Document:

EX-10.4

                              CONSORTIUM AGREEMENT

              This  Academic  Consortium  Agreement  made  as of the  3rd day of
August  2004 (the  "EFFECTIVE  DATE") by and between  Sonoma  College,  Inc.,  a
California  corporation  having its  principal  place of  business at 1304 South
Point Boulevard,  Suite 280, Petaluma  California 95442 ("SONOMA") and Casa Loma
College, Inc., a California corporation,  having its principal place of business
at 6850 Van Nuys Boulevard,  Suite 318, Van Nuys,  California  91405 ("CASA" and
together with Sonoma, the "PARTIES" and each individually, a "Party").

              WHEREAS   each  of  the  Parties  has   developed   and   created,
educational,  proprietary degree and/or  certificate  programs (each a "PROGRAM"
and collectively,  "PROGRAMS") which incorporate intellectual property and other
proprietary  rights of such  Party,  including  without  limitation  Content (as
defined herein); and

              WHEREAS,  Sonoma has developed  proprietary  technology to deliver
its  general   educational  courses  to  students  which  consists  of  software
methodologies  and other  proprietary  technologies,  methods,  plug-ins,  trade
secrets and know-how (the "SONOMA PLATFORM"); and

              WHEREAS,  the  Parties  wish to form an academic  consortium  (the
"CONSORTIUM") to provide select Sonoma operated  Programs at Casa's campuses and
select Casa  operated  Programs at Sonoma's  campuses in the form of  "satellite
programs" authorized and approved by the State of California's Bureau of Private
Post-secondary Vocation Education ("BPPVE"); and

              WHEREAS,  the Parties  agree that the  Consortium  will  initially
focus on providing  Sonoma's MRI  Technologist  Program at campuses owned and/or
operated by Casa.

              NOW,  THEREFORE,  in  consideration  of the  premises,  the mutual
covenants and agreements herein contained and other valuable consideration,  the
receipt,  adequacy and sufficiency of which is hereby acknowledged,  the Parties
covenant and agree as follows:

              I.     DEFINITIONS.

              "CONTENT" means text, pictures,  sound,  graphics,  video and data
provided by a Party to the other Party,  as such  materials may be modified from
time to time.

              "INTELLECTUAL  PROPERTY"  means any and all now known or hereafter
known tangible and  intangible:  (a) rights  associated with works of authorship
throughout the universe,  including but not limited to copyrights, moral rights,
and mask-works,  (b) trademark,  servicemark,  trade dress and trade name rights
and similar rights,  (c) trade secret rights, (d) patents,  designs,  algorithms
and  other  industrial  property  rights,  and (e) all  other  intellectual  and
industrial property rights (of every kind and nature throughout the universe and
however  designated  (including  without  limitation logos,  "rental" rights and
rights to remuneration), whether arising by operation of law, contract, license,
or otherwise, and all registrations, initial applications, renewals, extensions,
continuations, divisions or reissues hereof now or hereafter in force (including
any rights in any of the foregoing).

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              II.    RESPONSIBILITIES OF THE PARTIES.

                     A.     During the Term,  the Parties shall  cooperate  with
       each other to identify certain  Programs,  that are currently  offered by
       one Party  through its  facilities  but not by the other Party,  that the
       Parties  mutually  agree would be in their  respective  best interests to
       also make available  through the other Party's  facilities as a satellite
       program ("SATELLITE PROGRAM").

                     B.     For each  Program  identified  pursuant to Paragraph
       II. A above,  the  Parties  shall  complete  and sign a separate  Program
       specification (each a "PROGRAM SPECIFICATION") which shall reference this
       Agreement,  and each such signed Program  Specification shall be attached
       as an Exhibit to this Agreement and become a part of this  Agreement.  It
       is  understood,  however,  that neither Party is obligated to license the
       use of a Program or any Content to the other  Party  until,  unless,  and
       only  to the  extent  that a  Program  Specification  is  signed  by both
       Parties.

                     C.     Each  Program   Specification   shall  describe  the
       Program,  the  responsibilities of each of the Parties in connection with
       the Satellite Program ("RESPONSIBILITIES"),  any Content, to be delivered
       to  the  other   Party  in   connection   with  the   Satellite   Program
       ("DELIVERABLES"),  and the effective  commencement date for the Satellite
       Program ("PROGRAM  COMMENCEMENT DATE"). Each of the Parties shall use its
       best efforts to perform its Responsibilities and deliver the Deliverables
       in accordance with the schedules set forth in the Program  Specification.
       Each party  recognizes  that time is of the essence  with  respect to all
       aspects of this agreement and the subject matter hereof.

              III.   GRANT OF LICENSE.

                     A.     Subject  to  the  terms  and   conditions   of  this
       Agreement,  each of the  Parties  shall  grant the other Party a limited,
       non-exclusive,  non-transferable,  world-wide license  ("LICENSE") to use
       any  Content  that  it  provides  to the  other  Party  pursuant  to this
       Agreement,  solely to the extent  expressly  set forth in the  applicable
       Program  Specification  (the  "INTENDED  USE").  All  fields  of use  not
       expressly  included  within  the Intended Use are  specifically  excluded
       from the scope of the  License.  In no event will a Party remove or alter
       any proprietary notice of the other Party, or any third party,  contained
       on or any of the Content  without the prior written  consent of the Party
       that provided such Content.

              IV.    CONFIDENTIALITY.

                     A.     Confidential Information. "CONFIDENTIAL INFORMATION"
       shall  include all  information  and data  furnished  by one Party to the
       other,  whether  in oral,  written,  graphic  or  machine-readable  form,
       including without  limitation,  code (source and object)  specifications,
       user, operations or systems manuals,  diagrams, graphs, models, sketches,
       technical data, flow charts, research, business or financial information,
       plans, strategies,  forecasts, forecast assumptions,  business practices,
       marketing information and material, student and suppliers names and data,
       proprietary  ideas,  concepts,  know-how,  methodologies  and  all  other
       information  related to the disclosing party's business.  For purposes of
       this  Agreement,  Confidential  Information  shall not  include,  and the
       obligations provided

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       hereunder  shall  not  apply  to,   information   that:  (a)  is  now  or
       subsequently  becomes generally  available to the public through no fault
       of the  recipient;  (b) recipient can  demonstrate  was rightfully in its
       possession  prior to disclosure by the other party;  (c) is independently
       developed  by  the  recipient   without  the  use  of  any   Confidential
       Information  provided  by  the  other  party;  (d)  recipient  rightfully
       obtained  or  obtains  from a third  party  who has  the  right,  without
       obligation to the other party, to transfer or disclose such  information;
       or (e) is  released or  approved  for release by the other party  without
       restriction.

                     B.     Care and  Protection.  Each party shall  protect the
       other party's  Confidential  Information using at least the same standard
       of care that applies to its own similar Confidential Information, but not
       less than a reasonable standard of care.

                     C.     Exceptions.  Either  party  may  disclose  the other
       party's  Confidential  Information  as  required  by  any  order  of  any
       government authority, or otherwise as required by law, or as necessary to
       establish and enforce that party's  rights under this  Agreement.  Before
       disclosing the other party's  Confidential  Information for such purpose,
       reasonable  effort  must  be  made  to  notify  the  other  party  of the
       circumstances,  and the parties shall cooperate with each other to obtain
       protection for the confidentiality thereof to the extent available.

                     D.     Term of Confidentiality.  Each party's obligation to
       protect the other party's Confidential  Information shall expire five (5)
       years after the date of each respective disclosure thereof.

              All of the  provisions  of this  paragraph  IV shall  survive  any
termination of this Agreement.

              V.     OWNERSHIP.

                     A.     Each party  acknowledges and agrees that it does not
       have any  claim,  right,  title or  interest  in or to the other  party's
       Intellectual Property except as explicitly provided herein. Further, each
       party  acknowledges  and  agrees  that it  will  use  the  other  party's
       Intellectual  Property solely as expressly permitted under this Agreement
       and in a  manner  consistent  with  the  terms  and  conditions  of  this
       Agreement. Nothing contained in this Agreement will give either party any
       right, title or interest in or to any Intellectual  Property of the other
       party,  except for the limited rights expressly granted  hereunder.  Each
       party acknowledges and agrees that the other party (and its licensors, if
       applicable) has complete authority to control the use of its Intellectual
       Property.  Nothing in this Agreement  contemplates the joint development,
       joint  works  of  authorship,  or  joint  ownership  of any  Intellectual
       Property,  and this Agreement shall not be construed so as to effect such
       joint development,  joint works of authorship or joint ownership.  If the
       parties  desire to engage in any joint  development  efforts  during  the
       Term, the ownership rights of such  developments will be established in a
       writing signed by an authorized  member of each party and amended to this
       Agreement. Without limiting the foregoing, any Content provided by Sonoma
       to Casa pursuant to the Agreement ("SONOMA CONTENT"), the Sonoma Platform
       and all associated Intellectual Property rights are, and will remain, the
       sole and exclusive property of Sonoma or its third-party  licensors,  and
       no license, right, title, interest in and/or to the Sonoma

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       Content or Sonoma Platform is granted to Casa except as set forth in this
       Agreement.  Likewise,  any Content provided by Casa to Sonoma pursuant to
       the Agreement ("CASA CONTENT") and all associated  intellectual property
       rights are, and will remain, the sole and exclusive property of Casa, and
       no  license,  right,  title,  interest  in and/or to the Casa  Content is
       granted to Sonoma except as set forth in this Agreement.

              All of the  provisions  of  this  paragraph  V shall  survive  any
       termination of this Agreement.

              VI.    FEES, PAYMENT AND RELATED MATTERS.

                     A.     All  tuition  and all other  fees  payable  by or on
       behalf of a student in connection with a Satellite Program (collectively,
       the  "TUITION  FEES"),  shall be  collected  by the Party that  maintains
       administration  and  academic  oversight  of the  Satellite  Program  and
       associated  Program  as set  forth  in  the  Program  Specification  (the
       "PROGRAM ADMINISTRATOR"). The Parties agree that the Party collecting the
       Tuition  Fees  shall  pay to the  other  Party  a  percentage  (the  "FEE
       PERCENTAGE")  of the Net Fees  received by the Program  Administrator  in
       connection with the Satellite Program,  such percentage shall be mutually
       agreed  between  the  Parties  and set  forth in the  applicable  Program
       Specification. "NET FEES" means the Tuition Fees actually received by the
       Program  Administrator  less any  applicable  taxes,  duties,  discounts,
       refunds  or  credits,  provided  that any  discounts  or  credits  are in
       accordance with the Program Administrator's standard policies.

                     B.     The  Program   Administrator   shall,  in  its  sole
       discretion,  determine  the amount of Tuition Fee and any other fees that
       are  payable by a student  enrolled  in a  Satellite  Program;  provided,
       however  the  Tuition  Fee and any other  fees  shall be set forth in the
       Program  Specification.  The  Program  Administrator  may,  in  its  sole
       discretion,  amend the Tuition Fee; provided,  however, that it shall not
       change  the  Tuition  Fee for any  academic  semester  that  has  already
       commenced, and that it shall provide the other Party with sixty (60) days
       advance notice, in writing, prior to making any such change.

                     C.     Within  twenty  (20)  days  after  the  end of  each
       calendar month during the Term, the Program  Administrator  shall deliver
       to the other Party the Fee  Percentage  of the Net Fees  together  with a
       certificate of a duly authorized and responsible  employee of the Program
       Administrator setting forth the Net Fee calculations during such calendar
       month and any and all other  information  necessary for the determination
       of Tuition Fees payable to the other Party under this Agreement.

                     D.     The Parties agree to review the Fee  Percentage  set
       forth in each Program  Specification  each calendar  quarter of the Term.
       Any  amendments to a Fee Percentage  shall not be effective  unless it is
       stated in writing and is executed on behalf of each Party.

                     E.     The Program  Administrator will keep such records as
       will enable the Fees payable hereunder to be accurately determined by the
       other Party.  Such records will be retained by the Program  Administrator
       and  made  available  to  auditors   selected  by  the  other  Party  for
       examination  at the request and at the expense of the other Party  during

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       reasonable business hours at the offices of the Program  Administrator as
       set forth in the Program  Specification for a period of at least five (5)
       years after the date of the transactions to which the records relate. Any
       confidential information obtained by such auditors regarding the business
       of the Program  Administrator  shall be held in strict confidence by such
       auditors and the other Party,  except as may be necessary to prosecute an
       action to collect Fees.  The Program shall  reimburse the other Party for
       the  costs of such  audit if the  audit  determines  that the Fees due as
       stated in any such  certificate  is understated by more than five percent
       (5%).

              VII.   WARRANTIES AND COVENANTS.

                     A.     Each Party does hereby  represent  and warrant  that
       this  Agreement has been duly and validly  authorized  and executed by it
       and is its valid and binding obligation. Each party further warrants that
       the execution of this  Agreement  does not, and with the passage of time,
       will not, materially conflict with or constitute a breach under any other
       agreement,  judgment of instrument to which it is currently a party or by
       which it is currently bound.

                     B.     Each Party does hereby represent and warrant that it
       is  authorized  by the state in which its campuses are located to provide
       each of the  Program(s)  and Satellite  Program(s) set forth on a Program
       Specification in the manner required by this Agreement.

                     C.     Each Party does hereby  represent and warrant to the
       other  Party  that:  (i) it has the right to grant the license to use its
       Content without the other Party directly or indirectly  being required to
       pay a royalty to any third party; (ii) to the best of its knowledge,  use
       of its Content or any part thereof will not infringe  upon or violate the
       intellectual-property,  publicity  or privacy  rights of any third party;
       (iii) to its knowledge any of its Content will not be  defamatory,  lewd,
       pornographic  or obscene;  (iv) to its knowledge that its Content will be
       in compliance  with all  applicable  laws,  and will not violate any laws
       regarding unfair competition,  anti-discrimination  or false advertising;
       (iv)  no  claim  by  any  third  party  contesting  the  validity  of any
       intellectual  property  rights in the Content has been made, is currently
       outstanding  or, to the best knowledge of the Party,  is threatened,  and
       the Party  has not  received  any  notice of and is not aware of any fact
       indicating any infringement,  misappropriation  or violation by others of
       any intellectual property rights in its Content; (v) to its knowledge its
       Content will not contain any virus,  worm,  "trojan horse",  time bomb or
       similar  contaminating  or  destructive  feature; and  (vi)  it will  not
       knowingly  infringe the patent,  copyright or other proprietary rights in
       the other Party's Content nor knowingly assist others in doing so.

                     D.     EXCEPT AS STATED  HEREIN,  THE  SONOMA  PLATFORM  IS
       LICENSED  AS-IS. IT IS UNDERSTOOD THAT SONOMA IS NOT MAKING AND EXPRESSLY
       DISCLAIMS ANY  REPRESENTATIONS  OR  WARRANTIES  THAT THE USE OF ANY OTHER
       PRODUCT  MADE BY OR FOR  CASA,  EXCEPT  THAT  "THE  SONOMA  PLATFORM"  AS
       CONTAINED IN THE DELIVERABLES  AND STANDING ALONE,  WILL NOT INFRINGE THE
       PATENTS,  COPYRIGHTS,  TRADEMARKS OR OTHER PROPRIETARY PROPERTY RIGHTS OF
       ANY THIRD PARTY.

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                     E.     EXCEPT  AS  STATED  HEREIN,   EACH  PARTY  EXPRESSLY
       DISCLAIMS ANY AND ALL  WARRANTIES  OR GUARANTEES OF ANY KIND  WHATSOEVER,
       EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF
       MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

                     F.     REGARDLESS OF WHETHER ANY REMEDY HEREIN FAILS OF ITS
       ESSENTIAL  PURPOSE,  IN NO EVENT  WILL  EITHER  PARTY BE  LIABLE  FOR ANY
       INCIDENTAL,  SPECIAL,  EXEMPLARY,  PUNITIVE,  INDIRECT  OR  CONSEQUENTIAL
       DAMAGES  ARISING  OUT OF OR RELATING  IN ANY WAY TO THIS  AGREEMENT,  THE
       CONTENT OR THE USE OF THE SAME (INCLUDING,  WITHOUT  LIMITATION,  DAMAGES
       FOR  LOST   INFORMATION,   LOST   SAVINGS,   LOST   PROFITS  OR  BUSINESS
       INTERRUPTION),  EVEN IF SUCH PARTY HAS BEEN INFORMED, IS AWARE, OR SHOULD
       BE OR HAS BEEN AWARE, OF THE POSSIBILITY OF SUCH DAMAGES.

              All of the  provisions  of this  paragraph  VII shall survive  any
       termination of this Agreement.

              VIII.  INDEMNIFICATION.

                     A.     GENERAL.  Each party  agrees to  indemnify  and hold
       harmless the other and its  affiliates,  and their  respective  officers,
       agents and  employees,  from and against any and all loss,  liability and
       expense  (including  reasonable  attorneys'  fees)  suffered  or incurred
       (collectively "DAMAGES") by reason of any third party claims, proceedings
       or suits  based on or arising  out of: (i) breach of its  representations
       and warranties hereunder, or (ii) any claim for infringement of any third
       party patent,  copyright,  trade secret,  trademark or other  proprietary
       right.  Indemnification  shall  apply  provided  that the  party  seeking
       indemnification has given the indemnifying party prompt written notice of
       any such claim,  permits the  indemnifying  party to defend the claim and
       have  sole  control  over  such  defense,   including   appeals  and  all
       negotiations to affect  settlement,  and gives the indemnifying party all
       available  information and assistance as is reasonably  necessary for the
       defense.

                     B.     REMEDIES.   If  either  party   believes   that  any
       Intellectual  Property  licensed or  provided  under this  Agreement  has
       become,  or in the  opinion of such party may  become,  the  subject of a
       claim for infringement,  the party may, at its election and expense:  (i)
       procure for the other party the right to continue using the same, or (ii)
       replace or modify the same so that it becomes  non-infringing.  The party
       shall elect one of the above  remedies in the event of a  preliminary  or
       permanent court order  prohibiting use of the Intellectual  Property on a
       temporary or permanent  basis.  This section  states each party's  entire
       right and liability  and sole and  exclusive  remedies with regard to any
       intellectual property infringement.

              All of the  provisions  of this  paragraph  VIII shall survive any
       termination of this Agreement.

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              IX.    TERM AND TERMINATION.

                     A.     Term.  The  term of this  Agreement  shall  be for a
       period of two (2) years from the  Effective  Date (the  "INITIAL  TERM").
       Upon  expiration  of the Initial  Term,  this  Agreement  shall renew for
       successive  two (2) year terms  unless  either Party shall give the other
       notice of its  desire not to so renew the term no less than  ninety  (90)
       days prior to the expiration of the  then-current  two (2) year term (the
       Initial Term and each such renewal term, collectively, the "TERM").

                     B.     Termination  for Cause.  Either party may  terminate
       this Agreement during the Term as follows:

                            (i)    in the event of a breach  by the other  Party
       of any of material term  (including  obligation to pay) of this Agreement
       if the breaching  Party fails to correct or cure the breach within thirty
       (30) days  after  receipt  of written  notice  stating  the nature of the
       breach,  the  non-breaching  Party shall have the option to: (i) continue
       this  Agreement  until the end of the then current  student term; or (ii)
       immediately terminate this Agreement.

                            (ii)   the  other  Party is  declared  insolvent  or
       bankrupt,  or makes an assignment of substantially  all of its assets for
       the benefit of creditors, or a receiver is appointed or any proceeding is
       demanded  by, for or against the other party under any  provision  of the
       federal  Bankruptcy  Act  or  any  amendment  to  that  Act  that  is not
       terminated within thirty (30) days.

                     C.     Effect of Termination  for Cause.  Upon  Termination
       for Cause,  the terminated  Party shall indemnify the other Party for any
       Damages by reason arising out of such parties breach or insolvency.

                     D.     Effect  of  Expiration  of the  Term or  Termination
       without Cause.  Upon termination or expiration of the Term for any reason
       other than for Cause,  all rights and  obligations  of the parties  under
       this  Agreement  shall be  extinguished,  except  that:  (a) all  accrued
       payment   obligations   hereunder  shall  survive  such   termination  or
       expiration;  and (b) any  provisions  which must survive in order to give
       effect  to their  meaning,  shall  survive  the  completion,  expiration,
       termination or cancellation of this Agreement.

                     E.     Within ten (10) days of the date of  termination  or
       expiration of this Agreement,  each Party shall return to the other Party
       any  Deliverables  received by such Party  pursuant to this  Agreement or
       otherwise.

              X.     MARKETING

                     A.     Press  Release.  The Parties will jointly  develop a
       press release  announcing this Agreement and the activities  contemplated
       hereunder  which  shall be issued at a time  mutually  determined  by the
       Parties.  Prior to issuance of this initial press release,  neither party
       shall  issue any press  release on its own or make any public  statement,
       written,

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       oral,  or  otherwise,   regarding   this  Agreement  and  the  activities
       contemplated hereunder, without the other Party's prior written approval.

                     B.     Marketing.  Following  issuance of the initial press
       release,  each  party  has the  right to  indicate  publicly  that it has
       entered  into this  Agreement  and may  promote  the  other  Party on its
       respective Web site and in marketing materials,  provided that each party
       will submit such materials to the other Party for prior  approval,  which
       shall not be  unreasonably  withheld  or  delayed.  The  parties may also
       jointly engage in public relations,  trade shows,  trade associations and
       other marketing activities in support of the launch and ongoing promotion
       of this Agreement as they mutually determine.

              XI.    MISCELLANEOUS.

                     A.     Any assignment by the Licensee  requires the written
       consent of the  Licensor.  Any  transfer  by the  Licensor  of the rights
       licensed  in this  Agreement  shall be subject to all  provisions  of the
       present Agreement and the Licensor shall so notify the Licensee.

                     B.     The headings and captions used in this Agreement are
       for convenience only and are not to be used in the interpretation of this
       Agreement.

                     C.     The failure of either  Party to require  performance
       of any  provision  of this  Agreement  shall  not  affect  the  right  to
       subsequently  require the  performance of such or any other  provision of
       this  Agreement.  The waiver of either Party of a breach of any provision
       shall  not be  deemed  to be a waiver  of any  subsequent  breach of that
       provision  or any  subsequent  breach  of any  other  provision  of  this
       Agreement.

                     D.     The Parties are  independent  contractors and engage
       in the operation of their own respective businesses. Neither Party is the
       agent or employee of the other Party for any purpose whatsoever.  Nothing
       in this  Agreement  shall be  construed to  establish a  relationship  of
       co-partners or joint venturers between the two Parties. Neither Party has
       the authority to enter into any contract or to assume any  obligation for
       the other party or to make any warranties or representations on behalf of
       the other Party.

                     E.     If  any  provision  of  this  Agreement  is,  or  is
       determined  to be,  invalid,  illegal  or  unenforceable,  all  remaining
       provisions of this Agreement shall nevertheless  remain in full force and
       effect,  and no  provision  of  this  Agreement  shall  be  deemed  to be
       dependent  upon any  provision so  determined  to be invalid,  illegal or
       unenforceable unless otherwise expressly provided for herein. Should  any
       provision of this  Agreement  be found or held to be invalid,  illegal or
       unenforceable,  in whole  or in  part,  such  provision  shall be  deemed
       amended to render it enforceable in accordance with the spirit and intent
       of this Agreement.

                     F.     This Agreement has been entered into,  delivered and
       is to be governed by,  construed,  interpreted and enforced in accordance
       with the laws of the State of  California  (without  giving  reference to
       choice-of-law provisions) from time to time in effect.

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                     G.     If a  dispute  arises  out  of or  relates  to  this
       Agreement  and  if  said  dispute   cannot  be  settled   through  direct
       discussions, the Parties agree to first endeavor to settle the dispute in
       an amicable manner by mediation  administered by the American Arbitration
       Association  under  its  commercial  mediation  rules  of  JAMS/Endispute
       ("JAMS"),   with  the  following  exceptions  if  in  conflict:  (a)  one
       arbitrator  shall be chosen by JAMS;  (b) each  party to the  arbitration
       will pay its pro rata share of the expenses  and fees of the  arbitrator,
       together with other expenses of the  arbitration  incurred or approved by
       the  arbitrator;  and (c)  arbitration  may proceed in the absence of any
       party if written notice  (pursuant to the JAMS' rules and regulations) of
       the proceedings has been given to such party.  The parties agree to abide
       by all decisions and awards rendered in such proceedings.  Such decisions
       and awards  rendered by the arbitrator  shall be final and conclusive and
       may be entered  in any court  having  jurisdiction  thereof as a basis of
       judgment and of the issuance of execution for its collection. The Parties
       hereby  consent to the  non-exclusive  jurisdiction  of the courts of the
       State of California  or to any Federal Court located  within the State of
       California for any action  arising out of,  relating to, or in connection
       with,  this  Agreement,  and to service of process in any such  action by
       registered mail, return receipt requested, or by any other means provided
       by law. Notwithstanding anything contained herein to the contrary, in the
       event of an arbitration  proceeding or litigation brought pursuant to the
       terms of this  Agreement,  the  prevailing  Party  shall be  entitled  to
       recover all costs of such proceeding or litigation  (including reasonable
       attorney fees) from the other Party.

                     H.     This  Agreement  contains  the entire and  exclusive
       agreement  of the  Parties  with  respect  to its  subject  matter.  This
       Agreement  supersedes any agreements and understandings,  whether written
       or oral,  entered  into by the Parties  prior to its  effective  date and
       relating to its subject  matter.  No  modification  or  amendment of this
       Agreement shall be effective unless it is stated in writing, specifically
       refers hereto and is executed on behalf of each Party.

                     I.     Any  notices  required to be given or  delivered  to
       either  party  under the terms of this  Agreement  will be in writing and
       addressed  to the party at the address  and  telephone  number  indicated
       below  or such  other  address  or  telephone  number  as the  party  may
       designate,  in writing,  from time to time. All notices will be deemed to
       have been given or delivered  upon: (i) personal  delivery;  (ii) two (2)
       business  days after  deposit  with any return  receipt  express  courier
       (prepaid); or (iii) one (1) business day after transmission and confirmed
       receipt by telecopier.

              If to Sonoma:

              1304 South Point Blvd.
              Suite 280
              Petaluma, CA 94954
              Attention: John Stalcup, President

              Fax: (707) 283-0808

                                       9
<PAGE>

              If to Casa:

              6850 Van Nuys Blvd., #318
              Van Nuys, CA 91405
              Attention: Greg Malone, CEO

              Fax: (818) 785-2191

                     J.     Except for  failures to make any  payment  when due,
       neither Party hereto shall be liable to the other for failure or delay in
       meeting any  obligations  hereunder  as the result of strikes,  lockouts,
       war,  Acts of God,  fire,  flood or acts of  government,  if  beyond  the
       control of such Party.

                     K.     This  Agreement  may be  executed  in  two  or  more
       counterparts,  each of which shall be deemed an original and all of which
       together shall constitute one instrument.

              IN WITNESS  WHEREOF,  the  Parties  hereto have set their hands by
their  duly  authorized  representatives  as of the day  and  year  first  above
written.

Sonoma College, Inc                     Casa Loma College, Inc.

By: /s/ John Stalcup                    By: /s/ Greg Malone
    -----------------------                 -----------------------
    Name:  John Stalcup                     Name:  Greg Malone
    Title: President                        Title: Chief Executive Officer

                                       10
<PAGE>

                                   SCHEDULE A
--------------------------------------------------------------------------------
Sonoma College/Casa Loma College Gross Margin Analysis

<TABLE>
<CAPTION>
                                    ---------------------------------------------------------
                                        Per         Per       Start      Start      Start
                                      Semester    Student       20         40         80
                                    ---------------------------------------------------------
<S>                         <C>          <C>        <C>       <C>        <C>          <C>           <C>
Semester 1 - 18 weeks            18                                                                 Books supplies and other
    Tuition                                          4,100     82,000    164,000      328,000       materials are paid by the
    Student fee                                        250      5,000     10,000       20,000       students separately
    Online Instruction            5      2,400                 12,000     24,000       48,000
    Program Director        1633.33                            29,400     29,400       29,400       B/E = 15
    Clinic Supervisor       1444.44                            26,000     26,000       26,000
    LMS                                                280      6,600     11,200       22,400
                                                  --------   --------   --------   ----------
         Total Costs                                   280     73,000     80,000      125,800
                                                  --------   --------   --------   ----------

Semester 2 - 18 weeks            18
    Tuition                                          4,100     82,000    164,000      328,000
    Student fee                                        250      5,000     10,000       20,000
    Online Instruction            3      2,400                  7,200     14,400       28,800
    Program Director                                           29,400     29,400       29,400
    Clinic Supervisor                                          26,000     26,000       26,000
    Residential Instructor     1920                             1,920      3,840        7,680
    LMS                                                260      6,600     11,200       22,400
                                                  --------   --------   --------   ----------
         Total Costs                                   280     70,120     84,840      114,280
                                                  --------   --------   --------   ----------

Semester 3 - 18 weeks            18
    Tuition                                          4,100     82,000    164,000      328,000
    Student fee                                        250      5,000     10,000       20,000
    Online Instruction            3      2,400                  7,200     14,400       28,800
    Program Director                                           29,400     29,400       29,400
    Clinic Supervisor                                          26,000     26,000       26,000
    Residential Instructor     1920                             1,920      3,840        7,680
    LMS                                                260      6,600     11,200       22,400
                                                  --------   --------   --------   ----------
         Total Costs                                   280     70,120     84,840      114,280
                                                  --------   --------   --------   ----------

Semester 4 - 15 weeks            15
    Tuition                                          4,100     82,000    164,000      328,000
    Student fee                                        250      5,000     10,000       20,000
    Online Instruction            3      2,400                     --         --           --
    Program Director                                           24,500     24,500       24,500
    Clinic Supervisor                                          21,667     21,667       21,667
    LMS                        1920                     --         --         --           --
    Worker Comp                                        302      6,040     12,080       24,160
                                                  --------   --------   --------   ----------
         Total Costs                                   302     52,207     58,247       70,327
                                                  --------   --------   --------   ----------

Semester 5 - 15 weeks            15
    Tuition                                          4,100     82,000    164,000      328,000
    Student fee                                        250      5,000     10,000       20,000
    Online Instruction            1      2,400                  2,400      4,800        9,600
    Program Director                                           24,500     24,500       24,500
    Clinic Supervisor                                          21,667     21,667       21,667
    LMS                                                280      5,600     11,200       22,400
    Worker Comp                                        302      6,040     12,080       24,160
                                                  --------   --------   --------   ----------
         Total Costs                                   582     60,207     74,247      102,327
                                                  --------   --------   --------   ----------

         Program Costs                               1,724    325,653    392,773      527,013
         Program Income                                       435,000    870,000    1,740,000
                                                             --------   --------   ----------
         Gross Margin                                         109,347    477,227    1,212,987
                                                             --------   --------   ----------

         Sonoma College                     60%                65,608    286,336      727,792
         Casa Loma College                  40%                43,739    190,891      485,195
</TABLE>SONOMA COLLEGE, INC.

                             SUBSCRIPTION AGREEMENT

      SUBSCRIPTION  AGREEMENT  ("AGREEMENT")  made as of  February 9, 2004 among
Sonoma College, Inc., a California corporation (the "COMPANY"),  Gregg Greenberg
("GREENBERG"),  Robert Gutman ("R GUTMAN"),  Eliot Smith  ("SMITH"),  ANC Group,
Inc.  ("ANC") and Edward  Gutman ("E  GUTMAN" and  together  with  Greenberg,  R
Gutman, ANC and Smith collectively, the "SUBSCRIBERS").

      WHEREAS,  the Company  acknowledges that the Subscribers  provided certain
consulting services to the Company and in consideration for such services hereby
issues to the Subscribers,  in the aggregate,  2,744,500 shares of the Company's
common  stock,  par value  $0.0001  per share (the  "SHARES"),  on the terms and
conditions hereinafter set forth; and

      WHEREAS,  the Subscribers desire to acquire the number of Shares set forth
on the signature page hereof.

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto do hereby agree as follows:

      1.    SUBSCRIPTION;  PURCHASE  PRICE.  Subject to the terms and conditions
herein,  the Subscribers hereby agree to receive from the Company that number of
Shares set forth beneath the  Subscribers'  names on the signature  page hereto,
free and clear of any claim, lien, encumbrance,  option, contract right, pledge,
condition,  community  property,  interest,  security  interest,  right of first
refusal or  restriction  of any kind,  other than  pursuant  to federal or state
securities  laws,  in  full  satisfaction  for  the  services  provided  by  the
Subscribers  to the  Company.  The  Company  represents  and  warrants  that the
transactions   contemplated  hereby  do  not  require   registration  under  the
Securities  Act of 1933.  The Company and each of the  Subscribers  hereby agree
that  the  monetary  value  of  the  services  provided  to the  Company  by the
Subscribers is $60,000.

      Subscribers  acknowledge:  (i) this Agreement  shall not be deemed to have
been  accepted by the Company  until the Company  indicates  its  acceptance  by
returning to Subscribers a copy of this Agreement  executed by the Company;  and
(ii)  acceptance  by the  Company  of this  Agreement  is  conditioned  upon the
information and representations  and warranties of Subscribers  contained herein
being complete,  true and correct as of the date of  Subscribers'  execution and
the date of Closing (as hereinafter defined).

      2.    CLOSING.  The closing of the issuance of the Shares (the  "CLOSING")
shall be  contemporaneous  with  the  closing  of that  certain  stock  purchase
agreement  by and  between  the  Company  and  Grace  Kim (the  "Stock  Purchase
Agreement"). The date the Closing hereunder shall be called a "CLOSING DATE".

      A stock  certificate in each Subscribers' name and representing the number
of Shares to be issued to such Subscriber  pursuant hereto,  which  certificates
shall bear the legend set forth in

<PAGE>

Section  4(i)(iv)  hereof,  shall be delivered to each Subscriber  within thirty
(30) business days following the Closing Date.

      3.    REPRESENTATIONS,  WARRANTIES  AND  AGREEMENTS  OF  SUBSCRIBER.  Each
Subscriber hereby  acknowledges,  represents and warrants to the Company, on the
date hereof and on the Closing Date, as follows:

      a.    The  Subscriber  understands  that the  offering and issuance of the
Shares is intended to be exempt from  registration  under the  Securities Act of
1933,  as  amended  (the  "ACT") by virtue  of  Section  4(2) of the Act and the
provisions of Regulation D promulgated  thereunder,  and in accordance therewith
and in furtherance thereof, the Subscriber represents and warrants and agrees as
follows:

      b.    The Subscriber and/or the Subscriber's  adviser(s) has/have received
and carefully  reviewed this  Subscription  Agreement,  including the attachment
hereto entitled Sonoma College,  Inc.  Management  Presentation dated April 2004
(including  the Company's  most recent  audit) which is made a part hereof,  and
understands the information contained therein.

      c.    The Subscriber acknowledges that the Subscriber, or the Subscriber's
attorney,  accountant,  or adviser(s),  has/have had a reasonable opportunity to
inspect all documents and records pertaining to this investment.

      d.    The Subscriber  and/or the  Subscriber's  adviser(s)  has/have had a
reasonable  opportunity  to ask questions  and receive  answers from a person or
persons  acting on behalf of the Company  concerning  the offering of the Shares
and all such  questions  have  been  answered  to the full  satisfaction  of the
Subscriber.

      e.    In making a decision to invest in the Shares, the Subscriber has not
relied on any information other than information contained in this Agreement.

      f.    The Subscriber is not  subscribing  for the Shares as a result of or
subsequent  to  any  advertisement,   article,  notice  or  other  communication
published  in any  newspaper,  magazine,  or  similar  media or  broadcast  over
television or radio, or presented at any seminar or meeting, or any solicitation
of a subscription by a person other than a representative of the Company.

      g.    If the  Subscriber is a natural  person,  the Subscriber has reached
the age of majority in the  jurisdiction  in which the Subscriber  resides,  the
Subscriber  has  adequate  means  of  providing  for  the  Subscriber's  current
financial  needs and  contingencies,  is able to bear the  substantial  economic
risks of an investment in the Shares for an  indefinite  period of time,  has no
need for liquidity in such investment,  and, at the present time, could afford a
complete loss of such investment.

      h.    The Subscriber  has such knowledge and experience in financial,  tax
and business  matters so as to enable the Subscriber to utilize the  information
made  available  to the  Subscriber  to  evaluate  the  merits  and  risks of an
investment  in the Shares,  and to make an  informed  investment  decision  with
respect thereto.

                                       2
<PAGE>

      i.    The  Subscriber  is not  relying on the  Company or any agent of the
Company  with  respect  to any  legal,  tax or  economic  advice  related  to an
investment in the Shares.

      j.    The  Subscriber  will  not sell or  otherwise  transfer  the  Shares
without  registration  under the Act and  applicable  state  securities  law, or
pursuant to an exemption  therefrom.  The Shares have not been registered  under
the Act or under the securities  laws of any state and the Company will be under
no  obligation to so register the Shares.  The  Subscriber  represents  that the
Subscriber  is  purchasing  the Shares for the  Subscriber's  own  account,  for
investment  and not with a view to resale or  distribution  except in compliance
with the Act and applicable state securities laws. The Subscriber has no present
intention  to sell the Shares  and the  Subscriber  has no  present  arrangement
(whether or not legally  binding) to sell the Shares to or through any person or
entity;  provided,  however,  that by making  the  representations  herein,  the
Subscriber  does not agree to hold the Shares for any minimum or other  specific
term and reserves  the right to dispose of the Shares at any time in  accordance
with Federal and state securities law applicable to such disposition.

      k.    The Subscriber  recognizes  that  investment in the Shares  involves
substantial  risks,  including  the risk of loss of the  entire  amount  of such
investment,  and has taken full  cognizance of and  understands all of the risks
related to the purchase of the Shares.

      l.    The  Subscriber's  overall  commitment to  investments  that are not
readily marketable is reasonable in relation to the Subscriber's net worth.

      m.    The Subscriber is an  "ACCREDITED  INVESTOR" as that term is defined
in Rule 501 (a) of  Regulation  D under the Act and as  described  on Appendix 1
attached  hereto.  The  Subscriber  further  represents  and  warrants  that any
information  furnished by the Subscriber to the Company is accurate and complete
in all material respects.

      n.    The  Subscriber  understands  that the Shares are being  offered and
issued  in  reliance  on  a  transactional   exemption  from  the   registration
requirements of Federal and state securities law and that the Company is relying
upon the truth and  accuracy  of the  representations,  warranties,  agreements,
acknowledgments and understandings of the Subscriber set forth in this Agreement
in order to determine the  applicability  of such exemptions and the suitability
of the Subscriber to acquire the Shares.

      o.    The  Subscriber  understands  that there is no public trading market
for the Shares and none can be expected to develop, and that the securities must
be held  indefinitely  unless  registered  under  the Act or an  exemption  from
registration  is available.  The  Subscriber has been advised or is aware of the
provisions of Rule 144 promulgated under the Act.

      p.    The  Subscriber  hereby  agrees to provide such  information  and to
execute  and  deliver  such  documents,  as  the  Company  may  deem  reasonably
appropriate  with  regard  to  the  Subscriber's  suitability  or  otherwise  in
connection with this Agreement.

      q.    The  execution,  delivery and  performance  of this Agreement by the
Subscriber:  (i) will not  constitute  a  default  under  or  conflict  with any
agreement or instrument to which the Subscriber is a party or by which it or its
assets are bound,  (ii) will not conflict  with or violate

                                       3
<PAGE>

any order, judgment,  decree, statute, ordinance or regulation applicable to the
Subscriber  (including,  without  limitation,  any  applicable  laws relating to
permissible  legal  investments)  and (iii) does not  require the consent of any
person or entity,  other than  those that will have been  obtained  prior to the
Closing Date.

      r.    This Agreement has been duly  authorized,  executed and delivered by
the Subscriber and constitutes the valid and binding agreement of the Subscriber
enforceable against it in accordance with its terms.

      s.    The  Subscriber  has not  retained,  or  otherwise  entered into any
agreement or  understanding  with,  any broker or finder in connection  with the
purchase of the Shares by the  Subscriber,  and the  Company  will not incur any
liability for any fee,  commission or other  compensation on account of any such
retention, agreement or understanding by the Subscriber.

      t.    The Subscriber  understands,  acknowledges and agrees that in making
an investment decision, the Subscriber has relied solely on the Subscriber's own
examination of the Company,  including the merits and risks involved. The Shares
have not been  recommended  by any  federal or state  securities  commission  or
regulatory authority.  Furthermore, the foregoing authorities have not confirmed
the accuracy or determined the adequacy of this Agreement.

      u.    The  representations,  warranties,  and agreements of the Subscriber
contained in this Agreement  shall be true and correct in all material  respects
on and as of the  Closing  Date  as if made on and as of  such  date  and  shall
survive the  execution  and delivery of this  Agreement  and the issuance of the
Shares.

      v.    For as long as is  required by  applicable  laws,  the  certificates
representing the Shares shall bear a legend in substantially the following form,
together with any legend  required by applicable  state laws, and the Subscriber
shall not transfer any or all of the Shares or any interests therein,  except in
accordance with the terms of such legends:

            "The securities represented by this certificate have not
            been  registered  under the  Securities  Act of 1933, as
            amended (the "ACT") or applicable state securities laws,
            and may be offered,  sold or otherwise  transferred only
            if so  registered  under  the Act and  applicable  state
            securities  laws or if the holder has  delivered  to the
            Company an opinion of counsel, which counsel and opinion
            shall be reasonably satisfactory to the Company, that an
            exemption from such registration is available."

      4.    REPRESENTATIONS   AND   WARRANTIES  OF  THE  COMPANY.   The  Company
represents and warrants to each Subscriber as follows:

      a.    The  Company  has been duly  organized,  is  validly  existing  as a
corporation  and is in good standing  under the laws of the State of California.
The Company is duly qualified and in good standing in each jurisdiction in which
the  character  or  location of its  properties  or the nature or conduct of its
business makes such qualification  necessary,  except where the failure to be so
qualified  or in good  standing  would not,  in the  aggregate,  have a material
adverse  effect on the financial  condition of the Company.  The Company has all
requisite power and authority, and

                                       4
<PAGE>

all  material  consents,  approvals,   authorizations,   orders,  registrations,
qualifications,  licenses  and  permits  of  and  from  all  applicable  public,
regulatory or  governmental  agencies and bodies,  to own, lease and operate its
properties and conduct its business as now being conducted.

      b.    The Company has full  corporate  power and  authority  to enter into
this  Agreement  and to issue the Shares on the terms and  conditions  set forth
herein.  The  execution  and  delivery of this  Agreement by the Company and the
consummation of the  transactions  contemplated  hereby:  (i) have been duly and
validly authorized and approved by all necessary corporate action on the part of
the Company;  (ii) will not  constitute a default under or conflict with (A) the
Company's charter or bylaws;  or (B) any material  agreement or other instrument
to which the Company is a party or by which the Company is bound; and (iii) does
not require the consent of any person or entity, other than those that will have
been obtained prior to the Closing Date.

      c.    This  Agreement  has been duly  authorized,  and when  executed  and
delivered by the Company,  will constitute valid and binding  obligations of the
Company enforceable against it in accordance with their respective terms.

      d.    The  representations,  warranties  and  agreements  of  the  Company
contained herein shall be true and correct in all material respects on and as of
the  Closing  Date as if  made on and as of such  date  and  shall  survive  the
execution and delivery of this Agreement and the issuance of the Shares.

      5.    NASAA UNIFORM LEGEND.

      IN  MAKING  AN  INVESTMENT  DECISION,  INVESTORS  MUST  RELY ON THEIR  OWN
EXAMINATION  OF THE ISSUER AND THE TERMS OF THE  OFFERING,  INCLUDING THE MERITS
AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR
STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING
AUTHORITIES  HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED  THE ADEQUACY OF THIS
DOCUMENT.  ANY  REPRESENTATION  TO THE  CONTRARY  IS A CRIMINAL  OFFENSE.  THESE
SECURITIES ARE SUBJECT TO  RESTRICTIONS ON  TRANSFER-ABILITY  AND RESALE AND MAY
NOT BE  TRANSFERRED  OR RESOLD EXCEPT AS PERMITTED  UNDER THE  SECURITIES ACT OF
1933,  AS  AMENDED,  AND THE  APPLICABLE  STATE  SECURITIES  LAWS,  PURSUANT  TO
REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME.

      6.    MISCELLANEOUS.

      a.    This  Agreement  shall be governed by, and  construed in  accordance
with, the laws of the State of New York,  without giving effect to principles of
conflicts of law.

      b.    In  the  event  any  provision  of  this  Agreement  is  invalid  or
unenforceable under any applicable law, statute,  rule or regulation,  then such
provision  shall be deemed  inoperative to the extent it may conflict  therewith
and shall be deemed modified to conform with such law,

                                       5
<PAGE>

statute,  rule or  regulation.  Any provision  hereof which may prove invalid or
unenforceable  shall not  affect the  validity  or  enforceability  of any other
provision hereof.

      c.    Each party  shall  indemnify  each  other  party  against  any loss,
expense  or  damages  (including   reasonable   attorney's  fees  but  excluding
consequential  damages)  incurred  as a result  of such  parties'  breach of any
representation, warranty, covenant or agreement in this Agreement.

      d.    This Agreement may be executed in counterparts,  each of which shall
be an original, but all of which shall constitute one instrument.

      e.    This Agreement  constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof. Only a writing executed by the
Company and the Subscriber may amend any provision of this Agreement.

      f.    Any notice or other  communication  given  hereunder shall be deemed
sufficient  if in writing  and sent by  registered  or  certified  mail,  return
receipt  requested,  addressed to Sonoma College,  Inc., 1304 South Point Blvd.,
Suite 280,  Petaluma,  CA 94954,  Attention:  Charles  Newman,  Chief  Executive
Officer,  and to the Subscribers at the addresses  indicated on the last page of
this Subscription  Agreement.  Notices shall be deemed to have been given on the
date of mailing,  except notices of change of address,  which shall be deemed to
have been given when received.

                                       6
<PAGE>

           IN WITNESS  WHEREOF,  Subscribers  and the Company have  executed and
dated this Subscription Agreement as of the dates below.

GREGG GREENBERG                          ELIOT SMITH

_______________________________________  _______________________________________

Soc. Sec. #:___________________________  Soc. Sec. #:___________________________

Address:_______________________________  Address:_______________________________

        _______________________________          _______________________________

Number of Shares:    731,500             Number of Shares:   275,000

ROBERT GUTMAN                            EDWARD GUTMAN

_______________________________________  _______________________________________

Soc. Sec. #:___________________________  Soc. Sec. #:___________________________

Address:_______________________________  Address:_______________________________

        _______________________________          _______________________________

Number of Shares:    731,500             Number of Shares:   731,500

ANC GROUP, INC.                            SUBSCRIPTION ACCEPTED:

                                           SONOMA COLLEGE, INC.

_______________________________________

Soc. Sec. #:___________________________    BY:__________________________________

Address:_______________________________    NAME:________________________________

_______________________________________    TITLE:_______________________________

Number of Shares: 275,000                  DATE:________________________________

                                       7
<PAGE>

APPENDIX I

      Pursuant to Rule 501 of Regulation D promulgated under the Securities Act,
an "accredited investor" means:

      (a)   A bank as defined in Section  3(a)(2) of the Securities  Act, or any
            savings  and loan  association  or other  institution  as defined in
            Section  3(a)(5)(A)  of the  Securities  Act  whether  acting in its
            individual or fiduciary  capacity;  any broker or dealer  registered
            pursuant to Section 15 of the  Securities  Exchange Act of 1934; any
            insurance company as defined in Section 2(13) of the Securities Act,
            any investment  company  registered under the Investment Company Act
            of 1940 or a  business  development  company  as  defined in Section
            2(a)(48) of that act; any Small Business Investment Company licensed
            by the U.S.  Small Business  Administration  under Section 301(c) or
            (d)  of  the  Small  Business  Investment  Act  of  1958;  any  plan
            established and maintained by a state,  its political  subdivisions,
            or any  agency  or  instrumentality  of a  state  or  its  political
            subdivisions,  for the  benefit  of its  employees  if such plan has
            total  assets in excess of  $5,000,000;  any  employee  benefit plan
            within the meaning of the Employee Retirement Income Security Act of
            1974 if the  investment  decision  is made by a plan  fiduciary,  as
            defined  in  Section  3(21) of such  act,  which  is  either a bank,
            savings  and loan  association,  insurance  company,  or  registered
            investment advisor, or if the employee benefit plan has total assets
            in excess of $5,000,000 or, if a self-directed plan, with investment
            decision made solely by persons that are accredited investors;

      (b)   Any private business  development  company as defined in Section 202
            (a)(22) of the Investment Advisers Act of 1940;

      (c)   Any  organization  described  in Section  501(c)(3)  of the Internal
            Revenue Code (the  "CODE"),  corporation,  Massachusetts  or similar
            business trust, or partnership,  not formed for the specific purpose
            of acquiring the securities offered,  with total assets in excess of
            $5,000,000;

      (d)   Any director or executive officer of the Company;

      (e)   Any natural person whose  individual  net worth,  or joint net worth
            with that person's  spouse,  at the time of such  person's  purchase
            exceeds $1,000,000;

      (f)   Any  natural  person  who had an  individual  income  in  excess  of
            $200,000 in each of the two most recent  years or joint  income with
            that  person's  spouse in excess of  $300,000 in each of those years
            and who  reasonably  expects to reach the same  income  level in the
            current year;

      (g)   Any trust,  with assets in excess of $5,000,000,  not formed for the
            specific purpose of acquiring the securities offered, whose purchase
            is directed by a person having such

                                       8
<PAGE>

            knowledge and  experience in financial and business  matters so such
            person  is  capable  of  evaluating  the  merits  and  risks  of the
            investment to be made; or

      (h)   Any  entity  in  which  all  of the  equity  owners  are  accredited
            investors.

      In addition,  a participant  in a defined  contribution  or profit sharing
plan qualified  under Section 401 of the Code may be deemed the purchaser of the
Securities  for the purpose of  determining  whether  the plan is an  Accredited
Investor if the  following  conditions  are  satisfied:  (x) the plan trust must
provide for segregated accounts for each plan participant, (y) the plan document
must provide the  participant  with the power to direct the trustee to make each
particular investment to the extent of the participant's voluntary contributions
plus  that   portion  of  employer   contributions   that  have  vested  to  the
participant's  benefit,  and (z) the investment in the Securities must have been
made  pursuant  to an  exercise  by the  participant  of the power to direct the
investment of his or her account in the plan trust.

                                       9

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