 1934, as amended (the "Exchange
Act"),  provided  that  such  ownership represents a passive investment and that
neither  Executive  nor  any  group  of  persons including Executive in any way,
either  directly  or  indirectly,  manages  or  exercises  control  of  any such
corporation,  guarantees  any  of its financial obligations, otherwise takes any
part in its business, other than exercising Executive's rights as a shareholder,
or  seeks  to  do  any  of  the  foregoing.

3.3 Executive further covenants and agrees that during Executive's employment by
the  Company and for the period of twenty-four (24) months thereafter, Executive
will  not, directly or indirectly, (i) solicit, divert, take away, or attempt to
solicit,  divert  or take away, any of the Company's customers or (ii) encourage
any  customer  to  reduce  its  patronage  of  the  Company.

3.4  Without  limiting  the  generality  of the foregoing, Executive agrees that
during  Executive's  employment by the Company and for the period of twenty-four
(24)  months  thereafter,  he  will  not,  directly  or  indirectly, solicit any
customer  to retain from any other person, firm or entity any services of a type
generally  similar  to  or  competitive  with the product and/or services of the
Company  during  the  period  of  Executive's  employment  by  the  Company.

3.5 Executive further covenants and agrees that during Executive's employment by
the  Company and for the period of twenty-four (24) months thereafter, Executive
will not, directly or indirectly, solicit or hire, or encourage the solicitation
or  hiring  of any person who was an Executive of the Company at any time during
the term of Executive's employment by the Company by any employer other than the
Company  for any position as an Executive, independent contractor, consultant or
otherwise. The foregoing covenant of Executive shall not apply to (i) any person
whom  Executive  employed  prior  to  the  formation of the Company, or (ii) any
person  after  a period of twelve (12) months has elapsed subsequent to the date
on  which  such  person's  employment  by  the  Company  has  terminated.

4.  Equitable  Relief.

4.1.  Executive  acknowledges  and  agrees  that  the  restrictions contained in
Sections  2  and  3  are  reasonable  and  necessary to protect and preserve the
legitimate  interests,  properties, goodwill and business of the Company and its
affiliates,  that  the Company would not have entered into this Agreement in the
absence of such restrictions and that irreparable injury will be suffered by the
Company  should  Executive  breach  any  of  the  provisions  of those sections.
Executive  represents  and  acknowledges  that  (i)  he  has been advised by the

Company  to  consult  Executive's own legal counsel in respect to this Agreement
and (ii) that he has had full opportunity, prior to execution of this Agreement,
to  review  this  Agreement  thoroughly  with  Executive's  counsel.

4.2.  Executive  further  acknowledges  and  agrees  that a breach of any of the
restrictions  in  Sections  2 and 3 cannot be adequately compensated by monetary
damages.  Executive agrees that the Company shall be entitled to preliminary and
permanent injunctive relief, without the necessity of proving actual damages, as
well  as  an  equitable  accounting  of all earnings, profits and other benefits
arising  from  any  violation  of  Sections 2 or 3 hereof, which rights shall be
cumulative  and in addition to any other rights or remedies to which the Company
may  be  entitled.  In  the event that any of the provisions of Sections 2 and 3
hereof  should  ever  be  adjudicated to exceed the time, geographic, service or
other  limitations  permitted  by  applicable law in any jurisdiction, it is the
intention  of  the parties that the provisions shall be amended to the extent of
the  maximum  time,  geographic,  service  or  other  limitations  permitted  by
applicable  law, that such amendment shall apply only within the jurisdiction of
the  court that made such adjudication and that the provision be enforced to the
maximum  extent  permitted  by  law.

4.3  Executive  irrevocably and unconditionally (i) agrees that any suit, action
or  other  legal  proceeding  arising  out of Sections 2 or 3 hereof, including,
without  limitation,  any  action  commenced  by the Company for preliminary and
permanent  injunctive  relief  and other equitable relief, may be brought in the
United  States District Court for the Central District of California, or if such
court  does  not have jurisdiction or will not accept jurisdiction, in any court
of  general jurisdiction in Los Angeles County, California; (ii) consents to the
non-exclusive  jurisdiction  of  any  such  court  in  any  such suit, action or
proceeding;  and  (iii)  waives  any  objection  which Executive may have to the
laying  of  venue  of  any  such  suit,  action or proceeding in any such court.
Executive  also  irrevocably  and unconditionally consents to the service of any
process,  pleadings, notices or other papers in a manner permitted by the notice
provisions  of  Section  7  hereof.

4.4  Executive  agrees  that  for  a  period  of  five  (5)  years following the
termination  of  Executive's  employment by the Company, Executive will provide,
and that at all times after the date hereof the Company may similarly provide, a
copy  of  Sections  2  and  3  hereof  to  any  business or enterprise (i) which
Executive  may  directly  or  indirectly  own,  manage,  operate, finance, join,
control  or  participate  in  the ownership, management, operation, financing or
control  of,  or  (ii)  with  which  Executive  may  be connected as an officer,
director,  employee,  partner,  principal,  agent, representative, consultant or
otherwise,  or  in connection with which Executive may use or permit Executive's
name  to  be  used;  provided,  however,  that this provision shall not apply in
respect  of  Section  3  hereof  after  expiration  of the time period set forth
therein.

5.  Termination.  The Employment Term shall terminate upon the occurrence of any
one  of  the  following  events:

5.1  Disability.  The  Company may terminate the Employment Term if Executive is
unable  substantially  to  perform  Executive's  duties  and  responsibilities
hereunder  to the full extent required by the Board by reason of illness, injury
or  incapacity (a "Disability") for six (6) consecutive months, or for more than
six  (6)  months  in  the  aggregate  during  any period of twelve (12) calendar
months;  provided, however, that the Company shall continue to pay Executive the
Base Salary then in effect for the balance of the then remaining Employment Term
determined  without  reference  to  such  termination (the "Remaining Employment
Term"),  but  the amount the Company shall be required to pay Executive shall be
reduced  by the amount of any disability payments received by Executive pursuant
to  the  Benefit  Coverages.  In  addition,  Executive  shall be entitled to the
following:  (i)  a pro rata bonus, if any, for the year of termination; (ii) any
other  amounts  earned, accrued or owing but not yet paid under Section 1 above;
(iii)  the  continued  right  to exercise any vested stock option, if any, for a
period  of  one  (1)  year  following  the date of Executive's termination; (iv)
continued  participation  for  the  Remaining  Employment  Term in those Benefit

Coverages in which Executive was participating on the date of termination which,
by  their  terms,  permit  a  former  employee to participate; and (v) any other
benefits  in  accordance  with  applicable plans and programs of the Company. In
such  event,  the  Company  shall  have  no  further  liability or obligation to
Executive for compensation under this Agreement except as otherwise specifically
provided  in this Agreement. Executive agrees, in the event of a dispute 5.1, to
submit  to a physical examination by a licensed physician selected by the Board,
provided  that  Executive's  own physician may be present at Executive's request
and  sole  expense.

5.2  Death.  The  Employment  Term  shall  terminate in the event of Executive's
death.  In  such  event,  the  Company shall pay to Executive's executors, legal
representatives  or  administrators,  as  applicable,  an  amount  equal  to the
installment  of  Executive's Base Salary set forth in Section 1.3 hereof for the
month  in which Executive dies and a pro rata share of any annual bonus to which
Executive  would  otherwise be entitled for the year in which such death occurs.
In  addition,  Executive's  estate  shall  be  entitled to (i) any other amounts
earned,  accrued  or  owing  but  not  yet  paid under Section 1 above; (ii) the
continued right to exercise any vested stock option for a period of one (1) year
following  the  date  of  death; and (iii) any other benefits in accordance with
applicable  plans and programs of the Company. The Company shall have no further
liability  or  obligation  under  this Agreement to Executive's executors, legal
representatives,  administrators,  heirs or assigns or any other person claiming
under  or  through  Executive  except as otherwise specifically provided in this
Agreement.

5.3  Cause.  The  Company  may  terminate  the Employment Term, at any time, for
"cause" upon thirty (30) days' written notice, in which event all payments under
this  Agreement  shall  cease,  except  for  Base  Salary  to the extent already
accrued.  For  purposes  of  this  Agreement,  Executive's  employment  may  be
terminated  for  "cause"  (i)  if  Executive  is convicted of a felony; (ii) any
material  neglect or breach of duty by Executive, or any failure by Executive to
perform  such  duties  as may be delegated to Executive from time to time; (iii)
any  willful  breach  of duty by Executive in the course of his employment; (iv)
any material breach of any provision of this Agreement; or (v) Executive commits
theft,  larceny,  embezzlement,  or  fraud,  any acts of dishonesty, illegality,
moral turpitude or gross mismanagement as determined in good faith by the Board,
whose  determination shall be final and binding; provided, however, with respect
to  items  (ii) and (iii), thirty (30) days' written notice must be given by the
Company  to Executive the first offense, which Executive shall have the right to
cure  to  the  Board's satisfaction. No such advance notice shall be required to
terminate  for  "cause"  with  respect  to  the  next  offense.

5.4  Termination  Without  Cause.  The Company may remove Executive, at any time
prior  to  the  end  of  the Employment Term, without cause from the position in
which  Executive  is employed hereunder (in which case the Employment Term shall
be  deemed  to  have  ended)  upon  not less than sixty (60) days' prior written
notice  to  Executive;  provided, however, that in the event that such notice is
given,  Executive shall be under no obligation to render any additional services
to  the  Company  and,  subject  to the provisions of Section 3 hereof, shall be
allowed  to  seek  other  employment.  Upon any such removal, Executive shall be
entitled  to  receive  as  liquidated  damages for the failure of the Company to
continue  to  employ  Executive,  only  the  amount  due  to Executive under the
Company's  then-current  severance  pay plan for employees. No other payments or
benefits  shall  be due under this Agreement to Executive, except that Executive
shall  be  entitled  to  receive  payments  or  benefits under the then-existing
Benefit  Coverages  in  which  Executive is participating in accordance with the
respective  terms  of  such  Benefit Coverages. Notwithstanding any provision in
this  Agreement or the TCPD Stock Option Agreement to the contrary, if Executive
is  terminated  by the Company without cause after the first twelve (12) months,
an  amount  equal to the lesser of one-half (1/2) of the remaining options to be
vested under the then-remaining Employment Term or twelve (12) additional months
of  vesting  shall  be  vested and exercisable in accordance with the TCPD Stock
Option  Agreements.

Notwithstanding  the  foregoing,  upon such removal, without cause under Section
5.4.,  in  the  event  that  Executive executes a written release of any and all
claims  against  the Company and all related parties with respect to all matters
arising  out  of  Executive's  employment by the Company (other than Executive's
entitlement  under any stock options, employee benefit plan or program sponsored
by  the  Company  in  which Executive participated and under which Executive has
accrued  a benefit), and the termination thereof, Executive shall be entitled to
receive,  in  lieu  of  the  payment  described in subsection 5.4. hereof, which
Executive  agrees  to  waive,  (i)  in equal monthly installments, as liquidated
damages  for  the  failure  of  the  Company to continue to employ Executive, an
amount  equal to the amount of Executive's Base Salary and annual bonus, if any,
for  the lesser of the Remaining Employment Term or twelve (12) months, provided
that  Executive  remains  in  compliance with the provisions of Sections 2 and 3
hereof; (ii) continuation of those Benefit Coverages as in effect at the time of
such  termination  or  removal,  or  to receive cash in lieu of such benefits or
premiums,  as  applicable, where such Benefit Coverages may not be continued (or
where  such  continuation  would  adversely  affect  the  tax status of the plan
pursuant  to  which  the  Benefit  Coverage is provided) under applicable law or
regulation,  for  the  lesser  of  the  Remaining Employment Term or twelve (12)
months;  (iii) any other amounts earned, accrued or owing but not yet paid under
Section 1 above; and (iv) any other benefits in accordance with applicable plans
and  programs  of  the  Company.

6.  Survivorship. The respective rights and obligations of the parties hereunder
shall  survive  any  termination  of  the  Executive's  employment to the extent
necessary  to  the  intended  preservation  of  such  rights  and  obligations

7.  Notices.  All  notices, requests, demands and other communications hereunder
shall  be  in writing and shall be deemed to have been duly given when delivered
personally,  by  facsimile  transmission,  or  when  mailed,  by  United  States
certified  or registered mail, prepaid, to the parties or their assignees at the
following  addresses  or facsimile numbers (or at such other address as shall be
given  in  writing  by  any  party):

If  to  the  Company:

Telecommunication  Products,  Inc.
Attn:  Board  of  Directors
c/o  Amy  Trombly,  Esq.
9171  Wilshire  Boulevard,  Suite  B
Beverly  Hills,  California  90210
Telephone:  310-281-2571
Facsimile:  310-275-3957

If  to  Executive:

Marcia A Pearlstein
9171  Wilshire  Boulevard,  Suite  B
Beverly  Hills,  California  90210
Telephone:  310-281-2571
Facsimile:  310-275-3957

or to such other names or addresses as the Company or Executive, as the case may
be,  shall  designate by notice to each other person entitled to receive notices
in  the  manner  specified  in  this  section.

8.  Arbitration;  Expenses.  In the event of any dispute under the provisions of
this  Agreement  other  than  a dispute in which the sole relief is an equitable
remedy such as an injunction, the parties shall be required to have the dispute,
controversy  or  claim  settled  by  arbitration  in  the  City  of Los Angeles,
California in accordance with the commercial arbitration rules then in effect of
the  American  Arbitration  Association.

9.  Governing  Law.  This  Agreement  shall  be  governed  by  and  construed in
accordance  with the laws of the State of California as if this Agreement was to
be performed entirely within the State of California by residents of such State,
and  without  reference  to  principles  of  conflicts  of  laws.

10.  Further  Assurances.  Each of the parties agrees that from time to time, at
the  request  of  any  other party and without further consideration or consent,
they will execute and deliver such additional instruments as any other party may
reasonably  request  as  are  necessary  to  effectuate  the  purposes  of  this
Agreement.

11.  Indemnification  by the Company. The Company hereby agrees and covenants to
full  and  completely  indemnify  and  defend  Executive  in  the performance of
Executive's  duties  to  the  fullest  extent  permitted  by applicable laws. In
addition,  as  of  the  Effective Date, the Company shall procure, and Executive
shall  be  covered  by  an  officer  and  director  liability  insurance policy.

12.  Attorneys'  Fees.  In  the  event any litigation, arbitration, mediation or
other proceeding ("Proceeding") is initiated by any party(ies) against any other
party(ies)  to enforce, interpret or otherwise obtain judicial or quasi-judicial
relief  in  connection  with  this  Agreement, the prevailing party(ies) in such
Proceeding shall be entitled to recover from the unsuccessful party(ies) (a) all
costs,  expenses,  actual  attorneys'  and  expert  witness fees, relating to or
arising  out  of  such  Proceeding  (whether  or not such Proceeding proceeds to
judgment),  and  (b)  any  post-judgment  or  post-award  proceeding, including,
without limitation, one to enforce any judgment or award resulting from any such
Proceeding.  Any  such  judgment or award shall contain a specific provision for
the  recovery  of  all  such  subsequently  incurred  costs,  expenses,  actual
attorneys'  and  expert witness fees. The arbitrator(s) or court shall determine
who  is the prevailing party, whether or not the dispute or controversy proceeds
to final judgment. Company and Executive expressly acknowledge that this section
is  not  intended  to  in  any way alter the parties' agreement that arbitration
shall be the exclusive method of resolving any dispute related to this Agreement
or  Executive's  employment  with the Company as set forth in Section 7. Company
and Executive agree that the reference to litigation in this section is included
so  that  the  prevailing party can recover its attorneys' fees and costs if (a)
either  party  files  a  lawsuit in violation of Section 7 (e.g., fees and costs
incurred  obtaining  a court order compelling arbitration); or (b) a court rules
that  the  arbitration  provision  in Section 7 is unenforceable for any reason.

13.  Entire  Agreement. All prior agreements, representations and understandings
between the parties are incorporated in this Agreement and schedules and exhibit
hereto,  which  together constitute the entire contract between the parties. The
terms  of  this  Agreement  are intended by the parties as a final expression of
their agreement with respect to such terms as are included herein and may not be
contradicted  by  evidence  of  any  prior  or  contemporaneous  written or oral
representations,  agreements  or understandings, whether express or implied. The
parties  further  intend  that  this  Agreement  constitutes  the  complete  and
exclusive  statement  of its terms and that no extrinsic evidence whatsoever may
be  introduced  in any judicial proceeding, if any, involving this Agreement. No
amendment or variation of the terms of this Agreement shall be valid unless made
in  writing  and  signed  by  each  of  the  parties.

14.  Venue  and  Jurisdiction.  For  purposes  of  venue  and jurisdiction, this
Agreement  shall  be deemed made and to be performed in the City of Los Angeles,
California.

15.  Counterparts;  Facsimile.  This  Agreement  may  be executed in one or more
counterparts,  each  of  which  shall  be  deemed  an original, but all of which
together  shall  constitute  one  and the same instrument. This Agreement may be
executed by facsimile (with originals to follow by United States mail), and such
facsimile  shall  be  conclusive evidence of the consent and ratification of the
signatories  hereto.

16.  Headings.  The headings of the various Sections of this Agreement have been
inserted only for convenience and shall not be deemed in any manner to modify or
limit  any  of  the provisions of this Agreement or be used in any manner in the
interpretation  of  this  Agreement.

17.  Interpretation.  Whenever  the  context  so requires, all words used in the
singular  shall  be  construed to have been used in the plural (and vice versa),
each  gender  shall  be  construed  to  include  any other genders, and the word
"person"  shall be construed to include a natural person, a corporation, a firm,
a  partnership,  a  joint  venture,  a  trust,  an  estate  or  other  entity.

18.  Severability. If any provision of this Agreement shall be declared invalid,
illegal  or  unenforceable,  such  provision  shall be severed and all remaining
provisions  shall  continue  in  full  force  and  effect.

19. Successors-in-Interest and Assigns. This Agreement shall be binding upon and
shall  inure  to  the  benefit of the successors-in-interest and assigns of each
party  to  this  Agreement,  except  that  the  duties  and  responsibilities of
Executive  hereunder  are  of  a  personal nature and shall not be assignable or
delegable in whole or in part by Executive. Nothing in this Section shall create
any  rights  enforceable  by  any  other  persons not a party to this Agreement,
unless such rights are expressly granted in this Agreement to other specifically
identified  persons.

20.  Amendment  and Waiver. This Agreement may not be amended and the observance
of  any  term  of  this  Agreement  may  not be waived (either generally or in a
particular  instance  and  neither  retroactively or prospectively), without the
written  consent  of  the  parties  hereto.

21.  Beneficiaries;  References.  Executive  shall  be  entitled,  to the extent
permitted  under  any  applicable  law,  to  select  and change a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following
Executive's  death by giving the Company written notice thereof. In the event of
Executive's  death  or  a  judicial  determination  of Executive's incompetence,
reference  in this Agreement to Executive shall be deemed, where appropriate, to
refer  to  Executive's  beneficiary,  estate  or  other  legal  representative.

IN  WITNESS  WHEREOF,  the  undersigned,  intending  to  be  legally bound, have
executed  this  Agreement  as  of  the  date  first  above  written.

Telecommunication  Products,  Inc.
a  Colorado  corporation

By::/s/  Robert  C.  Russell
    -------------------------
    --------------------------------------
    Robert  C.  Russell
    Director,  President  and  Chief  Executive  Officer

EXECUTIVE

By:  s/  Marcia  Pearlstein
    --------------------------------------
    Marcia  A.  Pearlstein
    Director,  Secretary  &  Interim  Chief  Financial  Officer10.22  Investment  Agreement  with  Equities  First  Holding,  LLC

                              INVESTMENT AGREEMENT
INVESTMENT  AGREEMENT  (this  "AGREEMENT"),  dated  as  of  July 2, 2004, by and
between Telecommunication Products, Inc. a Delaware corporation (the "Company"),
and  Equities First Holdings, LLC. a Delaware limited liability corporation (the
"Investor").

Whereas,  the  parties desire that, upon the terms and subject to the conditions
contained  herein,  the  Investor  shall invest up to $5,000,000 to purchase the
Company's  Common  Stock,  no  par  value  per  share  (the  "Common  Stock");

Whereas,  such  investments  will  be  made  in  reliance upon the provisions of
Section 4(2) under the Securities Act of 1933, as amended (the "1933 Act"), Rule
506  of  Regulation  D,  and  the  rules and regulations promulgated thereunder,
and/or  upon such other exemption from the registration requirements of the 1933
Act  as may be available with respect to any or all of the investments in Common
Stock  to  be  made  hereunder;  and

Whereas,  contemporaneously  with  the execution and delivery of this Agreement,
the  parties hereto are executing and delivering a Registration Rights Agreement
substantially  in the form attached hereto as Exhibit A (as amended from time to
time,  the  "Registration  Rights  Agreement") pursuant to which the Company has
agreed  to provide certain registration rights under the 1933 Act, and the rules
and  regulations  promulgated  thereunder, and applicable state securities laws.

NOW  THEREFORE,  in  consideration  of  the  foregoing  recitals, which shall be
considered  an integral part of this Agreement, the covenants and agreements set
forth  hereafter,  and  other  good  and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Investor hereby
agree  as  follows:

SECTION  1.  DEFINITIONS.
     As  used  in  this  Agreement, the following terms shall have the following
meanings  specified  or  indicated  below,  and  such  meanings shall be equally
applicable  to  the  singular  and  plural  forms  of  such  defined  terms.

     "1933  Act"  shall  have  the  meaning  set  forth  in the preamble, above.
      ---------

     "1934  Act"  shall  mean  the Securities Exchange Act of 1934, as it may be
      ---------
amended.

     "Affiliate"  shall  have  the  meaning  specified  in  Section 5(h), below.
      ---------

     "Agreement"  shall  mean  this  Investment  Agreement.
      ---------

"Best  Bid"  shall  mean  the  highest  posted  bid  price  of the Common Stock.
 ----------

     "Buy  In"  shall  have  the  meaning  specified  in  Section  6,  below.
      -------

     "Buy  In  Adjustment Amount" shall have the meaning specified in Section 6.
      --------------------------

     "Closing"  shall  have  the  meaning  specified  in  Section  2(h).
      -------

     "Closing  Date"  shall mean seven (7) Trading Days following the Stock Sale
      -------------
Date.

     "Common  Stock"  shall  have  the meaning set forth in the preamble to this
      -------------
Agreement.

     "Control"  or  "Controls" shall have the meaning specified in Section 5(h).
      -------        --------

     "Covering  Shares"  shall  have  the  meaning  specified  in  Section  6.
      ----------------

     "Effective  Date"  shall mean the date the SEC declares effective under the
      ---------------
1933  Act  the  Registration  Statement  covering  the  Securities.

     "Environmental  Laws"  shall  have  the  meaning specified in Section 4(m).
      -------------------

     "Execution  Date"  shall  mean  the  date indicated in the preamble to this
      ---------------
Agreement.

     "Indemnitiees"  shall  have  the  meaning  specified  in  Section  11.
      ------------

     "Indemnified  Liabilities"  shall have the meaning specified in Section 11.
      ------------------------

     "Ineffective  Period"  shall  mean any period of time that the Registration
      -------------------
Statement  or  any  Supplemental  Registration  Statement  (as  defined  in  the
Registration  Rights  Agreement)  becomes ineffective or unavailable for use for
the  sale  or resale, as applicable, of any or all of the Registrable Securities
(as  defined  in  the  Registration  Rights Agreement) for any reason (or in the
event  the  prospectus under either of the above is not current and deliverable)
during  any  time  period  required  under  the  Registration  Rights Agreement.

     "Investor"  shall  have  the  meaning  indicated  in  the  preamble of this
      --------
Agreement.
      -

     "Major  Transaction"  shall  have  the  meaning  specified in Section 2(g),
      ------------------
above.

     "Material Adverse Effect" shall have the meaning specified in Section 4(a).
      -----------------------

     "Maximum Common Stock Issuance" shall have the meaning specified in Section
      -----------------------------
2(i).

     "Minimum  Acceptable  Price" with respect to any Stock Sale Date shall mean
      --------------------------
75%  of the lowest closing bid prices for the ten Trading Day period immediately
preceding  such  Stock  Sale  Date.

"Open  Period"  shall mean the period beginning on and including the Trading Day
 ------------
immediately  following  the Effective Date and ending on the earlier to occur of
(I)  the  date  which is thirty six (36) months from the Effective Date; or (II)
termination  of  the  Agreement  in  accordance  with  Section  9,  below.

     "Payment  Amount"  shall have the meaning specified in Section 2(m), below.
      ---------------

     "Pricing Period" shall mean the period beginning on the Stock Sale Date and
      --------------
ending  on and including the date that is five (5) Trading Days after such Stock
Sale  Date.

     "Principal  Market"  shall  mean  the  American  Stock  Exchange, Inc., the
      -----------------
National  Association  of  Securities  Dealers,  Inc.  Over-the-Counter Bulletin
Board,  the  Nasdaq  National  Market  System  or  the  Nasdaq  SmallCap Market,
whichever  is  the  principal  market  on  which  the  Common  Stock  is listed.

     "Prospectus"  shall  mean  the  prospectus,  preliminary  prospectus  and
      ----------
supplemental  prospectus  used  in  connection  with the Registration Statement.
      --

     "Purchase Amount" shall mean the total amount being paid by the Investor on
      ---------------
a  particular  Closing  Date  to  purchase  the  Securities.

     "Purchase Price" shall mean ninety-four percent (94%) of the lowest closing
      --------------
Best  Bid  price  of  the  Common  Stock  during  the  Pricing  Period.

     "Stock  Sale  Amount"  shall  have  the  meaning  set forth in Section 2(b)
      -------------------
hereof.

     "Stock  Sale"  shall  mean  a  written  notice  sent to the Investor by the
      -----------
Company stating the Amount of Shares the Company intends to sell to the Investor
pursuant  to the terms of the Agreement and stating the current number of Shares
issued  and  outstanding  on  such  date.

     "Stock  Sale Date" shall mean the Trading Day immediately following the day
      ----------------
on  which  the  Investor  receives  a  Stock Sale, however a Stock Sale shall be
deemed delivered on (X) the Trading Day it is received by facsimile or otherwise
by the Investor if such notice is received prior to 9:00 am Eastern Time, or (Y)
the  immediately  succeeding  Trading  Day  if  it  is  received by facsimile or
otherwise  after  9:00  am  Eastern Time on a Trading Day.  No Stock Sale may be
deemed  delivered  on  a  day  that  is  not  a  Trading  Day.

     "Stock Sale Restriction" shall mean the days between the end of the Pricing
      ----------------------
Period  and  the  Closing  Date.  During  this  time,  the  Company shall not be
entitled  to  deliver  another  Stock  Sale.

     "Registration  Period"  shall  have  the meaning specified in Section 5(c),
      --------------------
below.

     "Registration  Rights  Agreement"  shall  have the meaning set forth in the
      -------------------------------
recitals,  above.

     "Registration  Statement"  means  the registration statement of the Company
      -----------------------
filed  under  the  1933  Act  covering  the  Common  Stock  issuable  hereunder.

     "Related  Party"  shall  have  the  meaning  specified  in  Section  5(h).
      --------------

     "Repurchase  Event"  shall  have  the  meaning  specified  in Section 2(m).
      -----------------

     "Resolution"  shall  have  the  meaning  specified  in  Section  8(e).
      ----------

     "SEC"  shall  mean  the  U.S.  Securities  &  Exchange  Commission.
      ---

     "SEC  Documents"  shall  have  the  meaning  specified  in  Section  4(f).
      --------------

     "Securities"  shall  mean the shares of Common Stock issued pursuant to the
      ----------
terms  of  the  Agreement.

     "Shares"  shall  mean  the  shares  of  the  Company's  Common  Stock.
      ------

     "Sold  Shares"  shall  have  the  meaning  specified  in  Section  6.
      ------------

     "Subsidiaries"  shall  have  the  meaning  specified  in  Section  4(a).
      ------------

     "Trading  Day"  shall  mean  any  day on which the Principal Market for the
      ------------
Common  Stock  is  open  for  trading,  from the hours of 9:30 am until 4:00 pm.

     "Transaction  Documents" shall mean this Agreement, the Registration Rights
      ----------------------
Agreement,  and  each of the other agreements entered into by the parties hereto
in  connection  with  this  Agreement.

SECTION  2.  PURCHASE  AND  SALE  OF  COMMON  STOCK.

(A)  PURCHASE  AND SALE OF COMMON STOCK. Subject to the terms and conditions set
forth herein, the Company shall issue and sell to the Investor, and the Investor
shall purchase from the Company, up to that number of Shares having an aggregate
Purchase  Price  of  $5,000,000.

(B)  DELIVERY  OF  STOCK  SALES.

(I)  Subject  to the terms and conditions of the Transaction Documents, and from
time  to  time  during the Open Period, the Company may, in its sole discretion,
deliver  a  Stock  Sale  to  the  Investor  which  states  the Stock Sale Amount
(designated  in shares of Common Stock) which the Company intends to sell to the
Investor  on a Closing Date. The Stock Sale shall be in the form attached hereto
as  Exhibit  B and incorporated herein by reference. The amount that the Company
shall  be  entitled  to  sell to the Investor (the "Stock Sale Amount") shall be
equal  to,  at  the  Company's  election,  either: (A) 200% of the average daily
volume  (U.S.  market only) of the Common Stock for the 20 Trading Days prior to
the  applicable  Stock  Sale  Date, multiplied by the average of the three daily
closing  bid  prices  immediately preceding the Stock Sale Date, or (B) $10,000;
provided  that  in  no  event will the Stock Sale Amount be more than $1,000,000
with respect to any single Stock Sale. During the Open Period, the Company shall
not be entitled to submit a Stock Sale until after the previous Closing has been
completed.  The Purchase Price for the Common Stock identified in the Stock Sale
shall be equal to 94% of the lowest closing bid price of the Common Stock during
the  Pricing  Period.

(II)  If any closing bid price during the applicable Pricing Period with respect
to  that Stock Sale is less than 75% of the any closing bid prices of the Common
Stock  for  the  fifteen Trading Days prior to the Stock Sale Date (the "Minimum
Acceptable  Price"), the Stock Sale will terminate at the Company's request sent
in  accordance  with  Section 9 of this Agreement. In the event that the closing
bid  price for the applicable Pricing Period is less than the Minimum Acceptable
Price,  the  Company  may  elect,  by  sending written notice to the Investor to
cancel  the  Stock  Sale.

 (C)  RESERVED

 (D)  INVESTOR'S  OBLIGATION  TO  PURCHASE SHARES. Subject to the conditions set
forth in this Agreement, following the Investor's receipt of a validly delivered
Stock  Sale,  the Investor shall be required to purchase from the Company during
the  related  Pricing  Period that number of Shares having an aggregate Purchase
Price  equal  to  the lesser of (i) the Stock Sale Amount set forth in the Stock
Sale,  and  (ii) 175% of the aggregate trading volume of the Common Stock during
the  applicable  Pricing  Period  times  (x)  97% of the average of the four (4)
lowest  closing  bid  prices  of the Company's Common Stock during the specified
Pricing  Period,  but  only  if  said Shares bear no restrictive legend, are not
subject  to stop transfer instructions and are being held in escrow, pursuant to
Section  2(h),  prior  to  the  applicable  Closing  Date.

(E)  LIMITATION  ON  INVESTOR'S OBLIGATION TO PURCHASE SHARES. In no event shall
the  Investor  purchase Shares (whether from the Company or in public or private
secondary transactions) other than pursuant to this Agreement until such date as
this  Agreement  is  terminated.

(F)  CONDITIONS  TO  INVESTOR'S  OBLIGATION  TO PURCHASE SHARES. Notwithstanding
anything to the contrary in this Agreement, the Company shall not be entitled to
deliver  a  Stock  Sale  and the Investor shall not be obligated to purchase any
Shares  at  a  Closing (as defined in Section 2(h)) unless each of the following
conditions  are  satisfied:

(I) a Registration Statement shall have been declared effective and shall remain
effective  and  available  for  the resale of all the Registrable Securities (as
defined  in  the  Registration  Rights Agreement) at all times until the Closing
with  respect  to  the  subject  Stock  Sale;

(II) at all times during the period beginning on the related Stock Sale Date and
ending  on  and  including the related Closing Date, the Common Stock shall have
been  listed  on  the  Principal  Market  and shall not have been suspended from
trading  thereon  for  a period of five consecutive Trading Days during the Open
Period and the Company shall not have been notified of any pending or threatened
proceeding  or  other  action  to  suspend  the  trading  of  the  Common Stock;

(III)  the  Company  has  complied  with its obligations and is otherwise not in
breach  of  a  material  provision  of, or in default under, this Agreement, the
Registration  Rights  Agreement  or  any  other agreement executed in connection
herewith  which has not been corrected prior to delivery of the Stock Sale Date;

(IV)  no  injunction  shall  have  been  issued  and  remain in force, or action
commenced  by  a  governmental authority which has not been stayed or abandoned,
prohibiting  the  purchase  or  the  issuance  of  the  Securities;  and
(V)  the  issuance  of  the Securities will not violate any shareholder approval
requirements  of  the  Principal  Market.
If  any of the events described in clauses (i) through (v) above occurs during a
Pricing Period, then the Investor shall have no obligation to purchase the Stock
Sale  Amount  of  Common  Stock  set  forth  in  the  applicable  Stock  Sale.

(G)  RESERVED

(H)  MECHANICS OF PURCHASE OF SHARES BY INVESTOR. Subject to the satisfaction of
the  conditions set forth in Sections 2(f), 7 and 8, the closing of the purchase
by  the  Investor  of  Shares  or  the  Investor  deeming a Stock Sale closed (a
"Closing")  shall  occur  on  the date which is no later than seven Trading Days
following the applicable Stock Sale Date or when the Investor deems a Stock Sale
closed  (each  a  "Closing  Date").  Prior to each Closing Date, (I) the Company
shall  deliver  to  the  Investor  pursuant  to the this Agreement, certificates
representing the Shares to be issued to the Investor on such date and registered
in  the name of the Investor; and (II) the Investor shall deliver to the Company
the  Purchase  Price  to  be  paid  for  such Shares, determined as set forth in
Sections 2(b) and 2(d). In lieu of delivering physical certificates representing
the  Securities  and  provided  that  the  Company's  transfer  agent  then  is
participating  in The Depository Trust Company ("DTC") Fast Automated Securities
Transfer  ("FAST")  program, upon request of the Investor, the Company shall use
its  commercially  reasonable  efforts  to  cause  its  transfer  agent  to
electronically  transmit  the  Securities  by  crediting  the  account  of  the
Investor's  prime  broker (which shall be specified by the Investor a reasonably
sufficient  time  in  advance)  with  DTC  through  its Deposit Withdrawal Agent
Commission  ("DWAC")  system.
The  Company  understands  that a delay in the issuance of Securities beyond the
Closing  Date could result in economic loss to the Investor. After the Effective
Date,  as  compensation to the Investor for such loss, the Company agrees to pay
late  payments  to  the  Investor  for  late issuance of Securities (delivery of
Securities  after  the applicable Closing Date) in accordance with the following
schedule  (where  "No.  of  Days  Late" is defined as the number of trading days
beyond  the  Closing  Date):

<TABLE>
<CAPTION>

<S>    <C>                           <C>

     LATE  PAYMENT  FOR  EACH
NO.  OF  DAYS  LATE               $10,000  OF  COMMON  STOCK

          1                         $100
          2                         $200
          3                         $300
          4                         $400
          5                         $500
          6                         $600
          7                         $700
          8                         $800
          9                         $900
          10                      $1,000
          Over  10                $1,000  +  $200  for  each
                                  Business  Day  late  beyond  10  days
</TABLE>

The  Company  shall  pay any payments incurred under this Section in immediately
available  funds upon demand. Nothing herein shall limit the Investor's right to
pursue  actual  damages  for  the  Company's  failure  to  issue and deliver the
Securities  to  the Investor, except to the extent that such late payments shall
constitute  payment  for  and  offset  any  such  actual  damages alleged by the
Investor,  and  any  Buy  In  Adjustment  Amount.

 (I)  OVERALL LIMIT ON COMMON STOCK ISSUABLE. Notwithstanding anything contained
herein  to the contrary, if during the Open Period the Company becomes listed on
an  exchange that limits the number of shares of Common Stock that may be issued
without  shareholder approval, then the number of Shares issuable by the Company
and  purchasable  by the Investor, including the shares of Common Stock issuable
to  the Investors pursuant to Section 11(b), shall not exceed that number of the
shares  of  Common  Stock  that  may  be  issuable without shareholder approval,
subject  to  appropriate  adjustment  for  stock  splits,  stock  dividends,
combinations  or  other similar recapitalization affecting the Common Stock (the
"Maximum  Common  Stock Issuance"), unless the issuance of Shares, including any
Common  Stock to be issued to the Investors pursuant to Section 11(b), in excess
of  the  Maximum  Common Stock Issuance shall first be approved by the Company's
shareholders  in  accordance with applicable law and the By-laws and Amended and
Restated Certificate of Incorporation of the Company, if such issuance of shares
of  Common  Stock  could  cause a delisting on the Principal Market. The parties
understand  and  agree  that  the  Company's  failure  to  seek  or  obtain such
shareholder  approval  shall  in  no  way  adversely affect the validity and due
authorization  of  the  issuance  and  sale  of  Securities  or  the  Investor's
obligation  in  accordance  with  the  terms and conditions hereof to purchase a
number  of  Shares  in  the  aggregate  up  to the Maximum Common Stock Issuance
limitation,  and  that  such  approval pertains only to the applicability of the
Maximum  Common  Stock  Issuance  limitation  provided  in  this  Section  2(j).
SECTION  3.  INVESTOR'S  REPRESENTATIONS,  WARRANTIES  AND  COVENANTS.
The  Investor  represents  and  warrants  to  the  Company, and covenants, that:

(A)  SOPHISTICATED  INVESTOR.  The  Investor  has, by reason of its business and
financial experience, such knowledge, sophistication and experience in financial
and  business matters and in making investment decisions of this type that it is
capable  of  (I)  evaluating  the  merits  and  risks  of  an  investment in the
Securities  and  making an informed investment decision; (II) protecting its own
interest;  and  (III)  bearing  the  economic  risk  of  such  investment for an
indefinite  period  of  time.

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

(C)  SECTION  9 OF THE 1934 ACT. During the term of this Agreement, the Investor
will  comply  with  the  provisions  of Section 9 of the 1934 Act, and the rules
promulgated thereunder, with respect to transactions involving the Common Stock.
The  Investor  agrees  not  to  short, either directly or indirectly through its
affiliates,  principals  or advisors, the Company's common stock during the term
of  this  Agreement.

(D)  ACCREDITED  INVESTOR.  Investor is an "Accredited Investor" as that term is
defined  in  Rule  501(a)(3)  of  Regulation  D  of  the  1933  Act.

(E)  NO  CONFLICTS.  The  execution, delivery and performance of the Transaction
Documents  by  the  Investor  and  the  consummation  by  the  Investor  of  the
transactions  contemplated  hereby and thereby will not result in a violation of
Corporation  Agreement  or  other  organizational  documents  of  the  Investor.

(F)  OPPORTUNITY TO DISCUSS. The Investor has received all materials relating to
the  Company's  business,  finance  and  operations  which it has requested. The
Investor  has  had  an  opportunity  to  discuss  the  business,  management and
financial  affairs  of  the  Company  with  the  Company's  management.

(G)  INVESTMENT  PURPOSES. The Investor is purchasing the Securities for its own
account  for  investment  purposes  and not with a view towards distribution and
agrees  to  resell  or  otherwise dispose of the Securities solely in accordance
with  the  registration  provisions of the 1933 Act (or pursuant to an exemption
from  such  registration  provisions).

(H) NO REGISTRATION AS A DEALER. The Investor is not and will not be required to
be  registered  as  a  "dealer"  under  the  1934 Act, either as a result of its
execution  and performance of its obligations under this Agreement or otherwise.

(I)  GOOD  STANDING  The  Investor  is  a  Limited  Liability  Corporation, duly
organized,  validly  existing  and  in  good  standing in the State of Delaware.

(J)  TAX  ILABILITIES.  The  Investor  understands that it is liable for its own
tax  liabilities.

(K)  REGULATION  M.  The  Investor  will comply with Regulation M under the 1934
Act,  if  applicable.
SECTION  4.  REPRESENTATIONS  AND  WARRANTIES  OF  THE  COMPANY.
Except  as  set  forth  in the Schedules attached hereto, or as disclosed on the
Company's  SEC  Documents,  the  Company represents and warrants to the Investor
that:

(A)  ORGANIZATION AND QUALIFICATION. The Company is a corporation duly organized
and  validly  existing in good standing under the laws of the State of Delaware,
and  has  the  requisite corporate power and authorization to own its properties
and to carry on its business as now being conducted. Each of the Company and its
Subsidiaries is duly qualified as a foreign corporation to do business and is in
good  standing  in  every jurisdiction in which its ownership of property or the
nature  of  the  business  conducted  by  it makes such qualification necessary,
except  to the extent that the failure to be so qualified or be in good standing
would  not  have a Material Adverse Effect. As used in this Agreement, "Material
Adverse  Effect"  means any material adverse effect on the business, properties,
assets,  operations,  results of operations, financial condition or prospects of
the  Company  and  its  Subsidiaries,  if  any,  taken  as  a  whole,  or on the
transactions  contemplated  hereby  or  by  the agreements and instruments to be
entered  into  in  connection  herewith,  or  on the authority or ability of the
Company  to  perform its obligations under the Transaction Documents (as defined
in  Section  1  and  4(b),  below).
(B)  AUTHORIZATION;  ENFORCEMENT;  COMPLIANCE  WITH  OTHER  INSTRUMENTS.

(I)  The  Company  has the requisite corporate power and authority to enter into
and  perform  this Agreement, the Registration Rights Agreement, and each of the
other  agreements  entered  into  by  the  parties hereto in connection with the
transactions  contemplated  by  this  Agreement  (collectively, the "Transaction
Documents"), and to issue the Securities in accordance with the terms hereof and
thereof.

(II)  The execution and delivery of the Transaction Documents by the Company and
the  consummation  by  it  of  the transactions contemplated hereby and thereby,
including  without  limitation  the reservation for issuance and the issuance of
the Securities pursuant to this Agreement, have been duly and validly authorized
by  the  Company's Board of Directors and no further consent or authorization is
required  by  the  Company,  its  Board  of  Directors,  or  its  shareholders.

(III)  The  Transaction  Documents  have  been  duly  and  validly  executed and
delivered  by  the  Company.

(IV)  The  Transaction Documents constitute the valid and binding obligations of
the  Company  enforceable  against  the  Company in accordance with their terms,
except  as such enforceability may be limited by general principles of equity or
applicable  bankruptcy,  insolvency,  reorganization, moratorium, liquidation or
similar  laws relating to, or affecting generally, the enforcement of creditors'
rights  and  remedies.

(C)  CAPITALIZATION.  As of the date hereof, the authorized capital stock of the
Company  consists  of (i) 500,000,000 shares of Common Stock, $.001par value per
share,  of  which  as  of  the  date  hereof,  74,706,704  shares are issued and
outstanding;  (as of March 31, 2004) shares of reserved for issuance pursuant to
options,  warrants  and  other  convertible  securities. All of such outstanding
shares  have  been,  or upon issuance will be, validly issued and are fully paid
and  nonassessable.  Except  as  disclosed  in  the Company's publicly available
filings  with  Periodic  Filings,

(I) no shares of the Company's capital stock are subject to preemptive rights or
any  other  similar rights or any liens or encumbrances suffered or permitted by
the  Company;  (II) there are no outstanding debt securities; (III) there are no
outstanding  shares  of  capital  stock,  options,  warrants,  scrip,  rights to
subscribe  to,  calls or commitments of any character whatsoever relating to, or
securities  or  rights  convertible  into,  any  shares  of capital stock of the
Company or any of its Subsidiaries, or contracts, commitments, understandings or
arrangements  by  which  the Company or any of its Subsidiaries is or may become
bound  to  issue additional shares of capital stock of the Company or any of its
Subsidiaries  or  options,  warrants,  scrip,  rights  to subscribe to, calls or
commitments  of  any  character  whatsoever relating to, or securities or rights
convertible  into,  any  shares  of  capital  stock of the Company or any of its
Subsidiaries;  (IV)  there  are  no  agreements  or arrangements under which the
Company  or  any of its Subsidiaries is obligated to register the sale of any of
their  securities under the 1933 Act (except the Registration Rights Agreement);
(V)  there  are  no  outstanding  securities  of  the  Company  or  any  of  its
Subsidiaries  which  contain any redemption or similar provisions, and there are
no  contracts,  commitments, understandings or arrangements by which the Company
or  any  of  its Subsidiaries is or may become bound to redeem a security of the
Company  or any of its Subsidiaries; (VI) there are no securities or instruments
containing  anti-dilution  or  similar  provisions that will be triggered by the
issuance  of  the  Securities  as described in this Agreement; (VII) the Company
does  not  have  any  stock  appreciation  rights  or  "phantom  stock" plans or
agreements  or  any  similar  plan or agreement; and (VIII) there is no disStock
Salee as to the classification of any shares of the Company's capital stock. The
Company  has  furnished  to the Investor, or the Investor has had access through
EDGAR  to,  true  and  correct  copies  of  the  Company's  Amended and Restated
Certificate  of Incorporation, as in effect on the date hereof (the "Certificate
of  Incorporation"),  and the Company's By-laws, as in effect on the date hereof
(the "By-laws"), and the terms of all securities convertible into or exercisable
for  Common  Stock  and  the  material  rights of the holders thereof in respect
thereto.

(D)  ISSUANCE  OF  SHARES.  The  Company  has  reserved  250,000,000  Shares for
issuance  pursuant  to  this Agreement has been duly authorized and reserved for
issuance  (subject to adjustment pursuant to the Company's covenant set forth in
Section 5(f) below) pursuant to this Agreement. Upon issuance in accordance with
this  Agreement,  the  Securities  will  be  validly  issued,  fully  paid  and
non-assessable  and  free  from all taxes, liens and charges with respect to the
issue  thereof.  In the event the Company cannot register a sufficient number of
Shares  for  issuance  pursuant to this Agreement, the Company will use its best
efforts  to authorize and reserve for issuance the number of Shares required for
the  Company  to  perform  its  obligations  hereunder  as  soon  as  reasonably
practicable.

(E)  NO  CONFLICTS.  The  execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the transactions
contemplated  hereby  and  thereby  will  not  (I)  result in a violation of the
Certificate  of  Incorporation, any Certificate of Designations, Preferences and
Rights  of  any  outstanding  series  of  preferred  stock of the Company or the
By-laws;  or  (II)  conflict with, or constitute a material default (or an event
which  with  notice  or  lapse  of time or both would become a material default)
under,  or  give to others any rights of termination, amendment, acceleration or
cancellation  of,  any  material  agreement,  contract,  indenture  mortgage,
indebtedness  or instrument to which the Company or any of its Subsidiaries is a
party,  or  to  the  Company's knowledge result in a violation of any law, rule,
regulation, order, judgment or decree (including United States federal and state
securities  laws  and regulations and the rules and regulations of the Principal
Market  or  principal  securities exchange or trading market on which the Common
Stock  is traded or listed) applicable to the Company or any of its Subsidiaries
or  by  which any property or asset of the Company or any of its Subsidiaries is
bound or affected. Except as disclosed in Schedule 4(e), neither the Company nor
its  Subsidiaries  is  in  violation  of  any  term of, or in default under, the
Certificate  of  Incorporation, any Certificate of Designations, Preferences and
Rights  of  any  outstanding  series  of  preferred  stock of the Company or the
By-laws  or  their  organizational  charter  or  by-laws,  respectively,  or any
contract,  agreement,  mortgage,  indebtedness, indenture, instrument, judgment,
decree  or order or any statute, rule or regulation applicable to the Company or
its  Subsidiaries,  except  for  possible  conflicts,  defaults,  terminations,
amendments,  accelerations,  cancellations  and  violations  that  would  not
individually or in the aggregate have a Material Adverse Effect. The business of
the  Company  and  its  Subsidiaries  is  not  being conducted, and shall not be
conducted,  in  violation  of  any  law,  statute,  ordinance,  rule,  order  or
regulation  of  any  governmental  authority  or  agency,  regulatory  or
self-regulatory  agency,  or court, except for possible violations the sanctions
for  which  either  individually  or  in the aggregate would not have a Material
Adverse  Effect.  Except  as  specifically contemplated by this Agreement and as
required  under  the  1933  Act  to  the Company's knowledge, the Company is not
required  to  obtain any consent, authorization, permit or order of, or make any
filing or registration (except the filing of a registration statement) with, any
court, governmental authority or agency, regulatory or self-regulatory agency or
other  third  party  in  order  for it to execute, deliver or perform any of its
obligations  under,  or contemplated by, the Transaction Documents in accordance
with the terms hereof or thereof. All consents, authorizations, permits, orders,
filings  and  registrations  which the Company is required to obtain pursuant to
the  preceding  sentence  have been obtained or effected on or prior to the date
hereof  and  are  in  full  force  and  effect  as of the date hereof. Except as
disclosed  in Schedule 4(e), the Company and its Subsidiaries are unaware of any
facts  or  circumstances  which  might  give  rise  to any of the foregoing. The
Company is not, and will not be, in violation of the listing requirements of the
Principal  Market  as  in  effect  on the date hereof and on each of the Closing
Dates  and is not aware of any facts which would reasonably lead to delisting of
the  Common  Stock  by  the  Principal  Market  in  the  foreseeable  future.

(F)  SEC  DOCUMENTS;  FINANCIAL  STATEMENTS.  Since  at least June 28, 2004, the
Company  has filed all reports, schedules, forms, statements and other documents
required  to  be filed by it with the SEC pursuant to the reporting requirements
of  the  1934  Act  (all of the foregoing filed prior to the date hereof and all
exhibits  included  therein  and  financial statements and schedules thereto and
documents incorporated by reference therein being hereinafter referred to as the
"SEC  Documents").  The  Company  has  delivered  to  the  Investor  or  its
representatives,  or  they  have  had access through EDGAR to, true and complete
copies  of  the  SEC  Documents. As of their respective dates, the SEC Documents
complied  in all material respects with the requirements of the 1934 Act and the
rules  and  regulations  of the SEC promulgated thereunder applicable to the SEC
Documents,  and  none of the SEC Documents, at the time they were filed with the
SEC,  contained  any  untrue  statement of a material fact or omitted to state a
material  fact required to be stated therein or necessary to make the statements
therein,  in  light  of  the  circumstances  under  which  they  were  made, not
misleading.  As  of  their  respective  dates,  the  financial statements of the
Company  included  in  the  SEC  Documents  complied  as to form in all material
respects  with  applicable  accounting  requirements and the published rules and
regulations of the SEC with respect thereto. Such financial statements have been
prepared  in  accordance  with  generally  accepted  accounting  principles,
consistently  applied,  during  the  periods  involved  (except  (I)  as  may be
otherwise  indicated  in such financial statements or the notes thereto, or (II)
in  the  case  of  unaudited  interim statements, to the extent they may exclude
footnotes  or  may be condensed or summary statements) and fairly present in all
material  respects the financial position of the Company as of the dates thereof
and  the  results  of  its  operations and cash flows for the periods then ended
(subject,  in  the  case  of  unaudited  statements,  to  normal  year-end audit
adjustments).  No  other  written  information  provided  by or on behalf of the
Company  to  the Investor which is not included in the SEC Documents, including,
without  limitation,  information referred to in Section 4(d) of this Agreement,
contains  any untrue statement of a material fact or omits to state any material
fact  necessary to make the statements therein, in the light of the circumstance
under  which  they are or were made, not misleading. Neither the Company nor any
of  its  Subsidiaries  or  any of their officers, directors, employees or agents
have  provided  the  Investor with any material, nonpublic information which was
not  publicly  disclosed  prior  to  the date hereof and any material, nonpublic
information  provided  to the Investor by the Company or its Subsidiaries or any
of  their  officers,  directors,  employees  or agents prior to any Closing Date
shall  be  publicly  disclosed  by  the  Company  prior  to  such  Closing Date.

(G)  ABSENCE  OF  CERTAIN CHANGES. Except as set forth in the SEC Documents, the
Company  does not intend to change the business operations of the Company in any
material way. The Company has not taken any steps, and does not currently expect
to  take  any  steps, to seek protection pursuant to any bankruptcy law nor does
the Company or its Subsidiaries have any knowledge or reason to believe that its
creditors  intend  to  initiate  involuntary  bankruptcy  proceedings.

(H) ABSENCE OF LITIGATION. Except as set forth in the SEC Documents, there is no
action,  suit,  proceeding,  inquiry  or  investigation  before or by any court,
public  board,  government  agency, self-regulatory organization or body pending
or,  to  the  knowledge  of  the  executive  officers  of  Company or any of its
Subsidiaries,  threatened  against or affecting the Company, the Common Stock or
any  of  the  Company's  Subsidiaries  or  any of the Company's or the Company's
Subsidiaries'  officers  or  directors  in their capacities as such, in which an
adverse  decision  could  have  a  Material  Adverse  Effect.

(I)  ACKNOWLEDGMENT  REGARDING  INVESTOR'S  PURCHASE  OF  SHARES.  The  Company
acknowledges  and  agrees  that the Investor is acting solely in the capacity of
arm's  length  purchaser  with  respect  to  the  Transaction  Documents and the
transactions  contemplated  hereby and thereby. The Company further acknowledges
that  the  Investor  is  not  acting  as a financial advisor or fiduciary of the
Company  (or  in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated hereby and thereby and any advice given by the
Investor  or  any of its respective representatives or agents in connection with
the  Transaction  Documents and the transactions contemplated hereby and thereby
is  merely  incidental to the Investor's purchase of the Securities. The Company
further represents to the Investor that the Company's decision to enter into the
Transaction Documents has been based solely on the independent evaluation by the
Company  and  its  representatives.

(J) NO UNDISCLOSED EVENTS, LIABILITIES, DEVELOPMENTS OR CIRCUMSTANCES. Except as
set  forth  in  the SEC Documents, since December 31, 2003, no event, liability,
development  or  circumstance  has  occurred  or  exists,  or  to  the Company's
knowledge  is  contemplated  to  occur,  with  respect  to  the  Company  or its
Subsidiaries  or  their  respective  business,  properties,  assets,  prospects,
operations or financial condition, that would be required to be disclosed by the
Company  under applicable securities laws on a registration statement filed with
the  SEC relating to an issuance and sale by the Company of its Common Stock and
which  has  not  been  publicly  announced.

(K)  EMPLOYEE  RELATIONS.  Neither  the  Company  nor any of its Subsidiaries is
involved  in any union labor disStock Salee nor, to the knowledge of the Company
or  any  of its Subsidiaries, is any such disStock Salee threatened. Neither the
Company  nor  any  of  its  Subsidiaries  is  a party to a collective bargaining
agreement,  and  the  Company  and  its Subsidiaries believe that relations with
their employees are good. No executive officer (as defined in Rule 501(f) of the
1933  Act)  has  notified  the  Company  that  such officer intends to leave the
Company's  employ  or  otherwise  terminate  such  officer's employment with the
Company.

(L)  INTELLECTUAL  PROPERTY  RIGHTS.  The  Company  and  its Subsidiaries own or
possess  adequate rights or licenses to use all trademarks, trade names, service
marks,  service  mark  registrations,  service  names,  patents,  patent rights,
copyrights,  inventions, licenses, approvals, governmental authorizations, trade
secrets  and  rights  necessary  to  conduct  their respective businesses as now
conducted.  Except  as  set  forth  the  SEC  Documents,  none  of the Company's
trademarks,  trade  names,  service  marks,  service mark registrations, service
names,  patents,  patent  rights,  copyrights,  inventions, licenses, approvals,
government  authorizations,  trade secrets or other intellectual property rights
necessary  to  conduct  its  business as now or as proposed to be conducted have
expired  or  terminated, or are expected to expire or terminate within two years
from  the  date  of this Agreement. The Company and its Subsidiaries do not have
any  knowledge  of  any  infringement  by  the  Company  or  its Subsidiaries of
trademark,  trade  name  rights, patents, patent rights, copyrights, inventions,
licenses, service names, service marks, service mark registrations, trade secret
or  other  similar  rights  of  others, or of any such development of similar or
identical  trade  secrets  or technical information by others and, except as set
forth  on  the SEC Documents, there is no claim, action or proceeding being made
or brought against, or to the Company's knowledge, being threatened against, the
Company  or  its  Subsidiaries  regarding trademark, trade name, patents, patent
rights,  invention,  copyright,  license,  service names, service marks, service
mark  registrations, trade secret or other infringement; and the Company and its
Subsidiaries  are unaware of any facts or circumstances which might give rise to
any  of  the foregoing. The Company and its Subsidiaries have taken commercially
reasonable  security  measures to protect the secrecy, confidentiality and value
of  all  of  their  intellectual  properties.

(M)  ENVIRONMENTAL  LAWS.  The  Company  and  its  Subsidiaries  (I) are, to the
knowledge  of  management  of  the  Company,  in  compliance  with  any  and all
applicable  foreign,  federal,  state and local laws and regulations relating to
the protection of human health and safety, the environment or hazardous or toxic
substances  or  wastes,  pollutants or contaminants ("Environmental Laws"); (II)
have,  to  the  knowledge  of  management  of the Company, received all permits,
licenses or other approvals required of them under applicable Environmental Laws
to  conduct  their  respective  businesses;  and (III) are in compliance, to the
knowledge  of  the  Company,  with  all terms and conditions of any such permit,
license  or approval where, in each of the three foregoing cases, the failure to
so  comply  would  have,  individually  or  in the aggregate, a Material Adverse
Effect.

(N)  TITLE.  The  Company and its Subsidiaries have good and marketable title to
all  personal  property  owned  by them which is material to the business of the
Company  and  its  Subsidiaries,  in  each  case  free  and  clear of all liens,
encumbrances  and  defects  except such as are described in the SEC Documents or
such as do not materially affect the value of such property and do not interfere
with the use made and proposed to be made of such property by the Company or any
of  its  Subsidiaries.  Any real property and facilities held under lease by the
Company  or any of its Subsidiaries are held by them under valid, subsisting and
enforceable leases with such exceptions as are not material and do not interfere
with  the use made and proposed to be made of such property and buildings by the
Company  and  its  Subsidiaries.

(O)  INSURANCE.  Each  of  the Company's Subsidiaries are insured by insurers of
recognized  financial  responsibility  against such losses and risks and in such
amounts  as  management  of  the  Company  reasonably believes to be prudent and
customary  in  the  businesses  in  which  the  Company and its Subsidiaries are
engaged.  Neither  the  Company  nor  any  such  Subsidiary has been refused any
insurance  coverage  sought  or applied for and neither the Company nor any such
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  at  a  cost  that  would  not  have  a  Material  Adverse  Effect.

(P)  REGULATORY PERMITS. The Company and its Subsidiaries have in full force and
effect  all  certificates,  approvals,  authorizations  and  permits  from  the
appropriate  federal,  state,  local  or  foreign  regulatory  authorities  and
comparable foreign regulatory agencies, necessary to own, lease or operate their
respective  properties  and  assets and conduct their respective businesses, and
neither  the  Company  nor  any  such  Subsidiary  has  received  any  notice of
proceedings  relating to the revocation or modification of any such certificate,
approval,  authorization  or  permit,  except  for such certificates, approvals,
authorizations  or  permits  which  if  not  obtained,  or  such  revocations or
modifications  which,  would  not  have  a  Material  Adverse  Effect.

(Q)  INTERNAL  ACCOUNTING  CONTROLS.  The  Company  and each of its Subsidiaries
maintain  a  system  of  internal  accounting  controls  sufficient  to  provide
reasonable  assurance  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 conformity 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.

(R)  NO  MATERIALLY  ADVERSE  CONTRACTS, ETC. Neither the Company nor any of its
Subsidiaries is subject to any charter, corporate or other legal restriction, or
any  judgment,  decree,  order,  rule or regulation which in the judgment of the
Company's  officers  has or is expected in the future to have a Material Adverse
Effect.  Neither  the  Company  nor  any  of  its Subsidiaries is a party to any
contract  or agreement which in the judgment of the Company's officers has or is
expected  to  have  a  Material  Adverse  Effect.

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

(T)  CERTAIN  TRANSACTIONS.  Except  as  set forth in the SEC Documents filed at
least ten days prior to the date hereof and except for arm's length transactions
pursuant  to which the Company makes payments in the ordinary course of business
upon  terms  no  less favorable than the Company could obtain from third parties
and  other  than the grant of stock options disclosed in the SEC Documents, none
of  the officers, directors, or employees of the Company is presently a party to
any  transaction  with  the  Company  or any of its Subsidiaries (other than for
services  as  employees,  officers  and  directors),  including  any  contract,
agreement  or  other  arrangement providing for the furnishing of services to or
by,  providing  for rental of real or personal property to or from, or otherwise
requiring  payments to or from any officer, director or such employee or, to the
knowledge of the Company, any corporation, corporation, trust or other entity in
which  any officer, director, or any such employee has a substantial interest or
is  an  officer,  director,  trustee  or  partner.

(U) DILUTIVE EFFECT. The Company understands and acknowledges that the number of
shares  of  Common Stock issuable upon purchases pursuant to this Agreement will
increase in certain circumstances including, but not necessarily limited to, the
circumstance  wherein  the trading price of the Common Stock declines during the
period  between the Effective Date and the end of the Open Period. The Company's
executive officers and directors have studied and fully understand the nature of
the  transactions  contemplated by this Agreement and recognize that they have a
potential  dilutive effect. The Board of Directors of the Company has concluded,
in its good faith business judgment, that such issuance is in the best interests
of  the  Company.  The  Company  specifically acknowledges that, subject to such
limitations  as  are  expressly  set  forth  in  the  Transaction Documents, its
obligation  to  issue  shares  of  Common  Stock upon purchases pursuant to this
Agreement  is  absolute and unconditional regardless of the dilutive effect that
such  issuance  may have on the ownership interests of other shareholders of the
Company.

(V)  RIGHT  OF  FIRST  REFUSAL.  The  Company shall not, directly or indirectly,
without  the  prior  written  consent of Investor which will not be unreasonably
withheld, offer, sell, grant any option to purchase, or otherwise dispose of (or
announce  any offer, sale, grant or any option to purchase or other disposition)
any  of  its Common Stock or securities convertible into Common Stock at a price
that  is  less than the market price of the Common Stock at the time of issuance
of  such  security  or investment (a "Subsequent Financing") for a period of one
year after the Effective Date, except (I) the granting of options or warrants to
employees,  officers, directors and consultants, and the issuance of shares upon
exercise of options granted, under any stock option plan heretofore or hereafter
duly  adopted  by  the  Company or for services rendered or to be rendered; (II)
shares issued upon exercise of any currently outstanding warrants or options and
upon  conversion  of  any  currently  outstanding  convertible  debenture  or
convertible  preferred  stock,  in each case disclosed pursuant to Section 4(c);
(III)  securities  issued in connection with the capitalization or creation of a
joint venture with a strategic partner; (IV) shares issued to pay part or all of
the  purchase price for the acquisition by the Company of another entity (which,
for  purposes  of  this clause (iv), shall not include an individual or group of
individuals);  and  (V)  shares  issued  in  a  bona fide public offering by the
Company of its securities, unless (A) the Company delivers to Investor a written
notice  (the  "Subsequent  Financing  Notice")  of  its intention to effect such
Subsequent  Financing,  which  Subsequent  Financing  Notice  shall  describe in
reasonable detail the proposed terms of such Subsequent Financing, the amount of
proceeds  intended to be raised thereunder, the person with whom such Subsequent
Financing  shall  be  effected,  and  attached to which shall be a term sheet or
similar  document relating thereto; and (B) Investor shall not have notified the
Company  by 5:00 p.m. (New York time) on the fifth Trading Day after its receipt
of  the  Subsequent  Financing  Notice of its willingness to provide, subject to
completion  of  mutually  acceptable  documentation, financing to the Company on
substantially  the  terms  set forth in the Subsequent Financing Notice; (VI) to
enter  into  a  loan,  credit  or  lease  facility  with  a  bank  or  financing
institution.  If  Investor  shall fail to notify the Company of its intention to
enter  into  such  negotiations  within  such  time period, then the Company may
effect  the  Subsequent  Financing substantially upon the terms set forth in the
Subsequent  Financing  Notice;  provided that the Company shall provide Investor
with  a  second  Subsequent  Financing Notice, and Investor shall again have the
right  of  first  refusal  set  forth  above  in this Section, if the Subsequent
Financing subject to the initial Subsequent Financing Notice shall not have been
consummated  for  any reason on the terms set forth in such Subsequent Financing
Notice  within  thirty  Trading  Days  after  the date of the initial Subsequent
Financing Notice. The rights granted to Investor in this Section are not subject
to  any  prior  right  of  first  refusal given to any other person disclosed on
Schedule  4(c).

(W)  LOCK-UP.  The  Company  shall  cause its officers, insiders, directors, and
affiliates  or  other  related  parties under control of the Company, to refrain
from  selling  Common  Stock  during  each  Pricing  Period.

(X) NO GENERAL SOLICITATION. Neither the Company, nor any of its affiliates, nor
any person acting on its behalf, has engaged in any form of general solicitation
or  general  advertising (within the meaning of Regulation D) in connection with
the  offer  or  sale  of  the  Common  Stock  offered  hereby.

(Y)  NO  BROKERS,  FINDERS  OR  FINANCIAL  ADVISORY  FEES OR COMMISSIONS will be
payable  by  the  Company  with respect to the transactions contemplated by this
Agreement.

SECTION  5.  COVENANTS  OF  THE  COMPANY

(A)  BEST  EFFORTS. The Company shall use commercially reasonable efforts timely
to  satisfy  each  of  the  conditions  to  be  satisfied  by  it as provided in
Section  7  of  this  Agreement.

(B) BLUE SKY. The Company shall, at its sole cost and expense, on or before each
of the Closing Dates, take such action as the Company shall reasonably determine
is  necessary  to  qualify  the  Securities  for,  or  obtain  exemption for the
Securities  for,  sale  to the Investor at each of the Closings pursuant to this
Agreement  under  applicable securities or "Blue Sky" laws of such states of the
United  States,  as reasonably specified by Investor, and shall provide evidence
of  any  such  action  so taken to the Investor on or prior to the Closing Date.

(C)  REPORTING STATUS. Until the earlier to occur of (I) the first date which is
after  the  date this Agreement is terminated pursuant to Section 9 and on which
the  Holders  (as that term is defined in the Registration Rights Agreement) may
sell  all  of  the  Securities  without  restriction  pursuant  to  Rule  144(k)
promulgated  under  the  1933  Act  (or successor thereto); and (II) the date on
which (A) the Holders shall have sold all the Securities; and (B) this Agreement
has  been  terminated  pursuant  to  Section  9 (the "Registration Period"), the
Company shall file all reports required to be filed with the SEC pursuant to the
1934  Act, and the Company shall not terminate its status as a reporting company
under  the  1934  Act.

(D)  USE  OF  PROCEEDS.  The  Company will use the proceeds from the sale of the
Shares  (excluding  amounts  paid  by  the  Company for fees as set forth in the
Transaction  Documents)  for  general corporate and working capital purposes and
acquisitions  or assets, businesses or operations or for other purposed that the
Board  of  Directors  deem  to  be  in  the  best  interest  of  the  Company.

(E)  FINANCIAL INFORMATION. The Company agrees to make available to the Investor
via  EDGAR  or  other  electronic means the following to the Investor during the
Registration  Period: (I) within five Trading Days after the filing thereof with
the  SEC,  a copy of its Annual Reports on Form 10-KSB, its Quarterly Reports on
Form  10-QSB, any Current Reports on Form 8-K and any Registration Statements or
amendments  filed  pursuant to the 1933 Act; (II) on the same day as the release
thereof,  facsimile copies of all press releases issued by the Company or any of
its  Subsidiaries;  (III)  copies  of  any  notices  and  other information made
available  or  given  to  the  shareholders  of  the  Company  generally,
contemporaneously  with  the  making  available  or  giving  thereof  to  the
shareholders;  and  (IV) within two calendar days of filing or delivery thereof,
copies  of  all  documents  filed  with,  and  all  correspondence  sent to, the
Principal Market, any securities exchange or market, or the National Association
of  Securities  Dealers,  Inc.,  unless  such  information is material nonpublic
information.

(F)  RESERVATION OF SHARES. Subject to the following sentence, the Company shall
take  all action necessary to at all times have authorized, and reserved for the
purpose  of  issuance,  a sufficient number of shares of Common Stock to provide
for  the  issuance  of  the  Securities hereunder. In the event that the Company
determines  that  it  does  not have a sufficient number of authorized shares of
Common  Stock  to  reserve  and keep available for issuance as described in this
Section  5(f),  the Company shall use its best efforts to increase the number of
authorized  shares  of  Common  Stock  by  seeking  shareholder approval for the
authorization  of  such  additional  shares.

(G)  LISTING.  The Company shall promptly secure and maintain the listing of all
of  the Registrable Securities (as defined in the Registration Rights Agreement)
upon  the  Principal  Market  and  each  other  national securities exchange and
automated  quotation  system, if any, upon which shares of Common Stock are then
listed (subject to official notice of issuance) and shall maintain, such listing
of  all Registrable Securities from time to time issuable under the terms of the
Transaction  Documents.  Neither  the  Company nor any of its Subsidiaries shall
take any action which would be reasonably expected to result in the delisting or
suspension of the Common Stock on the Principal Market (excluding suspensions of
not  more  than  one  trading  day  resulting from business announcements by the
Company).  The  Company  shall  promptly  provide  to the Investor copies of any
notices  it  receives  from  the  Principal  Market  regarding  the  continued
eligibility  of  the Common Stock for listing on such automated quotation system
or  securities  exchange.  The  Company  shall  pay  all  fees  and  expenses in
connection  with  satisfying  its  obligations  under  this  Section  5(g).

(H) TRANSACTIONS WITH AFFILIATES. The Company shall not, and shall cause each of
its  Subsidiaries not to, enter into, amend, modify or supplement, or permit any
Subsidiary  to  enter  into,  amend,  modify  or  supplement,  any  agreement,
transaction,  commitment  or  arrangement  with  any  of its or any Subsidiary's
officers,  directors,  persons who were officers or directors at any time during
the  previous  two  years,  shareholders  who beneficially own 5% or more of the
Common Stock, or affiliates or with any individual related by blood, marriage or
adoption  to  any such individual or with any entity in which any such entity or
individual  owns  a  5%  or  more  beneficial interest (each a "Related Party"),
except  for  (I)  customary  employment  arrangements  and  benefit  programs on
reasonable  terms, (II) any agreement, transaction, commitment or arrangement on
an arms-length basis on terms no less favorable than terms which would have been
obtainable  from a person other than such Related Party, or (III) any agreement,
transaction,  commitment  or  arrangement which is approved by a majority of the
disinterested directors of the Company. For purposes hereof, any director who is
also  an  officer of the Company or any Subsidiary of the Company shall not be a
disinterested  director  with  respect  to  any  such  agreement,  transaction,
commitment  or  arrangement. "Affiliate" for purposes hereof means, with respect
to  any person or entity, another person or entity that, directly or indirectly,
(I)  has  a  5% or more equity interest in that person or entity, (II) has 5% or
more  common ownership with that person or entity, (III) controls that person or
entity, or (IV) is under common control with that person or entity. "Control" or
"Controls"  for  purposes  hereof  means  that a person or entity has the power,
direct  or  indirect,  to  conduct  or  govern the policies of another person or
entity.

(I)  FILING OF FORM 8-K. On or before the date which is three Trading Days after
the Execution Date, the Company shall file a Current Report on Form 8-K with the
SEC  describing  the  terms  of  the transaction contemplated by the Transaction
Documents  in  the  form  required  by the 1934 Act, if such filing is required.

(J)  CORPORATE EXISTENCE. The Company shall use its best efforts to preserve and
continue  the  corporate  existence  of  the  Company.

(K) NOTICE OF CERTAIN EVENTS AFFECTING REGISTRATION; SUSPENSION OF RIGHT TO MAKE
A  STOCK SALE. The Company shall promptly notify Investor upon the occurrence of
any  of  the  following events in respect of a Registration Statement or related
prospectus  in  respect  of  an  offering  of the Securities: (I) receipt of any
request  for  additional  information  by  the SEC or any other federal or state
governmental  authority  during  the period of effectiveness of the Registration
Statement for amendments or supplements to the Registration Statement or related
prospectus;  (II)  the  issuance  by  the  SEC  or  any  other  federal or state
governmental  authority  of  any  stop order suspending the effectiveness of any
Registration  Statement  or  the initiation of any proceedings for that purpose;
(III)  receipt  of  any  notification  with  respect  to  the  suspension of the
qualification  or exemption from qualification of any of the Securities for sale
in  any  jurisdiction  or  the  initiation  or notice of any proceeding for such
purpose;  (IV)  the happening of any event that makes any statement made in such
Registration  Statement  or  related  prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or
that  requires  the making of any changes in the Registration Statement, related
prospectus  or  documents  so  that, in the case of a Registration Statement, it
will  not  contain  any untrue statement of a material fact or omit to state any
material  fact required to be stated therein or necessary to make the statements
therein  not misleading, and that in the case of the related prospectus, it will
not  contain  any  untrue  statement  of  a  material  fact or omit to state any
material  fact required to be stated therein or necessary to make the statements
therein,  in  the  light  of  the  circumstances under which they were made, not
misleading; and (V) the Company's reasonable determination that a post-effective
amendment  to  the  Registration Statement would be appropriate, and the Company
shall  promptly  make  available to Investor any such supplement or amendment to
the related prospectus. The Company shall not deliver to Investor any Stock Sale
during  the  continuation  of  any  of  the  foregoing  events.

(L)  REIMBURSEMENT.  If  (I)  Investor  becomes  involved in any capacity in any
action,  proceeding  or investigation brought by any shareholder of the Company,
in  connection  with  or  as  a  result  of the consummation of the transactions
contemplated  by  the  Transaction Documents, or if Investor is impleaded in any
such  action,  proceeding or investigation by any person (other than as a result
of  a  breach of the Investor's representations and warranties set forth in this
Agreement);  or  (II)Investor  becomes  involved  in any capacity in any action,
proceeding  or investigation brought by the SEC against or involving the Company
or  in  connection  with  or as a result of the consummation of the transactions
contemplated by the Transaction Documents (other than as a result of a breach of
the  Investor's  representations and warranties set forth in this Agreement), or
if  Investor is impleaded in any such action, proceeding or investigation by any
person,  then  in  any  such  case,  the Company will reimburse Investor for its
reasonable legal and other expenses (including the cost of any investigation and
preparation) incurred in connection therewith, as such expenses are incurred. In
addition,  other  than  with  respect to any matter in which Investor is a named
party, the Company will pay to Investor the charges, as reasonably determined by
Investor,  for  the  time  of  any  officers or employees of Investor devoted to
appearing  and  preparing  to  appear as witnesses, assisting in preparation for
hearings,  trials  or  pretrial matters, or otherwise with respect to inquiries,
hearing,  trials,  and  other proceedings relating to the subject matter of this
Agreement. The reimbursement obligations of the Company under this section shall
be  in  addition  to  any  liability which the Company may otherwise have, shall
extend upon the same terms and conditions to any affiliates of Investor that are
actually  named  in  such  action,  proceeding  or  investigation, and partners,
directors,  agents,  employees, attorneys, accountants, auditors and controlling
persons  (if  any),  as the case may be, of Investor and any such affiliate, and
shall be binding upon and inure to the benefit of any successors of the Company,
Investor  and  any  such  affiliate  and  any  such  person.

SECTION  6.  COVER.
If  the number of Shares represented by any Stock Sales become restricted or are
no  longer freely trading for any reason, and after the applicable Closing Date,
the  Investor  purchases,  in  an  open  market  transaction  or  otherwise, the
Company's  Common  Stock  (the  "Covering  Shares") in order to make delivery in
satisfaction  of  a  sale  of  Common Stock by the Investor (the "Sold Shares"),
which delivery such Investor anticipated to make using the Shares represented by
the  Stock  Sale  (a "Buy-In"), the Company shall pay to the Investor the Buy-In
Adjustment  Amount  (as  defined  below).  The "Buy-In Adjustment Amount" is the
amount  equal  to the excess, if any, of (A) the Investor's total purchase price
(including  brokerage  commissions, if any) for the Covering Shares over (B) the
net proceeds (after brokerage commissions, if any) received by the Investor from
the  sale of the Sold Shares. The Company shall pay the Buy-In Adjustment Amount
to  the  Investor  in immediately available funds immediately upon demand by the
Investor.  By way of illustration and not in limitation of the foregoing, if the
Investor  purchases  Common  Stock  having  a  total  purchase  price (including
brokerage  commissions)  of $11,000 to cover a Buy-In with respect to the Common
Stock  it  sold  for net proceeds of $10,000, the Buy-In Adjustment Amount which
the  Company  will  be  required  to  pay  to  the  Investor  will  be  $1,000.

SECTION  7.  CONDITIONS  OF  THE  COMPANY'S  OBLIGATION  TO  SELL.
The  obligation hereunder of the Company to issue and sell the Securities to the
Investor is further subject to the satisfaction, at or before each Closing Date,
of  each  of  the following conditions set forth below. These conditions are for
the  Company's  sole benefit and may be waived by the Company at any time in its
sole  discretion.

(A) The Investor shall have executed each of this Agreement and the Registration
Rights  Agreement  and  delivered  the  same  to  the  Company.

(B)  The Investor shall have delivered to the Company the Purchase Price for the
Securities  being  purchased  by  the  Investor at the Closing (after receipt of
confirmation  of  delivery  of  such Securities) by wire transfer of immediately
available  funds  pursuant  to  the  wire  instructions provided by the Company.

(C)  No statute, rule, regulation, executive order, decree, ruling or injunction
shall  have  been  enacted,  entered,  promulgated  or  endorsed by any court or
governmental  authority  of  competent  jurisdiction  which  prohibits  the
consummation  of  any  of  the  transactions  contemplated  by  this  Agreement.

SECTION  8.  FURTHER  CONDITIONS  OF  THE  INVESTOR'S  OBLIGATION  TO  PURCHASE.
The  obligation  of  the Investor hereunder to purchase Shares is subject to the
satisfaction,  on  or  before  each  Closing  Date,  of  each  of  the following
conditions  set  forth  below.

(A)  The  Company  shall  have  executed  each  of the Transaction Documents and
delivered  the  same  to  the  Investor.

(B)  The  Common Stock shall be authorized for quotation on the Principal Market
and  trading  in the Common Stock shall not have been suspended by the Principal
Market  or  the  SEC,  at  any time beginning on the date hereof and through and
including  the  respective  Closing Date (excluding suspensions of not more than
one  Trading  Day resulting from business announcements by the Company, provided
that  such  suspensions  occur prior to the Company's delivery of the Stock Sale
related  to  such  Closing).

(C)  The representations and warranties of the Company shall be true and correct
as of the date when made and as of the applicable Closing Date as though made at
that  time  (except  for  (I)  representations and warranties that speak as of a
specific  date  and  (II)  with  respect to the representations made in Sections
4(g),  (h)  and  (j) and the third sentence of Section 4(k) hereof, events which
occur  on  or  after the date of this Agreement and are disclosed in SEC filings
made by the Company at least ten Trading Days prior to the applicable Stock Sale
Date)  and  the  Company  shall  have performed, satisfied and complied with the
covenants, agreements and conditions required by the Transaction Documents to be
performed,  satisfied  or complied with by the Company on or before such Closing
Date.  The  Investor may request an update as of such Closing Date regarding the
representation  contained  in  Section  4(c)  above.

(D)  The  Company  shall  have  executed  and  delivered  to  the  Investor  the
certificates  representing,  or have executed electronic book-entry transfer of,
the  Securities  (in  such  denominations  as such Investor shall request) being
purchased  by  the  Investor  at  such  Closing.

(E)  The  Board  of  Directors  of  the  Company  shall have adopted resolutions
consistent  with Section 4(b)(ii) above (the "Resolutions") and such Resolutions
shall  not  have  been  amended  or  rescinded  prior  to  such  Closing  Date.

(F)  reserved

(G)  No statute, rule, regulation, executive order, decree, ruling or injunction
shall  have  been  enacted,  entered,  promulgated  or  endorsed by any court or
governmental  authority  of  competent  jurisdiction  which  prohibits  the
consummation  of  any  of  the  transactions  contemplated  by  this  Agreement.

(H)  The  Registration  Statement shall be effective on each Closing Date and no
stop  order  suspending the effectiveness of the Registration statement shall be
in  effect  or  to  the  Company's  knowledge  shall  be  pending or threatened.
Furthermore,  on  each  Closing  Date (I) neither the Company nor Investor shall
have  received  notice  that the SEC has issued or intends to issue a stop order
with  respect  to  such  Registration  Statement  or  that the SEC otherwise has
suspended  or withdrawn the effectiveness of such Registration Statement, either
temporarily  or  permanently,  or intends or has threatened to do so (unless the
SEC's concerns have been addressed and Investor is reasonably satisfied that the
SEC  no longer is considering or intends to take such action), and (II) no other
suspension  of  the  use or withdrawal of the effectiveness of such Registration
Statement  or  related  prospectus  shall  exist.

(I)  At  the  time  of  each  Closing,  the  Registration  Statement  (including
information  or  documents incorporated by reference therein) and any amendments
or supplements thereto shall not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make  the  statements  therein  not  misleading  or  which  would require public
disclosure  or  an  update  supplement  to  the  prospectus.

(J)  If  applicable,  the  shareholders  of  the Company shall have approved the
issuance  of  any  Shares  in  excess  of  the  Maximum Common Stock Issuance in
accordance  with  Section  2(i).

(K)  The  conditions  to  such Closing set forth in Section 2(f) shall have been
satisfied  on  or  before  such  Closing  Date.

(L)  The  Company  shall  have certified to the Investor the number of Shares of
Common  Stock  outstanding  when  a  Stock  Sale  is  given  to  the  Investor.

SECTION 9. TERMINATION. This Agreement shall terminate upon any of the following
events:
(I)  when  the  Investor  has purchased an aggregate of $5,000,000 in the Common
Stock  of  the  Company  pursuant  to  this  Agreement;

(II)  on  the  date  which  is  thirty-six (36) months after the Effective Date;

Section  10.  SUSPENSION

This  Agreement  shall  be suspended upon any of the following events, and shall
remain  suspended  until  such  event  is  rectified:

     (I)  the trading of the Common Stock is suspended by the SEC, the Principal
Market or the NASD for a period of five consecutive Trading Days during the Open
Period;

     (II)  The Common Stock ceases to be registered under the 1934 Act or listed
or  traded  on  the  Principal  Market.  Upon  the  occurrence  of  one  of  the
above-described  events,  the Company shall send written notice of such event to
the  Investor.

SECTION  11.  INDEMNIFICATION.
In  consideration of the parties mutual obligations set forth In the Transaction
Documents, each of the parties (in such capacity, an "Indemnitor") shall defend,
protect,  indemnify  and  hold  harmless  the other and all of the other party's
shareholders,  officers,  directors,  employees, counsel, and direct or indirect
investors  and  any  of  the  foregoing person's agents or other representatives
(including,  without  limitation,  those  retained  in  connection  with  the
transactions  contemplated  by this Agreement) (collectively, the "Indemnitees")
from  and  against any and all actions, causes of action, suits, claims, losses,
costs,  penalties,  fees,  liabilities  and  damages, and reasonable expenses in
connection  therewith (irrespective of whether any such Indemnitee is a party to
the  action  for  which  indemnification  hereunder  is  sought),  and including
reasonable  attorneys'  fees  and disbursements (the "Indemnified Liabilities"),
incurred by any Indemnitee as a result of, or arising out of, or relating to (I)
any  misrepresentation  or  breach of any representation or warranty made by the
Indemnitor  or any other certificate, instrument or document contemplated hereby
or  thereby;  (II)  any  breach  of any covenant, agreement or obligation of the
Indemnitor  contained  in  the  Transaction  Documents or any other certificate,
instrument  or  document  contemplated  hereby or thereby; or (III) any cause of
action,  suit  or claim brought or made against such Indemnitee by a third party
and  arising  out  of  or resulting from the execution, delivery, performance or
enforcement of the Transaction Documents or any other certificate, instrument or
document  contemplated  hereby  or  thereby,  except  insofar  as  any  such
misrepresentation,  breach  or  any  untrue statement, alleged untrue statement,
omission  or  alleged  omission  is made in reliance upon and in conformity with
information  furnished  to  Indemnitor which is specifically intended for use in
the  preparation  of  any  such  Registration Statement, preliminary prospectus,
prospectus  or  amendments  to  the prospectus. To the extent that the foregoing
undertaking by the Indenitor may be unenforceable for any reason, the Indemnitor
shall  make  the maximum contribution to the payment and satisfaction of each of
the  Indemnified  Liabilities  which  is  permissible  under applicable law. The
indemnity  provisions  contained  herein  shall  be  in addition to any cause of
action or similar rights Indemnitor may have, and any liabilities the Indemnitor
or  the  Indemnitees  may  be  subject  to.

SECTION  12.  GOVERNING  LAW;  MISCELLANEOUS.

(A)  GOVERNING  LAW.  This  Agreement  shall  be  governed by and interpreted in
accordance  with  the  laws  of  the  State  of  Indiana  without  regard to the
principles  of  conflict  of  laws. Each party hereby irrevocably submits to the
exclusive  jurisdiction  of  the state and federal courts sitting in the City of
Indianapolis,  County  of  Marion,  for  the  adjudication of any disStock Salee
hereunder  or in connection herewith or with any transaction contemplated hereby
or  discussed herein, 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
brought  in  an  inconvenient  forum  or  that the venue of such suit, action or
proceeding is improper. 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  to such party at the address for such
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. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that
jurisdiction  or  the  validity  or  enforceability  of  any  provision  of this
Agreement  in  any  other  jurisdiction.

(B)  LEGAL  FEES;  AND  MISCELLANEOUS FEES. Except as otherwise set forth in the
Transaction  Documents,  each  party  shall  pay  the  fees  and expenses of its
advisers,  counsel,  the  accountants  and  other experts, if any, and all other
expenses  incurred  by  such  party  incident  to  the negotiation, preparation,
execution,  delivery  and performance of this Agreement. Any attorneys' fees and
expenses  incurred  by  either the Company or by the Investor in connection with
the  preparation,  negotiation, execution and delivery of any amendments to this
Agreement  or  relating to the enforcement of the rights of any party, after the
occurrence  of any breach of the terms of this Agreement by another party or any
default  by another party in respect of the transactions contemplated hereunder,
shall  be  paid  on  demand  by  the  party  which breached the Agreement and/or
defaulted,  as  the case may be. The Company shall pay all stamp and other taxes
and  duties  levied  in  connection  with  the  issuance  of  any  Securities.

(C)  COUNTERPARTS.  This  Agreement  may  be  executed  in two or more identical
counterparts,  all  of  which shall be considered one and the same agreement and
shall  become  effective  when  counterparts  have been signed by each party and
delivered  to  the  other  party;  provided  that a facsimile signature shall be
considered  due  execution  and shall be binding upon the signatory thereto with
the  same force and effect as if the signature were an original, not a facsimile
signature.

(D)  HEADINGS;  SINGULAR/PLURAL.  The  headings  of  this  Agreement  are  for
convenience  of  reference  and  shall  not  form  part  of,  or  affect  the
interpretation  of,  this  Agreement.  Whenever  required by the context of this
Agreement, the singular shall include the plural and masculine shall include the
feminine.

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

(F) ENTIRE AGREEMENT; AMENDMENTS. This Agreement supersedes all other prior oral
or  written  agreements  between the Investor, the Company, their affiliates and
persons acting on their behalf with respect to the matters discussed herein, and
this  Agreement  and  the  instruments  referenced  herein  (including the other
Transaction  Documents)  contain  the  entire  understanding of the parties with
respect  to  the  matters covered herein and therein and, except as specifically
set  forth  herein  or  therein,  neither the Company nor the Investor makes any
representation,  warranty, covenant or undertaking with respect to such matters.
No  provision  of  this  Agreement may be amended other than by an instrument in
writing  signed  by the Company and the Investor, and no provision hereof may be
waived  other  than by an instrument in writing signed by the party against whom
enforcement  is  sought.

(G)  NOTICES.  Any  notices  or other communications required or permitted to be
given under the terms of this Agreement must be in writing and will be deemed to
have  been  delivered  (I)  upon  receipt,  when delivered personally; (II) upon
receipt,  when  sent  by  facsimile  (provided  confirmation  of transmission is
mechanically or electronically generated and kept on file by the sending party);
or  (III)  one day after deposit with a nationally recognized overnight delivery
service,  in  each case properly addressed to the party to receive the same. The
addresses  and  facsimile  numbers  for  such  communications  shall  be:

                               If to the Company:
Telecommunication  Products,  Inc.
9171  Wilshire  Boulevard  Suite  B  Beverly  Hills,  CA  90210
Telephone:  310-281-2571
Facsimile:  310-275-3957
                               If to the Investor:
Equities  First  Holding,  LLC
3905  Vincennes  Rd.,  Suite  303,  Indianapolis,  IN  46268.
Telephone:  317-471-3576
Facsimile:   317-471-3573
Each  party  shall provide five days' prior written notice to the other party of
any  change  in  address  or  facsimile  number.

(H)  NO  ASSIGNMENT.  This  Agreement  may  not  be  assigned.

(I)  NO THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of
the  parties  hereto and is not for the benefit of, nor may any provision hereof
be  enforced  by,  any  other  person.

(J) SURVIVAL. The representations and warranties of the Company and the Investor
contained  in  Sections  2  and  3,  the  agreements  and covenants set forth in
Sections  4  and  5, and the indemnification provisions set forth in Section 10,
shall  survive  each  of  the  Closings  and  the termination of this Agreement.

 (K)  PUBLICITY.  The  Company  and  Investor  shall  consult with each other in
issuing  any  press  releases or otherwise making public statements with respect
to  the transactions contemplated hereby and no party shall issue any such press
release or otherwise make any such public statement without the prior consent of
the  other parties, which consent shall not be unreasonably withheld or delayed,
except that no prior consent shall be required if such disclosure is required by
law,  in  which  such  case the disclosing party shall provide the other parties
with  prior  notice of such public statement. Notwithstanding the foregoing, the
Company  shall  not  publicly  disclose  the  name of Investor without the prior
consent  of  such  Investor,  except  to  the  extent  required by law. Investor
acknowledges  that  this  Agreement and all or part of the Transaction Documents
may  be  deemed  to  be  "material  contracts"  as  that term is defined by Item
601(b)(10)  of Regulation S-B, and that the Company may therefore be required to
file  such  documents  as  exhibits  to reports or registration statements filed
under  the  1933 Act or the 1934 Act. Investor further agrees that the status of
such documents and materials as material contracts shall be determined solely by
the  Company,  in  consultation  with  its  counsel.

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

(M)  PLACEMENT  AGENT.  The  Company  agrees  to  pay  U.S.  Euro  Securities, a
registered  broker  dealer,  $10,000.  The $10,000 shall be payable from 1% (one
percent)  of  the  Stock  Sale  Amount  on  each  draw toward the fee. U.S. Euro
Securities  will  also act as an unaffiliated broker dealer.  The Investor shall
have  no  obligation with respect to any fees or with respect to any claims made
by  or on behalf of other persons or entities for fees of a type contemplated in
this Section that may be due in connection with the transactions contemplated by
the  Transaction  Documents.  The  Company shall indemnify and hold harmless the
Investor,  their employees, officers, directors, agents, and partners, and their
respective  affiliates,  from  and  against  all  claims, losses, damages, costs
(including  the  costs of preparation and attorney's fees) and expenses incurred
in  respect  of any such claimed or existing fees, as such fees and expenses are
incurred.

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

(O)  REMEDIES.  The Investor and each holder of the Shares shall have all rights
and  remedies  set forth in this Agreement and the Registration Rights Agreement
and  all  rights  and  remedies which such holders have been granted at any time
under  any  other agreement or contract and all of the rights which such holders
have  under  any  law.  Any person having any rights under any provision of this
Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any default or breach
of  any  provision  of  this  Agreement,  including  the  recovery of reasonable
attorneys  fees  and  costs,  and  to  exercise all other rights granted by law.

(P)  PAYMENT  SET  ASIDE.  To  the  extent  that  the Company makes a payment or
payments  to  the Investor hereunder or the Registration Rights Agreement or the
Investor  enforces  or  exercises  its  rights hereunder or thereunder, and such
payment  or payments or the proceeds of such enforcement or exercise or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential,
set  aside,  recovered from, disgorged by or are required to be refunded, repaid
or  otherwise  restored  to the Company, a trustee, receiver or any other person
under  any  law  (including,  without  limitation,  any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any
such  restoration  the  obligation  or  part  thereof  originally intended to be
satisfied  shall  be  revived  and continued in full force and effect as if such
payment  had  not  been  made  or  such  enforcement or setoff had not occurred.

(Q)  PRICING  OF  COMMON STOCK. For purposes of this Agreement, the bid price of
the  Common  Stock  in  this  Agreement  shall  be as reported on Bloomberg.com.
                                      * * *

                     SIGNATURE PAGE OF INVESTMENT AGREEMENT
Your  signature  on  this Signature Page evidences your agreement to be bound by
the terms and conditions of the Investment Agreement and the Registration Rights
Agreement  as  of  the  date  first  written  above.
The  undersigned signatory hereby certifies that he has read and understands the
Investment  Agreement,  and  the representations made by the undersigned in this
Investment Agreement are true and accurate, and agrees to be bound by its terms.
                          EQUITIES FIRST HOLDINGS, LLC

By:  /s/  Al  Christy
   -------------------

 Al  Christy
                        TELECOMMUNICATION PRODUCTS, INC.
By:  /s/  Robert  C.  Russell
     ------------------------
 Robert  C.  Russell,  Chief  Executive  Officer

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