Document:

ESCROW AGREEMENT IN ACCORDANCE WITH RULE 419

                       UNDER THE SECURITIES ACT OF 1933

     ESCROW  AGREEMENT  dated as of February 28, 2001 (the  "Agreement")  by and
between Britannia Capital Corporation a Delaware corporation (the "Company") and
Adams  Davis  Co.  (the  "Escrow  Agent")   (collectively   the  "Parties"  and,
individually, a "Party").

     The Company,  through its President,  will sell in its public offering (the
"Offering")  up to 1,000,000  units (the  "Units")  each Unit  consisting of one
share of common stock,  par value $.001 (the "Shares") one class A warrant,  one
class B warrant, one warrant, one class C warrant, and on class D warrant.  (the
"Warrants"),  as more fully  described in the  Company's  definitive  Prospectus
 comprising  part of the Company's  Registration
Statement on Form SB-2 (the  "Registration  Statement") under the Securities Act
of  1933,  (the  "Securities  Act")  (File  No. 333-36684) (the "Prospectus").

      The Company  desires that the Escrow  Agent accept all offering  proceeds,
 with no  deductions  for amounts  permitted to be released to the Company under
 Rule 419 to the  Securities  Act ("Rule 419"), a copy of which rule is attached
 hereto and made a part  hereof,  to be derived by the Company  from the sale of
 the  Units  (the  "Offering  Proceeds"),  as  well  as the  share  and  warrant
 certificates  representing the Shares and Warrants, which constitute the Units,
 issued in connection with the Offering,  in escrow, to be held and disbursed as
 hereinafter provided.

      NOW,  THEREFORE,  in  consideration  of the promises and mutual  covenants
 hereinafter set forth, the Parties agree as follows:

 1.   Appointment of Escrow Agent.

      The Company hereby appoints the Escrow Agent to act in accordance with and
 subject to the terms of this  Agreement;  and the Escrow Agent  hereby  accepts
 such appointment and will act in accordance with and subject to such terms.

 2.   Deposit of Offering Proceeds and Share Certificates.

      Subject  to Rule  419,  upon  the  Company's  receipt  and  acceptance  of
 subscriptions and Offering Proceeds,  the Company shall promptly deliver to the
 Escrow Agent such checks in the aggregate amount of the Offering Proceeds drawn
 to the order of the Escrow  Agent or,  alternatively,  in the event that checks
 are drawn to the order of the  Company,  they shall be  endorsed by the Company
 for collection by the Escrow Agent and credited to the Escrow Account.

     All share and warrant  certificates  representing  the Shares and Warrants,
respectively,  issued in connection with the Offering shall also be deposited by
the  Company  directly  into the Escrow  Account  promptly  upon  issuance.  The
identity of the purchasers of the securities  shall be included on the stock and
warrant certificates and other documents evidencing such securities.  Securities
held in the Escrow  Account are to remain as issued and  deposited  and shall be
held for the sole benefit of the  purchasers,  who shall have voting rights with
respect to securities held in their names.  No transfer or other  disposition of
securities held in the Escrow Account or any interest related to such securities
shall be permitted  other than by will or the laws of descent and  distribution,
or pursuant to a qualified  domestic  relations order as defined by the Internal
Revenue Code of 1986 as amended,  or Title 1 of the Employee  Retirement  Income
Security Act and the rules thereunder.

     Warrants held in the Escrow Account may not be exercised  during the period
in which certificates representing the Warrants are held in the Escrow Account.

 <PAGE>

 3.   Disbursement of the Escrow Account.

      Upon  the  earlier  of  (i)  receipt  by  the  Escrow  Agent  of a  signed
 representation  from the Company to the Escrow Agent,  that the requirements of
 Rule  419 have  been  met,  and  consummation  of an  acquisition  meeting  the
 requirements of Rule 419 or (ii) written  notification  from the Company to the
 Escrow  Agent to deliver  the  Offering  Proceeds  to another  escrow  agent in
 accordance  with  Paragraph  4 then,  in such  event,  the Escrow  Agent  shall
 disburse  the Offering  Proceeds  (inclusive  of any  interest  thereon) to the
 Company and the securities to the purchasers or registered  holders  identified
 on the deposited  securities or deliver the Offering Proceeds and securities to
 such other escrow agent,  as the case may be,  whereupon the Escrow Agent shall
 be released from further liability hereunder.

      Notwithstanding the foregoing,  if the Company has not informed the Escrow
 Agent  within 18 months  after the date of the  Prospects  in  writing  that an
 acquisition  meeting the  requirements of Rule 419 has occurred,  funds held in
 the Escrow  Account  shall be returned  by first  class mail or equally  prompt
 means pro rata to the purchasers and all securities  held in the Escrow Account
 shall be returned to the Company within five business days following that date.

 4.   Concerning the Escrow Agent.

      The Escrow  Agent shall not be liable for any actions  taken or omitted by
 it, or any  action  suffered  by it to be taken or omitted by it, in good faith
 and in the exercise of its own best  judgment,  and may rely  conclusively  and
 shall be  protected  in acting  upon any  order,  notice  demand,  certificate,
 opinion or advice of counsel  (including  counsel  chosen by the Escrow Agent),
 statement,  instrument,  report or other paper or document  (not only as to its
 due execution and the validity and effectiveness of its provision,  but also as
 to the truth and acceptability of any information  therein  contained) which is
 believed by the Escrow Agent to be genuine and to be signed or presented by the
 proper person or person.

      The  Escrow  Agent  shall  not be bound by any  notice or  demand,  or any
 waiver,  modification,  termination  or  rescission  of this  Agreement  unless
 evidenced by a writing delivered to the Escrow Agent signed by the proper Party
 or  Parties  and,  if the duties or rights of the  Escrow  Agent are  affected,
 unless it shall have given its prior written consent thereto.

      The Escrow Agent shall not be responsible for the sufficiency or accuracy,
 the form of, or the execution validity, value or genuineness of any document or
 property  received,  held or delivered by it hereunder,  or of any signature or
 endorsement  thereon,  or for  any  lack  of  endorsement  thereon,  or for any
 description therein, nor shall the Escrow Agent be responsible or liable in any
 respect on account of the identity, authority or rights of the person executing
 or delivering or purporting to execute or deliver any document or property paid
 or delivered by the Escrow Agent under the provisions hereof.

 <PAGE>

      The Escrow Agent shall not be liable for any loss which may be incurred by
 reason of any investment of any monies or properties  which it holds hereunder.
 The Escrow  Agent  shall have the right to  assume,  in the  absence of written
 notice to the  contrary  from the proper  person or persons,  that a fact or an
 event by reason of which an action  would or might be taken by the Escrow Agent
 does not exist or has not occurred,  without incurring liability for any action
 taken or omitted,  in good faith and in the exercise of its own best  judgment,
 in reliance upon such assumption.

      The Escrow  Agent shall be  indemnified  and held  harmless by the Company
 from and against any expenses,  including  counsel fees and  disbursements,  or
 loss suffered by the Escrow Agent in connection with any action,  suit or other
 proceeding  involving  any claim,  or in  connection  with any claim or demand,
 which in any way  directly  or  indirectly  arises  out of or  relates  to this
 Agreement,  the  services of the Escrow  Agent  hereunder,  the monies or other
 property held by it hereunder or any such expense or loss.  Promptly  after the
 receipt  by  the  Escrow  Agent  of  notice  of  any  demand  or  claim  or the
 commencement  of any action,  suit or proceeding,  the Escrow Agent shall, if a
 claim in respect  thereof shall be made against the other Parties,  notify such
 Parties in  writing;  but the  failure by the Escrow  Agent to give such notice
 shall not relieve any Party form any liability which such Party may have to the
 Escrow Agent hereunder.  Upon the receipt of such notice,  the Escrow Agent, in
 its sole discretion, may commence an action in the nature of interpleader in an
 appropriate  court to determine  ownership or disposition of the Escrow Account
 or it may deposit the Escrow Account with the clerk of any appropriate court or
 it may retain the Escrow  Account  pending  receipt of a final,  non-appealable
 order of a court having  jurisdiction over all of the Parties directing to whom
 and  under  what  circumstances  the  Escrow  Account  is to be  disbursed  and
 delivered.

     The Escrow  Agent  shall be entitled to  reasonable  compensation  from the
 Company for all services rendered by it hereunder.

      From time to time on and after the date hereof,  the Company shall deliver
 or cause to be  delivered  to the  Escrow  Agent  such  further  documents  and
 instruments  and shall do or cause to be done such  further  acts as the Escrow
 Agent shall reasonably request (it being understood that the Escrow Agent shall
 have no  obligation  to make such  request) to carry out more  effectively  the
 provisions and purposes of this Agreement,  to evidence  compliance herewith or
 to assure itself that it is protected in acting hereunder.

      The Escrow Agent may resign at any time and be discharged  from its duties
 as Escrow Agent  hereunder by its giving the Company at least thirty (30) days'
 prior written notice thereof. As soon as practicable after its resignation, the
 Escrow  Agent  shall turn over to a successor  escrow  agent  appointed  by the
 Company,  all monies and  property  held  hereunder  upon  presentation  of the
 document  appointing the new escrow agent and its acceptance thereof. If no new
 escrow agent is so appointed in the sixty (60) day period  following the giving
 of such notice of resignation,  the Escrow Agent may deposit the Escrow Account
 with any court it deems appropriate.

      The Escrow Agent shall resign and be discharged  form its duties as Escrow
 Agent  hereunder  if so  requested  in  writing  at any  time  by the  Company,
 provided,  however,  that such  resignation  shall become  effective  only upon
 acceptance  of  appointment  by a successor  escrow  agent as  provided  above.
 Notwithstanding  anything herein to the contrary, the Escrow Agent shall not be
 relieved  from  liability  thereunder  for its own gross  negligence or its own
 willful misconduct.

 <PAGE>

    5. Miscellaneous.

     This Agreement  shall for all purposes be deemed to be made under and shall
be construed in accordance with the internal laws of the State of Delaware.

     This Agreement contains the entire agreement of the Parties with respect to
the subject matter hereof and, except as expressly  provided herein,  may not be
changed or modified except by an instrument in writing signed by the Party to be
charged.

     The headings  contained in this  Agreement are for reference  purposes only
and shall not affect in any way the meaning or interpretation thereof.

     This  Agreement  shall be  binding  upon and  inure to the  benefit  of the
respective Parties and their legal representatives, successors and assigns.

     Any notice or other communication  required or which may be given hereunder
shall be in writing and either be delivered  personally or be mailed,  certified
or registered mail,  return receipt  requested,  postage  prepaid,  and shall be
deemed given when so delivered  personally or, if mailed, two (2) days after the
date of mailing.  The Parties may change the persons and  addresses to which the
notices or other  communications  are to be sent by giving written notice to any
such change in the manner provided herein for giving notice.

     WITNESS the execution of this Agreement as of the date first above written.

                              BRITANNIA CAPITAL CORPORATION

                              By: /s/Shane Lowry
                                  ------------------------------
                                  Shane Lowry, President

     This Escrow Agreement is accepted as of the 28th day of February, 2001.

         ADAMS DAVIS CO.

         By:  /s/Robert Cashman
             --------------------------
              Robert Cashman, PresidentSUBSCRIPTION AGREEMENT

     Agreement (this "Agreement"), made this ---- day of -------------,  2001 by
and between BRITANNIA  CAPITAL CORP. a Delaware  corporation (the "Company") and
----------------------------------------------  ("Subscriber"). In consideration
of the mutual promises and covenants herein  contained,  the parties hereto (the
"Parties") agree as follows:

                                    ARTICLE I

                                  SUBSCRIPTION

     1.01 Subscription Offer.  Subject to the terms and conditions hereof and to
acceptance by the Company,  the Subscriber hereby irrevocably offers to purchase
------------------  Units (the "Securities"),  each Unit consisting of one share
of Common Stock and one Class "A" Warrant,  one Class "B" Warrant, one Class "C"
Warrant and one Class "D" Warrant at a purchase at a price of $.10 per Unit, for
a total purchase price of $-------------------.  The price is payable in full by
check payable to "Adams Davis Co." or by wire transfer or money order.

1.02     Acceptance of  Subscription.  The Company  reserves the right to reject
         the  Subscriber's  offer in whole or in part,  for any  reason,  and to
         allocate  less than the maximum  number of  Securities  the  Subscriber
         hereby offers to purchase.  Any sale of  Securities  to the  Subscriber
         shall not be deemed to occur until the  Subscribers'  offer is accepted
         in writing by the Company.  The Subscriber  shall not have any recourse
         against  the  Company if a purchase  offer is  rejected  in whole or in
         part. The Company shall reasonably  notify the Subscriber in writing of
         the acceptance of a purchase  offer.  If the offer is rejected in whole
         or in part, the Company will promptly return to the Subscriber, without
         deduction or  interest,  all or a ratable  portion of the  subscription
         price,  as the  case  may be,  together  with  all  executed  documents
         tendered by the  Subscriber.  If the purchase offer is rejected in part
         only, the Subscriber shall immediately  complete,  execute, and deliver
         to the Company new subscription  documents for the appropriate  reduced
         amount.

1.03     Escrow  of  Funds  and  Certificate  and  Restriction  on  Transfer  of
         Securities.  The Securities have been  registered  under the Securities
         Act of 1933 (the "1933 Act") pursuant to Rule 419 thereto.

         Rule 419  requires  that before the  Securities  can be  released,  the
         Company  must first  execute an  agreement  to acquire a business.  The
         agreement must provide for the  acquisition of a business or assets for
         which the fair  value of the  business  represents  at least 80% of the
         maximum offering  proceeds,  including funds received or to be received
         from the exercise of warrants.

         Once the acquisition agreement has been executed, Rule 419 requires the
         Company  to update the  registration  statement  with a  post-effective
         amendment. The post-effective amendment must contain information about:

--       the proposed acquisition candidate and its business,  including audited
         financial statements;

<PAGE>

--       the results of the offering; and

--       the use of the funds disbursed from the escrow account.

     The   post-effective   amendment   must  also  include  the  terms  of  the
reconfirmation offering.

     The reconfirmation  offer must commence within five business days after the
effective  date of the  post-effective  amendment and must include the following
conditions:

--       the prospectus  contained in the post-effective  amendment will be sent
         to each  Subscriber  within five business days after the effective date
         of the post-effective amendment;

--       each  Subscriber  will  have no  fewer  than 20,  and no more  than 45,
         business days from the effective date of the  post-effective  amendment
         to notify  the  Company  in  writing  that he or she elects to remain a
         Subscriber;

--       if  the  Company  does  not  receive  written   notification  from  any
         Subscriber  within 45 business days  following the effective  date, the
         Subscriber's  escrowed  securities  will be returned to the Company and
         the Subscriber's escrowed funds to the Subscriber;

--       unless  Subscribers  representing 80% of the maximum offering  proceeds
         elect to remain  Subscribers,  the  acquisition of the target  business
         would  be  prevented,  deposited  securities  held  in  escrow  will be
         returned to the Company and the funds to the Subscribers; and

--       if a consummated acquisition has not occurred within 18 months from the
         date of this  prospectus,  the deposited  securities held in the escrow
         account  will  be  returned  to  the  Company  and  the  funds  to  the
         Subscribers.

     The Securities  may be released to  Subscribers  after the escrow agent has
received  a  signed  representation  from the  Company  and any  other  evidence
acceptable by the escrow agent that:

--       the Company has executed an agreement for the acquisition of a business
         for  which  the value of the  business  represents  at least 80% of the
         maximum  offering  proceeds  and the  Company  has filed  the  required
         post-effective amendment;

--       the post-effective amendment has been declared effective;

--       the reconfirmation offer has been completed;

--       the Company  has  satisfied  all of the  prescribed  conditions  of the
         reconfirmation offer; and

--       the  acquisition of the business with the fair value of at least 80% of
         the maximum proceeds has been consummated.

                                       2

<PAGE>

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

2.01     Status of Subscriber.  The Subscriber, if an individual, is at least 21
         years of age. If an association,  each individual of the association is
         at least 21 years of age.

2.02     Access  to  Information.   Because  of  the  Subscriber's  business  or
         financial experience or his professional  advisors who are unaffiliated
         with  and who are not  compensated  by the  Company,  or any  affiliate
         thereof,  the  Subscriber has the capacity to protect his own interests
         in connection with the offer and sale of the Securities.

         The  Subscriber  represents  has received  and retained the  Company'ss
         prospectus (the "Prospectus") and has carefully read and understood it,
         particularly the section entitled "Risk Factors."

2.03     Understanding  of Investment  Risks.  The Subscriber  understands  that
         there is no market for the  Securities  and no assurance  that a market
         will develop,  and that realization of the objectives of the Company is
         subject to significant  economic and business risks as set forth in the
         Prospectus.

2.04     Residence of the Subscriber.  The residence of the Subscriber set forth
         below  is  the  true  and  correct  residence  of  Subscriber  and  the
         Subscriber  has  no  present   intention  of  becoming  a  resident  of
         domiciliary of any other state, country, or jurisdiction.

2.05     Further  Assurance.  Subscriber will execute and deliver to the Company
         any  document,  or do any  other act or thing,  which the  Company  may
         reasonably   request  in  connection   with  the   acquisition  of  the
         Securities.

2.06     Ability  to  Bear  Economic  Risk.  The  Subscriber  is an  "accredited
         investor" as defined in rules to the 1933 Act or is otherwise qualified
         under  the  jurisdiction  of the  Subscriber's  residence  to make this
         investment.  The  Subscriber  is able to bear the  economic  risk of an
         investment  in the  Securities  and to maintain the  investment  in the
         Securities for an indefinite period of time, and, further, could bear a
         total loss of the investment and not change the  Subscriber's  standard
         of living which existed at the time of the investment.

2.07     For  Partnership,  Corporations,  Trusts or Other Entities Only. If the
         Subscriber is a partnership, corporation, trust, or other entity:

         The  Subscriber  has the full  power  and  authority  to  execute  this
         subscription  Agreement  on  behalf  of  the  entity  and to  make  the
         representations  and  warranties  made  herein on its  behalf  and this
         investment  in the Company  has been  affirmatively  authorized  by the
         governing  board of the entity and is not  prohibited  by the governing
         documents of the entity.

                                       3

<PAGE>

2.08     For Residents of British Columbia Only.

         (a)      The Company is a  non-reporting  company and a private  issuer
                  under  applicable laws and regulations of British Columbia and
                  the   Securities   to  be  issued  upon   acceptance  of  this
                  Subscription will be issued as an exempt trade, based upon the
                  relationship  between  the  Company  and the  Subscriber.  The
                  Subscriber  is aware that no  prospectus  has been prepared or
                  filed by the  Company  with the  British  Columbia  Securities
                  Commission in connection  with the issuance of the  Securities
                  and that as a result:

                  (i)      the Subscriber  may be restricted  from using some of
                           the civil remedies  available  under certain  British
                           Columbia securities statutes, rules or regulations;

                  (ii)     the Subscriber may not receive information that would
                           otherwise  be required to be provided to a subscriber
                           under certain British Columbia  securities  statutes,
                           rules or regulations; and

                  (iii)    the Company is relieved from certain  obligations and
                           reporting  requirements  that would  otherwise  apply
                           under certain British Columbia  securities  statutes,
                           rules and regulations.

         (b)      The Subscriber is either a relative,  close personal friend or
                  business  associate  of an officer or director of the Company;
                  or is a  person  who  through  prior  business  or  investment
                  dealings  or  other  associations  with  the  Company  and its
                  principals  has common bonds of interest or  association  with
                  the Company and its principals;  or is an entity controlled by
                  any such a person;

         (c)      The Subscriber is an investor who, by virtue of his or her own
                  net worth and investment  experience,  is able to evaluate the
                  merits  of and  risks  associated  with the  Securities  as an
                  investment;

         (d)      the  Subscriber is purchasing  the  Securities  for investment
                  only and for the  Subscriber's own account and not with a view
                  to any  resale  or  distribution  thereof  and it is able  and
                  prepared to bear the economic risk of investing in and holding
                  the Securities indefinitely;

         (e)      the  Subscriber  is aware that there is no current  market for
                  the Shares and that the  ability  to sell such  Securities  is
                  severely restricted by applicable securities legislation;

                                       4

<PAGE>

         (f)      the  Subscriber  will duly  complete,  execute and deliver all
                  documentation  as may be  required  by  applicable  securities
                  legislation;

         (g)      the  Subscriber's  decision to enter into this  Agreement  and
                  purchase the Securities has not been made in reliance upon any
                  investment  advice,  or oral or written  representation  as to
                  fact or  otherwise  made by or on behalf of the Company or any
                  other person;

         (h)      to  the  Subscriber's  knowledge,   the  Securities  were  not
                  advertised  in  printed  media of  general  and  regular  paid
                  circulation, radio or television;

         (i)      no  person  has made to the  Subscriber  any  written  or oral
                  representations:

              (i)    that any person will resell or repurchase the Shares;

              (ii)   that any  person  will  refund  the  purchase  price of the
                     Shares;

              (iii)  as to the future price or value of the Shares; or

              (iv)   that the Shares will be listed and posted for trading on an
                     exchange or that application has been made to list and post
                     the Shares for trading on an exchange;

         (j)      the  Subscriber  has been advised to consult  his/her/its  own
                  legal and tax  advisors  with  respect  to  applicable  resale
                  restrictions  and  applicable  tax   considerations   and  the
                  Subscriber is solely responsible (and the Company is in no way
                  responsible)    for   compliance   with   applicable    resale
                  restrictions and applicable tax legislation.

                                   ARTICLE III

                            MISCELLANEOUS PROVISIONS

3.01     Captions and Headings. The Article and Section headings throughout this
         Agreement are for  convenience of reference only and shall in no way be
         deemed to define, limit or add to any provision of this Agreement.

3.02     Entire Agreement; Amendment. This Agreement states the entire agreement
         and  understanding  of  the  Parties  and  shall  supersede  all  prior
         agreements and  understandings.  No amendment of the Agreement shall be
         made without the express written consent of the Parties.

3.03     Severability.  The  invalidity or  unenforceability  of any  particular
         provision  of this  Agreement  shall not  affect  any  other  provision
         hereof,  which shall be construed in all respects as if such invalid or
         unenforceable provision were omitted.

3.04     Governing  Law.  This  Agreement  shall be governed by and construed in
         accordance  with the laws of the State of Delaware for  contracts  made
         and to be performed within the State of Delaware.

                                       5

<PAGE>

3.05     Notices.  All  notices,   requests,   demands,   consents,   and  other
         communications  hereunder  shall be transmitted in writing and shall be
         deemed to have been duly given when hand-delivered or sent by certified
         mail, postage prepaid, with return receipt requested,  addressed to the
         Parties as follows:  to the Company,  2743 West 37th Avenue  Vancouver,
         British  Columbia  V6N  2T5  and to  the  Subscriber,  at  the  address
         indicated below. Any Party may change his/her/its  address for purposes
         of this Section by giving notice as provided herein.

     IN WITNESS  WHEREOF,  the Parties have executed this  Agreement the day and
year first above written.

                                    BRITANNIA CAPITAL CORP.
  The Subscriber

----------------------              By:
----------------------                  ----------------------------
----------------------                    Authorized Officer
----------------------
  (Address)

<PAGE>

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