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                                                                 EXHIBIT 10.30

             AMENDED AND RESTATED LICENSE AND DEVELOPMENT AGREEMENT

         THIS AMENDED AND RESTATED LICENSE AGREEMENT (the "Amended Agreement")
is made and entered into this ______day of April 2001, between ECHOCATH, INC.
("EchoCath"), a corporation organized and existing under the laws of the State
of New Jersey, and CRITICAL CARE INNOVATIONS, INC. ("CCI"), a corporation
organized and existing under the laws of the Commonwealth of Virginia.

                              W I T N E S S E T H:

         WHEREAS, EchoCath is the owner of technology and patents relating to
enhancing the visualization of biopsy needles or other metallic devices being
guided by ultrasound;

         WHEREAS, CCI is involved in the development and distribution of medical
equipment;

         WHEREAS, EchoCath and CCI are parties to a License and Development
Agreement dated January 15, 2000 (the "Agreement") which granted to CCI an
exclusive license to use and develop certain EchoCath technology and patents
relating to enhancing the visualization of biopsy needles or other metallic
devices guided by ultrasound;

         WHEREAS, EchoCath and CCI desire to amend and restate the Agreement as
more particularly set forth herein,

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, the recitals set forth above, which are hereby incorporated by reference
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS
                                   -----------

         1.1 Specific Definitions. As used in this Amended Agreement, the
following terms have the meanings set forth or referenced below:

         "Affiliate" The term "Affiliate" as used herein shall mean with respect
         to any specified Person, any other Person that directly or indirectly
         through one or more intermediaries, controls, or is controlled by, or
         is under common control with, the Person specified. For purposes of
         this definition, "control" including, with correlative meanings, the
         terms "controlled by" and "under common control with" means ownership
         directly or indirectly of more than fifty percent (50%) of the equity
         capital having the right to vote for election of directors in the case
         of a corporation and more than fifty percent (50%) of the beneficial
         interest in the case of a business entity other than a corporation.

         "Confidential Information" means know-how, trade secrets, and
         unpublished information disclosed (whether before or during the term of
         this Amended Agreement) by one of the parties (the "disclosing party")

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         to the other party (the "receiving party") or generated under this
         Amended Agreement, excluding information which:

                  (a) was already in the possession of receiving party prior to
         its receipt from the disclosing party (provided that the receiving
         party is able to provide the disclosing party with reasonable
         documentary proof thereof);

                  (b) is or becomes part of the public domain by reason of acts
         not attributable to the receiving party;

                  (c) is or becomes available to receiving party from a source
         other than the disclosing party which source, to the best of receiving
         party's knowledge, has rightfully obtained such information and has no
         obligation of non-disclosure or confidentiality to the disclosing party
         with respect thereto;

                  (d) is made available by the disclosing party to a third party
         unaffiliated with the disclosing party on an unrestricted basis;

                  (e) has been independently developed by the receiving party
         without breach of this Amended Agreement or use of any Confidential
         Information of the disclosing party; or

                  (f) has been or must be publicly disclosed by reason of legal,
         accounting or regulatory requirements beyond the reasonable control,
         and despite the reasonable efforts of the receiving party.

         "Effective Date" means the date of the effective date of the Agreement,
         January 15, 2000.

         "EchoCath" means EchoCath, Inc. and its Affiliates.

         "ColorMark(R)" is a trademark of EchoCath and, within this Amended
         Agreement, means the technology of EchoCath for enhancing the
         visualization of biopsy needles or other metallic devices being guided
         by ultrasound, as more particularly described by the U.S. Patents
         listed on Exhibit A.

         "Field of Use" means all soft tissue needle biopsies and cancer therapy
         guidance, including veterinary applications of the same. The Field of
         Use specifically excludes the use of the Licensed Technology (i) in the
         field of electrophysiology; and (ii) cardiac applications except for
         the delivery of localized chemotherapy or other cancer therapies via
         catheters, probes or other delivery systems within the vascular system.

         "Governmental Regulations" means any and all laws, regulations, etc. of
         any federal, state or local governmental authority with jurisdiction
         over the distribution of Products.

         "Invention" means any invention, discovery, know-how, trade secret,
         data, information, technology, process or concept, whether or not
         patented or patentable, and whether or not memorialized in writing.

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                  "Licensed Technology" means the ColorMark(R) technology, and
         shall include (a) all EchoCath U.S. and foreign patents and patent
         applications, currently existing or existing in the future, related
         thereto, including, but not limited to, the patents and patent
         applications listed in the attached Exhibit A, referred to herein as
         the "EchoCath Patents", and (b) all know-how, trade secrets, trade
         names inventions, discoveries, and any and all intellectual property
         and technical information, including, but not limited to, information
         embodied in drawings, designs, copyrights, copyright applications,
         trademarks, trade applications, material specifications, processing
         instructions, formulas, equipment specifications, product
         specifications, confidential data, computer software, electronic files,
         research notebooks, invention disclosures, research and development
         reports and the like related thereto.

         "CCI" means Critical Care Innovations, Inc. and its Affiliates.

         "Option Payments" means any and all amounts paid by CCI to EchoCath
         prior to or after the Effective Date in consideration of EchoCath
         granting to CCI an option to acquire an exclusive license to the
         Licensed Technology, including, but not limited to, payments made by
         CCI to EchoCath in accordance with the terms and conditions of a
         certain Option Agreement entered into by and between CCI and EchoCath
         on April 16, 1999, and any extensions and modifications thereof.

         Person. As used herein, the term "Person" shall mean any individual,
         corporation, partnership, business trust, business association,
         governmental entity, governmental authority or other legal entity.

         "Product" means any device which utilizes, incorporates, is based upon
         or depends upon the Licensed Technology.

         "Quarter" shall mean four (4) equal three (3) month periods in a
         calendar year, each such period beginning on January 1, April 1, July
         1, and October 1 of a calendar year.

                                    ARTICLE 2
                      LICENSE TO CRITICAL CARE INNOVATIONS
                      ------------------------------------

         2.1 Grant of License. Subject to the terms and conditions of this
Amended Agreement, EchoCath hereby grants to CCI, and CCI hereby accepts from
EchoCath, an exclusive worldwide license to the Licensed Technology to
manufacture, make, have made, promote, market, use, distribute, sell and have
sold Products incorporating or utilizing, and to otherwise commercialize and
exploit, the Licensed Technology in the Field of Use, including the right to
grant sublicenses in the Field of Use and the right of CCI to sue third parties
for alleged infringement and/or misappropriation of the Licensed Technology and
EchoCath's Patents.

         2.2 Term of License. Unless otherwise terminated under provisions of
this Amended Agreement, CCI's rights and obligations under this Amended
Agreement shall continue in full force and effect so long as CCI continues to
produce any Product using Licensed Technology until the last of the EchoCath
Patents expire without possibility of renewal.

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         2.3 Termination of License.

             (a) Notwithstanding anything to the contrary contained herein, CCI
may terminate this Amended Agreement upon six (6) months written notice to
EchoCath. Upon such termination, the parties shall do a complete and final
accounting and upon payment of any outstanding royalties, CCI shall have no
further liability hereunder.

             (b) EchoCath shall have the right to terminate this Amended
Agreement upon thirty (30) days notice to CCI in the event of CCI's breach or
violation of any of the terms and conditions of this Agreement. (This thirty
(30) day period shall hereinafter be referred to as the "Notice Period"). The
foregoing notice shall state with particularity the nature of the asserted
breach or violation by CCI. CCI shall have the right to cure the breach or
violation during the Notice Period and for an additional thirty (30) day period
after the expiration of the Notice Period (this thirty (30) day period shall
hereinafter be referred to as the "Cure Period"). In the event that CCI cures
the breach or violation during the Notice Period or the Cure Period, the notice
of violation shall be null and void and this Amended Agreement shall return to
its prior status. In the event that CCI does not cure the breach or violation
prior to the expiration of the Cure Period, this Amended Agreement may be
terminated by Echocath in its sole discretion, by written notice to CCI.

         2.4 Regulatory Approvals. CCI shall be solely responsible for obtaining
any and all governmental regulatory approvals which may be required to
distribute the Products anywhere in the world. EchoCath shall provide CCI with
any and all reasonable support to assist CCI in obtaining such governmental
regulatory approvals. Except in those instances where such regulatory approval
is applicable to areas not limited by the Field of use, EchoCath shall transfer
to CCI, as part of the License Agreement, any and all governmental regulatory
approvals which EchoCath has previously obtained for the Products. Where such
regulatory approvals encompass areas greater than the Field of Use, EchoCath
shall take such actions as required under the circumstances to extend and ensure
such regulatory approval to include CCI's ability to distribute Products. CCI
shall cooperate with EchoCath in regards to such actions.

                                    ARTICLE 3
                            LICENSE ACQUISITION FEES
                            ------------------------

         3.1 Consideration. In exchange for the grant of exclusive license
rights of the Licensed Technology in the Field of Use, CCI agrees to pay to
EchoCath a non-refundable license fee of One Million One Hundred Thousand
Dollars ($1,100,000) as enumerated below:

             (a) One hundred and Fifteen Thousand Dollars ($115,000) heretofore
paid to EchoCath pursuant to the Agreement;

             (b) A payment in the amount of Two Hundred Ten Thousand Dollars
($210,000) upon execution of this Amended Agreement, in return for an assignment
of the EchoCath Patents as more particularly set forth in the Assignment of
Patents , attached hereto and subject to the Escrow Agreement attached hereto;

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             (c) Four Hundred Thousand Dollars ($400,000) upon the first
anniversary of the execution of this Amended Agreement; and

             (d) Three Hundred Seventy Five Thousand Dollars ($375,000) upon the
second anniversary of the execution of this Amended Agreement.

                                    ARTICLE 4
                              ROYALTIES AND REPORTS
                              ---------------------

         4.1 Royalties. CCI shall pay to EchoCath a royalty in an amount equal
to five and one-half percent (5.5%) of Net Sales of any and all Products which
use EchoCath's licensed technologies manufactured by CCI and sold to third
parties in a given Quarter. CCI shall pay EchoCath one-third (1/3) of any
royalties received by CCI on account of any sublicenses granted hereunder by
CCI. As used herein, "Net Sales" shall mean gross invoice price less expenses
attributable to transportation, insurance or other similar out-of-pocket
expenses paid to third parties in connection with shipment and delivery of the
Products, and, less sales tax, import duties and other taxes not related to the
net income of CCI. In the event that the Products are sold in kit form in
combination with other products, Net Sales of such kitted Products shall be
determined by adding the list prices of all products in the kit and dividing
same by the sales price of the kit. The resulting percentage discount shall be
applied against the average selling price of the Products to determine their Net
Sales price. Royalties paid shall be on only the pro rata share of the kit price
which the product that uses the technologies is part of.

         4.2 Reports and Payments. Within thirty (30) days after the end of each
Quarter, CCI shall provide EchoCath with a written report indicating the number
of each type of Product sold during the previous Quarter and the amount of the
royalties due to EchoCath for the previous Quarter. Simultaneously with making
such report and to the extent a payment is due to EchoCath, CCI shall pay the
royalty due to EchoCath as computed pursuant to the terms of this Amended
Agreement.

         4.3 Records. CCI agrees to keep accurate written records sufficient in
detail to enable CCI and EchoCath to determine and verify the royalty payment
due to EchoCath pursuant to the terms of this Amended Agreement. CCI shall
retain all records for a given Quarter for a period of not less than three (3)
years following the end of such Quarter.

         4.4 Audit of Records. Upon reasonable notice and during regular
business hours, CCI shall from time to time, but no more frequently than
annually, make available the records referred to in Section 4.3 for audit by an
independent party mutually agreed to by the parties for the purpose of verifying
the accuracy of the reports prepared by CCI pursuant to paragraph 4.2 herein.
Such audit shall be performed at EchoCath's sole and exclusive expense. The
parties shall require the independent party to execute a suitable
confidentiality agreement reasonably acceptable to CCI and EchoCath prior to
conducting such audit. Such representatives shall only disclose to EchoCath its
conclusions regarding the accuracy and completeness of CCI's royalty payments
and records related thereto, and shall not disclose to EchoCath CCI's
confidential business information. In the event the audit report of the
independent party concludes that CCI underpaid royalties to EchoCath in an
amount in excess of ten percent (10%), then CCI shall reimburse EchoCath's out
of pocket expenses associated with the audit.

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                                    ARTICLE 5
                             ANNUAL MINIMUM ROYALTY
                             ----------------------

         5.1 Minimum Royalty. In every twelve month period, commencing on the
fourth anniversary of the execution of this Amended Agreement, Critical Care
Innovations shall pay to EchoCath a minimum royalty of $300,000.00; $500,000.00
on the fifth anniversary, and $800,000.00 on the sixth anniversary, and in
succeeding years the minimum annual royalty shall increase by an amount equal to
3% each year. To the extent that in any given fiscal year the actual royalties
paid by CCI do not equal or exceed the then applicable minimum royalty,
simultaneously with CCI's payment of the royalties due for the final quarter of
the applicable fiscal year, CCI shall also pay to EchoCath an amount equal to
the difference between such actual royalty payments and the applicable minimum
royalty. For example, for the fiscal year commencing with the fourth anniversary
of the execution of this agreement, if the actual royalties paid were $280,000,
the minimum royalty payment would be $20,000 ($300,000 - $280,000 = $20,000).

                                    ARTICLE 6
                              DEVELOPMENT AGREEMENT
                              ---------------------

         6.1 Development Agreement. As requested by CCI, EchoCath shall prepare
one or more proposals for certain development work to be specified by CCI. To
the extent that CCI accepts or rejects, at its sole discretion, any such
proposal in writing, each proposal shall, when accompanied by EchoCath's terms
and conditions as agreed upon by both parties, constitute a development
agreement between the parties.

                                    ARTICLE 7
                              INTELLECTUAL PROPERTY
                              ---------------------

         7.1 Pre-existing Intellectual Property. Any intellectual property that
exists as of the execution of this Amended Agreement shall remain the property
of its original owner, whether or not it is shared with or used by the other
party for the purpose of this Amended Agreement.

         7.2 Sole Inventions. Any Inventions made individually by a party during
the term of this Amended Agreement shall remain the property of the inventing
party.

         7.3 Joint Inventions. Any Inventions made jointly by agents of CCI and
EchoCath ("Joint Inventions") shall be owned jointly by CCI and EchoCath. Each
party shall have joint rights to use and license such Joint Inventions; however,
CCI shall have exclusive rights to license Joint Inventions within the Field of
Use and shall be entitled to 20% of license fees which EchoCath receives from
other licensees relating to the use of the Joint Inventions outside of the Field
of Use. As products are shown to be enhanced by the Joint Invention
technologies, through the implementation and use of these technologies in these
other Fields of Use, CCI will be paid this pro rata share of license fees which
have been received by EchoCath through the use of the Joint Invention
technologies in other Fields of Use. Provided however, that the foregoing
requirement to pay royalties to CCI shall not apply in instances where, due to a
written agreement executed prior to the Effective Date, all of which are set
forth on Exhibit B attached hereto, another licensee of EchoCath has rights to
such inventions without payment of any additional royalties other than the
standard royalties set forth in that licensee's agreement with EchoCath.

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                                    ARTICLE 8
               CERTAIN REPRESENTATIONS, WARRANTIES AND INDEMNITIES
               ---------------------------------------------------

         8.1 Representations and Warranties of EchoCath. EchoCath represents and
warrants to CCI as follows:

             (a) The execution and delivery by EchoCath of this Amended
Agreement and the performance by EchoCath of its obligations hereunder have been
duly authorized by all requisite corporate action and will not violate any
provision of law, any order of any court or other agency of government, the
Certificate of Incorporation or Bylaws of EchoCath, as amended, or any provision
of any indenture, agreement or other instrument to which EchoCath or any of its
properties or assets is bound, or conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any such
indenture, agreement or other instrument, or result in the creation or
imposition of any lien, charge, restriction, claim or encumbrance of any nature
whatsoever upon any of the properties or assets of EchoCath.

             (b) This Amended Agreement has been duly executed and delivered by
EchoCath and constitutes the legal, valid and binding obligation of EchoCath,
enforceable in accordance with its terms, subject, as to the enforcement of
remedies, to the discretion of the courts in awarding equitable relief and to
applicable bankruptcy, reorganization, insolvency, moratorium and similar laws
affecting the rights of creditors generally.

             (c) EchoCath is the owner, or has the right to grant this exclusive
license with the right to grant sublicenses in the Field of Use, of all right,
title and interest in and to the Licensed Technology and the EchoCath Patents
free and clear of any liens, mortgages, charges, security interests, pledges,
encumbrances, assessments, restrictions or other third-party claims of any
nature and has the right to grant to CCI this exclusive license for the Licensed
Technology and the EchoCath Patents;

             (d) EchoCath has not granted the rights which it hereunder grants
to CCI to any other party.

             (e) To the best of EchoCath's knowledge, CCI's use of the Licensed
Technology in the Field of Use will not infringe, misuse, misappropriate or
conflict with the rights, including patent and other intellectual property
rights or contract rights, of others.

             (f) EchoCath is the true and lawful owner of all patents,
copyrights, trademarks, trade names and other intellectual property associated
with the Licensed Technology and the EchoCath Patents.

             (g) EchoCath has cancelled any and all agreements of any kind which
it may have previously entered into with any and all third parties, including,
but not limited to Medtronic, Medison, and Bard, relating to the manufacture,
sale or distribution of Products anywhere in the world.

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         8.2 Representations and Warranties of CCI.  CCI represents and warrants
to EchoCath as follows:

             (a) The execution and delivery by CCI of this Amended Agreement and
the performance by CCI of its obligations hereunder have been duly authorized by
all requisite corporate action and will not violate any provision of law, any
order of any court or other agency of government, the Certificate of
Incorporation or Bylaws of CCI, as amended, or any provision of any indenture,
agreement or other instrument to which CCI or any of its properties or assets is
bound, or conflict with, result in a breach of or constitute (with due notice of
lapse of time or both) a default under any such indenture, agreement or other
instrument, or result in the creation or imposition of any lien, charge,
restriction, claim or encumbrance of any nature whatsoever upon any of the
properties or assets of CCI.

             (b) This Amended Agreement has been duly executed and delivered by
CCI and constitutes the legal, valid and binding obligation of CCI, enforceable
in accordance with its terms, subject, as to the enforcement of remedies, to the
discretion of the courts in awarding equitable relief and to applicable
bankruptcy, reorganization, insolvency, moratorium and similar laws affecting
the right of creditors generally.

                                    ARTICLE 9
                                 INDEMNIFICATION
                                 ---------------

         9.1 EchoCath's Liability. EchoCath shall indemnify, defend and hold
harmless CCI and each of its subsidiaries, officers, directors, employees,
shareholders and distributors from and against and in respect of any and all
demands, claims, actions or causes of action, assessments, losses, damages,
liabilities, interest and penalties, costs and expenses (including, without
limitation, reasonable legal fees and disbursements incurred in connection
therewith and in seeking indemnification therefor, and any amounts or expenses
required to be paid or incurred in connection with any action, suit, proceeding,
claim, appeal, demand, assessment or judgment) ("Indemnifiable Losses"), which
in any way arise out of EchoCath's breach of any representation, warranty,
covenant or agreement on the part of EchoCath under this Amended Agreement
(excluding matters for which CCI is responsible under Section 9.2 below).

         9.2 CCI's Liability. CCI shall indemnify, defend and hold harmless
EchoCath and each of its subsidiaries, officers, directors, employees,
shareholders and suppliers from and against and in respect of any and all
demands, claims, actions or causes of action, assessments, losses, damages,
liabilities, interest and penalties, costs and expenses (including, without
limitation, reasonable legal fees and disbursements incurred in connection
therewith and in seeking indemnification therefor, and any amounts or expenses
required to be paid or incurred in connection with any action, suit, proceeding,
claim, appeal, demand, assessment or judgment) ("Indemnifiable Losses"), which
in any way arise out of any breach of representation, warranty, covenant or
agreement on the part of CCI under this Amended Agreement and any claim related
to a defect in a Product or claims of strict products liability (excluding
matters for which EchoCath is responsible under Section 9.1 above).

         9.3 Third Party Claims. If a claim by a third party is made against any
indemnified party, and if the indemnified party intends to seek indemnity with
respect thereto under this Article, such indemnified party shall promptly notify
the indemnifying party of such claim; provided, however, that failure to give
timely notice shall not affect the rights of the indemnified party so long as
the failure to give timely notice does not materially adversely affect the
indemnifying party's ability to defend such claim against a third party. The
indemnifying party shall be entitled to settle or assume the defense of such
claim, including the employment of counsel satisfactory to the indemnified
party, as provided below. Regardless of which party is controlling the
settlement or defense of any claim, (i) both the indemnified party and

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indemnifying party shall act in good faith, (ii) the indemnifying party shall
not thereby permit to exist any lien, encumbrance or other adverse charge upon
any asset of any indemnified party or of its subsidiaries, (iii) the
indemnifying party shall permit the indemnified party to participate in such
settlement or defense through counsel chosen by the indemnified party, provided
that all fees, costs and expenses of such counsel in an action controlled by the
indemnifying party shall be borne by the indemnified party, unless the
indemnifying party and indemnified party have different available defenses to
such third party claim, in which case such fees, costs and expenses shall be
borne by the indemnifying party, (iv) no entry of judgment or settlement of a
claim may be agreed to without the written consent of both the indemnified party
and the indemnifying party, which consents shall not be unreasonably withheld,
and (v) the indemnifying party shall agree promptly to reimburse the indemnified
party for the full amount of such claim pursuant to this Article. So long as the
indemnifying party is reasonably contesting any such claim in good faith as
permitted herein, the indemnified party shall not pay or settle any such claim.

         9.4 Cooperation as to Indemnified Liability. Each party hereto shall
cooperate fully with the other parties with respect to access to books, records,
or other documentation within such party's control, if deemed reasonably
necessary or appropriate by any party in the defense of any claim which may give
rise to indemnification hereunder.

                                   ARTICLE 10
                     PROSECUTION OF PATENTS AND INFRINGEMENT
                     ---------------------------------------

         10.1 Prosecution of Infringement of Licensed Technology by Third Party.

              (a) CCI and EchoCath shall promptly notify the other if it knows
or has reason to believe that rights to the Licensed Technology are being
infringed or misappropriated by a third party within the Field of Use or that
such infringement or misappropriation is threatened. CCI shall, after learning
of and investigating such alleged infringement or misappropriation, send notice
to EchoCath electing to do the following: (i) prosecute such alleged
infringement or misappropriation on CCI's own behalf; (ii) offer EchoCath the
choice of participating in such prosecution; or (iii) decline to prosecute such
alleged infringement or misappropriation. In the event CCI declines to prosecute
such alleged infringement or misappropriation due to the magnitude of the
infringement overlapping many Fields of Use, EchoCath may prosecute such alleged
infringement on its own behalf and at its own expense. While such prosecution
may be at EchoCath's expense, nothing herein shall prevent EchoCath from seeking
participation and payment of expenses from other licensees and/or from
requesting CCI's assistance and sharing of expenses.

              (b) In the event CCI elects to prosecute such alleged infringement
or misappropriation on its own behalf pursuant to (a)(i) above, CCI shall be
solely responsible for its costs of prosecution and settlement incurred therein
and shall retain any and all proceeds from such prosecution. EchoCath agrees to
join as a party plaintiff to any such proceeding if, in CCI's reasonable
judgment, such joinder is necessary to a successful infringement or
misappropriation action. EchoCath shall cooperate with CCI in connection with
the initiation and prosecution by CCI of any such action.

              (c) EchoCath shall be obligated to pay fifty percent (50%) of the
costs and expenses incurred by CCI and EchoCath in such prosecution and shall be
entitled to receive fifty percent (50%) of the proceeds realized from the
prosecution. Should it be shown that such infringement affects other field's of
use other than CCI's Field of Use, then EchoCath may approach its other
licensees of the Licensed Patents to request their contribution to defray the

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expenses incurred in the prosecution of the action; if the other licensees
choose to participate, they will be entitled to share in any recovery awarded in
the action, proportionately to their share of the expenses, up to a maximum of
90% participation.

              (d) In the event CCI elects not to prosecute the alleged
infringement or misappropriation pursuant to (a)(iii) above, EchoCath may, at
its option, prosecute such alleged infringement or misappropriation on its own
behalf, in which event EchoCath shall be solely responsible for all costs of
prosecution and of negotiating settlement and shall retain all proceeds from
such prosecution.

                                   ARTICLE 11
                                  MISCELLANEOUS
                                  -------------

         11.1 Non-Disclosure. Except as permitted or required for performance by
the party receiving such Confidential Information of its rights or duties
hereunder, for a period of three (3) years after receipt, each party agrees (i)
not to disclose or use any Confidential Information of the other party obtained
in connection with the performance of this Amended Agreement, and (ii) not to
disclose or provide any of such Confidential Information of the other party to
any third party and to take appropriate measures to prevent any such disclosure
by its present and future employees, officers, agents, subsidiaries, or
consultants.

         11.2 Relationship. This Amended Agreement does not make either party
the employee, agent or legal representative of the other for any purpose
whatsoever. Neither party is granted any right or authority to assume or to
create any obligation or responsibility, express or implied, on behalf of or in
the name of the other party. In fulfilling its obligations pursuant to this
Amended Agreement, each party shall be acting as an independent contractor.

         11.3 Assignment. This Amended Agreement shall be binding upon and inure
to the benefit of the parties hereto and the successors or assigns of the
parties hereto; provided, that (i) the rights and obligations of EchoCath herein
may not be assigned except to any person who succeeds to substantially all of
the assets and business of EchoCath, and (ii) the rights and obligations of CCI
herein may not be assigned except to any person who succeeds to substantially
all of that portion of CCI' business to which this Amended Agreement relates.

         11.4 Complete Agreement. The Exhibits to this Amended Agreement shall
be construed as an integral part of this Amended Agreement to the same extent as
if they had been set forth verbatim herein. This Amended Agreement and the
Exhibits hereto constitute the entire agreement between the parties hereto with
respect to the subject matter hereof and supersede all prior agreements,
including the Agreement, whether written or oral relating hereto.

         11.5 Survival. All of the representations, warranties, and covenants
made in this Amended Agreement, and all terms and provisions hereof intended to
be observed and performed by the parties after the termination hereof, shall
survive such termination and continue thereafter in full force and effect.

         11.6 Waiver, Discharge, Amendment, Etc. The failure of any party hereto
to enforce at any time any of the provisions of this Amended Agreement shall in
no way be construed to be a waiver of any such provision, nor in any way to
affect the validity of this Amended Agreement or any part thereof or the right

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of the party thereafter to enforce each and every such provision. No waiver of
any breach of this Amended Agreement shall be held to be a waiver of any other
or subsequent breach. Any amendment to this Amended Agreement shall be in
writing and signed by the parties hereto.

         11.7 Counterparts. This Amended Agreement may be executed in any number
of counterparts, each of which shall be deemed as original and all of which
together shall constitute one instrument.

         11.8 Titles and Headings; Construction. The titles and headings to
Sections herein are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Amended Agreement. This Amended Agreement shall be construed without regard to
any presumption or other rule requiring construction hereof against the party
causing this Amended Agreement to be drafted.

         11.9 Benefit. Nothing in this Amended Agreement, expressed or implied,
is intended to confer on any person other than the parties to this Amended
Agreement or their respective successors or assigns, any rights, remedies,
obligations or liabilities under or by reason of this Amended Agreement.

         11.10 Notices. All notices or other communications to a party required
or permitted hereunder shall be deemed given if in writing and delivered
personally or sent by telecopy (with confirmation or transmission) or certified
mail (return receipt requested) to such party at the following addresses (or at
such other addresses as shall be specified by like notice):

         if to CCI to:        Critical Care Innovations, Inc.
                              13901 Willard Road
                              P.O. Box 220630
                              Attention:  CEO/Chairman
                              Fax #: 703/378-4936

         if to EchoCath to:   EchoCath, Inc.
                              4326 Route One, Monmouth Junction
                              Princeton, New Jersey 08852
                              Attention:  President
                              FAX (609) 987-1019

CCI or EchoCath may change their respective above-specified recipient and/or
mailing address by notice to the other party given in the manner herein
prescribed. All notices shall be deemed given on the day when actually delivered
as provided above (if delivered personally or by telecopy) or on the day shown
on the return receipt (if delivered by mail).

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

         11.12 Arbitration. Any controversy or claim arising out of or relating
to this Amended Agreement or the alleged breach, termination or validity hereof,
including any alleged fraud in the inducement hereof, shall be resolved by

                                       25
<PAGE>

mediation under the auspices of the American Arbitration Association. Any such
claim or controversy which remains unresolved 45 days after appointment of a
mediator, shall be settled by binding arbitration by three (3) arbitrators in
accordance with the AAA Arbitration Rules, and judgment upon the award rendered
by the arbitrators may be entered by any court having jurisdiction thereof.
Notwithstanding the foregoing, either party may seek interim injunctive relief
from any court of competent jurisdiction. The exclusive jurisdiction for any
action or arbitration shall be within the City of Fairfax, State of Virginia.
The arbitrators shall have the right to award reasonable attorney's fees and
costs to the prevailing party.

         11.13 Governing Law. This Amended Agreement shall be interpreted in
accordance with the laws of the Commonwealth of Virginia, excluding its rules
regarding conflicts of law. In the event any legal action or arbitration
proceeding is initiated to enforce the terms of this Amended Agreement, the
prevailing party shall be entitled to an award of its reasonable attorneys' fees
incurred therein.

                                       26
<PAGE>

         IN WITNESS WHEREOF, each of the parties has caused this Amended
Agreement to be executed in the manner appropriate to each, as of the date first
above written.

ECHOCATH, INC.                         CRITICAL CARE INNOVATIONS, Inc.

By:                                    By:
     ------------------------------         -----------------------------------

Its:                                   Its:
     ------------------------------         -----------------------------------

EXHIBITS:

                                       27
<PAGE>

EXHIBIT A

For the Purposes of this Amended Agreement, the "EchoCath Patents" are:

COLORMARK(R)

U.S. Patent: 5,329,927

U.S. Patent: 5,343,865

U.S. Patent: 5,425,370

U.S. Patent: 5,421,336

U.S. Patent: 5,967,991

                                       28
<PAGE>

EXHIBIT B (Other Licensees with written agreement executed prior to Effective
Date January 15, 2000.)

                                       29<PAGE>

                                                                 EXHIBIT 10.31

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SHARES ISSUABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) THE
COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER
CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR
APPLICABLE STATE SECURITIES LAWS.

                                 ECHOCATH, INC.

          Warrants for the Purchase of Shares of Class A Common Stock,
                             no par value per share

                      These Warrants Expire on June 1, 2004

                                                              575,000 Warrants

         THIS CERTIFIES that, for value received, Joseph J. Prischak, with an
address at 2425 West 23rd Street, Erie, Pennsylvania 16506 (including any
permitted transferee, the "Holder"), is the registered holder of the number of
warrants set forth above, each of which represents the right to purchase one
fully paid and nonassessable share of the Class A common stock, no par value
("Common Stock"), of EchoCath, Inc., a New Jersey corporation (the "Company"),
at an initial exercise price equal to $0.14 (fourteen cents) per share (subject
to adjustment as provided herein) (the "Exercise Price") upon the terms and
conditions set forth herein, at any time or from time to time before 5:00 P.M.
on June 1, 2004, New York time (the "Exercise Period").

         As used herein, the term "this Warrant" shall mean and include this
Warrant and any Warrant or Warrants hereafter issued as a consequence of the
exercise or transfer of this Warrant in whole or in part.

         The number of shares of Common Stock issuable upon exercise of the
Warrants (the "Warrant Shares") and the Exercise Price may be adjusted from time
to time as hereinafter set forth.

                  The Holder is also entitled to all rights described in the
subscription agreement between the Company and the original holder of this
Warrant, including, without limitation, certain registration rights.

         1. This Warrant may be exercised during the Exercise Period, as to the
whole or any lesser number of whole Warrant Shares, by the surrender of this
Warrant (with the election at the end hereof duly executed) to the Company, 4326

                                       30
<PAGE>

US Route 1, Monmouth Junction, New Jersey 08822, Attention: Dr. David
Vilkomerson, or at such other place as is designated in writing by the Company.
Such executed election must be accompanied by payment in an amount equal to the
Exercise Price multiplied by the number of Warrant Shares for which this Warrant
is being exercised. Such payment may be made by certified or bank cashier's
check payable to the order of the Company.

         2. Upon each exercise of the Holder's rights to purchase Warrant
Shares, the Holder shall be deemed to be the holder of record of the Warrant
Shares issuable upon such exercise, notwithstanding that the transfer books of
the Company shall then be closed or certificates representing such Warrant
Shares shall not then have been actually delivered to the Holder. As soon as
practicable after each such exercise of this Warrant, the Company shall issue
and deliver to the Holder a certificate or certificates for the Warrant Shares
issuable upon such exercise, registered in the name of the Holder or its
designee. If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the right of the Holder to purchase the balance of the
Warrant Shares (or portions thereof) subject to purchase hereunder.

         3. (a) Any Warrants issued upon the transfer or exercise in part of
this Warrant shall be numbered and shall be registered in a Warrant Register as
they are issued. The Company shall be entitled to treat the registered holder of
any Warrant on the Warrant Register as the owner in fact thereof for all
purposes and shall not be bound to recognize any equitable or other claim to or
interest in such Warrant on the part of any other person, and shall not be
liable for any registration or transfer of Warrants which are registered or to
be registered in the name of a fiduciary or the nominee of a fiduciary unless
made with the actual knowledge that a fiduciary or nominee is committing a
breach of trust in requesting such registration or transfer, or with the
knowledge of such facts that its participation therein amounts to bad faith.
This Warrant shall be transferable only on the books of the Company upon
delivery thereof duly endorsed by the Holder or by his duly authorized attorney
or representative, or accompanied by proper evidence of succession, assignment,
or authority to transfer. In all cases of transfer by an attorney, executor,
administrator, guardian, or other legal representative, duly authenticated
evidence of his or its authority shall be produced. Upon any registration of
transfer, the Company shall deliver a new Warrant or Warrants to the person
entitled thereto. This Warrant may be exchanged, at the option of the Holder
thereof, for another Warrant, or other Warrants of different denominations, of
like tenor and representing in the aggregate the right to purchase a like number
of Warrant Shares (or portions thereof), upon surrender to the Company or its
duly authorized agent. Notwithstanding the foregoing, the Company shall have no
obligation to cause Warrants to be transferred on its books to any person if, in
the opinion of counsel to the Company, such transfer does not comply with the
provisions of the Act and the rules and regulations thereunder.

         (b) The Holder acknowledges that the Holder has been advised by the
Company that neither this Warrant nor the Warrant Shares have been registered
under the Act, that this Warrant is being or has been issued and the Warrant
Shares may be issued on the basis of the statutory exemption provided by Section
4(2) of the Act or Regulation D promulgated thereunder, or both, relating to
transactions by an issuer not involving any public offering, and that the

                                       31
<PAGE>

Company's reliance thereon is based in part upon the representations made by the
original Holder in the original Holder's subscription agreement, dated the date
hereof between the Company and the original Holder hereof (the "Subscription
Agreement"), executed and delivered in accordance with the terms of the
Offering. The Holder acknowledges that he has been informed by the Company of,
or is otherwise familiar with, the nature of the limitations imposed by the Act
and the rules and regulations thereunder on the transfer of securities. In
particular, the Holder agrees that no sale, assignment or transfer of this
Warrant or the Warrant Shares issuable upon exercise hereof shall be valid or
effective, and the Company shall not be required to give any effect to any such
sale, assignment or transfer, unless (i) the sale, assignment or transfer of
this Warrant or such Warrant Shares is registered under the Act, it being
understood that neither this Warrant nor such Warrant Shares are currently
registered for sale and that the Company has no obligation or intention to so
register this Warrant or such Warrant Shares except as specifically provided
herein, or (ii) this Warrant or such Warrant Shares are sold, assigned or
transferred in accordance with all the requirements and limitations of Rule 144
promulgated under the Act, it being understood that Rule 144 is not available at
the time of the original issuance of this Warrant for the sale of this Warrant
or such Warrant Shares and that there can be no assurance that Rule 144 sales
will be available at any subsequent time, or (iii) such sale, assignment, or
transfer is otherwise exempt from registration under the Act.

         4. The Company shall at all times reserve and keep available out of its
authorized and unissued Common Stock, solely for the purpose of providing for
the exercise of the rights to purchase all Warrant Shares granted pursuant to
the Warrants, such number of shares of Common Stock as shall, from time to time,
be sufficient therefor. The Company covenants that all shares of Common Stock
issuable upon exercise of this Warrant, upon receipt by the Company of the full
purchase price therefor, shall be validly issued, fully paid, nonassessable, and
free of preemptive rights.

         5. (a) In case the Company shall at any time after the date the
Warrants were first issued (i) declare a dividend on the outstanding Common
Stock payable in shares of its capital stock, (ii) subdivide the outstanding
Common Stock, (iii) combine the outstanding Common Stock into a smaller number
of shares, or (iv) issue any shares of its capital stock by reclassification of
the Common Stock (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing corporation),
then, in each case, the Exercise Price, and the number of Warrant Shares
issuable upon exercise of this Warrant, in effect at the time of the record date
for such dividend or of the effective date of such subdivision, combination, or
reclassification, shall be proportionately adjusted so that the Holder after
such time shall be entitled to receive the aggregate number and kind of shares
which, if such Warrant had been exercised immediately prior to such time, he
would have owned upon such exercise and been entitled to receive by virtue of
such dividend, subdivision, combination, or reclassification. Such adjustment
shall be made successively whenever any event listed above shall occur.

         No adjustment in the Exercise Price shall be required if such
adjustment is less than $.05 (which amount will be proportionately adjusted in
the event of stock splits or the like); provided, however, that any adjustments
which by reason of this Section 5 are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations

                                       32
<PAGE>

under this Section 5 shall be made to the nearest cent or to the nearest
one-thousandth of a share, as the case may be.

            (b) In any case in which this Section 5 shall require that an
adjustment in the Exercise Price be made effective as of a record date for a
specified event, the Company may elect to defer, until the occurrence of such
event, issuing to the Holder, if the Holder exercised this Warrant after such
record date, the shares of Common Stock, if any, issuable upon such exercise
over and above the shares of Common Stock, if any, issuable upon such exercise
on the basis of the Exercise Price in effect prior to such adjustment; provided,
however, that the Company shall deliver to the Holder a due bill or other
appropriate instrument evidencing the Holder's right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

            (c) Whenever there shall be an adjustment as provided in this
Section 5, the Company shall promptly cause written notice thereof to be sent by
certified or registered mail, postage prepaid, to the Holder, at its address as
it shall appear in the Warrant Register, which notice shall be accompanied by an
officer's certificate setting forth the number of Warrant Shares purchasable
upon the exercise of this Warrant and the Exercise Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment and
the computation thereof, which officer's certificate shall be conclusive
evidence of the correctness of any such adjustment absent manifest error.

            (d) The Company shall not be required to issue fractions of shares
of Common Stock or other capital stock of the Company upon the exercise of this
Warrant. If any fraction of a share would be issuable on the exercise of this
Warrant (or specified portions thereof), the Company shall purchase such
fraction for an amount in cash equal to the same fraction of the market price of
such share of Common Stock on the date of exercise of this Warrant, as
determined in good faith by the Company's Board of Directors.

         6. (a) In case of any consolidation with or merger of the Company with
or into another corporation (other than a merger or consolidation in which the
Company is the surviving or continuing corporation), or in case of any sale,
lease, or conveyance to another corporation of the property and assets of any
nature of the Company as an entirety or substantially as an entirety, such
successor, leasing, or purchasing corporation, as the case may be, shall (i)
execute with the Holder an agreement providing that the Holder shall have the
right thereafter to receive upon exercise, of this Warrant solely the kind and
amount of shares of stock and other securities, property, cash, or any
combination thereof receivable upon such consolidation, merger, sale, lease, or
conveyance by a holder of the number of shares of Common Stock for which this
Warrant might have been exercised immediately prior to such consolidation,
merger, sale, lease, or conveyance, and (ii) make effective provision in its
certificate of incorporation or otherwise, if necessary, to effect such
agreement. Such agreement shall provide for adjustments which shall be as nearly
equivalent as practicable to the adjustments in Section 5 above.

                                       33
<PAGE>

            (b) In case of any reclassification or change of the shares of
Common Stock issuable upon exercise of this Warrant (other than a change in par
value or from a specified par value to no par, or as a result of a subdivision
or combination, but including any change in the shares into two or more classes
or series of shares), or in case of any consolidation or merger of another
corporation into the Company in which the Company is the continuing corporation
and in which there is a reclassification or change (including a change to the
right to receive cash or other property) of the shares of Common Stock (other
than a change in par value, or from no par value to a specified par value, or as
a result of a subdivision or combination, but including any change in the shares
into two or more classes or series of shares), the Holder shall have the right
thereafter to receive upon exercise of this Warrant solely the kind and amount
of shares of stock and other securities, property, cash, or any combination
thereof receivable upon such reclassification, change, consolidation, or merger
by a holder of the number of shares of Common Stock for which this Warrant might
have been exercised immediately prior to such reclassification, change,
consolidation, or merger. Thereafter, appropriate provision shall be made for
adjustments which shall be as nearly equivalent as practicable to the
adjustments in Section 5.

            (c) Notwithstanding anything to the contrary herein contained, in
the event of a transaction contemplated by Section 6(a) in which the surviving,
continuing, successor, or purchasing corporation demands that all outstanding
convertible notes and warrants be extinguished prior to the closing date of the
contemplated transaction, the Company shall give prior notice (the "Merger
Notice") thereof to the Holders advising them of such transaction. The Holders
shall have ten days after the date of the Merger Notice to elect to (i) exercise
the Warrants in the manner provided herein or (ii) receive from the surviving,
continuing, successor, or purchasing corporation the same consideration
receivable by a holder of the number of shares of Common Stock for which this
Warrant might have been exercised immediately prior to such consolidation,
merger, sale, or purchase reduced by such amount of the consideration as has a
market value equal to the Exercise Price, as determined by the board of
directors of the Company, whose determination shall be conclusive absent
manifest error. If any Holder fails to timely notify the Company of its
election, the Holder shall be deemed for all purposes to have elected the option
set forth in (ii) above. Any amounts receivable by a Holder who has elected the
option set forth in (ii) above shall be payable at the same time as amounts
payable to stockholders in connection with any such transaction.

            (d) The above provisions of this Section 6 shall similarly apply to
successive reclassifications and changes of shares of Common Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

         7. In case at any time the Company shall propose to:

            (a) pay any dividend or make any distribution on shares of Common
Stock in shares of Common Stock or make any other distribution (other than
regularly scheduled cash dividends which are not in a greater amount per share
than the most recent such cash dividend) to all holders of Common Stock; or

                                       34
<PAGE>

            (b) issue any rights, warrants, or other securities to all holders
of Common Stock entitling them to purchase any additional shares of Common Stock
or any other rights, warrants, or other securities; or

            (c) effect any reclassification or change of outstanding shares of
Common Stock, or any consolidation, merger, sale, lease, or conveyance of
property, described in Section 6; or

            (d) effect any liquidation, dissolution, or winding-up of the
Company;

then, and in any one or more of such cases, the Company shall give written
notice thereof, by certified or registered mail, postage prepaid, to the Holder
at the Holder's address as it shall appear in the Warrant Register, mailed at
least 15 days prior to (i) the date as of which the holders of record of shares
of Common Stock to be entitled to receive any such dividend, distribution,
rights, warrants, or other securities are to be determined, (ii) the date on
which any such reclassification, change of outstanding shares of Common Stock,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up is expected to become effective, and the date as of
which it is expected that holders of record of shares of Common Stock shall be
entitled to exchange their shares for securities or other property, if any,
deliverable upon such reclassification, change of outstanding shares,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up, or (iii) the date of such action which would require
an adjustment to the Exercise Price.

         8. The issuance of any shares or other securities upon the exercise of
this Warrant, and the delivery of certificates or other instruments representing
such shares or other securities, shall be made without charge to the Holder for
any tax or other charge in respect of such issuance. The Company shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate in a name other
than that of the Holder and the Company shall not be required to issue or
deliver any such certificate unless and until the person or persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

         9. The Warrant Shares issued upon exercise of the Warrants shall be
subject to a stop transfer order and the certificate or certificates evidencing
such Warrant Shares shall bear the following legend:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended (the
         "Act"), or any state securities laws and neither such
         securities nor any interest therein may be offered, sold,
         pledged, assigned or otherwise transferred unless (1) a
         registration statement with respect thereto is effective under
         the Act and any applicable state securities laws, or (2) the
         Company receives an opinion of counsel to the holder of such
         securities, which counsel and opinion are reasonably

                                  35
<PAGE>

         satisfactory to the Company, that such securities may be
         offered, sold, pledged, assigned or transferred in the manner
         contemplated without an effective registration statement under
         the Act or applicable state securities laws."

         10. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction, or mutilation of any Warrant (and upon surrender of any
Warrant if mutilated), and upon reimbursement of the Company's reasonable
incidental expenses and indemnity reasonably satisfactory to the Company, the
Company shall execute and deliver to the Holder thereof a new Warrant of like
date, tenor, and denomination.

         11. The Holder of any Warrant shall not have solely on account of such
status, any rights of a stockholder of the Company, either at law or in equity,
or to any notice of meetings of stockholders or of any other proceedings of the
Company, except as provided in this Warrant.

         12. This Warrant has been negotiated and consummated in the State of
New Jersey and shall be construed in accordance with the laws of the State of
New Jersey applicable to contracts made and performed within such State, without
regard to principles governing conflicts of law.

         13. Each of the Company and the Holder of this Warrant, irrevocably
consents to the jurisdiction of the courts of the State of New Jersey and of any
federal court located in such State in connection with any action or proceeding
arising out of or relating to this Warrant, any document or instrument delivered
pursuant to, in connection with or simultaneously with this Warrant, or a breach
of this Warrant or any such document or instrument. In any such action or
proceeding, the Company waives personal service of any summons, complaint or
other process and agrees that service thereof may be made in accordance with
Section 15 hereof.

         14. Any notice or other communication required or permitted to be given
hereunder shall be in writing and shall be mailed by certified mail, return
receipt requested, or by Federal Express, Express Mail or similar overnight
delivery or courier service or delivered (in person or by telecopy, telex or
similar telecommunications equipment) against receipt to the party to whom it is
to be given, (i) if to the Company, at 4326 US Route 1, Monmouth Junction, New
Jersey 08822, Attention: Dr. David Vilkomerson, (ii) if to the Holder, at its
address set forth on the first page hereof, or (iii) in either case, to such
other address as the party shall have furnished in writing in accordance with
the provisions of this Section 15. Notice to the estate of any party shall be
sufficient if addressed to the party as provided in this Section 15. Any notice
or other communication given by certified mail shall be deemed given at the time
of certification thereof, except for a notice changing a party's address which
shall be deemed given at the time of receipt thereof. Any notice given by other
means permitted by this Section 15 shall be deemed given at the time of receipt
thereof.

         15. No course of dealing and no delay or omission on the part of the
Holder in exercising any right or remedy shall operate as a waiver thereof or
otherwise prejudice the Holder's rights, powers or remedies. No right, power or

                                       36
<PAGE>

remedy conferred by this Warrant upon the Holder shall be exclusive of any other
right, power or remedy referred to herein or now or hereafter available at law,
in equity, by statute or otherwise, and all such remedies may be exercised
singly or concurrently.

         16. This Warrant may be amended or any of its provisions waived only by
a written consent or consents executed by the Company and Holders of Warrants
representing a majority of the shares underlying the Warrants issued and
outstanding to investors pursuant to the Memorandum. Any amendment or waiver
shall be binding upon all existing and future Holders.

Dated: May __, 2001

                                       ECHOCATH, INC.

                                       By:   ________________________________
                                             Name:  Frank DeBernardis
                                             Title: President

                                       37
<PAGE>

                               FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the
attached Warrant.)

         FOR VALUE RECEIVED, ___________________ hereby sells, assigns, and
transfers unto _____________________________ ______________ Warrants, each
Warrant conveys the right to purchase one (1) share of Class A Common Stock, no
par value, of EchoCath, Inc. (the "Company"), together with all right, title,
and interest therein, and does hereby irrevocably constitute and appoint
_____________________________ attorney to transfer such Warrant on the books of
the Company, with full power of substitution.

Dated:
       ---------------

                                      Signature:
                                                 ------------------------------

                                     NOTICE

         The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Warrant in every particular, without alteration
or enlargement or any change whatsoever.

                                       38
<PAGE>

         To:  EchoCath, Inc.
         P.O. Box 7224
         Princeton, New Jersey  08543

                              ELECTION TO EXERCISE

         The undersigned hereby exercises his or its rights to purchase ______
Warrant Shares covered by the within Warrant certificate and tenders payment
herewith in the amount of $_____________ in accordance with the terms thereof,
and requests that certificates for such securities be issued in the name of, and
delivered to:

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________
     (Print Name, Address and Social Security or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares
covered by the within Warrant, that a new Warrant for the balance of the Warrant
Shares covered by the within Warrant be registered in the name of, and delivered
to, the undersigned at the address stated below.
Dated: ________________                   Name:________________________________
                                                           (Print)

Address:_______________________________________________________________________

                                              _________________________________
                                                          (Signature)

                                       39
<PAGE>

                                 PROMISSORY NOTE

                                                  MONMOUTH JUNCTION, NEW JERSEY

FOR VALUE RECEIVED, the undersigned, EchoCath, Inc. a New Jersey corporation
("ECHOCATH"), hereby promises to pay to the order of Joseph J. Prischak, an
individual with a place of business at 2425 West 23rd Street, Erie, Pennsylvania
16506 ("PAYEE")

                    The sum of Two Hundred Thousand Dollars
                                   ($200,000)

 with interest on the unpaid balance due thereon at 6.5% per annum (computed on
 the basis of a 360 day year) commencing on the date of execution of this Note,
             payable in full on the 181st day from the date hereof.

         Payments are to be made at the principal office of the PAYEE or at such
other place in the United States as PAYEE may specify, in any coin or currency
of the United States of America which at the time of payment is legal tender for
public and private debts.

Upon default occurring in the payment, as and when due of the principal balance
or accrued interest due under this Note, then the entire unpaid principal and
all accrued interest will be due and payable in full. In the event of a default,
ECHOCATH shall pay PAYEE all of PAYEE's reasonable attorneys fees incurred by
PAYEE in the collection of this Note.

         This Note and the Agreement shall be governed, construed and enforced
in accordance with the internal laws of the State of New Jersey notwithstanding
any conflicts of laws provisions to the contrary, and all disputes, claims and
litigation concerning this Note and said Agreement shall be exclusively brought
and resolved in the federal and state courts located in New Jersey.

                                   ECHOCATH, INC.

                                   By:
                                          -----------------------------------

                                   Name:  Frank DeBernardis

                                   Title: President

                                   Date:  May __, 2001

                                       40

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